#1Synlait FULL YEAR RESULTS INVESTOR PRESENTATION For the 12 months ended 31 July 2023#2KEY TAKEAWAYS FROM TODAY Joyhana (UHT cream) launched, commercial sales underway. FY 23 Extremely challenging financial year, with a poor financial result delivered. State Administration for Market Regulation (SAMR) re-registration achieved. Synlait SAFE: *TRIFR reduced >30% since Synlait Safe launch in November 2022. ELT renewal. STRATEGY REFRESH COMPLETED Creation of a more focused Synlait. TRIFR is Total Recordable Injury Frequency Rate, reduced to 10.6 at the end of FY 23. PAGE 2 FULL YEAR RESULTS INVESTOR PRESENTATION 2023#3FINANCIAL PERFORMANCE Robert Stowell Chief Financial Officer Align Farms Ltd - Emilius, Carew, Canterbury. FULL YEAR RESULTS INVESTOR PRESENTATION 2023#4RESULTS AT A GLANCE $1.60B ▼ 3% T $ $ TOTAL GROUP REVENUE ($4.3M) TOTAL GROUP NPAT $90.7M TOTAL GROUP EBITDA $42.8M ▼ $40.9M $8.22kg MS TOTAL BASE MILK PRICE 12% $2.5M $33.8M ADJUSTED TOTAL GROUP NPAT¹ $95.6M ▼ $27.4M ADJUSTED TOTAL GROUP EBITDA¹ $8.49 kg MS TOTAL AVERAGE MILK PRICE All comparisons are to FY 22 and include the results of Dairyworks which has been treated as a discontinued operation. 1 Refer to slide 5 for a reconciliation of adjusted NPAT and EBITDA. PAGE 4 ▼ 11% $144.0M ▼ $2.8M TOTAL GROUP GROSS PROFIT $39.0M OPERATING CASHFLOW ▼ 83% $65.1M 32% CAPITAL EXPENDITURE $413.5M NET DEBT ▲ 21% FULL YEAR RESULTS INVESTOR PRESENTATION 2023#5SYNLAIT'S FY 23 RESULT Decreased Advanced Nutrition margin, significant ERP implementation costs, high inflationary pressures, and increased interest costs significantly impacted financial performance in FY 23. Ingredients Overall margin ($2.9m) unfavourable to FY 22. Volume impact: ($10.3m) adverse. Sales volumes 23,625 MT (18%) lower due to FY 22 benefiting from high carry over of ingredients from FY 21 and 38% higher Advanced Nutrition base powder production displacing ingredient production and sales. Margin impact: $7.4m favourable driven by SMP/AMF lead bucket performance, offset by a more normal level of FX performance and higher manufacturing overheads. Advanced Nutrition Overall margin ($16.8m) adverse to FY 22. Volume impact: ($3.4m) adverse. Volumes 1,535 MT (5%) lower than FY 22 because of reductions and deferrals in demand and SAMR re-registration delays. Margin impact: ($13.4m) adverse. Driven by timing impact of lag pricing mechanisms, a more normal level of FX performance compared to FY 22, and significantly higher overhead costs. Impact was offset by higher base powder manufacture and continued strong lactoferrin pricing. 1 These items have been excluded as they do not reflect future operating expenses or revenue and will be inconsistent in amounts and frequency making it difficult to contribute to a meaningful evaluation of our operating performance. 2 FY 22 adjusted NPAT has been restated to include ERP implementation costs for consistency with FY 23 adjustments This has resulted in FY 22 adjusted NPAT increasing to $36.3m from $34.0m. PAGE 5 Consumer (Beverages & Cream and Dairyworks) Overall margin $7.6m favourable to FY 22, of which $4.3m related to Beverages & Cream and $3.3m related to Dairyworks. Volume impact: ($1.0m) adverse as Dairyworks sold less butter. Margin impact: $8.6m favourable as beverages benefited from pricing lag and lower overhead costs. Dairyworks benefited from the closure of the Temuka plant and first full year of new cool store operations. Milk trading and other $11.1m favourable to FY 22 due to raw milk and cream sales to enable alignment of product mix to SMP/AMF lead bucket, impact of Synlait Farms, Foodservice and other eliminations. SG&A expenses $21.0m increase in adjusted SG&A costs with drivers being employee costs, consultancy & legal, travel, and general inflation. Recurring ERP costs • • Annual recurring ERP costs (including depreciation) were $10.6m. Financing costs $12.8m increase in adjusted financing costs due primarily to rising interest rates. 36.3 (2.9) FY 22 NPAT adjusted Adjusted NPAT bridge ($ millions) 11.1 (16.8) Ingredients margin Advanced Nutrition margin 7.6 Consumer margin Milk trading & other (21.0) (10.6) (12.8) Adjusted SG&A costs Recurring ERP costs Adjusted 11.6 2.5 costs financing Adjusted income taxes FY 23 NPAT adjusted Reconciliation of reported to adjusted NPAT and EBITDA ($ millions) FY 23 (4.3) FY 222 38.5 Reported NPAT Items affecting comparability': ERP implementation costs Contract dispute and transaction costs Gain on sale of New Zealand Units (NZUS) Gain on sale and lease back Interest costs attributable to ERP implementation 6.8 3.3 1.9 (1.8) - (11.9) 4.5 Impairment of Temuka cheese plant (Dairyworks) 12.2 Legal settlement (Dairyworks) (2.0) Tax impact of above items (2.6) (5.8) Total NPAT adjustment Adjusted NPAT 6.8 (2.2) 2.5 36.3 4.9 (8.6) Reported EBITDA 90.7 131.6 Adjusted EBITDA 95.6 123.0 Total EBITDA adjustment FULL YEAR RESULTS INVESTOR PRESENTATION 2023#6REVENUE AND SALES VOLUMES Total revenue attributable to business units was down 8% ($117m) driven by lower ingredient sales volumes (down 18%) due to higher FY 21 carry-over inventory in FY 22, lower Global Dairy Trade (GDT) prices, and higher production of Advanced Nutrition base powders which displaced production of ingredient powders. Ingredients Revenue down 20% (FY 23: $661m, FY 22: $826m) driven by: Reduction in sales volumes of 18% (FY 23: 108,856 MT, FY 22: 132,481 MT) due to FY 22 benefiting from high carry over inventory (~10,000 MT) from FY 21 as a result of COVID-19 related delays. Increased Advanced Nutrition base powder production displacing production of ingredient powders, operational stability challenges, and higher milk sales at our Pokeno site to accommodate the processing upgrade project. Sales volumes mainly comprised of SMP/AMF (FY 23: 81% vs. FY 22: 61%) which was the lead bucket for most of the year. This significantly outperformed WMP and reduced the impact of lower sales volumes. Steadily declining GDT prices over the year due to reducing Chinese demand. Advanced Nutrition Revenue up 6% (FY 23: $440m, FY 22: $416m) driven by: Overall sales volumes lower by 5% (1,535 MT) due to a combination of reduced and deferred demand. Updated pricing which reflects recent significant increases in raw materials and packaging prices. Lactoferrin pricing remained strong in the period, however external sales were down 7 MT (FY 23: 30 MT, FY 22: 37 MT) as we consumed product into base powder production. Consumer Sales revenue increase of 6% (FY 23: $329m, FY 22: $309m) driven by: Impact of lag pricing and higher cheese prices passed through to customers compared to FY 22. Offset by 5% lower sales volumes (FY 23: 56,999 MT, FY 22: 59,786 MT) due to lower butter sales. Foodservice First sales of 757 MT ($4m) made in China for