2022 Annual Results

New Zealand and Non-New Zealand Milk Fonterra Dairy for life 31 July 2021 31 July 2022 New Zealand Non-New NZD million¹ Milk Zealand Milk Total New Zealand Milk Non-New Zealand Milk Total Revenue 17,331 3,234 20,565 19,466 3,487 22,953 Cost of goods sold (14,844) (2,737) (17,581) (16,794) (2,943) (19,737) Gross profit 2,487 497 2,984 2,672 544 3,216 Gross margin 14.4% 15.4% 14.5% 13.7% 15.6% 14.0% Operating expenses (1,752) (401) (2,153) (1,910) (374) (2,284) Other² 56 9 65 43 7 50 Normalised EBIT 791 105 896 805 177 982 EBIT margin 4.6% 3.2% 4.4% 4.1% 5.1% 4.3% 1. Figures are for the year ended 31 July and are prepared on a normalised continuing operations basis 2. Consists of other operating income, net foreign exchange gains/(losses) and share of profit or loss on equity accounted investees 48 188

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