Earnings call transcript: Addex Therapeutics falls on H1 2026 update and funding focus

Synlait Milk released its FY26 financial results on September 27, 2026, outlining a challenging year marked by recovery in the second half. The company reported NZD 1.94 billion in total revenue, a 6% increase year-over-year, but faced a net loss of NZD 75.4 million after tax and an underlying net loss of NZD 21.6 million. Synlait's operational improvements were a key focus, with significant gains in manufacturing performance metrics.

Manufactured in spec (MIS) improved from 88% to 93%, production plan attainment rose from 91.7% to 95.5%, and second-half EBITDA reached NZD 42.8 million, marking a NZD 77.5 million improvement from the first half's loss. Despite these improvements, full-year profitability remained elusive, with reported EBITDA falling to NZD 8.1 million and operating cash flow becoming negative at NZD 183.3 million.

The divestiture of North Island assets, completed during FY26, generated NZD 295.7 million in proceeds and a NZD 26 million gain, reducing net debt by 14% to NZD 215 million. The company's recovery roadmap aimed to stabilize operations, simplify processes, and scale up production, with significant progress demonstrated in second-half performance.