Synlait Publishes HY25 Result

Synlait Milk Limited · 1028 Heslerton Road, RD13 Rakaia, Canterbury, New Zealand · +643 373 3000 · www.synlait.com

NZX: SML
ASX: SM1
24 March 2025

Synlait Publishes HY25 Result: Return To Profitability Delivered

Synlait Milk Limited (Synlait) has announced its half year result for the six months ended 31 January 2025.

The result shows the company’s earnings before interest, taxes, depreciation, and amortization (EBITDA)
was $63.1 million, just above the guidance range announced in January 2025. Synlait is also reporting a net
profit after tax (NPAT) of $4.8 million.

Acting CEO Tim Carter said: “Given the position Synlait was in 12 months ago, this return to profitability is a
considerable commercial achievement. Today’s result was delivered through a focus on getting the
fundamentals of our operational performance right, seizing opportunities to deliver for customers, and
continued cost control.”

“We are very comfortable with our forecast milk supply for the next financial year. Progress made by our on-
farm team means the majority of our South Island farmer suppliers are not under cease – a significant
improvement from six months ago. We anticipate farmer confidence in Synlait will further increase on the
back of this positive result.”

Chair George Adams commented: “The result shows Synlait is making solid headway down its road to
recovery. While we still have a lot of work to do, we know we are heading in the right direction. The focus
now is to consistently deliver – every day, every week, every month, every quarter and every year.”

Financial results at a glance
1


 EBITDA was $63.1 million, up 217%.
 NPAT was $4.8 million, up 105%.
 Net debt was $391.9 million, down 29%.
 Revenue was $916.8 million, up 16%.
 Gross profit was $87.0 million, up 99%.
 Forecast base milk price for the 2024/2025 season is $10.00 per kg/MS with additional premium
payments available to suppliers without a cease notice, taking the total forecast average milk payment
for Synlait suppliers to $10.48 per kg/MS.

These results were achieved through an uplift in Advanced Nutrition demand, optimisation of North Island
operations, higher commodity prices, improved foreign exchange performance, a focus on controlling
working capital, and prudent cost management.

Full Year 2025 Guidance Statement

The company’s key priorities for the second half of this financial year are straightforward:

1. Showcasing Synlait’s on-farm offering
2. Delivering for existing and new customers
3. Further uplifting operational and cost efficiency


1
All comparisons are to HY24 (except net debt and milk price, which are both against FY24) and include Dairyworks.

Synlait Milk Limited · 1028 Heslerton Road, RD13 Rakaia, Canterbury, New Zealand · +643 373 3000 · www.synlait.com

A continued focus on doing the fundamentals well will enable Synlait to deliver a significant improvement in
the company’s overall EBITDA performance compared to the prior year. However, financial progress made
in the second half of FY25 will be slower than the first half as Synlait balances several opportunities and
risks related to milk stream returns and foreign exchange and delivers ongoing operational and cost
improvements.

Synlait is targeting a closing net debt
2
balance of $250 million to $300 million and a net senior debt
3
to
EBITDA ratio of below 2.5x in FY25, positioning the company well for its bank refinancing process in the
second half.

South Island Milk Supply Update

As noted above, showcasing Synlait’s on-farm offering and continuing to strengthen the company’s milk
supply is a key priority.

Synlait is very comfortable with its forecast milk supply for the next financial year (FY26). Synlait advises that
the majority of its South Island farmer suppliers are not under cease – this is a significant improvement in
the company’s position from six months ago.

The reversal of ceases continues to gain momentum. Given the company’s return to profitability, as
released in today’s results, it is expected the number of withdrawals will increase further ahead of 31 March
2025, which is the final date for farmers to remove their cease if they wish to access all the new, secured
milk premiums. Only a minimal number of farmers have confirmed they are exercising their option to leave
Synlait for an alternative processor.

In addition, interest from potential new farmer suppliers has exceeded expectations and Synlait expects to
recruit new farmer suppliers in the coming seasons based on the strength of its on-farm offering.

For more information contact:
Media
Warren Rosser
Communications Manager
P: +64 27 702 8790
E: warren.rosser@synlait.com

Investors
Hannah Lynch
Head of Milk Supply, Strategy & Corporate Affairs
P: +64 21 252 8990
E: hannah.lynch@synlait.com












2
Net debt includes cash, bank debt, transaction costs, and the shareholder loan from Bright Dairy. It excludes lease liabilities.
3
Net senior debt includes cash, bank debt, and lease liabilities. It excludes the shareholder loan from Bright Dairy. Synlait's banking
covenants are calculated based on net senior debt.

---

HALF YEAR RESULTS
CHAIR AND ACTING
CEO REVIEW
For the six months ended 31 January 2025

All comparisons are against HY24 (except net debt and milk price, which are both against FY24).
¹ Farmers committed to supply Synlait without a cease notice in place are eligible for additional secured milk premium payments in FY25, FY26, FY27 and FY28.
RESULTS AT A GLANCE
FY25 FORECAST MILK PRICE
FORECAST AVERAGE MILK
PAYMENT FOR SYNLAIT SUPPLIERS
FORECAST AVERAGE
SYNLAIT MILK INCENTIVE
SYNLAIT SECURED
MILK PREMIUM¹
++=
30%
$
0.28
$
0.20
TOTAL GROUP
GROSS PROFIT
$43.4M
TOTAL GROUP
REVENUE
16%
OPERATING
CASHFLOW
88%
NET DEBT
29%
$
391.9M(
$
12.0M)
$
916.8M
$
8 7. 0M
FORECAST
BASE MILK PRICE
28%
$
10.00
$
10.48
SYNLAIT MILK HALF YEAR RESULTS CHAIR AND ACTING CEO REVIEW PAGE 02
TOTAL GROUP EBITDA
$43.2M
$
6 3 .1M
TOTAL GROUP NPAT
$101.0M
$
4.8M

MESSAGE FROM OUR CHAIR AND ACTING CEO
Dear Shareholders,
When we last wrote to you, our promise
for this financial year was to deliver.
Focusing on the core fundamentals of
operating a manufacturing company
without the distraction of a much-needed
balance sheet reset has enabled us
to do just that, returning Synlait to
profitability in the six months ending
31 January 2025.
Given the position Synlait was in
12 months ago, this result is a
considerable commercial achievement.
Overall, we describe it as encouraging
given we still have a lot of work to do.
SYNLAIT’S PROGRESS TO DATE
Even the briefest look at the numbers will
reveal the progress Synlait has made.
Year-on-year, total group revenue is up
16%, gross profit has increased by 99%,
Advanced Nutrition sales volumes have
risen 28%, while net debt has dropped
by 29%.
This positive turnaround was
delivered through a focus on getting
the fundamentals of our operational
performance right, seizing opportunities
to deliver for our customers, and
prudent financial management.
The uplift in Advanced Nutrition
demand, optimisation of our North
Island operations, higher commodity
prices, improved foreign exchange
performance, and a focus on controlling
working capital also underpinned our
encouraging performance.
Here are the key highlights:
• Earnings before interest, taxes,
depreciation, and amortization
(EBITDA) of $63.1 million, just above
the guidance range of $58 million to
$63 million announced in January
2025.
• A return to profitability with a net
profit after tax (NPAT) of $4.8 million
achieved.
George Adams
Chair
Tim Carter
Acting CEO
• A 29% reduction in net debt to
$391.9 million, largely delivered via
last October’s equity placement by
our two major shareholders, Bright
Dairy and The a2 Milk Company.
• Growing momentum in milk
retention. The majority of Synlait’s
South Island farmer suppliers are
not under cease and the company
is very comfortable with its forecast
milk supply for the next financial
year (FY26).
Synlait is making headway on the road
to recovery and while there is still a
long journey ahead, we have plenty
of opportunities to extract more value
along the way.
Further commentary on Synlait’s first
half financial performance and second
half outlook can be found in the
Investor Presentation.
We want to acknowledge the
commitment, passion and resilience
Synlait’s people have shown. Their hard
work delivered this result and for that
we say a heartfelt thank you. We hope
the team enjoys a little sun on their
backs today.
The focus now is to consistently deliver
– every day, every week, every month,
every quarter, and every year.
FOCUSING ON THE
FUNDAMENTALS
The fundamentals of manufacturing are
cost, quality, and yield. This is where
we are directing our focus and the
approach is delivering results.
One example is the lift in performance
of Dunsandel’s blending and canning
line, which is now regularly setting new
production records and consistently
exceeding daily targets. The lift was
delivered through a combination of
continuous improvement activities,
an ongoing focus on asset care, and
capability growth.
Bright Dairy’s knowledge and
technical support are proving valuable,
SYNLAIT MILK HALF YEAR RESULTS CHAIR AND ACTING CEO REVIEW PAGE 03

particularly in ensuring our Enterprise
Resource Planning (ERP) system is
now a core business-as-usual system
across all operations. Our regulatory
and quality teams are also gaining
increased insights about China market
access from Bright’s team on the
ground in Shanghai.
Taking a conservative approach to
cost management is now embedded
in Synlait’s DNA. Selling, General and
Administrative costs have decreased
by $2.3 million or 4% driven by lower
consultancy costs, while manufacturing
costs are also showing signs of
improvement.
We cannot, and will not, loosen our
focus on cost management as we strive
to continue lifting our profitability.
Cost management, alongside the much-
needed balance sheet reset, means our
banks remain incredibly supportive.
REBUILDING FARMERS’
TRUST AND CONFIDENCE
Our farmers will have an eagle eye
on today’s results, after making their
expectations of a performance lift
exceptionally clear.
Farmer suppliers are the backbone of
Synlait and retaining milk supply has
been a core focus of this half year. Our
goal has been to show every farmer
why Synlait is a valuable processor.
We have actioned new guarantees to
match (at a minimum) the industry milk
price and advance rates, as well as new,
special secured milk premiums to show
farmers the confidence Synlait’s Board
has in our future.
We are pleased to report that the
majority of our South Island farmer
suppliers are not under cease – this is a
significant improvement on our position
from six months ago.
Given today’s return to profitability,
we expect the number of cease
withdrawals will increase further ahead
of 31 March 2025, which is the final date
for farmers to remove their cease if they
wish to access all of the new, secured
milk premiums. Only a minimal number
of farmers have confirmed they are
exercising their option to leave Synlait
for an alternative processor.
In addition, we are very comfortable
with forecast milk supply for the next
financial year, and interest from
potential new farmer suppliers has
exceeded expectations.
We hope today’s result further lifts
farmer confidence. We are based in
an increasingly competitive market for
milk and are committed to continually
ensuring Synlait is Canterbury farmers’
processor of choice.
SEIZING CUSTOMER
OPPORTUNITIES
If farmer suppliers are the backbone
of Synlait, customers are the lifeblood,
and our teams are working hard to
ensure we deliver on every opportunity
our valued customers give us.
This means continuously delivering
high-quality and in-spec product,
collaborating and innovating to
meet volume uplifts, while exploring
and accelerating new business
opportunities as part of our strategy to
diversify risk and deliver growth.
Green shoots are emerging with new
customers, as commercial sales for
Synlait’s Nutrabase™ base powder
range commence. Our distribution
partnerships are seeing our products
reach new markets with our UHT
whipping cream now sold into Hong
Kong, alongside Southeast Asia.
We continue to work with The a2 Milk
Company to deliver on their infant milk
formula growth, and new opportunities
such as long-term FDA approval in
the USA.
Dairyworks continues to stand out as
it chases global growth. Woolworths
Australia sales have grown 28% year-
on-year thanks to strong promotional
activity, and a distributor agreement
was signed for the exclusive sale of
Alpine branded cheese for Foodservice
in this market.
Dairyworks has now entered Vietnam
in partnership with Annam Group,
a premier distributor of high-quality
food and beverage products, which
introduces 14 Dairyworks branded
products to the market across 87 stores. 
MAINTAINING OUR MOMENTUM
As we said at the outset of this letter,
these results show an encouraging
turnaround in Synlait’s performance.
However, there is still a lot of work to do.
Given we are travelling in the right
direction, our priorities for the second
half are very straightforward.
1. Showcasing Synlait’s on-farm
offering – we will ensure Synlait
is Canterbury farmers’ processor
of choice.
2. Delivering for existing and
new customers – we have
opportunities to uplift volumes,
expand distribution, and trial and
commercialise new product with an
expanded customer base. We will
seize these opportunities.
3. Further uplifting operational and
cost efficiency – continued focus on
the core fundamentals.
Our Board and Executive Team are
actively progressing discussions about
Synlait’s strategy and identity going
forward. Insights and data will play a key
role in shaping our thinking. Our team
is energised by having the space to
deliver this work without the distraction
of our previous challenges. We look
forward to updating you on where we
land later this calendar year.
SYNLAIT MILK HALF YEAR RESULTS CHAIR AND ACTING CEO REVIEW PAGE 04

