2022 Annual Results

Earnings driven by strong Ingredients' margins Fonterra Dairy for life Asia Pacific 2021 EBIT Ingredients $24m Foodservice $79m Consumer $202m = $305m AMENA Ingredients $211m Foodservice $15m Consumer $110m $336m Greater China Ingredients $130m Foodservice $275m Consumer $(2)m $403m Eliminations¹ $(148)m Total $896m 2022 EBIT Change $192m 700% $(13)m $58m² (71)% Product channel EBIT ($m) $237m (22)% 1,000 $442m 109% 800 $(4)m $89m (19)% 600 $527m 57% 400 $282m 117% $155m (44)% 200 $(5)m (150)% $432m 7% $(214)m (45)% Ingredients $982m 10% Foodservice Consumer Note: Figures are for the year ended 31 July and prepared on a normalised continuing operations basis. Comparative information includes re-presentations for consistency with the current period Eliminations and unallocated costs 1. 2. Includes $(80) million adverse revaluation of payables in Sri Lanka 8

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