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>Mixed is how we would describe our feelings heading into The a2 Milk Company's (ATM) FY25 result.</li><li>Looking to FY26, with (1) a strong 2H exit run-rate, and (2) larger impact of a2 Genesis HMO, our earnings are slightly ahead of consensus.</li><li>We think valuation is slightly elevated at current levels, but countering that we are comfortable with consensus' outlook and are balancing the possible near-term catalysts of (1) supply chain acquisition (which could be announced at any moment), and (2) capital management opportunities.</li></ul>

Mixed is how we would describe our feelings heading into The a2 Milk Company's (ATM) FY25 result.Looking to FY26, with (1) a strong 2H exit run-rate, and (2) larger impact of a2 Genesis HMO, our earnings are slightly ahead of consensus.We think valuation is slightly elevated at current levels, but countering that we are comfortable with consensus' outlook and are balancing the possible near-term catalysts of (1) supply chain acquisition (which could be announced at any moment), and (2) capital management opportunities.

The A2 Milk Company Wheying Up The Investment Case

A2 Milk Co Ltd

The A2 Milk Company Wheying Up The Investment Case