Slides
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Annual Meeting Presentation Friday 21 November 2025 For personal use only
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Voting Online • Voting is now open. • To vote, click the vote tab and select your preferred option. Once your vote is cast, a tick will appear. • There is no submit or send button. Y our selection is automatically recorded, and you can change it until voting closes. PAGE 2 ANNUAL MEETING PRESENTATION 2025 For personal use only
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• To ask a question, click on the Q&A icon. • Click on the box, type your question, and press submit. • Y our question will be asked at the appropriate part of the meeting. • Please ensure questions are concise, clear, and relevant to the meeting. Asking A Question Online PAGE 3 ANNUAL MEETING PRESENTATION 2025 For personal use only
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• Use the Q&A tab to message a Computershare representative. • Check the virtual meeting guide issued with the Notice of Meeting or on Synlait’s website. • Call the Computershare team on +64 9 488 8777 . Need Help? PAGE 4 ANNUAL MEETING PRESENTATION 2025 For personal use only
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Chair Address George Adams PAGE 5 For personal use only
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Agenda • Chair Address • CEO Address • Resolutions & Voting • Other Business ANNUAL MEETING PRESENTATION 2025 PAGE 6 For personal use only
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Your Board Paul Washer (Retiring) Leon Fung Paul McGilvary Tao Zhang George Adams Edward Yang Independent Directors Bright Dairy Appointed Directors Julia Zhu Chair PAGE 7 ANNUAL MEETING PRESENTATION 2025 For personal use only
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Board Committees Leon Fung Paul McGilvary Paul McGilvary George Adams George Adams Audit & Risk People, Environment, & Governance Julia Zhu Chair Chair PAGE 8 ANNUAL MEETING PRESENTATION 2025 For personal use only
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Looking Back: Board Priorities $130m Bright Dairy shareholders loan July 2024 Growing secured milk supply January to March 2025 Richard Wyeth appointed CEO March 2025 HY25 result return to profitability March 2025 Dunsandel manufacturing challenges Q4 of FY25 Milk supply secured April 2025 Return to profitability signalled, new milk premiums January 2025 CEO resignation October 2024 $180m bond redemption November and December 2024 North Island assets sale announced September 2025 Guidance withdrawal July 2024 New CFO appointment August 2024 The a2 Milk Company settlement August 2024 Equity raise and bank refinancing announced August 2024 Shareholders approve equity raise September 2024 A prolonged period of fire-fighting to ensure Synlait’s survival. PAGE 9 ANNUAL MEETING PRESENTATION 2025 For personal use only
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Current Focus: Board Priorities FY26 Executing a fulsome balance sheet reset and creating a plan for the future. North Island assets to be sold to global healthcare leader, Abbott. Pressure test previous priorities. Proceeds (circa NZ$307 million) to reduce Synlait’s debt. Careful exploration of customer and product diversification opportunities. Due for completion on 1 April 2026. Creation of a strong platform for Synlait’s success. Shareholder approval sought today. Update provided in March 2026. A turning point Synlait has fought hard for and is ready to embrace. Debt reduction Future strategy PAGE 10 ANNUAL MEETING PRESENTATION 2025 For personal use only
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Optimising operational excellence Capital strategy Looking Forward: Resetting Synlait Creating the roadmap to return Synlait to success. Strategic partnerships Premium product and innovation pipeline A clear pathway to sustainable growth Dunsandel strategy PAGE 11 ANNUAL MEETING PRESENTATION 2025 For personal use only
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CEO Address Richard Wyeth PAGE 12 ANNUAL MEETING PRESENTATION 2025 For personal use only
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FY26: Delivering An Operational Step Change Back to basics approach to uplift operational stability. Underpinned by: Right people, right place Training and capability uplift Quality focus PAGE 13 ANNUAL MEETING PRESENTATION 2025 For personal use only
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Big 6 for ‘26: Update On Current Focus Areas Shifting Synlait from reactive recovery to proactive performance. Operational Stability Quality Performance Customer Satisfaction Strengthening Culture Financial Performance Financial Resilience PAGE 14 ANNUAL MEETING PRESENTATION 2025 For personal use only
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Moving Forward FY26 will see Synlait reshaped and well-positioned to capitalise on the growing global demand for New Zealand dairy. Strong South Island business Stronger strategic partnerships High quality Canterbury milk supply Commercially-smart sustainability World-class team and facilities Premium product and innovation offering Operational excellence Connectivity to global markets The right strategy to deliver sustainable, long-term value PAGE 15 ANNUAL MEETING PRESENTATION 2025 For personal use only
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• To ask a question, click on the Q&A icon. • Click on the box, type your question, and press submit. • Y our question will be asked at the appropriate part of the meeting. • Please ensure questions are concise, clear, and relevant to the meeting. Asking A Question Online PAGE 16 ANNUAL MEETING PRESENTATION 2025 For personal use only
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Resolutions & Voting ANNUAL MEETING PRESENTATION 2025 PAGE 17 For personal use only
