Fonterra Co-operative Group (FCG) AGM 2026 summary

Opening remarks and agenda

• Meeting opened with confirmation of quorum and agenda focused on the proposed capital return.

• Notice of meeting was sent to all shareholders as of 21 January 2026.

• Directors, CEO, and governance leaders were introduced, with roles in the meeting outlined.

Dividend announcements

• Proposed capital return of NZ$2 per share, totaling approximately NZ$3.2 billion, to be paid tax-free to shareholders and unit holders upon completion of the sale.

• Payment mechanics ensure shareholders retain the same number of shares post-return, with a repurchase and subdivision process.

• Each repurchased share will be paid at NZ$6, equivalent to NZ$2 per three shares, with no change to the number of units on issue.

• Shareholders are advised to seek independent tax advice regarding the capital return.

Strategic initiatives and plans

• Capital return is contingent on the sale of Mainland Group to Lactalis, with completion targeted by 31 March 2026, pending regulatory approvals.

• Separation of the business is progressing as planned, with key steps and record dates communicated in advance.