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Held by NZ managed funds
Sub-substantial fund positions — invisible in NZX SSH data, visible here. Sourced from each fund's Quarterly Fund Update on the FMA Disclose register.
| Fund | % of fund NAV |
|---|---|
| Harbour — Australasian Equity Focus | 8.38% |
| Harbour — Australasian Equity | 8.25% |
| Mercer — Responsible Trans Tasman Shares | 6.62% |
| Mercer — NZ Shares Passive | 6.31% |
| Harbour — Sustainable NZ Shares | 5.91% |
+ 7 more funds hold ATM. Full breakdown and coverage
How The a2 Milk Company Limited makes money — FY2026
Revenue $2.0b · EBITDA $284.4m (14.4% of revenue) · Net profit $207.5m (10.5% of revenue)
Band widths are proportional to NZD amounts. Dashed outlines mark derived figures; the hatched node is a balancing item (net profit less every line above it).
| FY2026 | Amount | Status | Note |
|---|---|---|---|
| Revenue | $2.0b | Reported | |
| Operating costs (net of other income) | −$1.7b | Derived * | |
| EBITDA | $284.4m | Derived * | |
| Depreciation & amortisation | −$16.9m | Reported | |
| EBIT | $267.5m | Reported | |
| Interest | — | Not reported | Included in the balancing item. |
| Income tax | −$89.1m | Reported | |
| Interest and other items (net gain) | +$29.1m | Balancing item * | Net profit less the lines above; covers fair-value movements, impairments, associates and anything else not itemised. |
| Net profit | $207.5m | Reported |
- * ebitda: $284.4m = EBIT + depreciation & amortisation
- * operating costs: $1.7b = Revenue − EBITDA
Figures extracted automatically from the annual report; check against the report. NZD thousands as stored, shown in millions. Source: annual_report_pdf · method: claude_haiku_pdf · extracted 5 September 2026.
The a2 Milk Company Limited board of directors
6 current directors, 67% independent, average tenure 4.2 years.
| Director | Role | Independent | Appointed | Tenure | Committees |
|---|---|---|---|---|---|
| Philippa Mary Greenwood | Chair | Yes | 2019 | 7.3 yrs | Nomination Committee (Chair), People and Remuneration Committee |
| Sandra Yu | Independent Director | Yes | 2022 | 4.6 yrs | Sustainability Committee (Chair), Remuneration Committee (Chair) |
| Lain Jager | Non-Independent Director | No | 2024 | 1.9 yrs | — |
| Kathryn (Kate) Mitchell | Independent Director | Yes | 2023 | 3.4 yrs | — |
| Antonio (Tonet) Rivera | Independent Director | Yes | 2024 | 2.0 yrs | — |
| David Bortolussi | Executive Director | No | 2021 | 5.8 yrs | Remuneration Committee (Chair) |
ATM governance score breakdown
The a2 Milk Company Limited scores 82/100 (Excellent) on the NZXplorer Governance Risk Score for FY2026, based on 73% data coverage. See the GRS methodology.
- Board structure
- 23/25
- Shareholder rights
- 20/20
- Executive remuneration
- 1/10
ATM dividends
The most recent The a2 Milk Company Limited dividend on record is 9.50 cents per share, for FY2026 (final), 0% imputed, ex-dividend 17 Sept 2026, paid 2 Oct 2026.
The a2 Milk Company Limited largest shareholders
Top 10 registered holders of ATM as disclosed for FY2025. Registry holdings include custodians and nominees, which may hold on behalf of many underlying investors.
| # | Holder | Holding |
|---|---|---|
| 1 | HSBC Custody Nominees (Australia) Limited | 23.35% |
| 2 | Citicorp Nominees Pty Limited | 12.16% |
| 3 | J P Morgan Nominees Australia Pty Limited | 12.14% |
| 4 | Bnp Paribas Nominees NZ Limited Bpss40 | 5.52% |
| 5 | Accident Compensation Corporation | 2.67% |
| 6 | Tea Custodians Limited | 2.57% |
| 7 | HSBC Nominees (New Zealand) Limited | 2.46% |
| 8 | New Zealand Superannuation Fund Nominees Limited | 1.86% |
| 9 | National Nominees Limited | 1.74% |
| 10 | New Zealand Depository Nominee | 1.65% |
Recent ATM NZX announcements
The 10 most recent filings by The a2 Milk Company Limited to the NZX.
