2022 Annual Results

Australia million 2021 2022 %A¹ Milk collections (kgMS) 106 106 Sales volume² ('000 MT) 373 365 (2)% • Revenue ($) 1,953 2,094 7% • Gross profit ($) 243 283 16% Gross margin (%) 12.4% 13.5% Operating expenses ($) (167) (178) (7)% Other³ ($) (2) 1 Normalised EBIT ($) 74 106 43% Note: Figures are for the year ended 31 July and are on a normalised continuing operations basis. This table was prepared exclusive of Group Operations attribution 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 and net foreign exchange gains/(losses) Fonterra Dairy for life Milk collections were stable, with improved market share offset by labour shortages, and on-farm input costs and availability Improved gross profit due to: o Ingredients channel benefited from the broad strengthening of product prices and a weaker Australian dollar, partially offset by; o higher input costs impacted gross margins in Consumer and Foodservice channels EBIT increased $32 million to $106 million, mainly due to an increase in gross profit 42

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