Synlait Milk Limited reports US$1.1B revenue in FY2026

NEW ZEALAND – Synlait Milk Limited has reported revenue of US$1.1 billion in FY 2026, reflecting a difficult first half, followed by a second half in which a return to operational stability flowed through to improved financial performance.

Reported EBITDA was US$4.58 million, with underlying EBITDA was US$26.18 million with a reported net loss after tax of US$42.61 million), with an underlying net loss after tax of US$12.21 million.

As a result of year-end processes and the finalisation of the milk price for 2025/26, the EBITDA and NPAT measures above sit slightly outside the range Synlait provided in its August performance update1.

Synlait’s operations recovered in the second half of the year: manufactured in Spec (MIS) rose from 91% in the first half to 95%, and plan attainment increased from 90% in the first half to 103%.

That operational stability lifted 2H financial performance:  reported EBITDA rose to US$24.18 million in and reported NPAT to a US$2.94 million net profit after tax in the second half.

Acting CEO Leon Fung said: “The operational and financial results for the second half show Synlait is making progress, but we are not getting ahead of ourselves. Our focus is on working carefully to ensure Synlait’s recovery continues.

“We have plans to navigate the challenges ahead and rebuild Synlait, with diversified revenue streams, so the company is more resilient and better positioned for the future.”

Additionally, the company confirmed its final base milk price for the 2025/26 season as $9.69 per kg of milk solids, with average incentives of $0.38 per kgMS paid on top. The total average payment to Synlait’s farmers is $10.07 per kgMS.

Synlait’s forecast base milk price for the 2026/27 season is $9.50 per kgMS, not including incentives.

Mr Fung said: “We are very proud to have delivered the second highest milk price in Synlait’s history for the 2025/26 season. Synlait’s farmers are among the most progressive in New Zealand – particularly when it comes to sustainability. We are grateful for their hard work and ongoing support.”

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