Fonterra Financial Overview

Asia Pacific Fonterra Dairy for life million 2021 2022 %A¹ 1 Sales volume² ('000 MT) 672 635 (6)% Revenue ($) 3,399 3,487 3% . Gross profit ($) 657 568 (14)% Gross margin (%) 19.3% 16.3% • Operating expenses ($) (423) (423) 0% Other³ ($) 2 13 550% Normalised EBIT4 ($) 236 158 (33)% Includes EBIT attribution from Group Operations5 ($) EBIT by Quarter ($ million) 47 24 (49)% 145 91 81 77 73 Q1 Q2 Q3 ■2021 2022 (4) Q4 Lower sales volumes mainly due to lower New Zealand and Australian milk collections Improved Ingredients channel performance offset by a decline in the Foodservice and Consumer channels o Increased gross margins in Ingredients channel due to achieving higher product prices in our Australian business o Lower gross margins in Foodservice and Consumer channels due to higher cost of milk, most notable in South East Asia and New Zealand businesses Lower EBIT attribution from Group Operations due to tighter margins, particularly in our cheese portfolio Note: Figures are for the six months ended 31 January and are on a normalised continuing operations basis. Comparative information includes re-presentations for consistency with the current period 1. Percentages as shown in table may not align to the calculation of percentages based on numbers in the table due to rounding of figures 2. Includes sales to other segments 3. Consists of other operating income, net foreign exchange gains/(losses) and share of profit or loss on equity accounted investees 4. This includes EBIT attribution from Group Operations 5. This is included in Asia Pacific's EBIT. Refer to Glossary for explanation of Group Operations 28

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