My Food Bag reports increased profit; pays interim dividend

INTERIM FINANCIAL REPORT
For the six months ended 30 September 2024

Letter from our Chair and CEO 3
Directory 6
Interim Financial Statements 8
CONTENTS
MY FOOD BAG GROUP LIMITED INTERIM REPORT 2025
2

Last year marked a successful transition
for My Food Bag and during the first half
of FY25 we’ve been pleased to build
on this momentum.
Supported by strong brands and an attractive customer
offering, we have further stabilised active customer numbers
and the business in general, and are well-positioned to
capture a larger share of New Zealand’s online food market.
During the first half of the year, outside of our usual focus
to strengthen all marketing and product-led initiatives,
we invested in building a more flexible operating model
and redesigning the user experience of our online apps
and website.
We also designed the new My Food Bag Shop, offering a
range of delicious foodie gifts and care packages available
as one-off purchases delivered within 48 hours, opening
up a new customer segment for the business.
We are also delighted to launch our new purpose ‘Helping
Aotearoa, New Zealand to eat and live well’ – which
exemplifies our dedication on providing simple, healthy and
delicious solutions to households across New Zealand and
is a driving force behind the key initiatives across the business.
Financial performance
In the first half of FY25 (FY25 H1), revenue was down 1.9%
year-on-year, to $82.2 million. EBITDA was up 5.7% to $7.8
million in FY25 H1, and NPAT was $3.0 million, compared to
$2.5 million during the same period last year.
Deliveries were down 1.5% against the comparative period
(FY24 H1), with average order value being $128.00 across
the first half, slightly down from $128.50 FY24 H1. This was
largely due to changes in our portfolio mix, with Bargain Box
experiencing the highest growth and therefore bringing the
average order cost down.
Gross margin percentage has also improved at 49.8%,
versus 47.9% during FY24 H1. Contribution margin sat at
24.1% during the first half of the financial year, versus 22.0%
in FY24 H1. We continue to see the benefit of productivity
improvements made in FY24 including the consolidation of
Auckland sites and the investment in pick technology.
At the end of the first half we had 60,100 active customers
across all My Food Bag brands and continues to hold steady
subsequent to 30 September 2024. This compares to 56,800
active customers at 31 March 2024.
Across FY25 H1 we continued our focus on paying down
debt and reduced net debt from $11.8m at the end of FY24
to $9.7m at the end of September 2024.
Based on the performance across the first half of FY25, the
Board is pleased to declare an interim dividend and confirms
a fully imputed dividend of 0.65 cent per share.
Letter
from our
Chair
and CEO
MY FOOD BAG GROUP LIMITED INTERIM REPORT 2025
3

MY FOOD BAG GROUP LIMITED INTERIM REPORT 2025
Business update
ENHANCING THE CUSTOMER EXPERIENCE
Improving customer experience across multiple aspects of our
business has been a significant focus since the beginning of
the year. As an e-commerce business, it’s critical our customers
have the most seamless experience possible when interacting
with us via both our website and our app.
During the first half of FY25 we advanced a full UX redesign
of our customer buying journey across all web and mobile
platforms to provide a seamless buying experience for new
and existing customers.
The new UX offers easy navigation of our expanded meal
range with an intuitive layout and sorting features. Customers
can set preferences for a more personalised experience, with
tailored meals shown first. New features also include the My
Food Bag Cookbook for saved, upcoming, and past recipes,
an ingredient checklist as well as an integrated My Food Bag
Shop tab for simple one-off deliveries within the app.
This redesign is strategically important for our business. It will
not only enhance the buying experience, but will support
conversion of customer loyalty and long-term business growth.
It will also enable us to more efficiently continue to evolve our
website and in-app experience.
MY FOOD BAG SHOP
Growing meal kit subscriptions is core to our strategy to grow
active customers long term by improving convenience, flexibility
and great value.
Alongside this, we’re focused on launching initiatives to
support the growth of our core offering, with a specific focus
on capturing market share by targeting people without meal
kit subscriptions.
Our My Food Bag Shop launched during November. In phase
one, customers can choose from a selection of care packages,
gifting and ready-made meal bundles, which they or their
chosen recipient can receive within 48 hours of ordering
without a subscription. This new initiative marks My Food Bag’s
first major move to offer products without a subscription and
shorter delivery times.
Our FY24 investment in pick to light technology, as well as
the app and website redesign, have been foundational to
launching this more flexible offering.
During the initial phase we’ll learn what draws new customers
in and persuades current customers to buy more from us, as
well as how best to use our existing supply chain assets to
maximise utilisation.
OUR PORTFOLIO OF BRANDS
We went into the first half of FY25 with new learnings and
have optimised what’s in play to continue to protect and grow
our core My Food Bag, Fresh Start and Bargain Box brands,
while strengthening them with new offerings.
Through our understanding of the evolving tastes of
New Zealanders, part of our strategy is to continue to curate
and refine our offering to meet dietary preferences. Since
bringing our ready-made offering under the My Food Bag
brand, re-launching our My Gluten Free Bag and increasing
the number of low-carb options across our meal kit offering,
we’ve seen an encouraging sales uplift.
In May we announced a partnership with the New Zealand
Olympic Committee, supporting the New Zealand team as
they headed to the Paris 2024 Olympics. This partnership
performed well for the brand, reinforcing our New Zealand
heritage and demonstrating the different ways the business
gives back to Kiwis.
We saw exceptional engagement across both our social media
platforms and with our existing customers, as we ran initiatives
such as our ‘Sweet Taste of Success’ which rewarded customers
every time NZ won a medal.
As New Zealand’s most affordable meal kit, Bargain Box
continues to be well-positioned and well-suited for the current
economic environment.
We are committed to helping Kiwi households continue to eat
great quality food for less and have seen continued year-
on-year sales growth of Bargain Box, along with significant
improvements in customer NPS. A key element of the success of
Bargain Box is its price competitiveness to supermarkets, which
we measure regularly and use in communications. For the
fourth consecutive year, Bargain Box also received Canstar’s
‘Most Satisfied Customers’ award, as rated by Kiwi households.
4

