Challenger becomes substantial holder in A2 Milk Company

Challenger Limited, along with its listed entities, has become a substantial holder in The A2 Milk Company Limited (A2M) as of November 20, 2025. The company now holds a relevant interest in 36,801,634 ordinary fully paid securities, representing 5.07% of the total voting power.

The acquisition of this substantial holding occurred through a series of on-market purchases and sales, as well as off-market transfers by Challenger Limited and its associated entities. The notice details transactions dating back to July 29, 2025, involving numerous buy and sell orders.

The registered holders of these securities include HSBC Custody Nominees (Australia) Limited with 15,161,676 shares, J.P. Morgan Nominees Australia Pty Limited with 14,182,685 shares, Citicorp Nominees Pty Limited with 4,204,344 shares, and BNP Paribas Nominees Pty Limited with 3,252,929 shares.