Fonterra releases divestment roadshow presentation

10 March 2025

Fonterra releases divestment roadshow presentation

Fonterra Co-operative Group Ltd is today commencing roadshow meetings with potential investor groups
as part of the divestment process for its global Consumer and associated businesses.

The information pack being presented at these meetings is attached.

As stated in the Co-op’s update on 19 February 2025, these roadshow meetings are a step towards a
potential initial public offering (IPO).

The information pack provides details of the financial profile of the business to be divested, which would
be known as Mainland Group if Fonterra proceeds with an IPO.

The pack includes indicative pro-forma historical financial information up to FY24 and reflects a more
refined view of the components of the Mainland Group business compared to previous financial
disclosures by Fonterra, such as the decision for Fonterra to retain a manufacturing facility in Saudi
Arabia and its Greater China consumer business.

These refinements have the effect of reallocating a larger portion of earnings into Fonterra’s core
business.

The roadshow meetings will be held in New Zealand, Australia and Asia, and will be led by Mainland
Group CEO-elect René Dedoncker and CFO-elect Paul Victor.

Fonterra CEO Miles Hurrell says the meetings are an important step in the process of testing the merits
and value of an IPO, which the Co-op is exploring as a divestment option alongside a trade sale.

“We are pleased to be making progress in both the potential trade sale and IPO processes and will
continue to keep our farmer shareholders, employees and the market updated on milestones,” says Mr
Hurrell.

The Co-op’s decision to pursue a divestment is grounded in an understanding of where it creates the most
value for farmers today and where there’s further room for growth.

It’s chosen divestment option will balance:
• Maximising long term value for farmer shareholders, including the best return on capital
invested;
• Cementing Fonterra’s competitive advantage in Ingredients and Foodservice; and
• Expanding international channels to market for high-quality New Zealand dairy.

Fonterra Co-operative Group
Page 2


A divestment remains subject to approval from Fonterra’s farmer shareholders.

Fonterra continues to target a significant capital return to be made to farmer shareholders and unit holders
following the divestment.

ENDS

For further information contact:
Philippa Norman
Fonterra Communications
Phone: +64 21 507 072

---

Business Overview
March 2025

Disclaimer
Disclaimer
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ThisDocumentisnotexhaustiveanddoesnotcontainalloftherelevantinformationthatyoumayrequestorrequireindeterminingwhethertopursueafurtherinvestigationofMainlandGroup,beingFonterra’sconsumerandassociatedbusinesseswhichareproposedtobedivestedbyFonterraandwhich
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ThisDocumentcontainscertainforward-lookingstatementsandcommentsaboutfutureevents,includingwithrespecttothefinancialcondition,results,operationsandbusinessofMainlandGroup.Forward-lookingstatementscangenerallybeidentifiedbyuseofwordssuchas‘project’,‘foresee’,‘plan’,
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2

René brings more than 30 years of experience in the food industry
Joined Fonterra in 2006 and has held global leadership roles
managing businesses and customers in more than 50 countries
Assumed role of Managing Director of Fonterra Australia in 2016
and Managing Director of Global Markets – Consumer &
Foodservice in 2024
René Dedoncker
CEO elect
Paul brings more than 30 years of experience across finance,
treasury, tax, IT, M&A, and investor relations
Most recently the CFO of ASX-listed Incitec Pivot Limited
Over 20 years of experience in a variety of leadership roles at global
chemicals and energy company Sasol, including Group CFO,
Group Financial Controller and CFO of Sasol Synfuels
Paul Victor
CFO elect
Presenting today
3

Mainland Group at a glance
A large-scale and profitable dairy platform backed by an established asset base
Notes:
1
Historical pro-forma financial information presented differs from the previous disclosures made by Fonterra relating to the In Scope and Out of Scope businesses. This is primarily due to further refinement of what is included within the In
Scope businesses (including removal of China Consumer business and Fonterra retaining the Dammam plant in Saudi Arabia), allocation of SKUs, and the proposed contractual arrangements post separation from Fonterra. All historical pro-forma
financial information presented is indicative only.
916k MT
Sales volume FY24A
NZ$4.9bn
1
Net revenue FY24A
~4%
EBIT margin FY24A
~NZ$200m
1
EBIT FY24A
20+
Countries where products are sold
15
Manufacturing sites
1
2
3
4