the JOYHANA branded UHT cream. Market feedback is positive with significant potential for higher sales volumes moving into FY 24. Other amounts not allocated to core business units Sales of raw milk and cream increased significantly on prior year (FY 23: $141m, FY 22: $91m) This is due to maximising the SMP/AMF bucket over WMP and production of infant base powder being pushed into the high milk flow months due to raw material shortages and operational stability challenges in the first half of the year. * Sales revenue ($ millions) Total* Ingredients Advanced Consumer** Foodservice Nutrition FY 21 1,307 635 406 266 FY 22 1,551 826 416 309 FY 23 1,434 661 440 329 4 Sales volume (MT) Total* Ingredients FY 21 FY 22 FY 23 218,759 225,773 198,583 125,914 132,481 108,856 58,483 59,786 Advanced Consumer** Foodservice Nutrition 34,362 33,506 31,971 56,999 757 Excludes amounts not attributable to business units. Dairyworks sales revenues were $283m (FY 22: $264m), with sales volumes of 24,781 MT (FY 22: 27,814 MT). PAGE 6 FULL YEAR RESULTS INVESTOR PRESENTATION 2023#7PRODUCTION AND CLOSING INVENTORY VOLUMES Production volumes decreased 2% (3,804 MT) primarily due to reductions in ingredient volumes because of higher Advanced Nutrition base powder production, partially offset by higher production of UHT whipping cream and milk products. Closing finished goods and work-in-process inventories were up 31% due mainly to a build in Advanced Nutrition base powders. Ingredients Production volumes down 12% (FY 23: 108,010 MT, FY 22: 122,330 MT) driven by: Advanced Nutrition base powder production up 38% displacing ingredients production. Reduction in milk processed of 4% (FY 23: 76.0m kgMS, FY 22: 78.9m kgMS) due to optimisation of the SMP/AMF lead bucket. After record-high ingredient inventory levels at H1 23 due to ERP implementation issues, closing inventory finished down 35% year on year (FY 23: 5,531 MT, FY 22: 8,457 MT). Advanced Nutrition Production volumes up 26% (FY 23: 39,159 MT, FY 22: 31,016 MT) driven by: Base powder production up 38% driven by timing of new SAMR registration and to enable maximisation of FY 24 milk processing in peak milk months. Lactoferrin production consistent with prior year. The higher production and demand reductions in H2 have resulted in higher closing inventory, up 82% (FY 23: 17,349 MT, FY 22: 9,519 MT). PAGE 7 Consumer Production volumes consistent with prior year (FY 23: 53,753 MT, FY 22: 52,894 MT): Small increase in volume due to commencement of contract manufacture of ready-to-drink (RTD) milk beverages. Dairyworks volumes were largely consistent compared to the prior year (FY 23: 21,195 MT, FY 22: 21,274 MT). Foodservice 1,514 MT of UHT whipping cream produced for China market, with 773 MT on hand on 31 July 2023. Raw materials inventory While closing volumes decreased only slightly at 3% (FY 23: 17,240 MT, FY 22: 17,738 MT), total value was up $20.2m (FY 23: $116.0m, FY 22: $95.8m) due to a change in inventory mix to accommodate higher Advanced Nutrition production and new products launching in early FY 24. Also impacted by: Higher costs driven by high inflation. Higher balance of bulk cheeses at Dairyworks due to earlier phasing of maturation cheese replenishment. Production volume (MT) Total* Ingredients Advanced Consumer** Foodservice Nutrition FY 21 FY 22 FY 23 215,049 206,240 202,436 138,971 122,330 108,010 20,990 31,016 39,159 55,088 52,894 53,753 1,514 Finished goods and work-in-process closing inventory volume (MT) Total* Ingredients Advanced Consumer✶✶ Foodservice Nutrition FY 21 FY 22 FY 23 32,836 19,399 25,499 18,101 8,457 5,531 12,515 9,519 17,349 2,220 1,423 1,846 773 Excludes amounts not attributable to business units. Dairyworks production volume was 21,195 MT (FY 22: 21,274 MT), with closing finished goods and work-in-process inventory of 1,382 MT (FY 22: 995 MT). FULL YEAR RESULTS INVESTOR PRESENTATION 2023#8GROSS MARGIN PERFORMANCE Group gross profit was largely consistent with the prior year (FY 23: $144.0m, FY 22: $146.8m). Overall performance fell short of expectations due to lower than forecast Advanced Nutrition margin and significant cost pressures due to operational stability challenges and inflation. Ingredients 5% decrease in gross profit performance (FY 23: $54.6m, FY 22: $57.5m) driven by: Reduction in sales volumes due to 38% higher Advanced Nutrition base powder production displacing ingredient powders production. Gross margin on a per MT basis increased 16% (FY 23: $501/MT, FY 22: $434/MT). This is due to excellent alignment to the SMP/AMF lead bucket which prevailed for most of the year. Advanced Nutrition Decrease in gross margin of 23% (FY 23: $57.0m, FY 22: $73.8m) driven by: Lower sales volumes of infant formula, the impact of which was offset by higher production of infant base powders driving higher recoveries of overheads. Gross margin per MT decreased 19% (FY 23: $1,782/ MT, FY 22: $2,203/MT). This is due to: Lag pricing mechanisms which are unfavourable in periods of high inflation. Higher write-downs of inventories and other financial impacts due to operational stability challenges which cannot be passed onto the customers. Consumer Gross profit increase of $7.6m (FY 23: $29.0m, FY 22: $21.3m) driven by: • Benefit from large pricing lag and lower manufacturing overhead costs. No further sales of high-cost cheeses manufactured at Temuka, the closure of which reduced operational costs. Dairyworks cool store commissioned in FY 22 also contributed to savings in storage and handling costs. Foodservice Gross profit loss of ($0.2m) as initial sales made into China. Margin attainment is expected to improve as volumes increase. Current year margin has been impacted by write-offs during initial product runs. Other margin $3.7m difference between Group gross profit of $144.0m and business unit gross profit of $140.4m relates primarily to the impact of raw milk and cream sales, Synlait farms, and other recoveries. PAGE 8 Gross profit ($ millions) Total* Ingredients Advanced Consumer*** Foodservice Nutrition** FY 21 70.0 14.5 45.0 10.5 FY 22 152.6 57.5 73.8 21.3 FY 23 140.4 54.6 57.0 29.0 (0.2) Gross profit ($/MT) Total* Ingredients FY 21 320 FY 22 676 FY 23 707 115 434 501 Advanced Nutrition** 1,310 2,203 1,782 Consumer*** Foodservice 179 357 508 (313) * Excludes amounts not attributable to business units ** Restated to exclude costs relating to raw milk and cream sales *** Dairyworks FY 23 gross profit was $26.1m (FY 22: $22.8m) and gross profit per MT was $1,053/MT (FY 22: $818/MT) FULL YEAR RESULTS INVESTOR PRESENTATION 2023#9SG&A & MANUFACTURING COSTS Increase driven by higher people costs, ERP and other costs, and general cost pressures due to high inflation. In summary, SG&A and manufacturing costs have increased $37.0m