BFG Preliminary announcement of full year results FY25

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Burger Fuel Group Limited
Preliminary Full Year Results
For The Year Ended 31 March 2025

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Burger Fuel Group Limited
Preliminary Full Year Results
For The Year Ended 31 March 2025

Chairman and Chief Executives’ Review

Burger Fuel Group Limited Preliminary Full Year Results for the 12 months ended 31st March 2025

Overview – FY25

The Directors of Burger Fuel Group Limited (BFG) present the results for the 12 months to 31 Ma rch 2025.
(The a udit of these results is in the process of being fina lised).

Net Profit after tax for the period was $1,026,779 representing a 22.6% decrease on the previous year.

The FY25 profit result is down on the previous yea r due to a decline in sa les, increa sed costs a nd a genera l downturn in the
economy. Given the lower revenue in FY25 the Group posted a solid result. The FY25 Group results were reduced by lega l costs
of $221,687 incurred within the period to respond to the single sha reholder opposition tha t wa s filed in rela tion to the proposed
return of ca pita l.

BFG (una udited) Tota l System Sa les (a ll three bra nds, a ll regions) decrea sed by 7.59% to $108.2M on the sa me period la st yea r.

Rega rding sa les, it is worth noting tha t la st fina ncia l yea r (FY24), we a chieved our best sa les yea r, with over $100M in sa les for
the New Zea la nd BurgerFuel system a lone. This wa s pa rtly due to the introduction of delivery services in New Zea la nd. We a re
now benchma rking a ga inst those higher introductory delivery sa les for the sa me period la st yea r. As we predicted, delivery sales
spiked in the ea rly months of introduction but ultima tely resulted in ma ny existing customers simply tra nsferring from collecting
orders themselves to using a delivery service.

Tota l income for the Group wa s down 8.45% to $24.97M.

BFG RESULTS FOR THE PERIOD 1 APRIL 2024 TO 31 March 2025

31 March 2025 31 March 2024
$000 $000

Opera ting Revenue * 24,056 26,248
Interest Income – IFRS 16 non-occupied lea ses 918 1,031

Total Income 24,974 27,279

Opera ting Expenses ** (21,259) (22,948)
Deprecia tion Expense – IFRS 16 occupied lea ses
(866) (982)
Interest Expense - IFRS 16 non-occupied lea ses
(918) (1,031)
Interest Expense - IFRS 16 occupied lea ses
(396) (432)
Total Expenses
(23,439) (25,393)


Net Profit (Loss) Before Ta x 1,535 1,886
Net Profit (Loss) After Ta x *** 1,027 1,327



* Revenue includes: Operating revenue and interest income.
** Expenses include: Operating expenses, depreciation, amortisation and interest expense.
*** The New Zealand entities had taxable income and were unable to utilise the foreign tax losses. The overseas entities had minimal tax.

As of 31 Ma rch 2025, 61 BurgerFuel resta ura nts were opera ting in New Zea la nd a nd 3 were opera ting in the Middle Ea st (one
fewer tha n la st yea r), excluding some third-party “dark” kitchens operating in the UAE.

As of 31 Ma rch 2025, there were 4 Sha ke Out a nd 2 Winner Winner resta ura nts opera ting in NZ. The Sha ke Out Ha milton Ea st
store, however, closed on 31 Ma rch 2025, bringing the number of physica l Sha ke Out loca tions to three.

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Return of Capital occurring in June 2024 – more costs incurred to respond

FY25 Group results would ha ve been further improved to circa $1.25M (Net profit a fter ta x) if BFG ha d not been required to
incur ongoing costs to respond to the single shareholder’s opposition that was filed a ga inst the proposed return of ca pita l to a ll
sha reholders. The Compa ny incurred lega l fees of a pproxima tely $205,500 in FY24 a nd a n a dditiona l $221,687 in FY25, (Tota l
impa ct $427,187 or 18.15% of profit for the two yea rs) specifica lly to a ddress a nd respond to the opposition. This a mount
excludes the ma ny months of ma na gement time tha t were a lso incurred throughout the opposition process. The net result of the
defence ultima tely cost sha reholders two yea rs of reduced profits a nd likely ha d a n a dverse effect on the BFG sha re price.

