My Food Bag records full year profitability up 5%
My Food Bag records 5% growth in H2 with full year profitability up 5%
• Revenue of $162.1 million, inline with FY24
• EBITDA
1
of $16.1 million, compared to $16.0 million in FY24
• NPAT of $6.3 million, up 5% on $6.0 million in FY24
• Net debt reduced by $4.9m to $6.9m and free cash flow of $7.6m
• FY25 H2 revenue growth of 5% on a normalised
2
year on year basis
• Successful launch of the Shop, offering one off purchases without a subscription
• Fully imputed final dividend of 0.85 cent per share declared, payable in June
• My Food Bag has established a Dividend Reinvestment Plan, which will operate for the
upcoming dividend
Meal kit and food solutions business, My Food Bag Group Limited, today reported
EBITDA
1
of $16.1 million for the twelve months to 31 March 2025 (FY25), and a return to
growth in the second half of FY25, building on a stable performance in a challenging
retail environment. Revenue for FY25 was $162.1 million, consistent with the prior year.
Notably, second-half revenue reached $79.9 million, representing a 5.0% increase on a
normalised
2
year-on-year basis and a 1.9% lift compared to the first half of FY25.
Commenting on the performance, My Food Bag CEO Mark Winter said:
“Our results reflect the positive impact of the initiatives taken to strengthen our
customer offering and improve operational efficiency. We’re seeing clear signs that
these efforts are translating into sustained business performance and renewed growth.”
Business highlights
The company’s continued focus on enhancing the customer experience and broadening
its product range, while maintaining margins amid ongoing cost pressures reflects its
strong strategic execution and commitment to delivering value and convenience. Winter
highlighted that recent initiatives, such as the launch of My Food Bag’s Shop-a new
channel offering one-off meal kits and gifting options without a subscription, have
resonated strongly with customers.
In response to the growing demand for health-focused solutions, My Food Bag
relaunched its Gluten-Free range and introduced new tailored options, including Low
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 FY25 Annual Report.
2
The second half of FY24 contained 27 delivery weeks based on where My Food Bag’s weekly delivery cycle fell,
compared with the second half of FY25 which had 26 weeks. For the purpose of this normalised comparison, we have
ignored the final 27th week from the second half of FY24.
Carb, High Protein as well as a Diabetes Plan, a partnership with Diabetes New
Zealand helping unlock incremental growth and further strengthening its purpose-led
mission to help Aotearoa eat and live well.
“We’ve seen a genuine lift in purchase frequency and satisfaction, reflected in record-
high Net Promoter Scores said Winter. “Our major UX (user experience) upgrade to the
web and app has made it easier for customers to find meals that suit their lifestyle,
while partnerships with organisations like the NZ Olympic Team and Auckland FC have
reinforced our local roots and strengthened brand relevance with Kiwis.”
“The Board also remained committed to shareholder returns and is pleased to declare a
fully imputed final dividend of 0.85 cents per share” said My Food Bag Chair Tony Carter.
“This brings the total dividend for FY25 to 1.5 cents per share (fully imputed) at the same
time as further strengthening our balance sheet with nearly $5m repayment of debt. We
are also pleased to announce that My Food Bag has established a Dividend
Reinvestment Plan (DRP) which will operate for the final FY25 dividend.”
Outlook
My Food Bag is well-positioned to build on its positive momentum by continuing to
enhance convenience, target new customer segments by expanding health and
wellness offerings and invest in digital improvements to elevate the customer journey
end-to-end.
In the first eight weeks of FY26, demand growth has continued and despite inflationary
cost pressures, we are confident in our ability to manage these costs effectively.
“We also remain optimistic about the growth potential of the Bargain Box brand, which
is well-positioned to capture a greater share of value-conscious households through its
strong affordability proposition,” said Carter. “At the same time, the expansion of the My
Food Bag Shop presents a significant opportunity to reach non-subscription customers
seeking more flexible meal solutions. Over the past two years, we have taken deliberate
steps to right-size the business and enhance the customer experience, moves that have
laid a solid foundation for growth. Looking ahead, we are confident in our ability to build
on our leadership in the meal kit category and expand further into the broader online
food market.”
Importantly, the company’s commitment to its people remains central to its success. In
April 2025, My Food Bag was proud to be named the 2degrees Supreme Employer of the
Year for Auckland, an award that recognises the company’s dedication to fostering a
diverse, inclusive and inspiring workplace culture, with a strong focus on health, safety,
wellbeing and team development.
End
For investor relations queries:
Louise Newsome
ir@myfoodbag.co.nz
For media queries:
Trish Whitwell
trish.whitwell@myfoodbag.co.nz
---
MY FOOD BAG
Annual Report
2025
In this annual report references to the ‘Company’
are references to My Food Bag Group Limited.
References to ‘My Food Bag’ or the ‘Group’ are
to My Food Bag Group Limited together with its
subsidiary My Food Bag Limited. All references
to financial years (e.g. ‘FY24’ and ‘FY25’) are to
the financial year ended 31 March. References to
$ and NZ$ are to New Zealand dollars.
The annual report includes certain non-GAAP
financial information, including EBITDA, Ingredients
margin and Contribution margin. These measures
are used extensively by the Board and management
as indicators of underlying profitability. Non-GAAP
measures are not defined in NZ IFRS and are not
subject to audit. Non-GAAP performance measures
are not defined consistently by all companies.
Accordingly, these performance measures may
not be comparable with similarly titled measures
used by other companies. Reconciliations of
Non-GAAP financial information to a comparable
GAAP measure are shown on page 60.
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.
The annual report refers to Active Customers these
are defined as the unique number of customers who
have purchased in the last 13 weeks.
MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2025
Letter from the Chair and CEO 2
Results at a Glance 6
Business Update 8
Environmental, Social and Governance 16
Culture and Capability 26
Board of Directors 28
Management Team 30
Financial Statements 33
Independent Auditor’s Report 56
Non-GAAP Financial Information 60
Corporate Governance Statement 61
Other Disclosures 73
Directory 81
Key Dates 81
This Annual Report is dated 21 May 2025
and is signed on behalf of the Board by:
Tony Carter
Chair
Jen Bunbury
Director and Chair of the
Audit and Risk Committee
CONTENTS
1
MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2025
Letter from the
Chair and CEO
Supported by strong brands and an attractive customer
offering, we have grown our number of active customers and
our overall offering with the launch of the My Food Bag Shop.
The Shop utilises our strengths and assets to establish a more
flexible operating model allowing New Zealand households to
purchase one-off meal solutions with delivery within 48 hours
of ordering. The combination of customer improvements in
the meal kit business and establishment of the Shop put My
Food Bag in a stronger position to capture a larger share of
New Zealand’s growing online food market.
We were also delighted to launch our new purpose ‘Helping
Aotearoa New Zealand eat and live well’ which exemplifies
our dedication to providing simple, healthy and delicious meal
solutions to households across New Zealand and is a driving
force behind the key initiatives across the business.
Financial Performance
FY25 Revenue was $162.1 million, in line with the prior year.
Within this, the second half revenue of $79.9 million, is up
5.0% when normalised for different trading weeks
1
with the
prior comparative period, and up 1.9% on a half on half
comparative basis. NPAT was 5% up at $6.3 million against
$6.0 million in the prior year as was EBITDA of $16.1 million
against $16.0 million in the prior year. These results
demonstrate the action we have taken to date to strengthen
our customer proposition and drive efficiency, have delivered
growth and improved business performance.
FY25 has seen My Food Bag return to
growth, reflecting our unwavering focus
on growing active customers by prioritising
convenience, quality, and innovation. As
more Kiwis seek out simpler, healthier meal
solutions, we continue to evolve to meet their
changing needs reinforcing our position
as New Zealand’s leading provider of
meal solutions.
Our focus throughout the year has been on enhancing
customer experience, expanding our product range, and
strengthening the appeal of our portfolio of brands. We have
made significant strides in developing our offerings, capturing
operational efficiencies, and ensuring that every meal we
deliver exceeds customer expectations.
1. The second half of FY24 contained 27 delivery weeks based on where My Food
Bag’s weekly delivery cycle fell, compared with second half of FY25 which had 26
weeks. For the purpose of this normalised comparison, we have ignored the final
27th week from the second half of FY24.
MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2025
2
Active customer numbers are slightly up at 57,000 at the end
of FY25, versus 56,800 at the end of FY24. Gross margin
percentage has improved at 49.3% for FY25, compared to
48.5% during FY24. Contribution margin was also improved
at 23.3% in FY25, versus 22.6% in FY24. Despite ongoing cost
pressures, productivity initiatives in our supply chain as well as
a modest price increase across all our brands have supported
the margin growth. Average order value was $130.06 across
the year, up from $129.55 in FY24. This increase includes the
positive impact of the launch of My Food Bag serves 6 which is
at a higher price point.
This financial year demonstrates the resilience of My Food Bag
and effectiveness of its strategy, as seen by the revenue uplift in
the second half of the year. In delivering this growth we have
preserved our margin despite cost pressures and remained
committed to enhancing the customer experience. The launch
of the My Food Bag Shop represents an investment in growth
during the year, and it was pleasing to launch this offering from
within our current lease footprint and draw on the strengths and
assets of the wider business.
Throughout the year, strong free cash flow allowed for further
debt reduction, with net debt decreasing to $6.9 million by
the end of FY25, down from $11.8 million at the end of March
2024. This reduction further strengthens the balance sheet,
better positioning the company with flexibility for capitalising
on growth opportunities in the future.
While reducing debt, the Board also remained committed to
shareholder returns and is pleased to declare a fully imputed
final dividend of 0.85 cents per share. This brings the total
dividend for FY25 to 1.5 cents per share (fully imputed). A
Dividend Reinvestment Plan has been launched by My Food
Bag and will operate for the FY25 final dividend.
Business update
STRENGTHENING OUR BRAND PORTFOLIO
Our brand portfolio remains a key driver of our success.
With My Food Bag, Fresh Start, and Bargain Box, we have
established a strong market presence that caters to a broad
customer base. Throughout the year, our strategic focus on
providing a seamless customer experience has seen us develop
our offerings to ensure they align with the evolving tastes and
dietary preferences of Kiwis.
One of our achievements this year was the re-launch of the
My Gluten Free bag in collaboration with Coeliac NZ. As the
only meal kit offering with these credentials, we have built a
loyal following. In response to growing demand for healthier
options, we expanded our low-carb offerings across My Food
Bag and Bargain Box and introduced a high protein range
under Fresh Start.
In addition to dietary innovations, we consolidated our ready-
made meal range under the My Food Bag brand. This shift
has strengthened our convenience offering, making it easier
for customers to enjoy high-quality, chef-prepared ready-
made meals.
Bargain Box remains New Zealand’s most affordable meal
kit, a positioning that has never been more relevant. Our
affordability messaging was amplified through high-impact
campaigns, including the launch of our giant Bargain Box,
which celebrated the locally sourced produce in every delivery.
Fresh Start has continued to help Kiwis achieve their weight loss
and wellness goals with calorie-controlled, nutrient-rich meal
options. The optional 8-week Reset programme has driven
customer engagement, with seasonal updates and a rewards
scheme that keep participation levels high.
3
LETTER FROM THE CHAIR AND CEO
The pick technology implemented in FY24 has continued to
drive customer satisfaction through notably improved service
performance. This resulted in substantially improved Net
Promoter Scores being up 7ppt year on year and a reduction
in customer compensation.
LAUNCH OF THE MY FOOD BAG SHOP
The My Food Bag Shop, launched in November 2024, has
been a major milestone for the company. This initiative allows
customers to purchase care packages, gifting bundles, and
ready-made meals without a subscription delivered within 48
hours of ordering across New Zealand. Our flexible operating
model enables us to offer high-quality, convenient meal
solutions beyond our traditional subscription service, providing
greater choice and accessibility for customers.
We’ve successfully launched a portfolio of 19 products
designed to cater for a variety of popular gifting occasions.
This marks an exciting step beyond our core offering of
weeknight dinners, allowing us to engage a broader audience
- from corporate clients to existing meal kit customers, as well
as consumers who prefer not to commit to a subscription model.
COMMITMENT TO SUSTAINABILITY AND
OPERATIONAL EXCELLENCE
We remain dedicated to reducing our environmental impact.
In FY25, we continued to work towards circular packaging
solutions, including transitioning two suppliers from cardboard
to reusable crates for ingredient deliveries in our distribution
centres. We have continued to see a reduction in total CO2e
emissions in FY24 (unaudited) with an 11.3% reduction on
our base year FY22. Our commitment to local sourcing
remains strong, with our inaugural Supplier Awards hosted in
November 2024 celebrating excellence in quality, service and
innovation. Following our investment in pick technology and a
Our partnerships have played a vital role in driving
engagement and reinforcing our My Food Bag brand
proposition, “Dinner, Done Better.” Our collaboration with the
New Zealand Olympic Committee was a highlight, allowing us
to support the New Zealand team at the Paris 2024 Olympics.
This partnership not only showcased our commitment to Kiwis
but also drove strong engagement through campaigns like
‘Sweet Taste of Success,’ where customers were rewarded
every time New Zealand won a medal.
Nadia Lim continues to be a valued brand ambassador.
We sponsored the second season of Nadia’s Farm, featuring
exclusive recipes from the show on our menus. This initiative
further reinforced our local credentials and connection with
New Zealand households.
We continue to seek out sponsorship opportunities which align
with our brand and values, and we are excited to now be the
Official Meal Kit of Auckland FC who have had an exciting
and successful first season.
ENHANCING CUSTOMER EXPERIENCE
Customer experience remains at the core of our business
strategy. In FY25, we undertook a full user experience redesign
and replatform of our website and mobile app, making it
easier than ever for customers to navigate our expanding
meal range. The new experience offers personalised meal
recommendations, an integrated My Food Bag cookbook
which gives customers access to our full recipe database,
and an ingredient checklist to allow customers to easily see
the staple ingredients they require and check the contents of
their delivery.
We also continued to expand our delivery network and open
additional delivery windows to provide greater flexibility for
our customers.
MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2025
4
step change in operational performance we have introduced
our new operational excellence programme. We continue
to see improvements across customer facing metrics, pick
accuracy and delivery.
Our dedication to operational excellence was reflected
with our Christmas offering with the utilisation of our pick
technology offering protein choice for customers. The
execution of Christmas resulted in improved satisfaction
scores whilst also delivering an uplift in sales year on year.
INVESTING IN OUR PEOPLE
Our strong employee engagement and low turnover rates
are a testament to the positive workplace culture we have
cultivated. This is reflected with an average employee
engagement score of 8.15 out of 10 for FY25 up from 7.75
in FY24. Internal promotions and professional development
remain key priorities, ensuring our team continues to grow
with the business.
Our commitment to our people was recognised when
we won the 2degrees Supreme Employer of the Year
award for Auckland in April 2025. This award celebrated
our dedication to fostering a diverse and inspiring work
environment, recognising My Food Bags strong focus on
health, safety, and wellbeing, along with it’s commitment
to employee and team development.
Outlook
As we move into FY26, our focus remains on growth and
innovation. We will continue to enhance convenience,
expand our health and wellness offerings, and invest in digital
enhancements to improve the customer journey. Bargain Box
will build on its affordability positioning, capturing a greater
share of budget-conscious consumers, while the My Food Bag
Shop will see further expansion to attract non-subscription
customers. My Food Bag has continued to see demand growth
through the first 8 weeks of FY26.
Over the past two years we have taken action to right size
the business and improve the customer experience, laying
the foundation for the growth we have seen in FY25 and
positioning us strongly for the future. As we continue to grow,
we’ll maintain a disciplined approach to managing costs,
leveraging our existing fixed cost base to scale efficiently.
