Global Dairy Update October 2024

•Changes to Fonterra Management Team to support the next
phase of its strategic delivery.
1
Global Dairy
UPDATE
•New Zealand, Australia and US monthly
production increased. EU monthly
production decreased.
•
Ne
w Zealand, EU and US monthly
exports increased. Australia monthly
exports decreased.
•
Asia and Latin America monthly imports
increased. Middle East & Africa and China
monthly imports decreased.
•F
onterra New Zealand’s collections for
September were 174.2 million kgMS, 4.9%
above September last season. Season-to-date
collections are 307.2 million kgMS, 6.1% above
last season.
•
Fonterra’s Australia collections in September
were 10.2 million kgMS, 4.7% above
September last season. Season-to-date
collections are 22.7 million kgMS, 2.6% above
last season.
•Farmers' care for cows wins big.
Key Dates
14 November 2024
Fonterra Co-operative Group
Annual Meeting
18 November 2024
Fonterra Shareholders' Fund
Annual Meeting
5 December 2024
FY25 Q1 Business Update
OCTOBER 2024

%%%
%%%%
%
Change for September 2024
compared to September 2023
Change for September 2024
compared September 2023
Change for September 2024
compared to September 2023
Change for August 2024
compared to August 2023
Change for the 12 months
to September 2024
Change for the 12 months
to September 2024
Change for the 12 months
to September 2024
Change for the 12 months
to August 2024
0.11.44.1
3.40.10.4
1.0
0.8
2
OUR MARKETS
Global Production
New Zealand, Australia and
US monthly production
increased. EU monthly
production decreased
New Zealand milk
production increased 4.1%
on a litres basis (up 5.2%
on milk solids basis) for
September compared to the
same period the year prior.
The production increase was
mainly due to favourable
weather and pasture
conditions compared to
this time last year with soil
moisture at capacity or
in surplus.
New Zealand milk
production for the 12 months
to September was up
0.8% on the previous
comparable period.
Fonterra New Zealand
collections are reported
for September, see page 5
for details.
Australia milk
production increased 1.4%
in September compared
to the same period the
year prior.
The production increase was
mainly due to favourable
weather conditions in
Northern and Eastern
Victoria, with improved
rainfall supporting pasture
growth in Western Victoria
partially offset by flooding
in Tasmania.
Australia milk production for
the 12 months to September
was up 3.4% on the previous
comparable period.
Fonterra collections in
Australia are reported for
September, see page 5
for details.
EU milk production¹
decreased 1.0% in August
compared to the same
period the year prior.
The production decrease
was mainly driven by
the continued impact of
Bluetongue disease, which
continues to lower milk
production output from
Germany, France, Belgium,
Ireland, Spain, and the
Netherlands. Additionally,
European raw milk prices
also continued to increase
due to higher seasonal
demand for dairy products.
EU milk production for the
12 months to August was
up 0.1% on the previous
comparable period.
US milk production
increased 0.1% in September
compared to the same
period the year prior.
The production increase
was mainly due to increased
cow numbers in Texas and
Kansas, Idaho recovering
from Avian flu cases and
South Dakota having greater
access to feed and water.
US milk production for the
12 months to September was
down 0.5% on the previous
comparable period.
NEW ZEALANDAUSTRALIAEUROPEAN UNIONUSA
To view a chart that
illustrates year-on-year
changes in production –
1 Excludes UK.

