A2M +6.81%: Delivered an impressive first-half result, beating consensus and upgrading FY26 guidance as China formula sales improve and the broader business continues to execute strongly.
- Revenue NZ$993.5mn, +19% YoY
- Net income NZ$112.1mn, +9.4% YoY (vs NZ$103.5mn est.)
- EBITDA NZ$155mn, +18% YoY (vs NZ$149.8mn est.)
- EBITDA margin 15.6% (stable YoY)
- Interim dividend 11.5 NZ cents
The company upgraded FY26 revenue expectations to mid double-digit growth, while maintaining its margin outlook, signalling confidence that momentum is building across the business. The beat-and-raise result, improving China momentum and steady margins reinforce that A2M’s recovery is gaining traction, giving us good reason to remain constructive.
MM is bullish toward A2M ~$9.00
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