a2 Milk Company Ltd. (DE:14L)
FRANKFURT:14L
Earnings Data
Report Date
Aug 25, 2026TBA (Confirmed)
Period Ending
2026 (Q4)Consensus EPS Forecast
―Last Year’s EPS
0.08Same Quarter Last Year
Moderate Buy
Based on 7 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call displayed a broadly positive operating and financial picture: strong top-line growth (18.8% revenue), upgraded FY'26 guidance to mid-double-digit revenue growth, margin improvement on an underlying basis, material innovation-led growth (Other Nutritionals, a2 Genesis) and completion of strategic supply-chain transactions enabling the company to target NZD 2bn revenue a year early. Key risks and negatives were concentrated in near-term supply-chain transition costs and underutilization at a2 Pokeno (material H1 losses and expected higher H2 under-recoveries), a large non-cash MVM divestment loss affecting reported NPAT, working capital and cash impacts from the transactions, and demographic/supply constraints affecting early-stage recruitment. On balance the positives (broad-based growth, guidance lift, strategic milestones and product traction) outweigh the transitory lowlights tied mainly to transformation activity and one-off items.Company Guidance
Group revenue and EBITDA growth
Net sales NZD 992.6m, up 18.8% YoY; EBITDA growth 18.4% on a continuing basis; underlying EBITDA up ~26% and underlying EBITDA margin improved by 0.9pp to 16.6%.
Infant Milk Formula (IMF) performance — strong English label growth
IMF revenue up 13.6% YoY; English label IMF sales up ~21% with strong CBEC and O2O channel performance and contributions from a2 Genesis; English label market share just under 20% (second largest player).
China label IMF stabilization and market share gains
China label revenue grew 6.5% YoY; total China IMF market share reached 8.2% and China label market share hit a record high of 5.6% (strong performance across MBS and DOL channels).
Rapid Other Nutritionals expansion
Other Nutritionals revenue accelerated to +43% on a like-for-like basis, driven by kids and seniors innovations and entry into pediatric supplements (pediatric supplements market ≈ NZD 8bn retail sales).
Liquid Milk and ANZ strength
Liquid Milk growth 18.5% YoY; ANZ Liquid Milk delivered double-digit revenue growth; overall ANZ market share increased to 11.5% and lactose-free achieved record MAT share of 20.6%.
U.S. business momentum
U.S. revenue growth of 29% YoY driven by core and grassfed liquid milk innovations; premium/specialty liquid milk market value up ~11% versus total category ~4%; U.S. EBITDA loss narrowed to NZD 3.4m (profitability improving).
Supply chain transformation milestones
Completed a2 Pokeno acquisition, MVM divestment and long-term A1-free milk supply agreement with Fonterra; advanced a2 Pokeno regulatory amendment, facility upgrades, blending/canning trials, ERP and recruitment—program tracking well.
Upgraded FY'26 guidance and medium-term goal reached early
FY'26 revenue guidance raised from low double-digit to mid-double-digit growth vs FY'25 continuing operations; tightened EBITDA margin guidance to ~15.5%–16%; company now expects to achieve NZD 2.0bn medium-term revenue ambition in FY'26 (one year early).
Balance sheet, cash and returns to shareholders
Closing cash NZD 896.9m (down NZD 164.3m since June due to transaction outflows); operating cash inflows NZD 140.7m with 91% operating cash conversion; interim dividend declared NZD 0.115 per share (~NZD 83.4m, ~74% of NPAT) and Board intends to seek approval for a NZD 300m special dividend subject to regulatory approvals.
Product innovation traction (a2 Genesis and new categories)
a2 Genesis HMO reached ~6% of CBEC channel consumer sales in H1 with >50% sales from early stages; kids fortified UHT trial in Costco and online; pediatric supplement range (a2 Zhi Yi) launched for H2 roll-out—innovation making a material contribution to growth (~one-third of underlying growth attributed to innovation).
DE:14L Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
FAQ
When does a2 Milk Company Ltd. (DE:14L) report earnings?
a2 Milk Company Ltd. (DE:14L) is schdueled to report earning on Aug 25, 2026, TBA (Confirmed).
What is a2 Milk Company Ltd. (DE:14L) earnings time?
a2 Milk Company Ltd. (DE:14L) earnings time is at Aug 25, 2026, TBA (Confirmed).
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What is the P/E ratio of a2 Milk Company Ltd. stock?
The P/E ratio of a2 Milk Company is N/A.
What is DE:14L EPS forecast?
Currently, no data Available