Fonterra Shareholders' Fund Interim Results 2025

Page 1

Results for announcement to the market
Results for announcement to the market
Name of issuer Fonterra Shareholders’ Fund
Reporting Period 6 months to 31 January 2025
Previous Reporting Period 6 months to 31 January 2024
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$154,000 83%
Total Revenue $154,000 83%
Net profit/(loss) from continuing
operations
$nil -%
Total net profit/(loss) $nil -%
Interim Distribution
Amount per Quoted Equity
Security
$0.22
Imputed amount per Quoted
Equity Security
Not Applicable
Record Date 27 March 2025
Distribution Payment Date 8 April 2025
Current period Prior comparable period
Net tangible assets per Quoted
Equity Security
$4.98 $3.41
A brief explanation of any of the
figures above necessary to
enable the figures to be
understood
Please refer to the unaudited interim financial statements for further
explanation. Revenue from continuing operations comprises net fair value
movements of Economic Rights of Fonterra Shares, and (if any) dividend
income.
Authority for this announcement
Name of person

authorised to
make this announcement
Jackie Floyd

Contact person for this
announcement
Phil van Polanen

Contact phone number
+64 21 021 999 59

Contact email address
Investor.relations@fonterra.com

Date of release through MAP

20/03/2025

Unaudited interim financial statements accompany this announcement.

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FOR THE SIX MONTHS ENDED 31 JANUARY 2025
Fonterra
Shareholders’ Fund
Interim Report
2025

Chair Report3
Manager’s Statement5
Statement of Comprehensive Income6
Statement of Changes in Amounts
Attributable to Unit Holders
6
Statement of Financial Position7
Cash Flow Statement7
Basis of Preparation8
Notes to the Interim Financial
Statements
10
Independent Auditor’s Review Report12
Directory14
Contents
Katie & Campbell, Southland

