My Food Bag delivers 3.8% revenue growth

INTERIM FINANCIAL REPORT
For the six months ended 30 September 2025

Letter from our Chair and CEO 3
Directory 7
Interim Financial Statements 8
CONTENTS
MY FOOD BAG GROUP LIMITED INTERIM REPORT 2026
2

During the first half of FY26, we have been
pleased to build on the sales momentum
established last year. Supported by strong
brands, an attractive customer offering
and a more flexible operating model, we
have grown active customer numbers and
improved the business overall, leaving us
well-positioned to capture a larger share of
New Zealand’s growing online food market.
Our strategy remains clear: grow our leadership in meal kits
and continue to expand into the wider online food category by
delivering flexibility, convenience and value to our customers.
We have continued to demonstrate resilience through
challenging economic conditions, with our strong cashflow
generation continuing into FY26. Revenue growth of 3.8%,
disciplined cost management and modest capital investment
requirements have underpinned our financial performance.
Alongside our financial performance, we have focused on
strengthening marketing and product-led initiatives while
investing in an enhanced customer experience. This included
expanding our offerings in the My Food Bag Shop, with our
evolving range of foodie gifts and care packages available as
one-off purchases delivered from as quickly as same day. This
innovation has opened new customer segments and occasions
for the business. At the same time, we have begun rolling out
our strategy to better support the dietary and health needs of
New Zealand households, ensuring our offering continues to
evolve with customer expectations.
We continue to embed our purpose, Helping Aotearoa
New Zealand to eat and live well, which was launched
in FY25. This purpose is now firmly guiding our decision-
making and shaping the initiatives we are delivering across
the business, ensuring that everything we do is aligned
with supporting households to live healthier and more
balanced lives.
Financial performance
In the first half of FY26 (FY26 H1), revenue increased 3.8%
year-on-year, to $85.4 million. EBITDA for the period was
$7.2 million and NPAT was $2.9 million, broadly in line with the
prior year. Deliveries increased 1.5% against the comparative
period (FY25 H1) with average order value increasing to
$130.9, up from $128.0.
Gross margin was 48.5%, down from 49.8% in the first half
of FY25, reflecting the impact of 4.1% food price inflation for
the year to 30 September 2025. We maintained a strong
focus on product quality and customer satisfaction while
minimising the impact of cost increases passed on to customers.
Correspondingly, the contribution margin was 21.9%,
compared to 23.3% during FY25 H1, however the margin has
stabilised when compared to FY25 H2 of 21.6%.
At the end of the first half of the year, our active customers
had increased to 61,300 across all My Food Bag brands,
compared to 60,100 at FY25 H1.
The focus on reducing net debt continued with $5.5 million
of net debt at the end of FY26 H1, down from $6.9 million at
the end of FY25. In recognition of the Group’s strong financial
position, the Board has declared an interim dividend of 0.75
cent per share, fully imputed, to be paid in December 2025.
The dividend reinvestment plan will operate for the interim
dividend, with no discount applied to the strike price.
Letter
from our
Chair
and
CEO
MY FOOD BAG GROUP LIMITED INTERIM REPORT 2026
3

MY FOOD BAG GROUP LIMITED INTERIM REPORT 2026
Business update
OUR PORTFOLIO OF BRANDS
We had a strong start to FY26 with the first major launch in
our strategy to expand My Food Bag’s range of solutions
supporting specific health needs. In April, we introduced our
Diabetes Plan in partnership with Diabetes NZ, giving Kiwis
a simple and practical way to address one of the country’s
fastest-growing health challenges. This was followed in July by
the launch of our GLP-1 Support range, the ideal companion
meal kit for people using GLP-1 weight loss medications,
which became available to New Zealanders in June. We are
also seeing continued momentum across our broader health
offering, with My Gluten Free Bag delivering strong year-on-
year growth and low-carb recipe options across all our brands
continuing to build in popularity.
My Food Bag continues to strengthen its Dinner, Done Better
brand positioning, with Nadia Lim as our brand ambassador.
In early 2025, we launched Dinner with Nadia, an engaging
online series featuring well-known Kiwis such as Toni Street,
Paddy Gower, Petra Bagust, and Olympian Emma Twigg.
Through their stories, the series highlights how My Food Bag
helps families across New Zealand enjoy delicious, stress-free
meals while reinforcing our authentic Kiwi roots.
Partnerships and collaborations remain central to expanding
our brand’s reach and engagement. Our partnership with
Auckland FC has continued to grow, with a range of activations
and promotions celebrating the Auckland football team’s highly
successful first season. This collaboration plays an important
role in connecting with Kiwi families and strengthening
our presence.
Beyond weeknight cooking, My Food Bag continues to expand
its range of Ready Made meals, appealing to singles, older
consumers, and busy families looking for convenient options
for both lunch and dinner. Over winter, we introduced several
initiatives to grow this offering, including an expanded menu
with new desserts, soups, and additional meal choices. A
supporting radio campaign helped drive awareness and
highlight the ease and quality of our Ready Made range.
As New Zealand’s most affordable meal kit, Bargain Box
remains well positioned for today’s economic climate. We’re
committed to helping Kiwi households enjoy great quality food
for less. A key driver of Bargain Box’s success is its consistent
price competitiveness against supermarkets, which we track
regularly and highlight in our communications. In FY26, we
launched a new Bargain Box advertising campaign across TV
and online video, reinforcing our core message that Bargain
Box delivers both quality and value, making every meal a true
“Bargain Win.” We have further supported this proposition
with our Everyday Savers range of grocery extras that can be
added onto customer’s orders.
Fresh Start continues to deliver on its promise to support
wellness and weight management, offering delicious, healthy
meals that never compromise on taste. Alongside the launch
of our GLP-1 Support range, Fresh Start has strengthened its
taste credentials through high-profile recipe collaborations with
Instagram sensation Polly Markus (@misspollyskitchen) and
emerging salad brand Bowler.
QUALITY AT OUR CORE
The quality of our products and Ready Made meals remains
a key driver of repeat purchase and overall business
performance. We are proud to see this commitment to quality
recognised externally, with My Food Bag awarded Canstar
Blue’s Best Rated Meal Kit for 2025, achieving 5 out of 5 for
freshness, taste, and variety. One of our Ready Made meals
has also been named a finalist in the New Zealand Food
Awards. Internally, our strong NPS score continues to reflect
high levels of customer satisfaction and trust in our brand.
Ongoing economic headwinds and food price inflation have
placed pressure on gross margins, which have contracted
due to rising input costs. We continue to focus on sourcing
directly from growers to secure competitive pricing, helping to
manage inflationary impacts while maintaining product quality
and variety. Other initiatives to help minimise the ingredient
cost impact include refined recipe design and ingredient
optimisation. We believe this ongoing commitment to quality
and value will support customer retention and long-term brand
strength.
4

