Fonterra Shareholders (FSF) H1 2025 earnings summary

Executive summary

• Profit after tax for the first six months of FY25 rose $55 million (8%) to $729 million year-over-year, equating to 44 cents per share attributable to equity holders.

• Interim dividend increased to 22 cents per share (up from 15 cents), with unit holders receiving 22 cents per unit; record date 27 March 2025, payment date 8 April 2025.

• Operating profit up $154 million (16%) to $1,107 million for the first half of FY25, driven by strong Ingredients channel performance.

Financial highlights

• Net fair value gain on revaluation of Economic Rights was $111 million for the period (vs $41 million prior year).

• Dividend income totaled $43 million for the six months, unchanged year-over-year.

• Net assets per unit increased to $4.98 (from $3.41 at 31 Jan 2024 and $3.95 at 31 July 2024).

• Value of Economic Rights held rose to $535 million (from $366 million at 31 Jan 2024 and $424 million at 31 July 2024).

Outlook and guidance

• Full year earnings forecast raised to 55-75 cents per share (previously 40-60 cents), reflecting core business strength and Consumer channel resilience.

• Farmgate Milk Price range narrowed to $9.70-$10.30 per kgMS for the current season.