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 (ATM) reported a solid FY22 result with EBITDA of NZ$196.2m and NPAT of NZ$122.6m</li><li>The result was slightly ahead of our and consensus expectations driven by slightly higher revenue</li><li>Based off the commentary we assume very little changes to consensus with consensus currently assuming +8% revenue growth and +130bps margin improvement</li></ul>

The a2 Milk Company (ATM) reported a solid FY22 result with EBITDA of NZ$196.2m and NPAT of NZ$122.6mThe result was slightly ahead of our and consensus expectations driven by slightly higher revenueBased off the commentary we assume very little changes to consensus with consensus currently assuming +8% revenue growth and +130bps margin improvement

The A2 Milk Company (ATM): FY22 Result – Initial Impressions

A2 Milk Co Ltd

The A2 Milk Company (ATM): FY22 Result – Initial Impressions