2022 Annual Results

Increase in working capital due to higher prices and inventory Breakdown of increase in working capital as at 31 July ($ billion) Fonterra Dairy for life (0.4) 0.8 1.2 1.6 Inventory Receivables Payables & other¹ Increase in working capital Closing inventory as at 31 July ($ billion) 3.8 599 ('000 MT) FY21 inventory value 0.4 0.8 5.0 Cost Volume 725 ('000 MT) FY22 inventory value Significantly higher working capital throughout the year and year end, up $1.6 billion, reflecting: higher milk price - impacts both receivables and inventory higher levels of inventory throughout second half and year end Higher year end inventory reflects late season milk production coinciding with shipping constraints 88% of total inventory was priced and contracted but not shipped at year end FY23 sales profile and shipping schedule supports inventory levels returning to normal levels 1. Includes supplier payables and other movements 29 29

View entire presentation