MY FOOD BAG GROUP LIMITED INTERIM REPORT 2025
IMPROVED CONVENIENCE
Pick technology introduced in FY24 has continued to drive
customer satisfaction through improved service performance.
This has resulted in notably improved Net Promoter Scores
being up 8ppt YoY across the half, and a reduction in
customer compensation.
In addition, we have expanded our delivery options including
the new early bird delivery offering in Auckland, extending our
service to deliver from 7am on a Monday. As well as opening
new delivery routes to further upweight the convenience and
flexibility we provide Kiwis.
ENVIRONMENTAL, SOCIAL AND CORPORATE GOVERNANCE
We continued to focus on learning and development across
the first half of FY25 with development programmes targeting
business improvement. This included our Operational
Excellence programme, designed to upskill our team
across the wider supply chain.
Following our investment in Pick to Light technology and a
step change in our operational performance, our operational
team are measured across customer-facing quality metrics,
pick accuracy and delivery. To take this to the next level, we
recognise we need to further strengthen our processes and
standards, and our new operational excellence programme
is delivering this across the business.
We’ve long demonstrated our commitment to supporting
local suppliers by sourcing more than 98% of fresh proteins
and produce from New Zealand. We are now taking this a
step further and we recently celebrated local suppliers by
holding our inaugural Supplier Awards.
In addition, we remain dedicated to advancing circular
packaging within our business and are working with our
suppliers on initiatives such as shifting from ingredient
delivery in cardboard boxes to reusable crates in our
distribution centres to reduce our packaging usage.
Conclusion
Convenience has never been more important to Kiwis and, as a
leading meal solutions business, we’re continuing to evolve our
business to ensure we’re meeting the needs of Kiwi households
and their tastes.
We have a clear strategy designed
to grow active customers by
becoming more relevant through
improved convenience, flexibility
and great value.
While market conditions will remain challenging during FY25
H2, we expect to continue to trade broadly in line with the
prior year. We are underway to execute our long-term plan to
improve the customer experience in order to drive conversions,
customer loyalty and business growth as New Zealand’s
economic outlook improves.
We thank our shareholders for their commitment to the business
during this time and acknowledge the whole My Food Bag
team and our partners for their dedication during the first
half of this financial year.
Tony Carter Mark Winter
Chair Chief Executive Officer
5

Directory
BOARD OF DIRECTORS
Tony Carter (Chair)
Jen Bunbury
Sarah Hindle
Mark Powell
Cecilia Robinson
SENIOR LEADERSHIP TEAM
Mark Winter
Chief Executive Officer
Louise Newsome
Chief Financial Officer
Paul Kelly
Chief Operations Officer
Craig Jordan
Chief Digital & Growth Officer
Cassie Ormand
Head of People & Culture
Polly Brodie
Head of Development Kitchen
Trish Whitwell
Chief Marketing Officer
REGISTERED OFFICE
Level 3, 56 Parnell Road
Parnell
Auckland 1052
New Zealand
Ph: 0800 469 366
Website: myfoodbag.co.nz
For enquiries about My Food Bag’s operating
and financial performance, contact investor relations:
Ph: +64 9 8869840
Email: ir@myfoodbag.co.nz
AUDITOR
Ernst & Young, Auckland
SOLICITORS
Russell McVeagh
BANKERS
ASB Bank
SHARE REGISTRY
My Food Bag’s share register is maintained by MUFG
Corporate Markets (formerly Link Market Services Limited).
MUFG Corporate Markets is your first point of contact for
any queries regarding your investment in My Food Bag.
You can view your investment, indicate your preference
for electronic communications, access and update your
details and view information relating to dividends and
transaction history at any time by visiting the Investor
Centre at investorcentre.linkmarketservices.co.nz .
NEW ZEALAND REGISTRY
MUFG Corporate Markets
Level 30 PwC Tower
15 Customs Street West
Auckland 1010
New Zealand
Ph: +64 9 375 5998
Email: myfoodbag@linkmarketservices.co.nz
Website: linkmarketservices.co.nz
My Food Bag Group Limited
NZBN 6113607
MY FOOD BAG GROUP LIMITED INTERIM REPORT 2025
6

MY FOOD BAG GROUP LIMITED INTERIM REPORT 2025
7

MY FOOD BAG GROUP LIMITED INTERIM REPORT 2025
Statement of
Financial Position 9
Statement of
Comprehensive Income 10
Statement of
Changes in Equity 11
Statement of
Cash Flows 12
Notes to the
Financial Statements 13
Interim Financial Statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024
8
MY FOOD BAG GROUP LIMITED
INTERIM REPORT 2025

Statement of Financial Position
AS AT 30 SEPTEMBER 2024
NZ$000Note
Unaudited
30 September
2024
Audited
31 March
2024
ASSETS
Current
Cash and cash equivalents1, 76 315 0
Trade and other receivables5983 11
Inventories320449
Prepayments1, 347728
Total current assets4,0281,638
Non-current
Property, plant and equipment7,4408,035
Intangible assets
5
86,5808 5 , 912
Right-of-use assets7, 4 748,418
Other receivables-11 6
Total non-current assets101,494102,481
Total assets105,522104,119
LIABILITIES
Current
Bank overdraft
6
-472
Trade and other payables11,50610,767
Deferred revenue-257
Lease liabilities2,3962,383
Other current liabilities2,0431, 570
Tax liability1,359949
Total current liabilities17,30416,398
Non-current
Lease liabilities6,1437,324
Borrowings
6
11,46011,446
Deferred tax liability3,6994,029
Provisions330330
Total non-current liabilities21, 6 3 22 3 ,12 9
Total liabilities38,93639,527
NET ASSETS66,58664,592
EQUITY
Share capital5 9 , 81359,336
Retained earnings6,2934,420
Share-based payment reserve480836
Total equity66,58664,592
For and on behalf of the Board of Directors who authorised the issue of the financial statements on 20 November 2024.
Tony Carter
Chair
20 November 2024
Jen Bunbury
Director
20 November 2024
MY FOOD BAG GROUP LIMITED INTERIM REPORT 2025
9