Established manufacturing presence
4
Largest trans-Tasman
Consumer dairy business
Blue chip brand portfolio of
household names
OceaniaSoutheast AsiaSri LankaMiddle East & Africa
Mainland Group’s operations
Strong position in Consumer
dairy, led by milk powder
Local and international milk
pool access
Well-established in four core
countries
5
Modernising countries
present an opportunity for
growth
Consumer
Foodservice
Ingredients
Consumer
Foodservice
Consumer
Consumer
Foodservice
Consumer
OceaniaSoutheast AsiaSri Lanka
3
Middle East & Africa
Consumer
Foodservice
Ingredients
Pacific Islands &
Caribbean
Export regions
Australia
New Zealand
6
Countries of
operation
2
12+
Countries sold into
$498m
$203m
$106m
$41m
FY24A gross profit (NZ$)
Note all historical pro-forma financial information presented is indicative only.
Notes:
1
Only Australia and Sri Lanka are vertically integrated
2
Includes Singapore, Malaysia, Indonesia, Philippines, Thailand, Vietnam
3
Includes export sales into countries including Mauritius, Maldives, Seychelles and Bangladesh
4
Manufacturing
sites across Australia, New Zealand, Malaysia, Indonesia and Sri Lanka
5
Saudi Arabia, UAE, Iraq, Azerbaijan.
5
High growth and margin
business
Scale market with attractive
consumer channel
demographics
Overview of Mainland Group’s operations
Diversified and vertically integrated
1

6%
9%
OceaniaSEA + MEA
Mainland Group to be divested
✓Continuing mutually beneficial
partnership with Fonterra
Grow stakeholder
relationships
✓Farm Source
1
model
✓AFP
1
chef-led model
2021 – 2023Today
Demonstrated capability across Mainland Group’s integrated value chain
2
+44%
Current mood meter
(NPS) with Australian
farmers
3
$250m+
Invested across Mainland
Group’s network since
FY22
7%
FY22–24A

gross
profit CAGR
4
Re-focused on core
competencies
✓Invest in leading brands
✓Rationalise the brand
portfolio
2024
Launched Fonterra Oceania
✓Integration of the Fonterra Australia &
FBNZ businesses
✓Oceania-focussed vision
Manufacturing
efficiency
✓Integrated portfolio
optimisation
✓Modular processing
network
Manufacturing
Milk pool
Growth
✓Significant NPS growth since the launch of Farm Source
✓Stable share of milk pool
✓Increased production efficiency
✓Capacity for flexibility and growth
Note all historical pro-forma financial information presented is indicative only.
Notes:
1
Farm Source and AFP will be owned by Fonterra, with Mainland Group to rebrand over an agreed transition period, with the potential for reseller arrangements for AFP
2
Only Australia and Sri Lanka are vertically integrated
3
Net promotor
score (“NPS”) as at October 2024
4
Excludes Sri Lanka due to significant impacts of currency movements in FY22
6
Mainland Group’s milestones
Strategically focused on operational improvement, with demonstrated capability across the value chain

Growing E-commerce sales channels in Oceania, Southeast Asia and
Middle East & Africa
Premium products, with strong brand value, and access to high-
quality inputs
Brands that cater to each of the consumer life stages, including in
infant / maternal products, adult milk and healthy aging
Established presence in Southeast Asia and Middle East & Africa
Historically strong focus on product innovation, NPD and R&D
Health and wellness
Premium and artisanal products
Digital marketing and E-commerce
Globalisation and emergence of new markets
Innovation in dairy products
✓
✓
✓
✓
✓
7
Key trends driving the global dairy industry
Five key trends are prevalent in consumer dairy, with Mainland Group well-positioned to benefit

Business highlights

Prominent player in APAC dairyUnderpinned by a portfolio of blue chip consumer brands
Exposure to growth regions with attractive sector dynamicsSupported by an extensive manufacturing network
Supplied by globally recognised, quality grass-fed milk
1
Focus on ESG and Health and Safety
Diverse and large revenue base that supports margin stabilityWell positioned for the next phase of growth
Notes:
1
On average, cows supplying Fonterra New Zealand are 96% grass fed (calculated on an ‘as consumed’ basis), and cows supplying Fonterra Australia are on average, 90% grass fed (on an ‘as consumed’ basis). Grass is defined as grass,
grass silage, hay and forage crops. Grass-fed means cows grazing on grass and crops in paddocks where they roam. To help support cows’ nutrition, some farmers may use small amounts of supplementary feed. Visit Fonterra.com/grass-fed for
more information.
9
Business highlights
A leading Asia-Pacific (“APAC”) dairy platform that is well placed to capitalise on attractive industry tailwinds

