Fonterra Financial Overview

Fonterra™ Dairy for life Normalised Profit After Tax² Reported Profit After Tax² Capital Expenditure³ 248 72 418 364 293 Key financial metrics for Total Group FY22 half year¹ 2018 2019 2020 2021 Normalised PAT ($ million) Gearing Ratio³,4 (348) 2022 2018 72 501 346 391 364 316 2019 2020 2021 2022 ■Reported PAT ($ million) 180 147 112 2018 2019 2020 2021 ■Capital Expenditure ($ million) 2022 Working Capital Free Cash Flow³ 95 90 51.2 52.5 80 81 82 48.2 47.3 44.1 2018 2019 2020 2021 2022 ■Gearing Ratio (%) 369 (690) (782) 2018 2019 2020 2021 2022 ■Working Capital Days 2018 2019 2020 2021 ■Free Cash Flow ($ million) (632) (849) 2022 1. Total Group figures for the six months ended 31 January. This includes continuing and discontinued operations, and are on a normalised basis unless stated otherwise 2. Includes amounts attributable to non-controlling interests 3. Refer to Glossary for definition 4. The Group has changed the way it measures net debt. It calculates gearing ratio using the new adjusted net debt measure. Under the previous methodology the gearing ratio would be 41.4% 17

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