MY FOOD BAG GROUP LIMITED INTERIM REPORT 2026
ENHANCING THE CUSTOMER EXPERIENCE
Improving the customer experience across all aspects
of our business remains a key priority. Recent initiatives
include enhancements to the layout of our recipe cards,
ongoing upgrades and new features within our app, and the
implementation of our packaging initiative, which ensures
every customer receives the right-sized box while minimising
cardboard use and waste. We have also partnered with
NZ Post to open new delivery routes, further improving
convenience and flexibility for our customers across
New Zealand.
Customers are responding well to these initiatives and this is
evidenced by our strong customer loyalty indicators such as
improved purchase frequency and tenure. In addition, customer
compensation continues to reduce, reflecting our excellent
operational service levels in areas such as pick accuracy.
MY FOOD BAG SHOP
Our My Food Bag Shop launched in November 2024,
marking an exciting new step for the brand as we move beyond
subscriptions to offer greater flexibility and convenience. The
Shop allows customers to choose from a curated range of care
packages, gifts, and Ready Made meal bundles, all available
for delivery from as quickly as same day without a subscription.
With shorter lead times, same-day and twilight delivery
options, and a focus on convenience, the Shop has been
well received by customers. We’ve invested further in the
Shop during the first half of the year and have seen strong
growth as we expand into the wider online food category,
with key occasions such as Mother’s Day and Easter proving
particularly successful in reaching both individual and
corporate customers. We are poised for a robust Christmas
sales period, setting the stage for continued momentum into the
new year.
SUPPLY CHAIN EXCELLENCE
We continue to focus on enhancing the efficiency of our
operations, minimising packaging use, working directly with
our suppliers and carefully managing our flexible labour pool
based on demand. Continued investment in supply chain
capability and process improvement is strengthening our
resilience and ensuring we can respond effectively to changing
market conditions. These initiatives support our commitment to
operational excellence, cost discipline and sustainable long-
term performance.
5

MY FOOD BAG GROUP LIMITED INTERIM REPORT 2026
ENVIRONMENTAL, SOCIAL AND CORPORATE GOVERNANCE
We continued to focus on learning and development across
the first half of FY26 with development programmes targeting
leadership and building our capability in data and AI. We’re
fostering a culture of curiosity around these tools to harness
insights, make smarter decisions and drive productivity whilst
enhancing the customer experience. We have continued our
Operational Excellence programme, designed to upskill our
team across the wider supply chain. We were delighted to be
awarded the 2degrees Overall Supreme Employer of the Year
award in April 2025, an excellent recognition of our culture
and our unwavering focus on people, safety, wellbeing, and
inclusion, praised by ACC New Zealand and the judges.
We continue to support community and charitable initiatives,
using our reach, recipe capability and logistics network to
support important mahi. In June we raised over $2.5k for the
Starship Foundations Big Bake off. This campaign saw us
develop a cake which customers could add to their order and
instantly donate to this campaign. We also launched our first
ever winter food drive thanks to support from NZ Post, allowing
our foodies to donate leftover food to the City Missions and
local charities.
We’ve long demonstrated our commitment to supporting local
suppliers by sourcing more than 98% of fresh proteins and
produce from New Zealand. We continue to focus on working
with our local suppliers to diversify our menu and deliver great
variety. This year, we have introduced new premium white fish
species onto our menu with Snapper and John Dory. We have
offered Goat as part of our Nadia’s Farm Kitchen campaign
and in the My Food Bag Shop we have built and established
relationships with Kiwi suppliers including Paneton, Molly
Woppy and Ashley & Co.
Conclusion
We have continued to deliver on our strategy to grow active
customers by enhancing convenience, flexibility, and value,
making My Food Bag more relevant to a broad range of
Kiwi households. Our meal kits continue to evolve to meet
changing tastes and dietary preferences, complimented by the
expansion of our Ready Made meals and My Food Bag Shop
offerings. While market conditions are expected to remain
challenging through the second half of FY26, we anticipate
full year profitability to be broadly in line with the prior year.
With a clear focus on product quality, customer experience,
and operational efficiency, we are well positioned to capture
growth opportunities as the economic environment strengthens.
We appreciate the continued support of our shareholders and
extend our thanks to the My Food Bag team and partners for
their commitment and contribution throughout the first half of
the financial year.
Tony Carter Mark Winter
Chair Chief Executive Officer
6

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 nz.investorcentre.mpms.mufg.com.
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@cm.mpms.mufg.com
Website: nz.investorcentre.mpms.mufg.com
My Food Bag Group Limited
NZBN 6113607
MY FOOD BAG GROUP LIMITED INTERIM REPORT 2026
7

MY FOOD BAG GROUP LIMITED INTERIM REPORT 2026
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 2025
8
MY FOOD BAG GROUP LIMITED
INTERIM REPORT 2026

Statement of Financial Position
AS AT 30 SEPTEMBER 2025
For and on behalf of the Board of Directors who authorised the issue of the financial statements on 19 November 2025.
Tony Carter
Chair
19 November 2025
Jen Bunbury
Director
19 November 2025
NZ$000Note
Unaudited
30 September
2025
Audited
31 March 2025
ASSETS
Current
Cash and cash equivalents1051,534
Trade and other receivables4,593575
Inventories676404
Prepayments1,45271 0
Total current assets

6,8263,223
Non-current
Property, plant and equipment6,3286,932
Intangible assets
5
86,53386,466
Right-of-use assets5,7876,896
Total non-current assets

98,649100,294
Total assets

105,474103,517
LIABILITIES
Current
Bank overdraft
6
15 5-
Trade and other payables12,64611,278
Deferred revenue3,49810
Lease liabilities 2 , 11 92,554
Other current liabilities1,9572,304
Tax liability646619
Total current liabilities

