Global Dairy Update May 2025

• Fonterra announces opening
2025/26 Farmgate Milk Price,
continued strong
FY25 earnings.
1
Global Dairy
UPDATE
• Australia and US production increased.
EU and New Zealand monthly
production decreased.
• EU, US and New Zealand monthly
exports increased. Australia monthly
exports decreased.
• Asia, Latin America and China monthly
imports increased. Middle East & Africa
monthly imports decreased.
• Fonterra’s New Zealand milk collections
for April were 115.2 million kgMS, 0.6%
below April last season. Season-to-date
collections are 1,432 million kgMS, 2.3% above
last season.
• Fonterra’s Australia collections for April were
8.5 million kgMS, 2.2% above April last season.
Season-to-date collections are 93.0 million
kgMS, 1.4% above last season.
• Fonterra milk tanker steals the show at Bakery China.
Key Dates
1 June 2025
Start of the 2025/26 Season
31 July 2025
End of FY25 Financial Year
September 2025
FY25 Annual Results Announcement
M AY 2 02 5
For further details,
visit our website –

%%%
%%%%
%
Change for April 2025
compared to April 2024
Change for April 2025
compared April 2024
Change for April 2025
compared to April 2024
Change for March 2025
compared to March 2024
Change for the 12 months
to April 2025
Change for the 12 months
to April 2025
Change for the 12 months
to April 2025
Change for the 12 months
to March 2025
1.50.40.5
0.40.20.2
0.8
1.9
2
OUR MARKETS
Global Production
Australia and US
production increased. EU
and New Zealand monthly
production decreased
New Zealand milk
production decreased 0.5%
in April compared to the same
period the year prior.
The South Island has
experienced higher pasture
growth due to favourable
weather conditions. This has
been offset by the North Island,
where weather conditions
have adversely affected
pasture growth.
New Zealand milk production
for the 12 months to April
was up 1.9% on the previous
comparable period..
Fonterra New Zealand
collections are reported for
April, see page 5 for details.
Australia milk production
increased 0.4% in April
compared to the same period
the year prior.
The increase was mainly due to
higher production in Tasmania
and Northern and Eastern
Victoria, supported by irrigation
and strong fodder reserves. This
was partially offset by reduced
production in Western Victoria
due to dry conditions and
limited pasture growth.
Australia milk production
for the 12 months to April
was up 0.4% on the previous
comparable period.
Fonterra collections in Australia
are reported for April, see
page 5 for details.
EU milk production¹
decreased 0.8% in March
compared to the same period
the year prior.
The decrease was mainly
due to lower production
in Northern Europe due to
drought conditions, with the
Dutch spring being the driest
on record. Ongoing challenges
with bluetongue disease have
also constrained production,
however, vaccinations and
mitigation efforts are in place.
The decrease was partially offset
by a 9.1% increase in Ireland's
year-on-year milk production
due to favourable weather and a
smooth calving season.
EU milk production for the
12 months to March was
down 0.2% on the previous
comparable period.
US milk production
increased 1.5 % in April compared
to the same period the year prior.
The increase was mainly due
to increased herd sizes and
yields, with continued strong
production in the Great Plains
region and Idaho.
The increase was partially
offset by California's ongoing
challenges with avian flu, with
the state's production down
1.4 % compared to the same
period last season.
US milk production for the 12
months to April decreased 0.2%
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
EU, US and New Zealand
monthly exports increased.
Australia monthly
exports decreased
New Zealand dairy exports
increased 11. 2%, or 31,802 MT,
in April compared to the same
period the year prior.
The increase was mainly due to
higher volumes of cheese, with
China and Japan accounting for
47% of total cheese volume.
In addition, there was a
notable demand increase from
Germany and the Netherlands,
supported by the NZ-EU free
trade agreement.
Exports for the 12 months
to April were up 0.5%, or
16,934 MT, on the previous
comparable period.
The increase was mainly due to
higher exports of cheese, MPC
and MPI, and butter, partially
offset by lower volumes
of WMP.
EU dairy exports¹ increased
1.9%, or 10,901 MT, in March
compared to the same period
the year prior.
The increase was mainly due
to higher export volumes of
whey powder, partially offset by
lower export volumes of SMP
and fluid milk products.
March cheese shipments to the
US increased by 18% year-on-
year, as buyers front-loaded
shipments ahead of the April
tariff rollout.
Exports for the 12 months
to March were up 3.9%, or
257,599 MT, on the previous
comparable period.
The increase was mainly due to
higher export volumes of fluid
milk products from Ireland.
US dairy exports increased
3.5%, or 8,634 MT, in March
compared to the same period
the year prior.
The increase was mainly due
to higher export volumes of
butter, whey and fluid milk
products. March butter exports
were the strongest since April
2014, as China and Canada
appeared to front-load whey
powder shipments.
Exports for the 12 months
to March were up 1.4%, or
37,569MT, on the previous
comparable period.
The increase was mainly due
to year-on-year cheese export
growth for 14 consectutive
months until March. Exports
have been partially impacted
by the recent divergence in US
and global prices.
Australia dairy exports
decreased 11. 4%, or 61,967 MT,
in March compared to the
same period the year prior.
The decrease was mainly due to
lower export volumes of SMP
and whey powder.
The lower export volumes
reflect four consecutive
months of reduced
milk production.
Exports for the 12 months
to March were up 7.2%, or
472,185MT, on the previous
comparable period.
The increase was mainly due to
higher SMP and cheese exports
partially offset by lower exports
of fluid milk products and
whey powder.
NEW ZEALANDAUSTRALIAEUROPEAN UNIONUSA
%%%
%%
%
%
Change for April 2025
compared to April 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
Change for the 12 months
to March 2025
Change for the 12 months
to March 2025
Change for the 12 months
to April 2025
Change for the 12 months
to March 2025
3.5
7.2
11.2
3.9
1.4
11.4
1.9
0.5
%
1 Excludes UK.

