Global Dairy Update April 2025

• Update on the Consumer divestment.
1
Global Dairy
UPDATE
• New Zealand and US monthly production
increased. Australia monthly production was
flat. EU monthly production decreased.
• New Zealand monthly exports
increased. Australia, EU and US monthly
exports decreased.
• Asia and China monthly imports increased.
Latin America and Middle East & Africa
monthly imports decreased.
• Fonterra’s New Zealand milk collections for
March were 134.9 million kgMS, 0.4% above
March last season. Season-to-date collections
are 1,316.8 million kgMS, 2.6% above
last season.
• Fonterra’s Australia collections for March
were 8.7 million kgMS, 2.0% above March
last season. Season-to-date collections are
84.5 million kgMS, 1.4% above last season.
• Fonterra and Agribusiness in Schools partner to inspire future
leaders in dairy.
Key Dates
29 May 2025
FY25 Q3 Business Update
1 June 2025
Start of the 2025/26 Season
31 July 2025
End of FY25 Financial Year
APRIL 2025

%%%
%
%%%
%
Change for March 2025
compared to March 2024
Change for March 2025
compared March 2024
Change for March 2025
compared to March 2024
Change for February 2025
compared to February 2024
Change for the 12 months
to March 2025
Change for the 12 months
to March 2025
Change for the 12 months
to March 2025
Change for the 12 months
to February 2025
0.80.00.6
0.60.20.4
6.0
1.6
2
OUR MARKETS
Global Production
New Zealand and US
monthly production
increased. Australia
monthly production
was flat. EU monthly
production decreased
New Zealand milk
production increased 0.6%
in March compared to the
same period the year prior.
The increase was mainly
due to favourable weather
conditions, with increased
rainfall in the South
Island leading to higher
soil moisture and improved
pasture growth.
New Zealand milk
production for the 12 months
to March was up 1.6% on the
previous comparable period.
Fonterra New Zealand
collections are reported for
March, see page 5 for details.
Australia milk
production was flat in
March compared to the
same period the year prior.
Favourable weather
conditions and water
availability supported milk
production in Northern
Victoria. This was offset
by drier conditions
across Tasmania and
Western Victoria.
Australia milk production
for the 12 months to March
was up 0.6% on the previous
comparable period.
Fonterra collections in
Australia are reported for
March, see page 5 for details.
EU milk production¹
decreased 6.0% in February
compared to the same
period the year prior.
Adjusting for the leap year,
February 2025 production
was down 2.6% on last year.
The decrease was mainly
due to lower production in
Germany, France and Italy
as Europe continues to be
impacted by bluetongue
disease, forcing farmers to
reduce herd sizes.
EU milk production for the
12 months to February was
down 0.2% on the previous
comparable period.
US milk production
increased 0.8% in March
compared to the same period
the year prior.
The increase was mainly due
to increased herd sizes and
yields, with strong production
growth in Idaho and Texas.
The increase was partially
offset by California's
challenges with avian flu, with
the state's production falling
2.1% compared to the same
period last season.
US milk production for the
12 months to March was
down 0.4 % 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 monthly
exports increased. Australia,
EU and US monthly
exports decreased
New Zealand dairy
exports increased 6.2%,
or 11, 528 MT, in March
compared to the same period
the year prior.
The increase was mainly
due to higher export
volumes of cheese and
fluid milk products.
Exports to Indonesia and
China increased 78% and
22%, respectively.
Exports for the 12 months to
March were down 1.3%, or
41,307 MT, on the previous
comparable period.
The decrease was mainly due
to lower exports of WMP,
AMF, and SMP, partially
offset by higher export
volumes of cheese.
EU dairy exports¹
decreased 5.1%, or 26,827  MT,
in February compared to the
same period the year prior
(down 1.7% adjusting for the
leap year).
The decrease was mainly
due to lower exports of
lactose from Germany and
fluid milk products from
Germany and France, caused
by the impacts of bluetongue
disease and foot and
mouth disease.
Exports for the 12 months to
February were up 2.8%, or
188,005 MT, on the previous
comparable period.
The increase was mainly due
to higher export volumes
of fluid milk products
from Ireland.
US dairy exports
decreased 6.6%, or 15,473  MT,
in February compared to the
same period the year prior
(down 3.2% adjusting for the
leap year).
The decrease was mainly due
to reduced export volumes
of SMP and whey powder to
Southeast Asia.
Exports for the 12 months to
February were up 0.6%, or
15,605 MT, on the previous
comparable period.
The increase was mainly
due to year-on-year volume
growth for cheese exports
for 12 consecutive months,
partially offset by the impact
of US dairy prices diverging
from global market prices in
recent months.
Australia dairy exports
decreased 3.3%, or 1,916  MT,
in February compared to the
same period the year prior
(up 0.2% adjusting for the
leap year).
The decrease was mainly
due to lower February
production, which resulted
in lower volumes available
for exports.
Exports for the 12 months to
February were up 9.9%, or
64,386 MT, on the previous
comparable period.
The increase was mainly due
to higher exports of SMP and
cheese, partially offset by
lower export volumes of fluid
milk products.
NEW ZEALANDAUSTRALIAEUROPEAN UNIONUSA
%%%
%%
%
%
Change for March 2025
compared to March 2024
Change for February 2025
compared to February 2024
Change for February 2025
compared to February 2024
Change for February 2025
compared to February 2024
Change for the 12 months
to February 2025
Change for the 12 months
to February 2025
Change for the 12 months
to March 2025
Change for the 12 months
to February 2025
6.6
9.9
6.2
2.8
0.6
3.3
5.1
1.3
%
1 Excludes UK.