MY FOOD BAG GROUP LIMITED INTERIM REPORT 2025
10
NZ$000Note
Unaudited
6 months ended
30 September
2024
Unaudited
6 months ended
30 September
2023
Income
1
82,21683,835
Cost of sales(62,413)(65,375)
Gross profit19,80318,460
Marketing expenses(3,299)(2,702)
Financing expenses(882)(1,033)
Indirect expenses(11,594)(11,364)
Other income
1
8013 5
Net profit before tax4,1083,496
Income tax expense(1,156)(990)
Net profit after tax2,9522,506
Total comprehensive income2,9522,506
NZ$NZ$
Earnings per share
Basic and diluted earnings per share
3
0.010.01
Statement of Comprehensive Income
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024
10

Note
Share
capital
Retained
earnings
Share-based
payment
reserve
Total
equity NZ$000
At 1 April 202459,3364,42083664,592
Net profit for the period-2,952-2,952
Total comprehensive income for the period-2,952-2,952
Issuance of shares under share schemes47714 2(619)-
Dividend
4
-(1,221)-(1,221)
Share-based payments--263263
At 30 September 2024 (Unaudited)5 9 , 8136,29348066,586
At 1 April 202359,336(1,624)2665 7, 9 7 8
Net profit for the period-2,506-2,506
Total comprehensive income for the period-2,506-2,506
Dividend
4----
Share-based payments--276276
At 30 September 2023 (Unaudited)59,33688254260,760
Statement of Changes in Equity
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024
MY FOOD BAG GROUP LIMITED INTERIM REPORT 2025
11

MY FOOD BAG GROUP LIMITED INTERIM REPORT 2025
Statement of Cash Flows
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024
NZ$000Note
Unaudited
6 months ended
30 September
2024
Unaudited
6 months ended
30 September
2023
OPERATING ACTIVITIES
Cash was provided from:
Receipts from customers81, 8 5 483,463
Interest received6135
Proceeds from insurance6-
Cash was applied to:
Payments to suppliers(73,716)( 75 , 917 )
Interest paid(869)(1,020)
Tax paid(1,076)(1,632)
Net cash flows from operating activities6,2604,929
INVESTING ACTIVITIES
Cash was provided from:
Proceeds from the sale of property, plant and equipment-14
Cash was applied to:
Purchase of property, plant and equipment(197)(1,345)
Payments for development of software(1,608)(1,140)
Net cash flows from investing activities(1,805)(2,471)
FINANCING ACTIVITIES
Cash was provided from:
Proceeds from borrowings-5,000
Cash was applied to:
Principal payments on leases(1,149)(1,300)
Dividends paid
4
(1,221)-
Repayment of borrowings-(4,000)
Net cash flows from financing activities(2,370)(300)
Net increase / (decrease) in cash2,0852,158
Cash and cash equivalents at the beginning of the period(322)(3,845)
Net (bank overdraft) / cash and cash equivalents at the end of the period1,76 3(1,687)
Represented by:
Cash and cash equivalents1, 76 315 2
Bank overdraft-(1,839)
Net (bank overdraft) / cash and cash equivalents at the end of the period1,76 3(1,687)
12

Notes to the Financial Statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024
General Information
Reporting Entity
My Food Bag Group Limited is a profit-orientated company incorporated and domiciled in New Zealand. My Food Bag Group
Limited is registered under the Companies Act 1993 and is an FMC reporting entity under the Financial Markets Conduct Act 2013.
My Food Bag Group Limited is listed on the NZX Main Board.
The unaudited interim financial statements presented are for My Food Bag Group Limited and its wholly owned subsidiary
My Food Bag Limited (together referred to as “the Group”).
Basis of Preparation
STATEMENT OF COMPLIANCE
These unaudited interim financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting and
NZ IAS 34 Interim Financial Reporting. They have also been prepared in accordance with Generally Accepted Accounting Practice
(GAAP) applicable to for-profit entities.
These unaudited interim financial statements do not include all the information and disclosures required in annual financial statements
and should be read in conjunction with the Group’s annual financial statements for the year ended 31 March 2024.
FUNCTIONAL AND PRESENTATION CURRENCY
These unaudited interim financial statements are presented in New Zealand dollars (NZ$), which is the Group’s functional currency,
and rounded to the nearest thousand dollars (NZ$000) unless otherwise stated.
ACCOUNTING POLICIES
The accounting policies applied in the preparation of these unaudited interim financial statements were consistent with those applied
in the Group’s annual financial statements for the year ended 31 March 2024.
KEY SOURCES OF ESTIMATION UNCERTAINTY AND KEY JUDGMENTS
In preparing these unaudited interim financial statements, the significant judgements made in applying the Group’s accounting
policies and the key sources of estimation uncertainty were consistent with those applied to the Group’s annual financial statements
for the year ended 31 March 2024.
SEGMENT REPORTING
The Group operates in one reportable segment being online meal kit and food delivery. This consists of creating and delivering meal
kits, pre-prepared ready-to-heat meals and grocery items to New Zealand consumers.
The Group operates in one geographical area, New Zealand.
MY FOOD BAG GROUP LIMITED INTERIM REPORT 2025
13

MY FOOD BAG GROUP LIMITED INTERIM REPORT 2025
Financial Information
1. Income
NZ$000
Unaudited
6 months ended
30 September
2024
Unaudited
6 months ended
30 September
2023
Contracts with customers82,21683,835
Total income82,21683,835
Interest income6135
Insurance proceeds692
Other income138
Total other income8013 5
2. Expenses
Net profit before income tax has been arrived at after charging/(crediting) the following items:
NZ$000
Unaudited
6 months ended
30 September
2024
Unaudited
6 months ended
30 September
2023
Staff expenses
Salaries and wages8,2967, 7 73
Defined contribution 255239
Share-based payment expense263276
Interest expense6 3174 2
Interest on leases2 512 91
IT expenses1,3991, 542
Amortisation of intangible assets940800
Depreciation of property, plant and equipment79275 0
Depreciation of right-of-use assets1 , 11 21 , 312
3. Earnings per Share
Unaudited
6 months ended
30 September
2024
Unaudited
6 months ended
30 September
2023
Basic and diluted earnings per share
Net profit attributable to equity holders (NZ$000)2,9522,506
Weighted average number of shares for basic EPS (000)242,791242,438
Weighted average number of shares for diluted EPS (000)248,335243,470
Basic and diluted earnings per share (NZ$)0.010.01
14
Notes to the Financial Statements (continued)
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024

