Challenger reduces stake in A2 Milk Company

Challenger Limited, along with its listed entities, has announced that it is no longer a substantial holder in The A2 Milk Company Limited (A2M) as of September 29, 2025. This follows a previous notification on August 27, 2025. Over the period, Challenger engaged in numerous buy and sell transactions of A2M securities. Significant activities included a buy of AUD 4,548,038 (472,556 securities) on August 29, 2025, and two large sell-transfers of AUD 22,826,520 (-2,688,636 securities) and AUD 15,557,467 (-1,832,446 securities) on September 29, 2025.

Concurrently, Challenger Limited reported its total voting shares, held by its CPU Share Plans Pty Limited as trustee for the Challenger Performance Plan Trust (CPP Trust), amounted to 33,429 ordinary shares, representing 0.0048% of Challenger’s total shares as of October 1, 2025. Changes in the CPP Trust’s holdings since July 2, 2025, included an acquisition of 239,607 ordinary shares on August 25, 2025, and a significant disposal of 2,609,171 ordinary shares on September 1, 2025, due to vestings under the CPP Trust.

The CPP Trust also recorded additional acquisitions and forfeitures throughout August and September 2025, with a final disposal of 997,547 ordinary shares on September 9, 2025, relating to restricted shares allocation. These movements underscore Challenger's ongoing management of its investment portfolio and employee share plans.