Today’s result demonstrates the turnaround in Synlait’s
performance under Tim’s leadership. The Board is
extremely grateful for the momentum achieved. Tim’s
leadership, humour, and drive to deliver played an
instrumental role in Synlait’s step change over the past
six months.
Tim Carter will remain Acting CEO until Richard Wyeth
starts at Synlait. Tim will then return to his role as CEO
of Dairyworks.
Thank you Tim!
Our new CEO is Richard Wyeth – one of
New Zealand’s most experienced and
tested dairy executives with a strong
track record in successful business
transformation.
Richard was announced as Synlait’s
new CEO earlier this month and joins
the team in mid-May.
The Board went through a robust
recruitment process and was left with no
doubt that Richard has the experience
and capability to further Synlait’s
recovery and current momentum.
A BIT ABOUT RICHARD
Richard was appointed CEO of
Westland in February 2021 to lead the
transformation of the business under
the ownership of Yili.
He has a long history within the
New Zealand food and fibre sector.
Within the dairy industry, Richard
helped establish Open Country Dairy
before taking on the role of founding
CEO for Miraka.
He has also held management
positions with Coca-Cola Amatil and
DB Breweries.
A PROVEN RECORD OF SUCCESS
Richard delivered a $120 million
turnaround in his first full year at
Westland, after it posted an $80
million loss. Since then, Westland has
posted record profits year-on year
under his leadership.
INTRODUCING SYNLAIT’S INCOMING CEO
Prior to that, Richard was Miraka’s
first employee. He spent 10 years
transforming the North Island company
from a plan and a greenfield site to a
highly successful entity with more than
140 employees, a $250 million turnover
and a global customer base.
A STRONG COMMITMENT
TO FARMERS
One of the many reasons our Board
appointed Richard is his experience in
working with and delivering for farmers.
At Westland and Miraka, Richard
developed initiatives that added value
to farmer businesses.
Richard grew up on a farm in the
Wairarapa in New Zealand’s North
Island. We know he will add real value
and insight as we work to showcase our
on-farm offering.
THANKS TO TIM CARTER
The result delivered today, and the progress that
underpins it, have injected real momentum into our team.
Our people have a renewed determination to uplift the
value we deliver to our shareholders, our farmers, our
customers, and other key stakeholders year-on-year.
With strong momentum and a continued focus on doing
the basics well, the Board and Executive Team are
confident Synlait will keep delivering.
George Adams Tim Carter
Chair Acting CEO
SYNLAIT MILK HALF YEAR RESULTS CHAIR AND ACTING CEO REVIEW PAGE 05

FOR MORE INFORMATION CONTACT:
Hannah Lynch
Head of Milk Supply, Strategy & Corporate Affairs
+64 21 252 8990
hannah.lynch@synlait.com

---

CONDENSED INTERIM
FINANCIAL STATEMENTS
For the six months ended 31 January 2025

Synlait Milk Limited
Contents
Page
Directors' responsibility statement2
Condensed interim financial statements
Income statement3
Statement of comprehensive income4
Statement of changes in equity5
Statement of financial position6
Statement of cash flows7
Notes to the condensed interim financial statements
1 Reporting entity8
2 Basis of preparation of interim financial report8
3 Impairment of assets and write-downs12
4 Segment reporting13
5 Expenses16
6 Reconciliation of profit / (loss) after income tax to net cash outflow from operating activities17
7 Trade and other receivables17
8 Inventories18
9 Property, plant and equipment18
10 Intangible assets18
11 Loans and borrowings19
12 Share capital20
13 Related party transactions20
14 Contingencies21
15 Commitments21
16 Events occurring after the reporting period21
Interim review report22
-1-

Synlait Milk Limited
Directors' responsibility statement
31 January 2025
Directors' responsibility statement
The Directors are pleased to present the condensed interim financial statements of Synlait Milk Limited and its subsidiaries
(together the Group) as set out on pages 3 to 21 for the six months ended 31 January 2025.
The Directors are responsible for ensuring that the condensed interim financial statements present fairly the financial position
of the Group as at 31 January 2025 and the financial performance and cash flows for the six months ended on that date.
The Directors consider that the condensed interim financial statements of the Group have been prepared using appropriate
accounting policies, consistently applied and supported by reasonable judgements and estimates and that all relevant
financial reporting and accounting standards have been followed.
The Directors believe that proper accounting records have been kept which enable, with reasonable accuracy, the
determination of the financial position of the Group and facilitate compliance of the condensed interim financial statements
with the Financial Markets Conduct Act 2013.
For and on behalf of the Board.
George AdamsPaul Washer
ChairIndependent Director
24 March 202524 March 2025
-2-

Synlait Milk Limited
Income statement
For the six months ended 31 January 2025
Income statement
For the six months ended 31 January 2025
Period endedYear ended
31 January31 January 31 July
2025
Unaudited
2024
Unaudited
2024
Audited
Notes$'000$'000$'000
Revenue916,767793,5251,636,858
Cost of sales5
(829,793)(749,910)(1,587,844)
Gross profit
86,97443,61549,014
Other income3,7064,7149,828
Sales and distribution expenses5(22,236)(22,612)(51,025)
Administrative and operating expenses5(34,345)(36,317)(75,985)
Impairment of cash generating unit3-(50,343)(114,564)
Loss on measurement to fair value less costs of disposal3
-(31,137)-
Earnings / (loss) before net finance costs and income tax34,099(92,080)(182,732)
Finance expenses(22,732)(23,492)(47,689)
Finance income484184585
Loss on derecognition of financial assets
(4,356)(3,878)(7,916)
Net finance costs
(26,604)(27,186)(55,020)
Profit / (loss) before income tax7,495(119,266)(237,752)
Income tax (expense) / benefit
(2,687)23,04555,641
Net profit / (loss) after tax for the period
4,808(96,221)(182,111)
Earnings / (loss) per share
Basic earnings per share (cents)1.01(44.02)(83.31)
Diluted earnings per share (cents)1.01(44.02)(83.31)
The accompanying notes form part of and are to be read in conjunction with these financial statements.
-3-

Synlait Milk Limited
Statement of comprehensive income
For the six months ended 31 January 2025
Statement of comprehensive income
For the six months ended 31 January 2025
Period endedYear ended
31 January31 January31 July
2025
Unaudited
2024
Unaudited
2024
Audited
$'000$'000$'000
Profit / (loss) for the period4,808(96,221)(182,111)
Other comprehensive income
Items that may be reclassified subsequently to profit and loss
Effective portion of changes in fair value of cash flow hedges(34,258)6,328(5,401)
Net change in fair value of cash flow hedges transferred to profit
and loss
-(50)-
Exchange differences on translation of foreign operations482340
Income tax on other comprehensive income9,592(1,772)1,511
Total items that may be reclassified subsequently to profit and
loss
(24,618)4,529(3,850)
Other comprehensive income for the period, net of tax(24,618)4,529(3,850)
Total comprehensive (loss) / income for the period
(19,810)(91,692)(185,961)
The accompanying notes form part of and are to be read in conjunction with these financial statements.
-4-

Synlait Milk Limited
Statement of changes in equity
For the six months ended 31 January 2025
Statement of changes in equity
For the six months ended 31 January 2025
Share
capital
Employee
benefits
reserve
Cash flow
hedge
reserve
Foreign
currency
translation
reserve
Retained
earnings
Total
equity
Notes$'000$'000$'000$'000$'000$'000
Equity as at 1 August 2023 (Audited)
464,774735(2,924)3327,786790,374
Profit or (loss) for the period ----(96,221)(96,221)
Other comprehensive income
Effective portion of changes in fair value of
cash flow hedges
--6,328--6,328
Exchange differences on translation of
foreign operations
---23-23
Net change in fair value of cash flow hedges
transferred to profit and loss
--(50)--(50)
Income tax on other comprehensive income
--(1,772)--(1,772)
Total other comprehensive income
--4,50623-4,529
Total comprehensive income
--4,50623(96,221)(91,692)
Employee benefits reserve
-198---198
Equity as at 31 January 2024 (Unaudited)
464,7749331,58226231,565698,880
Equity as at 1 August 2024 (Audited)
464,7741,120(6,814)43145,675604,798
Profit or (loss) for the period----4,8084,808
Other comprehensive income
Effective portion of changes in fair value of
cash flow hedges
--(34,258)--(34,258)
Exchange differences on translation of
foreign operations
---48-48
Net change in fair value of cash flow hedges
transferred to profit and loss
------
Income tax on other comprehensive income
--9,592--9,592
Total other comprehensive income
--(24,666)48-(24,618)
Total comprehensive income
--(24,666)484,808(19,810)
Issue of new shares12212,107----212,107
Employee benefits reserve
-(437)---(437)
Equity as at 31 January 2025 (Unaudited)
676,881683(31,480)91150,483796,658
The accompanying notes form part of and are to be read in conjunction with these financial statements.
-5-

Synlait Milk Limited
Statement of financial position
As at 31 January 2025
Statement of financial position
As at 31 January 2025
31 January31 January31 July
2025
Unaudited
2024
Unaudited
2024
Audited
Notes$'000$'000$'000
ASSETS
Cash and cash equivalents49,04130,50410,273
Trade and other receivables7181,575109,277144,922
Intangible assets104,6843,4435,149
Goods and services tax refundable-7,442298
Prepayments13,0187,18327,775
Inventories8347,112316,261209,702
Derivative financial instruments1910,7183,389
Current tax receivables2,9087,5125,233
Assets of a disposal group held for sale3-163,535-
Total current assets598,357655,875406,741
Non-current assets
Property, plant and equipment9894,351947,677908,443
Intangible assets1073,85964,53175,834
Goodwill1058,163-58,163
Other investments2,3158851,860
Derivative financial instruments2074,78439
Deferred tax assets6,603--
Biological assets3,5374,0653,597
Right-of-use assets36,31635,53039,338
Total non-current assets1,075,3511,057,4721,087,274
Total assets1,673,7081,713,3471,494,015
LIABILITIES
Trade and other payables334,126286,634257,896
Loans and borrowings11311,220514,136369,701
Goods and services tax payable3,296--
Derivative financial instruments37,98512,6858,385
Lease liabilities6,4474,1236,327
Liabilities directly associated with a disposal group held for sale3-43,221-
Total current liabilities693,074860,799642,309
Non-current liabilities
Loans and borrowings11129,71475,654191,255
Derivative financial instruments6,0849004,453
Deferred tax liabilities-34,780187
Lease liabilities44,57739,17747,752
Other non-current liabilities3,6013,1573,261
Total non-current liabilities183,976153,668246,908
Total liabilities877,0501,014,467889,217
Net assets
796,658698,880604,798
Equity
Share capital12676,881464,774464,774
Reserves(30,706)2,541(5,651)
Retained earnings150,483231,565145,675
Total equity attributable to equity holders of the Group
796,658698,880604,798
Total equity and liabilities
1,673,7081,713,3471,494,015
The accompanying notes form part of and are to be read in conjunction with these financial statements.
-6-

