Synlait revises milk price forecast to $8.50/kgMS

Synlait Milk Limited · 1028 Heslerton Road, RD13 Rakaia, Canterbury, New Zealand · +643 373 3000 · www.synlait.com






NZX: SML
ASX: SM1


14 March 2023

Synlait revises milk price forecast to $8.50/kgMS

Synlait Milk Limited (Synlait) has reduced its forecast base milk price for the 2022 / 2023 season to
$8.50/kgMS from $9.00/kgMS.

Key drivers of the revised forecast are subdued global economic activity and a slower than expected
recovery of Chinese demand following COVID-19 . Global milk production also showed signs of
recovery in late 2022, adding further downwards pressure to dairy commodity prices. These factors
have reduced the price Synlait has achieved on its commodity products and underpin the decision to
reduce the forecast base milk price to $8.50/kgMS.

Forecasts are based on the best information available to Synlait at the time. Synlait will continue to
monitor movements and keep farmer suppliers updated as required.

For more information contact:
Hannah Lynch
Head of Strategy & Corporate Affairs
P: +64 21 252 8990
E: hannah.lynch@synlait.com