Chair Report
Dear unit holders,
Fonterra’s profit after tax for the first six months of the 2025
financial year increased $55 million, or 8%, to $729 million
compared to the prior period and equates to 44 cents per
share attributable to equity holders.
The improved performance has enabled Fonterra to declare a fully imputed interim
dividend of 22 cents per share, up from 15 cents the prior year. As a result, unit holders
will receive an interim distribution of 22 cents per unit. The record date for the interim
distribution is 27 March 2025 and the payment date is 8 April 2025. The suspension of the
distribution reinvestment plan remains in place.
Fonterra’s business performance
The Fund, and the Board of FSF Management Company Limited (the Manager) that
oversees it, have no direct involvement in Fonterra’s operations. However, as a holder of
economic rights in Fonterra, the performance of the Fund is tied directly to Fonterra’s
performance.
It is pleasing to see Fonterra maintain its momentum into FY25 and build on what was a
strong performance in the prior period, with operating profit up $154 million, or 16%, to
$1,107 million for the first six-months of FY25.
The higher operating profit was driven by a $229 million, or 49%, increase in Fonterra’s
Ingredients channel operating profit to $696 million. The Ingredients channel benefited
from favourable margin hedging in its New Zealand non-reference product portfolio
and from better alignment between domestic milk prices and global commodity prices
in Australia.
It is good to see Fonterra’s Foodservice and Consumer channels both had better
operating profits in the second quarter following a tough first quarter, with materially
better gross margins reflecting stronger pricing to offset the higher input costs. However,
both channels remain down for the six-month period compared to the prior year.
Foodservice is down $112 million to $230 million, and Consumer is down $4 million to
$173 million.
Fonterra CEO, Miles Hurrell, noted the prior year’s Foodservice performance was a record
for Fonterra when input costs were much lower, and that the Consumer channel had
good sales volume growth, up 8.5%, to largely offset the impact of the lower margins
experienced in the first quarter.
The growth in Fonterra’s operating profit was partially offset by a $103 million, or 54%,
increase in its tax expense to $297 million. Of the increase, $59 million is attributable
to the change in tax treatment that was announced last year and is reflected in the
equivalent imputation credits.
Outlook for the remainder of FY25
Fonterra recently increased its forecast full year earnings range to 55-75 cents per share
from 40-60 cents. Miles Hurrell said this increase reflects the underlying strength of
Fonterra’s core business as well as the resilience of the Consumer channel.
This is a promising outlook for unit holders, particularly in the context of the higher input
costs relative to last year, with Fonterra maintaining and narrowing its forecast Farmgate
Milk Price range from $9.50 – $10.50 to $9.70 – $10.30 per kgMS for the current season.
For further clarity and detail on Fonterra’s performance, I encourage you to read the
other interim results material released by Fonterra, that can be found on its Investor
Relations webpage.
“The Fund, and the Board of FSF Management Company
Limited that oversees it, have no direct involvement in
Fonterra’s operations. However, as a holder of economic
rights in Fonterra, the performance of the Fund is tied
directly to Fonterra’s performance.”
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Interim Report 2025
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Delisting from the ASX
In the first half of FY25, as part of its focus to reduce costs and complexity, Fonterra
engaged with the Manager on delisting the Fund from the ASX to be solely listed on
the NZX.
The board of the Manager were supportive of the proposal and actively engaged in the
process to ensure unit holders interests were considered.
Unit holders, in aggregate, benefited in the move to one listing from consolidating the
liquidity on the NZX, as well as reducing costs, both directly from the secondary listing
and due to reduced operational complexity. It’s worth noting that at the time of delisting
on the close of 27 February 2025 only a small volume of units, around 4%, were held
through the ASX.
Potential divestment of Consumer business
Fonterra continues to progress the potential divestment of its Consumer business,
pursuing both a trade sale and an initial public offering as divestment options.
Fonterra has indicated that a divestment remains subject to approval from Fonterra’s
farmer shareholders and that it continues to target a significant capital return to be
made to farmer shareholders and unit holders following the divestment.
Mary Jane Daly
Chair
Earnings forecast:
55 -75cents
per share
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Alastair Hercus
Director
FSF Management Company
Limited
19 March 2025
Mary Jane Daly
Chair
FSF Management Company
Limited
19 March 2025
FSF Management Company Limited (the Manager) presents to
the unit holders the interim financial statements for the
Fonterra Shareholders’ Fund (the Fund) for the six months
ended 31 January 2025.
The Manager is responsible for presenting interim financial statements for the six months
which fairly present the financial position of the Fund and its financial performance and
cash flows for that period.
The Manager considers the interim financial statements of the Fund have been prepared
using accounting policies which have been consistently applied and supported by
reasonable judgements and estimates, and that all relevant financial reporting and
accounting standards have been followed. The Manager believes that proper accounting
records have been kept which enable, with reasonable accuracy, the determination
of the financial position of the Fund and facilitate compliance of the interim financial
statements with the Financial Markets Conduct Act 2013 and the Fonterra Shareholders’
Fund Trust Deed.
The Manager considers that it has taken adequate steps to safeguard the assets of the
Fund, and to prevent and detect fraud and other irregularities.
The Manager approves and authorises for issue the interim financial statements for the
six months ended 31 January 2025 presented on pages 6 to 11.
For and on behalf of the Board of the Manager:
Interim Financial
Statements
For the six months ended 31 January 2025
Manager’s Statement
FOR THE SIX MONTHS ENDED 31 JANUARY 2025
Drysdale Farm, Manawatū-Whanganui
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Basis of Preparation
Independent Auditor’s Review ReportNotes to the Interim Financial Statements
Interim Financial Statements
Interim Financial Statements

The accompanying basis of preparation and notes form part of these interim financial statements.
Statement of Comprehensive Income
FOR THE SIX MONTHS ENDED 31 JANUARY 2025
($ MILLION)
SIX MONTHS ENDEDYEAR ENDED
31 JAN 2025
UNAUDITED
31 JAN 2024
UNAUDITED
31 JULY 2024
AUDITED
Net fair value gain on revaluation of Economic Rights
of Fonterra shares
1114199
Dividend income434359
Investment income15484158
Net increase in fair value of amounts attributable to unit
holders
(111)(41)(99)
Distributions to unit holders(43)(43)(59)
Finance cost(154)(84)(158)
Profit before tax–––
Tax expense–––
Profit for the period–––
There are no items of other comprehensive income.
Statement of Changes in Amounts Attributable
to Unit Holders
FOR THE SIX MONTHS ENDED 31 JANUARY 2025
($ MILLION)
Amounts attributable to unit holders at 1 August 2024424
Movements:
Revaluation of amounts attributable to unit holders111
Amounts attributable to unit holders at 31 January 2025 (unaudited)535
Amounts attributable to unit holders at 1 August 2023325
Movements:
Revaluation of amounts attributable to unit holders41
Amounts attributable to unit holders at 31 January 2024 (unaudited)366
Amounts attributable to unit holders at 1 August 2023325
Movements:
Revaluation of amounts attributable to unit holders99
Amounts attributable to unit holders at 31 July 2024 (audited)424
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Fonterra Shareholders’ Fund
Interim Report 2025
Basis of PreparationInterim Financial Statements
Independent Auditor’s Review ReportNotes to the Interim Financial Statements
ContentsChair ReportInterim Financial StatementsDirectory

