The a2 Milk Company Limited (ACOPY) Q4 2026 Earnings Call Transcript

The a2 Milk Company Limited ( ACOPY ) Q4 2026 Earnings Call August 16, 2026 7:00 PM EDT Company Participants David Bortolussi - MD, CEO & Director David Muscat - Chief Financial Officer Li Xiao - Chief Executive of Greater China Yohan Senaratne - Managing Director of International Jaron McVicar - Chief Sustainability Officer & MD of ANZ and Sustainability Kevin Bush - Managing Director of USA Conference Call Participants Peter Marks - Goldman Sachs Group, Inc., Research Division Sam Teeger - Citigroup Inc. Exchange Research Thomas Kierath - Barrenjoey Markets Pty Limited, Research Division Craig Woolford - MST Financial Services Pty Limited, Research Division Richard Barwick - CLSA Limited, Research Division Adrian Allbon - Jarden Limited, Research Division Marcus Curley - UBS Investment Bank, Research Division Phillip Kimber - E&P, Research Division Stephen Ridgewell - Craigs Investment Partners Limited, Research Division Julia de Sterke - Morgan Stanley, Research Division Will Twiss - Forsyth Barr Group Ltd., Research Division Presentation David Bortolussi MD, 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 the call by our CFO, Dave Muscat; and our business unit leaders, Li Xiao, Yohan Senaratne, Jaron McVicar, and Kevin Bush. The team and I will present the results and outlook, and there'll be time at the end for questions. During the presentation, we'll focus on continuing operations, excluding MVM, which we divested in the first half and occasionally refer to underlying results, which excludes both MVM and a2 Pokeno. We've excluded a2 Pokeno from the underlying results 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 delivered FY '26 results in line with or slightly ahead of our updated April guidance with double-digit revenue growth. Infant