Aofrio Limited · NZX:AOF
Aofrio — Investor Day (December 2025)
56 slides from Aofrio's investor day presentation, Dec 4, 2025
Slide 1: AoFrio. Transforming the future of commercial refrigeration management
AoFrio. Transforming the future of commercial refrigeration management Presentation to investors 4 December 2025 AoFrio Company Confidential ©2025 1
Slide 2: Introduction to AoFrio
Introduction to AoFrio. John Scott Board Chair AoFrio Company Confidential ©2025 2
Slide 3: Safe Harbour
Safe Harbour We will be making some forward-looking statements today and as these are predictive in nature, they are subject to a number of risks and uncertainties relating to the company, its operations and the markets in which it competes. Some things are beyond the control of the company, and
Slide 4: Today's Agenda
Today’s Agenda. To communicate: ▪ Options for growth ▪ Growth strategy ▪ Investment case Questions (if viewing online please email to investor-relations@aofrio.com) AoFrio Company Confidential ©2025 AoFrio Company Confidential ©2025 4
Slide 5: Two Futures: Both are Good
Two Futures: Both are Good AoFrio is under no pressure to raise funds & is making no commitment to do so. By FY30 Future 1: Self funded Future 2: Externally funded Market Segments Cold Drink Equipment / Cold Drink Equipment + Motors & Fans Motors & Fans acceleration / Food Retail / Ice-cream Revenue
Slide 6: Two Futures: Both are Good
Two Futures: Both are Good We are at an inflection point where we can grow through self funding (future1) or accelerate growth through investment.(future 2) If we fund growth from internally generated resources, we risk ceding key growth opportunities to competitors with less developed solutions. To
Slide 7: The AoFrio Team
The AoFrio Team. Combined > 40 years experience in the business. CEO | Greg Balla VP Product | Genevieve Clark VP, Engineering and IT CFO | Howard Milliner Led transformation and market expansion Launched AoFrio iQ platform | Rami Elbeltagi Financial transformation and growth Has driven ambitious pr
Slide 8: The AoFrio Team
The AoFrio Team. Covering VC, PE, public models, start up and enterprise. John Scott John McMahon Greg Allen Chairman, Independent Director Independent Director Independent Director Keith Oliver Roz Buick Independent Director Independent Director AoFrio Company Confidential ©2025 8
Slide 9: Proven Momentum
Proven Momentum. Balancing customer, staff and investor perspectives. Net Promoter Score Staff Engagement Score Guidance achieved +62 72% 11 quarters AoFrio Company Confidential ©2025 9
Slide 10: FY25 Guidance
FY25 Guidance. No change in guidance. Revenue Gross margin EBITDA NZ$86M 30% NZ$3.5M (FY24 NZ$79.7M) (FY24 29%) (FY24 NZ$2.5M) Accrued SaaS revenue Net Promoter Score Staff engagement score NZ$18M +62 72% (FY24 NZ$16M) (FY24 +53) (FY24 67%) AoFrio Company Confidential ©2025 10
Slide 11: 3 Categories, 3 Segments, 5 Regions
3 Categories, 3 Segments, 5 Regions. AoFrio is looking to raise NZ$15M ce ood for investment in future 2, across 3 categories, 3 segments and 5 regions. otors o elf funded Future growth growth 1: Self-funded unded2: Future growth Externally funded accelerated growth AoFrio Company Confidential ©2025
Slide 12: AoFrio Today
AoFrio Today. Greg Balla CEO AoFrio Company Confidential ©2025 12
Slide 13: Who We Are
Global Connected Fleet AoFrio Who We Are. Other 3.5M 1.1M ▪ We are the market leader in refrigeration fleet management, with a 70% LATAM share. ▪ Our customers are the biggest beverage brands globally ▪ We connect over 3.5M assets globally ▪ Our platform manages the industry’s richest dataset 24.9M
Slide 14: The Customers' Pain
The Customers’ Pain. Asset Management Service & Maintenance 6% of coolers are lost or 20% of coolers require a service visit stolen annually annually (US$ 200-US$ 800 per visit) Commercial Performance Energy & Sustainability Only 25% of coolers operate in the Refrigeration equipment accounts ideal t
Slide 15: AoFrio iQ Demonstrated ROI
