A2 Milk : 1H22 Results Presentation

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2022 INTERIM RESULTS

21 FEBRUARY 2022

The a2 Milk Company Limited

Disclaimer

This presentation dated 21 February 2022 provides additional onlycommentary on the Interim Report for the 6 months ended

31 December 2021 of The a2 Milk Company Limited (the "Company" or "a2MC") and accompanying information released to the market on the same date. As such, it should be read in conjunction with the explanations and views in those documents.

This presentation is provided for general information purposes only. The information contained in this presentation is not intended to be relied upon as advice to investors and does not

usetake into account the investment objectives, financial situation or needs of any particular investor. Investors should assess their own individual financial circumstances and consider talking to a financial adviser or consultant before making any investment decision.

This presentation is not a prospectus, investment statement or ersonaldisclosure document, or an offer of shares for subscription, or

sale, in any jurisdiction.

Certain statements in this presentation constitute forward looking statements. Such forward looking statements involve known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of the Company and which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements.

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While all reasonable care has been taken in relation to the preparation of this presentation, none of the Company, its subsidiaries, or their respective directors, officers, employees, contractors or agents accepts responsibility for any loss or damage resulting from the use of or reliance on this presentation by any person.

Past performance is not indicative of future performance and no guarantee of future returns is implied or given.

Some of the information in this presentation is based on unaudited financial data which may be subject to change.

All values are expressed in New Zealand currency unless otherwise stated.

All intellectual property, proprietary and other rights and interests in this presentation are owned by the Company.

2 0 2 2 I N T E R I M R E S U L T S

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Contents

Results overview	4
Financial overview	6
Regional performance	13
Outlook	37
Questions	39
Appendix	40

1H22 Result overview and additional updates1

• Continuing challenging market conditions but making good progress in stabilising sales and expect to deliver revenue growth this year

•	Results summary
only	‒ Revenue marginally lower than 1H21 in line with guidance, down 2.5% on pcp to $661 million, up 24.8% on 2H21
‒ EBITDA2 down 45.3% on pcp to $97.6 million, EBITDA margin 14.8% in 1H22 (17.3% ex-MVM) vs 26.4% in 1H21
‒ NPAT including non-controlling interest was down 53.3% on pcp to $56.1 million
‒ Closing net cash was $667.2 million with high operational cash conversion during 1H22
•	Operational highlights
use	‒ China label IMF sales down due to inventory rebalancing, but consumer offtake strong and market share increased to a new high
‒ English label IMF sales down but with improved trajectory in ANZ reseller channel
‒ ANZ liquid milk sales up with market share increased to a new high
‒ USA liquid milk sales down due to the loss of distribution in a club customer
	‒ MVM acquisition completed in partnership with China Animal Husbandry Group and insourcing of a2MC product commenced
•	Strategy update
ersonal	‒ Actions to address IMF channel inventory have had a significant positive impact
‒ Brand health metrics have improved further following a 37.3% increase in investment on pcp
‒ Growth strategy completed and implementation underway with good early progress across key initiatives

• FY22 revenue outlook improved but not expected to translate into higher earnings as the Company significantly increases brand and other reinvestment consistent with its growth strategy

1 All figures are in New Zealand Dollars (NZ$) unless otherwise stated

4 2 Earnings before interest, tax, depreciation and amortisation (EBITDA) is a non-GAAP measure. However, the Company believes that it assists in providing investors with a comprehensive understanding of the underlying performance of the business. A reconciliation of EBITDA to net profit after tax is shown on slide number 41

2 0 2 2 I N T E R I M R E S U L T S

Recap of a2MC's refreshed growth strategy with updates provided throughout

R E S U L T S

onlyPurpose Ambition

To enrich lives by harnessing the nutritional wonders of nature

Rebuild a2MC into an exciting, innovative and sustainable growth company

I N T E R I M

Goals

People

Create the safest and most diverse, inclusive and engaging place for our people to thrive

Sustainability

Support our farmers, protect our planet and cows, rethink packaging and contribute to our communities

Consumers

Bring the unique benefits of pure and natural a2 Milk™ to as many consumers as possible

Shareholders

Create long-term, enduring value for shareholders and a trusted, transparent relationship

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useStrategic priorities

1 Invest in people and planet leadership

• Invest in our people to enable them to thrive
• Take direct action to lead the industry in GHG emissions reduction and farming practices

2 Capture full potential in China IMF

• Gain more control over CL and EL distribution and get closer to our consumer
• Increase investment in our brand, digital marketing and E-comm

3 Ramp-up product innovation

• Expand our CL and EL IMF product portfolios
• Enter adjacent product categories in relevant markets to drive growth

4 Transform our supply chain

• Expand CL registered market access
• Utilise MVM capability
• Develop China supply capability over time

5 Accelerate path to profitability

• Take action to realise potential in USA
• Expedite insourcing and 3rd party volume to significantly increase MVM utilisation

Enablers

ersonalValues

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Brand strength

Science & innovation

Strategic relationships

Capability development

Bold Passion

Pioneering spirit

Humility

Respect

Integrity