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) AGM update was positive (revenue guidance range lifted from high single-digit growth to low double-digit growth), albeit largely as we expected.</li><li>Lifting the guidance at this early stage in FY26 highlights a solid start to the year (per our data in our note Moomentum, published 17 November 2025), likely driven primarily by English Label (EL) infant formula.</li><li>We retain our UNDERPERFORM rating, reflecting the elevated valuation, but more broadly remain positive on ATM’s outlook for market-share gains and margin expansion, reflected in our ~+14% FY26–FY29 EPS CAGR.</li></ul>

The a2 Milk Company’s (ATM) AGM update was positive (revenue guidance range lifted from high single-digit growth to low double-digit growth), albeit largely as we expected.Lifting the guidance at this early stage in FY26 highlights a solid start to the year (per our data in our note Moomentum, published 17 November 2025), likely driven primarily by English Label (EL) infant formula.We retain our UNDERPERFORM rating, reflecting the elevated valuation, but more broadly remain positive on ATM’s outlook for market-share gains and margin expansion, reflected in our ~+14% FY26–FY29 EPS CAGR.

A2 Milk Co Ltd

The A2 Milk Company Tickety-Boo