and $34.7m, respectively compared to FY 22. SG&A and ERP costs Increases compared to FY 22 include: Employee costs up $9.8m due to inflationary wage increases, additional FTEs to support anticipated demand increases and ERP implementation, ELT renewal, less capitalised labour, and higher rates of illness (COVID-19) covered by overtime and temporary staff. Consultancy and legal up $4.2m due to a significant contract dispute, capital structure review and bank refinancing, and divestment of Dairyworks. Distribution costs up $1.9m, driven by high demurrage costs due to ERP disruption in H1 23. Travel up $1.6m as our sales teams returned to key and developing markets after COVID-19 and as we commissioned our Pokeno site in preparation for the launch of new Advanced Nutrition products. Depreciation up $1.4m due to new Auckland warehouse and equipment leases. Increase in other of $2.3m is due to impact of inflation and immaterial line-item reclassifications. Recurring ERP costs of $10.6m include depreciation ($6.1m) and ongoing service/support costs ($4.5m). Additional ERP cost ($3.5m) incurred during stabilisation phases. Dairyworks up $1.7m due to across-the-board impact of inflation on wages and operational costs. PAGE 9 Manufacturing costs Increases compared to FY 22 include: . • Employee costs (including independent contractors) up $15.9m, driven by: Significant increase in staff in anticipation of higher Advanced Nutrition demand and to mitigate impacts of ERP challenges. Establishment of contingent workforce to mitigate risk of downtime due to staff shortages. Impacts of higher-than-normal wage increases due to inflation, higher overtime due to a tight labour market, and less capitalised labour as major capital projects wound up. Freight up $4.5m due to higher fuel costs and shipping rates. Milk supply costs up $3.8m due to higher milk transport costs and incentives. Energy costs up $3.6m due to higher energy prices. Repairs and maintenance up $3.5m due to plant outages, higher preventative maintenance and inflation. Consumables up $1.9m due to increased testing requirements and inflation. Farms up $1.3m due to first full year of operations. Dairyworks savings of $1.5m reflect idling of Temuka cheese plant and first full year of cool store operations. FY 22 contractors Employees & Freight Milk supply FULL YEAR RESULTS INVESTOR PRESENTATION 2023 Energy Repairs & maintenance FY 22 contractors Employees & Consultancy & legal Distribution Travel Depreciation Manufacturing cost movement ($ millions) Other/inflation 15.9 4.5 3.8 3.6 3.5 1.9 1.7 1.3 304.5 269.8 (1.5) $34.7m total increase in manufacturing overhead costs Consumables Other/inflation Farms Dairyworks FY 23 SG&A and ERP cost movement ($ millions) 10.6 3.5 1.7 129.3 9.8 4.2 1.9 1.6 1.4 2.3 92.3 $37.0m total increase in SG&A and ERP costs Recurring ERP costs ERP stabilisation Dairyworks FY 23#10CASH FLOW AND NET DEBT Net debt ended 21% ($71.6m) higher than FY 22 due to lower operating cash flows, significantly higher interest costs, and Advanced Nutrition base powder build. Operating cash flows Operating cash flows decreased by $193.9m (FY 23: $39.0m, FY 22: $232.9m) driven by: Significant increases in employee and other operating costs due to high inflation and significant costs due to ERP and operational stability challenges. $70m increase in inventory levels due to higher Advanced Nutrition base powder manufacture and higher raw materials balances due to higher landed costs and change in product mix. Less sales of carryover inventory compared to FY 22 - a year where revenues benefited from higher-than- normal inventory levels at the end of FY 21. Capital expenditure CAPEX down 32% (FY 23: $65.1m, FY 22: $96.3m) driven by: Substantial completion of Pokeno processing upgrade project which has enabled commencement of production for new portfolio of Advanced Nutrition products. Completion of our ERP implementation and SAMR registration projects. Capital spend has wound down and is expected to comprise substantially of routine maintenance capital expenditure moving forward, with an expectation of less than $30m of spend in FY 24. Financing costs Higher interest costs adversely impacted net debt by $44.0m. This is up by $17.9m on FY 22 due to: Significant increases in interest rates (impact of $12.6m). The effective interest rate in FY 23 was 5.5% (FY 22: 3.3%). Higher debt load during the first nine months of the year due to ERP challenges. Total interest attributed to this was $4.5m. Financing cash flows and net debt 341.9 (39.0) FY 22 net debt Net debt movement ($ millions) 44.0 3.8 413.5 65.1 (2.3) • Net debt up $71.6m or 21% (FY 23: $413.5m, Net cash from operating activities ($ millions) Net debt ($ millions) FY 22: $341.9m) because of lower operating cash flows, higher interest costs, and Advanced Nutrition base powder build. 232.9 136.7 333.6 103.8 Synlait anticipates that net debt will reduce significantly in FY 24 as Dairyworks is sold and operating cash flows improve. Balance sheet and leverage Balance sheet metrics have deteriorated in FY 23. The net debt to EBITDA ratio is 4.6x (normalised 4.3x). Synlait is targeting a net debt to EBITDA ratio of below 3.5x in FY 24 through the divestment of Dairyworks and improved profitability. Banking facilities See next slide for further info on banking facilities. 18.4 39.0 FY 19 FY 20 FY 21 FY 22 FY 23 527.0 479.4 413.5 341.9 FY 19 FY 20 FY 21 FY 22 FY 23 PAGE 10 FULL YEAR RESULTS INVESTOR PRESENTATION 2023#11DEBT FACILITIES AND BANKING COVENANTS Synlait is pleased to announce it has successfully refinanced its debt facilities, introducing four new banks into the banking syndicate. The new syndicate, led by ANZ Bank, provides increased service offerings and capacity at a very reasonable cost. Synlait's revised syndicated bank facilities are with ANZ Bank, Bank of China, China Construction Bank, HSBC and Rabobank. The secured facilities are summarised as follows: 1. Working capital facility of $240m, maturing 1 October 2024, together with a $10m on-demand bilateral facility. This facility is a seasonal facility where the facility limit changes at several times during the term of the facility. 2. Revolving credit facilities of $230m. These facilities also step down over time with maturity dates between 31 July 2024 and 1 October 2025. In addition, the Group is required to make a prepayment of at least $130m by no later than 31 March 2024. Synlait also has borrowings through retail bonds: Synlait currently has $180m of five-year unsecured subordinated fixed rate bonds which were listed on the NZX Debt Market in December 2019, and mature on 17 December 2024. Synlait has key financial covenants in place with its banking syndicate. Covenants for the recently executed facilities agreement are: 1. Total shareholder funds of no less than NZD $600m at all times. 