The accompanying basis of preparation and notes form part of these interim financial statements.
Statement of Financial Position
AS AT 31 JANUARY 2025
($ MILLION)
NOTES
31 JAN 2025
UNAUDITED
31 JAN 2024
UNAUDITED
31 JULY 2024
AUDITED
Assets
Economic Rights of Fonterra shares2535366424
Tot al a s s e t s535366424
Liabilities
Amounts attributable to unit holders3535366424
Total liabilities535366424
Cash Flow Statement
FOR THE SIX MONTHS ENDED 31 JANUARY 2025
($ MILLION)
SIX MONTHS ENDEDYEAR ENDED
31 JAN 2025
UNAUDITED
31 JAN 2024
UNAUDITED
31 JULY 2024
AUDITED
Cash flows from operating activities
Cash was provided from:
– Dividends received 434359
– Capital return received–5454
Net cash flows from operating activities4397113
Cash flows from financing activities
Cash was applied to:
– Distributions paid to unit holders (43)(43)(59)
– Capital return paid to unit holders–(54)(54)
Net cash flows from financing activities(43)(97)(113)
Net change in cash and cash equivalents–––
Cash and cash equivalents at the beginning of
the period
–––
Cash and cash equivalents at the end of
the period
–––
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Fonterra Shareholders’ Fund
Interim Report 2025
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Basis of Preparation
Independent Auditor’s Review ReportNotes to the Interim Financial Statements
Interim Financial Statements
Interim Financial Statements