Synlait Milk Limited
Statement of cash flows
For the six months ended 31 January 2025
Statement of cash flows
For the six months ended 31 January 2025
Period endedYear ended
31 January 31 January31 July
2025
Unaudited
2024
Unaudited
2024
Audited
Notes$'000$'000$'000
Cash flows from operating activities
Cash receipts from customers894,333774,1491,576,411
Cash paid for milk purchased(602,323)(412,424)(788,435)
Cash paid to other creditors and employees(310,083)(451,234)(833,132)
Net movement in goods and services tax 3,594(7,597)865
Income tax refunds / (payments)2,441(1,007)(2,900)
Net cash outflow from operating activities6(12,038)(98,113)(47,191)
Cash flows from investing activities
Interest received484130585
Acquisition of property, plant and equipment(11,368)(16,698)(28,539)
Proceeds from sale of property, plant and equipment159222753
Acquisition of intangible assets (1,715)(728)(2,363)
Acquisition of biological assets(41)(41)(925)
Proceeds from sale of biological asset258148855
Acquisition of investment(455)--
Net cash outflow from investing activities(12,678)(16,967)(29,634)
Cash flows from financing activities
Receipt of shareholder loan--130,000
Repayment of subordinated bond(180,000)--
Receipt of borrowings 1171,02096,66735,646
Net movement in working capital facility11(11,107)70,362(27,572)
Interest paid(26,868)(27,339)(55,385)
Repayment of lease liabilities(3,111)(2,998)(5,916)
Receipt of cash from issue of shares12212,108--
Net cash inflow from financing activities62,042136,69276,773
Net increase / (decrease) in cash and cash equivalents37,32621,612(52)
Cash and cash equivalents at the beginning of the period10,27310,27110,271
Effects of exchange rate changes on cash and cash equivalents1,442(51)54
Cash included in disposal group classified as held for sale-(1,328)-
Cash and cash equivalents at end of the period
49,04130,50410,273
The accompanying notes form part of and are to be read in conjunction with these financial statements.
-7-

Synlait Milk Limited
Notes to the condensed interim financial statements
For the six months ended 31 January 2025
Notes to the condensed interim financial statements
For the six months ended 31 January 2025
1Reporting entity
The condensed interim financial statements presented consolidate the financial results of Synlait Milk Limited and its
subsidiaries (together the Group).
Synlait Milk Limited is primarily involved in the manufacture and sale of dairy products.
The parent company, Synlait Milk Limited, is a profit-oriented entity, domiciled in New Zealand, registered under the
Companies Act 1993 and listed on the New Zealand Stock Exchange and the Australian Securities Exchange. Synlait Milk
Limited is an FMC reporting entity under the Financial Market Conducts Act 2013 and its financial statements comply with that
Act.
2Basis of preparation of interim financial report
The condensed interim financial statements have been prepared in accordance with Generally Accepted Accounting Practice
(NZ GAAP) as appropriate for interim financial statements. They comply with International Accounting Standard 34 (NZ IAS
34) and New Zealand equivalent to International Accounting Standard 34 (NZ IAS 34) Interim Financial Reporting and other
applicable financial reporting standards appropriate for profit oriented entities.
These interim financial statements should be read in conjunction with the Group's financial statements for the period ended
31 July 2024.
Certain comparative figures have been reclassified during the year for consistency with current year presentation including a
reallocation of $7.0m from sales and distribution expense to cost of sales for the year ended 31 July 2024. This is to better
reflect the underlying nature of the costs and for consistency with similar costs incurred in both the current and preceding
periods. These reclassifications had no effect on the reported results of operations.
Synlait Milk Limited is subject to seasonal fluctuations that impact both revenue and production levels. These occur due to
changes in product mix decisions from fluctuations in customer demand and in response to the unpredictable nature of milk
supply as climatic conditions influence milk supply across the South Island of New Zealand.
Items included in the interim financial statements of the Group are measured using the currency of the primary economic
environment in which each entity operates (‘the functional currency’). The financial statements are presented in New Zealand
Dollars ($), which is the functional currency of the parent and are rounded to the nearest thousand ($'000).
-
8-

Synlait Milk Limited
Notes to the condensed interim financial statements
For the six months ended 31 January 2025
(continued)
2 Basis of preparation of interim financial report (continued)
Going concern
At 31 January 2025, the Group recorded an after-tax profit of $4.8m, operating cash flows of ($12.0m), a shortfall of current
assets over current liabilities of ($94.7m), and senior debt of $311.2m due for repayment on 1 October 2025.
In preparing these financial statements, the Directors have conducted a comprehensive assessment of certain events,
conditions, and related uncertainties.
Material uncertainties previously disclosed
The financial statements for the 2024 financial year disclosed material uncertainties in respect of the Group’s ability to
maintain access to capital (bank financing) through a requirement to achieve a sufficient reversal of milk supply cessations
and demonstrate a marked improvement in 2025 trading performance. It was emphasised that if this was not achieved, there
would be a mate
rial uncertainty in respect of the Group’s ability to access capital, continue operating, and realise its assets
and discharge its liabilities in the normal course of business.
The Group has made positive progress in retention of milk supply and improvement of trading performance as described
below:
Milk supply retention
A
s noted in the 2024 financial statements and Synlait’s market updates, a significant majority of Synlait’s farmer suppliers
had submitted notices of cessation for the supply of raw milk to the Group’s South Island operations.
The Group’s Directors, executive and senior leadership, and milk supply teams have been engaged in a process to
encourage farmers to withdraw their cessation notices, the majority of which would otherwise take effect on 31 May 2026 for
the 2027 financial year (2026/2027 milk season). To incentivise farmers to withdraw their cessation notices, the Group has
a
nnounced an incentive package comprising a one-off 20 cent per kilogram of milk solids payment (KgMS) to all farmers who
are not under cease at 31 May 2025, and an additional secured milk premium of 10 cents per KgMS payment to all South
Island farmers committed to a future with Synlait without a cessation notice as at 31 March 2025 for each of the 2025/2026,
2026/2027 and 2027/2028 seasons.
The initial response to the incentive package has seen a number of farmers withdrawing their cessation notices and potential
new suppliers expressing interest in supplying Synlait. The Directors believe that the milk incentive package combined with a
competitive milk price, a guarantee to match the market advanced rate (at a minimum) from the 2025/2026 season, reduced
d
ebt levels, financial and strategic support from Bright Dairy, and improved trading performance will encourage farmers to
c
ontinue withdrawing their cessation notices.
Th
e Directors continue to acknowledge that the level of outstanding cessation notices will instil a degree of uncertainty in the
Group’s stakeholders. There is a risk that if all cessation notices came into effect, the Group’s South Island operations could
be materially impacted during the 2026/2027 milk season (2027 financial year). However, the Directors believe this risk is
becoming increasingly unlikely as progress continues.
Tr
ading performance
EB
ITDA has improved by $43.2m compared to the interim period ended 31 January 2024 and operating cash flows have
improved by $86.1m.
The
improvement in EBITDA in the first six months of the year is attributed to accelerated demand for Advanced Nutrition
products, optimisation of North Island operations, impro
ved foreign exchange performance, improved stream returns on
Ingredients products, and a focus on controlling working capital levels and operating expenditure. In addition, the Group
continues to progress new
business development opportunities to improve utilisation of the North Island operations and
diversify the customer base of the South Island operations.
-9-

Synlait Milk Limited
Notes to the condensed interim financial statements
For the six months ended 31 January 2025
(continued)
2 Basis of preparation of interim financial report (continued)
Going concern (continued)
Access to capital
Future access to capital has previously been disclosed as being subject to significant uncertainty. At 31 January 2025, the
Group had total loans and borrowings of $441m, comprised of $311m of senior bank debt which falls due on 1 October 2025
and a $130m shareholder loan which will be repaid in July 2026. During the period, the Group met all banking covenants and
is forecasting that
covenants will continue to be met over the duration of the financial year. This has provided the Directors
with an increased level of confidence in the Group’s ability to achieve a successful refinance in the 2026 financial year.
Conclusion
The Directors are satisfied that the Group will be able to generate sufficient cashflows and have sufficient access to capital
(bank financing) to make good on obligations to all creditors including the banking syndicate and farmer suppliers.
While the future will always be uncertain, the progress made to date in improving trading performance and retaining milk
supply has provided a sufficient basis for the Directors to conclude that it is appropriate to prepare the Group’s interim
financial statements on a going concern basis.
However, despite the progress made to date, the Group will continue to be subject to material uncertainty in respect of
access to capital until such time there is demonstrated sustained improvement in trading performance and a sufficient
w
ithdrawal of cessation notices is confirmed, both of which are interdependent and will continue to be subject to uncertainty.
This represents a material uncertainty related to events or conditions that may cast significant doubt on the Group’s ability to
co
ntinue as a going concern.
The financial
statements do not include any adjustments that may be required if the Group is unable to continue as a going
co
ncern.
New accounting policies, standards, interpretations, and amendments adopted during the period
There are
no new policies, standards, interpretations, or amendments that were adopted in the period which have or are
expected to have a material impact on the Group.
New accounting p
olicies, standards, interpretations, and amendments not yet adopted
NZ IFRS 18 - Presentation and Disclosure in Financial Statements
In April 2024, the IASB issued IFRS 18 - Presentation and Disclosure in Financial Statements to improve reporting of
financial performance. IFRS 18 replaces IAS 1 Presentation of Financial Statements. It carries forward many requirements from
I
AS 1 unchanged and introduces increased disclosure of management defined performance measures as well as new
principles for aggregation and disaggregation of information included in the consolidated income statement. IFRS 18 is
applicable to the Group beginning on 1 August 2027. The Group is currently evaluating the impact of the adoption of IFRS 18
on its consolidated financial statements.
There are no oth
er standards that are not yet effective which are expected to have a material impact on the Group in the
current or future reporting periods and on foreseeable future transactions.
-10-

