The a2 Milk Co Ltd

ATM: XNZE (NZL)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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A2 Milk: Supply Disruption a Blip, but Demand Is Strong and Thesis Is Intact

Angus Hewitt , Leo Wang

Apr 13, 2026

A2 Milk lowered its full-year guidance, with supply chain disruptions preventing it from meeting demand for infant formula in China. Management now expects low to midteens revenue growth in fiscal 2026, from midteens prior, and EBITDA margins of 14.0%-14.5%, down from 15.5%-16.0%. Shares fell 12%.

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The a2 Milk Co Ltd

A2 Milk: Supply Disruption a Blip, but Demand Is Strong and Thesis Is Intact

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