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Resolution 1: Director Re-election That Paul McGilvary be re-elected as a Director. Voting Online To vote, click the vote tab and select your preferred option. Once your vote is cast, a tick will appear. There is no submit or send button; your selection is automatically recorded, although it can be changed up until the voting closes. Need Help? Call Computershare on +64 9 488 8777. PAGE 18 For personal use only
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Resolution 2: Director Election That Yi (Julia) Zhu be elected as a Director. Voting Online To vote, click the vote tab and select your preferred option. Once your vote is cast, a tick will appear. There is no submit or send button; your selection is automatically recorded, although it can be changed up until the voting closes. Need Help? Call Computershare on +64 9 488 8777. PAGE 19 For personal use only
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Resolution 3: Auditor’s Remuneration Voting Online To vote, click the vote tab and select your preferred option. Once your vote is cast, a tick will appear. There is no submit or send button; your selection is automatically recorded, although it can be changed up until the voting closes. Need Help? Call Computershare on +64 9 488 8777. That the Board be authorised to determine the auditor’s fees and expenses for the coming financial year. PAGE 20 For personal use only
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Resolution 4: North Island Sale That the North Island Sale is approved under and for the purposes of NZX Listing Rule 5.1.1(b). Voting Online To vote, click the vote tab and select your preferred option. Once your vote is cast, a tick will appear. There is no submit or send button; your selection is automatically recorded, although it can be changed up until the voting closes. Need Help? Call Computershare on +64 9 488 8777. PAGE 21 For personal use only
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Proxy Votes Cast Ahead Of The Meeting Resolution 1 For Open Against Total Abstain Resolution 2 Resolution 3 Resolution 4 520,632,893 (99.69%) 521,260,795 (99.78%) 520,770,385 (99.72%) 520,561,128 (99.69%) 1,285,927 (0.25%) 1,282,448 (0.25%) 1,129,701 (0.22%) 1,276,803 (0.24%) 344,101 (0.07%) 35,094 (0.01%) 185,257 (0.04%) 337,317 (0.06%) 522,259,442 522,184,372 522,232,445 522,425,590 180,125 13,977 207,122 255,195 PAGE 22 ANNUAL MEETING PRESENTATION 2025 For personal use only
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Other Business ANNUAL MEETING PRESENTATION 2025 PAGE 23 For personal use only
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• To ask a question, click on the Q&A icon. • Click on the box, type your question, and press submit. • Y our question will be asked at the appropriate part of the meeting. • Please ensure questions are concise, clear, and relevant to the meeting. Asking A Question Online PAGE 24 ANNUAL MEETING PRESENTATION 2025 For personal use only
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This Concludes Synlait’s 2025 Annual Meeting ANNUAL MEETING PRESENTATION 2025 PAGE 25 For personal use only
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This presentation is given on behalf of Synlait Milk Limited (Synlait). Information in this presentation: • comprises a statement or report made to or for the purposes of a meeting of Synlait’s shareholders and is provided for general information purposes only, and is not an offer or invitation for subscription, purchase, or recommendation of securities in Synlait; • should be read in conjunction with, and is subject to, Synlait’s audited Annual Report for the twelve months ended 31 July 2025, prior annual and interim reports and Synlait’s market releases on the NZX and ASX; • includes forward-looking statements about Synlait and the environment in which Synlait operates which are subject to uncertainties and contingencies outside of Synlait’s control. Synlait’s actual results or performance may differ materially from these statements; • includes statements relating to past performance, which should not be regarded as a reliable indicator of future performance; • may contain information from third parties believed to be reliable; however, no representations or warranties are made as to the accuracy or completeness of such information; and • is current at the date of this presentation, unless otherwise stated. Synlait is not under any obligation to update this presentation at any time after its release, whether as a result of new information, future events or otherwise. All currency amounts are expressed in New Zealand dollars unless otherwise stated and figures, including percentage movements, are subject to rounding. Similarly, unless otherwise indicated, all references to a year in the presentation are for the financial year ended 31 July 2025. Synlait, its directors, employees and/or shareholders shall have no liability whatsoever to any person for any loss arising from this presentation or any information supplied in connection with it. Nothing in this presentation constitutes financial, legal, tax or other advice. Synlait has been designated as a “Non-Standard” (NS) issuer by NZX due to the nature of the company’s constitution. In particular, Bright Dairy and Food Co Limited (which holds its shares in Synlait through its wholly-owned subsidiary, Bright Dairy Holding Limited) has the right to appoint four directors to the board of Synlait. For the purposes of this Disclaimer and Important Notice, “presentation” means this presentation, any presentation of this presentation by Synlait and any question and answer session that follows that presentation. Disclaimer PAGE 26 ANNUAL MEETING PRESENTATION 2025 For personal use only