February wasn't kind to the S&P/ASX 200 Index (ASX: XJO). During the month, the benchmark index lost 4.2% of its value to end the period at 8,172.4 points.

Fortunately, not all ASX 200 shares fell with the market. Let's see why these were the best performers on the index last month:

A2 Milk Company Ltd (ASX: A2M)

The A2 Milk share price was on fire in February and surged 35% higher. The catalyst for this was the release of the infant formula company's half year results. A2 Milk delivered a 10.1% increase in revenue to NZ$893.8 million and 5% lift in EBITDA to NZ$118.9 million. In addition, management upgraded both its revenue and EBITDA margin guidance for FY 2025. It now expects revenue growth of low to mid double-digits (from mid to high single-digit growth) with an EBITDA margin slightly up year on year (from being broadly in line). In addition, A2 Milk declared its first ever dividend.

Megaport Ltd (ASX: MP1)

The Megaport share price was a strong performer and raced 30.5% higher. The release of a strong half year result from this network as a service operator was the catalyst for this strong gain. Megaport reported an 18% increase in annualised recurring revenue (ARR) to $226.6 million and a 12% lift in gross profit to $74.7 million. The company also pleased the market by increasing its guidance for FY 2025. This appears to have led to some short sellers buying back shares to close positions.

Helia Group Ltd (ASX: HLI)

The Helia share price was on form and recorded a gain of 26% in February. This was driven by the release of the lenders mortgage insurance (LMI) provider's full year results. While Helia reported an 11% decline in underlying net profit after tax to $220.9 million, this didn't stop the company from increasing its dividend and declaring a special dividend. Total dividends of 84 cents per share were declared for the year. This represents a whopping 13.75% dividend yield based on its end of month share price.

Light & Wonder Inc. (ASX: LNW)

The Light & Wonder share price wasn't far behind with a gain of 22% last month. Investors were buying the gaming company's shares following the release of its FY 2024 results. Light & Wonder reported a 10% increase in revenue to a record of $3.2 billion and a massive 110% jump in net income to $336 million. Also pleasing the market was management's guidance for FY 2025. It is guiding to low double-digit income growth for the first quarter.