2. Working capital ratio of no less than 1.5x at all times. 3. 4. 5. Interest coverage ratio of no less than 2.25x for the 31 July 2024 reporting date, increasing to 3.0x for the 31 July 2025 reporting date. Leverage ratio of no greater than 3.5x for the 31 July 2024 reporting date, decreasing to no greater than 3.25x on and from the 31 July 2025 reporting date. Senior leverage ratio of no greater than 2.25x for 31 July 2024. Synlait capital structure requirements: Synlait has completed a comprehensive review of its capital structure. The refinance of bank debt was the first step in execution of its capital strategy. Synlait is likely to refinance the subordinated bond in part or wholly with senior bank debt, however will continue to explore options before a final decision is made. To ensure successful refinance of the bond in December 2024, Synlait is working towards deleveraging by divesting Dairyworks, managing working capital efficiently, increasing profitability and reducing capital expenditure. ANZH 中国银行 BANK OF CHINA PAGE 11 CCB 中国建设银行 China Construction Bank HSBC Rabobank FULL YEAR RESULTS INVESTOR PRESENTATION 2023#12BUSINESS UPDATE Grant Watson Chief Executive Officer Mt Hutt Dairies, Mt Hutt, Canterbury. FULL YEAR RESULTS INVESTOR PRESENTATION 2023#13ADVANCED NUTRITION Leadership Naiche Nogueira started as Director of Advanced Nutrition in January 2023. Strategy Five-year Advanced Nutrition strategy refresh completed. Team structure streamlined and aligned to strategic priorities. Category focus on early life and adult nutrition (includes infant formula, paediatric or adult nutrition products) and advanced ingredients (e.g., lactoferrin products). Focused on B2B relationships where Synlait can provide formulated powers in bulk or consumer-ready format or formulated beverages with key focused partners The a2 Milk Company, and strategic Chinese and Southeast Asia local partners. Business development Synlait now has its plant-based capability fully ratified, allowing it to produce non-dairy and dairy/non-dairy hybrid nutrition products. Related new product development work initiated and aligned to strategic priorities. Achievements State Administration for Market Regulation (SAMR) achieved Synlait achieved re-registration of The a2 Milk Company's Chinese labelled Infant Formula (stages one, two and three) in June 2023. Re-registration allows Synlait to manufacture and export this product for China until September 2027. USA market access ZMILK 至初 幼儿配方奶粉 (12-36月龄,3段) 3 All three Synlait manufacturing sites (Dunsandel, Pokeno and Auckland) were audited by the US Food and Drug Administration and received positive outcomes. Synlait and The a2 Milk Company Nutritional Powders Manufacturing and Supply Agreement (NPMSA) update Synlait has received notice from The a2 Milk Company purporting to cancel the exclusivity arrangements under the NPMSA for the a2 PlatinumⓇ and other nutritional products. Synlait reminds investors that: Synlait disputes that The a2 Milk Company has the right to cancel the exclusivity arrangements. The purported cancellation relates only to the exclusivity arrangements. The NPMSA remains in place but may be terminated by either party on three years' notice. The a2 Milk Company has confirmed to Synlait that it will in practice maintain exclusivity with Synlait until such time as the matter is resolved (assuming that both parties will seek to progress the dispute process promptly in good faith, and the dispute process is completed by the end of 2024). The dispute resolution process involves a 20-business day period of good faith negotiation between Synlait and The a2 Milk Company followed by arbitration (if not resolved). Synlait continues to hold the Chinese regulatory State Administration for Market Regulation (SAMR) licence which is attached to Synlait's Dunsandel manufacturing facilities. The licence is for The a2 Milk Company's Chinese labelled Infant Formula (stages one, two and three). The company expects to manufacture those products for The a2 Milk Company for goods destined for the China market for the period of that licence (currently expiring September 2027). PAGE 13 FULL YEAR RESULTS INVESTOR PRESENTATION 2023#14FOODSERVICE 新脱扽T 卓越的打发率和稳定性 出色的耐酸性 JOYHANA 超高温灭菌搅打稀奶油 专业刷师精选 > 新悦凴2 yonee 新悦纯妆浓郁自然奶香 ♡ 质地轻盈细腻 15:10:29 Leadership Abby Ye started as President of China & Director of Foodservice in March 2023. Strategy Five-year Foodservice strategy created. Initial focus on functional UHT cream sold to B2B customers who use it in finished products for out- of-home consumption at bakeries, cafes, beverage chains, etc. Butter and cream cheese identified as potential long-term opportunities. China's cream market represents significant potential for Synlait. The total cream market exceeded 250,000 MT in 2022, and New Zealand is the leading country for cream exports, with ~58% market share. Targeted geographies expanded to include Singapore as the hub of Southeast Asia with big OEMS (central kitchens). Business development FY 24 will see Synlait keep expanding Joyhana within China, focusing on bakery/pastry and beverage chains, and access selected Southeast Asia markets in H2 24. Achievements Launch of JOYHANA partnership between Synlait and SAVENCIA Group . Commercial sales commenced in FY 23, and volumes will continue to ramp into FY 24. Market feedback is positive. Joyhana UHT Whipping Cream won the 'New Product Innovation Award' at May's prestigious China International Bakery Exhibition. Building on this interest, Joyhana will launch a co-branding event with a famous Chinese bakery chain in October, Joyhana X CANA. SAVENCIA Group and Synlait partnership is very complimentary. SAVENCIA Group is responsible for distribution, branding and marketing and Synlait is responsible for high-performance product development and manufacturing. Synlait and Massey University celebrated five years of partnership Synlait and Massey University Palmerston North celebrated five years of partnership and collaboration on cutting-edge research. Innovations have included the commissioning of the UHT pilot plant, commercialising JOYHANA and several consumer beverages, and filing an Advanced Nutrition patent. 