My Food Bag Group Ltd. · NZX:MFB
My Food Bag — H1 FY26 Earnings Presentation
29 slides from My Food Bag's earnings presentation, Nov 20, 2025
Slide 1: FY26 H1 results
FY26 H1 20 November 2025 results
Slide 2: Presenting today
PRESENTING today Mark Winter Louise Newsome Chief Executive Officer Chief Financial Officer My Food Bag Group Limited FY26 Half Year Result 2
Slide 3: Contents
CONTENTS 1 Business update 2 Financial overview 3 FY26 outlook 4 Appendices
Slide 4: Six months in review
SIX MONTHS IN review REVENUE $85.4m AVERAGE ORDER VALUE (AOV) ACTIVE CUSTOMERS** Up 3.8% on FY25 H1 $130.9 61.3k Up from $128.0 at FY25 H1 Up from 60.1k at the end of FY25 H1 NPAT $2.9m Compared to $ 3.0m in FY25 H1 GROSS MARGIN % INTERIM DIVIDEND DECLARED EBITDA* 48.5% 0.75cps $7.2m Compared to 49.
Slide 5: Six months in review
SIX MONTHS IN review Revenue up +3.8% driven by higher customer numbers and improved purchasing frequency Expanded our dietary and health offering with the Diabetes Plan and GLP-1 Support meal kits, helping the nutritional needs of more New Zealanders Ongoing focus on quality and customer satisfacti
Slide 6: Our Purpose
OUR PURPOSE HELPING AOTEAROA NEW ZEALAND
Slide 7: Business update
1 BUSINESS update
Slide 8: We will grow leadership in meal kits and expand into wider online food
We will grow leadership in meal kits and continue expanding into the wider online food category Be relevant and grow active customers by delivering flexibility, convenience and great value Build Brand Love Seamless Unlock new Personalised & Advocacy Convenience for All Customer Solutions Segments &
Slide 9: Our Market Leading Brand Portfolio
Our Market Leading Brand Portfolio Clear brand positionings and investment resulting in active customer growth across our portfolio My Food Bag wins on health and with families • Launched the Diabetes Plan with Diabetes NZ, supporting Kiwis to manage health and wellbeing • Continued strong growth in
Slide 10: Enhancing Customer Experience
Enhancing Customer Experience Expansion of delivery areas and a continued focus on quality driving strong customer satisfaction Improving the customer experience across all aspects of our business remains key • Enhancements to the layout of our recipe cards in response to customer feedback • Packagi
Slide 11: Expanding into Gifting and Care Packages
Expanding into Gifting and Care Packages Building and expanding our new flexible operating model to appeal to new audiences Expanding Beyond Subscriptions • The My Food Bag Shop launched in November 2024, marking an exciting new step for the brand as we move beyond subscriptions to offer greater fle
Slide 12: Our People
Our People Strengthening our culture and capability to thrive in a data-driven, people-first future Learning and Development • Continued investment in leadership development and capability building across the business • Advanced our data and AI capability to harness insights and enable smarter, data
Slide 13: Building Stronger Connections Across Aotearoa
Building Stronger Connections Across Aotearoa Supporting Our Communities • We continue to champion community and charitable initiatives, using our reach and recipe expertise to make a meaningful impact • In June, we raised funds for the Starship Foundation’s Big Bake Off by creating a special cake c
Slide 14: Financial overview
2 FINANCIALoverview
Slide 15: Financial Performance
Financial Performance Revenue growth of +3.8% and NPAT broadly inline with Prior Year Key Metrics YoY • Revenue is up 3.8% vs prior year due to an increase in FY26 H1 FY25 H1 Movement FY24 H1 Overview % deliveries and average order value Deliveries ('000) 652 643 1.5% 652 • Average order value incre
Slide 16: Focus on Sustainable Active Customer Growth
