Challenger becomes substantial holder in A2 Milk Company

Challenger Limited and its listed entities became a substantial product holder in The a2 Milk Company (ATM) on November 20, 2025, with their disclosure made on November 24, 2025. The total number of voting products held is 36,801,634 ordinary fully paid shares, representing 5.07% of the 725,426,194 shares in class. The acquisition of these securities was through on-market purchases by Challenger Limited and its entities.

The registered holders of these securities include HSBC Custody Nominees (Australia) Limited with 15,161,676 shares, J.P. Morgan Nominees Australia Pty Limited holding 14,182,685 shares, Citicorp Nominees Pty Limited with 4,204,344 shares, and BNP Paribas Nominees Pty Limited holding 3,252,929 shares. These transactions collectively led to Challenger Limited exceeding the substantial holding threshold.

The disclosure details numerous "Buy" activities contributing to the accumulated stake. Significant buy transactions occurred on August 20, 2025, with multiple acquisitions, and further substantial purchases continued through August 21, 2025, and August 25, 2025. Noteworthy "Sell" transactions also took place on August 4, 2025, and August 21, 2025, but the overall activity resulted in a net increase in Challenger's stake.