The a2 Milk Company Limited

NZSE:ATM Stock Report

Market Cap: NZ$7.8b

a2 Milk Management

Management criteria checks 2/4

a2 Milk's CEO is David Bortolussi, appointed in Feb 2021, has a tenure of 4.75 years. total yearly compensation is NZ$7.74M, comprised of 27% salary and 73% bonuses, including company stock and options. directly owns 0.21% of the company’s shares, worth NZ$16.39M. The average tenure of the management team and the board of directors is 4 years and 2.4 years respectively.

Key information

David Bortolussi

Chief executive officer

NZ$7.7m

Total compensation

CEO salary percentage27.03%
CEO tenure4.8yrs
CEO ownership0.2%
Management average tenure4yrs
Board average tenure2.4yrs

Recent management updates

Shareholders Will Probably Hold Off On Increasing The a2 Milk Company Limited's (NZSE:ATM) CEO Compensation For The Time Being

Nov 13
Shareholders Will Probably Hold Off On Increasing The a2 Milk Company Limited's (NZSE:ATM) CEO Compensation For The Time Being

Recent updates

Shareholders Will Probably Hold Off On Increasing The a2 Milk Company Limited's (NZSE:ATM) CEO Compensation For The Time Being

Nov 13
Shareholders Will Probably Hold Off On Increasing The a2 Milk Company Limited's (NZSE:ATM) CEO Compensation For The Time Being

Here's Why a2 Milk (NZSE:ATM) Has Caught The Eye Of Investors

Oct 29
Here's Why a2 Milk (NZSE:ATM) Has Caught The Eye Of Investors

We Think a2 Milk (NZSE:ATM) Can Manage Its Debt With Ease

Sep 17
We Think a2 Milk (NZSE:ATM) Can Manage Its Debt With Ease

The The a2 Milk Company Limited (NZSE:ATM) Full-Year Results Are Out And Analysts Have Published New Forecasts

Aug 20
The The a2 Milk Company Limited (NZSE:ATM) Full-Year Results Are Out And Analysts Have Published New Forecasts

a2 Milk (NZSE:ATM) May Have Issues Allocating Its Capital

Aug 04
a2 Milk (NZSE:ATM) May Have Issues Allocating Its Capital

The a2 Milk Company Limited's (NZSE:ATM) P/E Is On The Mark

Jul 18
The a2 Milk Company Limited's (NZSE:ATM) P/E Is On The Mark

Here's Why We Think a2 Milk (NZSE:ATM) Is Well Worth Watching

Jun 17
Here's Why We Think a2 Milk (NZSE:ATM) Is Well Worth Watching

Does a2 Milk (NZSE:ATM) Have A Healthy Balance Sheet?

May 21
Does a2 Milk (NZSE:ATM) Have A Healthy Balance Sheet?

Is The a2 Milk Company Limited (NZSE:ATM) Trading At A 38% Discount?

Apr 23
Is The a2 Milk Company Limited (NZSE:ATM) Trading At A 38% Discount?

a2 Milk (NZSE:ATM) Might Be Having Difficulty Using Its Capital Effectively

Apr 10
a2 Milk (NZSE:ATM) Might Be Having Difficulty Using Its Capital Effectively
User avatar

Supply Constraints And Capital Costs Will Weigh On Earnings, But New Products May Improve Future Prospects

The company's expansion and reliance on costly air freight impact margins and could pressure revenue if investment returns disappoint.

Should You Be Adding a2 Milk (NZSE:ATM) To Your Watchlist Today?

Mar 11
Should You Be Adding a2 Milk (NZSE:ATM) To Your Watchlist Today?

With The a2 Milk Company Limited (NZSE:ATM) It Looks Like You'll Get What You Pay For

Feb 17
With The a2 Milk Company Limited (NZSE:ATM) It Looks Like You'll Get What You Pay For

Shareholders Will Probably Hold Off On Increasing The a2 Milk Company Limited's (NZSE:ATM) CEO Compensation For The Time Being

Nov 15
Shareholders Will Probably Hold Off On Increasing The a2 Milk Company Limited's (NZSE:ATM) CEO Compensation For The Time Being

Some Confidence Is Lacking In The a2 Milk Company Limited (NZSE:ATM) As Shares Slide 26%

Nov 12
Some Confidence Is Lacking In The a2 Milk Company Limited (NZSE:ATM) As Shares Slide 26%

Is a2 Milk (NZSE:ATM) Using Too Much Debt?