Focus on Sustainable Active Customer Growth Active customers +2% with strong loyalty and reduced churn rates Active Customers Split (000's) • Active customers are 2% higher compared to 12 months ago • We remain focused on rewarding and nurturing quality 70.0 60.1 61.3 customers, reducing customer ch
Slide 17: Deliveries Performance
Deliveries Performance Product development and targeted campaigns have resulted in +1.5% deliveries growth Deliveries (000's) • Growth vs prior year of around 9,000 deliveries, (+1.5%) 900 • Customers responding well to targeted offers as well as 849 808 product quality continuing to rate highly 800
Slide 18: Average Order Value
Average Order Value Brand appeal is positive as customers gravitate towards our higher value brands, larger bags and extras range Average order value ($) 160.0 Average Order Value was $130.9, up +2.3% vs 128.5 130.9 prior year driven by: 128.0 • Higher indexing to the My Food Bag brand and 120.0 lar
Slide 19: Gross Margin
Gross Margin Gross margin of 48.5% achieved against backdrop of food price inflation of 4.1% Gross Margin % • Gross margin was 48.5%, down 1.3ppts since 55.0% prior year, but up 0.6ppts since FY24 H1 • Prior year experienced favourable produce 49.8% 50.0% 48.5% pricing due to positive growing condit
Slide 20: Contribution Margin
Contribution Margin Assembly and distribution cost pressures partially offset by packaging initiatives Contribution Margin % • Contribution margin is down 1.4ppts since prior year • The timing of contractual price increases have 25.0% 23.3% impacted distribution and labour lines when 21.9% 21.3% com
Slide 21: Strengthening Balance Sheet with Continued Debt Reduction
Strengthening Balance Sheet with Continued Debt Reduction Summary balance sheet ($m) FY26 H1 FY25 H1 • Net debt has reduced by $1.4m from Assets 31 March 2025 with surplus cash Cash and cash equivalents - 1.8 being used to reduce debt. This is a reduction of $4.2m from 30 Working capital assets 6.7
Slide 22: Free Cash Flow Enabling Interim Dividend and Debt Reduction
Free Cash Flow Enabling Interim Dividend Payment and Further Debt Reduction Summary cash flow ($m) FY26 H1 FY25 H1 • Net cash from operating activities is $5.8m, Net cash from operating activities 5.8 6.3 slightly lower than FY25 H1 Lease principal payments (1.3) (1.1) Capex (1.4) (1.8) • Reduced ca
Slide 23: FY26 outlook
3 FY26 outlook
Slide 24: FY26 Trading Conditions and Outlook
FY26 Trading Conditions and Outlook Growing leadership in meal kits and continue expanding into the wider online food category • We continue to focus on growing active customers and progressing our strategic objectives of leadership in meal kits and expanding into the wider online food category • Re
Slide 25: Appendices
4 APPENDICES
Slide 26: Statement of Comprehensive Income
Statement of Comprehensive Income FY26 H1 FY25 H1 YOY Statement of Comprehensive Income ($m) Actual Actual Movement % Income 85.4 82.2 3.8% Cost of Goods Sold (44.0) (41.3) 6.7% Gross Margin 41.4 40.9 1.3% Assembly and Distribution (22.7) (21.7) 4.9% Contribution Margin 18.7 19.2 (2.4%) Indirect Exp
Slide 27: Reconciliation of GAAP to non-GAAP financials
Reconciliation of GAAP to non-GAAP financials FY26 H1 FY25 H1 YOY Reconciliation of GAAP to non -GAAP financials ($m) Actual Actual Movement % Net Profit Before Tax 3.6 4.1 (13.2)% Add Back: Depreciation and amortisation 3.1 2.8 9.3% Net financing costs 0.5 0.8 (36.8)% Earnings Before Interest, Tax,
Slide 28: Thank you
THANK you
Slide 29: Disclaimer and important information
Disclaimer and important information This presentation has been prepared by My Food Bag Group Limited (the “Company” and, together with My Food Bag Non-GAAP financial information Limited, "My Food Bag") and is dated 20 November 2025. Receipt of this document and/or attendance at the corresponding pr