To view a chart that
illustrates year-on-year
changes in imports –
4
%
OUR MARKETS
Global Imports
Asia, Latin America and
China monthly imports
increased. Middle East
& Africa monthly
imports decreased
Latin America dairy
import volumes¹ increased
11. 5%, or 23,230 MT, in March
compared to the same
period the year prior.
The increase was mainly due
to higher import volumes
of SMP by Mexico, partially
offset by lower import
volumes of whey powder
and AMF.
Imports for the 12 months
to March were up 4.4%, or
113,452 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 9.5%, or 41,526  MT,
in March compared to the
same period the year prior.
The increase was mainly due
to higher import volumes of
WMP and SMP by Southeast
Asia countries.
Indonesia led imports by
volume in Asia, despite the
Rupiah weakening to the
lowest level in over 25 years.
Imports for the 12 months
to March were up 6.9%, or
342,976 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 9.2%, or 48,151  MT,
in March compared to the
same period the year prior.
The decrease was mainly due
to lower import volumes of
WMP and fluid milk products
by Algeria and the United
Arab Emirates, respectively.
Imports for the 12 months to
March were down 1.2%, or
72,470 MT, on the previous
comparable period.
The decrease was mainly
due to lower import volumes
of WMP by Algeria and the
United Arab Emirates, and
fluid milk products by Oman.
China dairy import
volumes increased by
3.8%, or 9,294 MT, in April
compared to the same
period the year prior.
The increase was mainly due
to higher import volumes
of whey powder and SMP,
partially offset by lower
import volumes of fluid
milk products.
Imports for the 12 months to
March were down 1.6%, or
48,834 MT, on the previous
comparable period.
The decrease was mainly due
to lower import volumes of
SMP and fluid milk products.
LATIN AMERICAASIAMIDDLE EAST & AFRICACHINA
1 Estimates are included for those countries that have not reported data.
%%%%
%
Change for March 2025
compared to March 2024
Change for April 2025
compared to April 2024
Change for March 2025
compared to March 2024
Change for March 2025
compared to March 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
3.89.511.5
6.91.2
%
Change for the 12 months
to April 2025
1.6
9.2
4.4
%

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 April
compared to prior season April
Season-to-date 1 June to 30 April
compared to prior season
Season-to-date 1 June to 30 April
compared to prior season
Season-to-date 1 June to 30 April
compared to prior season
Change for April 2025
compared to April 2024
Change for April 2025
compared to April 2024
Change for April 2025
compared to April 2024
Change for April 2025
compared to April 2024
2.24.8
1.7
5.50.6
1.42.92.3
VOLUME M LITRESDAY
JUNJULAUGSEPOCTNOVDECJANFEBMARAPRMAY