Looking ahead, our strategy is centred on growth, driven by
our leadership in the meal kits category and expansion into
the broader online food market including through the Shop.
To enable this growth, our strategy is built on four key pillars:
strengthening our brands, enhancing convenience, driving
personalisation, and reaching new customer segments. These
priorities will be underpinned by ongoing investments in our
people, supply chain, and technology.
The Board expects to continue to pay dividends in FY26.
We are excited about the future and grateful for your
continued support as we embark on another year of growth
and innovation.
Sincerely,
Tony Carter Mark Winter
Chair CEO
5
LETTER FROM THE CHAIR AND CEO
REVENUE
NPAT
Results
at a glance
AVE R AGE ORDE R VALUE
EBITDA
$
6.3m
$
162 .1m
$
13 0.1
0.4% YOY
5% YOY
FY24 56.8k
$
16 .1m
GROSS MARGIN %
49. 3%
FY24 48.5%
ACTIVE CUSTOMERS
5 7. 0 k
TOTAL FY25 DIVIDEND
1. 5cps
Fully imputed with a dividend
yield of 11.1%*
*Based on a share price of 0.187 as at 30 April 2025
MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2025
MEALS DELIVERED SINCE LAUNCH
fresh protein & produce
sourced locally
98%
at a glance
$60k raised
for Garden
To Table
(+21% YOY )
202520242023202220212020201920182017201620152014
2023202220212020201920182017201620152014
1m
4m
10m
22m
34m
54m
69m
90m
106m
122m
137m
151m
151m
19 new products
launched in the Shop
TRIFR*
1. 2
NPS
37%
*Total Recordable Injury Frequency Rate
FY24 34%
1.6 F Y24
SHOP NPS
33%
MEAL KIT FREQUENCY
5.4
(5.0 in FY24)
RESULTS AT A GLANCE
Business
Update
FY25 has been a positive year for My
Food Bag as we have returned to growth
and seen improved profitability. With
convenience more important than ever to
Kiwis, we continue to evolve as a leading
meal solutions provider to meet the changing
preferences of households across Aotearoa.
Throughout the year, our focus has been on growing our
active customer base by enhancing the customer experience,
leveraging our portfolio of brands, and innovating across
both our product range and convenience offerings. A focus
on continuous improvements in product quality has driven
improved customer satisfaction and we’ve experienced
stronger customer loyalty as a result.
Our three brands remain a cornerstone of our success,
with the strength of the My Food Bag brand extending into
our Ready-Made meal range and the recent launch of the
My Food Bag Shop.
8
MY FOOD BAG GROUP LIMITED
ANNUAL REPORT 2025
OUR PORTFOLIO OF BRANDS
We went into FY25 with a clear brand
strategy and understanding of the key focus
areas to protect and grow our core My Food
Bag, Fresh Start and Bargain Box brands,
while strengthening them with new offerings.
Through our understanding of the evolving tastes of
New Zealanders, part of our strategy is to continue to curate
and develop our offering to further meet dietary preferences.
At the start of FY25 we successfully re-launched the My Gluten
Free bag with the support of Coeliac NZ. We are the only
meal kit offering with these credentials and have built a loyal
following under this range. With the trend towards healthier
options continuing to build, we have increased the number of
low-carb options across both My Food Bag and Bargain Box
and launched a high protein range under Fresh Start.
Other innovations that have supported our sales uplift have
included bringing our ready-made offering under the My Food
Bag brand and the launch of a My Food Bag Serves 6 option
for bigger families in January 2025.
We remain committed to building the unique value proposition
for each of our three brands, allowing us to highlight what
differentiates them and how they can meet more specific
customer needs, while ensuring our range price points appeal
to a wider audience overall. As our customers’ wants and
needs continue to evolve, we can move them through our
My Food Bag portfolio maximising their lifetime value.
MY FOOD BAG WINS WITH KIWIS
In FY25 we built on the brand proposition of “Dinner, Done
Better” that was launched in FY24 and looked for ways to
tell the story of how My Food Bag makes weeknight dinners
simple, healthy and delicious.
In May 2024, we announced a partnership with the
New Zealand Olympic Committee, supporting the
New Zealand team as they headed to the Paris 2024
Olympics. This partnership performed well for the brand,
reinforcing our New Zealand identity. It also allowed us
to show how My Food Bag meals can make dinnertime
easier for many high profile Kiwis. We saw high levels of
engagement across both our social media platforms and with
our existing customers, as we ran initiatives such as our ‘Sweet
Taste of Success’ which rewarded customers every time NZ
won a medal.
Nadia Lim continues to be a key brand ambassador for
My Food Bag and we were pleased to be a key sponsor of
the second season of Nadia’s Farm, which launched on TV
in April 2024. We featured recipes from the show on our
menus as further reinforcement of the partnership and our
local credentials.
In FY25 we also continued with our strategy to launch
additional dietary preferences to clearly demonstrate and
reinforce how My Food Bag has the perfect menu to suit any
household. Following the successful return of the Gluten Free
Bag in April, we re-launched our Plant Power option as My
Vegan and Veggie Bag and commenced a partnership with
the New Zealand Vegan Society. Together we promoted
the return of My Vegan Christmas Bag and ran a successful
Vegan-uary campaign.
9
BUSINESS UPDATE
BARGAIN BOX OWNS AFFORDABILITY
As New Zealand’s most affordable meal kit, Bargain Box
continues to be well-positioned and well-suited for the current
economic environment. We are committed to helping Kiwi
households continue to eat great quality food for less and
have seen continued year on-year sales growth of Bargain
Box, along with significant improvements in customer NPS.
A key element of the success of Bargain Box is its price
competitiveness to supermarkets, which we measure regularly
and use in communications. For the fourth consecutive year,
Bargain Box also received Canstar’s ‘Most Satisfied Customers’
meal kit delivery award, as rated by Kiwi households.
We launched a number of high impact campaigns for Bargain
Box to reinforce our affordability message and built our
quality credentials. These included the launch of our giant
Bargain Box, which made its way to Ohakune along with
Nadia to celebrate the humble carrot and quality produce
In early FY26 we tackled one of New Zealand’s fastest
growing health issues, with the launch of a Diabetes Friendly
recipe range in partnership with Diabetes NZ. This launch has
combined our nutritional expertise, and culinary credentials
with a new digital journey which will see customers who
select our Diabetes Plan being offered a curated selection
of our healthiest, diabetes friendly recipes and 12 weeks
of supporting content to help them make sustainable
lifestyle changes.
At the end of FY25, we proudly launched a new partnership
with Auckland FC spanning the next three seasons. This
partnership strengthens My Food Bag’s connection with
sports fans and local communities, reinforcing our brand as
a champion of simple, healthy and delicious meals. Through
exclusive game day experiences this partnership will further
help boost brand visibility and deepen our connection
with Kiwi households who share our passion for great
food and sport.
MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2025
10
featured inside every Bargain Box. We also ran a number of
“Meat Week” campaigns to celebrate the high quality proteins
customers of Bargain Box can enjoy. And we launched the
Bargain Box “Crowdometer” - a digital billboard campaign
which used real-time Google Maps data to show supermarket
crowd levels, reminding Kiwis to skip the chaos and opt for
fresh, pre-portioned meal kits delivered right to their door.
At the end of FY25, Bargain Box launched its first restaurant
collab, with iconic Kiwi brand Lone Star. This campaign
featured 4 recipes with bespoke sauces and dressings made
especially to Lone Star recipes. These recipes were a hit with
Bargain Box customers with an average rating of 4.3 out of 5.
FRESH START MAKES WEIGHT LOSS DELICIOUS
Fresh Start targets weight loss and wellness with calorie-
controlled meals supported by our ‘always-on’ 8 week weight
loss programme – the 8 week Reset. This optional programme
was designed by our in-house nutrition team to support Fresh
Start customers to achieve their goals and has been successful
in driving purchase frequency of the brand.
Each season we refresh the Reset with new content and
rewards to inspire new and lapsed customers to join the Reset
and complete their 8 weeks. Our Spring Reset was particularly
successful with the prize of a Stanley Cup proving a popular
incentive. We also continue to enhance the Fresh Start menu
and in FY25 we built our high protein range which features
recipes and Ready Made meals with over 40g of protein per
serve. Fresh Start also collaborated with a number of growing
local brands and influencers to further our reach and profile
including food brands like Ripe Deli and Fatima’s, NZ fashion
designer Caitlin Crisp and influencer Daisy Dagg.
Fresh Start continues to be a high margin product for the
business with the highest frequency of purchase of any of our
brands. Fresh Start is perfectly positioned to capitalise on the
health and wellness movement, with our expert nutrition team
keeping us at the forefront of emerging trends.
READY MADE BRINGS IN NEW CUSTOMERS
In FY25, our Ready Made range was successfully re-branded
under My Food Bag to upweight the convenience of My Food
Bag and strengthen our position in ready-made meals. We
partnered with Nadia’s Farm Royalburn to develop a new
Ready Made meal which featured lamb from Royalburn. This
meal then featured on our meal kit menus, in our Ready Made
subscription and in a gift bundle in the My Food Bag Shop.
We have continued to expand the use of Royalburn Lamb
across our Ready Made range in our Lamb Shank meal and
a recently launched Lamb Gnocchi.
The quality of our Ready Made meals has been a key factor
in the growth and success of this range and this quality was
recognised in a number of awards in FY25. Our Mexi Chicken
Protein Bowl was a finalist in the NZ Food Awards in the Health
& Wellness category and Nadia’s Shepherd’s Pie and our
Mini Veggie Mac & Cheese both won silver medals at the NZ
Artisan awards.
OUR MOST SUCCESSFUL CHRISTMAS YET
Christmas is a key brand-building moment for My Food Bag,
bringing joy to thousands of households with an easier, more
delicious festive season. This year, we introduced a major
product innovation - protein choice, allowing customers
to select from a range of four premium meat options. This
involved a redesign of the digital purchase journey and close
collaboration with our protein suppliers to accommodate
diverse customer selections. We also re-launched our Vegan
Christmas Bag, catering to a growing demand for plant-based
festive options.
These innovations drove strong performance, increasing
delivery volumes while also lifting customer satisfaction and
NPS across the board.
11
BUSINESS UPDATE
GROWTH AND
OPERATIONAL INITIATIVES
ENHANCING THE USER EXPERIENCE
Improving customer experience across multiple aspects
of our business has been a significant focus since the
beginning of the year. As an e-commerce business, it’s
critical our customers have the most seamless experience
possible when interacting with us via both our website and
our app. During FY25 we advanced a full User Experience
(UX) redesign and technical re-platform of our customer
buying journey across all web and mobile platforms to
provide a seamless buying experience for new and existing
customers. The new UX platform offers easy navigation
of our expanded meal range with an intuitive layout and
sorting features. Customers can set preferences for a more
personalised experience, with tailored meals shown first.
New features also include the My Food Bag Cookbook
for saved, upcoming, and past recipes and an ingredient
checklist. The new apps also have the My Food Bag Shop
integrated for simple one-off deliveries using existing
customers delivery information This replatform has been
strategically important for our business. It has enhanced the
buying experience and is enabling us to more efficiently
and cost effectively continue to improve our website and
in-app experience.
MY FOOD BAG SHOP
Growing active customers long term by improving
convenience, flexibility and great value is the core of the
My Food Bag strategy. The launch of the My Food Bag
Shop in November 2024 was a key strategic initiative in
FY25 aligned to this.
In the Shop, customers can choose from a selection of
care packages, gifting and ready-made meal bundles,
which they or their chosen recipient can receive within 48
hours of ordering without a subscription. This new initiative
marks My Food Bag’s first major move to offer products
without a subscription and shorter delivery times. Our
FY24 investment in pick technology, as well as the UX
replatform, have been foundational to launching this more
flexible offering. During the initial phase, we have built a
good understanding of what draws new customers in and
persuades current customers to buy more from us. We’ve
also successfully developed our flexible operating model,
ordering and receiving ingredients multiple times per week
and packing and dispatching boxes 5+ days per week.
MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2025
12
EFFECTIVE COST MANAGEMENT &
CONTINUOUS IMPROVEMENT
Following significant improvements in the cost base in FY24,
we have continued to focus on efficiency and productivity
initiatives via our well-established Project Management
Office (PMO), where all operational cost saving initiatives are
captured and managed.
To take our customer-facing quality metrics to the next level
following the introduction of the pick technology, we recognise
we need to further strengthen our processes and standards. In
FY25 we introduced an Operational Excellence programme,
designed to upskill our team across the wider supply chain. This
is delivering continued improvement across pick accuracy and
delivery metrics.
A particular focus of FY25 has been the direct to grower
programme which sees My Food Bag dealing directly with
growers reducing the cost to My Food Bag. Additionally,
operational improvements have continued with customer
compensation tracking down leveraging the pick technology
implemented in FY24. We have expanded our offering to
customers utilising our North Island footprint and our existing
supply chain model including our distribution network to launch
the My Food Bag Shop and have also opened more than
7,000 new addresses in the financial year.
Enhancements of the digital platform available to the menu
development team has driven efficiency and enabled a
reduction in team size of 16% without impacting output
from the team.
As a business we continue to embrace new technologies such
as AI to drive both customer experience improvements as well
as efficiencies.
We have reduced our capex spend in FY25 reflecting
the increased effectiveness of maintenance learnings and
improved plant reliability.
FY26 FOCUS
As we enter FY26, our strategy
is firmly focused on growth and
innovation. We will continue to
enhance convenience, expand our
health and wellness offerings, and
invest in digital capabilities to further
improve the customer experience.
As the leader in the meal kit category, our masterbrand,
My Food Bag will continue to be at the forefront of our plans
with investment into both the brand and product range.
Other key areas of focus include reinforcing Bargain Box as
New Zealand’s most affordable meal kit and continuing to
harness the growing demand for health and wellness with our
Fresh Start offering.
We will continue to expand the product range in the Shop,
shorten delivery lead times and enhance the customer
experience. This enables My Food Bag to reach new customers
particularly those looking for a one-off purchase without the
need for a subscription
Looking ahead, our strategy is centred on growth, driven by
our leadership in the meal kits category and expansion into
the broader online food market including through the Shop.
To enable this growth, our strategy is built on four key pillars:
strengthening our brands, enhancing convenience, driving
personalisation, and reaching new customer segments. These
priorities will be underpinned by ongoing investments in our
people, supply chain, and technology.
BUSINESS UPDATE
13
BUSINESS UPDATE
Existing weekly operations cycle for meal kits
TUESDAY
• The billing run is made and
customer money received
• My Food Bag’s procurement
team reviews and places
orders with suppliers
• Customers have until
Tuesday 7.00pm to make
address updates
TUESDAY & WEDNESDAY
• Ingredients begin to arrive at our assembly
centres in Auckland and Christchurch, with
the majority arriving on site on Wednesday
and Thursday. Other ingredients are
delivered as late as Friday to ensure freshness
• Ingredients are sourced from more than
150 suppliers
THURSDAY & FRIDAY
• Picking, packing and
staging commences
midday
• Boxes begin to
be transported to
distribution depots
around the country
SATURDAY
• Picking and
packing concludes
• Delivery is made to
customers electing
Saturday delivery
SUNDAY
• Boxes are delivered
to customers via
NZ Post’s exclusive
Sunday network
(with some deliveries
on Monday via
NZ Post’s overnight
network)
• Customers are sent
texts to inform them
of delivery details
13
75
2
MONDAY EVENING
• Subscribers have until
11:59pm to adjust their
orders for the following
week’s delivery
• Orders can be
changed through
both the website and
mobile app
54
MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2025
14
BUSINESS UPDATE
New continuous business model implemented for the Shop
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PICKING,
PACKING &
DISPATCH
CUSTOMER
ORDERS
CUSTOMER
DELIVERY
CUSTOMER
ORDERS
INGREDIENTS
PROCUREMENT
Purchased Monday–Friday
to maintain stock levels
and freshness.
