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Financial data sourced from official regulatory filings and verified market data providers. Metrics calculated using GAAP/IFRS standards.

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Last updated: April 2026

A2M FINANCIAL STATEMENTS

The a2 Milk Company Ltd — balance sheet, income statement and cash flow trends

A2MThe a2 Milk Company Ltd

🇦🇺 Australia · AU · Consumer Defensive · Packaged Foods

Value itDuel
PriceFinancialsPeers

Income Statement

Quarterly progression — trailing-twelve-month values
RevenueNet Income
01 B2 B3 B202020212022202320242025

Profit Funnel

Q3 2025 · TTM
Revenue2.9 B NZDGross Profit1.4 B NZD · 47%Operating Income409.2 M NZD · 14%Pre-tax Income449.1 M NZD · 16%Net Income313.7 M NZD · 11%

Percentages are relative to revenue.

Key Figures

YoY change
Revenue2.9 B NZD+13.4%
Gross Profit1.4 B NZD+17.3%
Operating Income409.2 M NZD+35.0%
EBITDA480.4 M NZD+38.6%
Net Income313.7 M NZD+23.2%

Peer Comparison· Packaged Foods

CompanyRev. GrowthGross MarginEBITDA MarginNet Margin
A2M13.4%47.1%16.6%10.8%
FRPT12.0%38.9%22.3%17.6%
PBH17.4%17.0%6.7%0.5%
POST7.2%26.6%16.8%4.0%
MFI-13.2%17.0%10.8%12.4%
CENT0.2%32.2%11.6%5.4%
Industry median3.5%20.5%10.1%1.9%
CompanyRev. GrowthGross MarginEBITDA MarginNet Margin
A2M13.4%47.1%16.6%10.8%
BGA1.5%20.8%3.7%0.2%
Industry median3.5%20.5%10.1%1.9%

Balance Sheet

Quarterly period-end values
Total AssetsTotal LiabilitiesEquity
01 B2 B202020212022202320242025

Capital Structure

Q3 2025
Total Assets1.8 B
  • Equity1.4 B NZD75%
  • Current Liabilities432.4 M NZD23%
  • Long-term Liabilities27.2 M NZD1%

Key Figures

YoY change
Total Assets1.8 B NZD-2.6%
Total Liabilities459.6 M NZD-15.0%
Total Equity1.4 B NZD+0.9%
Cash & ST Investments897 M NZD-13.9%
Total Debt33.8 M NZD-64.3%
Net Debt-403.2 M NZD—

Peer Comparison· Packaged Foods

CompanyCurrent RatioDebt/EquityNetDebt/EBITDAEquity/Assets
A2M2.962.4%-1.8075.1%
FRPT6.1839.1%0.4468.6%
PBH1.28163.1%7.1831.5%
POST1.85238.9%5.1924.6%
MFI1.3491.8%2.3437.6%
CENT3.4585.9%2.0444.1%
Industry median1.5548.1%1.9949.7%
CompanyCurrent RatioDebt/EquityNetDebt/EBITDAEquity/Assets
A2M2.962.4%-1.8075.1%
BGA1.2864.8%4.3746.1%
Industry median1.5548.1%1.9949.7%

Cash Flow Statement

Quarterly progression — trailing-twelve-month values
Operating Cash FlowCapital ExpendituresFree Cash Flow
0200 M400 M202020212022202320242025

Cash Flow Bridge

Q3 2025 · TTM
0200 M294.6 M NZDOperating-236.1 M NZDInvesting-153.6 M NZDFinancing-95.2 M NZDNet Change

Key Figures

YoY change
Operating Cash Flow294.6 M NZD-24.8%
Capital Expenditures12.8 M NZD-37.2%
Free Cash Flow281.8 M NZD-24.2%
Dividends Paid-145 M NZD—

Peer Comparison· Packaged Foods

CompanyCF MarginFCF MarginCapEx RatioCF/Net Income
A2M10.2%9.7%0.4%93.9%
FRPT17.3%17.2%11.0%97.9%
PBH0.5%-2.2%2.6%90.4%
POST11.9%6.1%5.8%297.0%
MFI11.1%8.3%2.8%89.4%
CENT10.4%8.9%1.5%191.5%
Industry median8.3%5.8%3.5%79.8%
CompanyCF MarginFCF MarginCapEx RatioCF/Net Income
A2M10.2%9.7%0.4%93.9%
BGA3.7%1.0%2.7%1,653.7%
Industry median8.3%5.8%3.5%79.8%

Amounts are in the company’s reporting currency. Peer comparison tables use ratio-based metrics so currency differences do not distort the picture.

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Data on this page refreshes once per day. Price data as of Jul 3, 26. This content is for informational purposes only and is not investment advice.