The return of ca pita l by wa y of a scheme of a rra ngement wa s a pproved by 92% of the votes of sha reholders ca st a t a specia l
shareholders’ meeting held on 14 December 2023. Following opposition by one sha reholder, a full-da y hea ring in the High Court
of Auckla nd wa s held, a nd on 8 Ma y 2024, the scheme wa s a pproved. The ca pita l distribution to sha reholders wa s ma de on 12
June 2024. Informa tion on the scheme of a rra ngement, sha reholder vote, notice of opposition a nd a pprova l of the scheme by the
High Court ma y be found on the NZX or a t https://www.burgerfuel.com/nz/investor-rela tions#sha reholder-informa tion.

The Year’s Results and Group Outlook

New Zealand

Tota l systemwide sa les a cross New Zea la nd (67 resta ura nts, a ll three bra nds) decrea sed by 6.6% on the previous yea r to $104M.
We opened BurgerFuel Wha nga nui in July 2024, a nd this fra nchised store ha s been well received. We a re a lso scheduled to open
the fra nchised BurgerFuel Roya l Oa k store, in Auckla nd, in June 2025. The fra nchised BurgerFuel Hereford Street store in
Christchurch closed in April 2024. This site never recovered from ongoing roadworks, and a new food precinct nearby didn’t help.
The fra nchised BurgerFuel store a t The Ba se shopping centre in Ha milton ha s closed, however a repla cement store 100 metres
down the roa d on Te Ra pa Stra ight is scheduled to open in la te 2025.

Shake Out’s total sales decreased by 10.5% in FY25. Our company-owned Sma les Fa rm a nd Commercia l Ba y stores ha ve been
impa cted by a decline in foot tra ffic, pa rticula rly Commercia l Ba y in the CBD a nd the fra nchised Ha milton Ea st store, due to
increa sed competition a nd a shift in customer tra ffic to a new food precinct nea rby. The fra nchisee for the Sha ke Out Ha milton
Ea st store decided to close the loca tion. The fra nchisee ha s instea d set up a Sha ke Out virtua l delivery-only kitchen within his
BurgerFuel store, loca ted nea rby.

The Group now ha s 14 virtua l (delivery-only) Sha ke Out kitchens opera ting out of existing BurgerFuel sites, which cover most of
Auckla nd a nd Ha milton. Further virtua l stores will be rolled out in the Ba y of Plenty a nd Christchurch in the next few months. By
the end of the fina ncia l yea r, we a re scheduled to ha ve over 32 Sha ke Out virtua l (delivery-only) stores opera ting throughout New
Zea la nd.

These new virtua l stores increa se system sa les, provide fra nchisees with a dditiona l profit for little to no a dditiona l la bour costs and
increa se bra nd a wa reness. Once we ha ve New Zea la nd covered, the sa les da ta collected will give some insights into the
possibility of opening Sha ke Out physica l loca tions in New Zea la nd.

Sha ke Out investment ha s been reduced for FY26, a nd the focus for this bra nd will rema in on opera ting the three current stores
(two of which a re compa ny-owned) a s well a s the ongoing development of the rema ining virtua l kitchen roll-out via select
BurgerFuel outlets. Sha ke Out provides us with a tool to help comba t lower-priced competition tha t erodes BurgerFuel sa les. It
a lso provides a va lua ble testing environment for experimenting with both food a nd technology, for exa mple, our IT development
a t BurgerFuel stems from the ca shless Sha ke Out point-of-sa le system developed by BFG.

Winner Winner tota l sa les decrea sed by 41% ma inly due to the closure of the Pukekohe store a nd our Ta ka puna compa ny-owned
store in FY24. In FY25, the Winner Winner a nd Sha ke Out bra nds represented 5.6% of the Group's tota l sa les (5.8% of tota l New
Zea la nd sa les). As previously a dvised, we ha ve pa rked a ny further development of Winner Winner.


The Middle East

Opera tion of BurgerFuel in the UAE rema ins under the DA (Development Agent) a greement. BFG genera ted modest roya lties
from the region. Costs a re now negligible, a nd a sma ll profit is a nticipa ted in FY26. Duba i rema ins a n expensive loca tion for store
development, a nd rents a re very high, ma king expa nsion una ttra ctive a t this point. We do not a nticipa te a ny further growth in
Duba i for FY26. However, we will continue to ma inta in a presence in the region, a s it is not costing us, a nd a sma ll profit is being
genera ted. Most importa ntly, it is a n opportunity to keep the BurgerFuel bra nd a live for both exposure a nd potentia l future
development, if a t a ny sta ge tha t looks fea sible for the DA.

