a2 Milk company issues new performance rights under LTI plan

The a2 Milk Company Limited (ATM) has issued 324,606 Performance Rights, representing 5.22% of the total Performance Rights on issue as of the notice date. These rights, issued under the company's Long Term Incentive (LTI) Plan, are for nil consideration and are not quoted. Upon vesting and automatic exercise, each right grants entitlement to an ordinary share in ATM, subject to performance hurdles and the holder's continued employment.

The Performance Rights, with a nil exercise price, are expected to vest on a date to be determined by the board after the release of ATM's full-year audited results for FY28. This issuance follows board resolutions and approval at ATM's annual meeting on November 20, 2025, as part of ongoing long-term incentive arrangements.

Following this issuance, the total number of Performance Rights on issue (excluding treasury stock) stands at 6,543,677. Any ordinary shares issued upon vesting and exercise of these Performance Rights will rank equally with existing ordinary shares. The issue date for these rights was December 8, 2025.