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>We downgrade our rating on The a2 Milk Company (ATM) to UNDERPERFORM from NEUTRAL.</li><li>We estimate the current share price implies long-term China Infant Formula (IF) market share of ~13% versus our FY26 estimate of ~7%, with our longer-term forecasts more conservative at ~10%.</li><li>ATM has performed well over recent times and we are constructive on the a2 Pokeno opportunity.</li></ul>

We downgrade our rating on The a2 Milk Company (ATM) to UNDERPERFORM from NEUTRAL.We estimate the current share price implies long-term China Infant Formula (IF) market share of ~13% versus our FY26 estimate of ~7%, with our longer-term forecasts more conservative at ~10%.ATM has performed well over recent times and we are constructive on the a2 Pokeno opportunity.

The A2 Milk Company - The Milk Has Frothed Over

A2 Milk Co Ltd

The A2 Milk Company - The Milk Has Frothed Over