AFC Group Holdings Limited Releases2025 Interim Results

AFC GROUP HOLDINGS LIMITED
INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE SIX MONTHS PERIOD ENDED 30 SEPTEMBER 2025

AFC GROUP HOLDINGS LIMITED
INTERIM CONSOLIDATED REPORT CONTENTS
FOR THE SIX MONTHS PERIOD ENDED 30 SEPTEMBER 2025
Page
Financial Statements
Interim Consolidated Statement of Comprehensive Income 3
Interim Consolidated Statement of Financial Position 4
Interim Consolidated Statement of Changes in Equity 5
Interim Consolidated Statement of Cash Flows6
Notes to the Interim Consolidated Financial Statements
7 - 16
Corporate Information17
Interim Report September 2025
Page 2

AFC GROUP HOLDINGS LIMITED
INTERIM CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTH PERIOD ENDED 30 SEPTEMBER 2025
Unaudited Unaudited
6 Months6 Months
September 2025September 2024
$$
Operating Revenue
2
33,053 402,345
Cost of Sales(37,529)(110,810)
Gross profit(4,476)291,535
Other Income
2
4,788 21,633
Expenses
Selling and Distribution Expenses
3
(1,452)(59,456)
Administration Expenses
3
(280,760)(351,936)
(281,900)(98,224)
Finance Income
3,168 2,079
Finance Expense
(84,908)(60,767)
(81,740)(58,688)
Profit / (Loss) before income tax(363,640)(156,912)
Income tax
Net profit / (loss) for the period(363,640)(156,912)
Other comprehensive income- -
Total comprehensive income / (loss) for the period(363,640)(156,912)
Equity holders of the parent(237,333)(124,464)
Non-controlling interest(126,307)(32,448)
(363,640)(156,912)
Profit / (loss) per share:
Basic and Diluted Earning per share in NZ$
5
(0.00006477)(0.00003397)
Operating profit / (loss)
Profit/(loss) and Total Comprehensive Income/(Loss)
Attributable to:
The interim financial statements are to be read in conjunction with the notes to the financial statements set out on
pages 7 to 16.
Interim Report September
2025
Page 3

AFC GROUP HOLDINGS LIMITED
INTERIM CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2025
Unaudited Audited
At 30 SeptemberAt 31 March
20252025
Note
$$
SHAREHOLDERS EQUITY
Issued share capital628,679,503 28,679,503
Accumulated losses(27,914,273)(27,676,940)
765,230 1,002,563
Non-controlling Interest(885,296)(758,989)
Total shareholders funds (120,066)243,574
Represented by:
CURRENT ASSETS
Cash and cash equivalents72,556
3,760
Trade, other and related party receivables9831
108,294
Current Investments10
20,223 20,223
Inventories8355,197
303,905
Prepayments and other current assets76,492
79,408
Total current assets455,299 515,590
NON-CURRENT ASSETS
Property, plant and equipment
111,470,611 1,455,273
Right-of-use assets
12132,966 158,701
Intangible assets and goodwill
183 258
Total non-current assets1,603,760 1,614,232
Total assets2,059,059 2,129,822
CURRENT LIABILITIES
Trade, other and related party payables 1,974,736 1,659,609
Lease liabilities12142,470 44,936
Short-term Loan32,919 56,447
Total current liabilities2,150,125 1,760,992
NON-CURRENT LIABILITIES
Borrowings
29,000 10,000
Lease liabilities12- 115,256
Total non-current liabilities29,000 125,256
Total liabilities2,179,125 1,886,248
Net assets (120,066)243,574
Total Equity attributable to shareholders
of the company
The interim financial statements are to be read in conjunction with the notes to the financial statements set
out on pages 7 to 16.
Interim Report September 2025
Page 4

AFC GROUP HOLDINGS LIMITED
INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTH PERIOD ENDED 30 SEPTEMBER 2025
Issued Share
Capital
Accumulated
Loss
Equity
Holders
Non-
Controlling
Interests
Total
$ $ $ $ $
Balance as at 1 April 202428,679,503 (27,513,356) 1,166,147 (737,767) 428,380
Comprehensive income
Net loss for the financial period- (237,333) (237,333) (126,307) (363,640)
Other comprehensive income- - - - -
Total comprehensive income/(loss)- (237,333) (237,333) (126,307) (363,640)
Balance as at 30 September 2024 (unaudited)28,679,503 (27,750,689) 928,814 (864,074) 64,740
Balance as at 1 April 202428,679,503 (27,513,356) 1,166,147 (737,767) 428,380
Comprehensive income
Net loss for the financial year-(163,584) (163,584) (21,222) (184,806)
Other comprehensive income- - - - -
Total comprehensive income- (163,584) (163,584) (21,222) (184,806)
Balance as at 31 March 2025 (audited)28,679,503 (27,676,940) 1,002,563 (758,989) 243,574
Comprehensive income
Net loss for the financial period- (237,333) (237,333) (126,307) (363,640)
Other comprehensive income- - - - -
Total comprehensive income/(loss)- (237,333) (237,333) (126,307) (363,640)
Balance as at 30 September 2024 (unaudited)28,679,503 (27,914,273) 765,230 (885,296) (120,066)
The interim financial statements are to be read in conjunction with the notes to the financial statements set out on pages 7 to 16.
Interim Report September 2025
Page 5