21, 0 2116,765
Non-current
Lease liabilities4,5565,339
Borrowings
6
5,4878,473
Deferred tax liability3 , 9 713,947
Provisions

330330
Total non-current liabilities

14,34318,089
Total liabilities

35,36434,854
Net assets

7 0 , 11 068,663
EQUITY
Share capital60,8875 9 , 813
Retained earnings8,8918 , 11 3
Share-based payment reserve332737
Total equity

7 0 , 11 068,663
MY FOOD BAG GROUP LIMITED INTERIM REPORT 2026
9

MY FOOD BAG GROUP LIMITED INTERIM REPORT 2026
10
Statement of Comprehensive Income
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025
NZ$000Note
Unaudited
6 months ended
30 September
2025
Unaudited
6 months ended
30 September
2024
Income
1
85,37982,216
Cost of sales
2
(66,661)(63,048)
Gross profit

18 , 71819 ,16 8

Marketing expenses(3,094)(3,299)
Financing expenses(580)(882)
Indirect expenses
2
(11,542)(10,959)
Other income
1
6280
Net profit before tax3,5644,108

Income tax expense
1

(705)(1,156)
Net profit after tax

2,8592,952

Total comprehensive income

2,8592,952
Earnings per share

NZ$NZ$
Basic and diluted earnings per share
3
0.01 0.01
1
The effective tax rate for the period is lower than the statutory rate primarily due to the tax deduction arising from shares that vested in July 2025 under the share-based remuneration scheme.
10

Statement of Changes in Equity
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025
NZ$000Note
Share
capital
Retained
earnings
Share based
payment
reserve
Total
equity
At 1 April 20255 9 , 8138 , 11373768,663
Net profit for the period-2,859-2,859
Total comprehensive income for the period

-2,859-2,859
Issuance under share scheme685-(685)-
Share-based payments--280280
Dividend
4
-(2,080)-(2,080)
Shares issued under dividend reinvestment plan
4
389--389
At 30 September 2025 (Unaudited)

60,8878,8913327 0 , 11 0
At 1 April 2024

59,3364,42083664,592
Net profit for the period-2,952-2,952
Total comprehensive income for the period

-2,952-2,952
Issuance under share scheme47714 2(619)-
Share-based payments--263263
Dividend
4
-(1,221)-(1,221)
At 30 September 2024 (Unaudited)

5 9 , 8136,29348066,586
MY FOOD BAG GROUP LIMITED INTERIM REPORT 2026
11

MY FOOD BAG GROUP LIMITED INTERIM REPORT 2026
Statement of Cash Flows
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025
NZ$000Note
Unaudited
6 Months Ended
30 September
2025
Unaudited
6 Months Ended
30 September
2024
OPERATING ACTIVITIES
Cash was provided from:
Receipts from customers88,29481, 8 5 4
Interest received4961
Tax refunded297-
Proceeds from insurance-6
Cash was applied to:
Payments to suppliers and employees(81,332)(73,716)
Interest paid (566)(869)
Tax paid(939)(1,076)
Net cash flows from operating activities

5,8036,260

INVESTING ACTIVITIES
Cash was applied to:
Purchase of property, plant and equipment(218)(197)
Payments for development of software(1,215)(1,608)
Net cash flows from investing activities

(1,433)(1,805)

FINANCING ACTIVITIES
Cash was applied to:
Payment for lease liabilities(1,263)(1,149)
Dividends paid
4
(1,691)(1,221)
Repayment of borrowings (3,000)-
Net cash flows from financing activities

(5,954)(2,370)

Net (decrease) / increase in cash flows(1,584)2,085
Cash and cash equivalents at the beginning of the period1,534(322)
Net (bank overdraft) / cash and cash equivalents at the end of the period (50)1,76 3
Represented by:
Cash and cash equivalents1051, 76 3
Bank overdraft(155)-
Net (bank overdraft) / cash and cash equivalents at the end of the period(50)1,76 3
12

Notes to the Financial Statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025
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 2025.
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 2025.
KEY SOURCES OF ESTIMATION UNCERTAINTY AND KEY JUDGEMENTS
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the
reported amounts of income, expenses, assets and liabilities, and the accompanying disclosures. Actual outcomes may differ from
these estimates.
During the current period, the Group reassessed the useful life of its ERP software and related IT customisation costs and determined
that the useful life should be extended by an additional three years to March 2029. As a result, NZ$89,000 of expense recognition
relating to IT customisation prepayments has been deferred in the 6 months to 30 September 2025 which will now be recognised
evenly over the future periods to March 2029. The change also resulted in a reduction of NZ$57,000 in amortisation expense in the
current period, which will be amortised over future periods. These changes represent revisions of accounting estimates and have
been applied prospectively.
All other 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 2025.
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, meal solutions and grocery items to New Zealand customers.
The Group operates in one geographic area, New Zealand.
MY FOOD BAG GROUP LIMITED INTERIM REPORT 2026
13

MY FOOD BAG GROUP LIMITED INTERIM REPORT 2026
Financial Information
1. Income
NZ$000
Unaudited
6 months ended
30 September
2025
Unaudited
6 months ended
30 September
2024
Revenue from sale of goods85,37982,216
Total income85,37982,216

Interest income6061
Insurance proceeds- 6
Other income213
Total other income6280
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
2025
Unaudited
6 months ended
30 September
2024
Staff expenses
Salaries, wages and benefits8,8818,764
Defined contribution 289255
Share-based payment expense280263
Interest expense3606 31
Interest on leases2202 51
IT expenses1,7001,399
Depreciation and amortisation3 ,10 72,844
During the period, the Group reviewed the composition of its employee benefits disclosures. As a result of this review, the Group has
amended its classification of staff expenses to include annual leave entitlements and employee discounts. For the period
this amounts to NZ$397,000 (30 September 2024: NZ$467,000). The change has been applied retrospectively, and comparative
figures for the 6 months ended 30 September 2024 have been restated.
The Group reviewed the classification of certain expenses associated with production activities. These costs, amounting to
NZ$665,000 (30 September 2024: NZ$635,000), were previously reported as ‘Indirect Expenses’ and have been reclassified to
‘Cost of Sales’ in order to better reflect the total production activities. The reclassification had no impact on net profit after tax, total
assets, or equity. Comparative figures have been restated accordingly.
14
Notes to the Financial Statements (continued)
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025