To view a chart that
illustrates year-on-year
changes in exports –
3
OUR MARKETS
Global Exports
New Zealand, EU and US
monthly exports increased.
Australia monthly
exports decreased
New Zealand dairy
exports increased 4.4%,
or 7,951 MT, in September
compared to the same
period last year.
The increase was mainly due
to higher export volumes
of proteins, cheese and
infant formula to China,
fluid milk products to the
Philippines and butter and
AMF to Saudi Arabia. This
was partially offset by lower
export volumes of WMP and
SMP to China.
Exports for the 12 months to
September were up 2.8%, or
95,971 MT, on the previous
comparable period.
This was mainly due to
higher export volumes of
WMP and fluid milk products
to Southeast Asia and the
Middle East.
EU dairy exports
increased 1.9%, or 11,013 MT,
in August compared to the
same period the year prior.
The increase was mainly due
to higher export volumes of
cheese to Vietnam and whey
to China and Southeast Asia.
Exports for the 12 months to
August were down 1.7%, or
115,118 MT, on the previous
comparable period.
This was mainly due to
lower export volumes of
SMP, infant formula and
proteins to key markets and
an increase in domestic dairy
consumption.
US dairy exports
increased 2.3%, or 5,300 MT,
in August compared to the
same period the year prior.
The increase was mainly
due to continuing higher
export volumes of cheddar
to Mexico and South
Korea, alongside higher
export volumes of whey to
Southeast Asia.
Exports for the 12 months to
August were down 0.6%, or
17,628 MT, on the previous
comparable period.
This was mainly due to
ongoing lower export
volumes of American powder
products as demand from
key markets remains low.
Australia dairy exports
decreased 7.7%, or 4,073 MT,
in August compared to the
same period the year prior.
The decrease was mainly
due to higher than usual
shipments in June and July
and reduced export demand
from China.
Exports for the 12 months
to August were up 4.5%, or
29,492 MT, on the previous
comparable period.
This was mainly due to
higher production in
Australia leading to more
exportable surplus.
NEW ZEALANDAUSTRALIAEUROPEAN UNIONUSA
%%%
%%
%
%
Change for September 2024
compared to September 2023
Change for August 2024
compared to August 2023
Change for August 2024
compared to August 2023
Change for August 2024
compared to August 2023
Change for the 12 months
to August 2024
Change for the 12 months
to August 2024
Change for the 12 months
to September 2024
Change for the 12 months
to August 2024
2.3
4.5
4.4
1.7
0.6
7.7
1.9
2.8
%

To view a chart that
illustrates year-on-year
changes in imports –
4
OUR MARKETS
Global Imports
Asia and Latin America
monthly imports
increased. Middle East &
Africa and China monthly
imports decreased
Latin America dairy
import volumes¹ increased
3.8%, or 8,464 MT, in August
compared to the same
period the year prior.
The increase was mainly due
to higher import volumes of
cheese by Mexico.
Imports for the 12 months
to August were up 6.2%, or
151,906 MT, on the previous
comparable period.
This was mainly due to
ongoing increased import
volumes of cheese by Mexico
and Brazil and fluid milk
products by Mexico and the
Dominican Republic.
Asia (excluding China)
dairy import volumes¹
increased 16.9%, or 73,017 MT,
in August compared to the
same period the year prior.
The increase was mainly due
to higher import volumes
of SMP by the Philippines
and whey by Indonesia and
the Philippines.
Imports for the 12 months
to August were up 11.4%, or
551,595 MT, on the previous
comparable period.
This was mainly due to higher
import volumes of WMP
by Vietnam, Malaysia and
Bangladesh, and fluid milk
products by the Philippines
and Vietnam.
Middle East and
Africa dairy import
volumes¹ decreased 4.2%,
or 20,502 MT, in August
compared to the same
period the year prior.
The decrease was mainly due
to lower import volumes of
WMP, cheese and cultured
products by Iraq. This was
partially offset by slightly
higher import volumes of
SMP by Egypt.
Imports for the 12 months
to August were up 1.8%, or
107,151 MT, on the previous
comparable period.
This was mainly due to higher
import volumes of fluid milk
products by UAE, cheese by
Lebanon and UAE and whey
by Nigeria and Egypt.
China dairy import
volumes decreased by
13.9%, or 32,102 MT, in
September compared to the
same period the year prior.
The decrease was mainly due
to lower import volumes of
fluid milk products, WMP
and SMP as domestic milk
supply levels remain high.
Imports for the 12 months
to September were down
11. 6%, or 366,341 MT, on the
previous comparable period.
This was mainly due to an
ongoing decline in import
volumes of SMP, WMP,
fluid milk products and
infant formula.
LATIN AMERICAASIAMIDDLE EAST & AFRICACHINA
1 Estimates are included for those countries that have not reported data.
%%%%
%%
Change for August 2024
compared to August 2023
Change for September 2024
compared to September 2023
Change for August 2024
compared to August 2023
Change for August 2024
compared to August 2023
Change for the 12 months
to August 2024
Change for the 12 months
to August 2024
Change for the 12 months
to August 2024
13.916.93.8
11.41.8
%
Change for the 12 months
to September 2024
11.6
4.2
6.2
%