59%
24%
12%
5%
37%
23%
18%
16%
5%
Note all historical pro-forma financial information presented is indicative only. Select brands presented only.
Notes:
1
Calculated as individual geographic, subcategory or channel gross profit divided by total gross profit (FY24)
2
The Bega brand is licenced in Australia from Bega Cheese Limited.
A leader in cheese and spreads
One of the key players in milk powder
Presence in milk powder and cheese
A leader in Consumer dairy
A leader in Consumer dairy
Sri Lanka
Oceania
New Zealand
Australia
Middle East & Africa
2
Southeast Asia
Yoghurt
Everyday & specialty
cheese, butter
Premium specialty
cheese
Milk, cream & milk
powder
Everyday cheese
Culinary cheese
Butter and chilled
spreads
Everyday cheese
Oceania
Southeast Asia
Middle East & Africa
Sri Lanka
Gross profit composition by geography
1
Milk powder
Cheese
Liquid milks
Butter & Cream
Cultured dairy foods
Gross profit composition by subcategory
1
10
Prominent player in APAC dairy
Strength from diversity of product and geography across Mainland Group’s dairy portfolio

Note all historical pro-forma financial information presented is indicative only. Select brands presented only. AFP and NZMP will be owned by Fonterra, with Mainland Group to rebrand over an agreed transition period, with the potential for reseller
arrangements.
Notes:
1
Calculated as individual brand revenue divided by total revenue (FY24)
2
The Bega brand is licenced in Australia from Bega Cheese Limited
3
Liquid milk includes fresh and UHT milk where applicable.
Brand highlights
Liquid
milk
3
Milk
powder
Flavoured
milk
Cheese
Butter &
Spreads
Cream
Yoghurt
Sri Lanka
Oceania
Middle East &
Africa
Southeast Asia
New ZealandAustralia
Portfolio of ‘household names’ in Oceania
Presence across all of Mainland Group’s key
regions, positioned at the premium end of the
market
Anlene and Anmum have a strong presence in
Southeast Asia
Revenue composition by brand
1
1
2
3
Other
2
11
24%
17%
8%
6%
5%
5%
5%
5%
25%
Underpinned by a portfolio of blue chip consumer brands
Portfolio of widely recognised brands spanning a broad range of product subcategories

Mainland Group’s global regions
~120
~76
~53
~32
~28
~23
~21
~10
~9
~7
Mainland Group’s Southeast Asia countries
Consumer dairy market value growth CAGR 2022 – 2024 (%)
2
Source: Euromonitor International Limited, 2025 edition of Passport, Dairy Products and Alternatives.
Notes:
1
Southeast Asia, Sri Lanka, Middle East & Africa
2
Growth presented in retail value RSP including sales tax in local currency value except for Middle East & Africa countries which are converted into USD and presented on a weighted average
basis
3
Average of 38 countries globally
4
IMF World Economic Outlook (October 2024)
5
Mainland Group’s Middle East & Africa countries presented here include UAE, Saudi Arabia, Iraq, Bahrain.
Opportunity for dairy consumption in key growth operating regions
to grow towards more mature regions
Growth in Consumer dairy across Mainland Group’s
key growth operating regions
1
Growth in population and household income has historically resulted in higher dairy
consumption per capita
1
2
Population growth in Mainland Group’s growth regions
1
is expected to outperform
Western Europe, UK, North America and select Asian countries (Japan, China, South
Korea)
3
GDP per capita across Mainland Group’s countries in Southeast Asia is expected
to grow at ~5% p.a. from 2023 – 2029, outperforming the global average of 3.6%
3,4
Southeast Asia has a scale addressable market with attractive consumer
demographics driving growth
Sri Lanka is one of Asia’s fastest growing dairy markets, with a stabilising
economic landscape and growing tourism driving growth
Modernising countries in the Middle East & Africa provide an opportunity for
growth
SingaporeMalaysiaThailandVietnamIndonesiaPhilippinesSri Lanka
Middle
East &
Africa
5
SingaporeThailandMalaysiaVietnamSri LankaIndonesiaPhilippines
Middle
East &
Africa
5
Dairy consumption per capita (kg p.a.)
12
9%
8%
6%
6%
5%
5%
7%
8%
Exposure to growth regions with attractive sector dynamics
Complementing Mainland Group’s strong position in Oceania is its exposure to key dairy consumption growth
regions across Southeast Asia, Sri Lanka and Middle East & Africa