Synlait Milk Limited
Notes to the condensed interim financial statements
For the six months ended 31 January 2025
(continued)
2 Basis of preparation of interim financial report (continued)
Material events and other significant items during the period
Strategic review of North Island assets
On 9 September 2024 the Group completed a strategic review of its North Island assets. The key outcome of the review was
a decision to refocus the North Island operations to produce Advanced Nutrition products which do not require milk. As a
consequence, the Group has entered into a contract to sell its raw milk supply to a North Island milk processor. This has
resulted in a related onerous contract provision of $3.6
m at 31 January 2025 and is included in accounts payable and other
accruals.
Equity placement and change of control
On 1 October 2024 the Group completed a placement of 384,616,437 common shares for proceeds of $217.8m to Bright
D
airy and The a2 Milk Company, resulting in Bright Dairy and The a2 Milk Company holding 65.25% and 19.83% of the
Group's common shares, respectively, and triggering a change of control under the NZX Takeovers Code. The proceeds
w
ere used to repay bank facilities which fell due on 1 October 2024 and repay the subordinated bond which was subjected
to accelerated repayment as a consequence of the change of control.
Settlement with The a2 Milk Company
On 1 October the Group completed the settlement of a number of matters which were in arbitration with The a2 Milk
Company. Key details of the settlement included:
• The a2 Milk Company made a one-off payment to the Group in the order of $24.75 million. This payment included
amounts that had been withheld from payment pending resolution of matters in dispute.
•The Group will make an additional SAMR slot at Dunsandel available to The a2 Milk Company for a potential new
China label registered product. The a2 Milk Company and the Group will work together to develop the new product, prepare
t
he SAMR registration dossier and aim to seek registration from SAMR by December 2029.
•T
he Group has agreed the exclusivity it had under the Nutritional Powders Manufacturing and Supply Agreement
(NPMSA) for a2 至
初®, a2 Platinum®, and other nutritional products ceased to apply from 1 January 2025.
•The Group acknowledged that The a2 Milk Company is developing manufacturing capability and could move volumes
away from the Group when it has the capability to do so. The exception to this is registered China label 至初® Infant Formula
p
roducts which must be produced in the Group's Dunsandel facility through the SAMR registration the Group continues to
hold and is due for renewal in 2027.
Climate Risk
The Group’s operations are likely to be impacted by future climate change. These impacts may be physical (e.g. severe or
unusual weather patterns and events) or transitional (e.g. changes to government regulations or customer and supplier needs
and demands). The Group regularly assesses its operating environment with regard to the impact of climate change.
Specific consideration has been given in these financial statements to the impact of future climate change on the useful lives
of the Group’s property, plant, and equipment and impairment of intangible assets (NZUs). No significant impacts were noted
during the period.
Milk price accrual
At interim reporting date, the milk price accrual is a key management estimate. The milk price accrual represents the amount
the Group is forecasting to pay its suppliers for the current year less advance payments made during the period. The Group's
policy is to value its inventory using the weighted average monthly milk price based on the Group's forecast annual milk price
for the season. Managements' forecast of the milk price for the season is the basis of the calculation of the milk price accrual
and at interim reporting date requires judgement from management. Key assumptions in the calculation of the forecast
annual milk price for the season include dairy commodity prices, on-farm milk composition, sales and production curves,
annual foreign exchange conversion rate and other conversion costs.
-11-

Synlait Milk Limited
Notes to the condensed interim financial statements
For the six months ended 31 January 2025
(continued)
3Impairment of assets and write-downs
Impairment of assets
The Group recorded total asset impairments of $114.6m in the 2024 financial year, of which $50.3m was recognised in the six
month period ended 31 January 2024 and $64.2m recognised upon completion of comprehensive impairment testing
immediately prior to release of the Group's 2024 annual financial statements.
The impairment charge was driven primarily by underutilisation of the Group's North Island operations. Consequently,
substantially all of the impairment charge was allocated against the assets of North Island cash generating unit. $6m of the
impairment was allocated to goodwill with the balance allocated pro-rata against remaining assets.
The Group has not performed a further impairment test because trading performance has been inline with expectations,
market capitalisation has increased since 31 July 2024, and no other significant adverse changes which would have a
material impact on recoverable amounts have occurred in the Group's operations.
Loss on measurement to fair value less costs of disposal
During the six month period ended 31 January 2024, the Group recorded a $31.1m write-down against the Dairyworks
disposal group as a consequence of indicative offers being below the net asset value of the disposal group. The write-down
was reversed when the Dairyworks sale process was discontinued in June 2024, and the assets and liabilities of Dairyworks
were reclassified from 'held for sale' to their respective 'held for use' line items in the statement of financial position. The
results of the Group for the six month period ended 31 January 2024 have been re-presented to include the results of
Dairyworks ($4.9m of profit) in profit / (loss) from continuing operations.
The following is a disaggregation of assets and liabilities which were classified as held for sale at 31 January 2024:
31 January 2024
Unaudited
$'000
Assets of a disposal group classified as held for sale
Cash1,328
Trade and other receivables and other current assets8,826
Inventories66,002
Property, plant and equipment29,345
Intangible assets17,093
Goodwill58,163
Impairment of goodwill resulting from measurement to FVLCD(31,137)
Right-of-use assets
13,915
Total
163,535
Liabilities of a disposal group classified as held for sale
Trade and other payables and other current liabilities(24,353)
Current tax liability(4,199)
Lease liabilities(13,420)
Deferred tax liabilities
(1,249)
Total
(43,221)
-12-

Synlait Milk Limited
Notes to the condensed interim financial statements
For the six months ended 31 January 2025
(continued)
4Segment reporting
(a)Reportable segments
The Group identifies the following segments:
- Synlait: manufacture and sale of liquid milk and milk powder based products (nutritionals, ingredients, fresh milk, and ultra
heat treatment ('UHT') milk products). The Synlait segment is an aggregation of the Group's North Island and South Island
operations which share similar production processes, composition of fixed assets, organisational structures, product margins,
classes of customers, and long term growth rates.
- Dairyworks: manufacture and sale of cheese and other products (cheese, butter).
The accounting policies of the Group have been consistently applied to the operating segments. Net Profit After Tax (NPAT)
is the measure reported to the chief operating decision-maker (the "Board") for the purposes of resource allocation and
assessment of performance for the Group. A consistent measure has been used for the purpose of reporting the
performance of each operating segment.
(b)Disaggregation of financial information by segment
The following is an analysis of the Group's revenue and results by reportable segment:
31 January 2025
Unaudited
SynlaitDairyworksEliminationsTotal
$'000$'000$'000$'000
External revenue778,331138,436-916,767
Inter-segment revenue from sale of goods
219-(219)-
Revenue from sale of goods778,550138,436(219)916,767
Net profit / (loss) after tax for the period6034,205-4,808
Finance income44242-484
Finance expense(20,485)(2,247)-(22,732)
Loss on derecognition of financial assets(3,611)(745)-(4,356)
Depreciation and amortisation(25,774)(3,198)-(28,972)
Income tax expense(1,014)(1,673)-(2,687)
Earnings before interest, taxes, depreciation and amortisation51,04512,026-63,071
Total assets1,487,732185,976-1,673,708
Total liabilities
(842,674)(34,376)-(877,050)
Total net assets
645,058151,600-796,658
-13-

Synlait Milk Limited
Notes to the condensed interim financial statements
For the six months ended 31 January 2025
(continued)
4Segment reporting(continued)
31 January 2024
Unaudited
SynlaitDairyworksEliminationsTotal
$'000$'000$'000$'000
External revenue651,675141,850-793,525
Inter-segment revenue from sale of goods
1,214-(1,214)-
Revenue from sale of goods652,889141,850(1,214)793,525
Net profit / (loss) after tax for the period(70,014)(26,207)-(96,221)
Finance income184--184
Finance expense(21,527)(1,965)-(23,492)
Loss on derecognition of financial assets(3,182)(696)-(3,878)
Depreciation and amortisation(30,527)--(30,527)
Income tax benefit / (expense)24,924(1,879)-23,045
Impairment of CGU(50,343)--(50,343)
Loss on measurement to fair value less costs of disposal-(31,137)-(31,137)
Earnings before interest, taxes, depreciation and amortisation10,4579,470-19,927
Total assets1,549,812163,535-1,713,347
Total liabilities
(971,246)(43,221)-(1,014,467)
Total net assets
578,566120,314-698,880
31 July 2024
Audited
SynlaitDairyworksEliminationsTotal
$'000$'000$'000$'000
External revenue1,344,081292,777-1,636,858
Inter-segment revenue from sale of goods
2,559-(2,559)-
Revenue from sale of goods1,346,640292,777(2,559)1,636,858
Net profit / (loss) after tax for the period(189,918)7,807-(182,111)
Finance income585--585
Finance expense(43,415)(4,274)-(47,689)
Loss on derecognition of financial assets(6,569)(1,347)-(7,916)
Depreciation and amortisation(57,596)(6,128)-(63,724)
Impairment of CGU(114,564)--(114,564)
Income tax benefit / (expense)59,515(3,874)-55,641
Earnings before interest, taxes, depreciation and amortisation(27,874)23,430-(4,444)
Total assets1,370,538123,477-1,494,015
Total liabilities
(819,582)(69,635)-(889,217)
Total net assets
550,95653,842-604,798
-14-

Synlait Milk Limited
Notes to the condensed interim financial statements
For the six months ended 31 January 2025
(continued)
4Segment reporting(continued)
(c)Geographical revenue
The Group operates in one principal geographical area being New Zealand. Although the Group sells to many different
countries, it is understood that a significant portion of both infant nutritional and ingredients sales are ultimately consumed in
China.
The proportion of sales revenue by geographical area is summarised below:
Period endedYear ended
31 January31 January31 July
2025
Unaudited
2024
Unaudited
2024
Audited
China%7%5%8
Rest of Asia%20%19%19
Middle East and Africa%4%7%4
New Zealand%59%62%54
Australia%5%5%7
Rest of World
%5%2%8
Total
%100%100%100
All Group non-current assets are located in New Zealand, other than $0.1m (31 January 2024: $0.1m, 31 July 2024:
$0.1m) located in China.
(d)Other profit and loss disclosures
Revenues of approximately 45% (31 January 2024: 43%, 31 July 2024: 44%) are derived from the top three external
customers.
-15-

Synlait Milk Limited
Notes to the condensed interim financial statements
For the six months ended 31 January 2025
(continued)
Period endedYear ended
31 January31 January31 July
2025
Unaudited
2024
Unaudited
2024
Audited
Notes$'000$'000$'000
21,632
22,26446,290
51,65152,135103,410
17,57316,32628,818
8,11710,63020,071
13,12116,82728,365
9,5408,92416,596
18,0678,35430,134
3,7284,0839,174
12,63012,42226,107
7088371,614
1,3031,0599,285
2544901,147
6201,3461,953
1,597--
3,6124,1798,260
17,46216,89133,746
369388764
60198399
2,1434,22312,852
5 Expenses
The following items of expenditure are included in cost of sales:
Depreciation and amortisation
E
mployee and contractor costs
Energy costs
Outbound Freight
Milk transport
R
epairs and maintenance
Inventory provisions and write-downs
The following items of expenditure are included in sales and
distribution expense:
Depreciation and amortisation
Employee and contractor costs
Insurance
Freight
Consultancy, legal, and transaction costs
Rent and storage
The following items of expenditure are included in administrative
and operating expense:
Bad debt expense
Depreciation and amortisation
Employee and contractor costs
Director fees
Share based payments expense
Consultancy, legal, and transaction costs
I
nformation services and subscriptions
5,3065,44210,525
-16-

Synlait Milk Limited
Notes to the condensed interim financial statements
For the six months ended 31 January 2025
(continued)
6Reconciliation of profit / (loss) after income tax to net cash outflow from operating activities
Period endedYear ended
31 January31 January31 July
2025
Unaudited
2024
Unaudited
2024
Audited
$'000$'000$'000
(Loss) / profit for the period4,808(96,221)(182,111)
Non-cash items:
Impairment of assets-50,343114,564
Loss on measurement of Dairyworks disposal group to FVLCD-31,137-
Depreciation and amortisation of non-current assets25,66027,62955,905
Depreciation of right-of-use assets3,3122,8977,819
Loss / (gain) on sale of property, plant and equipment170(241)(381)
(Gain) / loss on livestock sales(417)(98)(854)
Gain on derecognition of lease--(286)
New Zealand Units surrendered3,1631,8432,785
Non-cash share based payments expense(437)198385
Interest costs classified as financing cash flow22,73223,43747,690
Interest received classified as investing cash flow(484)(130)(585)
Loss on derecognition of financial assets4,3563,8817,916
Deferred tax2,802(21,021)(53,589)
Loss / (gain) on derivative financial instruments175339(54)
Unrealised foreign exchange (gain) / loss(1,442)51(56)
Loss / (gain) on revaluation of biological assets101(118)(445)
Movements in working capital:
(Increase) in trade and other receivables(36,651)(22,299)(52,601)
Decrease / (increase) in prepayments14,7573,684(16,038)
(Increase) / decrease in inventories(137,410)(79,757)92,804
Decrease / (increase) in goods and services tax refundable3,594(7,597)865
Increase / (decrease) in trade and other payables76,848(13,039)(65,972)
Decrease / (increase) in current tax asset
2,325(3,031)(4,952)
Net cash outflow from operating activities
(12,038)(98,113)(47,191)
7Trade and other receivables
The Group has derecognised trade receivables that have been sold pursuant to the terms of receivables purchase
agreements that the Group has entered into with its banks. The Group has assessed the terms of the agreements and has
determined that substantially all the risks and rewards have been transferred to the respective banks.
-17-

