The a2 Milk Company (ATM) AGM 2024 summary

Opening remarks and agenda

• Chair welcomed shareholders in Auckland and online, confirmed quorum, and introduced directors, management, auditors, and share registry representatives.

• Apologies were received from a Shanghai-based director; the agenda included board and CEO addresses, resolutions, and Q&A.

Financial performance review

• FY24 revenue reached NZD 1.68 billion, up 5.2%, with EBITDA at NZD 234.3 million (6.9% increase) and net profit after tax at NZD 167.6 million (7.7% increase).

• China and Asia segment drove 14.1% growth, now over two-thirds of total sales; ANZ segment declined 14.6% due to distribution changes.

• Liquid milk sales grew 3.3% in Australia and 7.4% in the U.S.; other nutritionals grew 36.7%.

• Net cash position improved to NZD 968.9 million, with operational cash conversion at 126%.

• Achieved record China label IMF market share and became a top-5 China IMF brand.

Board and executive committee updates

• Chair emphasized board renewal and succession planning, with recent appointments of Antonio Rivera and Lain Jager, and the resignation of David Wang.

• Warwick Every-Burns retired after eight years, with acknowledgments for his contributions.

• CEO David Bortolussi and new director Antonio Rivera addressed shareholders, highlighting their backgrounds and strategic focus.