Fonterra Co-operative Group Limited (NS)

Overview

Fonterra Co-operative Group Limited (NS) (Fonterra) is a dairy co-operative, owned and supplied by nearly 9,000 farming families in Aotearoa, New Zealand. Through the spirit of co-operation and a can-do attitude, Fonterra’s farmers, along with 20,000 employees around the world, share the goodness of our milk through innovative consumer, foodservice and ingredient brands. Sustainability is at the heart of everything we do, and we’re committed to leaving things in a better way than we found them. Everyday people working hard to be Good Together in the community.

The Fonterra Shareholders' Fund (FSF) is a registered managed investment scheme under the Financial Markets Conduct Act 2013. The FSF provides investors an opportunity to invest in the performance of Fonterra. Outside investors who are not allowed to hold shares in Fonterra can invest in units in the FSF which gives them access to economic rights (such as distributions and capital movements), similar to those of a share.

Performance

The following information was extracted from Fonterra Co-operative Group Limited's (NS) Full Year Results, released on 24 September 2026:

Fonterra delivers strong FY26 performance

• Total cash returns to shareholders1: $19.6 billion

• FY26 total cash dividends, fully imputed: 73 cents per share, up from 57 cents

• 2025/26 final Farmgate Milk Price: $9.69 per kgMS

• 2025/26 final Organic Milk Price: $14.13 per kgMS

• Total Group: o Operating profit: $3.4 billion, up 97.6% on prior year, including a $1.2 billion Mainland divestment benefit

o Profit after tax: $2.6 billion, up 142%

• Underlying business2:

o Operating profit: $1.8 billion, up 23.6% on prior year o Earnings of 71 cents per share, up 17 cents

o Return on capital: 14.2%, up from 11.7%

• FY27 forecast underlying earnings range: 65-85 cents per share

• 2026/27 forecast Farmgate Milk Price: $9.50 per kgMS, with a range of $8.50 - $10.50 per kgMS

• 2026/27 forecast Organic Milk Price: $14.30 per kgMS, with a range of $13.30 - $15.30 per kgMS

Fonterra Co-operative Group Ltd has today reported its FY26 annual results, delivering $27 billion in revenue and nearly $20 billion in cash returns to New Zealand farmer owners and unit holders.