Fonterra maintains stable shareholding structure under flexible framework

As of August 29, 2025, Fonterra is operating within all specified thresholds for its flexible shareholding metrics, reflecting a stable ownership structure. Total shares on issue above or below the Share Standard stand at 11.13%, a slight decrease from 11.24%.

Shares held by ceased shareholders and permitted transferees were 12.08%, down from 12.42% and well within the 25% threshold. The Fonterra Shareholders’ Fund maintains a consistent 6.67% of shares, capped at 10% to preserve farmer ownership.

Supplying shareholders constitute the largest proportion of ownership at 80.59%, holding 1,296,817,884 shares. Ceased shareholders hold 10.43% (167,905,077 shares), while permitted transferees account for 1.65% (26,469,894 shares). These figures indicate that the majority of milk solids linked to ceased shareholders typically continue to supply the co-operative under new ownership.

Looking ahead, share compliance requirements outline a phased approach for shares to be bought and sold. A total of 29,846,062 shares are projected to be bought by the 2036/37 season, with 194,618,503 shares to be sold, primarily in the 2036/37 season. The co-operative continues to provide transparency on its ownership distribution and share compliance obligations.