The Sa udi region closed their Na khla store in Riya dh in September 2024, lea ving two stores rema ining. Duba i still ha s one store
in the World Trade Centre, three “Dark” delivery kitchens and a food truck for events and promotional purposes.

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The Middle Ea st system sa les were down 26% in FY25. This is due to Sa udi Ara bia closing the two underperforming stores in the
la st 15 months. Sa udi Ara bia is fa cing simila r high costs of development a nd rents, a nd it rema ins to be seen if a ny new stores will
open; however, we a re not counting on a ny in FY26.

Sa les from this region represent 4.12% of tota l BurgerFuel sa les.

Continued Investment in Information Technology (IT) Development

In FY24, the Group la unched its online ordering pla tform, which fea tures a n integra ted loya lty a pp. This online ordering pla tform
genera ted $497K of revenue in FY25. We ha ve a lso experienced a significa nt customer upta ke of the loya lty a pp, a llowing us to
enga ge directly with our customers a nd upda te them on new specia ls, promotions, a nd ta rgeted loya lty perks.

We view investment in technology a s a n ongoing necessity for the business, a s well a s a potentia l a rea for genera ting a dditiona l
revenue. In FY25, we invested further in the online ordering pla tform, crea ting Version 2. Building on the lea rnings from our
current in-house online ordering pla tform, we ha ve upgra ded the functiona lity a nd a rchitecture to enha nce customer intera ction.

In FY26, we intend to further develop the IT ca pa bility of Version 2 which is currently in the Beta testing sta ge. We expect to
commence integra tion of Version 2 within the BurgerFuel system in the second ha lf of FY26.

Our goa l is to genera te a dditiona l income from this pla tform, both within a nd eventua lly outside the BurgerFuel system. The new
pla tform will ha ve the ca pa bility to be sca led a cross externa l third-party brands, offering the ability to create a generic “white
label” online ordering platform. Our ongoing and considerable investment in IT is of a capital nature; thus, it hasn’t impacted our
Group Income Sta tement results in FY25.

Summary and Outlook

The summa ry a nd outlook sta ted in FY24 has la rgely occurred. Tra ding in FY25 ha s been one of the toughest on record for the
hospita lity industry. Although there is ta lk of economic improvement, we ha ve not seen this tra nsla te to sa les; the economy
rema ins in recession. The slow reduction of interest ra tes a nd genera l economic uncerta inty ha s led to consumers keeping their
wa llets in their pockets. People a re spending less a nd most certa inly ea ting out less. We do not a nticipa te significa nt positive
cha nges in the economic environment over the next 12 months. It is not possible to a ccura tely predict the yea r a hea d, but a t this
sta ge, we a nticipa te sa les will be rela tively fla t, depending on both loca l economic conditions a nd the globa l implica tions of
ongoing wa rs, ta riffs a nd high oversea s dema nd for NZ produce, pa rticula rly beef. These fa ctors directly a ffect our costs a s well
a s consumer confidence a nd spending, resulting in reduced sa les a nd ultima tely reduced revenue. It rema ins to be seen how the
economic recovery will pla y out this yea r.

Costs continue to rise, including both ingredients a nd la bour. Ma in ingredient sta ples, such a s beef, a re increa sing in cost due to
oversea s dema nd, a nd this trend is likely to continue in FY26. Other ingredients a re a lso a ffected by the wa r in Ukra ine.
Throughout FY25, we ha ve experienced consta nt cost pressures, a nd a lthough we ha ve been a ble to a bsorb some of these, the
rea lity is tha t consumers a re now pa ying more for ta ke-out a nd resta ura nt food. We a nticipa te tha t costs will continue to rise in
FY26. All of this lea ds to ongoing ma rgin pressure for fra nchisees a nd for the Group, a s well a s higher prices for consumers who
a re well a wa re of this growing industry trend.

Other fa ctors tha t we think ha ve a nd will continue to a ffect sa les a nd tha t we would like to dra w sha reholders’ a ttention to include;

Wider Food Competition: Prolifera tion of superma rket rea dy to ea t mea ls a nd online food delivery options either prepa red a t
home or purcha sed hot a nd rea dy to ea t on the growing number of delivery provider a pps such a s Uber Ea ts a nd Deliverea sy.
Consumers now have a lot of choice, so competition for “share of stomach” continues to grow.

