New Zealand Professional Investment Services Firm

Forsyth Barr

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

New Zealand Professional Investment Services Firm, Forsyth Barr

Equity Bottom-Up

Fonterra Shareholders Fund / Equity Bottom-Up

<ul><li>Fonterra (FSF) reported a solid FY25 result.</li><li>EPS of NZ71cps was ahead of the midpoint of its guidance, well ahead of our NZ51cps estimate post its FY24 result, and its balance sheet has returned to a robust position following weak cashflow in 1H25.</li><li>We think the balance sheet strength opens up the path for further capital management opportunities, but management was reluctant to be drawn on this.</li></ul>

Fonterra (FSF) reported a solid FY25 result.EPS of NZ71cps was ahead of the midpoint of its guidance, well ahead of our NZ51cps estimate post its FY24 result, and its balance sheet has returned to a robust position following weak cashflow in 1H25.We think the balance sheet strength opens up the path for further capital management opportunities, but management was reluctant to be drawn on this.

Fonterra FY25 Result—Cream Rising to the Top