AFC GROUP HOLDINGS LIMITED
INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE SIX MONTH PERIOD ENDED 30 SEPTEMBER 2025
Unaudited Unaudited
6 Months6 Months
September 2024 September 2024
Note
$$
Cash flows from operating activities
Cash was received from:
Receipts from customers 31,021 31,352
Receipts from related parties109,495 283,379
Interest received3,168 2,079
Other receipts4,161 14,772
Cash was applied to:
Payments to suppliers and employees(337,439)(368,980)
Payments to related parties(76,958)(166,197)
Interest paid(2,979)(2,417)
Leases interest(7,618)(2,275)
Net cash inflow/(outflow) from operating activities(277,150)(208,287)
Cash flows from investing activities
Cash was received from:
Proceeds from disposal of property, plant and equipment-
-
Cash was applied to:
Purchase of property, plant and equipment- (3,174)
Net cash outflow from investing activities- (3,174)
Cash flows from financing activities
Cash was received from:
Proceeds from borrowings-
-
Receipts from related parties417,402
198,888
Cash was applied to:
Payments for lease liabilities principal
(142,083)(17,263)
Repayment borrowings
- -
Payments to related parties- -
Net cash inflow/(outflow) from financing activities275,319 181,625
(1,831)(29,836)
Foreign currency translation adjustment
627 6,861
Cash and cash equivalents at the beginning of the period
3,760 26,181
Cash and cash equivalents at the end of the period
72,556 3,206
Net increase/(decrease) in cash and cash equivalents
The interim financial statements are to be read in conjunction with the notes to the financial statements set out on
pages 7 to 16.
Interim Report September 2025
Page 6

AFC GROUP HOLDINGS LIMITED
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
FOR THE SIX MONTH PERIOD ENDED 30 SEPTEMBER 2025
1.ACCOUNTING POLICIES
REPORTING ENTITY
1.1Statement of compliance
1.2 Basis of preparation
1.3 Significant accounting policies
AFC GroupHoldingsLimited (the“Company”)is a company incorporatedanddomiciledin NewZealandandregisteredunderthe
CompaniesAct1993.The Companyislistedandits ordinary shares are quotedonthe NZX main board equity security market
(NZX main market)andthe addressesofits registered officeandprincipal placeofbusiness are disclosedinthe Corporate
Information sectionofthis report. The Companyis anFMC Reporting Entityunderthe Financial Markets ConductAct2013 andits
financial statements comply with the Companies Act 1993 and the Financial Markets Conduct Act 2013.
The interim consolidated financial statementsofAFC GroupHoldingsLimited for the six month periodended 30September2024
comprise the Companyandits subsidiaries (together referredtoasthe "Group"). For the purposesofcomplying with generally
accepted accounting practicein NewZealand ("NZ GAAP"), the Groupis a for-profit entity. The principal activityofthe Company
andthe Groupis toproduce, manufactureandpurchase food, health,andcosmetic products for distributionin NewZealandand
the Chinese markets. The Group also operates in the winery and vineyard industry which has manufacturing operations.
The condensed interim consolidated financial statements were approvedandauthorised for issuebythe directorson
____________. The directors are not able to amend the financial statements after issue.
The interim consolidated financial statements are preparedona cost basis except for financial assets which are carriedat
amortised cost. The interim consolidated financial statements for the Group are presentedin NewZealand dollars ($), whichis the
functional currencyof allentities within the Group. All financial informationhas beenroundedtothe nearestdollarunless otherwise
stated.
The preparationofthe interim financial statements requires managementtomake judgements, estimatesandassumptions that
affect the reported amountsin the interim financial statements. The estimatesandunderlying assumptions are basedonhistorical
experienceandadjusted for current market conditionsandother factors, including expectationsoffuture events that are considered
tobereasonableunderthe circumstances.If outcomes within the next financial period are significantly different from assumptions,
this could result in adjustments to carrying amounts of the asset or liability affected.
AFC GroupHoldingsLimitedhas appliedthe same accounting policiesandmethodsofcomputationinits interim consolidated
financial statements as were applied in the annual financial statements for the year ended 31 March 2025.
The interim financial statements areinrespectofthe six months period 1 April2025to30September2025.The comparative
periodis inrespectofthe six months period 1 April2024to30September2024.The year-end balance date willbe 31March2025
and full financial statements will cover the 12 months period 1 April 2024 to 31 March 2025.
These unaudited consolidated condensed interim financial statements(‘interimfinancialstatements’)havebeenpreparedin
accordance withNewZealand Generally Accepted Accounting Practiceandcomply with the requirementsofInternational
Accounting Standard (IAS)34Interim Financial ReportingandwithNewZealand EquivalenttoInternational Accounting Standard
(NZ IAS) 34 Interim Financial Reporting and the NZX Main Board Listing Rules.
The interim financial statementsdo notincludeallthe notesofthe type normally includedin an annualfinancial report. Accordingly,
these interim financial statements shouldbereadinconjunction with the audited consolidated financial statements for the period
ended 31March2025 and any publicannouncements madebythe Group during the interim reporting periodand uptothe dateof
these interim financial statements.
These consolidated financial statements havebeenpreparedinaccordance withNZGAAP. These consolidated financial
statements comply withNewZealand EquivalentstoInternational Financial reporting Standards ("NZ IFRS")andother applicable
Financial Reporting Standards, as appropriate for profit oriented entities.
Interim Report September 2025
Page 7