Synlait Milk Limited
Notes to the condensed interim financial statements
For the six months ended 31 January 2025
(continued)
8Inventories
31 January31 January31 July
2025
Unaudited
2024
Unaudited
2024
Audited
$'000$'000$'000
Raw materials at cost111,11181,38099,099
Work in progress at cost37,90375,98654,301
Finished goods at cost220,947168,64372,800
Less: Provision for impairment and write-downs of inventory
(22,849)(9,748)(16,498)
Total inventories
347,112316,261209,702
Total inventories as at 31 January 2024 excludes $66.0m of Dairyworks inventories which are included in assets of a disposal
group held for sale.
9Property, plant and equipment
During the six months ended 31 January 2025, $10.4m was added to capital work in progress and $17.8m of historical work in
progress was capitalised.
10Intangible assets
During the six months ended 31 January 2025, $1.9m was added to intangible work in progress and $6.4m of historical work
in progress was capitalised, of which $2.7m was transferred from work in progress for property, plant, and equipment.
-18-

Synlait Milk Limited
Notes to the condensed interim financial statements
For the six months ended 31 January 2025
(continued)
11Loans and borrowings
31 January31 January31 July
2025
Unaudited
2024
Unaudited
2024
Audited
Current liabilities
Working capital facility (syndicated) NZD5,505111,96726,237
Working capital facility (syndicated) USD66,28968,86956,664
Revolving credit facility175,714154,298107,265
Term loan64,286--
Loan facility fees(574)(355)(185)
Subordinated Bond-180,000180,000
Subordinated bond fees
-(643)(280)
311,220514,136369,701
Non-current liabilities
Revolving credit facility-75,70261,608
Loan facility fees-(48)-
Shareholder loan130,000-130,000
Shareholder loan fees
(286)-(353)
129,71475,654191,255
Total loans and borrowings
440,934589,790560,956
During the period, Bank of East Asia was added to the Group's banking syndicate which includes ANZ Bank, Bank of China,
China Construction Bank, HSBC, Rabobank, Kiwibank, Bank of Communications, and Industrial Bank of China.
The Group's banking facilities all expire on 1 October 2025 and include:
- A working capital facility peaking at $160m (together with a $10m on demand bilateral facility).
- A revolving credit facility of $205m.
- A term loan facility of $75m.
The Group is subject to capital requirements imposed by its bank through covenants agreed as part of the lending facility
arrangements. The Group met all externally imposed capital requirements for the six months ended 31 January 2025. The
covenants for the 2025 financial year are as follows:
1. Total shareholder funds of no less than NZD $500m at all times.
2. Working capital ratio of no less than 1.2x for the period from 1 August 2024 to 31 March 2025, increasing to no less than
1.5x for the period from 1 April 2025 to 31 July 2025.
3. Interest coverage ratio of no less than 2.5x for the 31 July 2025 reporting date.
4. Senior leverage ratio of no greater than 2.5x for the 31 July 2025 reporting date.
The Group also has a $130m shareholder loan from the Group's majority shareholder, Bright Dairy. The loan will be repaid in
July 2026.
Retail bond
During the period the subordinated bond was repaid in full. $169m was repaid on 13 November 2024 when bond holders
elected for early redemption of bonds upon change of control with the balance of $11m repaid on the maturity date of 17
December 2024.
-19-

Synlait Milk Limited
Notes to the condensed interim financial statements
For the six months ended 31 January 2025
(continued)
12 Share capital
The Group had 603,198,098 ordinary shares on issue as at 31 January 2025 (31 January 2024: 218,581,661, 31 July 2024:
218,581,661).
On 1 October 2024 308,333,333 and 76,283,104 shares were granted to Bright Dairy Holding Limited and The a2 Milk
Company, respectively, for a total of 384,616,437 shares granted under a placement which gained shareholder approval on
18
September 2024 for total gross proceeds of $217.8m. Total transaction costs incurred in respect of the placement were
$5.7m resulting in total net proceeds of $212.1m.
The placement resulted in Bright Dairy Holding Limited's holding in the Group increasing to 65.25% from 39.01% immediately
prior to the placement, triggering a change in control under the NZX Takeovers Code.
There were no shares issued during the six months ended 31 January 2024 or year ended 31 July 2024.
13 Related party transactions
(a) Transactions with other related parties
Period endedYear ended
31 January31 January31 July
2025
Unaudited
2024
Unaudited
2024
Audited
$'000$'000$'000
Purchase of goods and services
Bright Dairy and Food Co Ltd - Directors fees133133263
Sale of goods and services
Bright Dairy and Food Co Ltd - Sale of milk powder products1542681,849
Other
Bright Dairy and Food Co Ltd - Interest charged on shareholder loan5,243-569
(b)Outstanding balances
The following balances are outstanding at the reporting date in relation to transactions with related parties:
31 January31 January31 July
2025
Unaudited
2024
Unaudited
2024
Audited
$'000$'000$'000
Current payables
Bright Dairy and Food Co Ltd - Reimbursement of costs(1,023)(1,218)(890)
Bright Dairy and Food Co Ltd - Interest payable(541)-(569)
Non-current payables (loans and borrowings)
Bright Dairy and Food Co Ltd - Shareholder loan(130,000)-(130,000)
-20-

Synlait Milk Limited
Notes to the condensed interim financial statements
For the six months ended 31 January 2025
(continued)
14Contingencies
No contingent liabilities or assets have been recognised in these financial statements (31 January 2024: $nil, 31 July 2024
$nil).
15Commitments
The Group has committed expenditure as at 31 January 2025 for routine operational capital expenditure projects of $3.8m
(31 January 2024: $4.2m, 31 July 2024: $2.7m).
The Group has also committed a further investment of $1.3m to a public-private limited partnership in which $2.2m has been
invested to date. The joint venture is intended to undertake a portfolio of investments that will help accelerate delivery of
biological emissions tools to all New Zealand farmers.
16Events occurring after the reporting period
There were no events which occurred subsequent to 31 January 2025 which require adjustment to or disclosure in the
interim consolidated financial statements.
-21-

© 2025 KPMG, a New Zealand Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,
a private English company limited by guarantee. All rights reserved.
Document classification: KPMG Public
Independent Auditor’s Review
Report
To the Shareholders of Synlait Milk Limited ( Group)
Report on the condensed interim financial statements
Conclusion
Based on our review, nothing has come to our
attention that causes us to believe that the
condensed interim financial statements on pages 3 to
21 do not:
‒ present fairly, in all material respects, the
Group’s financial position as at 31 January
2025 and its financial performance and cash
flows for the six-month period then ended
and comply with New Zealand Equivalent to
International Accounting Standard 34
Interim Financial Reporting (NZ IAS 34)
issued by the New Zealand Accounting
Standards Board.
We have completed a review of the accompanying
condensed interim financial statements which
comprise:
‒ the condensed interim statement of financial
position as at 31 January 2025;
‒ the condensed interim income statement,
statements of comprehensive income,
changes in equity and cash flows for the six-
month period then ended; and
‒ notes, including material accounting policy
information.
Basis for conclusion
We conducted our review of the condensed interim financial statements in accordance with NZ SRE 2410
(Revised) Review of Financial Statements Performed by the Independent Auditor of the Entity (NZ SRE 2410
(Revised)). Our responsibilities are further described in the Auditor's Responsibilities for the Review of the
condensed interim financial statements section of our report.
We are independent of Synlait Milk Limited 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.
Other than in our capacity as auditor we have no relationship with, or interests in, the Group.
Material uncertainty related to going concern
We draw attention to Note 2 of the condensed interim financial statements, which indicates that the Group
recorded operating cash outflows of $12.0m for the six-month period ended 31 January 2025 and that its current
liabilities exceed its current assets by $ 94.7m as at that date. $311.2m of borrowings are classified as current
liabilities and are due for repayment or refinancing in the next twelve months from the date of these condensed
interim financial statements.
-22-

The ability of the Group to continue trading as a going concern is dependent on the ability of the Directors to
successfully execute the milk supply retention incentive with the Group’s South Island raw milk suppliers by 31
May 2025. As explained in Note 2, the Directors are confident that with continued improvement and sufficient
withdrawal of cessation notices, the Group can successfully refinance the senior bank debt in the 2026 financial
year. Nonetheless, the Group remains subject to material uncertainty regarding access to capital (bank financing)
until sustained improvement and sufficient withdrawal of cessation notices are confirmed, which may cast
significant doubt on the Group’s ability to continue as a going concern. Our conclusion is not modified in respect
of this matter.
Use of this Independent Auditor’s Review Report
This report is made solely to the Shareholders. Our review work has been undertaken so that we might state to
the Shareholders those matters we are required to state to them in the Independent Auditor’s 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 Shareholders for our review work, this report, or any of the conclusions we have formed.
Responsibilities of Directors for the condensed interim financial
statements
The Directors of Synlait Milk Limited on behalf of the Group are responsible for:
‒ the preparation and fair presentation of the condensed interim financial statements in accordance with
NZ IAS 34; and
‒ implementing necessary internal control to enable the preparation of condensed interim financial
statements that is fairly presented and free from material misstatement, whether due to fraud or error.
Auditor's responsibilities for the review of the condensed interim
financial statements
Our responsibility is to express a conclusion on the condensed 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 condensed interim financial statements, taken as a whole, are not prepared, in all material
respects, in accordance with NZ IAS 34.
A review of the condensed interim financial statements prepared in accordance with NZ SRE 2410 (Revised) is a
limited assurance engagement. The auditor performs 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 does not enable us to
obtain assurance that we might identify in an audit. Accordingly, we do not express an audit opinion on the
condensed interim financial statements.
The engagement partner on the review resulting in this independent auditor’s review report is Ian Proudfoot.
For and on behalf of:
C
hristchurch
24 March 2025
-23-

---

HALF YEAR RESULTS
INVESTOR PRESENTATION
For the six months ended 31 January 2025
HALF YEAR RESULTS
INVESTOR PRESENTATION
For the six months ended 31 January 2025

PROGRESS TO DATE: ENCOURAGING
A summary of first half performance.
Just above the guidance range
of $58 million to $63 million
announced in January 2025.
TOTAL GROUP EBITDA
FOCUSING ON THE
FUNDAMENTALS
REBUILDING FARMER
TRUST AND CONFIDENCE
SEIZING
OPPORTUNITIES
$
6 3 .1M
Return to profitability.
TOTAL GROUP NPAT
$
4.8M
Largely delivered via October
2024's equity placement to the
two major shareholders, Bright
Dairy and The a2 Milk Company.
NET DEBT REDUCTION
29%
Uplifting operational outcomes
through a focus on cost, quality
and yield.
Securing future milk supply
in Canterbury.
PROGRESS
PRIORITIES
Continuously delivering for
customers, while accelerating
new business development.
Return to profitability delivered.
Given the position Synlait was in 12 months ago, this result is a considerable commercial achievement.
PAGE 2