Notes: ¹ Countries that Mainland Group sells in to without local manufacturing capability, noting an extensive list of countries import Mainland Group products ² Representative of key countries only ³ Includes export sales into countries including
Cambodia, Myanmar, Mauritius, Maldives, Seychelles and Bangladesh.
Manufacturing presenceCountries Mainland Group sells into
1,2
Produces: Butter, anhydrous milk
fat, milk powder, spreads
Campbellfield
Cobden
Tullamarine 1 & 2
Wynyard
Spreyton
Produces: Cheese, whey protein
concentrate powder
Produces: Butter, spreads, milk,
cream, milk powder
Processes: Shred and pack cheese (Consumer
and Foodservice)
Processes: Cut and wrap
cheese products
Produces: Cream, milk powder,
skim milk concentrate
Darnum
Stanhope
Bayswater
Produces: Cheese, anhydrous
milk fat, ghee, milk powder
Produces: Fresh milk, UHT
milk, UHT cream, culinary
cultured & yoghurt
Takanini
Eltham
Produces: Specialty cheese
Palmerston North
Produces: Milk, cream
Processes: Cheese
snacking products
Dairymas, Malaysia
Produces: Yoghurt, cultured
milk drinks, string cheese
Cikarang, Indonesia
Processes: Powder blending,
powder repacking
Susumas, Malaysia
Processes: Powder blending,
powder repacking
Biyagama, Sri Lanka
Produces: Yoghurt, cultured milk drinks,
powder blending, powder repacking
Key
In addition, Mainland Group has 27 third
party manufacturing relationships (16 in
Oceania and 11 across Southeast Asia, Sri
Lanka and Middle East & Africa regions)
Local production
OceaniaAustraliaNew Zealand
Local production & importer model
Southeast /
South Asia
3
IndonesiaMalaysia
Sri Lanka
Importer model
2
Southeast Asia
PhilippinesSingapore
ThailandVietnam
Middle East
& Africa
ArmeniaAzerbaijan
BahrainGeorgia
IraqQatar
KuwaitUAE
Saudi ArabiaYemen
13
Supported by an extensive manufacturing network
15 Mainland Group-owned manufacturing sites globally, with Oceania as the core manufacturing base

Notes:
1
Grass is defined as grass, grass silage, hay and forage crops. Grass-fed means cows grazing on grass and crops in paddocks where they roam. To help support cows’ nutrition, some farmers may use small amounts of supplementary feed. Visit
Fonterra.com/grass-fed for more information
2
Calculated on a ‘dry matter’ basis
3
Other milk supply is predominantly from Sri Lanka
4
Fonterra’s milk in New Zealand is independently certified against the described Standards by AsureQuality, an
independent Conformity Assessment Body accredited by JAS-ANZ
5
On an ‘as consumed’ basis, 89% on a dry weight basis
6
On a rolling 3-year average.
High quality control standards
Mainland Group milk supplyDrivers of Oceania dairy provenance value
✓Access to multi-geographical milk pools, providing a cost advantage and
flexibility to manage supply and demand
✓Trusted relationships with farmers in Australia
✓Supply agreement with Fonterra for raw milk, benefiting from Fonterra New
Zealand’s high sustainability standards
4
FY24A milk supply (kgMS):
Mainland Group highlights:
Other
3
Grass and Pasture Fed Standards
•Requires cows supplying Fonterra NZ to be on
average at least 80% grass-fed
1,2,6
, and spend on
average at least 90% of non-milking time grazing
outdoors on pasture
6
•Cows supplying Fonterra NZ are on average, 96%
grass fed
5,6
and on average spend 97% of non-
milking time outdoors on pasture
6
•Cows supplying Fonterra Australia are on average,
90% grass-fed
6
Cared for Cows Standard
•Fonterra NZ maintains a standard that formalises the
process for assessing and managing animal
wellbeing
•This standard commits that cows have access to
pasture, space to roam, freedom to exhibit natural
behaviours and their welfare is monitored to align to
World Health Organisation Five Freedoms model
Emphasis on animal wellbeing
Sustainable dairy practices
Favourable climates supportive of a pasture-based system
Robust on-farm regulatory framework
Export marketing with provenance and sustainability elements
56%
44%
1%
14
Supplied by globally recognised, quality grass-fed
1
milk
Using globally renowned Oceania provenance for dairy to deliver high-quality products

Source:
1
Mazzetto, A. M., Falconer, S., & Ledgard, S. (2022). Mapping the carbon footprint of milk production from cattle: A systematic review. Journal of Dairy Science, 105(12), 9713-9725.
Notes:
2
Fonterra statistic is for FY24, noting farmer suppliers in New Zealand will remain with Fonterra.
➢Automation, technology & integrated management systems
➢Health, safety & environment pillar implementation
➢Cultural improvement and wellbeing programmes
➢Process safety and manual handling risk reduction
➢
Leadership development and healthy minds
Caring for communities: Donates 200,000 litres of dairy to Foodbank Australia
annually and 10 cents from every bottle of Simply Milk purchased in New Zealand to
Social Supermarkets
Emissions: New Zealand and Australian farmers are amongst the world's most
emissions-efficient dairy producers
1
Key ESG highlights and initiativesHealth and Safety framework
To develop and empower our people so that safety is part of everything we do
Purpose
Goals
Exceptional people &
leadership
Robust systems
& processes
Culture of
care
Safe plant &
equipment
Initiatives
Key outcomes
Farm Environment Plans in place for Fonterra’s farmer suppliers: over 50% in
Australia and 93% in New Zealand
2