Bigger Discounts in QSR and Online: There is considera ble discounting occurring every da y in both the ma jor cha ins a nd
sma ller opera tors a s well a s in online service a pps such a s Uber Ea ts, where food is regula rly sold by a ra nge of vendors a t well
below cost. We do not intend to compete a t such high discounting levels to ga in business, a s we view this trend a s merely the
beginning of a steep a nd slippery slope of discounting, which is a lmost impossible to recover from. Instea d BurgerFuel continues
to focus on high-qua lity product a nd providing va lue for money a t a more premium level.

Target market decline: As we expressed in ea rlier commenta ry, there ha s been a significa nt exodus of home-grown, ha rdcore
BurgerFuel customers to Austra lia a nd other oversea s destina tions. These younger BurgerFuel customers a re not being repla ced
by incoming migra nts, who a re unlikely to purcha se from BurgerFuel for some yea rs.

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Countering the Headwinds

Overa ll, our strength is our bra nd. BurgerFuel continues to innova te a nd find wa ys to bring customers ba ck to our bra nd a nd
product, ba sed on our renowned in-store experience, innova tive ma rketing, high-qua lity ingredients, strict sta nda rds, a nd the
environmenta l a nd other pilla rs on which we sta nd, ra ther tha n offering chea p processed food a t discounted prices.

An excellent exa mple of a n initia tive designed to a ddress growing ma rket discounting ha s been the la unch of our lightweight
burgers. This ra nge ma inta ins our high sta nda rds for ta ste a nd ingredients while reintroducing more a fforda ble burgers known a s
our “Lightweight” range, which is now available in-store. The Lightweight ra nge is a ll a bout offering consumers a product tha t is
“kind to your belly and even kinder to your wallet.”

Other initia tives include tria lling extended tra ding hours designed to ca pture both la ter night wa lk-in customers a s well a s the
delivery ma rket in those a rea s where we think a ma rket ma y exist a fter 10.00PM. We ha ve a lso introduced new store designs
which will gra dua lly roll-out throughout the system over the next few yea rs a s economic circumsta nces a llow. In FY25 we
undertook a significa nt fra nchisee refresh progra mme with a number of stores cha nging ha nds to bring in fresh opera tors, this
progra mme continues a s required into FY26.

The further development of our loya lty progra mme (VIB Club) designed to incentivise customers to increa se purcha se frequency
through the a ccumula tion of loya lty points, a lso rema ins a key focus. Menu innova tion ha s a lwa ys been a strength of BurgerFuel,
a nd this is something which we continue to invest in. This includes keeping the menu fresh with the development of interesting
gourmet fla vours a nd combina tions, which a re a big pa rt of bringing customers ba ck to stores.

Despite the cha llenges posed throughout FY25, the Group a chieved a strong result. The economy rema ins tough, a nd hospita lity
in genera l rema ins cha llenging. However, we expect to rema in in profit in FY26 a nd continue investing in a rea s of the business
tha t a re genera ting rea sona ble returns, a iming to a chieve some growth. This includes our commitment to opening new outlets
where possible, reviewing new opportunities a nd income strea ms, currently through ongoing investment in IT a nd ma na ging our
supply cha in costs a s efficiently a s possible, given the current environment.

We rema in a wa re of potentia l opportunities in the food sector a nd continue to review them; however, a t this sta ge, the Boa rd
would not be comforta ble with further investment in food, unless a unique a nd ma na gea ble opportunity presents itself, a t lea st
until we ca n see a n end to rising costs a nd economic uncerta inty.

The Group intends to continue strategic investment in IT and other areas, and to maintain its “no material debt” policy, ensuring
tha t we reta in a mple ca sh reserves a va ila ble a t a ny time if required for system investment or new opportunities. Ha ving just
underta ken a significa nt return of ca pita l to sha reholders, BFG does not intend to offer dividends in the next 24 months, a t which
time the dividend policy will be reviewed.

We would like to tha nk a ll our sha reholders, sta ff, fra nchisees, suppliers, a nd, of course, our va lued customers for their continued
support.