Basis of Preparation
FOR THE SIX MONTHS ENDED 31 JANUARY 2025
a) General information
The Fonterra Shareholders’ Fund (FSF or the Fund) is a New Zealand managed investment scheme
established to be the ‘Authorised Fund’ referred to in Fonterra’s Constitution. It is an FMC Reporting
Entity registered under the Financial Markets Conduct Act 2013 and its governing document is the
Fonterra Shareholders’ Fund Trust Deed (the Trust Deed) dated 23 October 2012 (as amended) and has
a life of 80 years. Under the Trust Deed, the Fund may invest only in authorised investments, which are
the Economic Rights of Fonterra shares (Economic Rights), and issue units to investors. It may not invest
directly in Fonterra shares (Shares).
At 31 January 2025, the Fund was listed on the NZX Main Board operated by NZX Limited and as a
Foreign Exempt Listing on the Australian Securities Exchange operated by ASX Limited. The activities
of the Fund and the issue of units to the public are managed by FSF Management Company Limited
(the Manager). The immediate and ultimate parent of the Fund is Fonterra Co-operative Group Limited
(Fonterra, or the Co-operative).
The New Zealand Guardian Trust Company Limited (the Trustee) acts as the trustee for the Fund. The
Economic Rights assets are held on trust for the Trustee under the Fonterra Economic Rights Trust by
Fonterra Farmer Custodian Limited (the Custodian). The trustees of the Fonterra Farmer Custodian Trust
also hold one unit known as the Fonterra unit.
The registered office of the Manager is 109 Fanshawe Street, Auckland Central, Auckland 1010,
New Zealand.
These interim financial statements were authorised for issue by the Manager on 19 March 2025.
Fonterra interim financial statements
Investors are encouraged to read the interim financial statements of Fonterra, together with the interim
financial statements of the Fund, given that the performance of the Fund is driven by the performance
of Fonterra. The Fonterra interim financial statements can be found in the ‘Investors/Results &
Reporting’ section of Fonterra’s website.
Fonterra’s capital structure
Under Fonterra’s Flexible Shareholding capital structure, the ability for the Fund to acquire Economic
Rights and issue units to investors (i.e. to exchange shares for units) on a day-to-day basis is suspended.
The Fonterra Board retains the right to regulate this process, and if, in the future, the Fonterra Board
considered it was appropriate to increase the Fund size, it could do so up to the overall Fund size limit
of 10% of the total number of Fonterra shares on issue as specified in Fonterra’s Constitution. As at 31
January 2025, the Fund size is 6.7% (31 January 2024: 6.7%, 31 July 2024: 6.7%).
During the six months ended 31 January 2025 Fonterra did not buy back any shares from shareholders
(31 January 2024: 54,114 shares bought back at a total cost of $0.1 million, year ended 31 July 2024:
54,114 shares bought back at a total cost of $0.1 million). The buybacks have not had a material impact
to the Fund size percentage.
Information about Flexible Shareholding is available in the ‘Investors/Capital Structure’ section of
Fonterra’s website.
Activities
The principal activity of the Fund is to acquire and hold Economic Rights and issue units to investors
to allow investors in the Fund an opportunity to earn returns based on the financial performance of
Fonterra. As reflected in the previous section, the ability to exchange shares for units is suspended
under Flexible Shareholding.
Delisting from ASX
In January 2025, the Manager received conditional approval to remove the Fund from the official list of
the ASX. The Fund has complied with the conditions and was removed from the ASX at the close of ASX
trading on 27 February 2025.
FSF units last traded on 25 February 2025. FSF units were placed into a two day voluntary suspension
from close of trading on 25 February 2025 to enable ASX trades to settle and units from the ASX to be
transferred to the NZX, before the Fund was removed from the official list of the ASX. Units continue to
be available on the NZX to buy and sell and unit holders continue to be eligible to receive distributions.
b) Basis of preparation
These unaudited interim financial statements comply with International Accounting Standard 34 Interim
Financial Reporting and New Zealand Equivalent to International Accounting Standard 34 Interim
Financial Reporting. They have also been prepared in accordance with Generally Accepted Accounting
Practice (GAAP) applicable to for-profit entities. These interim financial statements do not include
all the information and disclosures required in the annual financial statements, and should be read in
conjunction with the financial statements for the year ended 31 July 2024.
These interim financial statements are presented in New Zealand dollars ($), which is the
Fund’s functional and presentation currency, and rounded to the nearest million, except where
otherwise stated.
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Basis of PreparationInterim Financial Statements
Independent Auditor’s Review ReportNotes to the Interim Financial Statements
Fonterra Shareholders’ Fund
Interim Report 2025

Basis of Preparation CONTINUED
FOR THE SIX MONTHS ENDED 31 JANUARY 2025
c) Material accounting policies
The accounting policies applied in the preparation of these interim financial statements are consistent
with those applied in the financial statements for the year ended 31 July 2024.
d) Operating segments
The Fund’s investments only include Economic Rights assets and the Fund’s performance is evaluated
on an overall basis. Therefore, the Fund is a single-segment entity. All of the Fund’s income is from
investments in the Economic Rights.
The internal reporting provided to the Board of the Manager, which is the Fund’s chief operating decision
maker, for the Fund’s assets, liabilities and performance is prepared on a consistent basis with the
measurement and recognition principles of NZ IFRS Accounting Standards. The Board of the Manager
reviews the Fund’s internal reporting in order to assess the performance and position of the Fund.
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ContentsChair ReportInterim Financial StatementsDirectory
Basis of PreparationInterim Financial Statements
Independent Auditor’s Review ReportNotes to the Interim Financial Statements
Fonterra Shareholders’ Fund
Interim Report 2025