5
OUR MARKETS
Fonterra Milk Collections
NEW ZEALANDNORTH ISLANDSOUTH ISLANDAUSTRALIA
New Zealand Milk Collections
Fonterra's Australia
collections in April were
8.5 million kgMS, 2.2% higher
than April last season.
Northern and Eastern Victoria
collections increased year-
on-year due to irrigation-
supported pasture growth.
Western Victoria collections
decreased due to dry
conditions. Tasmania remained
dry, but production increased
year-on-year, supported by
strong fodder reserves.
Season-to-date collections are
93.0 million kgMS.
North Island milk collections
in April 57.7 million kgMS, 5.5%
lower than April last season.
The decrease was mainly
due to poor pasture growth,
which remained near historic
lows. Soil moisture was below
average in central North
Island from low rainfall, while
Northland and eastern regions
had excess moisture due to
heavy rain.
Season-to-date collections are
819.2 million kgMS, 2.9% above
last season.
South Island milk collections
in April were 57.5  million
kgMS, 4.8% higher than April
last season.
The increase was mainly due
to higher pasture growth,
tracking at the upper end of the
historical range for April. The
increase was caused by above
average soil moisture across
the upper South Island and
much of the East Coast.
Season-to-date collections are
612.8 million kgMS, 1.7% above
last season.
Fonterra's New Zealand
collections for April were
115.2 million kgMS, 0.6% lower
than April last season.
The decrease was mainly due to
poor pasture conditions across
much of the North Island,
partially offset by favourable
pasture conditions in the
South Island.
Season-to-date collections are
1, 432 million kgMS.
Nearing the end of the season,
Fonterra collections are on
track to be just under the
forecast of 1,510 million kgMS.
%%
%%
Forecast milk collections for the
2024/25 season
1, 5 10M
kgMS
1,490M
kg
MS
Forecast milk collections for the
2025/26 season
Forecast Farmgate Milk Price
range for the 2025/26 season
NZD
per
kgMS
8.00-
11.00
Outlook for Fonterra in New Zealand
For the period 1 June 2024
to 30 April 2025, off-GDT
s
ales have contributed
approximately eight cents per
kgMS to the Farmgate Milk
Price for the 2024/25 season.

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



,


,

,
.
.
.
.
.
PRICE INDEX
NZD  USD
OUR MARKETS
Fonterra Global Dairy Trade Results
Fonterra GDT sales
by destination:
Dairy commodity prices and New Zealand
dollar trend
Investor sentiment and risk appetite improved over the past
month, driven by a reduction in global trade tensions with
the United States. This included exemptions for various
goods categories, a deal with the United Kingdom, and a
temporary agreement with China, all of which brought broad
relief to financial markets. However, ongoing uncertainty
around proposed US tax policies—particularly their potential
fiscal implications—continued to exert upward pressure on
US Treasury yields and limited the extent of the US dollar’s
recovery. Consequently, the NZD/USD exchange rate
correction was modest, limited to 58.5 US cents.
Fonterra GDT results at
trading event 380
20 May 2025:
The next trading event will be held on 3 June 2025. Visit www.globaldairytrade.info for more information.
Change in Fonterra’s
weighted average product
price from previous event
0.4
Fonterra’s weighted
average product price

(USD/MT)
4,855
USD
Fonterra product quantity
sold on GDT
000’ MT
12.2
NORTH ASIA (INCLUDING CHINA)
SOUTH EAST ASIA
MIDDLE EAST AND AFRICA
LATIN AMERICA
OTHER
USD 5,007/MT
9.3
CHEDDAR
USD 7,273/MT
0.8
AMF
USD 7,768/MT
2.4
BUTTER
USD 4,325/MT
0.9
WMP
USD 2,918/MT
2.9
SMP
12,207
MT
LATEST AUCTION
515,975
MT
FINANCIAL
YEAR‑TO‑DATE

