2022 Annual Results

Latin America million 2021 2022 %A¹ Sales volume² ('000 MT) 379 388 2% Revenue ($) 1,045 1,131 8% Gross profit ($) 285 309 8% • Gross margin (%) 27.3% 27.3% • Operating expenses ($) (211) (217) (3)% Other³ ($) 1 Normalised EBIT ($) 75 92 23% Fonterra Dairy for life • Sales volumes growth mainly driven by Chilean government stimulus Improved gross profit driven by our consumer business in Chile, due to: 。 sales volume growth of higher margin products - such as yoghurt and desserts ability to leverage our number one market share position and lift in-market prices Operating expenses increased to support higher sales volumes and higher supply chain costs Note: Figures are for the year ended 31 July and are on a normalised continuing operations basis. This table was prepared exclusive of Group Operations attribution 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 and net foreign exchange gains/(losses) 445

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