Notes to the Interim Financial Statements
FOR THE SIX MONTHS ENDED 31 JANUARY 2025
2 Economic Rights of Fonterra shares
The Economic Rights are held on trust for the Fund by the Custodian under the Fonterra Economic
Rights Trust.
A S AT
31 JAN 2025
UNAUDITED
A S AT
31 JAN 2024
UNAUDITED
A S AT
31 JULY 2024
AUDITED
Value of Economic Rights ($ million)535366424
Number of Economic Rights107,410,984107,410,984107,410,984
The Economic Rights are measured at fair value, calculated as the number of Economic Rights held
multiplied by the established fair value for each Economic Right.
$ MILLION
SIX MONTHS ENDEDYEAR ENDED
31 JAN 2025
UNAUDITED
31 JAN 2024
UNAUDITED
31 JULY 2024
AUDITED
Opening value of Economic Rights 424325325
Revaluation of Economic Rights1114199
Closing value of Economic Rights535366424
1 Fair value measurement
The Fund measures the Economic Rights and amounts attributable to unit holders at fair value.
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly
transaction between market participants at the measurement date.
The Fund uses the following fair value hierarchy that reflects the significance of the inputs used in
making the measurements:
- Level 1: Quoted price (unadjusted) in an active market for an identical instrument.
- Level 2: Valuation techniques based on observable inputs, either directly (i.e. as prices) or indirectly
(i.e. derived from prices). This category includes instruments valued using: quoted prices in active
markets for similar instruments; quoted prices for identical or similar instruments in markets that are
considered less than active; or other valuation techniques for which all significant inputs are directly
or indirectly observable from market data.
- Level 3: Valuation techniques using significant unobservable inputs. The Fund has no Level 3
instruments.
The Fund’s amounts attributable to unit holders is a Level 1 instrument as the unit price is quoted on the
NZX Main Board, which is considered to be an active market. The Manager considers market prices to
be the most representative measure of fair value as they are used by market participants as a practical
expedient for fair value measurement.
Where there is a bid and ask price, the Fund uses the price within that range that is most representative
of fair value. Where the last traded price is within that range, the Fund uses the last traded price as fair
value. Where the last traded price falls outside that range the Fund uses the mid-point between the bid
and ask prices.
The market is monitored on an on-going basis to confirm that it remains active for the purposes of
establishing fair value.
Economic Rights are Level 2 instruments as Economic Rights are not listed and there is no active market
for Economic Rights assets. Economic Rights are valued using the quoted price of units (which are
considered to be a materially comparable instrument) in the Fund listed on the NZX Main Board.
There have been no transfers between the categories in the fair value hierarchy during any of the
periods presented.
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Interim Report 2025
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Basis of PreparationInterim Financial Statements
Independent Auditor’s Review Report
Interim Financial Statements
Notes to the Interim Financial Statements

Notes to the Interim Financial Statements CONTINUED
FOR THE SIX MONTHS ENDED 31 JANUARY 2025
3 Amounts attributable to unit holders
SIX MONTHS ENDEDYEAR ENDED
31 JAN 2025
UNAUDITED
31 JAN 2024
UNAUDITED
31 JULY 2024
AUDITED
Value of amounts attributable to unit holders at the
end of the period ($ million)
1
535366424
Opening number of units on issue
2
107,410,984107,410,984107,410,984
Movements:
Number of units redeemed –––
Closing number of units on issue107,410,984107,410,984107,410,984
1 The amounts attributable to unit holders is measured at fair value, calculated as the number of units on issue multiplied by the
unit market price at 31 January 2025 of $4.98 (31 January 2024: $3.41, 31 July 2024: $3.95).
2 Included in the total number of units is one Fonterra unit, held by the Custodian, which was issued at inception of the Fund.
The key rights of the Fonterra unit holder are set out in the Fund’s annual financial statements for the year ended 31 July 2024.
4 Net assets per security
As at 31 January 2025, the net assets per unit on issue was $4.98 (31 January 2024: $3.41, 31 July 2024:
$3.95).
5 Commitments and contingent liabilities
The Fund has no material commitments or contingent liabilities as at 31 January 2025 (31 January 2024:
nil, 31 July 2024: nil).
6 Subsequent events
Declaration of distribution
On 19 March 2025, the Board of Directors of Fonterra declared a fully imputed interim dividend of
22 cents per share. Following Fonterra’s dividend declaration, the Board of the Manager declared an
interim distribution of 22 cents per unit. The distribution will be paid on 8 April 2025 to the unit holders
on the register at 27 March 2025.
The Distribution Reinvestment Plan does not apply to this distribution.
Delisting from ASX
Subsequent to 31 January 2025, the Fund fulfilled all the conditions required for its removal from the
ASX and was removed from the official list of the ASX at the close of ASX trading on 27 February 2025.
Changes in unit price
Units are traded on the NZX and accordingly the unit price changes regularly, including during the
period between balance date and the date these interim financial statements were authorised for issue.
Changes in the market price of the units result in a corresponding change in the value of the Economic
Rights asset held by the Fund. Daily unit prices are available on the NZX website.
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Fonterra Shareholders’ Fund
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Basis of PreparationInterim Financial Statements
Independent Auditor’s Review ReportNotes to the Interim Financial Statements
Interim Financial Statements

