Annual Meeting Presentation

August 2024
1

2
Board of Directors
Tony Carter
Independent Chair
Jennifer Bunbury
Independent
Non-Executive Director
Sarah Hindle
Independent
Non-Executive Director
Mark Powell
Independent
Non-Executive Director
Cecilia Robinson
Non-Executive Director

Chairperson’s address
CEO’s update
Financial statements
Ordinary resolutions
Agenda
Other business
3

1.
Chairperson’s Address
Tony Carter
4

5
FY25 – Trading
update
•An encouragingstart to the year against challenging economic conditions, with active customers
for the first 20 weeks of trading broadly in line with prior yearat 60,100while net sales are down
around -1.6%
•We remain focused on active customer growth, with recent initiatives including our partnership
with the New Zealand Olympic Team, Bargain Box loyalty programme and relaunch of our ready-
made offering
•We continue to see the benefits of the action taken in FY24 to invest in and right size the
business, with our productivity and quality performance continuing to trend up
•The Boarddeclared a final FY24 dividend of 0.5 cents and expects to payan interim and final
FY25 dividend
•We will provide a full financial update when we release our interim results in November

2.
CEO’s Update
Mark Winter
6

* FY24 included a part 53rd week based on where My Food Bag’s weekly delivery cycle fell in the financial year. This last delivery weekend coincided with Easter, which (as expected) had fewer deliveries and relatively higher labour costs. The earnings associated with this part
53rd week were materially lower than usual as a result. All reported numbers are inclusive of this part 53rd week.
EBITDA is a non-GAAP measure. A reconciliation from GAAP NPBT to non-GAAP EBITDA can be found on page 56 of the annual report.
REVENUE*
$
162.2m
EBITDA*
$
16.0m
NPAT
$
6.0m
48.5%
Compared to 48.4% in FY23
With a contribution margin of 22.6%
7
AVERAGEORDER VALUE (AOV)
$
129.54
Down 0.4% YoY
Down 7.7% YoY
Final dividend declared
0.5cps
GROSS MARGIN %
Paid in June 2024
FY24 - YEAR IN
review
ACTIVE CUSTOMERS
56.8k
Compared to 57.5k in FY23
Down from $7.9m in FY23

Successful implementation of pick technology
Maintained gross margin in the face of inflationary pressures on inputs
Consolidated Auckland distribution centres
Extended customer flexibility and convenience
8
YEAR IN
review
Focused on paying off debt resulting in a reduction of net debt by $3.5m
Stabilised demand and Bargain Box deliveries up 19.5%

9
Be relevant and drive active customers by delivering flexibility, convenience, and great value
Fuel MFB with
ready made
solutions
Introduce new consumers
to MFB via ready-made
offerings & new product
strategies
Step change
convenience
Our meal solutions suit
more consumers lifestyles
Seamless
customer
experience
Every interaction with My
Food Bag is easy,
inspiring and reliable
Culture
Strengthen brand
power
Utilise our brand portfolio
to win in meal kits and
meal solutions
Community
Technology & Data
Driving productivity and growth through innovative solutions
Helping
Aotearoa New
Zealand eat
and live well
We will win by growing active customers
Improving our customer's experience in FY25

OurWinningBrandPortfolio
10
My Food Bagback to roots - simple, healthy, delicious
•Launched new Dinner, Done Better campaign
•Expanded recipe choice
Building awareness of Bargain Box as New Zealand's most affordable
meal kit
•Supermarket comparison, price freeze, a te reo cooking series and Saver Flavour e-
cookbook reinforcing affordable eating
•Added 16 recipes, including new healthier and low carb options to improve quality
and variety
Targeted health & weight-loss segment with revitalised Fresh Start
brand
•Launch of 8 week Reset
•New range of recipes including breakfast and lunch, to target full day solution
Our portfolio of brands remains a key tool for us in navigating current economic conditions

Transforming Business Operations
Investments in supply chain made to improve growth and
create capacity for efficiency
•Completed the roll out of new pick technology
•Pick technology enables improved productivity and
picking accuracy
•Consolidating onto one site for the North Island has
enabled more recipe choice and reduced overheads
•16 additional recipe options, with a total of 96 meals now on
the weekly menu across our three core brands
11
Operational enhancements driving improved
performance to customers
Improved picking
and quality
performance
resulting in 99%
accuracyacross H2
FY24
Supplier forecasting
enhancements
allowing customer
ordering to be
brought forward from
Sunday to Monday
NPS improved 4
points from 26 to
30 from customers
receiving boxes
packed with pick
technology
Transformed customer offering with more recipe selection and improved quality while reducing costs

