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’s (ATM) share price tends to be highly volatile on result days—positively and negatively—but we are hopeful this time is different.</li><li>Top-line momentum appears robust, which should support solid growth into FY26 (assuming SML’s issues aren’t too big of a drag).</li><li>Beyond core China infant formula (IF) growth, updates on: (1) Genesis HMO traction; (2) supply chain transformation; (3) other nutritionals performance; and (4) US/MVM, are of particular interest.</li></ul>

The a2 Milk Company’s (ATM) share price tends to be highly volatile on result days—positively and negatively—but we are hopeful this time is different.Top-line momentum appears robust, which should support solid growth into FY26 (assuming SML’s issues aren’t too big of a drag).Beyond core China infant formula (IF) growth, updates on: (1) Genesis HMO traction; (2) supply chain transformation; (3) other nutritionals performance; and (4) US/MVM, are of particular interest.

The A2 Milk Company FY25 Preview—A Smoother Ride?

A2 Milk Co Ltd

The A2 Milk Company FY25 Preview—A Smoother Ride?