2022 Annual Results

Drivers of Farmgate Milk Price $7.54 $(0.11) FY21 Farmgate Milk Price $(0.48) $(0.17) $2.52 $9.30 Volume Product prices Foreign exchange Net costs 1 Revenue 1. Net costs include capital costs and cash costs Fonterra Dairy for life FY22 Farmgate Milk Price • Lower milk volume to convert into product Product prices increased, with the average WMP price in the 2022 season 20.9% higher at US$4,019 per metric tonne compared to US$3,323 per metric tonne in the prior year Impact of foreign exchange increased as a result of the higher hedged rate due to the NZ dollar strengthening over the prior seasons Increased costs mainly due to inflationary pressure on cash costs

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