7
Our Performance
Fonterra announces opening 2025/26 Farmgate Milk Price, continued strong FY25 earnings
On 29 May 2025, Fonterra
provided its Q3 business
update, announcing
strong profit after tax of
$1,158 million, up $119 million
on this time last year.
As a result of these strong
earnings, the Co-op
narrowed its year-end
earnings range to 65-75 cents
per share, at the upper end
of the guidance provided
in March of 55-75 cents
per share.
At the same time, Fonterra
announced an opening
forecast Farmgate Milk
Price for the 2025/26
season of $10.00 per kgMS,
driven by stable near-term
market demand.
CEO Miles Hurrell says
Fonterra is committed to
delivering strong shareholder
returns through both
earnings and the Farmgate
Milk Price.
“We’ve delivered strong
shareholder returns through
FY25, including a 22-cent
interim dividend, and as
we get closer to the end of
the year, we are focused on
maintaining this momentum.
“Our forecast Farmgate Milk
Price for the current season
is driven by strong demand
for our milk price reference
products and our range is
unchanged at $9.70-$10.30
with a midpoint of $10.00
per kgMS. We’re also pleased
to tighten our year-end
forecast earnings within
the existing range, given
the strength of our third
quarter performance,” says
Mr Hurrell.
2025/26 season opening
Farmgate Milk Price
“Looking at the season
ahead, we expect this
demand to continue for
now, but we acknowledge
the ongoing geopolitical
uncertainty and the
potential for a wider series of
outcomes across the season.
Therefore, our opening
forecast Farmgate Milk Price
for the 2025/26 season of
$10.00 per kgMS sits within
a wide forecast range of
$8.00-$11.00 per kgMS.
For the current season,
the milk price of $10.00
per kgMS equates to
around $15 billion into the
New Zealand economy. The
majority of this flows into
regional New Zealand where
it plays a strong role helping
to sustain local communities.
Business performance
Fonterra’s focus on
optimising its product
mix has driven a Q3
normalised profit after
tax of $1,158 million¹,
equivalent to 70 cents
per share, with operating
profit of $1,740 million, up
$267 million on last year.
“This result reflects the
scale and ongoing strength
of our Ingredients channel,
and volume growth in our
Foodservice and Consumer
channels with each channel
increasing its third quarter
performance compared to
the same period last year.
“Our rolling 12-months
Return on Capital is 11%,
which is above our previous
target for FY25 and within
our long-term target range of
10-12%,” says Mr Hurrell.
“Our full year forecast
earnings range of 65-75
cents per share assumes flat
earnings in Q4 of FY25 due
to the seasonality of our milk
collections, the higher input
prices for our Consumer
and Foodservice businesses,
ongoing investment in our
ERP system and an increase
in costs associated with
shaping the Co-op post
divestment to execute
our strategy.
“We are heading into year
end with a strong balance
sheet and full year debt
metrics on track to be below
the Co-op’s target range,”
says Mr Hurrell.
Strategic delivery
Miles Hurrell says a priority
for Fonterra this year has
been the implementation of
its strategy, which deepens
the Co-op’s focus on its high-
performing Ingredients and
Foodservice businesses.
“Last year, we announced
a step-change in our
strategic direction, including
a decision to divest our
global Consumer and
associated businesses.
“This step was grounded in
an understanding of how we
best create value for farmer
shareholders and ultimately
for New Zealand.
“We have been thoroughly
testing the terms and value
of both a trade sale and
initial public offering (IPO)
as divestment options. This
work is on track as planned
and we will seek farmer
shareholder approval to
divest through a vote in
due course.
“Given the confidence we
have in our strategy, we
have strong conviction that
a divestment is the right
choice for the Co-op and
its owners.
“Our financial results show
we have an impressive
business as a global B2B
dairy player, powered by our
home-base of New Zealand
milk and operations.
“If we divest our Consumer
business, we will still be a
Co-op with global reach and
scale, and a diverse product
mix sold to customers in
more than 100 countries.
“By focusing on our core
strengths and the sales
channels that deliver the
highest returns, we have
the confidence to target an
average Return on Capital
of 10-12%, which is above
our 5-year average. This is
alongside paying farmers the
highest sustainable Farmgate
Milk Price, which we are
always committed to,” says
Mr Hurrell.
Fonterra continues to
target a significant capital
return to shareholders
and unit holders
following divestment.
1 Normalised profit after tax excludes $77 million of costs associated with the divestment of the Consumer channel integrated businesses in Australia and Sri Lanka.

