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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Fonterra Co-operative Group
Fonterra Co-operative Group (FCG) investor relations material
Fonterra Co-operative Group H2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2026 earnings summary24 Sep, 2026
Executive summary
FY26 delivered record revenue and strong operational progress, with nearly $20 billion in cash returns to farmer owners and unit holders, supported by favorable stream returns and effective supply chain management despite regional disruptions.
Achieved record milk volumes and highest second-half shipments in a decade, with total cash distributions of $12.42 per fully shared up farmer shareholder and a total payout of $10.42, including a $2.00 capital return.
Completed the sale of Mainland Group, unlocking a $1.2 billion benefit and enabling a strategic shift to a B2B focus.
Financial highlights
Operating profit reached $3.4 billion, up 97.6% year-over-year, including a $1.2 billion benefit from the Mainland divestment; underlying operating profit (excluding Mainland) was $1.8 billion, up from $1.5 billion year-over-year.
Underlying profit after tax rose to $1.2 billion (71c per share), up from $0.9 billion (54c per share) the prior year, driven by higher milk collections and improved margins.
Revenue increased 4% to $27.4 billion; underlying EPS rose to 71c from 54c; underlying return on capital improved to 14.2% from 11.7%.
Free cash flow benefited from $4.0 billion in divestment proceeds and higher earnings, offset by increased capital investment.
Gearing ratio decreased to 20.8% and net debt/EBITDA improved to 0.7x.
Outlook and guidance
FY27 forecast Farmgate Milk Price range: $8.50–$10.50 per kgMS; forecast earnings range: 65–85c per share.
Guidance for the next year is based on stream returns remaining at current levels, tracking toward the midpoint of the guidance range, with some reversion in stream returns expected in the back half of the next year.
Organic milk programme expanding, with forecast organic milk price of $13.30–$15.30 per kgMS and sales volumes up 7.5% on FY26.
Capital investment expected to be $1.3–$1.6 billion per annum over the next three years.
El Niño drought risk may impact second-half supply.
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Latest events from Fonterra Co-operative Group
- Operating profit and EPS up, guidance raised, with global risks and capital projects ongoing.FCG
Q3 2026 - Shareholders considered and voted on a NZ$3.2 billion capital return after a major asset sale.FCGAGM 2026
- Profit and revenue up, guidance raised, and $3.9b capital return after Mainland divestment.FCGH1 2026
- Record returns, major divestment, and global expansion drive future growth.FCGAGM 2025
- Revenue up 15%, strong returns, and strategic divestment drive future growth.FCGH2 2025
- Strong profit, high dividends, and strategic divestment plans with robust channel performance.FCGH2 2024
- Strong financials, governance changes, and strategic focus on food service and sustainability.FCGAGM 2024
- Q3 profit up 11% year-over-year, with FY25 earnings and $10.00/kgMS milk price guidance set.FCGQ3 2025
- Profit after tax up 8% to NZD 729m, higher guidance, and major investments underway.FCGH1 2025
Next Fonterra Co-operative Group earnings date
AGM 202615 Nov, 2026
Fonterra Co-operative Group
Next Fonterra Co-operative Group earnings date
AGM 202615 Nov, 2026
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Frequently asked questions
Fonterra Co-operative Group Limited, established in 2001 through the merger of New Zealand Dairy Group and Kiwi Co-operative Dairies, alongside the New Zealand Dairy Board, is a leading New Zealand multinational dairy co-operative. Fonterra's core operations involve the export of dairy products under the NZMP brand, with a significant portion of its New Zealand production being exported globally. The company also manages a fast-moving consumer goods division, Fonterra Brands, and operates in various international markets through subsidiaries and joint ventures. The company is headquartered in Auckland, New Zealand, and its shares are listed on the New Zealand Stock Exchange.