To view a table that shows
detailed milk collections in New
Zealand and Australia compared
to the previous season –
%%
%%
Season-to-date 1 July to 30
September compared to prior season
Season-to-date 1 June to 30 September
compared to prior season
Season-to-date 1 June to 30 September
compared to prior season
Season-to-date 1 June to 30 September
compared to prior season
Change for September 2024
compared to September 2023
Change for September 2024
compared to September 2023
Change for September 2024
compared to September 2023
Change for September 2024
compared to September 2023
4.75.0
5.1
4.84.9
2.66.76.1
VOLUME M LITRESDAY
JUNJULAUGSEPOCTNOVDECJANFEBMARAPRMAY












5
OUR MARKETS
Fonterra Milk Collections
NEW ZEALANDNORTH ISLANDSOUTH ISLANDAUSTRALIA
New Zealand Milk Collections
Fonterra's Australia
collections in September
were 10.2 million kgMS,
4.7% above September
last season.
The increase was mainly
due to continued favourable
weather conditions in
Northern and Eastern
Victoria, with Western
Victoria recovering following
late winter rainfall. Seasonal
conditions remain supportive
of strong pasture growth and
this has reduced reliance on
conserved fodder.
Season-to-date collections
are 22.7 million kgMS,
2.6% above last season.
North Island milk
collections in September
were 104.6 million kgMS,
4.8% above September
last season.
The increase was mainly
due to ongoing favourable
weather conditions across
the region contributing to
strong pasture growth.
Season-to-date collections
are 205.4 million kgMS, 6.7%
above last season.
South Island milk
collections in September
were 69.6 million kgMS,
5.0% above September
last season.
The increase was mainly
due to favourable weather
conditions supporting
pasture growth in most
parts of the region with
some areas having surplus
moisture levels. This
was partially offset by
unfavourable weather
conditions impacting
production in the Lower
South Island.
Season-to-date collections
are 101.9 million kgMS, 5.1%
above last season.
Fonterra's New Zealand
collections for September
were 174.2 million kgMS,
4.9% above September
last season.
The increase was mainly due
to improved weather and soil
conditions, although a wetter
start to spring is impacting
some regions.
Season-to-date collections
are 307.2 million kgMS, 6.1%
above last season.
%%
%%

%
%%
%
%
To view more information,
including a snapshot of the
rolling year-to-date results –
%
6
GDT PRICE INDEXNZDUSD SPOT RATE
OCT DEC  MAR JUL OCT JAN  AUG  MAY 


,
, 
,
.
.
.
.
.
PRICE INDEX
NZD  USD
OUR MARKETS
Fonterra Global Dairy Trade Results
Fonterra GDT sales
by destination:
Dairy commodity prices and New Zealand
dollar trend
Rising geopolitical tensions in the Middle East, and ongoing
uncertainty in the Russia-Ukraine conflict, together with
stronger than expected US economic data saw the USD
strengthen over the past month. Furthermore, the Reserve
Bank of New Zealand increased their pace of monetary policy
accommodation lowering the Official Cash Rate by 50bps in
October. The combination of these forces resulted in a swift
decline in the NZD/USD exchange rate from above 63.5 US
cents to 60.5 US cents in October.
Fonterra GDT results at
trading event 366
15 October 2024:
The next trading event will be held on 5 November 2024. Visit www.globaldairytrade.info for more information.
Change in Fonterra’s
weighted average product
price from previous event
0.3
Fonterra’s weighted
average product price