3. Earnings per Share

Unaudited
6 months ended
30 September
2025
Unaudited
6 months ended
30 September
2024
Basic and diluted earnings per share
Net profit attributable to shareholders (NZ$000)2,859 2,952
Weighted average number of shares for basic EPS (000)2 4 7,13 5 242,791
Weighted average number of shares for diluted EPS (000)252,730 248,335
Basic and diluted earnings per share (NZ$)0.010.01
4. Dividends
NZ$000
Unaudited
6 months ended
30 September
2025
Unaudited
6 months ended
30 September
2024
Final dividend for 2024 - 0.5 cents per share- 1,221
Final dividend for 2025 - 0.85 cents per share2,080 -
Dividends paid2,080 1,221
In May 2025, the Group introduced a Dividend Reinvestment Plan (DRP), enabling eligible shareholders to reinvest all or part of their
cash dividend entitlement in additional ordinary shares of My Food Bag. The DRP was first available for the final dividend for the
year ended 31 March 2025, paid to shareholders on 19 June 2025. The DRP is voluntary, allowing shareholders to elect to receive
shares issued at the strike price, calculated as the volume weighted average market price of My Food Bag shares over the pricing
period with no discount applied.
Dividends paid in cash are recognised as financing cash outflows in the statement of cash flows, whereas dividends reinvested under
the DRP are settled through the issuance of shares and recognised in equity, resulting in no cash outflow.
For the final dividend declared for the year ended 31 March 2025, the total dividend amounted to NZ$2,080,000 of which
NZ$1,691,000 was paid in cash, and NZ$389,000 was reinvested under the DRP through the issuance of 1,805,669 new
ordinary shares. Shares issued in lieu of cash are excluded from dividends paid in the Statement of Cash Flows.
DIVIDEND DECLARED AFTER THE REPORTING PERIOD
On 19 November 2025, the Board declared a fully imputed interim dividend of 0.75 cent per share, to be paid on 15 December
2025 to shareholders on the company’s register on 1 December 2025.
MY FOOD BAG GROUP LIMITED INTERIM REPORT 2026
15
Notes to the Financial Statements (continued)
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025

MY FOOD BAG GROUP LIMITED INTERIM REPORT 2026
5. Intangible Assets
NZ$000GoodwillBrand Software
Software work
in progressTotal
Book value at 30 September 2025 (Unaudited)63,63118,3574,12542086,533
Book value as at 31 March 2025 (Audited)63,63118,3574,2572 2186,466
IMPAIRMENT INDICATORS
The Group performs a detailed impairment assessment annually and considers indicators of impairment at each reporting date. At
30 September 2025, consistent with the position at 31 March 2025, 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 2025, 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 brands.
16
Notes to the Financial Statements (continued)
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025

6. Borrowings
The Group’s net debt position is shown below.
NZ$000
Unaudited
30 September
2025
Audited
31 March
2025
Bank loan - non-current5,487 8,473
Total borrowings5,487 8,473
Less: cash and cash equivalents(105)(1,534)
Add: bank overdraft155 -
Net debt/(cash)5,537 6,939
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
2025
Audited
31 March
2025
Revolving credit facility 15,000 15,000
Bank overdraft5,000 5,000
Total facilities20,000 20,000

Revolving credit facility utilised(5,500)(8,500)
Bank overdraft utilised (155)-
Total undrawn facilities14,345 11,500
In September 2025 the revolving credit facility agreement of NZ$15,000,000 was amended to extend the tenure of the agreement
to 5 October 2026. The amount drawn down is secured over current and future accounts receivables and all the property, plant and
equipment of the Group. The interest rate on the revolving credit facility comprises base rate (BKBM rate) plus a margin of 1.72%.
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 2025. The Group was also in
compliance with its banking covenants during the prior year and at 31 March 2025.
MY FOOD BAG GROUP LIMITED INTERIM REPORT 2026
17
Notes to the Financial Statements (continued)
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025

MY FOOD BAG GROUP LIMITED INTERIM REPORT 2026
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 2025 (30 September 2024: none). No rights vested during the period to
30 September 2025 (30 September 2024: 268,869).
LTI – FY26 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 FY26
awards vest in two equal tranches: 50% after 2 years and 50% after 3 years, subject to the participant remaining employed with the
Group and the achievement of specified non-market performance conditions.
The board approved 6,952,754 LTI performance share awards during the period to 30 September 2025 (30 September 2024:
6,321,585).
For the period to 30 September 2025 5,931,197 rights vested in respect of the FY24 LTI scheme (30 September 2024: 463,179
rights vested in respect of the FY23 LTI scheme).
Number of rights outstandingESOSLTI
At 1 April 2025- 12,252,782
Granted - July 2025- 6,952,754
Vested - July 2025- (5,931,197)
At 30 September 2025- 13,274,339

Number of rights outstandingESOSLTI
At 1 April 2024290,8526,913,939
Granted - July 2024-6,321,585
Vested - June 2024 (268,869)(463,179)
Lapsed
1
-(519,563)
Forfeited
2
(21,983)-
At 30 September 2024- 12,252,782
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 2025.
18
Notes to the Financial Statements (continued)
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025

MY FOOD BAG GROUP LIMITED INTERIM REPORT 2026
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 (2024: five members) and the SLT comprised seven members (2024: seven members).
NZ$000
Unaudited
6 months ended
30 September
2025
Unaudited
6 months ended
30 September
2024
Short term employee benefits 1,4531, 514
Share-based payment transactions 22418 4
Directors' remuneration246240
Key management personnel remuneration1,9231,938
Directors receive concessions on My Food Bag’s products (similar to employees) in addition to the amount above. This totals
NZ$11,000 for the 6 months ended 30 September 2025 (30 September 2024: NZ$10,000).
9. Contingent Liabilities
The Group has no contingent liabilities (31 March 2025: Nil).
10. Capital Commitments
The Group has capital commitments of NZ$157,000 (31 March 2025: NZ$1,000).
11. 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
2025
Unaudited
6 months ended
30 September
2024
Net profit before tax3,5644,108
Add: Depreciation and amortisation3 ,10 72,844
Add: Net financing costs5198 21
EBITDA7,19 07,773
19
Notes to the Financial Statements (continued)
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025