4. Dividends
NZ$000
Unaudited
6 months ended
30 September
2024
Unaudited
6 months ended
30 September
2023
Final dividend for 2024 – 0.5 cents per share 1,221 -
DIVIDEND DECLARED AFTER THE REPORTING PERIOD
On 20 November 2024, the board declared a fully imputed dividend of 0.65 cent per share, to be paid on 16 December 2024
to shareholders on the companies register on 2 December 2024.
5. Intangible Assets
NZ$000GoodwillBrandsSoftware
Software work
in progressTotal
Net book value at 30 September 2024 (Unaudited)63,63118,3573,5401,05286,580
Net book value at 31 March 2024 (Audited)63,63118,3573,47644885,912
SOFTWARE ASSETS
During the prior period, the Group reassessed the expected useful life of software assets, including those with an opening book value
at 1 April 2023 and determined the useful life of the majority of software assets to be 3 years instead of 2 years. This resulted in an
increase in amortisation of $146,000 in the current period (30 September 2023: $279,000 reduction in amortisation).
IMPAIRMENT INDICATORS
The Group performs a detailed impairment assessment annually and considers indicators of impairment at each reporting date.
At 30 September 2024, consistent with the position at 31 March 2024, the carrying amount of the net assets of the Group is more
than its market capitalisation, which is an indication that goodwill and indefinite life brands may be impaired.
There has been no change in forecast cash flows or market conditions since 31 March 2024, when the Group has last carried out
an impairment test that would indicate a significant deterioration in the recoverable amount of the Group or impairment of goodwill
or indefinite life assets.
MY FOOD BAG GROUP LIMITED INTERIM REPORT 2025
15
Notes to the Financial Statements (continued)
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024

MY FOOD BAG GROUP LIMITED INTERIM REPORT 2025
6. Borrowings
The Group’s net debt position is shown below.
NZ$000
Unaudited
30 September
2024
Audited
31 March
2024
Bank loan – non-current11,46011,446
Total borrowings11,46011,446
Less: cash and cash equivalents(1,763)(150)
Add: bank overdraft-472
Net debt /(cash)9,69711,768
Borrowings are initially measured at fair value, net of transactions costs incurred. Borrowings are subsequently measured
at amortised costs using the effective interest method.
FUNDING ARRANGEMENTS
The Group’s funding arrangements are shown below.
NZ$000
Unaudited
30 September
2024
Audited
31 March
2024
Revolving credit facility25,00025,000
Bank overdraft5,0005,000
Total facilities30,00030,000
Revolving credit facility utilised(11,500)(11,500)
Bank overdraft utilised-(472)
Total undrawn facilities18,50018,028
LOAN COVENANTS
The group is required to comply with the following financial covenants:
(a) The Interest Cover Ratio is not less than 3.50
(b) The Leverage Ratio must be less than 3.00 times
The Group was in compliance with its banking covenants during the period, and at 30 September 2024. The Group was also
in compliance with its banking covenants during the prior year and at 31 March 2024.
16
Notes to the Financial Statements (continued)
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024

7. Share-based Payments
ESOS
The Employee Share Ownership Scheme (ESOS) is an equity-settled share-based payment scheme. There were no ESOS rights
offered to Employees during the period to 30 September 2024 (30 September 2023: none). 268,869 rights vested during the
period to 30 September 2024 (30 September 2023: none).
LTI
LTI – FY25 awards
The CEO and members of the Senior Leadership team are eligible to participate in the Long Term Incentive (LTI) scheme. Under
the scheme, participants are awarded performance share rights based on a percentage of their base salary. Each performance
share right converts to one ordinary share, at no cost to the employee. The LTI is an equity-settled share-based payment scheme.
The performance share rights vest after 3 years subject to achievement of continued employment with the Group and the relative
Total Shareholder Return (TSR) compared to Cost of Equity + premium. Accelerated vesting (up to 50%) after 2 years will occur
if performance conditions are met.
The Board approved 6,321,585 LTI performance share awards during the period to 30 September 2024 (30 September 2023:
6,922,230).
For the period to 30 September 2024 463,179 rights vested in respect of the FY23 LTI scheme (30 September 2023: none)
Number of rights outstandingESOSLTI
At 1 April 2024290,8526,913,939
Granted – July 2024-6,321,585
Vested – July 2024(268,869)(463,179)
Lapsed
1
-(519,563)
Forfeited
2
(21,983)-
At 30 September 2024-12,252,782
Number of rights outstandingESOSLTI
At 1 April 2023360,1831,164,001
Granted – July 2023-6,922,230
Forfeited
2
(47,348)(360,560)
At 30 September 2023312,8357,725,671
1
Lapsed rights refer to the share rights that have not vested due to performance criteria not being met
2
Forfeited rights relate to the share rights of eligible employees who have finished their employment with the Group during the period
For further information on share-based payments, refer to the Group’s annual financial statements for the year ended 31 March 2024.
MY FOOD BAG GROUP LIMITED INTERIM REPORT 2025
17
Notes to the Financial Statements (continued)
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024