Our operation runs on a seamless, structured cycle to ensure efficiency and reliability. Orders are placed
24/7, ingredients are sourced throughout the week, and our picking, packing, and delivery processes
are carefully scheduled to maintain freshness and meet customer demand. This model leverages the
existing supply chain and forecasting capability that we have developed and continue to evolve.
Here’s how it works:
PICKING, PACKING
& DISPATCH
Boxes picked and packed
Monday–Friday for next-
day dispatch.
CUSTOMER ORDERS
Customers have until midnight
to order for delivery next
day on our Auckland Twilight
service or the day after for the
rest of the country.
CUSTOMER DELIVERY
Happens the day after picking.
Nationwide:
Delivered Tuesday–Saturday.
Auckland Metro:
Delivery Monday–Saturday
(Twilight service).
2413
INGREDIENTS
PROCUREMENT
15
BUSINESS UPDATE
Environmental,
Social &
Governance
Nourishing New Zealand,
Responsibly
Our Environmental, Social and
Governance Strategy embodies our
commitment to helping Aotearoa
New Zealand to eat and live well.
By extending our focus beyond
exceptional customer service and
products to how we serve the
environment, our people and the
communities we can impact, we’re
ensuring success now and into the future.
We view our responsibility through four
broad sustainability workstreams.
MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2025
16
BETTER PACKAGING
Improve the sustainability of our
packaging with a focus on reduction,
recyclable or compostable material
and supporting our customers
to thoughtfully dispose of their
packaging waste.
Key focus areas
• Internal packaging
(boxes, insulation, ice)
• On-site waste
BETTER FOR THE ENVIRONMENT
Continue to develop greener practices
through monitoring and ongoing
initiatives to understand, minimise and
mitigate our impact on the environment
to ensure our meal kits are the most
climate-friendly way to shop and eat.
Key focus areas
• Food miles
• Freight
• Energy usage
• Water usage
• Food waste
• Climate-friendly
cooking
BETTER FOR OUR
PEOPLE & COMMUNITY
To support our people and
the wider community to eat
better and live better.
Key focus areas
• Charitable partnerships
• Staff benefits and initiatives
• Health & safety
BETTER, SAFER FOOD
To ensure we maintain uncompromisingly
high health and safety standards for our
people and product and a transparent
supply chain.
Key focus areas
• Local sourcing
• Approved supplier programme
• Food safety
• Allergens & labelling
Icons indicate which of the United Nations Sustainable Development Goals (UNSDGs) our ESG Pillars are aligned with.
17
ENVIRONMENTAL, SOCIAL AND GOVERNANCE
Better packaging
We remain committed to using the
minimum amount of the most sustainable
packaging we can, to keep food safe and
fresh for our customers. We’re focused on
reducing packaging where possible and
ensuring all packaging we need to use is
easily recyclable.
This includes:
• Approximately 80% of our ingredients by value are now
delivered to our distribution centres in reusable crates.
• Our cardboard boxes are made from forest stewardship
council (FSC) certified 47% recycled cardboard and all
our paper printing comes from FSC-certified pulp.
• The trays we use for our ready-made meals contain 80%
recycled plastic.
• We use 100% water in our meal kit ice packs, instead of
the gel still found in many chiller packs and were the first
New Zealand meal kit provider to do so.
SPOTLIGHT ON:
Packaging Reduction & Reuse
We are committed to reducing, reusing,
and recycling in our packaging approach.
We continue to work closely with our
suppliers to identify opportunities to
minimise packaging or transition to more
recyclable alternatives. In FY25, we
partnered with Southern Fresh and
Superb Herb to deliver fresh produce in
reusable crates instead of cardboard,
significantly reducing packaging waste
at our sites. Additionally, in January,
we eliminated consumer packaging
around potatoes by collaborating directly
with our supplier, further cutting
unnecessary waste.
18
MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2025
Better for the environment
We aim for our meal kits to be the most
environmentally sustainable way to shop and
eat. We pride ourselves on the development
of innovative ideas and strong partnerships,
ultimately helping to comprehensively
monitor and reduce our greenhouse gas
emissions and operational waste.
Examples include:
• Research shows meal kits are as much as 33% more
greenhouse-gas efficient than supermarket-bought meals
because of reduced wastage in our supply chain*.
• 98% of our fresh meat and produce is locally sourced close
to our North Island and South Island factories, greatly
reducing transport emissions.
• Our operations have significantly reduced the food waste
which has become normalised in conventional grocery
retailing, and we are a near-zero food waste company.
• Working with NZ Post, our delivery partner, we optimise
delivery routes to minimise emissions for our depot-to
door deliveries.
* Source: Scientific Journal Resources, Conservation and Recycling (USA, 2019)
SPOTLIGHT ON:
Soft Plastics Recycling
Soft plastics remain an essential part of our packaging, playing a vital role in
maintaining food safety and quality. While they are not kerbside recyclable, we are
committed to making soft plastic recycling easier for our customers. We proudly
support the NZ Soft Plastic Recycling Scheme, which collects soft plastics and
transforms them into fence posts, garden beds, and sustainable building materials.
As a member of The Packaging Forum and the Soft Plastics Recycling Scheme, we
actively promote soft plastic recycling. Customers can add a soft plastics recycling
bag to their My Food Bag deliveries, fill it with household soft plastics, and have it
collected by NZ Post for recycling. In 2024, this initiative diverted 1,750kg of soft
plastic from landfill, the equivalent to approximately 270,000 packaging units,
enough to produce around 180 fence posts.
19
ENVIRONMENTAL, SOCIAL AND GOVERNANCE
SPOTLIGHT ON:
Measuring our Carbon Footprint
In FY25 we continued our journey towards
measuring and understanding better our
carbon footprint. The scoping and
measurement of our Scope 1, 2 and 3
greenhouse gas (GHG) emissions have
been supported by external consultants
Tadpole. We set FY22 as our base year
and have audited the measurement of our
Carbon Footprint for this year. We have
not completed any subsequent audits. The
methodology used matches that of the
base year, which was assured. Previous
assurance was reasonable for Scope 1
and 2 emissions, and Limited for Scope 3.
Scope 3 measurement is inherently difficult
and can require the need for assumptions
and estimations.
During FY25 we completed our FY24
carbon measurement, and we are in the
process of finalising the measurement
for FY25.
FY24 summary
In FY24, absolute gross emissions were
3,146 tonnes CO2e. This is a 2.1%
reduction on FY23 emissions and a 11.3%
reduction on FY22 base year emissions.
0.6% of total emissions arose from direct
(Scope 1) GHG emissions, namely fuel
used in company vehicles. Eliminating
refrigerant gas leaks in FY23 has
contributed significantly to the overall
reduction of Scope 1 GHG emissions.
6.6% of emissions came from indirect
(Scope 2) sources, being emissions
SCOPEEMISSIONS CATEGORYFY22FY23FY24
1DIRECT GHG EMISSIONS271.0234.8719. 9 7
2INDIRECT GHG EMISSIONS FROM IMPORTED ENERGY (LOCATION BASED)338.38224.77208.75
3
INDIRECT GHG EMISSIONS FROM TRANSPORTATION & DISTRIBUTION996.91893.00695.22
INDIRECT GHG EMISSIONS FROM PRODUCTS & SERVICES USED BY
THE ORGANISATION
1,940.412,060.242,222.51
TOTAL GROSS GHG EMISSIONS3,546.723,212.893,146.44
MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2025
20
associated with generating the electricity we
purchase and use. The observed year on
year reduction in this emission source is due
to a more favourable emission factor for
electricity generation in FY23 and FY24,
due to “greening of the grid”.
The remaining 92.7% of emissions were
from indirect (Scope 3) sources, and
included emissions from:
• Packaging (67.2%)
• Deliveries (21.1%)
• Waste management (2.4%)
• Well to tank (0.5%)
• Potable water, electricity line losses and
business travel (1.5% combined)
Improving our Packaging Measurement
The main contributor to the carbon footprint
of our packaging, is the cardboard boxes
our meal kits are delivered in, making up
96% of the packaging emissions.
Emissions associated with making our
cardboard boxes were originally calculated
using international database emission
factors. These do not account for supplier
specific attributes such as the actual
percentage of recycled content or the
carbon efficiencies or inefficiencies of
supplier manufacturing processes.
SOURCES OF PACKAGING FOOTPRINT
96%
Cardboard
1%
Wool Insulation
1%
Ice Packs
1%
Tape, Wrap
and Labels
1%
PET Trays
MY FOOD BAG EMISSIONS BY SCOPE FOR FY24
0.6%
Scope 1
6.6%
Scope 2
92.7%
Scope 3
21
ENVIRONMENTAL, SOCIAL AND GOVERNANCE
We have been working with our packaging
supplier Oji to obtain data to enhance the
accuracy of our packaging measurement
which will in turn allow us to better
understand the opportunities for reducing
this large contributor to our footprint. This
indicated the actual footprint of our
cardboard is higher than we first thought,
however it has been steadily decreasing
over the last 3 years.
FY22FY23FY24
Using generic cardboard emission factors3 ,17 72,658n/a
Using Oji supplied carbon data3,5473 , 2133 ,14 6
Based on this, the FY22 and FY23 numbers
in this report differ from that presented in last
year’s report because the footprints have
been recalculated using supplier data for the
cartons, which is more representative of
actual carton emissions. Recalculating the
footprints using this supplier data allows for
meaningful benchmarking. It is worth noting
that neither the FY24 footprint, or the
recalculated FY22 and FY23 footprints,
have been audited.
Delivery emissions, our other significant
Scope 3 emission source, includes both
our long-haul freight and the customer
deliveries made by our delivery partner
NZ Post. We have worked closely with
NZ Post to develop accurate monthly
reporting that accounts for both our
dedicated Sunday delivery network
and the overnight network we utilise
for Saturday and Monday deliveries.
Other Scope 3 emission sources in our
measurement include business travel,
water use, waste management, well to
tank fuel emissions and electricity
line losses.
As we work through completion of our
FY25 carbon measurement we will
continue to focus on packaging and
working with our delivery partner NZ
Post to develop strategies to reduce the
carbon footprint of our deliveries.
MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2025
22
Better for our people and community
As part of our purpose to help Aotearoa New Zealand eat and
live well, we partner with a range of organisations to ensure as
many Kiwis as possible can eat nutritious, healthy food.
Supporting the City Mission: We continue to support the City
Missions in a number of ways. We donate unused food from
our assembly sites to the City Mission.
We also encourage our customers to ‘add a seat at the table’
to their Christmas Bag and My Food Bag orders in November
by adding a $25 donation to the City Mission. The 2024
campaign was a great success with us raising $17.8k in
total which is an increase on the amount raised in 2023. In
December, more than 20 My Food Bag employees spent time
packing gifts and food parcels for the Auckland City Mission.
My Christmas Gift: Through our My Christmas Gift drive with
NZ Post, we collect donations for charities nationwide including
City Missions, Women’s Refuge and Orewa Hospice. This year
our print partner Bluestar supported this campaign by funding
the printing of donation courier labels.
Heart Foundation Partnership: We proudly partner with the
Heart Foundation to promote heart-healthy eating. Over the
past year, we have expanded our presence on the Heart
Foundation website, increasing the number of Bargain
Box recipes to 10, alongside 10 My Food Bag recipes.
In support of the Regular Giving Christmas Appeal 2024,
we co-developed a brochure featuring three entertaining
recipes, reaching 32,000 households. We also created a
Heart-Healthy e-book with seven recipes, which has been
downloaded over 2,000 times by My Marathon participants
and has been included in Heart Foundation Lottery welcome
emails since August 2024. Additionally, we took part in the My
Marathon initiative, with 43 employees collectively travelling
3.5 km and raising over $1.2k for heart health.
Diabetes New Zealand: In early 2025, we proudly partnered
with Diabetes New Zealand to tackle one of Aotearoa’s
fastest-growing health challenges, type 2 diabetes. Together,
we’ve developed a new Diabetes Plan, a nationwide initiative
designed to empower Kiwis at risk of or living with type 2
diabetes by helping them make healthier, more informed meal
choices that could transform their health.
As part of this partnership, we’ve launched a dedicated Meal
Kit range and a free recipe book packed with 30 diabetes-
friendly recipes, plus expert tips and guidance to support
sustainable dietary changes. Designed to be simple, delicious,
and suitable for the whole whānau, the book makes it easy to
incorporate diabetes-friendly eating into everyday life. Printed
copies will be available at no cost to health professionals, while
a free e-book will be accessible to all New Zealanders.
Through these initiatives, we’re championing the benefits of
healthy eating and reinforcing how My Food Bag plays a vital
role in the well-being of all Kiwis.
SPOTLIGHT ON:
Supporting Local
We’re proud to support Kiwi suppliers and
highlight them in our brand campaigns,
reinforcing our commitment to locally
sourced proteins and produce, with more
than 98% sourced locally. In November
2024, we took this further with our first-ever
Supplier Awards at our Parnell
Development Kitchen, bringing together
co-founder Nadia Lim, our leadership
team, and award finalists to celebrate
our suppliers.
Awards were given in three categories.
Quality Excellence went to Health Pak for
its care in crafting our bespoke spice
blends. Service Excellence was awarded
to our distribution partner, NZ Post, for its
reliability and support in expanding our
delivery options with new time slots. Loft
Food Co. took home both the Innovation
Excellence award and the overall Supplier
of the Year title for their dedication to
enhancing My Food Bag’s recipes with an
ever-evolving range of bespoke sauces
and dressings.
23
ENVIRONMENTAL, SOCIAL AND GOVERNANCE
as they should. Our SWAGs (Safety and
Wellbeing Action Groups) have been key
to keeping engagement strong, leading
initiatives that really reflect what each
operational team needs.
Wellbeing stayed at the heart of what we do,
with initiatives to support physical health,
boost mental resilience, and help our
people recover from injuries faster. Safety
Leadership Walks continued too, helping
our leadership team stay closely connected
to our warehouse teams. They recognise
great safety practices and pick up on real
risks early.
We also made our injury management
process even stronger, leading to quicker
recovery times and better outcomes for our
people. By encouraging more proactive
reporting of hazards and discomfort, we
have been able to step in early and make
further improvements to manual
handling safety.
Thanks to the collective efforts of our teams,
we’ve seen another improvement in our Total
Recordable Injury Frequency Rate (TRIFR),
dropping from 1.6 in FY24 to 1.2 in FY25.
It is a result that reflects our shared
commitment to making My Food Bag a safer,
healthier place to work for everyone.
SPOTLIGHT ON:
Health, Safety & Wellbeing
This year, we’ve built on the strong
foundations of our Health, Safety &
Wellbeing programme, growing awareness
and driving action right across all our sites.
Our recent Health & Safety 101 audits
showed strong improvements particularly
across culture and process. Looking ahead,
our focus is on continuing to strengthen
critical risk management through improved
infrastructure and investigation capability.
Our Critical Risk programme stepped up a
level, with improved risk controls, tailored
training at each site, and regular checks to
make sure those critical controls are working
MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2025
24
Better, safer food
We strive to build uncompromisingly high
food safety standards and a transparent
supply chain, through our local sourcing,
Approved Supplier Programme and our
cold chain management.
In FY25 we continued to strengthen our Approved Supplier
Programme with audits of our higher risk suppliers, and
suppliers of My Food Bag branded products. In addition
to structured audits, we have increased the frequency of
collaborative visits with key suppliers, focusing on continuous
improvement to further improve the quality of our products.