MY FOOD BAG GROUP LIMITED INTERIM REPORT 2026
myfoodbag.co.nz

---

My Food Bag Group Limited




My Food Bag Group Limited
NZBN 6113607


My Food Bag delivers 3.8% revenue growth in H1 and declares interim dividend
• Revenue of $85.4 million, up 3.8% compared to FY25 H1
• Gross margin of 48.5%, versus 49.8% during FY25 H1
• EBITDA
1
of $7.2 million, versus $7.8 million in FY25 H1
• Net profit after tax (NPAT) of $2.9 million, versus $3.0 million in FY25 H1
• Net debt reduced to $5.5m and free cash flow of $3.1m
• 61,300 active customers
2
at the end of FY26 H1, an increase from 60,100 at the end of FY25 H1
• Recent trading reflects continued growth with YTD revenue up 4.6% on prior year
• Fully imputed interim dividend of 0.75 cent per share declared, payable in December
My Food Bag Group Limited today reported its financial performance for the six months to 30 September 2025
(FY26 H1).
Tony Carter, Chairman of My Food Bag, says: "During the first half of FY26, we have been pleased to build on
the sales momentum established last year.”
“Supported by strong brands, an attractive customer offering and a more flexible operating model, we have
further improved active customer numbers and the business overall, leaving us well-positioned to capture a
larger share of New Zealand’s growing online food market.”
“While gross margin was slightly lower than in the first half of FY25, this primarily reflects the timing of price
adjustments relative to broader food price inflation, which was 4.1% for the year to 30 September 2025. We
maintained a strong focus on product quality and customer satisfaction while carefully managing cost
pressures to minimise the impact on our customers. While the gross margin reduced year on year, it remained
relatively stable compared to the second half of FY25”.
“Reducing debt remains an ongoing priority, and we have successfully lowered net debt over the past 12
months from $9.7m to $5.5m at the end of September 2025. Following the company’s FY26 first-half results, the
Board has resolved to declare an interim dividend of 0.75 cent per share, fully imputed,” says Carter.
The dividend reinvestment plan (DRP) will operate for the interim dividend, with no discount applied to the
strike price. A copy of the DRP Offer Document is available on our investor website.
The My Food Bag brand continues to enjoy strong awareness and trust among New Zealanders, supported by
its commitment to helping Kiwis eat and live well every day, a reputation reinforced by My Food Bag being rated
No. 1 overall for meal kit delivery services in New Zealand by Canstar Blue in 2025. With well-known cook and
nutritionist Nadia Lim as brand ambassador, My Food Bag remains focused on delivering recipes and meal
solutions that make life simple, healthy and delicious. Reflecting our focus on supporting wellbeing through
food, we have expanded our range of solutions tailored to specific health needs. A key milestone this year was

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 unique 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

the launch of our Diabetes Plan, developed in partnership with Diabetes New Zealand, to provide nutritious,
balanced meal options designed to support those living with or at risk of diabetes.
The recently launched My Food Bag Shop continues to expand, offering an evolving range of foodie gifts and
care packages available for one-off purchases with delivery as soon as the same day. This initiative
complements our core business by reaching customers outside traditional meal kit subscriptions, opening new
segments and occasions that support ongoing growth.
My Food Bag CEO, Mark Winter, says: “Driving growth across our brand portfolio has been a key focus in the
first half of the year. Meal kits remain at the core of our business, and we’ve continued to invest in our key
brands with major campaigns for My Food Bag and Bargain Box. These were supported by ongoing menu
innovation, strong operational performance, and a continued focus on delivering an excellent customer
experience.”
“We are pleased to see topline growth that has resulted from a concerted effort across the business to
introduce innovative new offerings, implement effective marketing initiatives, expand into new delivery areas,
and uphold exceptional product quality that fosters customer loyalty and repeat purchasing.”
Outlook
“Our meal kits continue to evolve in response to the changing tastes and dietary preferences of New
Zealanders, and have become an integral part of everyday life for many households.
Beyond meal kits, we are leveraging the strength of the My Food Bag brand to expand into new categories and
occasions, with our Ready Made meal range and Care Package and Gift solutions through the My Food Bag
Shop attracting incremental active customers.
While we expect market conditions to remain challenging through the second half of FY26, we anticipate full
year profitability to be broadly in line with the prior year. We are continuing to focus on product quality,
customer experience, and operational efficiency, and we are well positioned to continue to grow and deliver to
thousands of Kiwi households each week,” says Winter.
Ends

For investor relations queries:
Louise Newsome
ir@myfoodbag.co.nz

For media queries:
Trish Whitwell
trish.whitwell@myfoodbag.co.nz
+64 21 372 853

---

20 November2025
FY26 H1
results

2
Mark Winter
Chief Executive Officer
My Food Bag Group Limited FY26 Half Year Result
Louise Newsome
Chief Financial Officer
PRESENTING
today

Business update
1
Financial overview
2
FY26 outlook
3
Appendices
4
CONTENTS

My Food Bag Group Limited FY26 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
$
85.4m
EBITDA*
$
7.2m
NPAT
$
2.9m
48.5%
Compared to 49.8% in FY25 H1
With a contribution margin of 21.9%
4
AVERAGE ORDER VALUE (AOV)
$
130.9
Up from $128.0 at FY25 H1
Up 3.8% on FY25 H1
GROSS MARGIN %
SIX MONTHS IN
review
ACTIVE CUSTOMERS**
61.3k
Up from60.1k at the end of FY25 H1
Compared to $3.0m inFY25 H1
INTERIM DIVIDEND DECLARED
0.75cps
Fully imputed to be paid in December
**Active Customers are defined as the number of unique customers who have purchased in the last 13 weeks

