2022 Annual Results

Greater China channel performance Ingredients Volume ('000 MT) 697 From 824 Revenue ($ million) 4,479 From 4,259 Gross margin 9.8% From 7.0% Foodservice Volume ('000 MT) 259 From 274 Revenue ($ million) 1,824 From 1,691 ↑ Gross margin 17.4% From 24.7% Consumer Volume ('000 MT) 73 From 78↓ Revenue ($ million) 357 From 362 Gross margin 30.5% From 33.4% $ million ■2021 ■2022 439 417 318 298 282 275 130 155 Gross profit EBIT Gross profit EBIT Note: Figures are for the year ended 31 July. Does not add to Total Group as shown on a normalised continuing operations basis and excludes unallocated costs and eliminations. Fonterra Dairy for life 121 109 (2) Gross profit EBIT (5) 47

View entire presentation