RESULTS AT A GLANCE
FY25 FORECAST MILK PRICE
FORECAST AVERAGE MILK
PAYMENT FOR SYNLAIT SUPPLIERS
FORECAST AVERAGE
SYNLAIT MILK INCENTIVE
SYNLAIT SECURED
MILK PREMIUM¹
++=
30%
$
0.28
$
0.20
TOTAL GROUP
GROSS PROFIT
$43.4M
TOTAL GROUP
REVENUE
16%
OPERATING
CASHFLOW
88%
NET DEBT
29%
All comparisons are against HY24 (except net debt and milk price, which are both against FY24).
¹ Farmers committed to supply Synlait without a cease notice in place are eligible for additional secured milk premium payments in FY25, FY26, FY27 and FY28.
TOTAL GROUP EBITDA
$43.2M
$
6 3 .1M
TOTAL GROUP NPAT
$101.0M
$
4.8M
$
391.9M(
$
12.0M)
$
916.8M
$
8 7. 0M
FORECAST
BASE MILK PRICE
28%
$
10.00
$
10.48
PAGE 3

SYNLAIT'S HY25 RESULT
NPAT and EBITDA recovered significantly in the half, led by higher demand for Advanced Nutrition
products and improved Ingredients stream returns, both of which benefitted from improvements in FX
and manufacturing efficiencies.
ADVANCED NUTRITION MARGIN
• Overall margin $26.1m favourable to HY24.
• Sales volumes up 28% (4,489 MT) due to accelerated
demand resulting in a favourable volume impact of
$9.3m.
• Product margin favourable by $16.8m due to improved
manufacturing cost performance.
INGREDIENTS MARGIN
• Overall margin $12.9m favourable to HY24.
• Sales volumes down by 13% due to Pōkeno no longer
processing raw milk, driving a ($0.2m) unfavourable
volume impact.
• Favourable $13.1m movement in product margin due to
higher stream returns, favourable NZD:USD exchange
rate, and no processing of raw milk at Pōkeno.
CONSUMER FOODS MARGIN
• Overall margin $2.2m favourable to HY24.
• Volumes down 6% due to lower sales of butter and
exit of Dairyworks branded fresh milk, driving an
unfavourable volume impact of ($1.1m).
• Product margin movement $3.3m favourable due
to a focus on cost control and improved production
efficiencies.
FOODSERVICE MARGIN
• Overall margin ($1.4m) unfavourable to HY24.
• Volumes up 115% (2,007 MT) driven by continued
growth in China driving a favourable impact of $0.1m.
• High fat prices contributed to an unfavourable
margin impact of ($1.5m).
OTHER MARGIN & INCOME
Adjusted other margin and income decreased by $5.9m
driven by lower margins on raw milk and cream sales and
a reduced level of other income.
SG&A COSTS
Adjusted SG&A costs were $2.6m lower (unadjusted:
$2.3m lower) due to a focus on cost management.
¹ These items have been excluded as they do not reflect future operating expenses or
revenue or will be inconsistent in amounts and frequency, making it difficult to contribute to
a meaningful evaluation of Synlait’s operating performance.
Adjusted NPAT movement ($ millions)
HY24 adjusted
NPAT
HY25 adjusted
NPAT
Advanced
Nutrition margin
Ingredients
margin
Adjusted
SG&A costs
Consumer
Foods margin
Foodservice
margin
Adjusted
other margin
and income
Net financing
costs
Adjusted
income taxes
(17.4)
26.1
12.9
2.2
(5.9)
(1.4)
2.6
0.6
(11.0)
8.7
Reconciliation of reported to adjusted NPAT ($ millions)
HY25HY24
Reported NPAT4.8(96.2)
Items affecting comparability¹:
Onerous contract expense on North Island milk sales3.8-  
Provision recognised in relation to historical customer dispute1.6-
Impairment of Synlait Milk Cash Generating Unit (CGU)-50.3
Loss on fair value measurement of Dairyworks disposal group-31.1
Impact of improved product costing methodology-  11.6
Depreciation savings due to classification of Dairyworks as held for sale-  (2.6)
Customer contract dispute and transaction costs
-1.9
Costs of Red Sea shipping disruption-  0.4
Inventory losses resulting from ERP implementation-  2.3
Tax impact of above items(1.5)(16.2)
Total NPAT adjustment3.978.8
Adjusted NPAT8.7(17.4)
Reported EBITDA63.119.9
Adjusted EBITDA68.536.1
PAGE 4

FINANCIAL
PERFORMANCE
Andy Liu
Chief Financial Officer
PAGE 5

ADVANCED NUTRITION PERFORMANCE
The Advanced Nutrition business saw a significant performance uplift, with gross profit up $26.1m (80%),
driven by higher demand and improved manufacturing cost performance.
SALES PERFORMANCE
Total revenue was up 20% or $45m (HY25: $274m,
HY24: $229m) driven by:
• Sales volumes increasing 28% (4,489 MT) as Synlait
saw accelerated customer demand.
• Revenue decreased by $933/MT or 6% due to changes
in product mix and pass-through pricing adjustments.
GROSS PROFIT PERFORMANCE
Overall gross profit increased by 80% or $26.1m
(HY25: $58.8m, HY24: $32.7m) driven by:
• Improved utilisation of the North Island facilities and
higher throughput at Dunsandel resulting in improved
economies of scale. This contributed to the 40% or
$823/MT increase in gross profit.
• HY24 including cost inefficiencies resulting from the
initial ramp up of production after the completion of
North Island upgrades.
MANUFACTURING PERFORMANCE
Production volumes increased 4,531 MT or 33% driven by:
• Higher demand, continued ramp-up of North Island
production, and commercialisation of recent business
development opportunities resulting in higher capacity
utilisation.
BALANCE SHEET
Closing work in progress and finished goods inventories
decreased 34% or 5,151 MT driven by accelerated demand.
Financial Performance ($)
Volumes (MT)
Sales
Revenue/MT
Closing Stock
Gross Profit/MT
Production
Costs/MT
17,415
15,874
20,363
13,267
14,402
13,469
17,795
13,936
18,467
10,755
12,339
10,583
10,545
15,362
10,211
2,512
2,063
2,886
HY23
HY24
HY25
HY23
HY24
HY25
PAGE 6

INGREDIENTS PERFORMANCE
The Ingredients business saw a significant uplift in performance, driven by higher stream returns,
improved FX, and the strategic exit of raw milk processing at Pōkeno.
SALES PERFORMANCE
Total revenue increased by $49m or 17% (HY25: $342m,
HY24: $293m) due to:
• Record high GDT prices and favourable FX, translating
into higher prices achieved for ingredient powder
sales. Revenues increased by 34% or $1,667 against
HY24 on a per MT basis.
• Sales volumes decreased 13% (7,716 MT) due to
Ingredient powders no longer being processed at
the Pōkeno site, and higher production of Advanced
Nutrition products displacing ingredient production
and sales.
GROSS PROFIT PERFORMANCE
Gross profit increased $12.9m (HY25: $14.3m, HY24: $1.4m)
due to:
• Stream returns for the first half which favoured Synlait’s
SMP/AMF production mix over WMP.
• No further processing of raw milk supply at Pōkeno,
where margin performance has historically been poor
due to high milk transport costs.
• Favourable FX performance compared to HY24.
MANUFACTURING PERFORMANCE
Production volumes decreased by 4,651 MT (6%) due to:
• The strategic decision to no longer process raw milk
at Pōkeno.
• 4,531 MT (33%) higher production of Advanced
Nutrition products, displacing ingredient processing
capacity.
BALANCE SHEET
Closing inventory increased 2% or 413 MT and was driven
primarily by timing of shipments.
Financial Performance ($)
Volumes (MT)
Sales
Revenue/MT
Closing Stock
Gross Profit/MT
Production
Costs/MT
37,234
59,661
51,945
6,777
4,908
6,575
71,882
79,724
75,073
6,180
4,885
6,300
42,368
25,543
25,956
597
23
275
HY23
HY24
HY25
HY23
HY24
HY25
PAGE 7

While sales decreased slightly, gross profit increased $2.2m driven by cost control alongside improved
manufacturing efficiency following recent automation improvements.
SALES PERFORMANCE
Sales revenue decreased by $1m (HY25: $164m,
HY24: $165m) and was driven by:
• Slightly lower volumes due to lower sales of butter
and exit of Dairyworks branded fresh milk. Butter
volumes typically fluctuate depending on trading
conditions and opportunities.
• Offset by higher sales revenues for all products
(increase of 6% on a per MT basis) driven by higher
milk/commodity prices.
GROSS PROFIT PERFORMANCE
Overall gross profit increased $2.2m or 13% (HY25: $18.7m,
HY24: $16.5m) and was driven by:
• A focus on cost control, improved production
efficiency, and recent capital improvements beginning
to provide returns. This resulted in gross profit on a per
MT basis increasing by 21% or $114.
MANUFACTURING PERFORMANCE
• Production decreased slightly (819 MT or 3%) in line
with the slight reduction in sales volumes.
• Recent automation improvements at Dairyworks
continue to improve manufacturing efficiency.
BALANCE SHEET
Closing inventory was consistent with HY24.
Financial Performance ($)
Volumes (MT)
Sales
Revenue/MT
Closing Stock
Gross Profit/MT
Production
Costs/MT
28,238
30,543
28,640
5,813
5,393
5,716
26,551
28,964
28,145
5,203
4,854
5,063
2,555
2,215
2,222
610
539
653
HY23
HY24
HY25
HY23
HY24
HY25
CONSUMER FOODS PERFORMANCE
PAGE 8

FOODSERVICE PERFORMANCE
While sales volumes increased 115%, margin performance remained below expectations due to unfavourable
fat pricing. The pace of growth is increasing as Synlait establishes its reputation as a premium UHT cream
manufacturer, with a focus on ensuring this business unit drives a meaningful contribution to the company's
bottomline.
SALES PERFORMANCE
Sales revenue increased by $11m or 122% (HY25: $20m,
HY24: $9m). This was driven by:
• Sales volumes in China continuing to grow as product
becomes increasingly established. Sales volumes
increased by 115% or 2,007 MT.
• Traction continuing to build in Southeast Asia as the
distribution network expands.
GROSS PROFIT PERFORMANCE
Total gross profit decreased $1.4m (HY25: ($1.3m),
HY24: $0.1m) with gross profit per MT decreasing by $385.
This was driven by:
• Unfavourable fat pricing differentials adversely
impacting margins due to milk fat prices increasing
significantly during the period.
MANUFACTURING PERFORMANCE
• Production volumes up 68% or 1,125 MT as demand
builds, and production downtime reduces as
manufacturing stability improves.
• Previous periods saw adverse impacts from higher
than anticipated downtime due to production
teething issues. Significant progress has been made
in stabilising the production line, enabling a quick
response to future demand increases.
BALANCE SHEET
Closing inventories finished 695 MT higher with the
increase attributable to timing of shipments.
Financial Performance ($)
Volumes (MT)
Sales
Revenue/MT
Closing Stock
Gross Profit/MT
Production
Costs/MT
218
1,744
3,751
5,110
5,151
5,222
328
1,648
2,773
5,680
5,104
5,560
202
263
958
(570)
47
(338)
HY23
HY24
HY25
HY23
HY24
HY25
PAGE 9