MY FOOD BAG GROUP LIMITED INTERIM REPORT 2025
8. Related Party Transactions
Key management personnel remuneration
Key management personnel comprise members of the Board and members of the Senior Leadership Team (SLT). The Board
comprised five members (2023: six members) and the SLT comprised seven members (2023: seven members).
NZ$000
Unaudited
6 months ended
30 September
2024
Unaudited
6 months ended
30 September
2023
Short-term employee benefits1, 5141,343
Share-based payment transactions18 413 6
Directors’ remuneration240283
Key management personnel remuneration1,9381,762
9. Contingent Liabilities
The Group has no contingent liabilities (31 March 2024: Nil).
11. Capital Commitments
The Group has capital commitments of $12,000 (31 March 2024: $81,000).
12. Non-GAAP financial information
The reconciliation of net profit before tax to earnings before interest, tax, depreciation and amortisation (EBITDA) is shown below.
NZ$000
Unaudited
6 months ended
30 September
2024
Unaudited
6 months ended
30 September
2023
Net profit before tax4,1083,496
Add: Depreciation and amortisation2,8442,862
Add: Net financing costs8 21998
EBITDA7,7737,356
18
Notes to the Financial Statements (continued)
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024

MY FOOD BAG GROUP LIMITED INTERIM REPORT 2025
myfoodbag.co.nz

---

My Food Bag Group Limited
My Food Bag Group Limited
NZBN 6113607
My Food Bag reports increased profit and pays interim dividend
Revenue of $82.2 million, compared to $83.8 million in FY24 H1
EBITDA
1
of $7.8 million, versus $7.4 million in FY24 H1
Gross margin of 49.8%, versus 47.9% during FY24 H1
Average delivery order value of $128 across H1, slightly down from $128.50 in FY24 H1
60,100 active customers
2
at the end of FY25 H1, slightly down from 61,600 at the end of FY24 H1
Net profit after tax (NPAT) of $3.0 million, versus $2.5 million in FY24 H1
Fully imputed interim dividend of 0.65 cent per share declared, payable in December
My Food Bag Group Limited today reported its financial performance for the six months to 30 September 2024
(FY25 H1).
Tony Carter, Chairman of My Food Bag, says: "Last year marked a successful transition for My Food Bag and
during FY25 H1, we’ve been pleased to build on this momentum.
“We have further stabilised active customer numbers and the business in general. We have also continued to
benefit from productivity improvements made in FY24 including the consolidation of Auckland sites and the
investment in pick technology.
“Debt reduction has also continued to be a focus for us, and we have reduced net debt from $11.8m at the end
of FY24 to $9.7m at the end of September 2024. Based on FY25 H1 performance, the Board is pleased to
declare an interim dividend and confirms a fully imputed dividend of 0.65 cent per share,” says Carter.
The My Food Bag Shop was recently launched and is designed to support the growth of the business’ core
offering with a specific focus on capturing market share by targeting people without meal kit subscriptions. In
addition the My Food Bag Shop opens up a new customer segment for the business.
This initiative was supported by a full UX redesign of the My Food Bag customer journey across all web and
mobile platforms to provide a seamless buying experience for new and existing customers.
My Food Bag CEO, Mark Winter, says: “Growing our core offering has also been a significant focus during the
first half of the year. We launched phase one of our My Food Bag Shop in November, which enables customers
to choose from a selection of care packages, gifting and ready-made meal bundles, which they or their chosen
recipient can receive within 48 hours of ordering without a subscription.
“We’ve continued to protect and grow our core My Food Bag, Fresh Start and Bargain Box brands, while
strengthening them with new offerings. Since bringing our ready-made offering under the My Food Bag brand,
re-launching our My Gluten Free Bag and increasing the number of low-carb options across our meal kit
offering, we’ve seen an encouraging sales uplift.
1
EBITDA (earnings before interest, tax, depreciation and amortisation) is a non-GAAP measure. A reconciliation from GAAP NPBT to non-
GAAP EBITDA can be found in the notes to the interim financial statements.
2
Active customers are customers that have taken at least one delivery in the 13 weeks prior.

My Food Bag Group Limited
My Food Bag Group Limited
NZBN 6113607
Outlook
“As New Zealand’s most affordable meal kit, Bargain Box continues to be well-positioned and well-suited for the
current economic environment and we’ve enjoyed continued year-on-year sales growth of Bargain Box.
“Convenience has never been more important to Kiwis and, as a leading meal solutions business, we’re
continuing to evolve our business to ensure we’re meeting the needs of Kiwi households and their tastes.
“While market conditions will remain challenging during FY25 H2, we expect to continue to trade broadly in line
with the prior year. We are underway to execute our long-term plan to improve the customer experience in
order to drive conversions, customer loyalty and business growth as New Zealand’s economic outlook
improves,” says Winter.
Ends
For investor relations queries:
Louise Newsome
ir@myfoodbag.co.nz
For media queries:
Courtney Stayte
+64 20 4078 7876
courtney.stayte@pead.co.nz

---

FY25 H1
results

2
Mark Winter
Chief Executive Officer
My Food Bag Group Limited FY25 Half Year Result
Louise Newsome
Chief Financial Officer
PRESENTING
today

CONTENTS

My Food Bag Group Limited FY25 Half Year Result
* EBITDA is a non-GAAP measure. A reconciliation from GAAP NPBT to non-GAAP EBITDA can be found in the appendices.
REVENUE
$
82.2m
EBITDA*
$
7.8m
NPAT
$
3.0m
49.8%
4
AVERAGE ORDER VALUE (AOV)
$
128.0
GROSS MARGIN %
SIX MONTHS IN
review
ACTIVE CUSTOMERS**
60.1k
INTERIM DIVIDEND DECLARED
0.65cps
**Active Customers are defined as the number of unique customers who have purchased in the last 13 weeks

UX redesign of our customer buying journey across web and mobile to provide a
seamless buying experience for our customers
Preparation for the launch of My Food Bag Shop in November, opening up a new
customer segment through one-off purchase and shorter lead time
Continued product enhancements and brand investmentresulting in a stable active
customer base
Extended our delivery network and increased the number of delivery times to
enhance customer convenience
My Food Bag Group Limited FY25 Half Year Result5
SIX MONTHS IN
review
Launched our new purpose “Helping Aotearoa New Zealand Eat and Live Well”
Higher free cash flow resulting in a further reduction of net debt by $2.1m since March
2024