Independent Auditor’s Review Report
FOR THE SIX MONTHS ENDED 31 JANUARY 2025
To the unit holders of Fonterra Shareholders’ Fund
Report on the interim financial statements
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that
the interim financial statements on pages 6 to 11 do not:
i. present fairly, in all material respects, the Fund’s financial position as at 31 January
2025 and its financial performance and cash flows for the six month period then
ended; and
ii. comply with New Zealand Equivalent to International Accounting Standard 34
Interim Financial Reporting (NZ IAS 34) issued by the New Zealand Accounting
Standards Board and IAS 34 Interim Financial Reporting (IAS 34) issued by the
International Accounting Standards Board.
We completed a review of the accompanying interim financial statements which
comprise:
–the interim statement of financial position as at 31 January 2025;
–the interim statements of comprehensive income, changes in amounts attributable
to unit holders and cash flows for the six month period then ended; and
–notes, including material accounting policy information.
Basis for conclusion
We conducted our review of the interim financial statements in accordance with NZ SRE
2410 (Revised) Review of Financial Statements Performed by the Independent Auditor
of the Entity (NZ SRE 2410 (Revised)). Our responsibilities are further described in the
Auditor’s Responsibilities for the Review of the interim financial statements section of
our report.
We are independent of Fonterra Shareholders’ Fund (Fund) in accordance with the
relevant ethical requirements in New Zealand relating to the audit of the annual financial
statements and we have fulfilled our other ethical responsibilities in accordance with
these ethical requirements.
Other than in our capacity as auditor we have no relationship with, or interests in,
the Fund.
Use of this Independent Auditor’s Review Report
This report is made solely to the unit holders. Our review work has been undertaken so
that we might state to the unit holders those matters we are required to state to them in
the Independent Auditor’s Review Report and for no other purpose. To the fullest extent
permitted by law, we do not accept or assume responsibility to anyone other than the
unitholders for our review work, this report, or any of the conclusions we have formed.
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Fonterra Shareholders’ Fund
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Basis of PreparationInterim Financial Statements
Notes to the Interim Financial Statements
Interim Financial Statements
Independent Auditor’s Review Report

Independent Auditor’s Review Report CONTINUED
FOR THE SIX MONTHS ENDED 31 JANUARY 2025
Responsibilities of the Manager for the interim financial statements
The Manager on behalf of the Fund are responsible for:
–the preparation and fair presentation of the interim financial statements in accordance
with NZ IAS 34 and IAS 34; and
–implementing necessary internal control to enable the preparation of interim financial
statements that is fairly presented and free from material misstatement, whether due
to fraud or error.
Auditor’s responsibilities for the review of the interim financial statements
Our responsibility is to express a conclusion on the interim financial statements based on
our review.
NZ SRE 2410 (Revised) requires us to conclude whether anything has come to our
attention that causes us to believe that the interim financial statements, taken as a whole,
are not prepared, in all material respects, in accordance with NZ IAS 34 and IAS 34.
A review of interim financial statements prepared in accordance with NZ SRE 2410
(Revised) is a limited assurance engagement. The auditor performs procedures, consisting
of making enquiries, primarily of persons responsible for financial and accounting matters,
and applying analytical and other review procedures.
The procedures performed in a review are substantially less than those performed in an
audit conducted in accordance with International Standards on Auditing (New Zealand)
and consequently does not enable us to obtain assurance that we might identify in an
audit. Accordingly, we do not express an audit opinion on the interim financial statements.
The engagement partner on the audit resulting in this independent auditor’s review
report is Geoff Lewis.
For and on behalf of:
KPMG
Auckland
19 March 2025
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Fonterra Shareholders’ Fund
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Basis of PreparationInterim Financial Statements
Notes to the Interim Financial Statements
Interim Financial Statements
Independent Auditor’s Review Report

