The Investor
16 Feb 2026, 14:44
a2 Milk Upgrades FY26 Guidance After Strong First-Half Performance
The a2 Milk Company reported strong first-half FY26 results, driven by broad-based revenue growth across all segments and improved underlying profitability .
Revenue rose 18.8% year-on-year to NZ$993.5 million, supported by solid performance in Infant Milk Formula (IMF), Liquid Milk and Other Nutritionals. EBITDA increased 18.4% to NZ$155.0 million, while underlying EBITDA climbed 25.9%, lifting the underlying margin to 16.6%, up 0.9 percentage points .
Infant Milk Formula revenue grew 13.6%, with English label IMF up 20.9% and China label IMF up 6.5%, reaching record market share. Other Nutritionals surged 42.9% following new product launches in kids and seniors categories, while Liquid Milk revenue increased 18.5% .
Net profit after tax rose 9.4% to NZ$112.1 million, and the company declared an interim dividend of 11.5 cents per share .
Reflecting the strong performance, a2 Milk upgraded its FY26 revenue growth guidance from low double-digit to mid double-digit growth and expects an improved EBITDA margin range .
The a2 Milk Company reported strong first-half FY26 results, driven by broad-based revenue growth across all segments and improved underlying profitability .
Revenue rose 18.8% year-on-year to NZ$993.5 million, supported by solid performance in Infant Milk Formula (IMF), Liquid Milk and Other Nutritionals. EBITDA increased 18.4% to NZ$155.0 million, while underlying EBITDA climbed 25.9%, lifting the underlying margin to 16.6%, up 0.9 percentage points .
Infant Milk Formula revenue grew 13.6%, with English label IMF up 20.9% and China label IMF up 6.5%, reaching record market share. Other Nutritionals surged 42.9% following new product launches in kids and seniors categories, while Liquid Milk revenue increased 18.5% .
Net profit after tax rose 9.4% to NZ$112.1 million, and the company declared an interim dividend of 11.5 cents per share .
Reflecting the strong performance, a2 Milk upgraded its FY26 revenue growth guidance from low double-digit to mid double-digit growth and expects an improved EBITDA margin range .
