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>There was little to fault in The a2 Milk Company's (ATM) 1H25 result.</li><li>English Label (EL) revenue—particularly CBEC—stole the show, driven by strong execution in lower-tier cities and early-stage products, along with an improving market backdrop.</li><li>Increased earnings guidance implies a 2H25 EBITDA margin of 15.0%–15.5%, marking the first genuine margin expansion since pre-COVID and likely strengthening confidence in the margin outlook. </li></ul>

There was little to fault in The a2 Milk Company's (ATM) 1H25 result.English Label (EL) revenue—particularly CBEC—stole the show, driven by strong execution in lower-tier cities and early-stage products, along with an improving market backdrop.Increased earnings guidance implies a 2H25 EBITDA margin of 15.0%–15.5%, marking the first genuine margin expansion since pre-COVID and likely strengthening confidence in the margin outlook. 

The A2 Milk Company - 1H25 Result—More than Baby Steps

A2 Milk Co Ltd

The A2 Milk Company - 1H25 Result—More than Baby Steps