Expanded our dietary and health offering with the Diabetes Plan and GLP-1
Support meal kits, helping the nutritional needs of more New Zealanders
Ongoing focus on quality and customer satisfaction, reinforced by stronger perceptions
of value for money through the strategic timing of price adjustments
Revenue up +3.8% driven by higher customer numbers and improved purchasing frequency
My Food Bag Group Limited FY26 Half Year Result5
SIX MONTHS IN
review
My Food Bag Shop delivering growth across key seasonal and gifting occasions
Delivery locations expanded providing convenience to more customers
Continued strong free cash flow reducing net debt to $5.5m and allowing for 0.75cps interim
dividend

1
BUSINESS
update

Be relevant and grow active customers by delivering flexibility, convenience and great value
Unlock new
Customer
Segments &
Occasions
Introduce new consumers
to My Food Bag through
new channels, new
audiences & ready made
Personalised
Solutions
Deliver consumers both
the curation they want and
the flexibility to personalise
MFB and FS led
Culture & Capability
Seamless
Convenience for All
Enhance the convenience
of our service across all
touchpoints and all brands –
shorter lead-times, UX,
growth of ready made and
fast recipes
Supply Chain ExcellenceData & Technology
Efficient Operating Model
Build Brand Love
& Advocacy
Building brand equity to
engage new & lapsed
customers, drive higher
customer advocacy to
improve LTV
We will grow leadership in meal kits and continue expanding into
the wider online food category

OurMarketLeadingBrandPortfolio
My Food Bag Group Limited FY26 Half Year Result9
My Food Bag wins on health and with families
•Launched the Diabetes Plan with Diabetes NZ, supporting Kiwis to manage health and
wellbeing
•Continued strong growth in My Gluten Free Bag and low-carb meal options
•Strengthened family connection through Dinner with Nadia and our partnership with
Auckland FC
•Winner of Canstar Blue's Best Rated Meal Kit for 2025
Bargain Box grows as NZ’s most affordable meal kit
•Bargain Box remains well positioned as New Zealand’s most affordable meal kit
•Strong supermarket price competitiveness continues to drive growth and customer loyalty
•New advertising campaign launched reinforcing Bargain Box delivers both quality and value
•Everyday Savers, a range of grocery extras now available to addto customers orders
Fresh Start Champions Health and Great Taste
•Strengthened its health focus with the launch of the GLP-1 Support range
•Elevated taste credentials through collaborations with Polly Markus and emerging salad
brand Bowler
Clear brand positionings and investment resulting in active customer growth across our portfolio

Enhancing Customer Experience
Improving the customer experience across all aspects of our
business remains key
•Enhancements to the layout of our recipe cards in response to customer
feedback
•Packaging initiative to ensure each customer receives the right-sized box in
relation to its contents,minimising cardboard use and waste
•Winner of the Excellence in AI Implementation award at the 2025 Contact
Centre CRM awards for using innovation to create enhanced customer
experiences
We’ve recently partnered with NZ Post to open new delivery
routes
•Adding nearly 10,000 new delivery addresses in the past six months, more
new delivery addresses than we opened in all of last year, helping us reach
even more customers nationwide
Continued focus on quality enabled by implementation of pick
technology
•Picking accuracy improvements continue to result in highercustomer
satisfaction and reduced customer compensation
•Our strong NPS score continues to improve and reflects high customer
satisfaction and trust in our brands
My Food Bag Group Limited FY26 Half Year Result10
Expansion of delivery areas and a continued focus on quality driving strong customer satisfaction

Expanding into Gifting and Care Packages
Expanding Beyond Subscriptions
•The My Food Bag Shop launched in November 2024, marking an
exciting new step for the brand as we move beyond subscriptions
to offer greater flexibility and convenience
•Customers can now choose from a curated range of care
packages, gifts and Ready Made meal bundles as well as
seasonal offers
•The Shop provides a seamless, no-subscription experience
designed to suit a variety of customer needs and occasions
Growing Active Customers
•With shorter lead times, same-day and twilight delivery options,
the Shop has been well received by customers seeking flexibility
•Growth has come from expanding into the wider online food
category, with standout successfrom key occasions such as
Mother’s Day and Easter
•We are set for a strong Christmas sales period, building
momentum and setting the stage for continued growth into the
new year
My Food Bag Group Limited FY26 Half Year Result11
Building and expanding our new flexible operating model to appeal to new audiences

m
My Food Bag Group Limited FY26 Half Year Result12
Learning and Development
•Continued investment in leadership development and capability building across the business
•Advanced our data and AI capability to harness insights and enable smarter, data-driven
decisions
•Fostered a culture of curiosity and confidence around AI, encouraging our people to explore how
it can enhance productivity and create better experiences for customers
•Continuing to embed our Operational Excellence programme which we began last year to
upskill teams across the wider supply chain
Culture and Engagement
•Record high engagement scores across our business reflecting an organisation moving from
stabilisation to confidence, with employees noticing and acknowledging visible change
•Winner of the 2degrees Supreme Award for Employer of the Year (April 2025), reflecting our
commitment to people, safety, wellbeing, and inclusion
DE&I and Wellness
•Record high recognition through our engagement survey of our efforts around DE&I and wellness
such as celebrations of TeWikiote Reo, Matariki and Mental Health Awareness week
Our People
Strengthening our culture and capability to thrive in a data-driven, people-first future

Building Stronger Connections Across Aotearoa
Supporting Our Communities
•We continue to champion community and charitable initiatives, using our reach and recipe expertise to make
a meaningful impact
•In June, we raised funds for the Starship Foundation’s Big Bake Off by creating a special cake customers
could add to their order to donate instantly
•We also launched our first Winter Food Drive with support from NZ Post, enabling foodies to donate leftover
food to City Missions and local charities across Aotearoa
Supporting Local and Sustainable Sourcing
•More than 98% of our fresh proteins and produce are sourced from within New Zealand, reducing food miles
and supporting local growers and producers
•We continue to work closely with suppliers to diversify our menu and highlight seasonal, sustainable
ingredients
•New premium white fish species, including Snapper and John Dory, were introduced to our menu to
showcase New Zealand’s best seafood
Partnering Responsibly and Ethically
•We prioritise building trusted, transparent relationships with Kiwi suppliers who share our values and
commitment to quality
•We also collaborate with Diabetes NZ, Coeliac NZ and the Heart Foundation to enhance our credibility and
reach in the health space
My Food Bag Group Limited FY26 Half Year Result13

