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Investor Relations14 Oct 2025
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Fonterra Shareholders (FSF) investor relations material
Fonterra Shareholders H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2025 earnings summary25 Sep, 2025
Executive summary
Leadership expressed strong satisfaction with FY25's financial results, highlighting hard work, $16.2b in payments (up $3.8b YoY), and a $10.73 per kgMS payout for supplying shareholders.
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 costs.
Agreement reached to sell Mainland Group to Lactalis for $4.22b, targeting a $2.00 per share capital return if completed.
Return on capital was 10.9%, with net debt and leverage metrics stable year-over-year.
Clear strategic focus on executing existing plans in ingredients and foodservice, with new capacity investments coming online.
Financial highlights
FY25 benefited from hedging, providing a $120M uplift versus FY24, but this is expected to revert to long-term averages in FY26.
Farmgate Milk Price increased to $10.16 per kgMS from $7.83; dividend rose to 57c per share (imputed), up from 55c.
Reported operating profit was $1,732m (up from $1,527m); reported profit after tax was $1,079m (down from $1,128m).
EBIT target for FY28 is set at approximately $250M, with growth driven equally by cost base reductions and business mix improvements.
One-off costs totaling about $80M, including impairments and business exits, were not normalized in FY25 results.
Outlook and guidance
FY26 Farmgate Milk Price range maintained at $9.00–$11.00 per kgMS; continuing operations earnings forecast at 45–65c per share.
EBIT growth to FY28 is underpinned by clear plans, new business investments, and cost removal, with execution risk seen as manageable.
CapEx is expected to remain elevated (~$1B) through FY27, then normalize to ~$600M from FY29 onward.
Net debt is projected to rise gradually, reaching a 2.6x level by FY28, with a relatively flat profile through the period.
Priorities include completing the Mainland divestment, new manufacturing capacity, and ERP system rollout.
What drives CapEx reduction post-2028?
EBIT uplift: cost vs. mix split drivers?
China Consumer: plan to address loss-making?
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Next Fonterra Shareholders earnings date
H1 202618 Mar, 2026
Next Fonterra Shareholders earnings date
H1 202618 Mar, 2026
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Frequently asked questions
Fonterra Shareholders Fund provides investors with an opportunity to participate in the financial performance of Fonterra Co-operative Group, a leading dairy company based in New Zealand. The fund is structured to allow public investors to gain economic exposure to Fonterra without requiring ownership of cooperative shares, giving access to dividends and capital gains from the cooperative’s dairy production and export activities. Fonterra is known for its range of dairy products, including milk powders, cheese, and nutritional products, with a significant focus on international markets. The fund is managed from Auckland, New Zealand, and its units are listed on both the New Zealand Stock Exchange (NZX) and the Australian Securities Exchange (ASX).
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