2022 Annual Results

New Zealand manufacturing performance Increased manufacturing complexity as we shift to higher value products Milk Utilisation 96.5% 96.4% 96.4% 96.4% 96.2% 2018 2019 2020 2021 2022 Made Right First Time Cost of Quality Fonterra Dairy for life $95m $90m 95.0% 94.0% 94.5% $72m 91.4% 91.9% $58m $58m 2018 2019 2020 2021 2022 2018 2019 2020 2021 2022 Increased utilisation of milk solids while manufacturing a more complex product mix as we shift volume to our Active Living portfolio, including manufacturing 8% less WMP As we shift our product mix towards higher value products manufacturing complexity increases. We expect to return to our underlying upward trend Higher value of milk per tonne, two specific bacterial issues in NZ and an ingredient formulation issue contributed to higher cost of quality. The cost is equivalent to 0.4% of NZ cost of goods sold Note: Metrics are for the year ended 31 July 9

View entire presentation