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) FY26 result was in line with its July 2026 trading update.</li>
<li>However, first-time guidance for FY27 was below market expectations.</li>
<li>The weaker-than-anticipated outlook reflects a more challenging backdrop for infant formula growth driven by: (1) severe China label market share losses in 4Q26 as a result of limited supply; and (2) some lost momentum for English label following ATM's US product recall.</li>
</ul>


The a2 Milk Company’s (ATM) FY26 result was in line with its July 2026 trading update.
However, first-time guidance for FY27 was below market expectations.
The weaker-than-anticipated outlook reflects a more challenging backdrop for infant formula growth driven by: (1) severe China label market share losses in 4Q26 as a result of limited supply; and (2) some lost momentum for English label following ATM's US product recall.


The a2 Milk Company FY26 Result—No Use Crying Over Spilt Share

A2 Milk Co Ltd

The a2 Milk Company FY26 Result—No Use Crying Over Spilt Share