The a2 Milk Co Ltd

ATM: XNZE (NZL)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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A2 Milk Company: English-Label Infant Formula Lifts Revenue, but Valuation Unchanged

Angus Hewitt

Nov 20, 2025

A2 Milk lifts its full-year guidance, with all product categories trading better than it expected. Management now expects low double-digit revenue growth in fiscal 2026, from prior guidance of high single-digit growth. EBITDA margin guidance, of 15% to 16%, is unchanged.

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The a2 Milk Co Ltd

A2 Milk Company: English-Label Infant Formula Lifts Revenue, but Valuation Unchanged

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