New Zealand Professional Investment Services Firm

Forsyth Barr

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

New Zealand Professional Investment Services Firm, Forsyth Barr

Equity Bottom-Up

<ul><li>We head into The a2 Milk Company's (ATM) 1H25 result not expecting any surprises relative to consensus expectations or company guidance.</li><li>This is a brave ascertation to make given ATM's track record on result days, but the (still) pending supply chain acquisition/JV is the main area of possible surprise.</li><li>Key focus areas are: (1) supply chain updates, (2) China Label (CL) revenue, and (3) the English Label (EL) outlook in light of the new Genesis HMO product release.</li></ul>

We head into The a2 Milk Company's (ATM) 1H25 result not expecting any surprises relative to consensus expectations or company guidance.This is a brave ascertation to make given ATM's track record on result days, but the (still) pending supply chain acquisition/JV is the main area of possible surprise.Key focus areas are: (1) supply chain updates, (2) China Label (CL) revenue, and (3) the English Label (EL) outlook in light of the new Genesis HMO product release.

The A2 Milk Company -1H25 Preview—Supply Chain News?

A2 Milk Co Ltd

The A2 Milk Company -1H25 Preview—Supply Chain News?