2022 Annual Results

Diversified across markets and products Higher margins in the Ingredients channel in the second half Asia Pacific AMENA Greater China Total Volume ('000 MT)' 1,370 1,355 1,029 3,754 n/c 1% 13% 4% EBIT contribution¹² Ingredients $192m $442m $168m $231m Foodservice $(13)m $92m Consumer $58m³ $144m $237 $68m Total $(4)m $19m $89m $21m $527m $191m $282m $152m Fonterra Dairy for life EBIT by Quarter¹² 284 239 264 195 129 91 85 $916m (6) $551m 94 56 160 46 97 18 27 58 39 14 $155m $120m $138m $(5)m $3m $432m $29m $231m 76 $142m 11 114 92 28 67 79 18 (22) $168m Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FY21 FY22 Note: Figures are for the year ended 31 July 1. Prepared on a normalised continuing operations basis. Normalised EBIT contributions sum to $1,196 million, and does not align to reported continuing operations due to excluding unallocated costs and eliminations. Comparative information includes re-presentations for consistency with the current period 2. Inclusive of Group Operations' EBIT attribution 3. Includes $(80) million adverse revaluation of payables in Sri Lanka 7

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