17 August 2026 | 8:02AM AEST Equity Research The a2 Milk Co. (ATM.NZ): First Take: Weak FY27 outlook on sales/marketing to win back customers GS View: FY26 3% NPAT beat due to lower tax rate on US/Pokeno losses. FY27 guidance is the key negative with MSD revenue growth below consensus at ~8% and EBITDA margin 15% below consensus 15.9%. Combined this implies FY27 EBITDA ~8% below VA consensus / 5% below GSe and NPAT below by 7%/3% (based on D&A guidance and 30% effective tax rate). The revenue guidance miss ...