To view a chart that
illustrates year-on-year
changes in imports –
4
%
OUR MARKETS
Global Imports
Asia and China monthly
imports increased. Latin
America and Middle
East & Africa monthly
imports decreased
Latin America dairy
import volumes¹
decreased 0.9%, or 1,891  MT,
in February compared to the
same period the year prior.
Adjusting for the leap year,
February imports were up
2.6% on last year.
The increase was mainly due
to higher import volumes
of SMP by the Dominican
Republic, partially offset by
lower import volumes of
fluid milk products and AMF.
Imports for the 12 months to
February were up 2.8%, or
71, 734 MT, on the previous
comparable period.
The increase was mainly due
to higher import volumes of
cheese by Brazil and Mexico.
Asia (excluding China)
dairy import volumes¹
increased 23.9%, or
91,707 MT, in February
compared to the same
period the year prior.
Adjusting for the leap year,
February imports were up
28.3% on last year.
The increase was mainly due
to higher import volumes by
Southeast Asia, as shipments
were front-loaded ahead of
the March tariff rollout.
Imports for the 12 months to
February were up 6.0%, or
303,847 MT, on the previous
comparable period.
This was mainly due to
higher import volumes of
fluid milk products and whey.
Middle East and Africa
dairy import volumes¹
decreased 15.8%, or
76,917 MT, in February
compared to the same
period the year prior.
Adjusting for the leap year,
February imports were down
12.8% on last year.
The decrease was mainly due
to lower import volumes of
fluid milk products by the
United Arab Emirates.
Imports for the 12 months to
February were down 2.2%, or
128,850 MT, on the previous
comparable period.
The decrease was mainly due
to lower import volumes of
fluid milk products and WMP
by Oman and Libya.
China dairy import
volumes increased by
15.5%, or 36,282 MT, in
March compared to the
same period the year prior.
The increase was mainly due
to higher import volumes of
whey powder from Germany
and fat-based products from
New Zealand, following
reduced local production
and a sharp increase in
butter demand.
Imports for the 12 months to
March were down 2.9%, or
86,735 MT, on the previous
comparable period.
The decrease was mainly
due to lower import volumes
of SMP, WMP and fluid
milk products.
LATIN AMERICAASIAMIDDLE EAST & AFRICACHINA
1 Estimates are included for those countries that have not reported data.
%%%%
%
Change for February 2025
compared to February 2024
Change for March 2025
compared to March 2024
Change for February 2025
compared to February 2024
Change for February 2025
compared to February 2024
Change for the 12 months
to February 2025
Change for the 12 months
to February 2025
Change for the 12 months
to February 2025
15.523.90.9
6.02.2
%
Change for the 12 months
to March 2025
2.9
15.8
2.8
%

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 31 March
compared to prior season
Season-to-date 1 June to 31 March
compared to prior season
Season-to-date 1 June to 31 March
compared to prior season
Season-to-date 1 June to 31 March
compared to prior season
Change for March 2025
compared to March 2024
Change for March 2025
compared to March 2024
Change for March 2025
compared to March 2024
Change for March 2025
compared to March 2024
2.02.0
1.3
1.20.4
1.43.52.6
VOLUME M LITRESDAY
JUNJULAUGSEPOCTNOVDECJANFEBMARAPRMAY












