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The a2 Milk Company Limited (ACOPY) Q2 2026 Earnings Call Transcript

Seeking Alpha
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The a2 Milk Company reported strong Q2 2026 results, with 13.6% revenue growth in its infant milk formula (IMF) business, outperforming broader category trends. CEO David Bortolussi highlighted margin improvements and EBITDA gains. The company excluded its underperforming a2 Pokeno facility from underlying earnings due to short-term manufacturing losses and transformation costs, emphasizing its focus on core operations. China remains a key driver, with Chief Executive Li Xiao noting robust demand despite market challenges. The region’s performance contributed significantly to overall growth. CFO Dave Muscat confirmed the divestment of MVM was completed in H1 2026, streamlining operations and reducing non-core assets. Management reaffirmed a positive outlook, citing strategic investments in ANZ and international markets, though analysts pressed for details on sustainability amid competitive pressures.
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SA Transcripts158.41K FollowersFollow5ShareSaveCommentsPlay Earnings CallPlay Earnings Call The a2 Milk Company Limited (ACOPY) Q2 2026 Earnings Call February 15, 2026 5:00 PM EST Company Participants David Bortolussi - MD, CEO & DirectorDavid Muscat - Chief Financial OfficerLi Xiao - Chief Executive of Greater ChinaYohan Senaratne - Managing Director of InternationalEleanor Khor - Managing Director of ANZ & Strategy Conference Call Participants Thomas Kierath - Barrenjoey Markets Pty Limited, Research DivisionJosephine Forde - BofA Securities, Research DivisionMatt Montgomerie - Forsyth Barr Group Ltd., Research DivisionJulia de Sterke - Morgan Stanley, Research DivisionSam Teeger - Citigroup Inc., Research DivisionAdrian Allbon - Jarden Limited, Research DivisionCraig Woolford - MST Financial Services Pty Limited, Research DivisionRichard Barwick - CLSA Limited, Research DivisionMarcus Curley - UBS Investment Bank, Research DivisionPhillip Kimber - E&P, Research Division Presentation David BortolussiMD, CEO & Director Good morning, everyone, and thank you for joining us today. My name is David Bortolussi. I'm the Managing Director and CEO of the a2 Milk Company. Today, I'm joined on our call by our CFO, Dave Muscat; and our business unit leaders, Li Xiao, Yohan Senaratne and Eleanor Khor.

The team and I will present the results and outlook. And as always, there will be time at the end for questions. During the presentation, we will focus on continuing operations, which excludes MVM that we divested during the half and occasionally refer to underlying results, which exclude a2 Pokeno. We've excluded a2 Pokeno from underlying earnings given that the site is currently underutilized and incurring manufacturing losses and transformation costs, which are short term in nature. Starting on Slide 4, we've had a very positive first half of the year, reporting significant revenue and EBITDA growth and underlying EBITDA margin improvement. In our IMF business, we achieved revenue growth of 13.6%, which was well ahead of category growth. We

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