1
BUSINESS
update

8
Be relevant and drive active customers by delivering flexibility, convenience, and great value
Fuel MFB with
ready made
solutions
Introduce new consumers
to MFB via ready-made
offerings & new product
strategies
Step change
convenience
Our meal solutions suit
more consumers lifestyles
Seamless
customer
experience
Every interaction with My
Food Bag is easy,
inspiring and reliable
Culture
Strengthen brand
power
Utilise our brand portfolio
to win in meal kits and
meal solutions
Community
Technology & Data
Driving productivity and growth through innovative solutions
Helping
Aotearoa New
Zealand eat
and live well
We will win by growing active customers
Improving our customer's experience in FY25
My Food Bag Group Limited FY25 Half Year Result

Our Winning Brand Portfolio
My Food Bag Group Limited FY25 Half Year Result9
My Food Bagstrong partnerships and product improvements
•Official partner of the NZ Team in the 2024 Paris Olympics – supported by a powerful
marketing campaign driving strong customer engagement.
•Sponsor of Nadia’s Farm TV show – including recipes inspired by the show featuring on the
menu.
•Relaunch of Gluten Free bag and additional Low Carb options.
Bargain Box continues to grow in customers as NZ’s most affordable meal kit
•Enhanced quality perception through PR and media campaigns highlighting affordable,
high-value New Zealand ingredients and meal solutions – including value comparisons vs
supermarkets.
•Winner of Canstar Award for “Most Satisfied Customers” for the 4th year in a row.
Fresh Start Reset attracting loyal customers
•Improved 8 week Reset with new incentives attracting an increase in sign ups.
•New innovation in recipes including the introduction of High Protein, alongside recipe
collaborations including Ripe Deli and Little Bird.
Active customer base has grown since March 2024 off the back of continued investment in our brands

Enhancing Customer Experience
Redesigned the user experience of our mobile and web platforms to
provide a seamless buying experience
•New features include:
oPreference setting for a more personalised experience
oAbility to view saved, upcoming, and past recipes
oA faster purchasing experience
•Full re-platform including new Android and Apple mobile apps launched
Expanding our network and delivery service to provide flexibility
for our customers
•New delivery windows including a twilight option for public holidays (6pm-
9pm) and a regular early bird slot for Auckland customers enabling them to
get their delivery earlier on a Mondayfrom 7am
•New delivery routes opened
Continued focus on quality enabled by implementation of pick
technology
•Picking accuracy improvements has led to highercustomer satisfaction and
reduced customer compensation
•Resulted in Net Promoter Scores being up 8ppt YoY across the half
My Food Bag Group Limited FY25 Half Year Result10
Providing a seamless and convenient purchasing experience to improve conversion and loyalty

The My Food Bag Shop
The My Food Bag Shop
•A new range of one off products that meet new occasions
and needs
•Initial product range includes care packages, ready-made
meals and gifting solutions
•A short lead time solution with nationwide delivery within
48 hours
Growing Active Customers
•Building on convenience and flexibility, and providing
great value to our existing meal kit customers
•Opens up a new customer segment for people who want
one-off purchases without a subscription
•The initial phase provides an opportunity to learn what
our customers want and take advantage of our existing
capabilities to increase sales during quieter times of the
week
My Food Bag Group Limited FY25 Half Year Result11
A new flexible operating model to appeal to more people and build a new revenue stream

m
My Food Bag Group Limited FY25 Half Year Result12
Operational Excellence program
•Introduced in August,the aim is to ensure continuous improvement across our
operations to further strengthen our processes and standards
•Focusing on driving efficiency and customer experience with an emphasis on
eliminating waste
Culture and Engagement
•Launch of our new purpose “Helping Aotearoa New Zealand Eat & Live Well”
•Winner of the 2degrees Central Auckland business awards for Employer of the Year
DE&I activities
•Continued focus on cultural understanding and wellbeing through celebrations of Te Wiki
o te Reo, Matariki, other Pasifika language weeks and Mental Health Awareness week
Our People
Strengthening our culture and capability for the future

Continuing Our Local and Community Impact
Celebrating our local suppliers and the quality they deliver
•Our commitment to local has continued with more than 98% of our fresh
protein and produce being sourced from NZ
•Finalist for the NZ Food Awards, testament to the high-quality ingredients
from our NZ suppliers
•Inaugural My Food Bag Supplier of the Year Awards held in October
Supporting community within My Food Bag
•Proudly partnered with organisations that share our values of promoting the
wellbeing of New Zealanders. We recently worked with 'A Supported Life' to
help people living with disabilities into employment.
Using our brand to build our impact across Aotearoa
•Worked with our suppliers on initiatives such as shifting from ingredient
delivery in cardboard boxes to reusable crates in our distribution centres to
reduce our packaging usage
•Continued support of NZ charitiesincluding the Kindness Collective, Breast
Cancer’s Pink Ribbon Breakfast, the Cancer Society’s Daffodil Day and our
on-going partnership with Garden to Table
My Food Bag Group Limited FY25 Half Year Result13

2
FINANCIAL
overview

Deliveries performance
Deliveries stabilisedin line with prior year
My Food Bag Group Limited FY25 Half Year Result15
•Deliveries flat to prior year despite a challenging
economic environment limiting consumer spending
•Bargain Box continues to perform well, supporting
our customers in the current economic climate
•Targeted discount offerings resulting in consistent
order frequency
•Investment in brand campaigns such as the
partnership with the NZ Team for the Olympics is
having a positive impact on loyalty and retention
•Continued to enhance product offerings e.g. the
launch of Gluten Free and Low Carb options has
provided customers with a wider variety of choice to
suit different lifestyles

Financial Performance
A solid start to the year with benefits resulting from our focus on operational efficiency
My Food Bag Group Limited FY25 Half Year Result16
•Revenue and Average Order Value are
impacted slightly by a continued investment
in discounting resulting in consistent order
frequency and stabilising our active
customer base
•Gross margin is up 1.9ppt attributable to
favourable ingredients pricing
•Contribution margin is up 7.3%.Distribution
cost pressures are offset by our continued
focus on operational efficiency enabled by
our investment in Pick to Light technology
and Auckland site consolidation
•H1 EBITDA improved 5.7% and NPAT
17.8% compared with FY24 H1
*YOY movement % based on unrounded figures