5
OUR MARKETS
Fonterra Milk Collections
NEW ZEALANDNORTH ISLANDSOUTH ISLANDAUSTRALIA
New Zealand Milk Collections
Fonterra's Australia
collections in March
were 8.7 million kgMS,
2.0% higher than March
last season.
The increase was mainly
due to favourable weather
conditions in Northern
Victoria, partially offset by
drier conditions in Western
Victoria and Tasmania.
Fodder reserves are helping
buffer impacts in Tasmania.
Season-to-date collections
are 84.5 million kgMS,
1.4% above last season.
North Island milk
collections in March
were 68.2 million kgMS,
1.2% lower than March
last season.
The decrease was mainly
due to unfavourable pasture
conditions from dry weather
across Northland, Waikato,
Manawatu-Whanganui
and Taranaki.
Season-to-date collections
are 761.5 million kgMS,
3.5% above last season.
South Island milk
collections in March
were 66.6 million kgMS,
2.0% higher than March
last season.
The increase was mainly
due to warm weather with
increased rainfall throughout
the month, which led to
higher soil moisture and
improved pasture conditions.
Season-to-date collections
are 555.3 million kgMS,
1.3% above last season.
Fonterra's New Zealand
collections for March were
134.9 million kgMS, 0.4%
above March last season.
The increase was
mainly due to improved
pasture conditions in the
South Island from favourable
weather, partially offset
by lower collections in
the North Island from
drier weather.
Season-to-date collections
are 1,316.8million kgMS,
2.6% above last season.
%%
%%

%
%
%
%%
To view more information,
including a snapshot of the
rolling year-to-date results –
%
6
GDT PRICE INDEXNZDUSD SPOT RATE
APR  JUN SEP JAN 
APR 
AUG  FEB NOV 



,
, 
,

.

.

.
.
.
PRICE INDEX
NZD  USD
OUR MARKETS
Fonterra Global Dairy Trade Results
Fonterra GDT sales
by destination:
Dairy commodity prices and New Zealand
dollar trend
Financial market volatility, including in foreign exchange,
spiked sharply in early April as governments, investors, and
consumers began assessing the potential global economic
impact of the US trade tariff announcements on 2 April.
While the broader consensus is still forming, the prevailing
expectation is for global growth to be softer than previously
anticipated. This outlook has contributed to declines in equity
market valuations, rising US Treasury yields, and a weakening
US dollar as confidence in US economic outperformance fades.
In response, the NZD/USD exchange rate rebounded swiftly
from levels near 55 US cents to around 60 US cents.
Fonterra GDT results at
trading event 378
15 April 2025:
The next trading event will be held on 6 May 2025. Visit www.globaldairytrade.info for more information.
Change in Fonterra’s
weighted average product
price from previous event
2.0
Fonterra’s weighted
average product price

(USD/MT)
4,674
USD
Fonterra product quantity
sold on GDT
000’ MT
12.7
NORTH ASIA (INCLUDING CHINA)
SOUTH EAST ASIA
MIDDLE EAST AND AFRICA
LATIN AMERICA
OTHER
USD 2,950/MT
8.9
SMP
USD 4,160/MT
2.7
WMP
USD 7,554/MT
0.1
BUTTER
USD 6,838/MT
2.0
AMF
USD 4,923/MT
1.9
CHEDDAR
12,735
MT
LATEST AUCTION
490,947
MT
FINANCIAL
YEAR‑TO‑DATE

7
Our Performance
Update on the
Consumer divestment
During April, Fonterra
provided an update in
relation to the divestment
process for its global
Consumer business and
integrated businesses
Fonterra Oceania and
Sri Lanka.
Fonterra is actively
undertaking a dual-track
process, pursuing both a
trade sale and initial public
offering (IPO) as potential
divestment options.
As part of preparing
for a potential IPO,
the Co-op has named
Anne Templeman-Jones
as Chair-elect of the Audit
and Risk Committee for the
Mainland Group Board.
Fonterra Chair Peter McBride
says Anne’s extensive
experience in both executive
and Board roles across a
range of sectors will be
valuable to the Mainland
Group Board.
“Anne’s career spans the
banking and financial
services, consumer goods
and energy sectors. She has
spent 25 years as a banking
executive in global roles,
and her governance roles
include nine years with the
CBA Group, including six
as Chair of the Group Audit
Committee, two years as
Chair of Blackmores Group,
and seven years on the Board
of Worley Limited, including
five years as Chair of the
Audit and Risk Committee,”
says Mr McBride.
This appointment follows
the Co-op’s announcement
in March that Elizabeth (Liz)
Coutts ONZM has been
appointed as Chair-elect for
the Mainland Group Board.
Fonterra also continues
to progress the trade sale
process, including engaging
with potential purchasers
of the Consumer and
associated business.
The Co-op advises that it
is now at the stage where
some potential purchasers
may pre-emptively seek
regulatory approvals, which
is a standard step ahead of
any deal being agreed.