(USD/MT)
3,880
USD
Fonterra product quantity
sold on GDT
000’ MT
36.7
NORTH ASIA (INCLUDING CHINA)
SOUTH EAST ASIA
MIDDLE EAST AND AFRICA
LATIN AMERICA
OTHER
USD 2,757/MT
1.7
SMP
USD 4,716/MT
2.4
CHEDDAR
USD 7,229/MT
0.2
AMF
USD 6,393/MT
0.8
BUTTER
USD 3,547/MT
0.2
WMP
36,678
MT
LATEST AUCTION
213,550
MT
FINANCIAL
YEAR‑TO‑DATE

7
Our Performance
Changes to Fonterra
Management Team to
support the next phase
of its strategic delivery
Managing Director
Co-operative Affairs
Mike-Cronin has been
leading the potential
Consumer divestment
process and will dedicate his
focus to this critical project
full time.
Former Fonterra alumni
Matt Bolger will return to
the Co-op and step into
the Managing Director
Co-operative Affairs position
from March 2025.
CEO Miles Hurrell says
“exploring options for the
potential divestment of our
Consumer businesses is
one of the most important
projects Fonterra has
undertaken and has
the potential to unlock
significant value for our
farmer shareholders and
unit holders.
“As we progress this work,
Mike will step away from
the Managing Director
Co-operative Affairs role
to dedicate his time to the
potential divestment. He will
remain a key member of the
Fonterra Management Team.
“Mike has been with Fonterra
since 2002 and has been
involved in a number of
key strategic projects
for the Co-op, including
Trading Amongst Farmers,
the Governance and
Representation Review, the
Co-operative Difference and
Flexible Shareholding.
“Mike is a highly respected
leader and industry figure,
holding the Managing
Director Co-operative Affairs
role since 2014. I personally
value his trusted advice and
strategic leadership. He will
remain with the Co-op until
the potential divestment
process is concluded.
“I’m also pleased to
announce Matt Bolger’s
appointment to the
Managing Director
Co-operative Affairs role and
look forward to welcoming
him back to the Co-op on
the 5th of March,” says
Mr Hurrell.
Matt spent more than 18
years with Fonterra in a
variety of roles, including
General Manager Capital
Strategy and Director of
Farmer Services, as well as
time leading global sales
teams offshore.
He stepped into his
current position as
Pro Vice-Chancellor of
The University of Waikato
Management School in 2020
and is the current Chairman
of the Dairy Companies
Association of New Zealand
(DCANZ).
“As Managing Director
Co-operative Affairs, Matt
will be responsible for
functions including Farm
Source, Global Stakeholder
Affairs and Trade,
Governance, Risk and Audit,
Corporate Communications,
Legal and Maori Strategy.
“As we implement our
revised strategy, Matt’s
knowledge of the Co-op’s
farmers, stakeholder
relations experience and
commercial acumen
will serve him well,” says
Mr Hurrell.
Matt completed his
Bachelor of Science in
Business Administration at
Georgetown University in
Washington DC, majoring
in International Business
with Minors in English
and Japanese.
Mike Cronin (left), Matt Bolger (right)

