AoFrio updates guidance

A: 21 Arrenway Drive, Rosedale, Auckland 0632, New
Zealand PO Box: 302-533 North Harbour, Auckland 0751,
New Zealand

P: + 64 9 477 4500 E: info@aofrio.com
® is a registered Trademark of AoFrio Ltd.


23 November 2022

Market Announcement
For immediate release




AoFrio updates guidance

On 31 October AoFrio announced that the Company expected annual EBITDA* to fall towards the lower end
of a $3.5 – $4.5 million range, due to some customers pushing orders out of Q4-2022 into Q1-2023.
Revenue was expected to be around $83 million for the year.

Whilst Q4 trading volumes are tracking significantly above what was recorded earlier this year (see table
below), we continue to see customers delaying deliveries until next year due to inventory management.

NZ$000s 2022 2021
Q1 18.4 14.6
Q2 13.5 15.9
Q3 18.1 15.3
Q4 forecast 29.5 18.3
Full Year forecast 79.5 64.2

We now expect revenue to fall between $79 – $80 million, which represents a 23 – 25% increase compared
to the 2021 year. This revenue result is expected to deliver an EBITDA result in the range $2.5 to $3.0
million.

AoFrio remains on track to becoming a NZ$100 million revenue company in 2023, which indicates revenue
growth in the 20-30% range during FY23.

The Company has significant opportunities with its new product range and new customer targets and
expects strong demand in these areas. However, the Company remains cautious about its base demand,
given elevated global macroeconomic risks from rising interest rates that could slow global growth and
impact future revenue.

*EBITDA (i.e., Earnings before interest, taxation, depreciation, amortisation, and impairment) is a non-GAAP
earnings figure that equity analysts tend to focus on for comparable company performance analysis. AoFrio
considers it a valuable financial indicator because it avoids the distortions caused by differences in
amortisation and impairment policies. Contact

Greg Balla Howard Milliner
Chief Executive Officer Chief Financial Officer
Phone + 64 21 938 601 +64 27 587 0455