Registered Office of the Manager
of the Fund – New Zealand
109 Fanshawe Street
Auckland Central, Auckland 1010
Telephone: +64 9 374 9000
Registered Office of the Manager
of the Fund – Australia
C/o Fonterra Australia Pty. Ltd.
Level 2, 40 River Boulevard
Richmond, Victoria 3121
Telephone: +61 3 8541 1588
Directors of the
Manager of the Fund
Mary Jane Daly
Alastair Hercus
Carlie Eve
Andrew Macfarlane
John Nicholls
Company Secretary
Jackie Floyd
Supervisor
The New Zealand Guardian Trust Company Limited
Level 6, 191 Queen Street
Auckland Central, Auckland 1010
New Zealand
Auditor of the Fund
and the Manager of the Fund
KPMG
18 Viaduct Harbour Avenue
Auckland 1010
New Zealand
Legal Advisers
to the Manager of the Fund
Chapman Tripp
Level 34, PwC Tower
15 Customs Street West, Auckland 1010
New Zealand
Share Registrar – New Zealand
Computershare Investor Services Limited
Level 2, 159 Hurstmere Road
Takapuna, Auckland 0622
Private Bag 92119, Auckland 1142
Telephone: +64 9 488 8700
Share Registrar – Australia
Computershare Investor Services Pty. Limited
Yarra Falls, 452 Johnston Street
Abbotsford, Victoria 3067
GPO Box 2975
Melbourne, Victoria 3001
Telephone: 1800 501 366 (within Australia)
Telephone: +61 3 9415 5000 (outside Australia)
Directory
insightcreative.co.nz FONTERRA138
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Singapore, Southeast Asia
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Fonterra Shareholders’ Fund Interim Report 2025
fonterra.com

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Page 1

Distribution Notice
Section 1: Issuer information
Name of issuer
Fonterra Shareholders’ Fund
Financial product name/description Fonterra Shareholders’ Fund Units
NZX ticker code FSF
ISIN (If unknown, check on NZX website) NZFSFE0001S5
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year Quarterly
Half Year X Special
DRP applies
Record date 27 March 2025
Ex-Date (one business day before the
Record Date)
26 March 2025
Payment date (and allotment date for DRP) 8 April 2025
Total monies associated with the
distribution
1

$23,630,416

Source of distribution (for example, retained
earnings)
Retained earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution
2
$0.22000000
Gross taxable amount
3
$0.22000000
Total cash distribution
4
$0.22000000
Excluded amount (applicable to listed PIEs) $0.22000000
Supplementary distribution amount $0.03882353
NOTE: FSF is a Foreign Investment Variable Rate PIE. The whole distribution is excluded income for NZ
resident investors. PIE tax (for resident investors) or NRWT (for non-residents) may be deducted at the rate
appropriate for the investor.

1
Based on the number of units on issue at the date of the form.
2
“Gross distribution” is the total cash distribution plus the amount of imputation credits, per financial product, before the deduction of Resident
Withholding Tax (RWT).
3
“Gross taxable amount” is the gross distribution minus any excluded income.
4
“Total cash distribution” is the cash distribution excluding imputation credits, per financial product, before the deduction of RWT. This should include
any excluded amounts, where applicable to listed PIEs.

Page 2

Section 3: Imputation credits and Resident Withholding Tax
5

Is the distribution imputed Fully imputed
Partial imputation
No imputation
If fully or partially imputed, please state
imputation rate as % applied
6

Not applicable
Imputation tax credits per financial product Not applicable
Resident Withholding Tax per financial
product
$-
Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any) Not Applicable
Start date and end date for determining
market price for DRP
Not Applicable Not Applicable
Date strike price to be announced (if not
available at this time)
Not Applicable
Specify source of financial products to be
issued under DRP programme (new issue
or to be bought on market)
Not Applicable
DRP strike price per financial product Not Applicable
Last date to submit a participation notice for
this distribution in accordance with DRP
participation terms
Not Applicable
Section 5: Authority for this announcement
Name of person authorised to make this
announcement
Jackie Floyd
Contact person for this announcement Phil van Polanen
Contact phone number +64 21 021 999 59
Contact email address Investor.relations@fonterra.com
Date of release through MAP 20/03/2025


5
The imputation credits plus the RWT amount is 33% of the gross taxable amount for the purposes of this form. If the distribution is fully imputed the
imputation credits will be 28% of the gross taxable amount with remaining 5% being RWT. This does not constitute advice as to whether or not RWT
needs to be withheld.

6
Calculated as (imputation credits/gross taxable amount) x 100. Fully imputed dividends will be 28% as a % rate applied.