Fonterra Co-operative Group (FCG) AGM 2025 summary

Opening remarks and agenda

• Meeting opened with health and safety instructions, confirmation of quorum, and a welcome, with over 50 shareholders present or voting.

• Agenda included Chairman's review, CEO address, Q&A, voting on six resolutions, and Council report.

• Introduction of directors, management, auditors, and media attendees.

Financial performance review

• FY25 farm gate milk price was NZD 10.16/kgMS, up from NZD 7.83, exceeding expectations.

• Total cash returns to shareholders reached NZD 16.2 billion, up over 30% from last year.

• Operating profit rose to NZD 1.732 billion, profit after tax was NZD 1.1 billion.

• Dividend increased to NZD 0.57 per share, fully imputed, at the upper end of policy range.

• Return on capital was 10.9%, up from 9.9%, and normalised EPS increased to 71 cents.

Board and executive committee updates

• Acknowledgement of Andy Macfarlane's retirement from the Board and his ongoing ambassador role.

• Board recognized for guiding strategic direction and delivering strong results.