2022 Annual Results

Asia Pacific million 2021 2022 %A¹ Sales volume² ('000 MT) 1,386 1,370 (1)% Revenue ($) 7,110 7,879 11% Gross profit ($) 1,195 1,227 3% • Gross margin (%) 16.8% 15.6% Operating expenses ($) (889) (941) (6)% Other³ ($) (1) (49) Normalised EBIT4 ($) 305 237 (22)% Includes EBIT attribution from Group Operations5 ($) EBIT by Quarter (3) 67 ($ million) ■2021 2022 145 91 81 77 73 19 60 (4) Q1 Q2 Q3 Q4 Fonterra Dairy for life • Improved Ingredients gross margin more than offset by lower Foodservice and Consumer gross margins: Ingredients channel benefited from higher product prices improving gross profit o lower gross margins in Foodservice and Consumer channels due to higher cost of milk Other' includes $(80) million adverse revaluation of the Sri Lankan business payables due to devaluation of the rupee Increased EBIT attribution from Group Operations mainly driven by improved margin in our protein portfolio and bulk liquids 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 5. Included in Asia Pacific's normalised EBIT. Refer to Glossary for explanation of Group Operations 40

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