CASH FLOW AND NET DEBT
Net debt¹ ended at $391.9m, $158.8m lower than FY24 due to October's equity placement. Improved trading
performance and lower levels of capital spend limited adverse movements in net debt.
OPERATING CASH FLOWS
Operating cash flows improved by $86.1m compared to
HY24 driven by:
• Improved trading performance resulting in HY25
EBITDA ending $43.2m higher than HY24 and
favourable movements in working capital.
• Operating cashflows are typically lower in the first half
of the year as inventories built up to be sold down over
the second half of the year.
Despite the improvement, overall operating cashflows were
negative. This was driven primarily by significantly higher
farmer supplier advance payment rates.
INVESTING CASH OUTFLOWS
Cash outflows from investing activities, which comprise
primarily of capital expenditure, decreased $4.3m or 25%
compared to HY24 and driven by a return to normal levels
of operational capital expenditure with no significant
expansionary capex currently underway.
FINANCING COSTS
Financing costs decreased $0.6m or 2%. While debt
levels were lower because of the equity placement, debt
servicing costs increased as the subordinated bond was
redeemed in the period and replaced with debt subjected
to higher interest rates.
FINANCING CASH INFLOWS AND NET DEBT
Net debt¹ decreased $158.8m compared to FY24 and was
driven by the equity placement which was completed on
1 October 2024 and resulted in net proceeds of $212.1m.
BALANCE SHEET AND LEVERAGE
• Balance sheet metrics improved significantly compared
to FY24, driven primarily by the capital raise and an
improvement in core EBITDA.
• For FY25 Synlait is targeting:
• Closing net debt¹ of $250m to $300m.
• A net senior debt² to EBITDA ratio of below 2.5x
for the 2025 financial year.
HY23HY25
(69.6)
117.2
(124.7)
(98.1)
(12.0)
485.1
391.8
518.6
559.0
391.9
Net cash from operating
activities ($ millions)
Net debt¹
($ millions)
HY21HY21HY23HY22HY22HY25HY24HY24
Net debt¹ movement ($ millions)
FY24

net debt
Operating
cash flow
Investing
cashflow and
CAPEX
HY25

net debt
Other
Interest
Equity
placement
550.7
1.7
12.0
12.7
26.9
(212.1)
391.9
¹ Net debt includes cash, bank debt, transaction costs, and the shareholder loan from Bright Dairy. It excludes lease liabilities.
² Net senior debt includes cash, bank debt, and lease liabilities. It excludes the shareholder loan from Bright Dairy. Synlait's banking covenants are
calculated based on net senior debt.
PAGE 10

BUSINESS
UPDATE
Tim Carter
Acting CEO
PAGE 11

ADVANCED NUTRITION
The a2 至初® infant formula range is
manufactured at Synlait Dunsandel.
New business opportunities progressed driving sales, particularly in base powders.
BUSINESS DEVELOPMENT
• Strong customer interest in Synlait's new Nutrabase™
range, with first commercial sales confirmed for the
second half of FY25.
• Successful multinational business onboarding, with
commercialisation of new tailored base powder
solutions realised in the first half.
• Lactoferrin customer base expansion, as global prices
and demand have stabilised.
• Continued manufacture of dairy and non-dairy hybrid
nutrition products for Asia Pacific markets.
• Successful dispute resolution with The a2 Milk
Company.
ONGOING FY25 FOCUS
• Continued expansion of Nutrabase™.
• Execution of trials and audits for new tailored infant
formula base powder opportunities.
• Continued engagement with existing and prospective
customers across various markets, exploring new
partnership opportunities for base powder supply.
• Further capability building through ongoing
engagement with regulators and experts in new
markets of interest.
• Exploration of new adjacent nutritional categories that
support Synlait's growth and diversification strategy.
PAGE 12

FOODSERVICE
Synlait's UHT cream has been used in strawberry
cake boxes since November 2024, through a
strategic partnership with HEMA¹. The cakes
became a top-listed bakery product and are sold
in approximately 430 stores across China.
Strong UHT cream volume growth as distribution network and market reach expands.
BUSINESS DEVELOPMENT
• Strong volume growth in Southeast Asia due to the
expanded distribution network.
• Entered Hong Kong market through partnership with
Uhrenholt.
• High profile exposure at the China International Import
Expo (CIIE). Synlait is working to further lift its in-market
presence in China with the support of Bright Dairy.
• Successful development and testing of second-
generation whipping cream, with sales beginning in
second half of FY25.
ONGOING FY25 FOCUS
• UHT cream production volumes will continue to
steadily increase.
• Managing margins to ensure pricing is well positioned
in local markets, and returns margins for Synlait. 
• Continuing research and development.
UHT whipping cream is manufactured at Synlait Dunsandel
and sold under the Joyhana and Emborg brands.
¹ HEMA is an online-to-offline platform and popular retail chain in China, owned by Alibaba.
PAGE 13

INGREDIENTS
Increased sales performance achieved through
careful management of favourable market
conditions.
BUSINESS DEVELOPMENT
• Despite a reduction in overall volumes following the
strategic exit of raw milk processing from Synlait’s
North Island operations, the Ingredients business has
seen strong performance, driven by favourable stream
returns, improved management of foreign exchange,
and optimised product mix.
ONGOING FY25 FOCUS
• Targeted expansion of the Ingredients product range
enabling access to new higher-returning demand
opportunities.
• Development of new services, supporting product
sales and value generation.
• Leveraging current customer relationships for further
export opportunities.
One of four warehouses at Synlait Dunsandel.
PAGE 14

DAIRYWORKS (CONSUMER)
Strong growth continues in this standalone business, driven by initiatives across multiple markets
which leverage various consumer trends and spending habits.
BUSINESS DEVELOPMENT
• New Zealand manufacturing market share has
consolidated at high levels over the last year. The
Dairyworks brand has shown strong year-on-year
growth (23%) in the value-add slice and snacking
segments.
• Alpine brand refresh completed, including a
professional kitchen range for the Foodservice market.
The brand was also relaunched into Costco and
Woolworths New Zealand.
• Transition of packaging to recyclable material
continues. Expectation is for this to be completed by
the end of FY25 for all products that can migrate to
recyclable packaging.
CAPITAL INVESTMENT
• Several small, high-returning capital investments made
to improve earnings in future years; this will continue
in FY25 and FY26 and was better enabled by Synlait’s
broader recapitalisation programme.
MARKET DEVELOPMENT – AUSTRALIA
• Woolworths Australia sales have grown by 28% year-
on-year, thanks to strong promotional activity and dual
shopper locations in stores. This trend is expected to
continue into the second half of 2025.
• A distributor agreement has been signed with a
customer in Australia for the exclusive sale of Alpine
branded Foodservice offering, which is expected to
yield growth in this market over time.
MARKET DEVELOPMENT – SOUTHEAST ASIA
• Agreement signed with Annam Group to continue
Southeast Asia growth, albeit off a small base. This
strategic partnership will introduce 14 Dairyworks
branded products to Vietnam across 87 stores.
• Dairyworks showcased at CIIE alongside wider Synlait
and Bright Dairy activity.
A series of brand refresh activities were completed
this year, with the updated Alpine brand released.
Rt Hon Christopher Luxon (Prime Minister), Mark Simpson (Dairyworks GM
of Sales), Ms Ha Merlin (Owner of Annam Group) and Mr Duong Ngoc Hai
(Standing Vice Chairman of the Ho Chi Minh City People's Committee) at
the signing of a new distributor agreement in Vietnam last month.
PAGE 15

MILK SUPPLY, ON-FARM EXCELLENCE
AND SUSTAINABILITY
MILK SUPPLY UPDATE
• Continuing to strengthen Synlait’s milk supply remains
a key priority.
• New secured milk premiums for the 2024/25 (20
cents), 2025/26 (10 cents), 2026/27 (10 cents) and
2027/28 (10 cents) seasons are on offer to South Island
farmers underpinned by new commitments around the
base milk price and advance rates.
• The majority of Synlait's South Island farmer suppliers
are not under cease – this is a significant improvement
in the company’s position from six months ago.
• Synlait is very comfortable with forecast milk supply
for FY26.
• Cease reversal numbers are expected to increase
further ahead of 31 March 2025 which is the final date
for farmers to remove their cease if they wish to take
advantage of all of the new, secured milk premiums.
• Only a minimal number of South Island farmers have
confirmed they are exercising their option to leave
Synlait.
• Interest from potential new farmer suppliers has
exceeded expectations and Synlait expects to recruit
new farmer suppliers in coming seasons based on the
strength of its on-farm offering.
Synlait earns 6% of New Zealand’s dairy export earnings through careful management of approximately 4%
of the country’s milk supply.
ADDING VALUE ON-FARM
• There have been multiple increases to the forecast milk
price for the 2024/25 season. It is currently sitting
at a record $10.00 per kgMS.
• 2023/24 season payments were finalised in September
2024. On average, Synlait farms received 28c per
kgMS over the base milk price of $7.83 per kg MS. This
equates to an additional $86,668 for the average-sized
Synlait farm.
SUSTAINABILITY
• Synlait released its first Integrated Climate Report for
FY24. Key metrics included:
• A 20% decrease in Scope 1 greenhouse gas
emissions (excluding the Synlait-owned farms)
compared to FY20 (when North Island milk supply
was onboarded).
• An 11% increase in Scope 2 emissions compared to
FY20 due to Synlait’s use of its electrode boiler in
Dunsandel (instead of coal-fired boilers).
• A 9% decrease in on-farm greenhouse gas
emissions per kilo of milk solids since FY20.
Dunsandel based Synlait Farmer Supplier, Andrew Slater.
PAGE 16

MAINTAINING MOMENTUM
New CEO, Richard Wyeth, starting on 19 May 2025.
CONTINUING TO DELIVER EVERY DAY, EVERY WEEK, EVERY MONTH, EVERY QUARTER AND EVERY YEAR
Board and Executive Team reviewing Synlait's strategy and identity.
SHOWCASING SYNLAIT'S
ON-FARM OFFERING
DELIVERING FOR
EXISTING AND NEW
CUSTOMERS
FURTHER UPLIFTING
OPERATIONAL AND
COST EFFICIENCY
Ensuring Synlait is the processor
of choice.
Seize every opportunity to
create value for an expanding
customer base.
Continued focus on the core
fundamentals.
UNDERPINNED BY
KEY PRIORITIES
PAGE 17

The company’s key priorities for the second half of this financial year are straightforward:
1. Showcasing Synlait’s on-farm offering
2. Delivering for existing and new customers
3. Further uplifting operational and cost efficiency
A continued focus on doing the fundamentals well will enable Synlait to deliver a significant
improvement in the company’s overall EBITDA performance compared to the prior year¹. However,
financial progress made in the second half of FY25 will be slower than the first half as Synlait
balances several opportunities and risks related to milk stream returns and foreign exchange and
delivers ongoing operational and cost improvements.
Synlait is targeting a closing net debt² balance of $250 million to $300 million and a net senior debt³
to EBITDA ratio of below 2.5x in FY25, positioning the company well for its bank refinancing process
in the second half.
FULL YEAR 2025 GUIDANCE
SOUTH ISLAND MILK SUPPLY UPDATE
Showcasing Synlait’s on-farm offering and continuing to strengthen the company’s milk supply
is a key priority.
Synlait is very comfortable with its forecast milk supply for the next financial year (FY26).
Synlait advises that the majority of its farmer suppliers are not under cease – this is a
significant improvement in the company’s position from six months ago.
The reversal of ceases continues to gain momentum. Given the company’s return to
profitability, as released in today’s results, it is expected the number of withdrawals will
increase further ahead of 31 March 2025, which is the final date for farmers to remove their
cease if they wish to access all of the new, secured milk premiums. Only a minimal number
of farmers have confirmed they are exercising their option to leave Synlait for an alternative
processor.
In addition, interest from potential new farmer suppliers has exceeded expectations and
Synlait expects to recruit new farmer suppliers in the coming seasons based on the strength of
its on-farm offering.
Continuing to progress.
¹ Full year 2024, balance date ended 31 July 2024.
² Net debt includes cash, bank debt, transaction costs, and the shareholder loan from Bright Dairy. It excludes lease liabilities.
³ Net senior debt includes cash, bank debt, and lease liabilities. It excludes the shareholder loan from Bright Dairy. Synlait's banking covenants are calculated based on net senior debt.
PAGE 18