2
FINANCIAL
overview

Financial Performance
Revenue growth of +3.8% and NPAT broadly inline with Prior Year
My Food Bag Group Limited FY26 Half Year Result15
•Revenue is up 3.8% vs prior year due to an increase in
deliveries and average order value
•Average order value increase driven by higher indexing
of My Food Bag, larger bag sizes, attachment of our
extras range and price increases
•Gross margin is down 1.3ppts due to food price
inflationwhich has also impacted contribution margin
•Additional investment in growing the awareness of the
Shop contributed to the reduced EBITDA result
compared withprior year
•H1 NPAT of $2.9m, broadly in line with prior year $3.0m
*YOY movement % based on unrounded figures
Key Metrics
Overview
FY26 H1
FY25 H1
YoY
Movement
%
FY24 H1
Deliveries ('000)
652
643
1.5%
652
Average Order
Value
130.9
128.0
2.3%
128.5
Revenue $m
85.4
82.2
3.8%
83.8
Gross Margin $m
41.4
40.9
1.3%
40.2
Gross Margin %
48.5%
49.8%
-1.2 ppts
47.9%
Contribution Margin
$m
18.7
19.2
-2.4%
17.9
Contribution Margin
%
21.9%
23.3%
-1.4 ppts
21.3%
EBITDA $m
7.2
7.8
-7.5%
7.4
NPAT $m
2.9
3.0
-3.2%
2.5

Focus on Sustainable Active Customer Growth
•Active customersare 2% higher compared to 12 months ago
•We remain focused on rewarding and nurturing quality
customers, reducing customer churn rates
•Deferred price adjustments on Bargain Box to the end of
September to improve value for money and support active
customer growth
•Maintained our healthy customer basewith retained
customers at 61% in line with prior year
•Brand campaigns such as Bargain Box’s competitiveness
with supermarkets have been successful in reaching new
audiences
•Product development such as innovating in health support
and enhancing value to meet changing tastes is attracting
new customers
•Expanded our delivery network, enabling new customers to
receive a delivery
My Food Bag Group Limited FY26 Half Year Result16
Active customers +2% with strong loyalty and reduced churn rates
Active Customers are defined as the number of unique customers who have purchased in the last 13 weeks
37.2
36.4
37.1
24.4
23.7
24.2
-
10.0
20.0
30.0
40.0
50.0
60.0
70.0
Sept-23Sept-24Sept-25
Active Customers Split (000's)
Retained CustomersAcquired and Reactivated Customers
61.3
60.1
61.6

Deliveries Performance
Product development and targeted campaigns have resulted in +1.5% deliveries growth
My Food Bag Group Limited FY26 Half Year Result17
•Growth vs prior year of around 9,000 deliveries, (+1.5%)
•Customers responding well to targeted offers as well as
product quality continuing to rate highly
•Menu choice and campaigns like our partnership with
Auckland FC have driven strong customer appeal and
selection rates
•Product development such as our GLP-1 support and
Diabetes plan are providing more flexibility for customers
in their health journeys and we’re seeing strong growth
from our Gluten Free offering
643
849
808
732
652
643
652
-
100
200
300
400
500
600
700
800
900
FY20 H1FY21 H1FY22 H1FY23 H1FY24 H1FY25 H1FY26 H1
Deliveries (000's)

Average Order Value
Brand appeal is positive as customers gravitate towards our higher value brands, larger bags and extras range
Average Order Value was $130.9, up +2.3% vs
prior year driven by:
•Higher indexing to the My Food Bag brand and
larger bag sizes compared to prior year
•Positive trends in attachment of our extras
range resulting from improvements to the
range and user experience
•Modest price adjustments in My Food Bag and
more recently in Bargain Box to assist with
recovery of input cost pressures such as
ingredients
•Improved operating service levels have
resulted in lower compensation to customers
My Food Bag Group Limited FY26 Half Year Result18
128.5
128.0
130.9
-
40.0
80.0
120.0
160.0
FY24 H1FY25 H1FY26 H1
($)
Average order value ($)

Gross Margin
Gross margin of 48.5% achieved against backdrop of food price inflation of 4.1%
•Gross margin was 48.5%, down 1.3ppts since
prior year, but up 0.6ppts since FY24 H1
•Prior year experienced favourable produce
pricing due to positive growing conditions
•Overall food prices increased 4.1%* for the year
to Sept 2025:
oProduce prices increased 5.8%* and meat
prices rose 6.4%*, both representing a
significant share of our recipe cost base
•Strategies to minimise the cost impact include
targeted procurement initiatives, such as direct
sourcing from growers, recipe development and
ingredient substitution while maintaining
consistent quality and value for customers
•Cost pressures also partially offset by a modest
price increase in the My Food Bag brand and
more recently Bargain Box
My Food Bag Group Limited FY26 Half Year Result
* Annual food price increases for the year to 30 September 2025 per Stats NZ
**Gross margin is a non-GAAP measure defined as revenue less cost of goods sold (including free marketing goods)
19
47.9%
49.8%
48.5%
20.0%
25.0%
30.0%
35.0%
40.0%
45.0%
50.0%
55.0%
FY24 H1FY25 H1FY26 H1
Gross Margin %

Contribution Margin
Assembly and distribution cost pressures partially offset by packaging initiatives
•Contribution margin is down 1.4ppts since prior year
•The timing of contractual price increases have
impacted distribution and labour lines when
compared to prior year
•Recent packaging initiatives are partially offsetting
this by reducing cardboard and packaging
consumption
•Continued to gain efficiencies in labour costs
enabled by the Pick to Light system, picking faster
and more accurately year-on-year
•Investment in supply chain capability has improved
product resilience and customer experience,
partially funded through the resulting favourable
customer credit costs
My Food Bag Group Limited FY26 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
21.3%
23.3%
21.9%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
FY24 H1FY25 H1FY26 H1
Contribution Margin %