Digital Platform Improvements
Throughout FY24 our in-house digital team supported the delivery of pick to light, as
well as initiatives to drive active customer, revenue and productivity outcomes
•Enhanced our Customer Messaging Platform to better communicate our offers to customers
•Developed new forecasting capability for supplier ordering, this enabled customers an extra day to
place ordersfrom a Sunday to aMonday to provide convenience and grow active customers
•Increased the number of premium meals we offer each week at a range of surcharge prices
•Restructured our recipe data, allowing us to better meet customers recipe preferences whilst reducing
production time
•We continue to develop a number of machine learning and AI opportunities across MFB aligned to
core business goals – both customer led and productivity based
12
Investing in digital capability to increase choice, convenience and recipe innovation

m
13
Strengthening staff engagement
•Improvementsin staff engagement survey with a score of +26 (FY23:
+15)
•Close to 45% of our vacancies were filled internally
•Turnover reduced by 14%
Championing learning and development
•Raising the Bar’ (our bespoke internal leadership programme) was a finalist
in the 2024 Human Resources New Zealand (HRNZ) awards for the
Learning and Development Category
•46% of our Auckland Operations team completed a numeracy and literacy
skills course
Driving diversity
•My Food Bag Women’s Leadership Network was launched
•A Diversity, Engagement & Inclusion committee was launched
Building Team Culture and Capability
Strengthening retention and capability of our staff

Evolution of insulation to Woolkraft
- wool wrapped in eco-friendly kraft
paper, maintaining cold chain while
reducing plastic use
Continued our support of
Garden to Table
Re-evaluated our cool-chain,
significantly improving our ice pack
system, including a new ice
supplier.
Key
Initiatives
FY24
The first NZ meal kit to use 100%
water in our ice packs, instead of
the gel found in many chiller packs
Refreshed our Approved Supplier
Programme and brought it in house
Significantly reduced food waste
becoming a near-zero food waste
company
Our total recordable injury frequency
rate reduction from 2.3 in FY23 to
1.6 in FY24
The total carbon footprint and
carbon intensity of our business
reduced in FY23 versus our base
year of FY22
Community and Environmental Impact
14

15
Be relevant and drive active customers by delivering flexibility, convenience, and great value
Fuel MFB with
ready made
solutions
Introduce new consumers
to MFB via ready-made
offerings & new product
strategies
Step change
convenience
Our meal solutions suit
more consumers lifestyles
Seamless
customer
experience
Every interaction with My
Food Bag is easy,
inspiring and reliable
Culture
Strengthen brand
power
Utilise our brand portfolio
to win in meal kits and
meal solutions
Community
Technology & Data
Driving productivity and growth through innovative solutions
Helping
Aotearoa New
Zealand eat
and live well
We will win by growing active customers
Improving our customer's experience in FY25

3.
FINANCIAL
statements
16

17
FY24 - YEAR IN
review
•Opportunity for shareholders to ask any
questions specifically on the financial
statements, the auditor’s report or the
company’s 2024 annual report.
•There will be an opportunity to ask any general
questions once all items on the agenda have
been considered.

4.
Ordinary
resolution
18

19
Ordinary resolution
Auditor's remuneration
That the Directors of My Food Bag be authorised to fix the fees and expenses
of the auditor of My Food Bag for the ensuing year.
The Board unanimously supports the resolution and recommends that shareholders vote in favour.

20
Voting – Proxies Received
ResolutionForAgainstProxy
discretion
Auditors' remuneration33,926,051
(94.37%)
334,158
(0.93%)
1,690,294
(4.70%)

5.
Other business
21

THANK
you
22

Disclaimer
This presentation has been prepared by My Food Bag Group Limited (the “Company” and, together with My Food Bag Limited,
"My Food Bag") for the purpose of the annual shareholders' meeting and is dated 16 August 2024. This presentation contains
summary information about My Food Bag and its activities, which is current as at the date of this presentation (or otherwise
stated). 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 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 ‘guidance’, '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
NZX Listing Rules), the Company is under no obligation to update this presentation whether as a result of new information, future
events or otherwise.
23

---

16 August 2024
NZX Code: MFB

My Food Bag Annual Shareholders’ Meeting – Chairman and CEO Addresses
Chairman’s Address
Mōrena and welcome to the annual shareholders’ meeting for My Food Bag. I am My Food Bag’s
independent chair, Tony Carter.