Our Co-op
8
Farmers’ care for cows
wins big
The hard work Fonterra
farmers dedicate to their
animals’ wellbeing has been
recognised with a major
international award.
Fonterra has received a
Good Dairy Commendation
from Compassion in World
Farming (CIWF), a leading
global animal welfare and
environmental organisation.
CIWF’s annual Good Farm
Animal Welfare Awards
recognise food companies
who work collaboratively
to create more sustainable
food supply chains
and have policies and
commitments that support
animal wellbeing and
the environment.
This year’s awards were
held in Paris, recognising
49 winners from around
the world.
Animal Wellbeing
Manager Stephanie Bullen
represented Fonterra at the
awards ceremony.
Our Co-op is the first
pasture-based dairy
company to receive a Good
Dairy Commendation. This
acknowledges companies
committed to implementing
higher wellbeing standards
ensuring cows have
access to pasture, are not
tethered and their welfare
is monitored through key
animal-based indicators.
Fonterra’s Director of
Sustainability Charlotte
Rutherford says the Co-op
is honoured to receive
the award.
“This accolade reflects the
work our farmer owners
do every day to uphold
high standards of animal
wellbeing and produce some
of the world’s finest milk”,
says Rutherford.
“Dairy cows are at the heart
of our Co-op and we are
proud to help provide an
environment they thrive in.
Our On-Farm Excellence
team works closely with
farmers to illustrate our
high standards to customers
and consumers.
“We look forward to
continuing our focus
and efforts in this area,
collaborating strongly with
our industry partners to
ensure the right tools and
support are accessible for
our farmers, and ultimately
keeping the importance
of animal wellbeing in a
sustainable dairy system
front and centre.”
CWIF Global Director of
Food Business, Dr Tracey
Jones says the Co-op is a
worthy winner.
"Compassion is proud
to have partnered with
Fonterra for over a decade,
and we are delighted to
see their farmers' care and
commitment recognised
with this award for their
New Zealand operations.
On a global scale, Fonterra
is leading the dairy sector
by ensuring pasture access,
achieving zero tethering,
and actively monitoring
welfare. Their dedication
to improving cow welfare
shines through in their
continued leadership across
their supply chain."
How we care for cows
Care for animals’ wellbeing
has been handed down
through generations of
Fonterra farmers.
The Co-op’s Cared for Cows
Standard formalises the
process for assessing and
managing animal wellbeing
on Fonterra’s farms. It sets
out requirements, including
processes for managing risk,
capturing and submitting
animal health data, and
conducting internal audits.
Fonterra’s approach to
animal wellbeing is based on
the Five Domains:
• Freedom from hunger and
thirst – Nutrition
• Freedom from discomfort –
Environment
• Freedom from pain, injury
and disease – Health
• Freedom to express natural
behaviour – Behaviour
• Freedom from fear and
distress – Mental state
Also, to meet the animal
achievement under The
Co-operative Difference
programme, farmers need to
have an Animal Welfare Plan
(AWP) prepared alongside
their vet, and we’re on track
to have AWPs for every
Fonterra New Zealand farm
by 2025.

PRODUCTION
AUSTRALIAAVERAGE
UNITED STATES
NEW ZEALANDEU
DEC JUL 
JUN MAY MAR FEB JAN SEP NOV OCT AUG APR 
LIQUID MILK M LITRES








EXPORTS
AUSTRALIA
UNITED STATES
NEW ZEALANDEU
AUG JUL JUN APR MAR FEB JAN DEC  NOV  OCT  SEP MAY 
MT s







AVERAGE
IMPORTS
MIDDLE EAST & AFRICALATIN AMERICA
ASIACHINA
SEP AUG JUN MAY FEB MAR APR NOV  JAN DEC  JUL OCT 
MT s








AVERAGE
9

Supplementary Information
Global Dairy Market
The charts on the right
illustrate the year-on-year
changes in imports, exports
and production for a range of
countries that are important
players in global dairy trade.
The absolute size of
the bars represents the
change in imports, exports
or production, relative
to the same period the
previous year.
Averages are shown where
data is complete for the
regions presented.
NOTE: Data for EU to August; New Zealand, US and Australia to September.
NOTE: Data for EU, US and Australia to August; New Zealand to September.
NOTE: Data for Asia, Middle East & Africa, Latin America to August; China to September.
SOURCES: Government milk production statistics (DCANZ, Dairy Australia, Eurostat, USDA)/GTA trade data/Fonterra analysis.

10

Supplementary Information
Fonterra milk
production
The table on the right
shows Fonterra milk solids
collected in New Zealand
and Australia compared
to the previous season.
MILK COLLECTION
(MILLION KGMS)
SEPTEMBER
2024
SEPTEMBER

