Fonterra: Shareholding metrics stable, farmer ownership protected

As of November 28, 2025, Fonterra is operating within its specified thresholds for all three Flexible Shareholding metrics. Total shares on issue above or below the Share Standard stand at 11.12%, a slight decrease from 11.13% in the prior quarter, remaining within the +/- 15% threshold. Shares held by Ceased Shareholders and Permitted Transferees are at 11.05%, down from 12.08%, well below the 25% maximum threshold. The Fonterra Shareholders' Fund maintains a 6.67% share, showing no change from the previous quarter and adhering to the 10% cap designed to protect farmer ownership.

The distribution of shareholding reveals that Supplying Shareholders hold the majority at 81.60%, equivalent to 1,313,012,192 shares. Ceased Shareholders account for 9.23% (148,618,721 shares), while the Custodian, on behalf of the Fund, holds 6.67% (107,410,984 shares). Other categories like Secondary Shareholders, Associated Shareholders, Permitted Transferees, and Custodian shares for Market Makers represent smaller proportions, totaling 0.20%, 0.25%, 1.82%, and 0.23% respectively.

Looking ahead, significant share compliance requirements are projected. To be bought shares total 21,414,732 by 2036/37, with the largest volume in 2027/28 (5,067,424 shares). Conversely, shares to be sold amount to 178,664,034 by 2036/37, with a substantial 176,384,780 shares slated for sale in 2036/37. This data provides transparency on the ongoing adjustments within Fonterra's shareholding structure.