The company reported H1 2026 revenue of NZ$993.5 million, up 18.8%, driven by strong performances across all segments and product categories with growth primarily from core products. The company is on track to achieve its $2 billion medium-term sales ambition in FY26, a full year ahead of plan.
Cyborg Score Rationale
Underlying EBITDA rose 25.9% to NZ$164.8 million, while underlying net profit after tax increased 19.6% to NZ$122.6 million. Following stronger-than-expected first half results, the company upgraded FY 2026 guidance expecting revenue growth in the mid double-digit percentage range. Execution momentum is strong but elevated valuation warrants monitoring.
Top Insights
Investors bought shares after the company delivered strong first-half growth and upgraded its full-year outlook.
IMF sales increased 13.6% while liquid milk sales rose 18.5%, and Other Nutritionals revenue surged 42.9%.
The market is eager for evidence that A2M continues to perform well in the challenging China market while maintaining market share gains and controlling marketing costs.
The US liquid milk division has historically been marginally profitable, with the market seeking clear signs this segment is finally contributing meaningfully to the bottom line.
Named Competitors
Infant Formula — Traditional infant formula brands with broader portfolios
Branded Fresh Milk — Regional dairy producers with established distribution