The a2 Milk Company (ATM)•HY26•Released 16 February 2026Continuing-ops PBT up 27.7% but NPAT fell 88.1% on MVM exitA $103.7m discontinued-operation loss from Mataura Valley Milk masks 30.4% continuing EBITDA growth and an upgraded FY26 outlook.Published 20 April 2026Read briefing→
The a2 Milk Company (ATM)•FY25•Released 18 August 2025ATM 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 2026Read briefing→
The a2 Milk Company (ATM)•HY25•Released 17 February 2025Revenue up 10.1%, FY25 guidance upgraded, maiden dividend declaredCash 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 2026Read briefing→
The a2 Milk Company (ATM)•FY24•Released 19 August 2024OCF 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 2026Read briefing→