Best rega rds,



Ala n Gourdie Josef Roberts
Cha irma n Group CEO

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Burger Fuel Group Limited
Consolidated Statement of Comprehensive Income
For The Year Ended 31 March 2025


2025

2024

$

$



Revenue

23,860,756

25,949,980
Opera ting Expenses

(20,538,033)

(22,356,343)
Profit before Interest, Taxation, Depreciation and
Amortisation


3,322,723

3,593,637





Deprecia tion on Property, Pla nt a nd Equipment

(431,590)

(361,020)
Deprecia tion on Right of Use Assets

(865,847)

(982,435)
Amortisa tion

(289,153)

(229,793)

(1,586,590)

(1,573,248)




Profit before Interest and Taxation

1,736,133

2,020,389

Interest Income

195,118

297,754
Interest Income lea ses non-occupied

918,461

1,030,566
Interest Expense

-

-
Interest Expense lea ses occupied

(395,786)

(432,457)
Interest Expense lea ses non-occupied

(918,461)

(1,030,566)



(200,668)

(134,703)



Profit before Taxation

1,535,465

1,885,686

Income Ta x Expense

(508,686)

(558,609)




Net Profit attributable to shareholders

1,026,779

1,327,077

Other comprehensive income:

Items that may be reclassified subsequently to profit or loss:

Movement in Foreign Currency Tra nsla tion Reserve

(486)

(5,425)






Total comprehensive income

1,026,293

1,321,652






Ba sic Ea rnings per Sha re (cents)

2.68

2.64
Diluted Ea rnings per Sha re (cents) 2.68


2.64

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Burger Fuel Group Limited
Consolidated Statement of Financial Position
As at 31 March 2025

2025

2024
Shareholders’ equity $

$
Contributed equity 7,838,395

11,913,499
Reta ined ea rnings 2,566,319

1,536,329
Ca pita l Return Costs (252,698) -
Foreign currency tra nsla tion reserve (289,679)

(289,193)

9,862,337 13,160,635
Current assets



Ca sh a nd ca sh equiva lents 4,826,098

9,571,160
Tra de a nd other receiva bles 2,036,521

2,156,732
Prepa id licence fee 22,500 -
Prepa id lega l expenses - 215,548
Ta x receiva ble 21,157 -
Lea se Receiva ble: non-occupied 1,122,746 1,499,901
Contra ct Asset 64,095 35,374
Inventories 621,088

657,211
Loa ns 28,229

18,440

8,742,434

14,154,366
Non-current assets
Property, pla nt a nd equipment 2,083,969

2,242,482
Right of use a sset - lea ses 5,674,107 5,864,168
Contra ct Asset 578,693 384,100
Lea se receiva ble non-occupied 11,551,757 14,214,413
Deferred ta x a sset 493,818

566,380
Loa ns 61,607 -
Prepa id licence fee 277,500 -
Inta ngible a ssets 2,806,665

2,048,342

23,528,116

25,319,885
Total assets

32,270,550

39,474,251
Current liabilities



Tra de a nd other pa ya bles 1,456,484

1,888,605
Contra ct Lia bility 181,359 250,958
Lea se Lia bility 784,205 691,690
Lea se Lia bility: non-occupied 1,122,746 1,499,901
Income ta x pa ya ble -

320,095
Provisions 400,802 472,386
3,945,596 5,123,635
Non-current liabilities
Contra ct Lia bility 905,128 807,740
Lea se Lia bility 5,956,240 6,121,086
Lea se Lia bility non-occupied 11,551,757 14,214,413
Provisions 49,492 46,742
18,462,617 21,189,981
Total liabilities 22,408,213 26,313,616
Net assets 9,862,337 13,160,635

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Burger Fuel Group Limited
Consolidated Statement of Financial Position
As at 31 March 2025



2025 2024
Net ta ngible a ssets per sha re ($ per sha re – non-GAAP mea sure) 0.19 0.21

For a nd on beha lf of the Boa rd who a pproved these fina ncia l sta tements for issue on 30th Ma y 2025.


Director Director

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Burger Fuel Group Limited
Consolidated Statement of Changes in Equity
For The Year Ended 31 March 2025


2025

Contributed
Equity
Foreign
currency
translation
reserve
Return of
Capital Cost
Reta ined
ea rnings
Total equity

$ $ $ $ $
Ba la nce a s a t 1 April 2024 11,913,499 (289,193) - 1,536,329 13,160,635
Return of Ca pita l (4,077,291) - (252,698) - (4,329,989)
Austra lia n entity prior period a djustment * 2,187 - - 3,211 5,398
Movement in foreign currency tra nsla tion reserve
recognised in other comprehensive income
- (486) - - (486)
Net Profit for the period ended 31 Ma rch 2025 - - - 1,026,779 1,026,779
Tota l comprehensive income - (486) - 1,026,779 1,026,293


Ba la nce a s a t 31 Ma rch 2025 7,838,395 (289,679) (252,698) 2,566,319 9,862,337


* Recognising initial equity and an historic intercompany loan between Australian entities.



