2022 Annual Results

Greater China million 2021 2022 %A¹ 1 Sales volume² ('000 MT) 1,176 1,029 (13)% Revenue ($) 6,312 6,660 6% Gross profit ($) 836 866 4% Gross margin (%) 13.2% 13.0% • Operating expenses ($) (436) (464) (6)% Other³ ($) 3 30 Normalised EBIT4 ($) 403 432 7% Includes EBIT attribution from Group Operations5 ($) EBIT by Quarter (16) 52 Fonterra Dairy for life • Lower sales volumes impacted by lower milk collections over the first nine months of FY22 and shipping disruptions Increased gross profit driven by: strong Ingredients performance, due to improved pricing, particularly in our protein portfolio, partially offset by; 。 higher input costs and lower sales volumes in Foodservice and Consumer Increased EBIT attribution from Group Operations due to strong protein portfolio margins ($ million) ■2021 2022 193 150 101 115 86 88 81 21 Note: Figures are for the year ended 31 July and are on a normalised continuing operations basis. 1. Percentages as shown in the 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. Includes EBIT attribution from Group Operations Q1 Q2 Q3 Q4 5. Included in Greater China's normalised EBIT. Refer to Glossary for explanation of Group Operations 46

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