Fonterra Financial Overview

Greater China million 2021 2022 %¹ 1 Sales volume² ('000 MT) 593 568 (4)% Revenue ($) 3,061 3,452 13% Gross profit ($) 496 458 (8)% • Gross margin (%) 16.2% 13.3% Operating expenses ($) (200) (233) (17)% Other³ ($) (2) 11 Normalised EBIT4 ($) 294 236 (20)% Includes EBIT attribution from Group Operations5 ($) EBIT by Quarter 25 12 (52)% · ($ million) 193 150 101 86 88 21 Q1 Q2 Q3 Q4 Fonterra Dairy for life Improved Ingredients channel performance offset by a decline in the Foodservice and Consumer channels o Ingredients channel improved due to higher prices and sales volumes of higher margin products, particularly caseinate products 。 Consistent demand for Foodservice channel but offset by higher cost of milk reducing margins Lower EBIT attribution from Group Operations, which includes increased operating expenses related to COVID-19 supply chain challenges ■2021 2022 Note: Figures are for the six months ended 31 January and are on a normalised continuing operations basis. Comparative information includes re-presentations for consistency with the current period 1. Percentages as shown in 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. This includes EBIT attribution from Group Operations 5. This is included in Greater China's EBIT. Refer to Glossary for explanation of Group Operations 34

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