We have invested in the upskilling and development of our
site-based quality teams, to further drive quality and safety
standards consistently across the business.
All of our suppliers also run extensive Food Control Plans or
National Programmes aligned to the Food Regulations Act
2015, and we operate under a National Level 3 Food Safety
Programme, compliant with the Food Act 2014.
This year we also partnered with MPI on their Campylobacter
awareness campaign, to help increase our customers’
awareness of safe food handling.
SPOTLIGHT ON:
Garden to Table
We are proud to have raised more than $160k for Garden
to Table since our partnership began in 2020 to help our tamariki get access to
education to learn to grow, prepare and share kai. Garden to Table is set up in more
than 320 schools across the motu, meaning there are 34 thousand Kiwi kids growing,
harvesting, preparing and sharing food. In FY25 we supported Garden to Table with
various initiatives in our Extras range, including the addition of a new $5 donation
option and a Spring campaign to support their annual Double Your Impact donation
period. Our range included our extremely popular Easy Lemon Blondies and Carrot
Cake kits, alongside a Garden to Table Cookbook and Kids Apron. We promoted
the campaign on all brands through both dedicated email and social content.
25
ENVIRONMENTAL, SOCIAL AND GOVERNANCE
At My Food Bag, our people are at the
heart of everything we do. Over the past
year, we made further progress in fostering
an inclusive, high-performing workplace,
strengthening our internal talent pipeline,
and ensuring our team members have the
resources and development opportunities
they need to thrive.
RECORD-HIGH ENGAGEMENT AND PARTICIPATION
We are proud to report that employee engagement is at
a record high, reflecting the strong culture we have built.
Participation in engagement initiatives has also been
consistently strong, with an average engagement score of
8.15/10 across the year. This is supporting the record high
retention with a full year turnover rate of 18% (to be confirmed).
These results highlight the deep connection our people have
with My Food Bag and our shared purpose.
PROGRESS ON PAY EQUITY
Our commitment to fair and equitable pay practices has
resulted in maintaining a low gender pay gap
1
, at 3.4% (FY24
1.4%). This reflects our focus on ensuring all team members are
rewarded fairly for their contributions, with ongoing reviews
and proactive measures to drive pay equity.
CREATING OPPORTUNITIES FOR ALL
As part of our ongoing commitment to an inclusive workplace,
we are working with A Supported Life in Parnell and Skillwise
in Christchurch to create meaningful employment opportunities
for people with disabilities. These partnerships align with
our broader purpose of Helping Aotearoa New Zealand
eat and live well, ensuring that we are making a positive
impact not just for our customers, but for our people and the
wider community.
Culture &
Capability
1. Gender pay gap is calculated as the difference between the median hourly rate of
male and female employees as a % of the male hourly rate.
MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2025
26
DEVELOPING AND PROMOTING OUR PEOPLE
Our internal talent bench remains a key strength, enabling us to
fill 45% of our permanent salaried roles internally over the past
year. This demonstrates the depth of capability within our team
and the effectiveness of our approach to career development.
We have also expanded our Raising the Bar program,
introducing new learning modules to strength resilience and
build storytelling capability to support successful change and
drive culture and engagement.
RECOGNISED AS AN EMPLOYER OF CHOICE
Our focus on employee engagement was recognised this year
when My Food Bag was named the 2degrees Supreme
Employer of the Year award for Auckland in April 2025.
This award celebrated our dedication to fostering a diverse
and inspiring work environment, recognising My Food Bags
strong focus on health, safety, and wellbeing, along with its
commitment to employee and team development.
These awards are testament to the positive outcomes of our
efforts in reducing the gender pay gap, fostering internal
career growth with 45% of roles filled internally, and
developing meaningful opportunities for employees, including
those with disabilities. Our dedication to building a workplace
where people feel valued and supported has been key to
driving engagement, reflected in our record-high engagement
scores and strong retention rates. Winning this award is not just
a recognition of our workplace culture, but also confirmation
that our purpose of helping Aotearoa New Zealand eat and
live well resonates strongly within the team, empowering them
to thrive and grow alongside the business.
As we move forward, we remain dedicated to empowering
our people, nurturing talent, and fostering a culture where
everyone can succeed. By continuing to invest in our team
and championing inclusivity, we are ensuring that My Food
Bag remains not just a great place to work, but a business
that delivers exceptional experiences for our customers
ever y day.
27
CULTURE & CAPABILITY
Sarah Hindle
Independent Non-Executive Director
Sarah was appointed as a director of
My Food Bag in January 2021.
She has a broad range of experience
in management and governance across
food, beverage and consumer goods,
technology and commercial law. Sarah
leads the Manufacturing, Technology
and Services sector at New Zealand
Trade and Enterprise and prior to that was
the founding general manager of Tech
Futures Lab (now AcademyEX), where
she helped grow New Zealand’s most
innovative, tech-led learning institute.
Previously, Sarah was based in the
UK where she held a number of roles
including as Global Head of Business
Delivery for Direct Wines. She began
her career as a solicitor for Minter Ellison
Rudd Watts in New Zealand.
Sarah is passionate about helping
businesses address the challenges
facing our food system and has
held governance roles as Chair of
the Executive Council of AgriTech
New Zealand and as a director and
deputy chair for NZTech. Sarah holds a
Bachelor of Arts and Bachelor of Laws
from Victoria University of Wellington,
along with an MBA from BI Norwegian
Business School of Management. She is
enrolled as a barrister and solicitor of the
High Court in New Zealand.
Tony Carter
Independent Chair
Tony joined the My Food Bag board in
January 2021 and was appointed Chair
at that time.
Tony has a broad range of experience
in governance across the consumer,
industrial services, infrastructure,
and energy sectors. Tony moved into
governance following a successful
executive career, where he served as
Chief Executive and Managing Director
at Foodstuffs – New Zealand’s largest
retail organisation – for 10 years.
Tony is currently Chairman of Datacom,
The Skin Institute, The Interiors Group
and TR Group and sits on the respective
boards of Ravensdown and The
Warehouse Group. He was formerly
Chair of Air New Zealand for six years,
Chair of Fisher & Paykel Healthcare for
eight years and a director of Fletcher
Building, ANZ Bank New Zealand
and Vector. He was Chairman of the
New Zealand Institute when it merged
with the New Zealand Business
Roundtable to form the New Zealand
Initiative in 2012, of which he served as
inaugural Co-Chairman until 2013.
Tony graduated from the University
of Canterbury with a Bachelor of
Engineering with honours, before
completing a Master of Philosophy
degree at Loughborough University
of Technology in the United Kingdom.
He was made a Companion of the
New Zealand Order of Merit for services
to business governance in 2020.
Jennifer (Jen) Bunbury
Independent Non-Executive Director
Jen was appointed as a director of My
Food Bag in January 2021 and acts as
Chair of the Audit and Risk Committee.
She has an extensive background in
financial services, including NZX listings,
acquisitions, mergers and strategic
advisory. Jen an Investment Banking
director for 9 years, following investor
relations and other investment banking
roles in NZ and Europe. Jen currently is
an advisor to Stewart Family Investment
Office, she was also previously the CFO
of NZX listed Tourism Holdings.
Jen is a member of the NZ Institute of
Directors and participated in the Future
Directors programme with the board of
agribusiness Scales Corporation. Jen
completed a Bachelor of Commerce
majoring in finance, graduating with
first-class honours from the University
of Canterbury.
BOARD OF DIRECTORS
MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2025
28
Mark Powell
Independent Non-Executive Director
Mark joined the My Food Bag
board in November 2022 and acts
as the Chair of the Nomination and
Remuneration Committee.
Mark has extensive and diverse
experience having worked in a number
of different industries in New Zealand
and overseas as part of his executive
and governance career, including
retail, property, logistics, food services,
financial services, agriculture and
education. Mark moved into governance
following a successful executive
career, where he established and
lead Wal-Mart Canada’s logistics
operations, served as the Logistics
Operations Director for Tesco Plc, and
spent 13 years at the Warehouse Group,
ultimately as Group CEO - for five years.
Mark is currently a director of STIHL
Australia, STIHL Limited, ASX listed
JB Hi-Fi and Bapcor.
Mark graduated from the University of
Wales, UK with a Bachelor of Mining
Engineering with honours, before
completing a Masters in Logistics at
Cranfield and later a MBA at Cardiff
Business School, UK. He is a Chartered
Member of the New Zealand Institute
of Directors, a Graduate Member of the
Australian Institute of Company Directors
and a Fellow of the Chartered Institute of
Transport and Logistics.
Cecilia Robinson
Non-Executive Director
Cecilia was appointed as a director of
My Food Bag in August 2022 and acts
as Chair of the Marketing Committee.
Cecilia has extensive knowledge of the
business as she co-founded My Food
Bag in 2012, was co-CEO until 2018
and served as a director of the company
prior to its listing on the NZX Main
Board in 2021.
Cecilia the founder and co-CEO of
Tend Health – one of New Zealand’s
largest primary care providers, brings
an extensive background in business
management. Cecilia has been
recognised for her contributions to
business and entrepreneurship with
several awards, most recently as the
New Zealand Innovator of the Year
2024, Supreme Winner of the 2017
Women of Influence Awards, Next
Magazine Businesswoman of the year
2014 and EY Young Entrepreneur of
the Year 2013. Additionally she was
a founding trustee of the Prince’s Trust
Aotearoa New Zealand.
Cecilia is passionate about supporting
women in business and addressing the
challenges faced by working parents.
She also holds positions as a board
member of Pie Funds and is a member
of the NZ Institute of Directors.
29
BOARD OF DIRECTORS
MANAGEMENT TEAM
My Food Bag’s Senior Leadership Team bring a depth and
breadth of experience across multiple industries including
FMCG, services, and e-commerce.
With a balanced representation of men and women, the team
work collaboratively together to effectively lead the business
strategy and culture.
Louise Newsome
Chief Financial Officer
Louise leads the finance
function and has primary
responsibility for planning,
implementing, and controlling
all finance related activities.
She achieves this with
a collaborative team
focused on strong business
partnerships and providing
insights that support effective
decision making across
the business.
Past experience:
• Chief Financial Officer,
Ray White Damerell
Group (2020 – 2022)
• Chief Financial Officer,
Southern Cross Travel
Insurance (2017 – 2019)
• Financial Controller,
Southern Cross Travel
Insurance (2009 – 2017)
Paul Kelly
Chief Operations Officer
Paul oversees a broad
team, and is responsible
for sourcing, operations
and logistics. This includes
the procurement of quality
ingredients, management of
our assembly operations in
both the North and South
Islands, as well last mile
logistics. Paul also leads
the compliance functions
covering both health and
safety and food safety.
Past experience:
• General Manager –
Dairy Process Excellence,
Fonterra (2021 – 2022)
• Director Technical
Excellence (Acting),
Fonterra (2019 - 2021)
• General Manager –
Value Chain Centres
of Excellence, Fonterra
(2016 - 2019)
• Director Operations,
Fonterra Brands
(2012 – 2014)
Polly Brodie
Head of Development Kitchen
Polly leads the Culinary team,
where creativity, flavour, and
strategy come together. With
a background in nutrition,
she ensures every menu is as
nourishing as it is delicious.
Polly’s team is responsible
for the recipes My Food
Bag customers cook each
week from designing menus,
developing new ingredients,
and creating the rich culinary
content that brings each
dish to life.
Past experience:
• Development Kitchen and
Nutrition Manager, My
Food Bag (2015 – 2018)
• Recipe Development and
Test Kitchen Chef, My
Food Bag (2014 – 2015)
• Sous Chef, Motor Yacht
Sirona III (2012 – 2014)
Mark Winter
Chief Executive Officer
Mark drives the team to do
the basics brilliantly every
week while also developing
and implementing the long-
term vision and goals. He is
responsible for all day-to-
day management decisions.
Past experience:
• Chief Financial
Officer, My Food Bag
(2019 – 2022)
• Group Financial
Controller, Fonterra
Brands NZ (2016 – 2019)
MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2025
30
Craig Jordan
Chief Digital & Growth Officer
Craig leads the company’s
digital, technology, data
and growth teams. These
teams drive transformation
across the business, support
key processes and enable
growth and efficiency
through data. Craig also
leads the MFB ecommerce
trading function focused on
improving revenue through
our digital channels.
Past experience:
• Chief Digital Officer, My
Food Bag (2018 – 2023)
• Chief Digital Officer,
The Warehouse Group
(2014 – 2017 )
• Various executive and
senior leadership roles,
Trade Me (2007 – 2014)
Cassie Ormand
Head of People & Culture
Cassie drives performance
and culture within the
business by ensuring sound
frameworks and processes
are in place to attract and
retain great people and
enable them to achieve.
She leads a team that offers
commercially focused
advice in partnership
with the business to drive
culture, capability and
communication.
Past experience:
• Head of People & Culture,
Plan B (2019 - 2021)
• Senior HR Business
Partner, Goodman Fielder
(2018 - 2019)
• Head of HR AMEA,
Rexam Beverage Can
(2014 – 2017 )
Trish Whitwell
Chief Customer Officer
Trish leads both Customer
Love and Brand Marketing
at My Food Bag. She heads
the Brand Marketing team to
deliver campaigns that build
awareness across the brand
portfolio and drive business
growth through new product
development and evolution of
existing offerings. Through her
leaderships of the Customer
Love team, she champions a
seamless customer experience
that strengthens brand loyalty
and satisfaction.
Past experience:
• Head of Innovation, My
Food Bag (2018-2023)
• Head of Marketing, My
Food Bag (2016 – 2017)
• Marketing Manager –
Meadow Fresh, Goodman
Fielder (2015 – 2016)
• Marketing Manager –
Digital Channels, TVNZ
(2011 – 2013)
31
MANAGEMENT TEAM
MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2025
32
33
FINANCIAL STATEMENTS
Statement of
Financial Position 34
Statement of
Comprehensive Income 35
Statement of
Changes in Equity 36
Statement of
Cash Flows 37
Notes to the
Financial Statements 38
Independent
Auditor’s Report 56
Financial Statements
FOR THE YEAR ENDED 31 MARCH 2025
FINANCIAL STATEMENTS
33
MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2025MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2025
34
Statement of Financial Position
AS AT 31 MARCH 2025
For and on behalf of the Board of Directors who authorised the issue of the financial statements on 21 May 2025.