Nov 07
Is a2 Milk (NZSE:ATM) Using Too Much Debt?

Be Wary Of a2 Milk (NZSE:ATM) And Its Returns On Capital

Oct 20
Be Wary Of a2 Milk (NZSE:ATM) And Its Returns On Capital

The a2 Milk Company Limited's (NZSE:ATM) Share Price Not Quite Adding Up

Sep 14
The a2 Milk Company Limited's (NZSE:ATM) Share Price Not Quite Adding Up

Why a2 Milk's (NZSE:ATM) Earnings Are Better Than They Seem

Aug 26
Why a2 Milk's (NZSE:ATM) Earnings Are Better Than They Seem

Here's What Analysts Are Forecasting For The a2 Milk Company Limited (NZSE:ATM) After Its Full-Year Results

Aug 21
Here's What Analysts Are Forecasting For The a2 Milk Company Limited (NZSE:ATM) After Its Full-Year Results

Does a2 Milk (NZSE:ATM) Have A Healthy Balance Sheet?

Jun 28
Does a2 Milk (NZSE:ATM) Have A Healthy Balance Sheet?

Some Shareholders Feeling Restless Over The a2 Milk Company Limited's (NZSE:ATM) P/E Ratio

Jun 12
Some Shareholders Feeling Restless Over The a2 Milk Company Limited's (NZSE:ATM) P/E Ratio

a2 Milk (NZSE:ATM) May Have Issues Allocating Its Capital

Apr 16
a2 Milk (NZSE:ATM) May Have Issues Allocating Its Capital

Is a2 Milk (NZSE:ATM) Using Too Much Debt?

Mar 09
Is a2 Milk (NZSE:ATM) Using Too Much Debt?

The a2 Milk Company Limited's (NZSE:ATM) 28% Share Price Surge Not Quite Adding Up

Feb 07
The a2 Milk Company Limited's (NZSE:ATM) 28% Share Price Surge Not Quite Adding Up

Some Confidence Is Lacking In The a2 Milk Company Limited's (NZSE:ATM) P/E

Dec 22
Some Confidence Is Lacking In The a2 Milk Company Limited's (NZSE:ATM) P/E

a2 Milk (NZSE:ATM) Could Easily Take On More Debt

Dec 01
a2 Milk (NZSE:ATM) Could Easily Take On More Debt

We Discuss Why The a2 Milk Company Limited's (NZSE:ATM) CEO Compensation May Be Closely Reviewed

Nov 09
We Discuss Why The a2 Milk Company Limited's (NZSE:ATM) CEO Compensation May Be Closely Reviewed

a2 Milk (NZSE:ATM) Will Want To Turn Around Its Return Trends

Oct 31
a2 Milk (NZSE:ATM) Will Want To Turn Around Its Return Trends

Is a2 Milk (NZSE:ATM) A Risky Investment?

Aug 23
Is a2 Milk (NZSE:ATM) A Risky Investment?

a2 Milk (NZSE:ATM) Could Be Struggling To Allocate Capital

Jul 28
a2 Milk (NZSE:ATM) Could Be Struggling To Allocate Capital

a2 Milk (NZSE:ATM) Seems To Use Debt Rather Sparingly

May 24
a2 Milk (NZSE:ATM) Seems To Use Debt Rather Sparingly

Returns On Capital At a2 Milk (NZSE:ATM) Paint A Concerning Picture

Apr 25
Returns On Capital At a2 Milk (NZSE:ATM) Paint A Concerning Picture

Is The a2 Milk Company Limited (NZSE:ATM) Trading At A 47% Discount?

Apr 07
Is The a2 Milk Company Limited (NZSE:ATM) Trading At A 47% Discount?

A Look At The Intrinsic Value Of The a2 Milk Company Limited (NZSE:ATM)

Jan 05
A Look At The Intrinsic Value Of The a2 Milk Company Limited (NZSE:ATM)

The Returns On Capital At a2 Milk (NZSE:ATM) Don't Inspire Confidence

Dec 21
The Returns On Capital At a2 Milk (NZSE:ATM) Don't Inspire Confidence

Does a2 Milk (NZSE:ATM) Have A Healthy Balance Sheet?

Sep 25
Does a2 Milk (NZSE:ATM) Have A Healthy Balance Sheet?

