The a2 Milk Company (ATM) AGM 2025 summary

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.