Fonterra updates 2025/26 season Farmgate Milk Price

18 December 2025

Fonterra updates 2025/26 season Farmgate Milk Price

Fonterra Co-operative Group Ltd has today provided an update on its forecast Farmgate Milk Price
for the 2025/26 season.

The Co-op has adjusted the forecast range from $9.00-$10.00 per kgMS to $8.50-$9.50 per kgMS
with the midpoint changing from $9.50 per kgMS to $9.00 per kgMS.

CEO Miles Hurrell says, “With half the season still to complete, we continue to experience strong
milk flows both in New Zealand and globally, particularly out of the United States and Europe, and
this continues to put downward pressure on global commodity prices.

“Combined with a rising New Zealand dollar since the last milk price update in November, we are
required to further adjust the forecast range for the season and lower our midpoint.

“We started the season with a wide forecast range of $8.00-$11.00 per kgMS and the new
midpoint of $9.00 per kgMS remains within that range.

“We remain committed to maximising returns for farmer shareholders through both the Farmgate
Milk Price and earnings, strong customer relationships and a firm focus on margins, product mix,
and operational efficiencies,” says Mr Hurrell.

ENDS

For further information contact:

Philippa Norman
Fonterra Communications
Phone: +64 21 507 072