Citi expects 'solid' AGM update from NZ's a2 Milk

A2 Milk

17/11/2025 21:05

** Citi analysts expect NZ's a2 Milk ATM.NZ, A2M.AX to provide a "solid" AGM update on Thursday, revealing that everything is tracking well

** Citi’s pricing analysis of China's cross-border e-commerce (CBEC) suggests the infant formula maker's English Label channel remains well managed and supply-chain issues have improved

** Brokerage says a2’s China label formula is also showing promising end consumer sell-through signs

** Citi notes co's AGM updates historically detail segment performance and the upgrade to FY25 forecast at last year's AGM suggests co sets initial outlook conservatively

** Brokerage thinks positive performance commentary around Genesis nutrition range, and new seniors and kids formula products, could be taken positively and increase market's confidence in co's ability to enter new categories

** As of last close, a2's NZ stock is up 69.4% and its ASX-listed shares have gained 60.6% YTD

(Reporting by Himanshi Akhand in Bengaluru)

((Himanshi.Akhand@thomsonreuters.com;))