The a2 Milk Company upgraded its FY26 revenue guidance, citing stronger-than-expected trading across Infant Milk Formula, Other Nutritionals and Liquid Milk, along with favourable currency movements due to NZD depreciation. While the weaker currency is expected to lift both sales and expenses, the net impact on EBITDA after hedge losses is not expected to be material.

On a continuing operations basis, the company now expects low double-digit revenue growth in FY26 compared with FY25, with first-half growth running ahead of the second half. English-label IMF sales are expected to grow significantly faster than China-label IMF.

EBITDA margin is forecast at approximately 15 to 16 percent. Depreciation and amortisation are expected to be 20 to 24 million dollars, while interest income will be lower due to reduced market rates and net cash outflows. NPAT is projected to be slightly higher than FY25, with cash conversion of about 80 to 90 percent and capital expenditure of 60 to 80 million dollars.

FY25 continuing operations revenue was 1.757 billion dollars and FY25 reported NPAT was 203 million dollars.