他轻盈、卓越的 he texture PAGE 14 154 净含量:1开 PREZY BOYHAND 35.7g/100ml Made w FULL YEAR RESULTS INVESTOR PRESENTATION 2023#15INGREDIENTS Strategy Five-year Ingredients strategy refresh completed. Focus on driving strong sales disciplines, while leaning out cost base. Business development Exporting to a diversified range of markets (approximately 50 countries), with low China concentration. Focus on generating high-value, multi-year contracts for differentiated specifications. Driving sustainability initiatives with global customers that leverage Lead With Pride and supports best practice developments on-farm. Tightening premiums and lead bucket (optimum product mix) disciplines to maximise returns and sales timing to the milk curve to minimise risk. Achievements . • Strong gross margin per MT achieved (up 16%) due to excellent alignment to the SMP/AMF lead bucket, which lasted for most of FY 23 and was supported by strong sales disciplines. Record low year-end stock, working capital and debtors, supported by a strong operational focus. Despite the supply chain being disrupted in HY 23, strong momentum was generated in H2 23, with 100% of contracted volumes shipped. Record Ingredients were invoiced in May at 19,143 MT. PAGE 15 FULL YEAR RESULTS INVESTOR PRESENTATION 2023#16CONSUMER (DAIRYWORKS) Strategy Dairyworks has recently focused on its core cheese category, exiting yoghurt and spreadable butter. The strategic growth focus is on diversification of geography and channels, not categories. Synlait enabled Dairyworks to build its growth aspirations over a short period. Dairyworks needs to transition to a greater global reach, which requires an owner who will help unlock further export markets while growing its core New Zealand and Australia markets. A new owner will also provide access to capital to enable additional productivity and efficiency gains. Divestment update • Synlait announced its intention to divest Dairyworks and its Temuka cheese assets in June 2023. Synlait is actively engaging with several parties and will provide a further update in due course. The proceeds will be used to pay down debt. Business development Significant pipeline of opportunities in Australia and South East Asia due to lower cost of milk in New Zealand. Higher Australian milk prices creates an opportunity to unlock sustainable long-term growth with existing customers (i.e., Woolworths Australia) and new customers nearing the execution stage. Well placed to address consumers' cost of living focus with brands across all stages of the value spectrum, i.e., the single occasion grate (100g grated cheese) makes grated cheese accessible at a low price point and in a single serving size to match consumer demands. Achievements • Manufacturer market share in key natural cheese segment increased to ~70% (FY 22: ~64%). Foodservice channel growth continued, revenue up 23%, achieved in a tough market where consumers spend cautiously. Commitment made to two key future capital projects to enable greater labour efficiencies, health and safety improvements, and quality at the processing facility. Capital improvements to be commissioned during the Christmas shutdown period. Cut Here Dairyworks JUST RIGHT FOR TONIGHT'S MEAL -NEW ZEALAND- MOZZARELLA GRATED MILD & SUPER STRETCHY PERFECT FOR ONE LARGE PIZZA Cut Here C Dairyworks JUST RIGHT FOR TONIGHT'S MEAL -NEW ZEALAND- Dai JUST RIGHT FOR TONIGHT'S MEAL ITALIAN BLEND GRATED 3 CHEESES FOR SUPER TASTE & MELT PERFECT FOR PASTA, PIZZA & SALADS Make Life Easier! 1CUP CHEESE 100 e TASTY GRATED FULL FLAVOURED SHARP CHEDDAR PERFECT FOR CHEESY MEALS Make Life Easier! PAGE 16 FULL YEAR RESULTS INVESTOR PRESENTATION 2023#17ON-FARM EXCELLENCE AND SUSTAINABILITY Leadership Charles Fergusson started as Director of On-Farm Excellence and Business Sustainability in February 2023. Strategy On-Farm Excellence five-year strategy developed. Examples of ambitions include 80% Farms on premiums, 10% supplier waiting list, and less than 1% annual ceases by FY 28. Sustainability strategy review underway. Includes review of progress to date and alignment with business unit strategy refresh to ensure it remains fit for purpose for all stakeholders. Synlait Farmer Leadership Team Team established in November 2022. Key step in ensuring Synlait and its farmers work closely together to improve outcomes. Eight farmers are a conduit between Synlait and its farmer supplier base, providing feedback and direction on Synlait's strategic choices and prioritisation of tactics. Milk price Area Managers working with Farmer Suppliers following recent decreases to ensure minimal cash outlays on-farm in connection with supplying Synlait. Synlait Farms (Dunsandel) Continued investment in on-farm infrastructure and teams. Ambition to become Lead with Pride™ certified and a centre of excellence. Industry engagement Commitment to tree planting via Whakapuawai, an environmental programme connecting people, farmers, and the community through native tree planting, continues - on track to plant 60,000 trees in the 2023 calendar year. Founding shareholder of AgriZero NZ, a partnership and investment fund between agribusiness and Government, to accelerate agricultural emissions reductions by 30% by 2030. Sustainability • Further 19 Farmer Suppliers became Lead With Pride™ certified (FY 22: 191, FY 23: 210). Transitioned Boiler Two at Synlait Dunsandel to biomass (wood pellets) as a fuel source, enabling a significant emissions reduction step change in FY 24 as Synlait aim to reduce site emissions by 40%. B Corp™ recertification on-track for December. The company's constitution must now include a B Corp™ purpose statement and stakeholder clause. At the December Annual Meeting, the Board will request shareholder support to endorse this constitutional change. PAGE 17 Lead with Certified Pride AgriZero Ⓑ Corporation FULL YEAR RESULTS INVESTOR PRESENTATION 2023#18STRATEGY AND OUTLOOK UPDATE Grant Watson Chief Executive Officer Reddecliffe Farm, Beautiful Valley, Canterbury. FULL YEAR RESULTS INVESTOR PRESENTATION 2023#19STRATEGY REFRESH CREATION OF A MORE FOCUSED SYNLAIT Board and Executive Leadership Team completed strategy refresh. Refreshed strategy leverages Synlait's world-class capabilities and asset base to partner to produce high-value Advanced Nutrition and Foodservice B2B products, supported by a disciplined and well-run Ingredients business. Strategy and capital structure refresh, including an asset review, announced in June 2023 and intended divestment of Dairyworks and surplus Temuka cheese assets. Strategy aligned to structure with Executive Leadership Team renewal now complete and culture, capability and execution lifting. PAGE 19 FULL YEAR RESULTS INVESTOR PRESENTATION 2023#20AMBITION TO FY 28 Farmer Net Promoter Score Top Quartile Да 1000 Customer Net Promoter Score Top Quartile Staff Engagement Top Quartile Certified Corporation SYNLAIT STRATEGY FY 24 - FY 28 Our Purpose - Doing Milk Differently For A Healthier World RIGHT TO PLAY OUR STRONG FOUNDATIONS 000 CHANNELS OUR BUSINESS TYPES CATEGORIES OUR PRODUCTS Food Safety and Quality Highly Utilised, Advanced Nutrition Efficient Plants and Foodservice Advanced Nutrition Foodservice Infant Nutrition Adult Nutrition Advanced Ingredients Foodservice Cream Know-How $ IWS Level 