The a2 Milk Company (ATM)•HY26•Released 16 February 2026The a2 Milk Company HY26: EBITDA up 30% but NPAT collapsed 88%Continuing operations strengthened, but the Mataura Valley Milk exit, wider China concentration, and softer cash conversion complicate the headline read.Published 20 April 2026Read briefing→
The a2 Milk Company (ATM)•FY25•Released 18 August 2025The a2 Milk Company FY25: IMF drove double-digit growth, Mataura Valley Milk dragged marginsChina and Other Asia carried the year, but cash conversion stepped down and MVM remained a loss-making use of capital.Published 20 April 2026Read briefing→
The a2 Milk Company (ATM)•HY25•Released 17 February 2025ATM revenue +10% but ANZ margin pressure and MVM drag offset China gainsDouble-digit top-line growth and a maiden dividend mask a deteriorating ANZ segment and two persistently loss-making units.Published 21 April 2026Read briefing→
The a2 Milk Company (ATM)•FY24•Released 19 August 2024ATM FY24: Revenue +5.1% but cash conversion doubled, masking mix concernsHeadline earnings growth was modest, but operating cash flow surging to 109% of EBITDA and a $931m net cash position raise questions about capital...Published 21 April 2026Read briefing→