2022 Annual Results

Allocation Allocation of New Zealand milk solids by Product Channel % of milk solids 2021 2022 49% 49% 25% 24% 12% 13% 9% 5% 6% 8% GDT Core Active Living Foodservice Consumer Ingredients Higher margin Fonterra Dairy for life A key driver of our strategy and earnings growth is shifting milk into higher margin products Active Living allocation increased as demand for milk protein concentrate, casein and caseinate products grew Foodservice allocation has continued to grow as innovation enabled us to expand the uses of UHT cream Percentage of milk solids in our Consumer channel reduced due to limiting sales volumes in Sri Lanka while the crisis unfolds 6

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