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The a2 Milk Company (ATM) investor relations material
The a2 Milk Company AGM 2025 summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.AGM 2025 summary19 Nov, 2025
Opening remarks and agenda
Chair welcomed shareholders, confirmed quorum, and introduced board members, management, auditors, and advisors.
Outlined the agenda: board and CEO addresses, resolutions, and Q&A with shareholders.
Chair Pip Greenwood welcomed attendees and outlined the agenda, including speeches, formal business, and Q&A.
Financial performance review
Group revenue increased by 13.5% to record sales of NZD 1.9 billion in FY 2025, with double-digit growth in revenue, EBITDA, and EPS.
EBITDA rose 17.1% to $274.3 million, with a margin of 14.4%; NPAT increased 21.1% to $202.9 million.
China and other Asia segment sales grew at a 22% CAGR since FY 2021; U.S. business up 22% in liquid milk sales.
Total IMF sales up 10%, with English label up 17% and China label up 3.3% despite a declining market.
Strong cash position with closing net cash of $1,061.2 million and 95% cash conversion.
Board and executive committee updates
Board renewal and succession planning prioritized, with new directors bringing expertise in supply chain, agribusiness, and finance.
Directors Pip Greenwood, Sandra Yu, Lain Jager, and Grant Dempsey stood for (re-)election, all recommended by the board.
Lain Jager and Grant Dempsey appointed to the Board.
What is the timeline for Pokeno CL registrations?
How will CL IMF portfolio expansion impact share?
Beyond special dividend, what are capital priorities?
Update on Pokeno China IMF regulatory approvals?
How will 3 China label IMF products impact share?
US liquid milk path to FY27 breakeven?
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Next The a2 Milk Company earnings date
H1 202615 Feb, 2026
Next The a2 Milk Company earnings date
H1 202615 Feb, 2026
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Frequently asked questions
The a2 Milk Company Limited sells A2 protein type branded milk and related products in Australia, New Zealand, China, other Asian countries, and the United States. It offers dairy-based nutritional liquids and powders through the retail sector to mothers, infants and toddlers; dairy based nutritional powders primarily to the sports nutrition and bodybuilding markets; and UHT milk and flavors milks in various flavors.
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