Dividend
Information

The a2 Milk Company’s dividend policy targets a payout ratio range of between 60% and 80% of net profit after tax excluding non-recurring and other items (normalised NPAT).

Dividends are expected to be declared on a semi-annual basis in February and August each year at a level consistent with the Company’s target payout ratio range. It is the Company’s intention to impute and frank dividends to the maximum extent possible subject to available credits, noting that imputation credits are limited.

In determining the payment of a dividend for any period, a number of factors will be taken into consideration, including market conditions, current and future earnings, cash flows, capital requirements and the Company's financial position. As the Company operates in a dynamic, regulated and competitive market, capital needs may fluctuate over time.

The declaration and payment of all dividends will be subject to Board approval.