AFC GROUP HOLDINGS LIMITED
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
FOR THE SIX MONTH PERIOD ENDED 30 SEPTEMBER 2025
2.Revenue
September
2025
September
2024
NoteNZ$NZ$
Operating revenue
Sales - wine products6,388 375,519
Sales - cosmetic products26,630 26,713
Sales - other products35 113
Total operating revenue33,053 402,345
Other Income4,788 21,633
Total Other Income4,788 21,633
Total Income37,841 423,978
3.Expense
September
2025
September
2024
NoteNZ$NZ$
Included in Selling and Distribution Expenses
Business Events
- 2,730
Freight and Courier
1,452 1,662
Salaries and Sales Commission
- 55,063
Total Selling and Distribution Expenses
1,452 59,456
Included in Administration Expenses
Salaries
118,630 117,982
Consulting & Accounting
28,875 44,725
Audit Fees
34,840 35,251
Depreciation
26,286 21,217
Share Registry & listing Costs
11,804 18,534
Management fee
- 16,667
Storage fee
6,641 9,609
Rent
9,929 9,283
Licences & Subscriptions
11,926 9,285
Insurance
1,051 5,332
Other expenses
30,778 64,052
Total Administration Expenses
280,760 351,936
Finance costs:
Interest paid on borrowings from related parties77,290 56,075
Lease interest7,618 2,275
Other interest paid- 2,417
84,908 60,767
Profit / (Loss) before income tax has been
Interim Report September 2025
Page 8