2 Return on Capital 15% B Corp™ Score of 105 Integrated Value Chain Regulatory Know-How Sustainability Credentials GEOGRAPHIES OUR GROWTH MARKETS Thailand -O Singapore Malaysia Greater China Philippines Vietnam Indonesia TBC, further opportunities being explored. PAGE 20 Australial PURPOSE AND CULTURE Ingredients AMF and Butter* Cream Cheese* Commodity Powders RIGHT TO WIN OUR COMPETITIVE ADVANTAGE MODELS FARMER SUPPLIERS CUSTOMERS MADE WITH BETTER MILK COMPETITIVE, TRANSPARENT FARMGATE MILK PRICE FAVOURABLE ADVANCE RATE AND NO SHARES DIGITAL TOOLS (9) AND ON-FARM SUPPORT PURPOSE AND CULTURE INDUSTRY AND COMMUNITY ENGAGEMENT B CORP AND MADE WITH BETTER MILK (6) LEAD WITH 5 SPECIALTY PRIDE MILK PREMIUMS New Zealand DEEP CHANNEL EXPERTISE FOOD SAFETY, QUALITY, TRACEABILITY AND SURETY OF SUPPLY BEST IN CLASS NEW ZEALAND PROVENANCE AND MARKET ACCESS (3) BASIC PRODUCT PORTFOLIO ADVANCED PRODUCT PORTFOLIO AB FLEXIBLE WORLD CLASS MANUFACTURING FACILITIES CUSTOMER ENGAGEMENT On-Farm Excellence High Performance Culture KEY ENABLERS OF EXECUTION Best In Class Customer Engagement Disciplined Product Innovation -O Systems, Tools and Processes World Class Manufacturing and Supply Chain FULL YEAR RESULTS INVESTOR PRESENTATION 2023#21STRATEGY REFRESH SUMMARY OF KEY CHANGES RIGHT TO PLAY is Synlait's core capabilities; some might refer to this as our tickets to the game. FROM Food Safety and Quality Regulatory Nutritionals Know-How Surety of Supply Efficient Manufacturing Sustainability Credentials PAGE 21 TO AMBITION TO FY28 Farmer Net Promoter Score Top Quartile Customer Net Promoter Score Top Quartile RIGHT TO PLAY OUR STRONG FOUNDATIONS Staff Engagement Top Quartile Food Safety and Quality Highly Utilised, Efficient Plants Advanced Nutrition and Foodservice Know-How Certified IWS Level 2 Return on Capital 15% B Corp Score of 105 Integrated Value Chain Regulatory Know-How Sustainability Credentials GEOGRAPHIES OUR GROWTH MARKETS Thailand Sing Molmeia Greater China Viemim Indon New Zealand PURPOSE AND CULTURE RIGHT TO PLAY OUR STRONG FOUNDATIONS Да ㅁㅁㅁ RIGHT Food Safety and Quality OUR COMPETITIVE A FARMER SUPPLIERS MADE WITH BETTER MILK COMPETITIVE TRANSPARENT FARMGATE MILIK PRICE $ FAVOURABLE ADVANCE RATE AND NO SHARES DIGITAL TOOLS AND ON FARM SUPPORT INDUSTRY AND COMMUNITY ENGAGEMENT LEAD WITH PRIDE SPECIALTY MILK PREMIL Integrated Value Chain Highly Utilised, Efficient Plants Advanced Nutrition and Foodservice Know-How Regulatory Know-How Sustainability Credentials FULL YEAR RESULTS INVESTOR PRESENTATION 2023#22STRATEGY REFRESH SUMMARY OF KEY CHANGES CHANNELS (or business units) are the areas Synlait is focusing its efforts. FROM TO PLAY CHANNELS G FOUNDATIONS CHANNELS OUR BUSINESS TYPES CATEGORIES OUR PRODUCTS Consumer OUR BUSINESS TYPES 000 Foodservice ΤΟ ly Utilised, Advanced Nutrition ent Plants and Foodservice Know-How Advanced Nutrition Foodservice Infant Nutrition Adult Nutrition Advanced Ingredients Foodservice Cream Manufacturing PAGE 22 gulatory ow-How Sustainability Credentials Advanced Nutrition Foodservice Ingredients AMF and Butter" Cream Cheese Commodity Powders RIGHT TO WIN OUR COMPETITIVE ADVANTAGE MODELS ER SUPPLIERS CUSTOMERS COMPETITIVE, TRANSPARENT FARMGATE MILK PRICE O FAVOURABLE ADVANCE RATE AND NO SHARES DIGITAL TOOLS AND ON FARM SUPPORT PURPOSE AND CULTURE INDUSTRY AND COMMUNITY ENGAGEMENT BCORP AND MADE WITH BETTER MILK DEEP CHANNEL EXPERTISE Ingredients SPECIALTY MILK PREMIUMS FOOD SAFETY, QUALITY TRACEABILITY AND SURETY OF SUPPLY NEW ZEALAND PROVENANCE AND MARKET ACCESS OP BASIC PRODUCT FORTFOLIO ADVANCED PRODUCT PORTFOLIO On-Farm Excellence 888 FLEXIBLE WORLD CLASS MANUFACTURING FACILITIES High Performance Culture BEST IN CLASS CUSTOMER ENGAGEMENT KEY ENABLERS OF EXECUTION Best In Class Customer Engagement Disciplined Product Innovation Systems, Tools and Processes World Class Manufacturing and Supply Chain FULL YEAR RESULTS INVESTOR PRESENTATION 2023#23STRATEGY REFRESH SUMMARY OF KEY CHANGES CATEGORIES are the products Synlait manufactures within its business units. FROM Milk Powder Beverages and Cream AMF and Butter Cheese Infant and Adult Nutrition Lactoferrin TBC, further opportunities being explored. PAGE 23 ΤΟ CATEGORIES OUR PRODUCTS CATEGORIES OUR PRODUCTS Infant Nutrition Adult Nutrition Advanced Ingredients Foodservice Cream AMF and Butter" Cream Cheese" Commodity Powders Infant Nutrition Adult Nutrition Advanced Ingredients Foodservice Cream KEY ENABLERS OF EXECUTION Y OF SUPPLY NEW ZEALAND PROVENANCE AND MARKET ACCESS BASIC PRODUCT FORTFOLIO On-Farm Excellence AMF and Butter* Cream Cheese* Commodity Powders ADVANCED PRODUCT PORTFOLIO BLE WORLD CLASS UFACTURING FIRS High Performance Culture est In Class Customer Engagement Disciplined Product Innovation Systems, Tools and Processes World Class Manufacturing and Supply Chain FULL YEAR RESULTS INVESTOR PRESENTATION 2023#24STRATEGY REFRESH SUMMARY OF KEY CHANGES KEY ENABLERS are focus areas across Synlait to ensure we execute with excellence. FROM On-Farm Excellence Customer Engagement Disciplined New Product Development and New Technology Development Employer of Choice ΤΟ On-Farm Excellence Systems, Tools and Processes Manufacturing and Supply Chain 888 High Performance Culture PAGE 24 KEY ENABLERS OF EXECUTION CHANNELS OUR BUSINESS TYPES Best In Class Customer Engagement Systems, Tools and Processes CATEGORIES OUR PRODUCTS Advanced Nutrition Foods vice Infant Nutrition Adult Nutrition Advanced Ingredients Foodservice Cream Ingredients AMF and Butter Cream Cheese' Commodity Powders Disciplined Product Innovation WIN ANTAGE MODELS CUSTOMERS World Class Manufacturing and Supply Chain PURPOSE AND CULTURE BCORP AND MADE WISH BETTER MILK + DEEP CHANNEL EXPERTISE FOOD SAFETY, QUALITY, TRACEABILITY AND SURETY OF SUPPLY NEW ZEALAND PROVENANCE AND MARKET ACCESS OP BASIC PRODUCT FORTFOLIO ADVANCED PRODUCT PORTFOLIO KEY ENABLERS OF EXECUTION On-Farm Excellence Best In Class Customer Engagement FLEXIBLE WORLD CLASS MANUFACTURING FACILITIES High Performance Culture © BEST IN CLASS CUSTOMER ENGAGEMENT Disciplined Product Innovation Systems, Tools and Processes World Class Manufacturing and Supply Chain FULL YEAR RESULTS INVESTOR PRESENTATION 2023#25AMBITION TO FY 28 Farmer Net Promoter Score Top Quartile Да 1000 Customer Net Promoter Score Top Quartile Staff Engagement Top Quartile Certified Corporation SYNLAIT STRATEGY FY 24 - FY 28 Our Purpose - Doing Milk Differently For A Healthier World RIGHT TO PLAY OUR STRONG FOUNDATIONS 000 CHANNELS OUR BUSINESS TYPES CATEGORIES OUR PRODUCTS Food Safety and Quality Highly Utilised, Advanced Nutrition Efficient Plants and Foodservice Advanced Nutrition Foodservice Infant Nutrition Adult Nutrition Advanced Ingredients Foodservice Cream Know-How $ IWS Level 2 Return on Capital 15% B