2022 Annual Results

FY22 progress against our aspirational financial profile FY20 | Actual FY21 | FY22 Actual Forecast FY22 Actual FY24 Year 3 Target FY27 Year 6 Target FY30 Year 9 Target Improved performance Milk Price per kgMS $7.14 $7.54 $9.30 Normalised EBIT $879m $952m Earnings per share 24c 34c Return on capital 6.6% 6.6% $875- $975m 25-40c i 6.5-7.0% $991m $1,025-$1,125m 35c 6.8% 45-55c 7.0-8.0% $1,150- $1,250m 50-60c 7.5-8.5% $1,325- $1,425m 55-65c 9.0-10.0% Financial position Capital investment $525m $608m | $650m $617m $980m $980m $980m Debt to EBITDA ratio 3.3x 2.7x | 2.4x* 3.2x <2.5x <2.5x <2.5x Gearing ratio 44% 39% 35%* 42% <35% <35% <35% Dividend to shareholders Dividends per share 5c 20c 15-20c 20c 22-27c 30-35c 40-45c *Calculated using an EPS of 35 cents Fonterra Dairy for life Note: The figures in this table which relate to dates in the future are targets we are aiming to achieve only. They should not be taken as forecasts or as a guarantee of returns to shareholders. The target years assume long-term average levels of price relativity and lag pricing impacts, and individual years are likely to vary from this assumption. Please refer to the important cautions and disclaimer at the back of this document and the key assumptions and risks in the Appendix of the booklet titled Our Path to 2030 for further details. 50

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