AoFrio iQ Demonstrated ROI. Based on a bottler with 150,000 assets deploying the AoFrio solution (with SCS800 always on hardware and Aofrio IQ basic). ▪ Cooler Recovery: US$3.6M saved in replacement costs and US$1.9M in lost profit ▪ Reduced Service Visits: US$1.1M in annual savings ▪ Improved Energ
Slide 16: AoFrio Products
AoFrio Products. SCS smart Gateway refrigeration cellular hub controller ECR 2 high efficiency Motors iQ SaaS platform AoFrio Company Confidential ©2025 16
Slide 17: The AoFrio Solution
The AoFrio Solution. APIs Other Software Data Platform RECEIVE DATA REMOTE ASSET iQ / GENERATE INSIGHT MANAGEMENT Customer AoFrio Hardware Third-Party Hardware SCS Controller Gateway Controllers Camera Monitor Variable Speed Compressors ECR 2 AoFrio Company Confidential ©2025 17
Slide 18: Competitive Advantage
NPS increase by year 2025 +62 2024 Competitive +53 Advantage. 2023 +40 o rio’s integrated solution, data 4.0 leadership, and customer 3.5 relationships set it apart from AoFrio connected fleet by year 3.0 competitors. (million) 2.5 2.0 3.5M 1.5 1.0 Refrigerators delivering data to AoFrio 0.5 0 AoFri
Slide 19: FY25 Guidance
FY25 Guidance. Revenue Gross margin EBITDA NZ$86M 30% NZ$3.5M (FY24 NZ$79.7M) (FY24 29%) (FY24 NZ$2.5M) Accrued SaaS revenue Net Promoter Score Staff engagement score NZ$18M +62 72% (FY24 NZ$16M) (FY24 +53) (FY24 67%) AoFrio Company Confidential ©2025 19
Slide 20: Our Strategy
Our Strategy. PROTECT AND GROW THE CORE DIVERSIFY INTO NEW MARKETS TRANSFORM OUR FOUNDATIONS ▪ Drive higher value ▪ Expand into the food ▪ Deliver leading AI-powered solutions retail segment SaaS solutions ▪ Drive manufacturing ▪ Connect our ▪ Expand into the branded productivity customer's complete
Slide 21: Our Strategy
Our Strategy. Genevieve Clark VP Product AoFrio Company Confidential ©2025 21
Slide 22: Protect & Grow: Cold Drink Equipment
Protect & Grow: Cold Protect & Grow Drink Equipment. Cold Drink Equipment ▪ Specialised refrigeration units in retail outlets ▪ Assets owned by beverage brands like Coca-Cola, Pepsi, and Heineken ▪ Value pillars: Asset Management, Service & Maintenance, Commercial Performance, Energy & Sustainabilit
Slide 23: Cold Drink Equipment: Win hardware
Target connected coolers (millions) Cold Drink 9 8 Protect & Grow Equipment: Win 7 6 5 4 hardware. 3 2 1 0 FY24 FY25 FY26 FY27 FY28 FY29 FY30 ▪ Win the hardware land grab Future 1 Future 2 ▪ Increase the number of connected coolers Target hardware revenue per cooler ▪ Increase hardware revenue per c
Slide 24: Cold Drink Equipment: Regional expansion
Cold Drink Protect & Grow Equipment: Regional expansion. 3 SAM number of new build connected units ▪ Protect LATAM: 70% market share in 2 Millions mature regions ▪ Expand into US, Europe and APAC 1 ▪ Aiming to secure 50% market share in the USA, 45% in Europe and 30% in - FY 25 FY 26 FY 27 FY 28 FY
Slide 25: Cold Drink Equipment: Driving New Value
Protect & Grow Cold Drink Equipment: Driving New Value. ▪ Exploring introduction of additional tiers of value for our customers ▪ Remote management: theft and misuse prevention, service and maintenance, seasonal temperature controls ▪ Camera-driven commercial insights: ensuring timely restocking, pl
Slide 26: Cold Drink Equipment: Driving New Value
Protect & Grow Cold Drink Equipment: Driving New Value. ales optimisation, consumer analytics ▪ Deliver the best platform for complete emote control add on disable, diagnostics, fleet management powered predictive maintenance ▪ Drive higher value solutions that deliver oundational services asset man
Slide 27: Protect & Grow: Motors
Protect & Grow: Protect & Grow Motors. Target motors revenue 80 70 ▪ Defend leadership in EC motors and drive cost 60 efficiency to stay competitive 50 ▪ Launch new fan pack sizes to broaden the NZ$M 40 product range 30 ▪ Expand into new applications: hot water heat pumps and agitators. 20 ▪ FY28 in
Slide 28: Protect & Grow Summary
Protect & Grow Protect & Grow Summary. 250 Protect and Grow the Core Future 2: FY30 revenue 200 NZ$218M ▪ Connect customers complete fleet to maximise data collected and impact 150 NZ$M Future 1: ▪ Enter new regions (US, EMEA & APAC) FY30 ▪ Deliver new high-value software solutions 100 revenue NZ$14
