Synlait provides banking facilities update

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






NZX: SML
ASX: SM1


2 March 2026

Synlait provides banking facilities update

Synlait Milk Limited (Synlait) advises that it has entered into documentation to provide for certain
amendments, waivers and extensions in relation to its syndicated bank facilities.

Synlait sought this extension following its recent half year performance update
1
, and ahead of receiving the
funds from the sale of its North Island assets, which remains on track for completion on 1 April 2026.

The amendments, waivers and extensions of the banking facilities include the following:

• an extension to the date of the $50 million “limit step-down” in respect of its Revolving Credit Facility
A. Under the existing facilities, the facility limit for Revolving Credit Facility A was scheduled to
reduce by $50 million on 28 February 2026. Under the amended facilities, the limit will reduce by
$50 million on the earlier of (a) 30 April 2026 and (b) three business days after the settlement of the
previously announced sale of the North Island assets;

• the quarterly minimum EBITDA Event of Review threshold for the half year ending 31 January 2026
has been waived. In addition, Synlait has agreed amended minimum EBITDA thresholds for the
periods ending 30 April 2026 and 31 July 2026.

• the net senior leverage ratio (the ratio of net senior debt to EBITDA) for full year 2026 balance date
(31 July 2026) has been suspended;
2


• the interest cover ratio
3
(EBITDA to interest expense) has been waived for the 31 January 2026 test
date; and

• the interest cover ratio for the 30 April 2026 and 31 July 2026 test dates has been amended.

In addition, the amendments also contemplate the extension of the maturity date for its Revolving Credit
Facility A2 (scheduled to mature no later than 31 March 2026) to align with the extended Revolving Credit
Facility A step-down date referred to above, but this is subject to the approval of one remaining Synlait
lender.

For more information contact
Investors
Hannah Lynch
Head of Milk Supply, Strategy & Corporate Affairs
E: hannah.lynch@synlait.com
P: +64 21 252 8990
Media
Jo Scott
Corporate Affairs Manager
E: jo.scott@synlait.com
P: +64 21 883 123


1
Market announcement: Synlait provides half year performance update

2
In broad terms, the net senior leverage ratio is the ratio of (a) the total borrowed money and lease liabilities of the guaranteeing
group (excluding the Bright Shareholder Loan), less any cash held with a lender or cash equivalents and (b) EBITDA.

3
In broad terms, the interest cover ratio compares the EBITDA of the guaranteeing group to the interest expenses it must pay.