AFC GROUP HOLDINGS LIMITED
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
FOR THE SIX MONTH PERIOD ENDED 30 SEPTEMBER 2025
4.INCOME TAX
5.EARNINGS PER SHARE
September
2025
September
2024
NZ$NZ$
Basic earnings per share
Profit/ (Loss) after taxation attributable to equity holders of the parent
(237,333) (124,464)
3,664,253,194 3,664,253,194
Basic and Diluted Earning per share in NZ$(0.00006477) (0.00003397)
6.AUTHORISED AND ISSUED SHARE CAPITAL
Balance as at 31 March 2024
Shares Issued
No.
$
Ordinary shares
Balance at 1 April 2024
Ordinary shares on issue3,664,253,194 28,679,577
Treasury shares
(37,082)(74)
Ordinary shares on issue at 1 April 2024 excluding treasury shares
3,664,216,112 28,679,503
Movement for 2025 financial year
Ordinary shares authorised and issued
- -
Ordinary shares on issue at 31 March 2025
3,664,216,112 28,679,503
Movement to 30 September 2025
Ordinary shares authorised and issued
- -
Ordinary shares on issue at 30 September 2025 excluding treasury shares
3,664,216,112 28,679,503
The Grouphas notissuedany newshares during the period. All ordinary shares issued are fullypaid.All ordinary shares
rankequallywithonevote attachedtoeach fullypaidordinary shareandhaveequaldividend rightsand no parvalue. The
Group has not declared or proposed to pay any dividends for the period ended 30 September 2025 (September 2024: Nil).
Treasury shares are those shares acquiredbythe company from shareholders who exercised their minoritybuyback rights
atthe time shares were issuedtoNZSilveray Group Limited. These shares areheld bythe company until the directors
resolvetoreissue the sharesortocancel the shares.Atreporting date, the companyheld37,082 treasury shares which
were acquired during 2016.
Weighted average number of ordinary shares on issue
There havebeen noother transactions involving ordinary sharesorpotential ordinary shares between the reporting dateand
the date of authorisation of these financial statements.
The earningsandweighted average numberofordinary shares usedinthe calculationofbasic earningspershare areas
follows:
The Group calculates the period's income tax expense using28%whichisthe tax rate that wouldbeapplicabletothe
expected total annual earnings (September 2023: 28%).
The Grouphas anunused tax lossesof$ 1,459,508boughtforward from31March2024.Losses canbecarried forward
indefinitelyunderNewZealand taxlaw(assuming shareholder continuity requirements are metandapprovalofthe Inland
Revenue Department is obtained).
The Grouphas notrecognised a deferred tax assetonits StatementofFinancial Positionas atreporting date.Indeciding
whethertorecognise the deferred tax assets, the Grouphasdeterminedif the utilisationofdeferred assetsis probableand
whetherit islikely that sufficientandsuitable taxable profits willbeavailableinthe future against which the reversalof
temporary differences can be deducted.
Interim Report September 2025
Page 9

AFC GROUP HOLDINGS LIMITED
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
FOR THE SIX MONTH PERIOD ENDED 30 SEPTEMBER 2025
7.CASH AND CASH EQUIVALENTS
SeptemberMarch
20252025
$$
Cash at bank and on hand2,556 3,760
Total cash and cash equivalents2,556 3,760
8.INVENTORIES
SeptemberMarch
20252025
$$
Work in progress
51,477 150,393
Finished goods
566,536 416,327
Provision for inventory
(262,815)(262,816)
Total Inventories
355,197 303,905
Provision of closing stock
Opening provision of closing stock
(262,816)(208,748)
Reversal of opening provision for inventory
- (54,068)
Released/(Charged) to profit & loss
1 -
Closing provision for closing stock
(262,815)(262,816)
9.
TRADE, OTHER AND RELATED PARTY RECEIVABLES
SeptemberMarch
20252025
Note
$$
Trade receivables - third parties830 14,460
Trade receivables - related parties1 -
831 14,460
Allowance for impairment losses- (14)
Total trade and related party receivables
831 14,446
Trade debtors are non-interest bearingandreceiptis normallyon 30days terms. Related party receivables are non-interest
bearing and repayable on demand as disclosed in note 15.
The carrying amountofcashandcash equivalents approximates their fair value. Cashat bankearns interestatfloating
rates on daily deposit balances. Cash and cash equivalents consist of bank accounts and petty cash.
Inventory of $262,816 has been written down to net realisable value/lower of cost (31 March 2024: $208,748).
Assessing write downs for inventory obsolescenceand netrealisable value involves making estimatesandjudgementsin
relation to future selling prices between the most recent store stock counts and reporting date.
Interim Report September 2025
Page 10

AFC GROUP HOLDINGS LIMITED
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
FOR THE SIX MONTH PERIOD ENDED 30 SEPTEMBER 2025
9.
TRADE, OTHER AND RELATED PARTY RECEIVABLES(contiued)
SeptemberMarch
20252025
Movement in the allowance for impairment losses$$
Opening Balance 1 April
- 14
Reversal of prior year provision
- (14)
- -
- -
10.Current Investments
SeptemberMarch
20252025
NZ$NZ$
20,223 20,223
20,223 20,223
Short term deposit
Total current Investments
The carrying amount current investments approximates their fair value.
The short term deposit with ANZ earns interest at the time deposit rate.
The Group establishesanallowance for impairment that represents its estimateofincurred lossesinrespectoftradeand
related party receivables. The main componentofthis allowanceisa specific loss component that relatestoindividually
significant exposures,anda collective loss component established for groupsofsimilar assetsin respectoflosses that have
beenincurredbut notyet identified. The collective loss allowanceisdetermined basedonhistorical dataofpayment
statistics for similar financial assets.
The directors consider that thereis nomaterial difference between the carrying valueandfair valueoftrade debtorsand
related party receivables. The Group's management considers thatallfinancial assets that arenotimpairedorpastduefor
eachofthe reporting datesunderreview areof goodcredit quality. The directors also consider that the receivables that are
past due and not impaired are fully recoverable.
Charge for the financial year
Closing Balance 30 September/31 March
Interim Report September 2025
Page 11