Tony Carter
Chair
21 May 2025
Jen Bunbury
Director
21 May 2025
NZ$000Note20252024
ASSETS
Current
Cash and cash equivalents1,53415 0
Trade and other receivables
55753 11
Inventories
6404449
Prepayments 71 0 728
Total current assets3,2231,638
Non-current
Property, plant and equipment
96,9328,035
Intangible assets
1086,4668 5 , 912
Right-of-use assets
116,8968,418
Other receivables-11 6
Total non-current assets100,294102,481
Total assets103,517104,119
LIABILITIES
Current
Bank overdraft
13-472
Trade and other payables
711,27810,767
Deferred revenue10257
Lease liabilities
112,5542,383
Other current liabilities
82,3041, 570
Tax liability619949
Total current liabilities16,76516,398
Non-current
Lease liabilities
115,3397,324
Borrowings
138,47311,446
Deferred tax liability
153,947 4,029
Provisions330330
Total non-current liabilities18,089 23,129
Total liabilities34,854 39,527
Net assets68,66364,592
EQUITY
Share capital
125 9 , 81359,336
Retained earnings8 , 11 34,420
Share-based payment reserve737836
Total equity68,66364,592
35
MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2025MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2025
35
Statement of Comprehensive Income
FOR THE YEAR ENDED 31 MARCH 2025
FINANCIAL STATEMENTS
NZ$000Note20252024
Income1162,102162,235
Cost of sales(124,403)(125,517)
Gross profit37,69936,718
Marketing expenses(5,009)(4,514)
Financing expenses(1,584)(1,971)
Indirect expenses(22,620)(21,853)
Other income
1 15 0 238
Net profit before tax
3 8,636 8,618
Income tax expense
15(2,286)(2,574)
Net profit after tax6,350 6,044
Total comprehensive income 6,350 6,044
NZ$NZ$
Earnings per share
Basic and diluted earnings per share
4 0.03 0.02
MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2025
36
Statement of Changes in Equity
FOR THE YEAR ENDED 31 MARCH 2025
NZ$000NoteShare capital
Retained
earnings
Share-based
payment
reserveTotal equity
At 1 April 202459,3364,42083664,592
Net profit for the year-6,350-6,350
Total comprehensive income for the year-6,350-6,350
Dividend
12-(2,799)-(2,799)
Issuance under share scheme47714 2(619)-
Share-based payments--520520
At 31 March 20255 9 , 8138 , 11373768,663
At 1 April 202359,336(1,624)26657,978
Net profit for the year-6,044-6,044
Total comprehensive income for the year-6,044-6,044
Dividend
12 ----
Share-based payments--570570
At 31 March 202459,3364,42083664,592
37
FINANCIAL STATEMENTS
Statement of Cash Flows
FOR THE YEAR ENDED 31 MARCH 2025
NZ$000Note20252024
OPERATING ACTIVITIES
Cash was provided from:
Receipts from customers161, 762159,557
Proceeds from insurance715 0
Interest received13 068
Cash was applied to:
Payments to suppliers(144,418)(144,717)
Interest paid(1,557)(1,944)
Tax paid(2,697)(3,315)
Net cash flows from operating activities13,2279,799
INVESTING ACTIVITIES
Cash was provided from:
Proceeds from the sale of property, plant and equipment223
Cash was applied to:
Purchase of property, plant and equipment(496)(1,705)
Payments for development of software(2,674)(2,143)
Net cash flows from investing activities(3,168)(3,825)
FINANCING ACTIVITIES
Cash was provided from:
Proceeds from borrowings
132,50010,000
Cash was applied to:
Principal payments on leases(2,404)(2,451)
Dividends paid(2,799)-
Repayment of borrowings
13(5,500)(10,000)
Net cash flows from financing activities(8,203)(2,451)
Net (decrease) / increase in cash flows1,8563,523
Cash and cash equivalents at the beginning of the year(322)(3,845)
Net (bank overdraft) / cash and cash equivalents at the end of the year1,534(322)
Represented by:
Cash and cash equivalents 1,534 150
Bank overdraft - (472)
Net (bank overdraft) / cash and cash equivalents at the end of the year1,534(322)
General Information 39
Financial Performance 40
1. Income 40
2. Segment Reporting 40
3. Expenses 41
4. Earnings per Share (EPS) 41
Working Capital 42
5. Trade and Other Receivables 42
6. Inventories 42
7. Trade and Other Payables 43
8. Other Current Liabilities 43
Long-term Assets 44
9. Property, Plant and Equipment 44
10. Intangible Assets 45
11. Leases 47
Funding and Equity 48
12. Share Capital and Dividend 48
13. Borrowings 49
14. Financial Risk Management 50
Other Notes 51
15. Taxation 51
16. Share-based Payments 52
17. Related Party Transactions 55
18. Operating Cash Flow Reconciliation 55
19. Contingent Liabilities 55
20. Capital Commitments 55
Notes to the Financial Statements
FOR THE YEAR ENDED 31 MARCH 2025
MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2025
38
39
FINANCIAL STATEMENTS
Notes to the Financial Statements
FOR THE YEAR ENDED 31 MARCH 2025
General Information
Reporting Entity
My Food Bag Group Limited is a profit-oriented company incorporated and domiciled in New Zealand. My Food Bag Group
Limited is registered under the Companies Act 1993 and is a FMC reporting entity under the Financial Markets Conduct Act 2013.
My Food Bag Group Limited is listed on the NZX Main Board.
The consolidated financial statements (the 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 financial statements comply with International Financial Reporting Standards (IFRS) and New Zealand equivalents to
International Financial Reporting Standards (NZ IFRS). These financial statements have been prepared in accordance with Generally
Accepted Accounting Practice applicable to for-profit entities and the requirements of the Financial Markets Conduct Act 2013.
BASIS OF MEASUREMENT
These financial statements have been prepared on the historical cost basis.
FUNCTIONAL AND PRESENTATION CURRENCY
These 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.
GOING CONCERN
These financial statements have been prepared on the basis the Group is a going concern.
Significant Estimates and 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.
Information about significant estimation uncertainty and judgements in applying accounting policies that have the most significant
effect on the amounts recognised are set out below:
• Recoverable amount assessment (Note 10 Intangible Assets).
An impairment test is performed annually to assess the recoverable amount of goodwill and other intangible assets with an
indefinite life. The recoverable amount is based on a value-in-use calculation that requires the use of estimates.
Material Accounting Policies
The material accounting policies which are relevant to an understanding of these financial statements are included throughout the
notes to the financial statements.
Standards Issued but Not Yet Effective
The Group adopted all mandatory new and amended NZ IFRS Standards and Interpretations and there has been no material impact
of the Group’s financial statements.
In May 2024, the External Reporting Board issued NZ IFRS 18 Presentation and Disclosure in Financial Statements that is effective
for the accounting period that begins on or after 1 January 2027. This standard has not been early adopted in preparing these
financial statements.
There are no other new standards, amendments or interpretations that have been issued and are not yet effective, that are expected
to have a significant impact on the Group.
Notes to the Financial Statements (continued)
FOR THE YEAR ENDED 31 MARCH 2025
MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2025
40
Financial Performance
1. Income
Revenue from the sale of goods is recognised when control of the goods transfers to the customer. This is typically when the
goods are delivered to the customer.
The amount of revenue recognised reflects the consideration that the Group expects to be entitled for providing the goods to
the customer.
Revenue is measured as the sales price (net of discounts), adjusted for customer credits. Customer credits are recognised as
deductions from revenue at the time that the related sales are recognised.
Payment for the goods is typically received up to a week in advance of delivery. The payment received in advance of delivery is
recognised in the Statement of Financial Position as a liability (deferred revenue) until the goods are delivered to the customer.
NZ$00020252024
Revenue from contracts with customers162,102162,235
Total income162,102162,235
Interest income13 068
Proceeds from insurance715 0
Other income1320
Total other income150 238
2. Segment Reporting
Operating segments are determined based on the financial information that is regularly reported to the Chief Executive Officer
(CEO) and Chief Financial Officer (CFO). The CEO together with the CFO is considered to be the Chief Operating Decision
Maker (CODM).
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.
41
FINANCIAL STATEMENTS
3. Expenses
Net profit before income tax has been arrived at after charging / (crediting) the following items:
NZ$00020252024
Staff expenses
Salaries and wages16,42215,385
Defined contribution pension costs504489
Share-based payment expense520570
Interest expense1,5841, 9 71
IT expenses2,8502,886
Depreciation and amortisation5,9845 , 51 0
Loss on disposal of property, plant and equipment 1153
Fees paid to the auditor (Ernst & Young)
Audit of the financial statements
1
16 014 8
1. The audit fee includes the fee for the annual audit of the financial statements (FY24: both the annual audit of the financial statements and the review of the interim financial statements).
4. Earnings per Share (EPS)
Basic earnings per share is calculated by dividing the profit or loss attributable to equity holders by the weighted average
number of shares outstanding during the year.
Diluted earnings per share is calculated by adjusting the profit or loss attributable to equity holders and the weighted average
number of shares outstanding during the year for the effects of shares with dilutive potential.
20252024
Basic and diluted earnings per share
Net profit attributable to equity holders (NZ$000)6,350 6,044
Weighted average number of shares for basic EPS (000)242,981 242,438
Weighted average number of shares for diluted EPS (000) 251,041 246,548
Basic and diluted earnings per share (NZ$)0.030.02
The diluted weighted average number of shares takes into account the number of share rights and performance share rights that may
be dilutive depending on the likelihood of vesting conditions being met.
Notes to the Financial Statements (continued)
FOR THE YEAR ENDED 31 MARCH 2025
MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2025
42
Working Capital
The Group primarily operates a weekly meal-kit subscription business and has a weekly business cycle. Customers are invoiced,
and cash is received, in advance each week (initially recognised as a current liability, deferred revenue). Inventory in relation to the
customers invoiced is received during the week following this and suppliers are predominantly paid monthly. This cycle results in the
business operating with net current liabilities and negative working capital as the cash generated from customers in advance is used
to fund investing and financial activities.
5. Trade and Other Receivables
Trade receivables are amounts due from customers for goods sold in the ordinary course of business. Trade receivables are
initially recognised at the amount invoiced to the customer and subsequently measured at the amount expected to be collected.
Estimates are used to determine the amount of trade receivables that may not be collected. A provision for impairment of trade
receivables is recognised based on the lifetime expected credit loss at each reporting date.
NZ$00020252024
Trade receivables327380
Provision for impairment of trade receivables(171)(241)
Other receivables419172
Trade and other receivables5753 11
6. Inventories
Inventories are measured at the lower of cost or net realisable value. In the case of finished goods, cost includes direct costs plus
a portion of fixed and variable overheads incurred in assembling the finished goods.
NZ$00020252024
Ingredients and work in progress2 2118 9
Finished goods-14 0
Packaging18 312 0
Inventories404449
In FY25, 31 March landed on a Monday (FY24: Sunday) meaning all meal kits had been delivered, resulting in a nil finished
goods balance.
During the year inventories of $86,676,000 (2024: $89,507,000) were recognised as an expense in Cost of sales.
43
FINANCIAL STATEMENTS
7. Trade and Other Payables
Trade and other payables are recognised at the amount invoiced by the supplier, or the estimated amount where the cost
is accrued.
NZ$00020252024
Trade payables9,413 9,086
Other payables465 532
Accrued expenses1,4001,14 9
Trade and other payables11 , 2 7 810,767
8. Other Current Liabilities
Liabilities for wages and salaries and annual leave are recognised at the amounts expected to be paid when the liabilities
are settled.
NZ$00020252024
Accrued wages and salaries1,362652
Annual leave85373 8
Employee benefits2 , 2151,390
Other liabilities8918 0
Other current liabilities2,3041,570
Notes to the Financial Statements (continued)
FOR THE YEAR ENDED 31 MARCH 2025
MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2025
44
Long-Term Assets
9. Property, Plant and Equipment
Items of property, plant and equipment are measured at cost less accumulated depreciation and any impairment losses. Cost
includes the purchase consideration and those costs attributable to bringing the asset to the location and condition necessary for
its intended use. Subsequent costs are capitalised only when it is probable the future economic benefits associated with the item
will flow to the Group. The carrying amount of any replaced part is derecognised. All other repairs and maintenance costs are
recognised as an expense when they are incurred.
Gains or losses on disposals are calculated by comparing the sales proceeds with the carrying amount, and are recognised in
profit or loss.
Depreciation is calculated on a straight-line basis to allocate the cost of the asset, less any residual value, over its useful
economic life. Residual values and useful lives are reviewed, and adjusted if required, each financial year.
The depreciation rates for each class of property, plant and equipment are as follows:
• Motor vehicles 17.5% - 25% (2024: 17.5% - 25%)
• Plant and machinery 6% - 67% (2024: 6% - 67%)
• Furniture, fixtures and fittings 7% - 67% (2024: 7% - 67%)
• Computers 10.5% - 67% (2024: 10.5% - 67%)
NZ$000Motor vehicles
Plant and
machinery
Furniture,
fittings and
equipmentComputersTotal
Cost
At 1 April 20244139,8271,94 087013,050
Additions-3572711 2496
Disposals-(35)(33)(182)(250)
At 31 March 202541310,1491,93480013,296
Accumulated depreciation
At 1 April 20242802 , 7131,3246985 , 015
Depreciation231, 29415 611 31,586
Disposals-(23)(33)(181)(237)
At 31 March 20253033,9841,4476306,364
Net book value at 31 March 202511 06,1654871706,932
Cost
At 1 April 20235188,3321,94 387211,665
Additions-1,5851011 01,705
Disposals(105)(90)(13)(112)(320)
At 31 March 20244139,8271,94087013,050
Accumulated depreciation
At 1 April 20233381,5491,16 66663 , 719
Depreciation271,20316 614 31,539
Disposals(85)(39)(8)( 111 )(243)
At 31 March 20242802,7131,3246985,015
Net book value at 31 March 202413 37,11461617 28,035
At 31 March 2025 additions of $61,000 (2024 $24,000) included in Plant and machinery are not ready for use and therefore have
not been subject to depreciation during the year.
45
FINANCIAL STATEMENTS
10. Intangible Assets
The significant intangible assets recognised by the Group are goodwill, brands and software assets.
Goodwill
Goodwill represents the premium paid by the Group over the fair value of the Group’s share of net identifiable assets of an
acquired subsidiary at the date of acquisition. Goodwill is initially measured at cost and subsequently measured at cost less
accumulated impairment losses, if any. Goodwill is not amortised.
Brands
Brands that are purchased by the Group are initially recognised at cost, or at their fair value if acquired as part of a business
combination. A brand is determined to have an indefinite life where there is an intention to maintain and support the brand
for an indefinite period. Indefinite life brands are not amortised, they are subsequently measured at cost less accumulated
impairment losses, if any.
Software assets
Software assets, both purchased and internally developed, are capitalised provided there is an identifiable asset, controlled by
the Group, that will generate future economic benefits through supporting revenue generation or cost savings. Subsequent costs
are capitalised if they extend the useful life or enhance the functionality of the asset. Software assets are amortised on a straight-
line basis over their estimated useful lives (using amortisation rates of 14% - 33%) (2024: 14% -33%). Amortisation is included in
Indirect expenses.
Impairment testing
Goodwill and indefinite life brands are tested for impairment annually, or more frequently if there is an indicator of impairment.
Software assets are tested for impairment when an indicator of impairment exists.
Notes to the Financial Statements (continued)
FOR THE YEAR ENDED 31 MARCH 2025
MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2025
46
NZ$000GoodwillBrandsSoftware
Software
WIPOtherTotal
Cost
At 1 April 202463,63118,35710,7484485 , 2 6198,445
Additions---2,674-2,674
Transfers--2,879(2,879)--
Disposals---(22)-(22)
At 31 March 202563,63118,35713,6272 215,261101,097
Accumulated amortisation
At 1 April 2024--7, 2 7 2-5 , 2 6112,533
Amortisation--2,098--2,098
At 31 March 2025--9,370-5,26114,631
Net book value at 31 March 202563,63118,3574,2572 21-86,466
Cost
At 1 April 202363,63118,3578 ,1618935 , 2 6196,303
Additions---2 ,14 2-2 ,14 2
Transfers--2,587(2,587)--
Disposals------
At 31 March 202463,63118,35710,7484485,26198,445
Accumulated amortisation
At 1 April 2023--5,779-5 , 2 6111,040
Amortisation--1, 493--1, 493
At 31 March 2024--7, 2 7 2-5,26112,533
Net book value at 31 March 202463,63118,3573,476448-85,912
IMPAIRMENT TESTING
As at 31 March 2025, the market capitalisation of the Group was below the book value of its equity, indicating a potential
impairment of the Group’s assets (including goodwill and indefinite life brands). When reviewing for indicators of impairment, the
Group considers the relationship between its market capitalisation and its book value, among other factors.
The Group performed its annual impairment test in March 2025. The recoverable amount of the Group, which is a single cash-
generating unit, was determined on a value-in-use basis using a discounted cash flow methodology. The model uses a five-year cash
flow forecast based on the Board-approved budget for FY26. Cashflows are based on estimates of revenue growth and EBITDA
margin assumptions.
