Fonterra Financial Overview

New Zealand and Non-New Zealand Milk Fonterra Dairy for life 31 January 2021 31 January 2022 New Zealand NZD million¹ Non-New Milk Zealand Milk New Zealand Total Milk Non-New Zealand Milk Total Revenue 8,144 1,453 9,597 9,019 1,569 10,588 Cost of goods sold (6,745) (1,201) (7,946) (7,776) (1,263) (9,039) Gross profit 1,399 252 1,651 1,243 306 1,549 Gross margin 17.2% 17.3% 17.2% 13.8% 19.5% 14.6% Operating expenses (833) (180) (1,013) (819) (192) (1,011) Other² 16 (2) 14 62 1 63 Normalised EBIT 582 70 652 486 115 601 EBIT margin 7.1% 4.8% 6.8% 5.4% 7.3% 5.7% 1. Figures are for the six months ended 31 January and are prepared on a normalised continuing operations basis 2. Consists of other operating income, net foreign exchange gains/(losses) and share of profit or loss on equity accounted investees 26

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