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>ATM expects this to recover to ~100% by the end of FY27, supported by over indexing in new customer acquisition.</li>
<li>English label market share dipped in 4Q26 due to the indirect impact of ATM’s recall, but is expected to recover over 1H27.</li>
<li>ATM noted it expects new infant formula products to make an earlier and stronger contribution than previous guidance (revenue contribution rising to &gt;NZ$100m by FY30).</li>
</ul>


ATM expects this to recover to ~100% by the end of FY27, supported by over indexing in new customer acquisition.
English label market share dipped in 4Q26 due to the indirect impact of ATM’s recall, but is expected to recover over 1H27.
ATM noted it expects new infant formula products to make an earlier and stronger contribution than previous guidance (revenue contribution rising to &gt;NZ$100m by FY30).


The a2 Milk Company (ATM): FY26 Result - Conference Call Takeaways

A2 Milk Co Ltd

The a2 Milk Company (ATM): FY26 Result - Conference Call Takeaways