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Synlait Milk (SML) briefings
Read that company's published results in release order, newest first.
Synlait Milk (SML)HY26Released 23 March 2026
EBITDA margin hit an unprecedented -4.5% with FCF at -NZ$195.0m
Continuing-operations EBITDA swung to a NZ$34.7m loss while Synlait disposed of North Island assets and withdrew FY26 guidance.
Published 23 April 2026
Read briefingSynlait Milk (SML)HY25Released 24 March 2025
Synlait's 107.9% PBT rebound rests on a distorted, loss-making base
Revenue grew 40.4% and PBT rose 107.9%, but HY24's discontinued operation and negative tax rate make the comparison unreliable.
Published 23 April 2026
Read briefingSynlait Milk (SML)HY24Released 2 April 2024
Net debt/EBITDA hit 28.1x as $514m of debt falls due within 12 months
EBITDA margin collapsed to an unprecedented 3.0% on a 15.2% revenue decline, leaving the balance sheet under acute refinancing pressure.
Published 23 April 2026
Read briefingSynlait Milk (SML)FY23Released 25 September 2023
Cash conversion fell to 43% and net debt/EBITDA jumped to 4.6x
Continuing operations swung to a $14.1m loss as a Dairyworks discontinued-operation gain partly cushioned reported NPAT.
Published 23 April 2026
Read briefingSynlait Milk (SML)HY23Released 27 March 2023
Working capital absorbed NZ$132.2m, flipping OCF to a NZ$124.7m outflow
FY23 NPAT guidance cut to a NZ$(5)m–NZ$5m range as inventory build pushes net debt/EBITDA to 10.04x and Advanced Nutrition demand softens.
Published 23 April 2026
Read briefingSynlait Milk (SML)HY22Released 1 April 2022
Inventory release of NZ$70.8m powered Synlait's cash flow recovery
EBITDA rose 43.4% to NZ$68.4m, while the NZ$117.3m operating cash flow figure is denominator-distorted relative to EBITDA and reflects a working-capital release that may not repeat.
Published 23 April 2026
Read briefingSynlait Milk (SML)FY21Released 27 September 2021
Synlait swung to a $28.5m NPAT loss after a2 Milk volume reset
Revenue rose 5.0% but H2 EBITDA turned negative and operating cash flow fell 85%, leaving net debt at 12.8x EBITDA.
Published 23 April 2026
Read briefingSynlait Milk (SML)HY21Released 29 March 2021
Revenue +18.8% on Dairyworks but PBT -77.0% as infant formula slid 16%
Headline growth reflects the Dairyworks acquisition while infant formula volumes fell 16% and inventory days reached 111.4, above the historical
Published 23 April 2026
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