Fonterra revises milk collection forecast

14 October 2022 Fonterra revises milk collection forecast Fonterra Co-operative Group Limited today revised the forecast for its 2022/23 New Zealand milk collections to 1,480 million kilograms of milk solids (kgMS), down from its previous forecast of 1,495 million kgMS. Fonterra last reduced its 2022/23 milk collections forecast in early September. Fonterra CEO Miles Hurrell says this was due to weather conditions in parts of New Zealand causing a slow start to the season. "The variable weather conditions which caused a slow start on farm have continued, contributing to lower collections through September and early October which has caused us to further revise our collections forecast. "As a result, we have revised our 2022/23 forecast down 1.0% to 1,480 million kgMS." ENDS For further information contact: Fonterra Communications 24-hour media line Phone: +64 21 507 072 End CA:00400609 For:FSF Type:MKTUPDTE Time:2022-10-14 16:00:42