- 2026 Notice of Annual Meeting and Voting FormAGM
- Capital Change NoticeCapital Change
- SPH Notice - J.P. Morgan Chase & Co. and its affiliatesSubstantial Holder Notice
- SPH Notice - J.P. Morgan Chase & Co. and its affiliatesSubstantial Holder Notice
- Notice of cessation of securitiesCapital Change
- Updated Securities Trading PolicyGeneral
- Updated ASX Appendix 3A.1Other
- 2026 Annual Meeting - Closing Date for Director NominationsAGM
- Disclosure of relevant interestsInsider/Shareholder Notice
- Share trades by Executive Leadership TeamInsider/Shareholder Notice
The a2 Milk Company Limited (ATM) — frequently asked questions
What does The a2 Milk Company Limited do?
The a2 Milk Company Limited is a New Zealand-based dairy nutrition company specializing in products containing the naturally occurring A2 beta-casein protein. The company operates across infant formula, fresh milk, and nutritional powder categories, with significant market presence in Asia-Pacific (including China and Australia) and the United States. Revenue is generated through direct sales, distribution partnerships, and retail channels across these key geographic markets. The a2 Milk Company Limited is listed on the NZX under the ticker ATM, in the Consumer Staples sector.
What is the The a2 Milk Company Limited (ATM) share price?
The a2 Milk Company Limited (NZX:ATM) shares closed at $8.52 on 21 October 2026, up 0.71% on the previous close. At that price its market capitalisation was about $6.17 billion, based on 724,019,118 shares on issue as at 30 June 2025.
Who are the directors of The a2 Milk Company Limited?
The a2 Milk Company Limited has 6 current directors: Philippa Mary Greenwood (Chair), Sandra Yu (Independent Director), Lain Jager (Non-Independent Director), Kathryn (Kate) Mitchell (Independent Director), Antonio (Tonet) Rivera (Independent Director) and David Bortolussi (Executive Director). 4 of the 6 are recorded as independent (67%). Average board tenure is 4.2 years.
Who is the chair of The a2 Milk Company Limited?
Philippa Mary Greenwood chairs the The a2 Milk Company Limited board, and has been a director since 2019.
Who is the CEO of The a2 Milk Company Limited?
David Bortolussi is the Managing Director and CEO of The a2 Milk Company Limited.
What was The a2 Milk Company Limited's most recent dividend?
The most recent The a2 Milk Company Limited dividend on record is 9.50 cents per share for FY2026 (final), 0% imputed, ex-dividend 17 September 2026, paid 2 October 2026.
What is The a2 Milk Company Limited's dividend yield?
The a2 Milk Company Limited's trailing 12-month dividend yield is 2.46%, as at 21 October 2026. That is 21.00 cents per share of ordinary dividends with an ex-date in the 12 months to 22 October 2026, divided by the 21 October 2026 closing price of $8.52. Special dividends are excluded.
Who are the largest shareholders of The a2 Milk Company Limited?
The largest registered holder of ATM shares in the FY2025 top-20 register was HSBC Custody Nominees (Australia) Limited, with 23.35%, followed by Citicorp Nominees Pty Limited (12.16%) and J P Morgan Nominees Australia Pty Limited (12.14%). Custodians and nominees on the register hold shares on behalf of other investors.
What is The a2 Milk Company Limited's governance score?
The a2 Milk Company Limited has an NZXplorer Governance Risk Score of 82/100 (Excellent) for FY2026, based on 73% data coverage.
When is the The a2 Milk Company Limited annual meeting?
The a2 Milk Company Limited's next annual meeting is scheduled for 19 November 2026.
Consumer Staples companies on the NZX
Compare The a2 Milk Company Limited with other NZX-listed consumer staples companies.
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