Our Co-op
8
Fonterra and
Agribusiness in Schools
partner to inspire future
leaders in dairy
In New Zealand, the
future of our primary
industries depends on the
bright, innovative minds
of tomorrow.
At Fonterra, we are
committed to inspiring
the next generation by
showcasing the vast career
opportunities available in
dairy from agribusiness and
food production to supply
chain management and
innovation, the opportunities
in dairy are as diverse as they
are exciting.
That’s why we’re proud to
announce our partnership
with Agribusiness in Schools,
a programme developed
in collaboration with the
Ministry of Education,
NZQA, and industry
leaders to prepare the best
students for careers in the
primary sector.
The programme offers
NCEA Levels 2 and 3 courses
integrating agri-science and
agri-business. Designed
for students with a passion
for science and commerce,
it develops essential skills
for the primary sector. It’s
a crucial step in nurturing
the future leaders who
will drive the innovation
and sustainability of
our industries.
Through our partnership,
Fonterra will collaborate
with Agribusiness in Schools
to offer industry expertise,
mentorship, and practical
insights into the dairy sector.
Additionally, we are offering
a teacher scholarship to
support the development of
Agribusiness educators.
Together, we’ll enrich
educational resources to
highlight dairy’s importance
in the curriculum, strengthen
agricultural education,
and develop a future
talent pipeline for the
primary sector.
Fonterra’s Managing
Director of People &
Culture, Kate Daly, speaks
to the importance of
supporting the next
generation of leaders in the
primary industries.
"At Fonterra, we’re
committed to investing
in equipping young
New Zealanders with the
skills they need to thrive
in the primary sector.
Partnering with Agribusiness
in Schools allows us to reach
more students, including
those in schools without
traditional agriculture
programs, ensuring they
have the knowledge and
opportunities to succeed.
The primary sector is vital
to New Zealand’s economy,
and by engaging early, we’re
helping develop the next
generation of innovators and
leaders. This collaboration
ensures more young people
gain the skills needed for a
sustainable future in dairy
and beyond."
Kerry Allen from
Agribusiness in Schools
also shares the excitement
of this partnership and
its potential to benefit
students, educators, and the
dairy sector.
"We’re excited to have
Fonterra as a partner and
sponsor of Agribusiness in
Schools. Their support will
raise awareness of dairy
sector opportunities and
highlight the programme’s
benefits to farmers and the
broader primary sector.
Fonterra’s expertise will help
shape curriculum content,
ensuring students gain
the skills needed to thrive.
Together, we’re building
a strong talent pipeline,
connecting classroom
learning with real-world
applications, and inspiring
students to pursue dynamic
careers in dairy.

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 February; New Zealand, US and Australia to March.
NOTE: Data for EU, US and Australia to February; New Zealand to March..
NOTE: Data for Asia, Middle East & Africa, Latin America to February; China to March.
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)
MARCH
2025
MARCH
2024
MONTHLY
CHANGE
SEASON-
TO-DATE
2024/25
SEASON-
TO-DATE
2023/24
SEASON-
TO-DATE
CHANGE
Total Fonterra
New Zealand
134.9134.40.4%1,316.81,283.42.6%
North Island68.269.1(1.2%)761.5735.53.5%
South Island66.665.32.0%555.3547.91.3%
Australia8.78.52.0%84.583.31.4%
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
20 Mar 2025$9.70-
$10.30
$10.000.58090.598193%11%
05 Dec 2024$9.50-
$10.50
$10.000.58600.601886%16%
As at the most recent update to the 2024/25 season forecast Farmgate Milk Price on 20 March 2025:
• Fonterra had hedged approximately 93% of the full year forecast USD cash flows related to the
2024/25 season Farmgate Milk Price.
• Of that 93%, approximately 11% was hedged with foreign exchange options which had not yet expired
or been exercised.
• If the remaining 7% of the forecast USD cash flows were to be hedged at the 20 March 2025 spot
rate of 0.5809, the average NZD/USD conversion rate for the 2025 season would be 0.5981.
• Also shown for information are the equivalent measures at the date of the previous forecast of the
2024/25 season Farmgate Milk Price on 5 December 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 APRIL 2025)
YEAR-TO-DATE

(FROM 1 AUGUST 2024)
Quantity Sold on GDT
(Winning MT)
12,735490,947
Change in Quantity Sold on GDT
over same period last year
(18.4%)1.7%
Weighted Average Product Price
(USD/MT)
4,6744,122
Change in Weighted Average
Product Price over same period
last year
25.2%24.5%
Change in Weighted Average
Product Price from previous event
2.0%–
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.