Revenue growth has been estimated based on past and forecast delivery numbers, as well as average order value. These
assumptions take into account current economic forecasts, the momentum observed with our FY25 exit rates and the potential to
attract new customers including through the My Food Bag Shop. EBITDA margin has been estimated based on past and forecast
EBITDA margin, My Food Bag’s history of enacting price increases to mitigate the impact of ingredient inflation, economies of scale
and other cost efficiency gains.
The post-tax discount rate used in the model is 12.4% (2024: 13.8%).
47
FINANCIAL STATEMENTS
The terminal growth rate applied to the forecast cash flows after year five is 2.0% (2024: 2.0%). This reflects the long term
New Zealand inflation target, historical sector specific growth and population projections in New Zealand.
The following table shows the impact of reasonably possible changes in key assumptions.
Key assumption Change in key assumption
Reduction in
recoverable
amount
NZ $million
Increase in
recoverable
amount
NZ $million
Would the
change result
in impairment
Revenue growth FY27 onwards: 5.1% + / - 200 basis points -8.89.2 No
EBITDA margin FY31 onwards: 12.8% + / - 100 basis points -8.9 8.8No
Discount rate: 12.4% + / - 100 basis points -9.8 11 . 9No
Terminal growth rate: 2% + / - 100 basis points -7.2 8.8 No
While reasonably possible changes in the key assumptions provided in the above table would not on their own result in impairment
in each case, it is possible that they could occur in combination.
The impairment test does not result in an impairment of the Group’s assets (including goodwill and indefinite life brands). Reasonably
possible changes in key assumptions do not result in impairment of the Group’s assets (including goodwill and indefinite life brands).
11. Leases
Lease liabilities
Lease liabilities are recognised at the commencement date of the lease at the present value of the future lease payments over
the term of the lease. If the rate implicit in the lease is not readily determinable, the lease payments are discounted using the
Group’s incremental borrowing rate at the lease commencement date. The lease term is the non-cancellable period plus rental
renewal options that are determined to be reasonably certain to be exercised. Once the lease has commenced, the Group only
reassesses the lease term on occurrence of a significant event or change in circumstance that is within its control and affects its
ability to exercise, or not exercise a renewal option in the contract.
Right-of-use assets
Right-of-use assets are initially measured at the amount of the lease liability at commencement date plus direct costs incurred
in establishing the lease and an estimate of costs required to dismantle and remove the underlying asset or to restore the
underlying asset.
Right-of-use assets are depreciated on a straight-line basis over the lease term, unless the useful life of the asset is less than
the lease term, or if the Group will own the asset at the end of the lease term. In these circumstances the right-of-use asset is
depreciated over the useful life of the asset.
The Group enters into lease arrangements for property, and plant and machinery. Leases of property have lease terms between one
and eight years (2024: between two and eight years), plant and machinery have terms between one and five years. Changes to the
lease payments are renegotiated at periods specified in the contracts and are usually based on the consumer price index or market
rental rates. The Group has elected not to recognise right-of-use assets and lease liabilities for leases of low value assets and short-
term leases. These lease costs are recognised as an expense as incurred.
Information about right-of-use assets is shown below.
20252024
NZ$000
Net book
value
Depreciation
charge
Net book
value
Depreciation
charge
Property6,1452,0278,0042,203
Plant and machinery751272414275
Right-of-use assets6,8962,2998,4182,478
Additions to right-of-use assets during the year were NZ$719,000 (2024: NZ$517,000). This amount relates to renewed
leased fleet.
Notes to the Financial Statements (continued)
FOR THE YEAR ENDED 31 MARCH 2025
MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2025
48
Amounts recognised in the Statement of Comprehensive Income
NZ$00020252024
Interest on lease liabilities498579
Expense relating to short-term leases and low value assets957
Lease liabilities
NZ$00020252024
Lease liabilities at 1 April9,70711,879
Principal lease payments(2,404)(2,451)
New leases719517
Non-cash changes in lease liabilities(129)(238)
Lease liabilities at 31 March7,8939,707
Total cash payments for leases during the year was NZ$2,902,000 (2024: NZ$3,029,000).
Funding and Equity
12. Share Capital and Dividend
SHARE CAPITAL
20252024
Fully paid ordinary sharesNZ$000
Number
000sNZ$000
Number
000s
At 1 April and 31 March5 9 , 8132 4 3 ,17059,336242,438
All ordinary shares issued are fully paid and have no par value. The holders of ordinary shares are entitled to receive dividends as
declared by the Board and are entitled to one vote per share. All shares rank equally in any surplus on winding up of the Group.
DIVIDENDS
A liability to pay a dividend is recognised when the distribution is declared by the Board. A corresponding amount is recognised
directly in equity.
NZ$00020252024
Final dividend for 2024 – 0.5 cents per share 1,215 -
Interim dividend for 2025 – 0.65 cents per share 1,584 -
Dividends paid 2,799 -
The imputation credit account balance as at 31 March 2025 is NZ$5,961,000 (2024: NZ$3,122,000).
Dividend declared after the reporting period
On 21 May 2025 the Board declared a fully imputed final dividend of 0.85 cents per share, to be paid on 19 June 2025 to
shareholders on the company’s register on 5 June 2025. A Dividend Reinvestment Plan will operate for the FY25 dividend.
CAPITAL MANAGEMENT
The Group’s capital includes share capital and retained earnings. The objective of the Group’s capital management is to maintain a
strong capital base to support investor and market confidence and the future growth of the business. To manage the capital structure,
the Group may adjust the proportion of earnings paid to shareholders, return capital to shareholders, issue new shares or amend
capital spending plans.
The Group is not subject to externally imposed capital requirements.
49
FINANCIAL STATEMENTS
13. Borrowings
Borrowings are initially measured at fair value, net of transaction costs incurred. Borrowings are subsequently measured at
amortised costs using the effective interest method.
The Group’s net debt position is shown below.
NZ$00020252024
Bank loan – non-current 8,473 11,446
Total borrowings 8,473 11,446
Less: cash and cash equivalents(1,534)(150)
Add: bank overdraft - 472
Net (cash) / debt 6,939 11,768
A reconciliation of the changes in borrowings to the proceeds and repayments of borrowings presented in the Statement of Cash
flows is shown below.
NZ$00020252024
Total borrowings at 1 April 11,446 11,420
Proceeds from borrowings 2,500 10,000
Repayments of borrowings(5,500)(10,000)
Non-cash change in deferred finance costs 27 26
Total borrowings at 31 March 8,473 11,446
Funding arrangements
The Group’s funding arrangements are shown below.
NZ$00020252024
Revolving credit facility 15,000 25,000
Bank overdraft 5,000 5,000
Total facilities 20,000 30,000
Revolving credit facility utilised(8,500)(11,500)
Bank overdraft utilised-(472)
Total undrawn facilities 11,500 18,028
The revolving credit facility of NZ$15,000,000 expires on 5 April 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 1.77%.
In FY25 the revolving credit facility was amended to reduce the amount of the facility available.
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 year, and at 31 March 2025. The Group was also in
compliance with its banking covenants during the prior year and at 31 March 2024.
Notes to the Financial Statements (continued)
FOR THE YEAR ENDED 31 MARCH 2025
MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2025
50
14. Financial Risk Management
The objective of the Group’s risk management framework is to appropriately identify and manage risks within acceptable levels.
Risk management policies and procedures are reviewed regularly to ensure they reflect changes in market conditions and the
Group’s activities.
The financial risks that impact the Group are liquidity risk, interest rate risk and credit risk.
LIQUIDITY RISK
Liquidity risk is the risk that the Group will encounter difficulties in meeting its financial commitments as they fall due. The Group
manages its liquidity risk by maintaining a level of undrawn credit facilities and a spread of maturity dates.
The table below shows the timing of the gross contractual cash flows of the Group’s financial liabilities.
2025
NZ$000
Carrying
amount
Contractual
cash flows
3 months
or less
3 to 12
months
1 to 5
years
More than
5 years
Bank loan 8,473 8,500 - - 8,500 -
Bank overdraft ---- --
Lease liabilities 7,893 9,347 740 2,2214,5231,863
Trade and other payables 11,278 11,278 11,278 ---
Financial liabilities 27,644 29,125 12,018 2,221 13,023 1,863
2024
NZ$000
Carrying
amount
Contractual
cash flows
3 months
or less
3 to 12
months
1 to 5
years
More than
5 years
Bank loan 11,44611,500 - - 11,500 -
Bank overdraft 472472472- --
Lease liabilities 9,70711 , 212 692 2,0645 , 7122,744
Trade and other payables 10,76710,767 10,767 ---
Financial liabilities 32,392 33,951 11,931 2,064 17, 212 2,744
INTEREST RATE RISK
Interest rate risk is the impact of changes in interest rates on the financial results. The Group manages its interest rate risk through the
use of interest rate swaps where appropriate, based on the amount and tenure of the Group’s borrowing requirements.
The following table shows the effect on profit or loss and equity at reporting date of a reasonably possible change in interest rates.
A change in interest rates would impact the floating rate interest payments on the Group’s borrowings held at reporting date.
20252024
NZ$000EquityProfitEquityProfit
50 basis point increase(54)(54)(75)(75)
10 basis point decrease11111515
CREDIT RISK
Credit risk is the risk of loss due to customers not paying amounts owed. The Group’s exposure to credit risk is managed through
the Group’s operating model, where payment for the goods is typically received in advance of delivery. Refer to Note 5 Trade and
Other Receivables for details of the level of provision for impairment of trade receivables at reporting date.
51
FINANCIAL STATEMENTS
Other Notes
15. Taxation
Tax expense comprises current and deferred tax. Tax expense is recognised in the Statement of Comprehensive Income. The tax
consequence of items recognised directly in equity is also recognised in equity.
Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantially enacted at
the reporting date, and any adjustment to tax payable in respect of a previous year.
Deferred tax arises due to certain temporary differences between the carrying amounts of assets and liabilities for financial
reporting purposes and those for tax purposes. Deferred tax is measured at the tax rate that is expected to apply to the
temporary differences when they reverse, based on laws that have been enacted or substantially enacted at the reporting date.
Deferred tax is not recognised on the initial recognition of goodwill, or the initial recognition of assets and liabilities in a
transaction that affects neither accounting nor taxable profit.
Deferred tax assets are recognised to the extent it is probable that future taxable profits will be available against which the
temporary differences can be utilised.
Tax expense
NZ$00020252024
Current period2,7872,750
Adjustments to prior periods(419)11 2
Current tax expense2,3682,862
Origination and reversal of temporary differences (82) (288)
Deferred tax expense(82) (288)
Income tax expense 2,286 2,574
Reconciliation of effective tax rate
NZ$00020252024
Profit before tax8,6368,618
Prima facie income tax expense at 28% on profit before tax2,4182,413
Non-deductible expenses (95) 49
Adjustments to prior periods (37) 11 2
Income tax expense 2,286 2,574
Notes to the Financial Statements (continued)
FOR THE YEAR ENDED 31 MARCH 2025
MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2025
52
Deferred tax
Deferred tax assets and liabilities are attributed to the following:
NZ$000At 1 April 2024
Recognised in
profit or lossAt 31 March 2025
Property, plant and equipment287(378)(91)
Right-of-use assets(2,389)459(1,930)
Lease liability2,810(508)2,302
Prepayments(133)66(67)
Intangible assets(5,140)-(5,140)
Accruals and provisions414200614
Share-based payments12 2243365
Net deferred tax liability(4,029)82(3,947)
NZ$000At 1 April 2023
Recognised in
profit or lossAt 31 March 2024
Property, plant and equipment20582287
Right-of-use assets(3,005)616(2,389)
Lease liability3 , 418(608)2,810
Prepayments(199)66(133)
Intangible assets(5,140)-(5,140)
Accruals and provisions37341414
Share-based payments319112 2
Net deferred tax liability(4,317)288 (4,029)
16. Share-based Payments
Equity-settled share-based payments
The cost of equity-settled share-based payments is determined based on the grant-date fair value of the award. The fair value is
estimated using a valuation model appropriate to the terms and conditions of the award.
The cost is recognised in Staff expenses, together with a corresponding increase in equity (Share-based payment reserve), over
the period in which the service condition and, where applicable, the performance measures are fulfilled.
At each reporting date the likelihood of the service condition, and where applicable, the Earnings per Share (EPS) performance
measure being met is reassessed. The cumulative expense through profit or loss and equity is adjusted to reflect the best estimate
of the number of share rights and performance share rights that will ultimately vest.
Therefore, on a cumulative basis, no expense is recognised for awards that do not ultimately vest because the service condition
or EPS hurdle have not been met. As the Total Shareholder Return (TSR) performance measure is reflected in the grant-date fair
value, these awards are treated as vested, and the expense is recognised, irrespective of whether the TSR hurdle is achieved
(provided the service condition is met).
53
FINANCIAL STATEMENTS
ESOS
There were no Employee Share Ownership Scheme (ESOS) share rights offered to employees during the period to 31 March 2025
(31 March 2024: 0).
ESOS – FY23 awards
Permanent employees working at least 30 hours per week were eligible to participate in the ESOS June 2022 grant. Under the
scheme, participants were awarded restricted share rights of $3,000. The share rights vest after two years, subject to participants’
continued employment with the Group. After two years each share right converts to one ordinary share, at no cost to the employee.
Employees eligible for the ESOS December 2022 were primarily permanent employees working at least 30 hours per week who
commenced employment after June 2022. Participants in the December grant were awarded 1,691 restricted share rights. The share
rights vest after 18 months, subject to participants’ continued employment with the Group. After 18 months each share right converts
to one ordinary share, at no cost to the employee.
The ESOS is an equity-settled share-based payment scheme.
In July 2024, 268,869 shares vested in respect of the FY23 grant.
LTI
LTI – FY25 awards
The CEO and members of the Senior Leadership team are eligible to participate in the Long Term Incentive (LTI) scheme. Under the
scheme, participants are awarded performance share rights based on a percentage of their base salary. Each performance share
right converts to one ordinary share, at no cost to the employee. The LTI is an equity-settled share-based payment scheme. The
performance share rights vest after 3 years subject to achievement of continued employment with the Group and the absolute TSR
compared to hurdles set by reference to My Food Bag’s Cost of Equity plus various premiums. Accelerated vesting (up to 50%) after
2 years will occur if performance conditions are met.
The board approved 6,321,585 LTI performance share awards during the period to 31 March 2025 (31 March 2024: 6,922,230).
LTI – FY24 awards
The CEO, Senior Leadership Team and certain Key Operational Leaders were eligible to participate in the FY24 LTI scheme. Under
the scheme, participants are awarded performance share rights based on a percentage of their base salary. Each performance
share right converts to one ordinary share, at no cost to the employee. The LTI is an equity-settled share-based payment scheme.
The performance share rights vest after two years, subject to achievement of the following performance measures:
• Continued employment with the Group (retention tranche), and/or
• Continued employment with the Group and the relative TSR compared to the companies included in the NZX 50 (TSR tranche).
LTI – FY23 awards
The Senior Leadership Team and certain Key Operational Leaders were eligible to participate in the FY23 LTI scheme. The
schemes and measures are consistent with the LTI performance rights granted during FY24. All rights issued under these schemes
are equity-settled. The performance share rights awarded in FY23 vest after two years (June 2022 grant) or after 18 months
(December 2022 grant).
In July 2024, 463,179 shares vested in respect of the FY23 grant.
FY23 CEO award – December 2022 grant
The CEO was awarded performance share rights under the FY23 LTI (CEO’s December award). The performance share rights
awarded to the CEO vest after 18 months, subject to achievement of the following performance measures:
• 100% of the rights vest based on continued employment with the Group and the relative TSR compared to the companies
included in the NZX 50 (TSR tranche).
