Synlait Milk (SML) Investor presentation summary

FY24 key achievements

• Delivered a balance sheet reset through a shareholder loan, equity raise, and bank refinancing, significantly reducing debt.

• Settled all disputes with The a2 Milk Company, including those related to exclusivity and pricing.

• Completed a strategic review of North Island operations, now focusing solely on Advanced Nutrition products.

• Expanded customer base in South East Asia across Advanced Nutrition, Foodservice, and Consumer units.

• Retained milk supply by offering competitive advance rates and one-off milk price payments.

Financial restructuring and capital management

• Raised $130 million via shareholder loan in July 2024, used to repay bank debt.

• Raised approximately $217.8 million through an equity raise in September 2024, repaying further bank debt and retail bonds.

• Secured a $450 million bank refinancing package, with $169 million of $180 million in bonds repaid by December 2024.

FY25 strategic priorities

• Focus on growing secured milk supply and attracting key talent.

• Target new customer growth to increase earnings and capacity utilization.

• Emphasize new product development and market entry.

• Prioritize CEO recruitment and operational performance to drive cash flow.