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>The a2 Milk Company (ATM) result was strong, with NPAT ~+7% ahead of consensus and little to fault within the mix.</li><li>ATM also announced the launch into the NZ$8bn China paediatric supplements category, with the launch of its China label (a2 Zhi Yi) range.</li><li>We would characterise the result as having very little for the bears and plenty for the bulls to layer growth expectations on.</li></ul>

The a2 Milk Company (ATM) result was strong, with NPAT ~+7% ahead of consensus and little to fault within the mix.ATM also announced the launch into the NZ$8bn China paediatric supplements category, with the launch of its China label (a2 Zhi Yi) range.We would characterise the result as having very little for the bears and plenty for the bulls to layer growth expectations on.

The A2 Milk Company 1H26 Result—Growing The Family

A2 Milk Co Ltd

The A2 Milk Company 1H26 Result—Growing The Family