Notes to the Financial Statements (continued)
FOR THE YEAR ENDED 31 MARCH 2025
MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2025
54
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 31 March 2025 -12,252,782
Number of rights outstandingESOSLTI
At 1 April 2023360,1831,164,001
Granted - June 2023 -6,922,230
Forfeited
2
(69,331)(1,172,292)
At 31 March 2024290,8526,913,939
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 ceased employment before vesting date
732,048 rights vested during the period to 31 March 2025 (31 March 2024: none).
At 31 March 2025, there was no remaining contractual life of the rights issued under the ESOS schemes (FY24: 2 months), and the
weighted average contractual life of rights issued under the LTI schemes is one year, two months (FY24: 1 year).
VALUATION APPROACH
The fair value of the LTI performance share rights is estimated for each performance measure separately:
• The fair value of the TSR tranche of the performance share rights is estimated at the grant date using the Monte Carlo simulation
approach, taking into account the terms and conditions of the award.
• The fair value of the Retention tranche and the EPS tranche of the performance share rights is estimated based on the grant date
share price less the present value of expected dividends.
Key inputs in determining the fair values
Jul 24Jun-23 Dec-22 Jun-22
Share price at grant date $0.15$0.18 $0.40 $0.83
Risk-free interest rate 4.6%5.1% 3.4% 3.4%
Expected cash dividend yield 12.9%.11.4% 8.6% 8.6%
Expected share price volatility 51.6%48.1% 36.7% 36.7%
Vesting period 3 years (accelerated
vesting 2 years)
2 years 1.5 years 2 years
Weighted average grant date fair value - ESOS - - $0.32 $0.69
Weighted average grant date fair value - LTI $0.11$0.12 $0.23 $0.50
The expected share price volatility is based on historic data and the expected dividend yield is based on external market
expectations at grant date.
55
FINANCIAL STATEMENTS
17. Related Party Transactions
The transactions with related parties that were entered into during the year, and the year-end balances that arose from those
transactions are shown below.
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) and the SLT comprised seven members (2024: seven).
NZ$00020252024
Short-term employee benefits2,8042,411
Share-based payment transactions382272
Directors’ remuneration502569
Key management personnel remuneration3,6883,252
TRANSACTIONS WITH RELATED PARTIES DURING THE YEAR
Transactions with related parties are at a discount to normal terms and conditions.
NZ$00020252024
Key management personnel
Sale of goods5960
18. Operating Cash Flow Reconciliation
The reconciliation of net profit before tax to net cash flows from operations is shown below.
NZ$00020252024
Net profit before tax8,6368,618
Adjustments for non-cash items
Depreciation and amortisation5,9845 , 51 0
Non-cash change in deferred finance costs2726
Loss on disposal of property, plant and equipment1153
Loss on the disposal of intangible assets22-
Share-based payment expense520570
Changes in assets and liabilities
(Increase)/decrease in Trade and other receivables(335) 359
Decrease in inventories451 , 7 11
Decrease in Prepayments18 900
Increase/(decrease) in Trade and other payables509(1,965)
Decrease in Deferred revenue(247)(2,942)
Increase in other current liabilities7342 74
Income tax paid(2,697)(3,315)
Net cash flows from operating activities13,227 9,799
19. Contingent Liabilities
The Group has no contingent liabilities (2024: Nil)
20. Capital Commitments
The Group has capital commitments of NZ$1,000 (2024: NZ$81,000)
56
MY FOOD BAG GROUP LIMITED
ANNUAL REPORT 2025
Independent Auditor’s Report
FOR THE YEAR ENDED 31 MARCH 2025
Independent auditor’s report to the shareholders of My Food Bag Group Limited
Report on the audit of the financial statements
OPINION
We have audited the financial statements of My Food Bag Group Limited (the “Company”) and its subsidiaries (together the
“Group”) on pages 34 to 55, which comprise the consolidated statement of financial position of the Group as at 31 March 2025,
and the consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated statement
of cash flows for the year then ended of the Group, and the notes to the consolidated financial statements including material
accounting policy information.
In our opinion, the consolidated financial statements on pages 34 to 55 present fairly, in all material respects, the consolidated
financial position of the Group as at 31 March 2025 and its consolidated financial performance and cash flows for the year then
ended in accordance with New Zealand Equivalents to International Financial Reporting Standards and International Financial
Reporting Standards.
This report is made solely to the Company’s shareholders, as a body. Our audit has been undertaken so that we might state to
the Company’s shareholders those matters we are required to state to them in an auditor’s report and for no other purpose. To the
fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s
shareholders, as a body, for our audit work, for this report, or for the opinions we have formed.
BASIS FOR OPINION
We conducted our audit in accordance with International Standards on Auditing (New Zealand). Our responsibilities under those
standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report.
We are independent of the Group in accordance with Professional and Ethical Standard 1 International Code of Ethics for Assurance
Practitioners (including International Independence Standards) (New Zealand) issued by the New Zealand Auditing and Assurance
Standards Board, and we have fulfilled our other ethical responsibilities in accordance with these requirements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Other than in our capacity as auditor we have no relationship with, or interest in, the Company or any of its subsidiaries. Partners
and employees of our firm may deal with the Group on normal terms within the ordinary course of trading activities of the business
of the Group.
KEY AUDIT MATTERS
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated
financial statements of the current year. These matters were addressed in the context of our audit of the consolidated financial
statements as a whole, and in forming our opinion thereon, but we do not provide a separate opinion on these matters. For each
matter below, our description of how our audit addressed the matter is provided in that context.
We have fulfilled the responsibilities described in the Auditor’s responsibilities for the audit of the financial statements section of
the audit report, including in relation to these matters. Accordingly, our audit included the performance of procedures designed
to respond to our assessment of the risks of material misstatement of the financial statements. The results of our audit procedures,
including the procedures performed to address the matters below, provide the basis for our audit opinion on the accompanying
consolidated financial statements.
A member firm of Ernst & Young Global Limited
Independent auditor’s report to the Members of Child Cancer Foundation (Inc.)
Report on the audit of the financial statements
Qualified Opinion
We have audited the financial statements of Child Cancer Foundation (Inc.) (“the Foundation”) on pages
24 to 32, which comprise the statement of financial position of the Foundation as at 30 June 2019, and
the statement of comprehensive revenue and expenses, statement of movements in accumulated funds
and statement of cash flows for the year then ended of the Foundation, and the notes to the financial
statements including a summary of significant accounting policies.
In our opinion, except for the possible effects of the matter described in the Basis for Qualified Opinion
section of our report, the financial statements on pages 24 to 32 present fairly, in all material respects,
the financial position of the Foundation as at 30 June 2019 and its financial performance and cash flows
for the year then ended in accordance with Public Benefit Entity Standards Reduced Disclosure Regime.
This report is made solely to the Foundation’s members, as a body. Our audit has been undertaken so
that we might state to the Foundation’s members those matters we are required to state to them in an
auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or
assume responsibility to anyone other than the Foundation and the Foundation’s members as a body, for
our audit work, for this report, or for the opinions we have formed.
Basis for Qualified Opinion
There was no system of control over income from donations and fundraising income and related cash
which we could rely on for the purpose of our audit. We were unable to confirm or verify by alternative
means the completeness of income from donations and fundraising income included in the statement of
comprehensive revenue and expenses at a total amount of $2,257,000 for the year ended 30 June 2019
and related cash recorded in the statement of financial position at $2,693,000. As a result of this matter,
the scope of our audit was limited, and we were unable to determine whether any adjustments to these
amounts were necessary.
We conducted our audit in accordance with International Standards on Auditing (New Zealand). Our
responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit
of the Financial Statements section of our report.
We are independent of the Foundation in accordance with Professional and Ethical Standard 1 (revised)
Code of Ethics for Assurance Practitioners issued by the New Zealand Auditing and Assurance Standards
Board, and we have fulfilled our other ethical responsibilities in accordance with these requirements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our qualified opinion.
Partners and employees of our firm may deal with the Foundation on normal terms within the ordinary
course of trading activities of the business of the Foundation. We have no other relationship with, or
interest in, the Foundation.
57
GOODWILL AND BRAND INTANGIBLE ASSETS’ IMPAIRMENT ASSESSMENT
Why significantHow our audit addressed the key audit matter
At 31 March 2025 the Group recorded indefinite useful life
intangible assets, being goodwill and brand intangible assets,
with a combined value of $82 million. These comprise 79% of the
Group’s total assets.
The value-in-use of the Group’s cash generating unit (“CGU”)
is estimated by management each reporting period using an
impairment model that requires significant judgement and estimation
in respect of forecast cash flows, discount rate and terminal growth
rate assumptions. Changes in certain assumptions can lead to
significant changes in the assessment of the value-in-use.
Disclosures regarding the Group’s key assumptions adopted and
sensitivity to reasonably possible changes in those key assumptions
are included in note 10 of the consolidated financial statements.
In obtaining sufficient appropriate audit evidence, we:
• understood the Group’s goodwill impairment assessment
process.
• assessed the Group’s determination of CGUs based on our
understanding of the nature of the Group’s business and
considered whether management’s assessment of a single CGU
was appropriate.
• determined the appropriateness of using a discounted cash flow
methodology to assess value in use.
• tested the discounted cash flow model for mathematical
accuracy.
• challenged the reasonableness of management’s forecast cash
flows, including by comparing them to historical results and the
Board’s approved budget.
• considered other external valuation evidence such as market
capitalisation, broker forecasts and earnings multiples of
comparable companies.
• involved our business valuation specialists to assess the terminal
growth and discount rates applied.
• challenged the assumptions and judgements used by
management by performing sensitivity analysis in relation to the
discount rate, terminal growth rate and forecast cash flows to
consider the potential impact of changes in these assumptions.
• evaluated the adequacy of the related financial statement
disclosures, including the sensitivities included in note 10.
INFORMATION OTHER THAN THE FINANCIAL STATEMENTS AND AUDITOR’S REPORT
The directors of the Company are responsible for the other information, which includes information other than the consolidated
financial statements and auditor’s report.
Our opinion on the consolidated financial statements does not cover the other information, and we do not express any form of
assurance conclusion thereon.
In connection with our audit of the consolidated financial statements, our responsibility is to read the other information and, in doing
so, consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge
obtained during the audit, or otherwise appears to be materially misstated.
If, based upon the work we have performed, we conclude that there is a material misstatement of this other information, we are
required to report that fact. We have nothing to report in this regard.
FINANCIAL STATEMENTS
A member firm of Ernst & Young Global Limited
Independent auditor’s report to the Members of Child Cancer Foundation (Inc.)
Report on the audit of the financial statements
Qualified Opinion
We have audited the financial statements of Child Cancer Foundation (Inc.) (“the Foundation”) on pages
24 to 32, which comprise the statement of financial position of the Foundation as at 30 June 2019, and
the statement of comprehensive revenue and expenses, statement of movements in accumulated funds
and statement of cash flows for the year then ended of the Foundation, and the notes to the financial
statements including a summary of significant accounting policies.
In our opinion, except for the possible effects of the matter described in the Basis for Qualified Opinion
section of our report, the financial statements on pages 24 to 32 present fairly, in all material respects,
the financial position of the Foundation as at 30 June 2019 and its financial performance and cash flows
for the year then ended in accordance with Public Benefit Entity Standards Reduced Disclosure Regime.
This report is made solely to the Foundation’s members, as a body. Our audit has been undertaken so
that we might state to the Foundation’s members those matters we are required to state to them in an
auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or
assume responsibility to anyone other than the Foundation and the Foundation’s members as a body, for
our audit work, for this report, or for the opinions we have formed.
Basis for Qualified Opinion
There was no system of control over income from donations and fundraising income and related cash
which we could rely on for the purpose of our audit. We were unable to confirm or verify by alternative
means the completeness of income from donations and fundraising income included in the statement of
comprehensive revenue and expenses at a total amount of $2,257,000 for the year ended 30 June 2019
and related cash recorded in the statement of financial position at $2,693,000. As a result of this matter,
the scope of our audit was limited, and we were unable to determine whether any adjustments to these
amounts were necessary.
We conducted our audit in accordance with International Standards on Auditing (New Zealand). Our
responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit
of the Financial Statements section of our report.
We are independent of the Foundation in accordance with Professional and Ethical Standard 1 (revised)
Code of Ethics for Assurance Practitioners issued by the New Zealand Auditing and Assurance Standards
Board, and we have fulfilled our other ethical responsibilities in accordance with these requirements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our qualified opinion.
Partners and employees of our firm may deal with the Foundation on normal terms within the ordinary
course of trading activities of the business of the Foundation. We have no other relationship with, or
interest in, the Foundation.
MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2025
58
Independent Auditor’s Report (continued)
FOR THE YEAR ENDED 31 MARCH 2025
DIRECTORS’ RESPONSIBILITIES FOR THE FINANCIAL STATEMENTS
The directors are responsible, on behalf of the entity, for the preparation and fair presentation of the consolidated financial statements
in accordance with New Zealand Equivalents to International Financial Reporting Standards and International Financial Reporting
Standards, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that
are free from material misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, the directors are responsible for assessing on behalf of the entity the Group’s
ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern
basis of accounting unless the directors either intend to liquidate the Group or cease operations, or have no realistic alternative but
to do so.
AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free
from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable
assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with International Standards on
Auditing (New Zealand) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and
are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions
of users taken on the basis of these consolidated financial statements.
A further description of the auditor’s responsibilities for the audit of the financial statements is located at the External Reporting
Board’s website: https://www.xrb.govt.nz/standards/assurance-standards/auditors-responsibilities/audit-report-1-1/. This
description forms part of our auditor’s report.
The engagement partner on the audit resulting in this independent auditor’s report is Lloyd Bunyan.
Chartered Accountants
Auckland
21 May 2025
A member firm of Ernst & Young Global Limited
Independent auditor’s report to the Members of Child Cancer Foundation (Inc.)
Report on the audit of the financial statements
Qualified Opinion
We have audited the financial statements of Child Cancer Foundation (Inc.) (“the Foundation”) on pages
24 to 32, which comprise the statement of financial position of the Foundation as at 30 June 2019, and
the statement of comprehensive revenue and expenses, statement of movements in accumulated funds
and statement of cash flows for the year then ended of the Foundation, and the notes to the financial
statements including a summary of significant accounting policies.
In our opinion, except for the possible effects of the matter described in the Basis for Qualified Opinion
section of our report, the financial statements on pages 24 to 32 present fairly, in all material respects,
the financial position of the Foundation as at 30 June 2019 and its financial performance and cash flows
for the year then ended in accordance with Public Benefit Entity Standards Reduced Disclosure Regime.
This report is made solely to the Foundation’s members, as a body. Our audit has been undertaken so
that we might state to the Foundation’s members those matters we are required to state to them in an
auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or
assume responsibility to anyone other than the Foundation and the Foundation’s members as a body, for
our audit work, for this report, or for the opinions we have formed.
Basis for Qualified Opinion
There was no system of control over income from donations and fundraising income and related cash
which we could rely on for the purpose of our audit. We were unable to confirm or verify by alternative
means the completeness of income from donations and fundraising income included in the statement of
comprehensive revenue and expenses at a total amount of $2,257,000 for the year ended 30 June 2019
and related cash recorded in the statement of financial position at $2,693,000. As a result of this matter,
the scope of our audit was limited, and we were unable to determine whether any adjustments to these
amounts were necessary.
We conducted our audit in accordance with International Standards on Auditing (New Zealand). Our
responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit
of the Financial Statements section of our report.
