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Can Synlait’s Second-Half Recovery Reset the Story After a Difficult FY26?

Can Synlait’s Second-Half Recovery Reset the Story After a Difficult FY26?

Synlait Milk Limited (NZX:SML) reported a challenging FY26, but its second-half performance showed a marked improvement as Manufacturing stability returned. Revenue for the year reached NZ$1.94 billion, while reported EBITDA came in at NZ$8.1 million and reported NPAT was a loss of NZ$75.4 million. The first half was heavily affected by the cost and operational impact of manufacturing issues experienced in 2025. However, second-half execution improved as Manufactured in Spec increased from 91% to 95% and plan attainment rose from 90% to 103%. This translated into a second-half EBITDA of NZ$42.8 million and a NZ$5.2 million net profit, indicating that Synlait’s recovery programme is beginning to translate into financial improvement.

How Did Synlait’s Operations Improve in the Second Half?

Anjali Anand | 28 September 2026
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