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
FOR THE SIX MONTH PERIOD ENDED 30 SEPTEMBER 2025
11.
PROPERTY, PLANT AND EQUIPMENT
Land Buildings
Land
Improvements
Plant &
Equipment
Motor
Vehicles
Computer
Equipment
Fixture &
Fittings,
Office
Equipment
Bearer
Plants -
Grape Vines
WIP-Mobile
Building
Total
$$$$$$$$$
As at 31 March 2025
Cost
Cost as at 1 April 2024
320,000 905,200 50,000 305,854 76,135 20,804 32,447 80,000 -
1,790,441
Additions - - - - 3,174 - - - 85,885 89,059
Disposal- - - - - - - - - -
Impairment- - - - - - - - - -
Prior period correction- - - - - - - - -
Written off- - - - - - - - -
Cost as at 31 March 2025
320,000 905,200 50,000 305,854 79,309 20,804 32,447 80,000 85,885
1,879,500
Accumulated Depreciation
- (16,378)- (238,360)(67,348)(18,487)(30,025)(37,123)-
(407,721)
- (1,787)- (7,794)(1,902)(1,158)(648)(3,216)-
(16,505)
- - - - - - - - -
- - - - - - - -
-
Impairment
- - - - - - - -
-
- (18,165)- (246,155)(69,249)(19,645)(30,673)(40,339)-
(424,226)
Carrying Amount
Cost
320,000 905,200 50,000 305,854 79,309 20,804 32,447 80,000 85,885 1,879,500
- (18,165)- (246,155)(69,249)(19,645)(30,673)(40,339)-
(424,226)
320,000 887,035 50,000 59,700 10,060 1,159 1,775 39,661 85,885
1,455,273
As at 30 September 2025
Cost
Cost as at 1 April 2025
320,000 905,200 50,000 305,854 79,309 20,804 32,447 80,000 85,885
1,879,500
Additions
- - - - - - 1,280 29,976
31,255
Impairment
- - - - - - - -
-
Disposal
- - - - - (125)(24)(4,250)
(4,399)
Cost as at 30 September 2024
320,000 905,200 50,000 305,854 79,309 20,679 33,703 105,726 85,885
1,906,356
Accumulated Depreciation
- (18,165)- (246,155)(69,249)(19,645)(30,673)(40,339)-
(424,226)
- (840)(5,133)(773)(258)(3,083)(1,433)(11,519)
disposal
- - - - - - - -
-
- (19,005)- (251,287)(70,022)(19,904)(33,755)(41,772)- (435,746)
Carrying Amount
Cost
320,000 905,200 50,000 305,854 79,309 20,679 33,703 105,726 85,885 1,906,355.54
- (19,005)- (251,287)(70,022)(19,904)(33,755)(41,772)-
(435,744.54)
320,000 886,195 50,000 54,567 9,287 775 (52)63,954 85,885 1,470,611
Depreciation chargefor the
period
Accumulated Depreciation at
30 September 2024
Accumulated Depreciation
Carrying Amount 30
September 2025
Accumulated Depreciation at 1
April 2024
Depreciation charge for the
year
Accumulated Depreciation at
31 March 2025
Accumulated Depreciation
Carrying Amount 31 March
2025
Accumulated Depreciation at 1
April 2025
Disposal
Prior period correction
Interim Report September 2025
Page 12

AFC GROUP HOLDINGS LIMITED
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
FOR THE SIX MONTH PERIOD ENDED 30 SEPTEMBER 2025
11.RIGHT-OF-USE ASSETS
11.1Right-of-use assets
BuildingsTotal
At 1 April 2024
44,049 44,049
Termination of lease
- -
Addition of lease
155,313 155,313
Depreciation
(40,661)(40,661)
At 31 March 2025
158,701 158,701
At 1 April 2025
158,701 158,701
Depreciation
(25,734)(25,734)
Addition
- -
disposal
- -
At 30 September 2025
132,966 132,966
11.2Lease liabilities
BuildingsTotal
At 1 April 2024
50,578 50,578
Termination of lease
- -
Addition of lease liabilities
155,313 155,313
Lease interest
3,363 3,363
Lease payments
(49,063)49,063-
At 31 March 2025
160,191 160,191
Lease liabilities
Current lease liabilities44,936 44,936
Non-current lease liabilities115,256 115,256
Total lease liabilities
160,192 160,192
At 1 April 2025
160,192 160,192
Lease interest
7,618 7,618
Lease payments
(25,340)(25,340)
At 30 September 2025
142,470 142,470
Lease liabilities
Current lease liabilities
142,470 142,470
Non-current lease liabilities
- -
Total lease liabilities
142,470 142,470
12.COMMITMENTS AND CONTINGENCIES
The Group has no capital commitments at 30 September 2024(31 March 2024: Nil)
The Group terminated two leased propertiesandleasesone newpropertyinNew Zealand. The periodicrentisfixed
over the lease term.
31 March 2025
30 September 2025
31 March 2025
30 September 2025
Interim Report September 2025
Page 13

