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Fonterra Co-operative Group (FCG) investor relations material

Fonterra Co-operative Group H2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H2 2025 earnings summary25 Sep, 2025

Executive summary

  • Leadership expressed strong satisfaction with the year's results, highlighting hard work and delivery of solid numbers for stakeholders.

  • FY25 saw $16.2b in total payments, up $3.8b year-over-year, with $15.3b in milk payments and $916m in imputed dividends, resulting in a $10.73 average payout per supplying shareholder.

  • Operating profit rose to $1.7b, up $205m, driven by strong Ingredients margins and favorable hedging; profit after tax was $1.0b, down $49m due to a tax treatment change and $106m in divestment/separation costs.

  • Agreement reached to sell Mainland Group to Lactalis for $4.22b, targeting a $2.00 per share capital return if completed.

  • Clear strategic focus on executing existing plans in ingredients and food service, with new capacity investments coming online.

Financial highlights

  • EBIT growth target of approximately $250 million by FY2028, with about half driven by cost base reduction and half by business mix improvements.

  • FY2025 benefited from a $100–$120 million uplift due to hedging, expected to revert to long-term averages in FY2026.

  • One-off costs totaling about $80 million in FY2025, including impairments and business exits, were not normalized in reported results.

  • Farmgate Milk Price increased to $10.16 per kgMS from $7.83; dividend rose to 57c (imputed) from 55c (unimputed).

  • Reported operating profit was $1,732m (up from $1,527m); reported profit after tax was $1,079m (down from $1,128m).

Outlook and guidance

  • CapEx expected to be around $1 billion annually through 2027, peaking slightly above before returning to ~$600 million from 2029 onwards.

  • Net debt projected to rise gradually, reaching $2.6 billion by FY2028, with a relatively flat profile through the period.

  • FY26 Farmgate Milk Price range maintained at $9.00–$11.00 per kgMS; continuing operations earnings forecast at 45–65c per share.

  • Guidance range for FY2026 influenced mainly by food service margins and stream returns, with U.S. tariffs posing downside risk.

  • Priorities include completing the Mainland divestment, capital return, and new manufacturing capacity coming online.

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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.

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