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The a2 Milk Company (ATM) briefings
Read that company's published results in release order, newest first.
The a2 Milk Company (ATM)FY26Released 17 August 2026
Cash conversion slid to 46.8% as inventory days nearly doubled to 53.7
Revenue and PBT grew but a $148.5m working-capital build and a discontinued-operation loss pulled NPAT down 44.0%.
Published 19 August 2026
Read briefingThe a2 Milk Company (ATM)HY26Released 16 February 2026
Continuing-ops PBT up 27.7% but NPAT fell 88.1% on MVM exit
A $103.7m discontinued-operation loss from Mataura Valley Milk masks 30.4% continuing EBITDA growth and an upgraded FY26 outlook.
Published 20 April 2026
Read briefingThe a2 Milk Company (ATM)FY25Released 18 August 2025
ATM FY25: Revenue +13.5% and NPAT +21.1% but cash conversion fell to 73.4%
Strong operating earnings growth was not matched by cash generation, with OCF falling 21.2% even as reported profit rose sharply.
Published 20 April 2026
Read briefingThe a2 Milk Company (ATM)HY25Released 17 February 2025
Revenue up 10.1%, FY25 guidance upgraded, maiden dividend declared
Cash conversion lifted to 66.3% of EBITDA, but the 67.0% NPAT payout rests partly on capex falling 81% to 0.3% of revenue.
Published 21 April 2026
Read briefingThe a2 Milk Company (ATM)FY24Released 19 August 2024
OCF doubled to NZ$255.7m as cash conversion surged from 50.7% to 109.1%
Working-capital release lifted reported cash quality well above earnings, but ANZ segment profit fell 32.6% and headline NPAT grew only 7.7%.
Published 21 April 2026
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