2024

Contributed
Equity
Foreign
Currency
Translation
Reserve

Retained
earnings
Total
Equity

$ $ $ $
Ba la nce a s a t 1 April 2023 11,913,499 (283,768)

209,252 11,838,983
Movement in foreign currency tra nsla tion reserve
recognised in other comprehensive income
- (5,425)

- (5,425)
Net Profit for the yea r ended 31 Ma rch 2024 - - 1,327,077 1,327,077
Tota l comprehensive income - (5,425)

1,327,077 1,321,652


Ba la nce a s a t 31 Ma rch 2024 11,913,499 (289,193) 1,536,329 13,160,635

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Burger Fuel Group Limited
Consolidated Statement of Cash Flows
For The Year Ended 31 March 2025


2025 2024

$ $
Cash flows from operating activities
Receipts from customers 23,611,463 25,903,530
Interest received 195,118 260,251
Goods a nd services ta x 45,823 (54,920)
Pa yments to suppliers & employees (21,019,282) (22,300,320)
Interest Pa id - -
Interest on lea ses
(395,786) (432,457)
Ta xes pa id
(777,377) (453,536)
Net cash flows provided from operating activities
1,659,959 2,922,548

Cash flows from investing activities

Repa yments of loa ns 75,603 27,060
Loa ns to sta ff a nd fra nchisees (147,000) -
Sa le of property, pla nt a nd equipment 62,765 128,147
Acquisition of inta ngible a ssets
(1,047,476) (221,880)
Acquisition of property, pla nt & equipment
(286,152) (536,584)
Net cash flows applied to investing activities (1,342,260) (603,257)


Cash flows from financing activities
Return Of Ca pita l (4,329,989) -
Acquisition of subsidia ry (Austra lia ) 2,187 -
Lea se Lia bility Principa l Component
(736,472) (955,937)
Net cash flows applied to financing activities (5,064,274) (955,937)

Net movement in cash and cash equivalents
(4,746,575) 1,363,354
Exchange gains / (loss) on cash and cash equivalents
1,513 5,782
Opening cash and cash equivalents 9,571,160 8,202,024
Closing cash and cash equivalents
4,826,098 9,571,160

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Burger Fuel Group Limited

SEGMENT REPORTING

Operating Segments

The Group opera tes in two opera ting segments; these opera ting segments ha ve been divided into the following geogra phica l
regions, New Zea la nd a nd Interna tional ma rkets. All the segment’s operations are made up of franchising fees, royalties and sales
to fra nchisees. The segments a re in the business of Fra nchise Systems - Gourmet Burger Resta ura nts.

The a mounts provided to the Boa rd with respect to tota l lia bilities a re mea sured in a ma nner consistent with tha t of the financia l
sta tements. These lia bilities a re a lloca ted ba sed on the opera tions of the segment.

2025 New Zealand International Consolidated

$ $ $
Revenue

Sa les 10,350,969 - 10,350,969
Roya lties 6,147,087 126,856 6,273,943
Fra nchising fees 370,109 24,991 395,100
Tra ining fees 37,500 - 37,500
Property ma na gement fees 60,000 - 60,000
Advertising fees 4,198,525 - 4,198,525
Foreign excha nge ga in - 1,999 1,999
Sundry income 2,045,396 - 2,045,396
Online Ordering 497,324 - 497,324
Interest received 195,077 41 195,118
Interest Lea ses 918,461 - 918,461
Total Revenue 24,820,448 153,887 24,974,335



Interest Expense - - -
Interest Expense Lea ses Occupied 395,786 - 395,786
Interest Expense Lea ses non occupied 918,461 - 918,461
Deprecia tion 431,590 - 431,590
Deprecia tion Lea ses 865,847 - 865,847
Amortisa tion & impa irment 289,153 - 289,153

Segment Result before Income Tax 1,590,787 (55,322) 1,535,465
Income Tax Expense 508,686 - 508,686