Water usage: Prioritising water efficiency throughout our operations
Sustainable packaging: Investing in recycle ready materials and collection and
recycling schemes across Australia and New Zealand
Diversity and inclusion: Target of 40:40:20 (female, male, any). Focus on flexibility,
equal opportunities, gender pay, hiring locally
Positive health &
wellbeing outcomes
Improved safety &
reduced workplace
injuries
Owners mindset &
engaged leaders
Proportionate
control of critical
risk
15
Focus on ESG and Health and Safety
Fonterra has laid foundations in ESG and Health and Safety, demonstrating commitment to global climate goals
and caring for its employees, which Mainland Group can build upon

✓All key regions seeing growth in
dairy consumption with trends
expected to continue
✓Well-positioned to capture
growth with established market
positions
✓Grow share in existing
subcategories through
innovation
✓Entry into adjacent
subcategories
✓Launch higher value products
and new formats
✓Build brand relevance and
strengthen strategic distributor
relationships
✓Targeted revenue growth
management initiatives
✓Pricing management, mix shift,
promotion optimisation
✓Trade spend initiatives and
product profitability tracking
✓Targeted route to market
initiatives to build awareness,
penetration and presence
✓Manufacturing network
efficiencies from automation &
consolidation, and utilising third-
party manufacturers
✓Ability to improve asset
utilisation in Oceania through
private label and exports
✓Opportunity to optimise
packaging in global regions
across high volume SKUs
✓Indirect costs to improve in
Oceania through scale,
continuous efficiency
improvements and supply chain
optimisation
✓Transition to fit for purpose
operating model outside of
Oceania (e.g. hub and spoke
model, integrated shared
services)
Momentum growth
New growth areas
Commercial excellence
Direct cost optimisation
Indirect cost optimisation
16
Well-positioned for the next phase of growth
Value creation opportunities from the entry of established brands and products into adjacent subcategories and
the unlocking of opportunities through further capital investment

Financial Information

2,645
2,895
3,227
701
896
882
829
919
763
4,175
4,710
4,872
FY22AFY23AFY24A
Note all historical pro-forma financial information presented is indicative only.
Gross margin (%)
NZ$9.30NZ$8.22
NZ$7.83
Fonterra farmgate
milk price ($/kgMS)
A$7.40
A$9.57
A$9.20
NZAU
Ingredients
Mainland Group gross profit (NZ$m) and gross margin (%)
Mainland Group net revenue (NZ$m)Commentary
ConsumerFoodservice
⚫Strong revenue growth over FY22A – FY24A
–8% Group net revenue CAGR
–Largest contribution driven by a 10% CAGR in Consumer
–Supported by a 12% CAGR in Foodservice
⚫Demonstrated ability to grow gross profit at a stable gross
margin percentage, despite underlying commodity price
volatility, driven by:
–Diversified revenue base across geography, sales channel
and product category
–Exposure to both the Australian and New Zealand milk
prices
–Effective revenue growth management
–Price risk management tools
17%17%17%
18
692
778
848
FY22AFY23AFY24A
Diverse and large revenue base that supports margin stability
Diversification through channels, products and geographies, with exposure spanning branded Consumer goods
to upstream Ingredient manufacturing

11%
1
26%22%
6%9%17%
14%14%14%
Note all historical pro-forma financial information presented is indicative only.
Notes:
1
FY22 gross profit significantly impacted by currency movements
= gross margin (%)
Oceania gross profit (NZ$m)
Southeast Asia gross profit (NZ$m)
Sri Lanka gross profit (NZ$m)
Middle East & Africa gross profit (NZ$m)
19
1
37%33%36%
43
90
106
FY22A
FY23AFY24A
444
491
498
FY22AFY23AFY24A
194
177
203
FY22AFY23AFY24A
10
21
41
FY22AFY23AFY24A
Regional financial summary
All four geographic divisions of Mainland Group have improved gross profit over the FY22A to FY24A period

Diversified portfolio of widely recognised brands
1
Established presence in mature and emerging markets
2
Supported by an extensive manufacturing network
3
Attractive growth outlook with strong momentum
4
20
Closing remarks