Fonterra Financial Overview

Latin America Fonterra Dairy for life million 2021 2022 %A¹ Sales volume² ('000 MT) 182 192 5% Revenue ($) 489 538 10% . Sales volume up, driven by stronger milk collections in Chile Gross profit ($) 138 162 17% • Gross margin improved due to: Gross margin (%) 28.2% 30.1% Operating expenses ($) (97) (100) (3)% Other³ ($) Normalised EBIT ($) 41 62 51% Note: Figures are for the six months ended 31 January and are on a normalised continuing operations basis. This table was prepared exclusive of Group Operations attribution 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 profit or loss of equity accounted investees o Improved product mix in Chile, reflecting growth in sales volumes of higher margin products – such as yoghurt and desserts - o Higher in-market prices due to the ability to leverage number one market share position in Chile o Improved economies of scale due to higher sales volumes. EBIT increased due to sales volumes growth and improved gross margins 33 33

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