FY24 Result; Deleveraging Delivered; $0.20c / kgMS Payment

Synlait Milk Limited (Synlait) has announced its financial results for the 12 months ended 31 July 2024. Please find the following materials attached: 1. Synlait Full Year 2024 Annual Report 2. Synlait Full Year 2024 Investor Presentation 3. Synlait Full Year 2024 Media Release 4. Synlait Full Year 2024 Shareholder Letter 5. NZX Results Template Key financials: During the year, Synlait recognised a total non-cash impairment charge of $114.6 million against its long-term assets. The impairment charge has been driven by a revised view of future demand phasing and continued underutilisation of the North Island facilities. • Total Group revenue up 2% to $1.64 billion. • Earnings before interest, taxes, depreciation, and amortisation (EBITDA) was ($4.1 million). Adjusted EBITDA was $45.2 million. • Net loss after tax was ($182.1 million). Adjusted net loss after tax was ($60.4 million). • Total Group gross profit down 61% to $56.0 million. • Operating cashflow down 221% to ($47.2 million). • Capital expenditure down 53% to $30.5 million. • Net debt up 33% to $551.6 million. • Base milk price is $7.83 per kgMS for the 2023 / 2024 season. In addition, an average of $0.28 per kgMS was paid for incentives, taking the total average milk payment to $8.11 per kgMS. FY24 key achievements Material progress in FY24 will enable Synlait to focus on further lifting performance and returning to profitability. • Much-needed balance sheet reset delivered Two-step plan (shareholder loan and equity raise) delivered underpinned by bank refinancing. • Synlait and The a2 Milk Company settle disputes Resolved all disputes subject to arbitration, including those regarding exclusivity, pricing, and other issues. • North Island strategic review completed Operations to solely focus on producing Advanced Nutrition products which do not require raw milk. • Customer growth continues Expansion into South East Asia in Advanced Nutrition, Foodservice and Consumer business units. • Retaining milk supply Balance sheet reset enables competitive advance rates and additional one-off milk price payments. Full year 2025 guidance: Synlait’s business recovery plan focuses on three key areas: 1. Deleveraging and improving working capital 2. Retaining milk supply and accelerating volume growth 3. Improving trading and operational performance At the end of the full year 2024 (FY24) and the start of the full year 2025 (FY25), the Board and Management took a number of steps to deliver a much-needed balance sheet reset for Synlait and reduced debt to more manageable levels. Shareholders voted to approve a $130 million shareholder loan from Bright Dairy and the issuance of approximately $217.8 million of new equity capital. As the company enters FY25, the Board and Management are focused on accelerating volume growth in Synlait’s Advanced Nutrition and Foodservice businesses and optimising operational performance. Synlait's ability to achieve a successful refinance of its banking facilities one year from now will require a marked improvement in trading performance and retained milk supply (through a reduction in farmer supplier cessations). The Board and Management are committed to further resetting Synlait and are focused on continuing to deliver the next steps of the company’s business recovery plan. Given that this is Synlait’s immediate priority, the Board and Management will not provide an FY25 guidance statement at this time. Conference call details: Synlait will hold a briefing on the results at 11:00am (NZ time). Participants can register for the conference call at: https://s1.c-conf.com/diamondpass/10040775-uyrcls.html For further information contact: Media Jo Scott Corporate Communications Lead P: +64 21 883 123 E: jo.scott@synlait.com Investors Hannah Lynch Head of Strategy & Corporate Affairs P: +64 21 252 8990 E: hannah.lynch@synlait.com