Segment Assets 31,682,258 588,292 32,270,550
Segment Liabilities 22,395,960 12,253 22,408,213

Acquisition of Property, Plant & Equipment & Intangible Assets


Other 1,333,628 - 1,333,628

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Burger Fuel Group Limited

SEGMENT REPORTING (CONTINUED)

2024 New Zealand International Consolidated

$ $ $
Revenue

Sa les 11,151,620 - 11,151,620
Roya lties 6,781,499 - 6,781,499
Fra nchising fees 228,717 24,991 253,708
Tra ining fees - - -
Property ma na gement fees 62,000 - 62,000
Advertising fees 4,863,227 - 4,863,227
Foreign excha nge ga in - 11,208 11,208
Sundry income 2,616,060 - 2,616,060
Online Ordering 210,658 - 210,658
Interest received 297,625 129 297,754
Interest Lea ses 1,030,566 - 1,030,566
Total Revenue 27,241,972 36,328 27,278,300



Interest Expense - - -
Interest Expense Lea ses Occupied 432,457 - 432,457
Interest Expense Lea ses non occupied 1,030,566 - 1,030,566
Deprecia tion 361,020 - 361,020
Deprecia tion Lea ses 982,435 - 982,435
Amortisa tion & impa irment 229,793 - 229,793

Segment Result before Income Tax 2,170,588 (284,902) 1,885,686
Income Tax Expense 558,609 - 558,609

Segment Assets 39,075,015 399,236 39,474,251
Segment Liabilities 26,289,478 24,138 26,313,616

Acquisition of Property, Plant & Equipment & Intangible Assets


Other 758,464 - 758,464

12

Burger Fuel Group Limited
Company Directory
As at 31 March 2025

NZ Companies Office - Registered Office Accountants
Burger Fuel Group Limited Bridgepoint Group Accounting Pty Ltd
66 Surrey Crescent Suite 301, 8 West Street,
Grey Lynn North Sydney
Auckla nd 1021 NSW 2060
Austra lia
Company Number
1947191 Auditors

Ba ker Tilly Sta ples Rodwa y Auckla nd
Date of Incorporation Level 9, Tower Centre
14-Jun-07
45 Queen Street
Auckla nd 1010

Directors
Ala n Gourdie - Cha ir (Independent)
Josef Roberts (Executive)
Tristra m va n der Meijden - Cha ir of Audit Committee (Independent)
Tyrone Foley (Independent)


Board Executives

Ma rk Piet (Chief Fina ncia l Officer / Compa ny Secreta ry)


Business Headquarters
66 Surrey Crescent
Grey Lynn
Auckla nd 1021


Bankers
ASB Ba nk Limited
CBA Ba nk Limited (Austra lia )

Solicitors

Dentons Kensington Swa n, 18 Via duct Ha rbour Avenue, Auckla nd 1011.

Buddle Findla y, HSBC Tower, 188 Qua y Street, PO Box 1433, Auckla nd 1140.

Wynn Willia ms PO Box 2401, Shortla nd Street, Auckla nd 1140.

Corpora te Counsel Limited Solicitors, P.O Box 37-322, Pa rnell, Auckla nd 1151

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Burger Fuel Group Limited
Preliminary Full Year Results
For The Year Ended 31 March 2025


Results for announcement to the market
Name of issuer Burger Fuel Group Limited
Reporting Period 12 months to 31 March 2025
Previous Reporting Period 12 months to 31 March 2024
Currency NZD
Amount (000s) Percentage change
Revenue from continuing operations $ 24,974 (8.45%)
Total Revenue $ 24,974 (8.45%)
Net profit/(loss) from continuing operations $ 1,027 (22.6%)
Total net profit/(loss) $ 1,027 (22.6%)
Interim/Final Dividend
Amount per Quoted Equity Security Not Applicable
Imputed amount per Quoted Equity Security Not Applicable
Record Date Not Applicable
Dividend Payment Date Not Applicable
Current period
Prior comparable
period
Net tangible assets per Quoted Equity Security $0.19 $0.21
A brief explanation of any of the figures above necessary to
enable the figures to be understood
Please refer to the accompanying market announcement and
unaudited financial statements.
Authority for this announcement
Name of person authorised to make this announcement Mark Piet
Contact person for this announcement Mark Piet
Contact phone number 021 453 333
Contact email address Mark.Piet@Burgerfuel.com
Date of release through MAP 30/05/2025