A2 Milk FY26 Profit Down, Adj. EBITDA Rises; Sees Weak Margin In H1, Growth In FY27; Stock Drops

a2 Milk reported lower net profit in fiscal 2026, but underlying EBITDA rose versus last year alongside revenue growth. The mixed earnings picture suggests improving operating momentum is not fully translating into bottom-line profitability, which may keep investors cautious.

Analysis

a2 Milk reported lower net profit in fiscal 2026, but underlying EBITDA rose versus last year alongside revenue growth. The mixed earnings picture suggests improving operating momentum is not fully translating into bottom-line profitability, which may keep investors cautious.