Focus on sustainable active customer growth
•Whilst operating in a tough consumer trading
environment, we've grown active customers
throughout the year and further stabilised our
customer base
•Marketing segmentation effortshelpedattract
qualitynew active customers with new customer
frequency 6% higher than FY24 H1
•Data and loyalty initiatives helpedto understand our
existing active customers better andequipped us to
maintain frequencyand customer retention rates
My Food Bag Group Limited FY25 Half Year Result17
Marketing segmentation, loyalty and data initiatives are helping todriving quality new customer growth
Active Customers are defined as the number of unique customers who have purchased in the last 13 weeks
33.0
34.0
37.6
38.7
34.6
32.0
36.4
24.0
30.0
28.9
23.1
22.9
24.7
23.7
-
10.0
20.0
30.0
40.0
50.0
60.0
70.0
Mar-19Mar-20Mar-21Mar-22Mar-23Mar-24Sep-24
Retained CustomersAcquired and Reactivated Customers

Average Order Value
Bargain Box continues to be a key driver of average order value
Average Order Value was $128.0, down -0.5% on
FY24 H1 driven by:
•Higher indexing to Bargain Box relative to other
brands
•Mix of My Food Bag extra items as we continue
to deliver a range of competitively priced
essentials for our customers
•Ongoing investment in discounting - targeted
initiatives have resulted in stable frequency
This reduction is largely offset by:
•Small price increase in My Food Bag to recover
some input cost pressure
•Improved operating service levels requiring
lower compensation to customers
My Food Bag Group Limited FY25 Half Year Result18

Improved Affordability Despite an Inflationary Environment
Margin improvement of 1.9ppt driven by favourable growing conditions and competitive produce pricing
•Gross margin was 49.8% up 1.9ppt since
FY24 H1
•Focus on purchasing directly from growers
for produce has enhanced our ability to
obtain competitive pricing
•Produce prices have also benefited from
recentfavourable growing conditions
•Use of recipe development and ingredient
substitution whilst retaining consistent
quality for customers
My Food Bag Group Limited FY25 Half Year Result
*Gross margin is a non-GAAP measure defined as revenue less cost of goods sold (including free marketing goods)
19

Contribution margin
Distribution cost pressures are offset by assembly efficiencies
•Contribution margin is up 2.1ppt compared to
FY24 H1
•Distribution cost pressures coming from
contractual and network changes
•Continued focus on driving efficiency in
labour and overheads, enabled by
implementation of Pick to Light technology
and the consolidation of Auckland assembly
centres in 2023
My Food Bag Group Limited FY25 Half Year Result*Contribution margin is a non-GAAP measure defined as revenue less cost of goods sold (including free marketing goods) less direct costs (assembly and distribution expenses).20

Balance sheet continues to see debt reduction
•Net debt has reduced by -$2.1m from
31 March 2024with surplus cash
being used to reduce debt. This is a
reduction of -$4.4m from 30
September 2023
•No significant capital purchases in
FY25 H1 with the movement in PPE
being depreciation
• Total debt facilities of $30m in place
My Food Bag Group Limited FY25 Half Year Result21

Higher free cash flow allowsinterim dividend payment while debt continues to reduce
•Net cash from operating activities is $6.3m, up
$1.4m on FY24 H1
•Reduced capex spend supporting stronger cash
flow whilst still driving growth initiatives with
spend relating to the Shop and UX project
•An interim dividend of 0.65cps has been
declared to be paid in December 2024
•This dividend payment is at a level that will allow
the continued reduction of debt and preservation
of cashflow
My Food Bag Group Limited FY25 Half Year Result
*EBITDA is a non-GAAP measure. A reconciliation from GAAP NPBT to non-GAAP EBITDA can be found in the appendices.
22

3
FY25
outlook

•Recent trading reflects a continuation of the trends seen in the first half of the year and we expect to continue
trading broadly in line with prior year
•The stabilisation of active customers and deliveries provides us with a strong platform from which to grow
•We are continuing to invest in our brands and the My Food Bag Shopto support thefocus on growing active
customers
•We will continue to drive operational efficiencies while preserving quality and an excellent customer experience
•Capex requirements are forecast to be lower than prior year of $3.5m
•The Board has declared an interim FY25 dividend of 0.65 cent per share and expects topay a final FY25 dividend
My Food Bag Group Limited FY25 Half Year Result24
FY25 Trading Conditions and Outlook

4
APPENDICES

Statement of Comprehensive Income
26
My Food Bag Group Limited FY25 Half Year Result
*YOY movement % based on unrounded figures

Reconciliation of GAAP to non-GAAP financials
My Food Bag Group Limited FY25 Half Year Result27
*YOY movement % based on unrounded figures