Today’s meeting is being conducted in person and online - we are very pleased to welcome those of
you participating online through the virtual meeting platform. I’ll provide you with further
instructions as we progress through the meeting, but for those of you attending virtually if you
encounter any technical issues, please refer to the virtual meeting online portal guide or you can
phone the helpline on 0800 200 220.

Before we formally begin, I would like to start by acknowledging Board members, Jen Bunbury (Chair
of the Audit and Risk Committee), Cecilia Robinson (Chair of the Marketing Committee and one of
My Food Bag’s founders), Sarah Hindle and Mark Powell (Chair of the Nomination and Remuneration
Committee).

We also have My Food Bag’s Leadership team in attendance, including:

- Mark Winter, Chief Executive Officer,
- Louise Newsome, Chief Financial Officer, and
- Olivia Clark, Financial Controller, who will assist with Q&A later in the meeting.

Our auditors, EY, are in attendance, represented by Lloyd Bunyan. Mr Bunyan will be available to
address any questions regarding the conduct of the audit. Finally, you will of course notice that we
are in the offices of our share registrar, MUFG Corporate Markets, and members of their team are
available today to help conduct the vote and act as our scrutineer.

I have had it confirmed to me that the Notice of Meeting has been sent to shareholders and other
persons entitled to receive it and I have been advised that we have a quorum present. On that basis,
I am pleased to formally declare the meeting open.

As always, shareholders were given the opportunity to attend the meeting and vote, or to appoint a
proxy to vote on their behalf. Proxies have been appointed for the purpose of this meeting in
respect of approximately 36 million shares, representing about 15% of our total share capital. My
fellow directors and I intend to vote all discretionary proxies we have received in favour of the only
resolution set out in the Notice of Meeting.

Turning to the agenda for today. Following my address, My Food Bag’s CEO, Mark Winter will
provide a business update before we move on to the more formal agenda items regarding the
acceptance of the FY24 financial statements and our ordinary resolution regarding the auditor’s
remuneration.

There will then be an opportunity for general Q&A. As always, I encourage shareholders to exercise
their right to vote and ask questions. You can send through your questions at any time through the
online portal by clicking the ‘Ask a Question’ button, and I encourage you to do so as early as
possible as this will allow us to answer these questions at the appropriate time during the meeting.

This financial year marks a successful transition for My Food Bag’s business. The steps we took in
2023 to realign aspects of our business to reflect trading conditions, capitalise on market
opportunities and add value for our customers is working. Against the backdrop of a difficult macro-
economic environment, we transformed our operations, and the second half of the year
demonstrated that having stabilised and reset the business, we can continue to grow profit. We are
a profitable business with a strong brand and customer offer, and the ability to take a greater share
of New Zealand’s online food market.

With FY24 presenting challenging economic conditions, we upweighted our focus on each of the
three core brands to highlight the unique value propositions relevant to current and future
customers. From Bargain Box, New Zealand’s most affordable meal kit, through to Fresh Start for
weight loss goals and My Food Bag which helps Kiwis ‘do dinner better’, our broad range of meal kit
and food solutions that sets us apart from our competitors. By realigning the brand architecture of
our three core brands – My Food Bag, Fresh Start and Bargain Box – we’re able to build on the
unique properties and proposition of each brand, giving us appeal to a wider audience to meet more
specific customer needs.

Across the year we focused on paying down debt and by the end of FY24, we reduced net debt from
$15.3m at the end of March 2023 to $11.8m. Based on FY24 performance and performance during
the start of FY25, the Board was pleased to pay a dividend of 0.5 cents per share for FY24.
We reduced our Board size during FY24. Following the resignation of Jon Macdonald during the
year, our Board size reduced from 6 Directors to 5 Directors.

As we navigate FY25, we recognise market conditions will remain challenging in the year ahead.
We’ve had an encouraging start to the year with the first 20 weeks of trading broadly in line with the
prior year, showing active customers of 60,100 while net sales are down around 1.6%.

We remain focused on active customer growth with recent initiatives including our partnership with
the New Zealand Olympic Team, Bargain Box loyalty programme and relaunch of our ready-made
offering. We continue to see the benefits of the action taken in FY24 to invest in and right size the
business, with our productivity and quality performance continuing to trend up. The Board declared
a final FY24 dividend of 0.5 cents and expects to pay an interim and final dividend in FY25.

We will provide a full financial update when we release our interim results in November.

I would like to finish by acknowledging and thanking all our team at My Food Bag for their continued
efforts and passion for our business, and also our shareholders for their continued support.

CEO’s Address

Tēnā Koutou and welcome.

Thank you to everyone here and online for attending today, it is always nice to meet with our
shareholders and we appreciate the opportunity.

