Fonterra Financial Overview

Greater China channel performance Ingredients Volume ('000 MT) 378 From 399 Revenue ($ million) 2,234 From 1,903 ↑ Gross margin 10.2% From 9.0% Foodservice Volume ('000 MT) 146 From 148 Revenue ($ million) 1,006 From 937 Gross margin 17.2% From 27.2% Consumer Volume ('000 MT) 44 From 46 ↓ Revenue ($ million) 212 From 221 Gross margin 27.4% From 31.2% $ million 2021 ■2022 227 172 144 91 EBIT Fonterra Dairy for life 89 69 58 255 173 194 9 3 Gross profit EBIT Gross profit EBIT Gross profit Note: Figures are for the six months ended 31 January. Does not add to Total Group as shown on a normalised continuing operations basis and excludes unallocated costs and eliminations. Comparative information includes re-presentations for consistency with the current period 35

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