The a2 Milk Co Ltd

ATM: XNZE (NZL)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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A2 Milk Earnings: Near-Term Trading Improves as Market Share Continues to Grow

Angus Hewitt

Feb 17, 2025

A2 Milk reported interim 2025 EBITDA of NZD 119 million, up 5% on last year. All segments' sales grew, including the core Chinese infant formula business. Management upgraded fiscal 2025 guidance, now expecting low to mid-double-digit revenue growth and slightly higher EBITDA margins than last year.

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The a2 Milk Co Ltd

A2 Milk Earnings: Near-Term Trading Improves as Market Share Continues to Grow

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