2022 Annual Results

AMENA Fonterra Dairy for life million 2021 2022 %A¹ 1 Sales volume² ('000 MT) 1,352 1,355 Revenue ($) 7.304 8,612 18% Gross profit ($) 904 1,137 26% • Gross margin (%) 12.4% 13.2% Operating expenses ($) (605) (674) (11)% Other³ ($) 37 64 73% Normalised EBIT4 ($) 336 527 57% Includes EBIT attribution (99) 70 from Group Operations ($) EBIT by Quarter 194 2021 2022 ($ million) 156 131 113 121 69 56 23 ● Increased gross profit due to improved pricing and product mix in the Ingredients channel, particularly in our protein portfolio, partially offset by; 。 tighter margins in Foodservice and Consumer channels Operating expenses up, impacted by increased storage and distribution costs Increased EBIT attribution from Group Operations driven mainly by strong casein, milk protein concentrate and whey protein concentrate margins Note: Figures are for the year ended 31 July and are on a normalised continuing operations basis. 1. Percentages as shown in the 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 on of equity accounted investees Q1 Q2 Q3 4. Includes EBIT attribution from Group Operations Q4 5. Included in AMENA's normalised EBIT. Refer to Glossary for explanation of Group Operations 43

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