Corp™ Score of 105 Integrated Value Chain Regulatory Know-How Sustainability Credentials GEOGRAPHIES OUR GROWTH MARKETS Thailand -O Singapore Malaysia Greater China Philippines Vietnam Indonesia TBC, further opportunities being explored. PAGE 25 Australial PURPOSE AND CULTURE Ingredients AMF and Butter* Cream Cheese* Commodity Powders RIGHT TO WIN OUR COMPETITIVE ADVANTAGE MODELS FARMER SUPPLIERS CUSTOMERS MADE WITH BETTER MILK COMPETITIVE, TRANSPARENT FARMGATE MILK PRICE FAVOURABLE ADVANCE RATE AND NO SHARES DIGITAL TOOLS (9) AND ON-FARM SUPPORT PURPOSE AND CULTURE INDUSTRY AND COMMUNITY ENGAGEMENT B CORP AND MADE WITH BETTER MILK (6) LEAD WITH 5 SPECIALTY PRIDE MILK PREMIUMS New Zealand DEEP CHANNEL EXPERTISE FOOD SAFETY, QUALITY, TRACEABILITY AND SURETY OF SUPPLY BEST IN CLASS NEW ZEALAND PROVENANCE AND MARKET ACCESS (3) BASIC PRODUCT PORTFOLIO ADVANCED PRODUCT PORTFOLIO AB FLEXIBLE WORLD CLASS MANUFACTURING FACILITIES CUSTOMER ENGAGEMENT On-Farm Excellence High Performance Culture KEY ENABLERS OF EXECUTION Best In Class Customer Engagement Disciplined Product Innovation -O Systems, Tools and Processes World Class Manufacturing and Supply Chain FULL YEAR RESULTS INVESTOR PRESENTATION 2023#26RENEWED EXECUTIVE LEADERSHIP TEAM LIFTING SYNLAIT'S CULTURE, CAPABILITY AND EXECUTION 3226 Grant Watson Chief Executive Officer PAGE 26 Rob Stowell Paul Mallard Chief Financial Officer Chief Operating Officer Joined January 2023 Naiche Nogueira Director of Advanced Nutrition Joined January 2023 Abby Ye President China and Director of Foodservice Joined March 2023 Adam Maxwell Director of Ingredients Tim Carter CEO Dairyworks and Director of Consumer Charles Fergusson Director of On-Farm Excellence and Business Sustainability Joined February 2023 Glenn Laing Director of Manufacturing Promoted August 2023 Dr. Suzan Horst Director of Quality, Regulatory and Laboratory Cathy Gamlen Director of People and Culture Joined August 2023 FULL YEAR RESULTS INVESTOR PRESENTATION 2023#27SYNLAIT'S FULL YEAR 2024 OUTLOOK FY 23 was highly challenging for Synlait with material reductions in customer demand, CO2 shortages, extreme weather events, the COVID-19 pandemic, inflationary impacts, ongoing investments in new product workstreams (i.e., UHT cream and Advanced Nutrition customer growth), and the launch and stabilisation of the company's new enterprise resource planning (ERP) system. Looking ahead to the 2024 financial year, Synlait could still face challenging China market dynamics, softening global conditions more generally, and continued inflationary pressures across its cost base, which could impact future customer demand and the company's overall profitability. Synlait does, however, expect Advanced Nutrition volumes to continue to grow at the Pokeno site in FY 24, and the company's overall EBITDA performance is also expected to improve in FY 24, compared to FY 23. The a2 Milk Company's purported cancellation of the exclusivity arrangements under the Nutritional Powders Manufacturing and Supply Agreement (NPMSA) for the a2 PlatinumⓇ and other nutritional products is not expected to impact Synlait's FY 24 results. Synlait disputes that The a2 Milk Company has the right to cancel the exclusivity arrangements. While Synlait is confident in its strategy to right-size its cost base to current activities and its near-term Advanced Nutrition and Foodservice growth opportunities, the uncertainty of broader macroeconomic factors means the company will not provide guidance at this time. Synlait is committed to its refreshed strategy to create a more focused company and remains largely on track to meet its five- year (FY 28) strategic ambitions. PAGE 27 FULL YEAR RESULTS INVESTOR PRESENTATION 2023#28NEXT STEPS Institutional Investor Site Tour at Synlait Pokeno Management will host an institutional investor site tour at Synlait Pokeno on Monday 30 October 2023. The agenda includes: • • Synlait Pokeno site tour. Presentation from CEO Grant Watson on Synlait's strategy. Q&A with Grant Watson and key members of Synlait's Executive Leadership team. If you would like to attend, email: [email protected] PAGE 28 Annual Meeting at Synlait Dunsandel • . Synlait's Annual Meeting is on Friday 1 December 2023, at 1.00pm. The Annual Meeting will be held in person at Synlait Dunsandel (and followed by a site tour) and online. The Notice of Meeting, released in early November 2023, will include further information. Synlait FULL YEAR RESULTS INVESTOR PRESENTATION 2023#29APPENDIX Drewe and Tamara Finlay's Farm Taupiri, Waikato. FULL YEAR RESULTS INVESTOR PRESENTATION 2023#30MILK PRICE $10.00 $8.00 $0.27 $0.25 $0.18 $6.00 MILK POOL No. of Farms $0.29 300 $0.27 250 200 150 $4.00 $6.40 $7.05 $7.55 $9.30 $8.22 100 $2.00 2018/19 2019/20 2020/21 Average base milk price 2021/22 2022/23 Incentives 50 2020/21 2021/22 2022/23 No. of South Island Farms No. of North Island Farms 2018/19 2019/20 South Island kgMS North Island kgMS RAW MILK PROCESSED kgMS (millions) kgMS (thousands) 100.0 90,000 90.0 80,000 80.0 70,000 70.0 60,000 60.0 50,000 50.0 40,000 40.0 30,000 66,066 70,472 82,737 78,934 76,007 30.0 20,000 20.0 10.0 10,000 Total average milk payment of $8.49 per kgMS. Average base milk price for 2022/23 season is $8.22 per kgMS. Average incentive payment paid per kgMS for the season was 27 cents per kgMS (2021/22: 29 cents per kgMS) made up of incentives and winter milk payments. Forecast base milk price for the 2023/24 season is at $7.00 per kgMS. North Island farmer suppliers responsible for 13% of total milk supply or 63 farms. South Island milk pool grew by 1.6 million kgMS in the 2022/23 season due to eight additional farms, partially offset by (1.5%) lower production on average per farm due to unfavourable climate conditions and high on-farm cost inflation. 2021/22: 212 South Island farms, 2022/23: 220 South Island farms. South Island supply pool has decreased to 215 farms for the 2023/24 season. North Island milk pool contracted by (0.5) million kgMS, due to two farms leaving the pool and (1.0%) lower production on average per farm. Total farms 65. 