Synlait provides performance update

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






NZX: SML
ASX: SM1


30 July 2025

Synlait provides performance update

Synlait Milk Limited (Synlait) provides an update on its performance for the financial year ended 31 July
2025 (FY25).

Synlait’s overall performance has improved year-on-year
1
and the final FY25 result will be a marked
improvement on the prior year. The company is expecting underlying EBITDA of $100 to $110 million
(compared to $45.2 million in FY24) with breakeven underlying NPAT (compared to -$60.4 million in
FY24).

However, as well as the headwinds signalled at half-year, Synlait has had manufacturing challenges at
its Dunsandel facility across a range of product segments, resulting in one-off costs in FY25. The
manufacturing challenges have been resolved. The Dunsandel facility has undergone routine winter
maintenance and is now in new season production.

Synlait is now forecasting a reported net loss after tax of -$27 to -$40 million (compared to -$182.1
million in FY24); reported EBITDA of $50 to $68 million (this was -$4.1 million in FY24). The company is
targeting a closing net debt balance of $300 million.

The company has not yet closed its books for the financial year, and this preliminary update remains
subject to year-end procedures being completed including audit. Synlait remains in compliance with its
banking covenants.

Synlait CEO Richard Wyeth commented: “Since joining Synlait 10 weeks ago, I have seen how
committed the team is. The company’s recovery had been tracking in line with expectations and while
turnaround will take time, I am confident of success.”

“Synlait has strong foundations – its assets are well-located with the capacity and capability to
manufacture complex products that are in high demand around the world.”

The company will announce its FY25 result on Monday 29 September 2025. Further details will be
released closer to the time.

For more information contact:
Media
Jo Scott
Corporate Communications Lead
P: +64 21 883 123
E: jo.scott@synlait.com

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



1
FY24 (financial year ended 31 July 2024)