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has upped its first half net profit by 7.6% to $91.7 million, beating market expectations.

The company, which listed on the NZX in 2004, announced its first ever dividend, 8.5 cents a share.

Market expectations were for a net profit of about $83m.

A2 Milk’s revenue grew by 10.1% to $893.8 million compared to a market consensus of $870m.

Earnings before interest, tax, depreciation and amortisation (Ebitda) were up 5.0% to $118.9 million with an Ebitda margin of 13.3%.

A2 Milk ended the first half with a net cash position of $1.01 billion.

The company’s full year 2025 revenue forecast increased from mid to high single-digit, to low to mid double-digit percent on the prior year.

Ebitda margin, as a percentage of revenue, was expected to be slightly up on 2024.

Chief executive and managing director David Bortolussi said it had been a strong operational and financial performance.

“Our strong first half results and momentum going into the second half have resulted in an upgrade to our FY25 revenue and earnings guidance,” he said.

“In our infant milk formula business in China, we are a top-five player and one of the best performing brands, growing sales by 7% in a market that declined 6%,” he said.

A2 Milk claims its a2 beta protein products can be beneficial compared with regular milk, which contains both a1 and a2 beta proteins.

Bortolussi said innovation was having an impact with the launch of a2 Genesis - its new toddler milk brand.

“As we look ahead, obtaining access to additional China label infant formula registrations to support future growth and developing our own nutritional manufacturing capability remain critical to the company’s supply chain transformation strategy,” he said.

Shares in a2 Milk last traded at $6.58, having gained 22% over the last 12 months.

Jamie Gray is an Auckland-based journalist, covering the financial markets and the primary sector. He joined the Herald in 2011.