AFC GROUP HOLDINGS LIMITED
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
FOR THE SIX MONTH PERIOD ENDED 30 SEPTEMBER 2025
13.INVESTMENT IN SUBSIDIARIES
Name of subsidiaryPrincipal activity
September
2024
March
2024
Vineyard and winery51%51%
Commodity trading100%100%
100%100%
51%51%
100%100%
100%100%
14.SEGMENT REPORTING
Vineyard and winery
Manufacturing
Corporate
Ownership interest and voting
rights
AFC International Trading Group Limited
The Group operatesina numberofbusiness segmentsinNew Zealand. The Grouphasdetermined its operating
segments into four segments, namely international marketinganddistribution, vineyardandwinery, manufacturingand
corporate. These segments reflect the different typeofindustry sectors within which the Group operates. The Company
is considered to be in the corporate operating segment.
Information regarding the operations of each reportable operating segment is included below.
AFC Longview Limited, a vineyardandwinery basedinWhangarei which producesandsells a numberofvarietalsand
blends of wine.
AFC Biotechnology Manufacture Co Limited which manufactures disposable face masks.
Manufacturing
Non-Trading
National Dairy Group Limited
AFC Biotechnology Manufacture Co Limited
AFC GoGlobal Education Limited
AFC Education Investment Limited
All the subsidiariesareincorporatedinNew Zealandandhave31March balance dates. They also apply uniform
accounting policies with the parent company.
AFC Longview Limited
Non-Trading
Non-Trading
The Group's operating segmentsarereportedina manner consistent with the internal reporting providedtothe chief
operating decision-maker. The chief operating decision-makeristhe personor groupthat allocates resourcestoand
assesses the performanceofthe operating segmentson anentity. The Grouphasdetermined the Group's Boardof
Directorsasits chief operating decision-makerastheboardisresponsible for allocating resourcesandassessing the
performanceofthe operating segmentsandmaking strategicandoperating decisions. Incomeandexpenses directly
associated with each segment are included in determining each segment's performance.
The operationsofthis segment include providing accounting, managementandadministration servicestoother
segmentsofthe Group. AFC GoGlobal Ecommerce LimitedandAFC Education Investment Limited didnottrade during
the periodandhavebeenincludedunderthis segment. AFC International Trading Group Limited, which sources
packaged food products, cosmeticsandhealth products. National Dairy Group Limited, which sources food products for
distribution for China. National Dairy Group Limited was not trading during the period.
Nooperating segments havebeen aggregatedtoform the above reportable operating segments. The Group's taxation
has not been allocated to segments and is included centrally. Financing has been allocated to segments.
Sales between the segmentsofthe Grouparecarriedout at anarm’slength basisina similar mannertotransactions
with third parties.
The following tables present revenueandprofit information for the Group's operating segments for the six monthsended
30 September 2025 and 2024, respectively:
Interim Report September 2025
Page 14