2021/22: 65 North Island farms, 2022/23: 63 North Island farms. North Island supply pool has decreased to 59 farms for the 2023/24 season. Lead With Pride™ certified farms grew to 210 in 22/23 (21/22: 191 farms). PAGE 30 FY 19 FY 20 FY 21 FY 22 FY 23 FULL YEAR RESULTS INVESTOR PRESENTATION 2023#31KEY FINANCIAL METRICS 1,174.3 Gross profit per MT ($)* 1,043.5 725.1 650.1 18.0% Return on capital employed 12.5% 5.6% 39.3% Debt/(debt + equity) 47.2% 38.7% 30.0% 34.3% 2.7% 307.7 FY 19 FY 20 FY 21 FY 22 FY 23 FY 19 FY 20 FY21 (1.5%) FY 22 FY 23 FY 19 FY 20 FY 21 FY 22 FY 23 776.0 625.1 EBIT per MT ($) 288.2 45.3 Basic earnings per share (cents NZD) 41.4 17.6 2.2 3.1 Net debt/EBITDA 12.9 4.6 2.6 156.2 FY 19 FY 20 FY 21 FY 22 FY 23 FY 19 FY 20 FY 21 FY 22 FK 23 (2.0) FY 19 FY 20 FY 21 FY 22 FY 23 (80.8) (13.8) Includes gross profit not attributable to business units (comprised primarily of margin on raw milk and cream sales, income from dairy derivatives, and farms contribution). PAGE 31 FULL YEAR RESULTS INVESTOR PRESENTATION 2023#32GROSS PROFIT PERFORMANCE BY CATEGORY Sales Volume (MT) Ingredients Advanced Nutrition Consumer Foodservice FY 19 FY 20 FY 21 FY 22 FY 23 98,499 97,561 125,914 132,481 51,231 52,871 34,362 33,506 8,947 44,818 58,483 59,786 108,856 31,971 56,999 Subtotal 158,677 195,250 218,759 225,773 757 198,583 Gross Profit ($M) Ingredients 36.8 31.3 14.5 57.5 54.6 Advanced Nutrition 152.4 172.8 45.0 73.8 57.0 Consumer (3.0) 10.5 21.3 29.0 Foodservice (0.2) Subtotal 186.2 204.1 70.0 152.6 140.4 Gross Profit ($/MT) Ingredients 374 321 115 434 501 Advanced Nutrition 2,975 3,268 1,310 2,203 1,782 Consumer (339) 0.5 179 357 508 Foodservice Subtotal (313) 1,174 1,045 320 676 707 Revenue ($M) Ingredients Advanced Nutrition Consumer Foodservice Subtotal 481 510 635 826 661 498 594 406 416 440 10 132 266 309 329 4 989 1,236 1,307 1,551 1,434 Note: Amounts not attributable to business units are not included in the above table. Advanced Nutrition margins have been restated to exclude milk supply costs attributable to raw milk and cream sales. PAGE 32 FULL YEAR RESULTS INVESTOR PRESENTATION 2023#33SUMMARISED FIVE YEAR INCOME STATEMENT FY 19 FY 20 Revenue Cost of sales Gross profit Other income Share of loss from associates 1,024,305 (837,976) 1,302,025 (1,098,292) FY 21 1,367,349 (1,300,042) 186,329 898 203,733 404 67,307 3,870 FY 22 1,660,601 (1,513,827) 146,774 22,777 FY 23 1,603,580 (1,459,588) 143,992 16,333 (580) 33 (33) Sales and distribution expenses (26,836) Administrative and operating expenses (36,680) (32,318) (49,809) (36,791) (39,423) (48,316) (52,018) (49,534) (74,195) Impairment of Temuka cheese plant assets (12,231) ERP implementation costs (3,295) (6,794) Earnings before net finance costs and income tax 123,131 122,043 (17,665) 65,068 31,020 Finance expenses (8,819) (19,777) (20,488) (18,730) (32,786) Finance income 1,232 134 44 170 281 Loss on derecognition of financial assets (1,842) (1,747) (1,045) Net finance costs (9,429) (21,390) (21,489) (2,427) (20,987) (Loss)/profit before income tax 113,702 100,653 (39,154) 44,081 Income tax benefit/(expense) (32,454) (26,344) Net (loss)/profit after tax for the year 81,248 74,309 10,703 (28,451) (5,558) (5,771) (38,276) (7,256) 2,964 38,523 (4,292) PAGE 33 FULL YEAR RESULTS INVESTOR PRESENTATION 2023#34DISCLAIMER This presentation is intended to constitute a summary of certain information about the Synlait Group ("Synlait") or in connection with its full year 2023 financial results. It should be read in conjunction with, and subject to, the explanations and views in documents previously released to the market by Synlait. This presentation is not an offer or an invitation, recommendation or inducement to acquire, buy, sell or hold Synlait's shares or any other financial products and is not a product disclosure statement, prospectus or other offering document, under New Zealand law or any other law. This presentation is provided for information purposes only. The information contained in this presentation is not intended to be relied upon as advice to investors and does not take into account the investment objectives, financial situation or needs of any particular investor. Investors should assess their own individual financial circumstances and should consult with their own legal, tax, business and/or financial advisers or consultants before making any investment decision. Any forward looking statements and projections in this presentation are provided as a general guide only based on management's current expectations and assumptions and should not be relied upon as an indication or guarantee of future performance. Forward looking statements and projections involve known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of Synlait and which are subject to change without notice. Actual results, performance or achievements may differ materially from those expressed or implied in this presentation. No person is under any obligation to update this presentation at any time after its release except as required by law and the NZX Listing Rules, or the ASX Listing Rules. Any forward looking statements in this presentation are unaudited and may include non-GAAP financial measures and information. Not all of the financial information (including any non-GAAP information) will have been prepared in accordance with, nor is it intended to comply with: (i) the financial or other reporting requirements of any regulatory body or any applicable legislation; or (ii) the accounting principles or standards generally accepted in New Zealand or any other jurisdiction, or with International Financial Reporting Standards. Some figures may be rounded and so actual calculation of the figures may differ from the figures in this presentation. Some of the information in this presentation is based on non-GAAP financial information, which does not have a standardised meaning prescribed by GAAP and therefore may not be comparable to similar financial information presented by other entities. Non-GAAP financial information in this presentation has not been audited or reviewed. Any past performance information in this presentation is given for illustration purposes only and is not indicative of future performance and no guarantee of future returns is implied or given. While all reasonable care has been taken in relation to the preparation of this presentation, to the maximum extent permitted by law, no representation or warranty, expressed or implied, is made as to the accuracy, adequacy, reliability, completeness or reasonableness of any statements, estimates or opinions or other information contained in this presentation, any of which may change without notice. To the maximum extent permitted by law, Synlait, its subsidiaries, and their respective directors, officers, employees, contractors, agents, advisors and affiliates disclaim and will have no liability or responsibility (including, without limitation, liability for negligence) for any direct or indirect loss or damage which may be suffered by any person through use of or reliance on anything contained in, or omitted from, this presentation. All values are expressed in New Zealand currency unless otherwise stated. All intellectual property, proprietary and other rights and interests in this presentation are owned by Synlait. PAGE 34 FULL YEAR RESULTS INVESTOR PRESENTATION 2023#35FOR MORE INFORMATION CONTACT: Hannah Lynch Head of Strategy & Corporate Affairs +64 21 252 8990 [email protected]