THANK
you

Disclaimer and important information
This presentation has been prepared by My Food Bag Group Limited (the “Company” and, together with My Food Bag
Limited, "My Food Bag") and is dated 21 November 2024. Receipt of this document and/or attendance at the corresponding
presentation given on behalf of the Company constitutes acceptance of the terms of this disclaimer.
Information
This presentation contains summary information about My Food Bag and its activities, which is current as at the date of this
presentation. The information in this presentation is of a general nature and does not purport to be complete nor does it
contain all the information which an investor may require when evaluating an investment in the Company. This presentation
has been prepared to provide additional commentary on the financial statements of the Company for the period ending 30
September 2024. It should be read in conjunction with those financial statements and the Company's other periodic and
continuous disclosure announcements, available on the NZX or My Food Bag's investor website.
Forward looking information
This presentation may include certain “forward-looking statements” about My Food Bag and the environment in which My
Food Bag operates. These forward-looking statements may be identified by words such as ‘forecast’, 'projections', ‘anticipate’,
‘believe’, ‘estimate’, ‘expect’, ‘will’, ‘plan’, ‘may’, ‘could’ and similar expressions.
Forward-looking information is inherently uncertain and subject to contingencies, known and unknown risks and uncertainties
and other factors, many of which are outside of My Food Bag's control, and may involve elements of subjective judgement and
assumptions as to future events which may or may not be correct. A number of important factors could cause actual results or
performance to differ materially from the forward-looking statements. No assurance can be given that actual outcomes or
performance will not materially differ from the forward-looking statements. The forward-looking statements are based on
information available to My Food Bag as at the date of this presentation. Except as required by law or regulation (including the
Listing Rules), the Company is under no obligation to update this presentation whether as a result of new information, future
events or otherwise.
No liability
The information contained in this presentation has been prepared in good faith by My Food Bag. No representation or
warranty, expressed or implied, is made as to the accuracy, adequacy or reliability of any statements, estimates or opinions or
other information contained in this presentation, any of which may change without notice.
To the maximum extent permitted by law, My Food Bag, its directors, officers, employees and agents disclaim all liability and
responsibility (including any liability arising from fault or negligence on the part of My Food Bag, its directors, officers,
employees and agents) for any direct or indirect loss or damage which may be suffered by any person through the use of or
reliance on anything contained in, or omitted from, this presentation. This presentation is not a product disclosure statement,
prospectus, investment statement or disclosure document, or an offer of shares for subscription, or sale, in any jurisdiction.
Not financial product advice
This presentation is for information purposes only and is not financial or investment advice or a recommendation to acquire the
Company’s securities. Before making an investment decision, you should consider the appropriateness of the information
having regard to your own objectives, financial situation and needs and consult a financial adviser, solicitor, accountant or
other professional adviser, if necessary.
Past performance
Any past performance information given in this presentation should not be relied upon as (and is not) an indication of future
performance. No representations or warranties are made as to the accuracy or completeness of such information.
Non-GAAP financial information
This presentation includes non-GAAP financial information, includingEBITDA, which is a non-GAAP financial measure. A
reconciliation from GAAP NPBT to non-GAAP EBITDA can be found in the appendix to this presentation. Non-GAAP financial
information have been derived by management from My Food Bag’s unaudited financial statements for the period ended 30
September 2024. EBITDA is a measure used extensively by the Board and management as an indication of underlying
profitability, however, as a non-GAAP measure it is provided for illustrative purposes only and caution should be taken as
other companies may calculate this measure differently.
Distribution of presentation
This presentation must not be distributed in any jurisdiction to the extent that its distribution in that jurisdiction is restricted or
prohibited by law or would constitute a breach by the Company of any law. The distribution of this presentation in other
jurisdictions outside New Zealand or Australia may be restricted by law, and persons into whose possession this presentation
comes should observe any such restrictions.
All currency amounts are in New Zealand dollars unless otherwise stated.
This presentation has been authorised for release by the Company’s Board.
My Food Bag Group Limited FY25 Half Year Result29

---

Results Announcement
Results for announcement to the market
Name of issuer My Food Bag Group Limited (MFB)
Reporting Period 6 months to 30 September 2024
Previous Reporting Period 6 months to 30 September 2023
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$82,216-1.9%
Total Revenue
$82,216-1.9%
Net profit/(loss) from
continuing operations
$2,95217.8%
Total net profit/(loss)
$2,95217.8%
Interim/Final Dividend
Amount per Quoted Equity
Security
$0.00650000
Imputed amount per Quoted
Equity Security
$0.00182000
Record Date
2-Dec-24
Dividend Payment Date
16-Dec-24
Current period Prior comparable period
Net tangible assets per Quoted
Equity Security
-0.0822-0.1025
A brief explanation of any of
the figures above necessary to
enable the figures to be
understood
Please see attached result announcement for commentary on the
result.
Authority for this announcement
Name of personauthorised to
make this announcement
Louise Newsome, Chief Financial Officer
Contact person for this
announcement
Louise Newsome, Chief Financial Officer
Contact phone number +64 9 886 9840
Contact email address ir@myfoodbag.co.nz
Date of release through MAP21 November 2024
Unaudited financial statements accompany this announcement.

---

Distribution Notice
Section 1: Issuer information
Name of issuer My Food Bag Group Limited
Financial product name/description Ordinary shares
NZX ticker code MFB
ISIN (If unknown, check on NZX website) NZMFBE0004S1
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year Quarterly
Half Year X Special
DRP applies No
Record date 2 December 2024
Ex-Date (one business day before the Record Date) 29 November 2024
Payment date 16 December 2024
Total monies associated with the distribution $1,580,602.22
(243,169,572 shares at $0.0065 per share)
Source of distribution (for example, retained
earnings)
Retained earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution
1
$0.00902778
Gross taxable amount
2
$0.00902778
Total cash distribution
3
$0.00650000
Excluded amount (applicable to listed PIEs) N/A (not a listed PIE)
Supplementary distribution amount $0.00114706
Section 3: Imputation credits and Resident Withholding Tax
4
Is the distribution imputed Fully imputed
If fully or partially imputed, please state imputation
rate as % applied
5
28%
Imputation tax credits per financial product $0.00252778
Resident Withholding Tax per financial product $0.00045139
1
“Gross distribution” is the total cash distribution plus the amount of imputation credits, per financial product, before the deduction of Resident
Withholding Tax (RWT).
2
“Gross taxable amount” is the gross distribution minus any excluded income.
3
“Total cash distribution” is the cash distribution excluding imputation credits, per financial product, before the deduction of RWT. This should
include any excluded amounts, where applicable to listed PIEs.
4
The imputation credits plus the RWT amount is 33% of the gross taxable amount for the purposes of this form. If the distribution is fully imputed
the imputation credits will be 28% of the gross taxable amount with remaining 5% being RWT. This does not constitute advice as to whether
or not RWT needs to be withheld.
5
Calculated as (imputation credits/gross taxable amount) x 100. Fully imputed dividends will be 28% as a % rate applied.

Section 5: Authority for this announcement
Name of personauthorised to make this
announcement
Louise Newsome, Chief Financial Officer
Contact person for this announcement Louise Newsome, Chief Financial Officer
Contact phone number +64 9 886 9840
Contact email address ir@myfoodbag.co.nz
Date of release through MAP21 November 2024