When will A2M report its latest earnings?
A2 Milk (ASX: A2M) is scheduled to report its results for the half-year (HY) ending 31 December 2025 on Monday, 16 February 2026.
Company backdrop
A2M is a premium dairy nutrition company that has carved out a unique niche in the global market. Unlike standard milk, which contains both A1 and A2 beta-casein proteins, A2M’s products are sourced from cows selected to produce only the A2 protein type, marketed as being easier to digest. The company focuses primarily on infant formula, its ‘white gold’, targeting the lucrative Chinese market, alongside liquid milk sales in Australia and the United States (US).
A2M heads into this report riding strong momentum. Its financial year (FY) 2025 full-year results, released in August 2025, marked a significant recovery from the challenges of the Covid-19 pandemic.
FY 2025 highlights
- Revenue growth: total revenue climbed 13.5% to NZ$1.90 billion, driven by double-digit growth in its core infant nutrition and liquid milk segments
- Profit surge: net profit after tax (NPAT) jumped 21.1% to NZ$203 million, highlighting the company’s operational leverage and effective cost management as it scaled top-line sales
- EBITDA strength: earnings before interest, taxes, depreciation, and amortisation (EBITDA) rose 17.1% to NZ$274 million, reflecting improved margins
- Dividend: A2M declared its first-ever dividend, signalling management’s confidence that the balance sheet has matured from a ‘high-growth startup’ to a cash-generating powerhouse.
The market reaction and investor sentiment:
The market reaction in August was enthusiastic. Investors celebrated the maiden dividend and double-digit profit growth, viewing it as validation of chief executive officer (CEO) David Bortolussi’s strategy to stabilise the business and diversify beyond the ‘daigou’ (personal shopper) trade.
However, since the August peak of $9.78, the share price has drifted lower due to broader headwinds affecting consumer staples, and ongoing concerns about China’s economic slowdown. Investors are currently in a ‘show me’ mood: they acknowledge A2M’s strong FY 2025, but are eager to see if that momentum can be sustained amid falling birth rates in China and intense competition.