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 expect 1H24 to be another period of The a2 Milk Company (ATM) ‘swimming against the tide’ well. </li><li>Data continues to show strong market share gains (market share is now at record levels) but 1H24 will be the most challenging period yet for the industry (not helped by the disruptive China Label [CL] transition).</li><li>We expect no change to FY24 guidance with ATM likely to point towards solid revenue indicators and by virtue guide to robust 2H24 earnings growth (+8%).</li></ul>

We expect 1H24 to be another period of The a2 Milk Company (ATM) ‘swimming against the tide’ well. Data continues to show strong market share gains (market share is now at record levels) but 1H24 will be the most challenging period yet for the industry (not helped by the disruptive China Label [CL] transition).We expect no change to FY24 guidance with ATM likely to point towards solid revenue indicators and by virtue guide to robust 2H24 earnings growth (+8%).

The A2 Milk Company -1H24 Preview — Crawling Ahead

A2 Milk Co Ltd

The A2 Milk Company -1H24 Preview — Crawling Ahead