2022 Annual Results

Fonterra™ Dairy for life Free Cash Flow² Working Capital Days 1,828 1,417 1,095 600 2018 2019 2020 2021 (324) 96 91 83 83 85 Earnings per Share 24 24 16 24 24 34 34 35 2022 2018 2019 2020 2021 2022 ■Working Capital Days 2018 2019 2020 2021 2022 Normalised EPS (cents) Key financial metrics for ■Free Cash Flow ($ million) Total Group Return on Capital² FY22¹ 6.6% 6.2% 6.6% 6.8% 5.6% 2018 2019 2020 2021 ■Return on Capital (%) 2022 1. Total Group figures for the year ended 31 July. This includes continuing and discontinued operations, and are on a normalised basis unless stated otherwise 2. Refer to Glossary for definition 23

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