We reported EBITDA of $16.0m for the 12 months to 31 March 2024. These earnings were
generated off $162.2m of revenue equating to an EBITDA percentage of 9.9%. Revenue was down
7.7% on the prior year, with our first half down -11.2% and our second half down -3.5%.

During FY24, we stabilised overall demand and drove significant Bargain Box growth of 19.5% in
deliveries. We also implemented a number of important initiatives to help enable its focus on
growing active customers, including:
- the implementation of picking technology in the Auckland and Christchurch assembly
centres driving a better customer experience and productivity savings
- Increased customer flexibility through extending more recipe choice, shortening order lead
times and adding more delivery slots
- Consolidation of Auckland distribution centres to increase productivity and lower overheads
These initiatives were all focused on strengthening My Food Bag’s performance going forward.

Our focus in FY25 is winning through growing active customers. We will achieve this by: delivering
flexibility, convenience and great value – these will be driven through productivity and growth
through innovative solutions.

The four pillars to grow active customers are;
1. Strengthening brand power – we will leverage our portfolio of brands to win in meal kits and
meal solutions;
2. A step change in convenience; by providing meal solutions to better suit our customers
lifestyles;
3. Creating a seamless customer experience – ensuring that every interaction that customers
have with My Food Bag is easy, inspiring and reliable
4. And fuelling My Food Bag with Ready Made solutions – introducing the convenience of our
tasty ready-made meal range to a wider customer base

We are delivering this by utilising our strengths and assets – our culinary expertise, our supply chain
capability, our brands and our technology.

Our portfolio of brands remains a key tool for us in navigating current economic conditions. My Food
Bag remains our flagship brand and despite recent growth in Bargain Box, remains our most popular
brand. In FY24 we returned My Food Bag back to its roots - simple, healthy, delicious, with all brand
touchpoints reviewed to deliver on the ‘Dinner, Done Better’ campaign. As New Zealand’s most
affordable meal kit, Bargain Box has proven to be the brand for the times in the current economic
environment. Our focus has been on building the profile of the brand through PR campaigns
including supermarket comparison, price freeze, a te reo cooking series and Saver Flavour e-
cookbook reinforcing affordable eating. We have continued to target the health and weight loss
segment with our Fresh Start brand. We have launched an 8-week reset loyalty programme and
have launched breakfast and lunch kits to allow Fresh Start to become a full day solution.

On the next slide we show how investments in supply chain have improved growth and created
capacity for efficiency. With the implementation of our new picking technology at our Christchurch
and Auckland assembly sites, we have been able to scale our recipe choice offering to customers
while seeing a 99% picking and quality accuracy since the implementation. Consolidating the
assembly of boxes for all brands onto one site for the North Island has enabled more recipe choice
for our Bargain Box customers and reduced further overheads.

Throughout FY24 we invested in digital capability to increase choice, convenience and recipe
innovation. We enhanced our segmented and personalised messages for customers communicating
new features, loyalty promotions and campaigns to strengthen frequency and average order value.
We developed forecasting capability allowing a reduction in supplier lead time. This has given
customers an extra day to place orders from a Sunday to a Monday to provide convenience and
grow active customers.

In FY24 we focused on strengthening our staff engagement. This is reflected in improvements in our
staff engagement survey, an increase in vacancies being filled internally and turnover being reduced
by 14%. We continue to invest in learning and development with nearly half of our Auckland
Operations team completing a numeracy and literacy course and our bespoke internal leadership
programme ‘Raising the Bar’. We also continued to advance our commitment to diversity and
inclusion, launching the My Food Bag Woman’s Leadership Network and establishing a DE&I
committee.

In FY24 we delivered a number of initiatives across packaging, environment, community and food
safety quality as part of our sustainability focus. This included the evolution of our insulation to
Woolkraft - a wool, wrapped in eco-friendly paper; we continued to keep supporting kiwi
communities including charities like garden to table and re-evaluated our cool-chain, significantly
improving our ice pack system, including a new ice supplier. These initiatives along with others,
strengthened the community, staff and environmental impact of my food bag.

In FY25 we remain focused on active customer growth with recent initiatives including our
partnership with the New Zealand Olympic Team, Bargain Box loyalty programme and relaunch of
our ready-made offering.

I look forward to providing an update on progress at our interim results in November.

Thank you again shareholders for the opportunity today and your continued support.
Ends
For investor relations queries:
Louise Newsome
ir@myfoodbag.co.nz
For media queries:
Louisa Kraitzick
+64 21 299 2628
louisa.kraitzick@pead.co.nz