AFC GROUP HOLDINGS LIMITED
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
FOR THE SIX MONTH PERIOD ENDED 30 SEPTEMBER 2025
14.SEGMENT REPORTING (continued)
Vineyard and
winery Corporate Manufacturing
Eliminations and
adjustments
Period ended 30
September
$$$$$
For the six months ended 30 September 2025
Operating Income
Revenue from external customers
6,423 - 26,630 - 33,053
Other Income
3,901 60,252
635 (60,000)4,788
Finance Income621
165,793 4
(163,250)3,168
Total Revenue10,945 226,045 27,269 (223,250)41,009
Cost of sales2,147 - 35,382 - 37,529
Operating Expenses
Interest31,728
88,336 128,094
(163,250)84,908
Amortisation and impairment losses- 75 - - 75
Depreciation
- 26,196 90 - 26,286
Other expenses91,398 217,199 7,254 (60,000)255,851
Total operating expenses
123,126 331,806 135,438 (223,250)367,120
(114,328)(105,761)(143,551)- (363,640)
For the six months ended 30 September 2024
Operating Income
Revenue from external customers
375,632 - 26,713 - 402,345
Other Income
10,518 94,205 6,910
(90,000)21,633
Finance Income1
155,787 33
(153,742)2,079
Total Revenue386,151 249,992 33,656 243,742- 426,057
Cost of sales78,689 - 32,121 - 110,810
Operating Expenses
Interest35,493
64,113 114,903
(153,742)60,767
Amortisation and impairment losses
- 75 - - 75
Depreciation
118 20,907 192 - 21,217
Other expenses
186,094 255,589 38,417 (90,000)390,100
Total operating expenses
221,705 340,684 153,512 243,742- 472,159
Segment profit/(loss) before tax
85,757 (90,692)(151,977)- (156,912)
Segment profit/(loss) before tax
Interim Report September 2025
Page 15

AFC GROUP HOLDINGS LIMITED
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
FOR THE SIX MONTH PERIOD ENDED 30 SEPTEMBER 2025
14.SEGMENT REPORTING (continued)
Vineyard and
winery Corporate Manufacturing
Eliminations and
adjustments Total
$$$$$
As at 30 September 2025
Segment assets1,650,166 6,899,778 55,307 (6,546,192)2,059,059
Capital Expenditure- - - - -
Segment Liabilities812,425 2,433,239 2,745,655 (3,812,194)2,179,125
As at 31 March 2025
Segment assets1,693,003 6,671,514 71,328 (6,306,023)2,129,822
Capital Expenditure- - - - -
Segment Liabilities741,046 2,099,100 2,618,124 (3,572,022)1,886,248
15.NET TANGIBLE ASSETS PER SHARE
SeptemberMarch
20252025
$$
Total assets2,059,059 2,129,822
Less right-of-use assets132,966 158,701
Less intangible assets183 258
Tangible assets1,925,910 1,970,863
Less total liabilities2,179,125 1,886,248
Add lease liabilities142,470 160,192
Net tangible assets(110,745)244,807
Number of ordinary shares on issue3,664,253,194 3,664,253,194
Net tangible assets / liabilities per share in NZ$(0.00003022)0.00006681
16.CONTINGENT LIABILITIES
17.EVENTS AFTER THE REPORTING PERIOD
18.SEASONALITY OF INTERIM OPERATIONS
The vineyardandwinery segment harvest it'sgrapesin the second halfofthe financial year,andprocesses thegrapes
into bottles in the interim period. This does not affect the sales for the segment.
There are no other significant seasonality or cyclicality of business affecting the interim operations.
The following tables present assetsandliabilities information for the Group's operating segmentsas at 30September
2025 and 31 March 2025, respectively:
The eliminationsandadjustmentsofsegment profit, assetsandliabilities relatetointercompany transactionsand
balances which are eliminated on consolidation.
The Group has no contingent liabilities at 30 September 2025 (31 March 2025 : Nil)
The net tangible assets and number of shares are as follows:
There are no significant events after the reporting period.
Interim Report September 2025
Page 16

AFC GROUP HOLDINGS LIMITED
CORPORATE INFORMATION
SOLICITORSAFC GROUP HOLDINGS LIMITED
Buddle Findlay New Zealand LawyersSecurity code: AFC
P O Box 1433Listed on NZX Market
Auckland 1140NZ Company number: 1799581
SHARE REGISTRAR HEAD OFFICE / REGISTERED OFFICE
Computershare Investor Services Limited AFC Group Holdings Limited
Level 2, 159 Hurstmere RoadLevel 15, Tower 2, 205 Queen Street
Private Bag 92-119Auckland CBD
Auckland 1142Auckland 1010
ACCOUNTANTS TELEPHONE
RSM New Zealand (Auckland)64-09-300-6268
PO Box 204276
Level 2, Building 5
62 Highbrook Drive, HighbrookWEBSITE
Auckland 2013www.afcnz.com
BANKERS
ANZ Bank New Zealand Limited
Interim Report September 2025
Page 17

---

AFC GROUP HOLDINGS LIMITED
(Listed on the NZX: AFC)
Level 15, Tower 2, 205 Queen Street
Auckland CBD,1010
Ph: +64 (09) 300-6268


AFC Group Holdings Limited (AFC) Releases Interim Results

AFC Group Holdings Limited (AFC Group) reports its financial results for the six-
months ended 30 September 2025. The interim financial statements for the period have
not been audited.