APPENDIX
PAGE 19

KEY FINANCIAL METRICS
Gross profit per MT ($)*Return on net operating assets (12 month trailing)Debt/debt + equity
The above amounts have not been normalised.
* Includes gross profit not attributable to business units comprised primarily of margin on raw milk and cream sales, income from dairy derivatives, consolidation adjustments, and the contribution from Synlait farms.
H2 23
539.3
H2 23
2.8%
H2 23
34.3%
H1 21
557.9
H1 21
8.7%
H1 21
37.9%
H1 23
983.3
H1 23
4.0%
H1 23
39.3%
H1 24
404.5
H1 24
(6.6%)
H1 24
44.5%
H2 21
68.4
H2 21
(1.6%)
H2 21
38.7%
H2 24
109.3
H2 24
(4.9%)
H2 24
47.5%
H1 22
594.6
H1 22
0.4%
H1 22
33.3%
H1 25
830.7
H1 25
(4.5%)
H1 25
32.2%
H2 22
709.0
H2 22
6.1%
H2 22
30.0%
EBIT per MT ($)Basic earnings per share (cents NZD)Net debt/EBITDA (12 month trailing)
H2 23
73.7
H2 23
(4.2)
H2 23
4.6
H1 21
183.2
H1 21
3.2
H1 21
3.2
H1 23
270.9
H1 23
2.2
H1 23
4.5
H1 24
(854.0)
H1 24
(44.0)
H1 24
9.4
H2 21
(333.1)
H2 21
(15.9)
H2 21
12.9
H2 24
(799.3)
H2 24
(39.3)
H2 24
(132.9)
H1 22
356.3
H1 22
12.8
H1 22
6.7
H1 25
325.7
H1 25
1.0
H1 25
1 0.1
H2 22
215.9
H2 22
4.9
H2 22
2.6
PAGE 20

BANK FACILITIES
The banking syndicate includes ANZ, Bank of China, Bank of Communications, China Construction
Bank, HSBC, Industrial and Commercial Bank of China, Kiwibank, Rabobank, and Bank of East Asia.
The funding arrangements for FY25 include:
1.A working capital facility with a peak of $160 million (together with a $10 million on demand
bilateral facility).
2.A revolving credit facility of $205 million.
3.A term loan facility of $75 million.
All f
acilities (other than the on-demand bilateral facility) are seasonally adjusted with step-downs
and step-ups over the course of the facilities. The facilities mature 1 October 2025.
SHAREHOLDER LOAN
Synlait also has a $130m shareholder loan from its parent company, Bright Dairy. The loan will
be repaid in July 2026.
DEBT FACILITIES AND BANKING COVENANTS
COVENANTS
Synlait has key financial covenants in place with its banking syndicate. These are:
1. T
otal shareholder funds of no less than NZD $500m at all times.
2.Wo
r
king capital ratio of no less than 1.2x at all times for the period from 1 August 2024 to 31
March 2025 and no less than 1.5x at all times from 1 April 2025 to 31 July 2025.
3
.Interest coverage ratio of no less than 2.5x for the 31 July 2025 reporting date.
4.Senior leverage ratio of no greater than 2.5x for 31 July 2025.
PAGE 21

GROSS PROFIT PERFORMANCE BY BUSINESS UNIT
Amounts prior to and including HY24 have been restated to reflect performance as if the HY24 change in product costing methodology was applied consistently across all periods.
HY21HY22HY23HY24HY25
Sales Volume (MT)
Advanced Nutrition19,67913,77417,41515,87420,363
Ingredients56,97172,02837,23459,66151,945
Consumer30,27030,40028,23830,54328,640
Foodservice--2181,7443,751
Subtotal106,920116,20283,105107,822104,699
Gross Profit ($M)
Advanced Nutrition67.650.043.832.758.8
Ingredients(13.6) 17.922.21.414.3
Consumer8.47. 817.216.518.7
Foodservice--(0.1)0.1(1.3)
Subtotal62.475.783.150.790.5
Gross Profit ($/MT)
Advanced Nutrition3,4373,6322,5122,0632,886
Ingredients(240) 24959723275
Consumer277257610539653
Foodservice--(570)47(338)
Subtotal5846511,000470864
Revenue ($M)
Advanced Nutrition224175231229274
Ingredients275424252293342
Consumer131149164165164
Foodservice--1920
Subtotal630748648696800
PAGE 22

DISCLAIMER
This presentation is intended to constitute a summary of certain
information about the Synlait Group (“Synlait”) or in connection
with its half year 2025 financial results. It should be read in
conjunction with, and subject to, the explanations and views in
documents previously released to the market by Synlait. This
presentation is not an offer or an invitation, recommendation or
inducement to acquire, buy, sell or hold Synlait’s shares or any
other financial products and is not a product disclosure statement,
prospectus or other offering document, under New Zealand law
or any other law.
This presentation is provided for 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 should consult with their own legal,
tax, business and/or financial advisers or consultants before
making any investment decision.
Any forward-looking statements and projections in this
presentation are provided as a general guide only based on
management’s current expectations and assumptions and
should not be relied upon as an indication or guarantee of future
performance. Forward looking statements and projections involve
known and unknown risks, uncertainties, assumptions and other
important factors, many of which are beyond the control of
Synlait, and which are subject to change without notice. Actual
results, performance or achievements may differ materially from
those expressed or implied in this presentation. No person is
under any obligation to update this presentation at any time after
its release except as required by law and the NZX Listing Rules,
or the ASX Listing Rules.
Any forward-looking statements in this presentation are
unaudited and may include non-GAAP financial measures and
information. Not all of the financial information (including any non-
GAAP information) will have been prepared in accordance with,
nor is it intended to comply with: (i) the financial or other reporting
requirements of any regulatory body or any applicable legislation;
or (ii) the accounting principles or standards generally accepted
in New Zealand or any other jurisdiction, or with International
Financial Reporting Standards. Some figures may be rounded,
and so actual calculation of the figures may differ from the figures
in this presentation. Some of the information in this presentation
is based on non-GAAP financial information, which does not have
a standardised meaning prescribed by GAAP and therefore may
not be comparable to similar financial information presented by
other entities. Non-GAAP financial information in this presentation
has not been audited or reviewed. Any past performance
information in this presentation is given for illustration purposes
only and is not indicative of future performance and no guarantee
of future returns is implied or given.
While all reasonable care has been taken in relation to the
preparation of this presentation, to the maximum extent permitted
by law, no representation or warranty, expressed or implied, is
made as to the accuracy, adequacy, reliability, completeness
or reasonableness of any statements, estimates or opinions or
other information contained in this presentation, any of which
may change without notice. To the maximum extent permitted
by law, Synlait, its subsidiaries, and their respective directors,
officers, employees, contractors, agents, advisors and affiliates
disclaim and will have no liability or responsibility (including,
without limitation, liability for negligence) for any direct or indirect
loss or damage which may be suffered by any person through
use of or reliance on anything contained in, or omitted from, this
presentation.
All values are expressed in New Zealand currency unless
otherwise stated.
All intellectual property, proprietary and other rights and interests
in this presentation are owned by Synlait.
PAGE 23

FOR MORE INFORMATION CONTACT:
Hannah Lynch
Head of Milk Supply, Strategy & Corporate Affairs
+64 21 252 8990
hannah.lynch@synlait.com

---

SYNLAIT PUBLISHES
HALF YEAR 2025 RESULT
Dear Shareholders,
When we last wrote to you, the promise for this financial year was to deliver.
Focusing on the core fundamentals of operating a manufacturing company without the distraction of a much
needed balance sheet reset has enabled us to do just that, returning Synlait to profitability in the six months ending
31 January 2025.
Given the position Synlait was in 12 months ago, this result is a considerable commercial achievement. Overall, we
describe it as encouraging given we still have a lot of work to do.
For more information on today’s result, please see the below hyperlinks, or have a read through our quick summary:
• Chair and Acting CEO Review
• Investor Presentation
• Financial Statements
Just above the guidance range
of $58 million to $63 million
announced in January 2025.
TOTAL GROUP EBITDA
FOCUSING ON THE
FUNDAMENTALS
REBUILDING FARMER
TRUST AND CONFIDENCE
SEIZING
OPPORTUNITIES
$
6 3 .1M
Return to profitability.
TOTAL GROUP NPAT
$
4.8M
Largely delivered via October
2024's equity placement to the
two major shareholders, Bright
Dairy and The a2 Milk Company.
NET DEBT REDUCTION
29%
Uplifting operational outcomes
through a focus on cost, quality
and yield.
Securing future milk supply
in Canterbury.
PROGRESS
PRIORITIES
Continuously delivering for
customers, while accelerating
new business development.
Return to profitability delivered.
Given the position Synlait was in 12 months ago, this result is a considerable commercial achievement.
PROGRESS TO DATE: ENCOURAGING

All comparisons are against HY24 (except net debt and milk price, which are both against FY24).
¹ Farmers committed to supply Synlait without a cease notice in place are eligible for additional secured milk premium payments in FY25, FY26, FY27 and FY28.
George Adams Tim Carter
Chair Acting CEO
With strong momentum and a continued focus on doing the basics well, the Board and Executive Team are confident
Synlait will keep delivering.
Thank you for your continued support and commitment to the Synlait story.
MAINTAINING MOMENTUM
New CEO, Richard Wyeth, starting on 19 May 2025.
CONTINUING TO DELIVER EVERY DAY, EVERY WEEK, EVERY MONTH, EVERY QUARTER AND EVERY YEAR
Board and Executive Team reviewing Synlait's strategy and identity.
SHOWCASING SYNLAIT’S
ON-FARM OFFERING
DELIVERING FOR
EXISTING AND NEW
CUSTOMERS
FURTHER UPLIFTING
OPERATIONAL AND
COST EFFICIENCY
Ensuring Synlait is the processor
of choice.
Seize every opportunity to
create value for an expanding
customer base.
Continued focus on the core
fundamentals.
UNDERPINNED BY
KEY PRIORITIES
RESULTS AT A GLANCE
FY25 FORECAST MILK PRICE
FORECAST AVERAGE MILK
PAYMENT FOR SYNLAIT SUPPLIERS
FORECAST AVERAGE
SYNLAIT MILK INCENTIVE
SYNLAIT SECURED
MILK PREMIUM¹
++=
30%
$
0.28
$
0.20
TOTAL GROUP
GROSS PROFIT
$43.4M
TOTAL GROUP
REVENUE
16%
OPERATING
CASHFLOW
88%
NET DEBT
29%
$
391.9M(
$
12.0M)
$
916.8M
$
8 7. 0M
FORECAST
BASE MILK PRICE
28%
$
10.00
$
10.48
TOTAL GROUP EBITDA
$43.2M
$
6 3 .1M
TOTAL GROUP NPAT
$101.0M
$
4.8M

---

Results for announcement to the market
Name of issuer Synlait Milk Limited (SML)
Reporting Period 6 months to 31 January 2025
Previous Reporting Period 6 months to 31 March 2024
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
916,767 16%
Total Revenue 916,767 16%
Net profit/(loss) from
continuing operations
4,808 107%
Total net profit/(loss) 4,808 105%
Interim/Final Dividend
Amount per Quoted Equity
Security
Not proposing to pay dividends.
Imputed amount per Quoted
Equity Security
Not applicable.
Record Date Not applicable.
Dividend Payment Date Not applicable.
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
1.09 2.68
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Refer to the following accompanying documents:
 Chair & Acting CEO Review
 Half Year 2025 Investor Presentation
 Financial Statements
Authority for this announcement
Name of person authorised
to make this announcement
Synlait Acting CEO Tim Carter
Contact person for this
announcement
Synlait Head of Milk Supply, Strategy & Corporate Affairs Hannah
Lynch
Contact phone number +64 21 252 8990
Contact email address hannah.lynch@synlait.com
Date of release through
MAP
Monday 24 March 2025

Financial statements accompany this announcement.