Slide 29: Diversify into New Segments
Diversify into Diversify New Segments. Food Retail (outlet model): ▪ Food safety, compliance, brand reputation Ice Cream (fleet model): ▪ Product quality, asset management, service & maintenance, commercial performance Why AoFrio? ▪ Early traction with major brands and retailers ▪ First-mover IoT ad
Slide 30: Why Diversify
Why Diversify. Diversify ▪ Improves revenue quality and resilience ▪ Solves high-value customer problems ▪ Shifts to higher margin model (~75%) ▪ Accesses larger markets AoFrio Company Confidential ©2025 30
Slide 31: Food Retail: Customers
Large supermarket chain in Argentina: Food Retail: ▪ 2 outlets in proof-of- Diversify ▪ Demonstrated strong interest in Customers. concept (POC), total opportunity: 600 outlets expanding to service & maintenance and energy pillars ▪ Confirming timing for first ▪ Highlighted the need for phase deploy
Slide 32: Food Retail: Solution
Food Retail: Solution. A screenshot of a phone Description automatically generated Diversify AoFrio Company Confidential ©2025 32
Slide 33: Food Retail: Strategic Focus
Target Food Retail revenue Diversify Food Retail: 35 30 25 Strategic Focus. 20 NZ$M 15 10 5 0 AoFrio will deliver upon this strategy by: FY24 FY25 FY26 FY27 FY28 FY29 FY30 ▪ Complete version 1 of the food retail system ▪ Identify additional pilot locations. Target cumulative outlets connected ▪ Buil
Slide 34: Ice Cream: Solution
Ice Cream: Diversify Solution. ▪ Hybrid of Cold Drink Equipment and Food Retail solutions ▪ Food safety / product quality focus ▪ Real-time monitoring and alerts ▪ Integrated hardware + AoFrio iQ SaaS + optional camera insights AoFrio Company Confidential ©2025 34
Slide 35: Ice Cream: Customers
Ice Cream: Diversify Customers. Major Ice Cream brand in Chile: ▪ First pilot customer in the ▪ On path to 100% of fleet ▪ Expanding into fleet-based, high- Ice Cream segment connected using AoFrio value, perishable product ▪ Reduced freezer loss from technology segments 20% to 0.5% through asset ▪
Slide 36: Ice Cream: Strategic Focus
Target Ice Cream revenue Ice Cream: 60 Diversify 50 40 Strategic Focus. NZ$M 30 20 10 0 AoFrio will deliver upon this strategy by: FY24 FY25 FY26 FY27 FY28 FY29 FY30 ▪ Develop controller variants based on o rio’s existing SCS platforms Target number of connected freezers ▪ Design and launch a camera
Slide 37: Diversify Summary Driving Growth
Diversify Diversify Summary Driving Growth. 90 Target Diversify revenue 80 70 ▪ Transforming o rio’s revenue mix from FY26–FY30 60 50 NZ$M ▪ Targeting NZ$85M revenue by FY30 40 ▪ Supporting organisational ARR growth from +3% in 30 FY25 to +19% by FY30 20 ▪ High-margin ARR/SaaS model for sustainable
Slide 38: Transforming Our Foundations
Transforming Our Foundations. AoFrio Company Confidential ©2025 38
Slide 39: Transforming Our Foundations
Transforming Transform Our Foundations. AoFrio is building a resilient, future-ready organisation through innovation, sustainability, people, and operational Go-to-market process Global, purpose-driven Maintaining supply chain excellence. delivering more workforce with 72% resilience impactful launc
Slide 40: Summary by the numbers
Summary by the numbers. Howard Milliner CFO AoFrio Company Confidential ©2025 40
Slide 41: Recent Performance
NZ$ revenue: 2020 - 2025 Recent 100 90 Performance. 80 70 60 NZ$M 50 40 ▪ Covid impacted FY20 to FY23 30 20 ▪ FY24 NZ$2.5M EBITDA from 10 +20% revenue growth 0 FY20 FY21 FY22 FY23 FY24 FY25 ▪ FY25 guidance is for revenue of NZ$ EBITDA: 2020 - 2025 NZ$86M and EBITDA at NZ$3.5M FY20 FY21 FY22 FY23 FY2
Slide 42: Segment Revenue to FY30
Segment Revenue to FY30. 350 Target revenue: futures 1 and 2 300 Future 2: FY30 Future 1 revenue 250 • Revenue increases NZ$55M in FY30 NZ$304M (10% CAGR) 200 NZ$M • Motors NZ$5M 150 Future 1: • Cold Drink Equipment NZ$50M FY30 100 revenue NZ$140M Future 2 50 • Revenue is targeted NZ$164M higher in
Slide 43: SaaS Revenue to FY30