2023
MONTHLY
CHANGE
SEASON-
TO-DATE
2024/25
SEASON-
TO-DATE
2023/24
SEASON-
TO-DATE
CHANGE
Total Fonterra
New Zealand
174.2166.14.9%307.2289.46.1%
North Island104.699.94.8%205.4192.56.7%
South Island69.666.35.0%101.996.95.1%
Australia10.29.74.7%22.722.12.6%
2024/25 season
forecast Farmgate
Milk Price (FGMP)
update
ANNOUNCEMENT
DATE
FORECAST
FGMP (NZD)
NZD/USD RATE AT
ANNOUNCEMENT
DATE
FORECAST
AVERAGE
CONVERSION
RATE FOR
2024/25
SEASON
PERCENTAGE
OF FORECAST
FOREIGN
EXCHANGE
EXPOSURE
FOR 2024/25
SEASON
HEDGED
PERCENTAGE
OF FOREIGN
EXCHANGE
OPTION
COVER
REMAINING
IN HEDGED
AMOUNT
RANGE MID-
POINT
25 Sep 2024$8.25-
$9.75
$9.000.63380.619072%18%
23 Aug 2024$7.75-
$9.25
$8.500.61370.611067%16%
As at the most recent update to the 2024/25 season forecast Farmgate Milk Price on 25 September 2024:
• Fonterra had hedged approximately 72% of the full year forecast USD cash flows related to the
2024/25 season Farmgate Milk Price.
• Of that 72%, approximately 18% was hedged with foreign exchange options which had not yet
expired or been exercised.
• If the remaining 28% of the forecast USD cash flows were to be hedged at the 25 September 2024
spot rate of 0.6338, the average NZD/USD conversion rate for the 2024 season would be 0.6190.
• Also shown for information are the equivalent measures at the date of the previous forecast of the
2024/25 season Farmgate Milk Price on 23 August 2024.

WEIGHTED AVERAGE PRICEQUANTITY SOLD
APR 
MAR 
JAN 
OCT 
FEB 
JUL 
AUG 
MAY 
SEP 
NOV DEC JUN 


,
,

,
,
,
,
,
,

,

,
WEIGHTED AVERAGE PRICE USDMT
QUANTITY SOLD  MT
11

Supplementary Information
Fonterra GDT results
This table provides more
information on the latest
results, including a snapshot
of the year-to-date results.
LAST TRADING EVENT
(15 OCTOBER 2024)
YEAR-TO-DATE

(FROM 1 AUGUST 2024)
Quantity Sold on GDT
(Winning MT)
36,678213,550
Change in Quantity Sold on GDT
over same period last year
8.3%5.2%
Weighted Average Product Price
(USD/MT)
3,8803,864
Change in Weighted Average
Product Price over same period
last year
19.6%26.5%
Change in Weighted Average
Product Price from previous event
(0.3%)–
Fonterra GDT results
This chart shows Fonterra
GDT prices and volumes over
the past 12 months.

12
AMF
Anhydrous Milk Fat.
BMP
Butter Milk Powder.
Cultured Products
Fermented milks that are
prepared by using starter
cultures and controlled
fermentation including
yoghurt, yoghurt drinks, sour
cream, crème fraiche.
DIRA
Dairy Industry Restructuring
Act 2001 (New Zealand).
Farmgate Milk Price
The price for milk supplied in
New Zealand to Fonterra by
farmer shareholders.
Fluid Products
The Fonterra grouping
of fluid milk products
(skim milk, whole milk
and cream – pasteurised
or UHT processed),
concentrated milk products
(evaporated milk and
sweetened condensed milk)
and yoghurt.
GDT
Global Dairy Trade, the
online provider of the twice
monthly global auctions of
dairy ingredients.
kgMS
Kilogram of milk solids, the
measure of the amount of
fat and protein in the milk
supplied to Fonterra.
MPC
Milk Protein Concentrate.
Non-Reference Products
All dairy products,
except for Reference
Products, produced
by the New Zealand
Ingredients business.
Reference Products
The dairy products used
in the calculation of the
Farmgate Milk Price, which
are currently WMP, SMP,
BMP, butter and AMF.

Glossary
Season
New Zealand: A period
of 12 months to 31 May
in each year.
Australia: A period of
12 months to 30 June
in each year.
SMP
Skim Milk Powder.
WMP
Whole Milk Powder.
WPC
Whey Protein Concentrate.
WPI
Whey Protein Isolate.