Our Co-op
8
Fonterra milk tanker
steals the show at
Bakery China
The unique feature at this
year’s Bakery China was a
Fonterra milk tanker parked
up at the Co-op's booth.
While cakes full of cream
and other delights line the
displays of all but a few of
the thousands of booths,
none, aside from Fonterra,
had a tanker.
“Everybody has cakes right,
everybody has desserts, but
who has a tanker truck? No
one. But that’s an integral
part of our business. It’s
collecting milk from more
than 8,000 farms,” says
Teh-han Chow, Fonterra's
President Global Foodservice
and CEO for Greater China.
In a competitive market
like China, this is Fonterra's
winning proposition – the
fact that the milk collected
comes from cows grazing
outside on grass.
Across the four days,
Bakery China sees as
many people through
its doors as the entire
population of Christchurch,
about 400,000 people.
It’s clear that consumers
and businesses in China
increasingly appreciate how
dairy makes food better.
Chinese consumers are
paying more attention
to health and are willing
to pay for dairy products
with sustainability and
provenance credentials.
Teh-han Chow, President
Global Foodservice and
CEO for Greater China says,
"Our customers see the
value of our dairy that is
produced in New Zealand,
from our pasture-based
farming system.
"New Zealand’s reputation as
a great place to source dairy,
and our grass-fed proposition
is what sets Fonterra's
products in China apart,"
Chow says.
Apart from the tanker
truck, Fonterra showcased
more than 50 Foodservice
products and 200
applications for the
bakery market.
"Bakery China is a valuable
platform to bring our
high-quality dairy products
closer to potential
customers and strengthen
our leading position in the
Foodservice market."
Demand for Fonterra's
dairy products continue to
increase in China, as bakeries
are looking for ways to use
more dairy in their products,
combining it with local
ingredients and tastes.
"Innovating to meet the
market's changing taste and
preference is key to driving
growth for our Foodservice
business," Chow says.
Fonterra's six application
centres and 50 chefs in
China play an important
role in developing recipes,
ideas and applications
in response to market
trends, which helps drive
demand for Fonterra's
Foodservice products.
"We work closely with our
customers to explore dairy
solutions that satisfy Chinese
consumers’ preferences and
empower our customers’
businesses, while making
dairy nutrition more
accessible in consumers’
everyday life,” Chow says.

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 March; New Zealand, US and Australia to April. .
NOTE: Data for EU, US and Australia to March; New Zealand to April..
NOTE: Data for Asia, Middle East & Africa, Latin America to March; China to April.
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)
APRIL
2025
APRIL

2024
MONTHLY
CHANGE
SEASON-
TO-DATE
2024/25
SEASON-
TO-DATE
2023/24
SEASON-
TO-DATE
CHANGE
Total Fonterra
New Zealand
115.2115.9(0.6%)1,432.01,399.32.3%
North Island57.761.0(5.5%)819.2796.52.9%
South Island57.554.84.8%612.8602.81.7%
Australia8.58.32.2%93.091.71.4%
2024/25 season
forecast Farmgate
Milk Price (FGMP)
update
2025/26 season
forecast Farmgate
Milk Price (FGMP)
update
ANNOUNCEMENT
DATE
FORECAST
FGMP /
RANGE (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
29 May 2025$10.00 /
$9.70-$10.30
0.59680.598897%15%
20 Mar 2025$10.00 /
$9.70-$10.30
0.58090.598193%11%
As at the most recent update to the 2024/25 season forecast Farmgate Milk Price on 29 May 2025:
• Fonterra had hedged approximately 97% of the full year forecast USD cash flows related to the
2024/25 season Farmgate Milk Price.
• Of that 97%, approximately 15% was hedged with foreign exchange options which had not yet
expired or been exercised.
• If the remaining 3% of the forecast USD cash flows were to be hedged at the 29 May 2025 spot rate
of 0.5968, the average NZD/USD conversion rate for the 2025 season would be 0.5988.
• Also shown for information are the equivalent measures at the date of the previous forecast of the
2024/25 season Farmgate Milk Price on 20 March 2025
ANNOUNCEMENT
DATE
FORECAST
FGMP /
RANGE (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
29 May 2025$10.00 /
$8.00-$11.00
0.59680.595148%10%
For the opening forecast Farmgate Milk Price for the 2025/26 season announced on 29 May 2025:
• Fonterra had hedged approximately 48% of the full year forecast USD cash flows related to the
2025/26 season Farmgate Milk Price.
• Of that 48%, approximately 10% was hedged with foreign exchange options which had not yet
expired or been exercised.
• If the remaining 52% of the forecast USD cash flows were to be hedged at the 29 May 2025 spot rate
of 0.5968, the average NZD/USD conversion rate for the 2025/26 season would be 0.5951.
RANGE
$9.70-
$10.30
$9.70-
$10.30

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
(20 MAY 2025)
YEAR-TO-DATE

(FROM 1 AUGUST 2024)
Quantity Sold on GDT
(Winning MT)
12,207515,975
Change in Quantity Sold on GDT
over same period last year
(24.3%)0.2%
Weighted Average Product Price
(USD/MT)
4,8554,157
Change in Weighted Average
Product Price over same period
last year
22.6%24.1%
Change in Weighted Average
Product Price from previous event
0.4%–
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.