SaaS Revenue to FY30. SaaS / ARR recognition 70 60 50 ▪ Capex model for Cold Drink Equipment – assumed 5 years in 40 NZ$M advance 30 20 ▪ Monthly subscriptions for Food Retail 10 - ▪ ARR of ~19% by FY30 FY24 FY25 FY26 FY27 FY28 FY29 FY30 Future 1 Future 2 AoFrio Company Confidential ©2025 43
Slide 44: Summary Metrics
Summary Metrics. Future 1 Future 2 FY25 FY30 FY30 Revenue (NZ$M) $86 $140 $304 Gross Margin (%) 31% 34% 37% EBITDA (NZ$M) 3.5 14 50 Rule of 40 (%) 12% 20% 40% Revenue per head (NZ$) $557,000 $635,000 $707,000 AoFrio Company Confidential ©2025 44
Slide 45: Shareholder Value
Shareholder Value. John Scott Board Chair AoFrio Company Confidential ©2025 45
Slide 46: Investing for Growth
Investing for Growth. ce ood otors AoFrio seeks strategic investment to accelerate growth and capture market share in emerging segments. o ▪ Expand sales and customer success teams ▪ Accelerate product development (camera, AI, SaaS) ▪ Enter new markets and scale operations ▪ Drive recurring revenue
Slide 47: Two Futures: one better than the other
Two Futures: one better than the other. AoFrio can continue to fund its growth from internally generated resources, but by doing so we risk ceding key growth opportunities to competitors with less developed solutions. Future 1: Self-funded elf funded growth growth Future unded 2: Externally funded a
Slide 48: Strategy by Category: Protect and Grow the Core
Strategy by Category: Protect and Grow the Core. Category Strategy FY25 – FY30 Motors Motors Revenue: Base and Funded Growth ▪ Drive cost efficiency to stay competitive $80 ▪ Launch new fan pack sizes to broaden the $60 Funded NZ$M Growth product range $40 $20 Base ▪ Expand into new applications $0
Slide 49: Cold Drink Equipment (CDE): Share of Wallet and SAM
Cold Drink Equipment (CDE) : Share of Wallet SOW and Service Addressable Market SAM (US$M) EMEA US / CANADA 30 27.9 15 12.3 20 10 6 11.9 3.9 5 0.4 10 6.6 0 0 2025 2030 0 2025 2030 SOW SAM SOW SAM APAC 25 20.5 NORTH LATAM 20 35.0 32.6 15 30.0 26.9 10 5.8 4 5 0.5 25.0 19.2 0 20.0 12.5 2025 2030 15.0 $
Slide 50: ARR Growth from FY25 - FY30 / Cold Drink Equipment Journey
ARR Growth from FY25 - FY30 / Cold Drink Equipment Journey. ▪ AoFrio connected fleet increases by 3 times from 3M to 9M ▪ Average ARR per connected cooler increases by 3 times from NZ$1 to NZ$3 ▪ ARR per year increases 9 times from NZ$3M to NZ$27M AoFrio Company Confidential ©2025 50
Slide 51: New Markets: FY30 SOW and SAM (US$M)
New Markets : FY30 SOW and SAM (US$M). GLOBAL FOOD SOM & SAM - FY30 SOW 19M GLOBAL ICE CREAM SOW & SAM - FY30 SOW 31M SAM 1,300M SAM 137M FY25 FY30 FY25 FY30 Connected Freezers 10,000 420,000 Sites 114 13,000 ARR (NZ$) $3.7M ARR (NZ$) $199K $29M ARR per Freezer per year $8.81 ARR per site per year $
Slide 52: 3 Horizons
3 Horizons. Food Retail ▪ Longer time window Ice Cream ▪ New model ▪ Invest in GTM ▪ Invest in SaaS ▪ Rapid land grab ▪ Ramps beyond 2030 Cold Drink Equipment ▪ Long term view to grow ▪ Leverage brand ▪ Similar model to to a sustainable part of CDE market ▪ Leverage GTM ▪ Core ▪ Invest in regions ▪
Slide 53: Future 2: Externally funded accelerated growth
Future 2: Externally funded accelerated growth. Future 2: relies on raising NZ$15m of new external funding to accelerate our growth Revenue - two futures Revenue by category 350 350 300 300 250 250 200 NZ$M 200 NZ$M 150 150 100 100 50 50 0 0 FY26 FY27 FY28 FY29 FY30 FY26 FY27 FY28 FY29 FY30 Motors -
Slide 54: Future 2: Externally funded accelerated growth
Future 2: Externally funded accelerated growth. Future 2: relies on raising NZ$15m of new external funding to accelerate our growth Target revenue by segment Target revenue by category 350 350 300 300 250 250 200 200 NZ$M NZ$M 150 150 100 100 50 50 0 0 FY26 FY27 FY28 FY29 FY30 FY26 FY27 FY28 FY29 FY
Slide 55: AoFrio has built an exceptional foundation
AoFrio has built an exceptional foundation, anchored by deep customer relationships, a trusted brand, and a track record of product innovation. The opportunity ahead is extraordinary. The strategy is clear. With the right investment, AoFrio is ready to accelerate. AoFrio Company Confidential ©2025 5
Slide 56: Thank You
Thank You. AoFrio Company Confidential ©2025 56