Strengthening Balance Sheet with Continued Debt Reduction
Summary balance sheet ($m)
FY26 H1FY25 H1
Assets
Cash and cash equivalents
-
1.8
Working capital
assets
6.7
2.3
Property, plant, and equipment
6.3
7.4
Right-of-use assets
5.8
7.5
Intangible and other assets
86.5
86.6
Liabilities
Bank overdraft
(0.1)
-
Working capital liabilities
(16.1)
(11.5)
Lease liabilities
(6.7)
(8.5)
Bank debt
(5.5)
(11.5)
Other liabilities
(6.9)
(7.4)
Equity
70.1
60.8
•Net debt has reduced by $1.4m from
31 March 2025with surplus cash
being used to reduce debt. This is a
reduction of $4.2m from 30
September 2024
•Movement in working capital assets
and liabilities reflects the difference in
timing of the weekly cash cycle. At 30
Sept 2025 deferred revenue is
recognised with respect to the next
week’s deliveries
•No significant capital purchases in
FY26 H1 with the movement in PPE
being depreciation
• Total debt facilities of $20m in place
My Food Bag Group Limited FY26 Half Year Result21

Free Cash Flow EnablingInterim Dividend Payment and Further
Debt Reduction
•Net cash from operating activities is $5.8m,
slightly lower than FY25 H1
•Reduced capex spend supporting stronger cash
flow
•An interim dividend of 0.75cps has been
declared to be paid in December 2025
•This dividend payment is at a level that will allow
the continued reduction of debt and preservation
of cash flow
My Food Bag Group Limited FY26 Half Year Result
*EBITDA is a non-GAAP measure. A reconciliation from GAAP NPBT to non-GAAP EBITDA can be found in the appendices.
22
Summary cash flow ($m)
FY26 H1FY25 H1
Net cash from operating activities5.8
6.3
Lease principal payments(1.3)
(1.1)
Capex(1.4)
(1.8)
Free cash flow3.1
3.3
EBITDA*7.2
7.8
Lease payments(1.5)
(1.4)
Pre-IFRS 16 EBITDA5.7
6.4

3
FY26
outlook

•We continue to focus on growing active customers and progressing our strategic objectives of leadership in meal
kits and expanding into the wider online food category
•Recent trading reflects continued growth with YTD revenue up 4.6% on prior year.This compares to 3.8% as at the
end of September
•Price adjustments at the end of September have resulted in higher gross margins post balance date although we
expect ingredients cost pressure to continue
•We expect full year profit to be broadly in line with the prior year
•Capex requirements are forecast to be lower than $3.3m with an ongoing focus on debt reduction
•The Board has declared an interim FY26 dividend of 0.75 cent per share and expects topay a final FY26 dividend
My Food Bag Group Limited FY26 Half Year Result24
FY26 Trading Conditions and Outlook
Growing leadership in meal kits and continue expanding into the wider online food category

4
APPENDICES

Statement of Comprehensive Income
26
*YOY movement % based on unrounded figures
*During FY26 H1, certain expenses were reclassified from ‘Indirect Expenses’ to ‘Assembly and Distribution’, with prior-year comparatives restated to reflect this change. Refer to the Interim Financial Statements for further detail.
My Food Bag Group Limited FY26 Half Year Result
FY26 H1
FY25 H1
YOY
Movement %
Statement of Comprehensive Income ($m)
ActualActual
Income
85.4
82.2
3.8%
CostofGoodsSold
(44.0)
(41.3)
6.7%
GrossMargin
41.4
40.9
1.3%
AssemblyandDistribution
(22.7)
(21.7)
4.9%
ContributionMargin18.719.2
(2.4%)
IndirectExpenses
(14.6)
(14.3)
2.1%
EBIT4.14.9
(17.2%)
InterestandFunding
(0.5)
(0.8)
(36.7%)
NetProfitBeforeTax
3.6
4.1
(13.3%)
IncomeTaxExpense
(0.7)
(1.1)
(32.2%)
NetProfitAfterTaxandComprehensiveIncome2.93.0
(3.2%)

Reconciliation of GAAP to non-GAAP financials
FY26 H1FY25 H1
YOY
Movement %
Reconciliation of GAAP to non-GAAP financials ($m)
ActualActual
Net Profit Before Tax3.64.1
(13.2)%
Add Back:
Depreciation and amortisation3.12.8
9.3%
Net financing costs0.50.8
(36.8)%
Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA)7.27.8
(7.5)%
My Food Bag Group Limited FY26 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 20 November 2025. 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 2025. 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 2025. 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 FY26 Half Year Result29

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Results Announcement

Results for announcement to the market
Name of issuer My Food Bag Group Limited (MFB)
Reporting Period 6 months to 30 September 2025
Previous Reporting Period 6 months to 30 September 2024
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$85,379 3.8%
Total Revenue
$85,379 3.8%
Net profit/(loss) from
continuing operations
$2,859 -3.2%
Total net profit/(loss)
$2,859 -3.2%
Interim/Final Dividend
Amount per Quoted Equity
Security
$0.0075
Imputed amount per Quoted
Equity Security
$0.0029
Record Date
1-Dec-25
Dividend Payment Date
15-Dec-25
Current period Prior comparable period
Net tangible assets per Quoted
Equity Security
-0.0655 -0.0822
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 person authorised 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 MAP 20 November 2025

Unaudited financial statements accompany this announcement.

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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 X
Record date 1 December 2025
Ex-Date (one business day before the Record Date) 28 November 2025
Payment date 15 December 2025
Total monies associated with the distribution $1,881,798.29
(250,906,438 shares at $0.0075 per share)
Source of distribution (for example, retained
earnings)
Retained earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution
1
$0.01041667
Gross taxable amount
2
$0.01041667
Total cash distribution
3
$0.00750000
Excluded amount (applicable to listed PIEs) N/A (not a listed PIE)
Supplementary distribution amount $0.00132353
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 $0.00291667
Resident Withholding Tax per financial product $0.00052083

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 4: Distribution re-investment plan (if applicable)
DRP % discount (if any) No discount
Start date and end date for determining market
price for DRP
28 November 2025 4 December 2025
Date strike price to be announced (if not available at
this time)
9 December 2025
Specify source of financial products to be issued
under DRP programme (new issue or to be bought
on market)
New Issue
DRP strike price per financial product
To be advised. The strike price will be based on a
volume weighted average price of shares in My
Food Bag calculated over a five day trading
period commencing on 28 November 2025.
Last date to submit a participation notice for this
distribution in accordance with DRP participation
terms
2 December 2025
Section 5: Authority for this announcement
Name of person authorised 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 MAP 20 November 2025