Financial Results Summary

AFC Group reports a revenue of NZ$33 thousand during the six-month period, which
was 92% lower than the prior six-month period ended 30 September 2024. The primary
reason for this is the decline in revenue from the completion of a major domestic and
overseas wine contract. Accordingly, the Company has begun to focus on strengthening
collaboration with our local distributor to promote sales. The company is seeking to
establish new partnerships and increase domestic sales in the second half of the year.

In the six months to 30 September 2025, AFC Group recorded a net loss of NZ$363
thousand, driven by lower revenue. This compares with a net loss of $156 thousand for
the prior comparable period. No dividends have been declared or paid for the six months
ended 30 September 2025.

In addition, the net assets of AFC Group were negative NZ$120 thousand, down 149%
from the annual position as at 31 March 2025. This commentary on financial results
should be read with the unaudited consolidated financial statements for the six months
ended 30 September 2025.

Principal Activities

AFC Group operates a number of businesses in New Zealand, including subsidiaries
that operate vineyards and wineries, manufacture skin care products, and engage in
international marketing and distribution. Over the years, the Group has developed a
number of well-known brands and products, including DD Mask, Longview Estate
White Diamond Wine, and others. Meanwhile, AFC Group is committed to helping
New Zealand small and medium-sized enterprises (SMEs) gain access to the Chinese
market and expand their opportunities.

Review of Operations and Outlook

AFC Longview Limited (“AFCLV” and “Longview Estate”)

AFCLV has been focused on enhancing both productivity and market presence.

The Company is restoring its vineyards, with plans to boost yields by removing sick

grape vines, planting more White Diamond vines, and sourcing additional grapes
externally to ensure a steady supply for production. To maximise reach and drive sales,
AFCLV is focused on strengthening its sales channels by integrating with export
partners, local distributors, and online shops. AFCLV is actively seeking new
distribution partners to secure additional sales contracts. Further efforts are underway
to increase customer engagement through targeted email campaigns, social media
promotions, and participation in wine exhibitions.

AFC Biotechnology Manufacture Co Ltd (“AFCBIO”)

AFCBIO has partnered with an experienced domestic distributor to drive sales of its
flagship products: DDMASK rose water brightening facial mask and DDMASK
manuka honey moisturising smoothing facial mask. However, due to changes in
market preferences and the “Daigou” industry, sales increased slowly and did not meet
expectations over the six-month period. The Company will strengthen collaboration
with the distributor to enhance sales performance.

AFC Group Holdings Limited(“AFC”)

AFC continues to explore new business ventures. The Company is progressing with
its mobile building project, having entered negotiations with potential clients and
initiated applications for Resource and Building Consents. While revenue from this
project will take time to materialise, the Company is optimistic about future growth
as these new opportunities develop.

The AFC Group is committed to advancing its strategic initiatives to improve
operational efficiency and financial performance. The Group will continue to focus on
enhancing its presence in the domestic and international markets and looks forward to
seizing new opportunities in the near future.



On behalf of the Board of Directors



Hao Long
Interim CFO
AFC Group Holdings Limited

---

Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)


Results for announcement to the market
Name of issuer AFC Group Holdings Limited
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
$33 (92%)
Total Revenue $33 (92%)
Net profit/(loss) from
continuing operations
($281)
(187%)
Total net profit/(loss) ($363) (132%)
Interim/Final Dividend
Amount per Quoted Equity
Security
It is not proposed to pay any dividends for the period ended 30
September 2025
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
($0.00003022) $0.00007661
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
AFC Group reported NZ$33k revenue for the six months ended
30 September 2025, down 92% from the prior period due to
weaker domestic and overseas wine sales. Contributing factors
included market competition, higher logistics costs, and limited
marketing investment.

The Company recorded a net loss of NZ$363k (vs. NZ$156k
prior period). Net assets were negative NZ$120 thousand, a
149% decline from 31 March 2024.

To restore growth, AFC Group will strengthen local
partnerships to boost domestic sales, diversify product range
with premium offerings, optimize costs and renegotiate supplier
contracts, explore export opportunities in Asia-Pacific.
These initiatives aim to improve revenue in the second half and
support long-term sustainability.
This announcement should be read with the unaudited
consolidated financial statements for the six months ended 30
September 2025.

Authority for this announcement
Name of person authorised
to make this announcement
Howard Long
Contact person for this
announcement
Howard Long
Contact phone number +64 9 3006 268
Contact email address Howard.Long@afcnz.com
Date of release through MAP 28/11/2025

Unaudited financial statements for the six months ended 30 September 2025 accompany
this announcement.