CEO Compensation Analysis

How has David Bortolussi's remuneration changed compared to a2 Milk's earnings?
DateTotal CompensationSalaryCompany Earnings
Jun 30 2025NZ$8mNZ$2m

NZ$203m

Mar 31 2025n/an/a

NZ$188m

Dec 31 2024n/an/a

NZ$174m

Sep 30 2024n/an/a

NZ$171m

Jun 30 2024NZ$7mNZ$2m

NZ$168m

Mar 31 2024n/an/a

NZ$167m

Dec 31 2023n/an/a

NZ$167m

Sep 30 2023n/an/a

NZ$161m

Jun 30 2023NZ$6mNZ$2m

NZ$156m

Mar 31 2023n/an/a

NZ$146m

Dec 31 2022n/an/a

NZ$137m

Sep 30 2022n/an/a

NZ$130m

Jun 30 2022NZ$4mNZ$2m

NZ$123m

Mar 31 2022n/an/a

NZ$71m

Dec 31 2021n/an/a

NZ$20m

Sep 30 2021n/an/a

NZ$50m

Jun 30 2021NZ$2mNZ$744k

NZ$81m

Compensation vs Market: David's total compensation ($USD4.36M) is above average for companies of similar size in the NZ market ($USD1.62M).

Compensation vs Earnings: David's compensation has been consistent with company performance over the past year.

CEO

David Bortolussi (56 yo)

4.8yrs
Tenure
NZ$7,735,437
Compensation

Mr. David L. Bortolussi, BComm, FFin, FCA serves as Advisory Board Member at Whiteoak Pty Ltd. He served as Group President of Innerwear International at Hanesbrands Inc. since April 2019 until February 6,...

Leadership Team

NamePositionTenureCompensationOwnership
David Bortolussi
MD, CEO & Director4.8yrsNZ$7.74m0.21%
NZ$ 16.4m
David Muscat
Chief Financial Officer3.1yrsno data0.0087%
NZ$ 679.1k
Chante Mueller
Head of Investor Relationsno datano datano data
Jaron McVicar
Chief Legal & Sustainability Officer and Company Secretary9yrsno data0.026%
NZ$ 2.0m
Edith Bailey
Chief Marketing Officer3.9yrsno data0.013%
NZ$ 1.0m
Amanda Hart
Chief People & Culture Officer4.2yrsno data0.011%
NZ$ 841.4k
Li Xiao
Chief Executive of Greater China6.6yrsno data0.10%
NZ$ 7.8m
Eleanor Khor
Managing Director of ANZ & Strategy4.5yrsno data0.021%
NZ$ 1.6m
Kevin Bush
Managing Director of USA2.3yrsno data0.069%
NZ$ 5.4m
Yohan Senaratne
Managing Director of Internationalno datano data0.019%
NZ$ 1.5m
Mark Sherwin
Group Head of Finance - FP&A and Risk3.1yrsno datano data
Chopin Zhang
Chief Supply Chain Officer3yrsno datano data
4.0yrs
Average Tenure
56yo
Average Age

Experienced Management: ATM's management team is considered experienced (4 years average tenure).

Board Members

NamePositionTenureCompensationOwnership
David Bortolussi
MD, CEO & Director4.8yrsNZ$7.74m0.21%
NZ$ 16.4m
Lain Jager
Independent Non-Executive Directorless than a yearNZ$105.88kno data
Grant Dempsey
Independent Non-Executive Directorless than a yearno datano data
Pei-Yu Yu
Independent Non-Executive Director3.7yrsNZ$208.79k0.00083%
NZ$ 64.8k
Philippa Greenwood
Independent Non-Executive Chairman6.3yrsNZ$375.00k0.0041%
NZ$ 323.2k
Kathryn Mitchell
Independent Non-Executive Director2.4yrsNZ$200.00k0.0021%
NZ$ 161.6k
Antonio Rivera
Independent Non-Executive Director1yrNZ$121.00kno data
2.4yrs
Average Tenure
56yo
Average Age

Experienced Board: ATM's board of directors are not considered experienced ( 2.4 years average tenure), which suggests a new board.

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/11/19 21:05
End of Day Share Price 2025/11/19 00:00
Earnings2025/06/30
Annual Earnings2025/06/30

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

The a2 Milk Company Limited is covered by 19 analysts. 13 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Thomas KierathBarrenjoey Markets Pty Limited
Jonathan SnapeBell Potter
Josephine FordeBofA Global Research