We are independent of the Foundation in accordance with Professional and Ethical Standard 1 (revised)
Code of Ethics for Assurance Practitioners issued by the New Zealand Auditing and Assurance Standards
Board, and we have fulfilled our other ethical responsibilities in accordance with these requirements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our qualified opinion.
Partners and employees of our firm may deal with the Foundation on normal terms within the ordinary
course of trading activities of the business of the Foundation. We have no other relationship with, or
interest in, the Foundation.
59
Non-GAAP
Financial Information 60
Corporate Governance
Statement 61
Other Disclosures 73
Directory 81
Key Dates 81
Other Information
OTHER INFORMATION
MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2025MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2025
60
The reconciliation of net profit after tax to earnings before interest, tax and depreciation and amortisation (EBITDA) is shown below.
NZ$00020252024
Net profit after tax 6,350 6,044
Add: Tax 2,286 2,574
Net profit before tax 8,636 8,618
Add: Depreciation and amortisation 5,984 5,510
Add: Net financing costs 1,453 1,903
EBITDA 16,073 16,031
The reconciliation of revenue to gross margin and contribution margin is shown below.
NZ$00020252024
Revenue 162,102 162,235
Less: Cost of goods sold(82,106) (83,608)
Gross margin 79,996 78,627
Less: Assembly and distribution costs(42,232) (41,909)
Contribution margin 37,764 36,718
Non-GAAP Financial Information
61
MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2025MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2025
The Board of My Food Bag Group Limited (Company) and its subsidiary (collectively, My Food Bag) are responsible for the overall
management of My Food Bag and aim to promote and achieve high standards of corporate governance, consistent with the size
and nature of My Food Bag’s operations.
The objective of strong corporate governance at My Food Bag is to lay the foundation for a culture that is open, transparent and
inclusive, and which develops capability, seeks out new opportunities and drives good decision making, in turn creating long-term,
sustainable value for shareholders.
This Corporate Governance Statement provides an overview of My Food Bag’s current corporate governance framework, which
primarily takes into consideration contemporary corporate governance standards in New Zealand. It is therefore structured in the
same manner as the NZX Corporate Governance Code (NZX Code) and discloses the extent to which My Food Bag has followed
the recommendations in the NZX Code. The Board’s view is that (unless specifically stated) My Food Bag generally complies in all
material respects with the principles and recommendations set out in the NZX Code.
This statement was approved by the Board on 21 May 2025 and is current as at that date.
Principle 1 – Code of Ethical Behaviour
“Directors should set high standards of ethical behaviour, model this behaviour and hold management accountable for these
standards being followed throughout the organisation.”
CODE OF ETHICS
My Food Bag expects its people to behave ethically and act with integrity. It has adopted a written Code of Ethics with which all
of its Directors and employees are required to comply. This Code does not include an exhaustive list of what is or is not acceptable
behaviour at My Food Bag – rather, it is intended to facilitate decisions and promote ethical standards that are consistent with
My Food Bag’s business standards, purpose, reputation, objectives and legal obligations.
The Code of Ethics (taken together with My Food Bag’s other internal policies and charters) includes the content specified in
Recommendation 1.1 of the NZX Code and will be reviewed by the Board at least every two years. It is currently structured to
include certain fundamental requirements for ethical behaviour generally, alongside a number of more targeted areas, including the
management of conflicts of interest, protection of My Food Bag’s assets and information, reporting of unlawful or unethical behaviour,
confidentiality and pursuit of corporate opportunities. The Code of Ethics was last reviewed on 17 March 2025.
The Code of Ethics is readily available to all employees at My Food Bag. In addition, every new Director and employee of My Food
Bag is provided with a copy of the Code of Ethics as part of their induction to the business. Any breaches of the Code of Ethics are
required to be addressed promptly, dealt with consistently and handled by senior management and/or the Board, as appropriate.
The reporting of breaches of the Code of Ethics is encouraged and the steps for doing so are set out in the Code of Ethics and My
Food Bag’s separate Whistleblowing Policy. My Food Bag’s whistleblowing processes enable employees to anonymously report
suspected wrongdoing through a third party service provider. My Food Bag is also aware of its obligations with regards to protected
disclosures under the Protected Disclosures Act 2022.
The Code of Ethics is available to view on the My Food Bag investor website.
SECURITIES TRADING POLICY
My Food Bag has a Securities Trading Policy that details the Company’s trading policy and guidelines, including the restrictions
on trading in the Company’s securities. It applies to all Directors, employees and contractors of My Food Bag. The requirements
imposed by the policy are separate from, and in addition to, the legal prohibitions on insider trading.
The Securities Trading Policy places additional restrictions on certain “restricted persons” which includes the Directors, the Chief
Executive Officer (CEO), the members of the Senior Leadership Team and their direct reports. These restricted persons are generally
prohibited from trading in the Company’s securities during prescribed “blackout” periods. Outside of these blackout periods, the
restricted persons are generally permitted to trade with the prior written consent of the Chief Financial Officer (CFO) (and subject
always to compliance with underlying insider trading laws).
The Securities Trading Policy is available to view on the My Food Bag investor website.
Corporate Governance Statement
OTHER INFORMATION
Corporate Governance Statement (continued)
MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2025MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2025
62
Principle 2 – Board Composition and Performance
“To ensure an effective board, there should be a balance of independence, skills, knowledge, experience and perspectives.”
BOARD CHARTER
The role of the Board is to provide overall strategic direction to My Food Bag and effective management for the purpose of protecting
and enhancing the value of My Food Bag and its assets. The Board has legal responsibility for managing the business and affairs
of the Company, which, in practice, is substantially achieved through delegation to the CEO, who is charged with the day-to-day
operational leadership and management of the business (and who subdelegates certain functions to other members of the Senior
Leadership Team, subject to certain limitations and qualifications).
The Board operates under a written Board charter, which sets out the role, responsibilities, composition, structure and approach of
the Board. The charter provides guidance for the effective oversight and monitoring of the operational management of My Food
Bag on behalf of shareholders, employees and other stakeholders. The charter distinguishes and discloses the respective roles and
responsibilities of the Board and management – in this regard, Directors are generally free to discuss business matters with the Senior
Leadership Team, but they are expected to respect the distinction between Board and management responsibilities.
A copy of the Board charter is available to view on the My Food Bag investor website.
NOMINATION AND APPOINTMENT OF DIRECTORS
The appointment of directors to the Board is principally governed by the Companies Act 1993, the Company’s constitution and the NZX
Listing Rules. The Board has delegated to the Nomination and Remuneration Committee the responsibility to make recommendations to
the Board for nomination as members of the Board and its committees and the terms, if any, of such membership.
This Committee is governed by its own written charter. It is responsible for identifying individuals believed to be qualified to become
Board members, and to recommend to the Board the nominees to stand for election as directors at the annual shareholders’ meeting.
If a casual vacancy arises, the Committee recommends to the Board an individual to fill such vacancy. In nominating candidates, the
Committee may consider a range of factors and attributes, including any terms of reference for the Directors from time to time. The
Committee is also responsible for reviewing nominations from shareholders and providing recommendations to the Board in respect
of such nominations.
The Company enters into written agreements with each of its Directors establishing the terms and conditions of their appointment,
including in relation to their duties, term of appointment (subject to shareholder approval) and expectations of the role and
remuneration. In addition, the Company indemnifies and arranges insurance for its Directors in accordance with applicable laws
for certain claims which may be brought against them as directors.
Under the NZX Listing Rules, a director must not hold office (without re-election) past the third annual shareholders’ meeting following
that director’s appointment or three years, whichever is longer. From time to time certain Directors may also retire early and seek
reappointment at an annual shareholders’ meeting so as to effectively stagger the appointment of directors and preserve continuity
by avoiding a scenario where all or a majority of the Directors are required to retire at the same meeting.
MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2025MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2025
63
DIRECTORS
The Board currently comprises five Directors: an independent Chair, Tony Carter; three independent non-executive Directors, Sarah
Hindle, Jen Bunbury and Mark Powell; and one non-executive Director, Cecilia Robinson. A profile highlighting the experience of
each Director, including his or her length of service with My Food Bag, is available on My Food Bag’s website and included in the
Board of Directors section of the Annual Report.
Directors are chosen for their corporate leadership skills, professional backgrounds, experience and expertise. The right blend of
skills and experience, combined with a diversity of perspectives, is crucial for the Board to be able to create value for My Food Bag’s
shareholders over the long term. The current balance of skills, experience, tenure and diversity on the Board is summarised below:
Board skills, experience,
tenure and diversity
ExperienceBanking and finance
Legal and regulatory
Technology
Consumer business
Grocery and meal kits
Investment and M&A
Retail
Health
SkillsFinancial acumen
Governance and compliance
Strategy and risk
Grocery supply chain and logistics
Customer experience and agri-tech
E-commerce
Investor relations
Entrepreneurship
Tenure3 to 6 years3
Less than 3 years2
DiversityFemale60%
Male40%
Directors are encouraged (but not required) to hold shares in the Company in order to more strongly align their interests with the
interests of shareholders. All Directors currently own shares (either directly or through a related entity or trust), and those relevant
interests are included in the Other Disclosures section of the Annual Report.
OTHER INFORMATION
Corporate Governance Statement (continued)
MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2025MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2025
64
ATTENDANCE AT BOARD AND COMMITTEE MEETINGS
For the year ended 31 March 2025
Board meetings
available to
attend
Number
attended
ARC
1
meetings
available to
attend
4
Number
attended
NRC
2
meetings
available to
attend
Number
attended
MC
3
meetings
available to
attend
Number
attended
Tony Carter12124433--
Sarah Hindle1212443344
Jen Bunbury12124433--
Cecilia Robinson1212333344
Mark Powell1212333344
During FY25, members of the Board also provide more informal oversight and strategic support and guidance to management at
different times as and when the opportunity or need arises.
DIVERSITY
My Food Bag aims to cultivate an environment where all of its people enjoy coming to work and contributing to the collective
success of the business. It is committed to creating an open workplace where every team member is welcomed, supported and
inspired, and where diversity is celebrated at all levels of the business. To do this, My Food Bag actively seeks to remove perceived
or tangible barriers to becoming part of the My Food Bag team and provides equal opportunities based on performance
and potential.
My Food Bag has a written Inclusion and Diversity Policy that is available on the My Food Bag investor website. The guiding
principles of this policy include to: encourage diversity throughout the workforce; create a flexible and inclusive work environment;
leverage diversity of thought and individuality; ensure the behaviour of My Food Bag’s leaders reflects its values; attract and retain
talented people; and maintain a zero tolerance for bullying and harassment. This policy will be reviewed by the Board as required
and at least every two years.
Diversity and inclusion has been a hallmark of My Food Bag’s values since its inception, reflecting the values and expectations of the
founders of the business. These values are formalised in the written policy. The Board is generally comfortable with My Food Bag’s
core statistics with regards to diversity and inclusion, albeit it recognises there are always opportunities to further improve My Food
Bag’s workplace, including through new programmes and initiatives designed to target particular aspects of diversity and inclusion.
My Food Bag continues to review and monitor the gender pay gap for all of its permanent employees and, at 31 March 2025, the
median pay gap
5
across the organisation was 3.44% (versus 1.35% at 31 March 2024). My Food Bag intends to continue to focus
on improving the pay equity position through annual remuneration reviews and its recruitment processes. My Food Bag measures
and publicly reports its gender pay gap annually.
In collaboration with the Board, My Food Bag has a number of initiatives to support gender diversity and inclusion, including:
maintaining a 40/40/20 gender balance at both the Board and Senior Leadership Team level (and striving for this across the wider
organisation), reducing the gender pay gap, and maintaining a Diversity and Inclusion Committee of employees to enable targeted
programs of activity to increase belonging and equity. My Food Bag also offers flexible working arrangements and a generous
parental leave policy to support new parents. In FY25, My Food Bag has intensified its focus on education within our Diversity Equity
and Inclusion (DE&I) space. Building on our previous efforts, we have continued to celebrate cultural events such as Lunar New Year,
Diwali, and Māori Language Week across our sites. Additionally, we have introduced neurodiversity training for managers to foster
a more inclusive and supportive workplace environment. These initiatives are part of our ongoing commitment to creating a diverse
and inclusive culture where every team member feels valued and understood. Further updates on our DE&I initiatives, including any
formal measurable objectives adopted, will be provided in next year’s Annual Report (or other corporate governance reporting).
1. Audit and Risk Committee.
2. Nomination and Remuneration Committee.
3. Marketing Committee.
4. Part way through FY25, the Board made the decision to reduce the size of the Audit and Risk Committee to three members, being Jen Bunbury (Chair), Tony Carter (Board Chair) and
Sarah Hindle. For this reason, Cecilia Robinson and Mark Powell attended fewer meetings of the Audit and Risk Committee in FY25.
5. Gender pay gap is calculated as the difference between the median hourly rate of male and female employees as a % of the male hourly rate.
MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2025MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2025
65
The Board recognises that gender is one important and commonly reported measure of diversity. The gender composition of
permanent staff at My Food Bag as at the last two balance dates is set out in the table below.
2024
1, 3
2025
1, 3
FemaleMaleFemaleMale
Directors3232
Officers
2
4343
Other employees1049010495
Total1119511110 0
DIRECTOR TRAINING
On appointment, all Directors receive a comprehensive induction from the business to familiarise themselves with My Food Bag’s
management and operations. Under its charter, the Board has also committed to ensure that new Directors are appropriately
introduced to My Food Bag’s management and business, are acquainted with relevant industry knowledge and receive all
appropriate papers, policies and documents to enable them to discharge their duties effectively. Visits to specific operations of the
business are arranged, when appropriate, and reports and presentations from management are incorporated into the Board meeting
schedule on a regular basis.
More generally, Directors are expected to maintain appropriate levels of financial, legal and industry understanding, and are
encouraged to take responsibility for their own professional development, including by attending relevant courses or conferences
and through membership of industry bodies such as the NZ Institute of Directors. Each Director is also entitled to access Company
information and to seek independent advice in respect of their role as a Director should the need arise.
BOARD PERFORMANCE
The Board has committed to critically evaluate its own performance and the performance of individual Directors every two years
(as well as to review My Food Bag’s key policies and charters). In addition, the Chair of the Audit and Risk Committee reviews
that Committee’s performance at least every two years and is required to report her findings to the Board. During FY25 the Board
completed a thorough performance evaluation facilitated by a third party provider.
The Nomination and Remuneration Committee is tasked with making recommendations to the Board to ensure that adequate
procedures are in place to review the performance of the Board as a whole, its Committees and the contributions of Directors.
More generally, open and constructive discussion is encouraged at all Board and Committee meetings to ensure decisions are taken
that benefit from the diverse range of skills, experiences and perspectives of Directors – in this regard, each Director is expected to
fully participate in meeting discussions, having read all Board and briefing papers provided.
INDEPENDENCE
The Board currently comprises five Directors. All Directors are non-executive Directors. The Board has considered which of the
Directors are independent Directors for the purposes of the NZX Listing Rules and has determined that, as at 21 May 2025 (the date
of this corporate governance statement), four Directors are independent Directors, including the Chair and the Chair of the Audit
and Risk Committee. The independent Directors are Tony Carter, Jen Bunbury, Sarah Hindle and Mark Powell. Cecilia Robinson is
not considered to be independent at this time due to her long association with My Food Bag, including as co-founder. Directors are
required to inform the Board of any change in circumstances that may affect their independence.
The positions of Chair of the Board and CEO of My Food Bag are held by different people.
The Board’s standards for determining independence of Directors includes the non-exhaustive factors set out in Recommendation 2.4
of the NZX Code, and requires the Board to ultimately assess whether a Director’s interest, position, association or relationship might
interfere, or might reasonably be seen to interfere, with that Director’s capacity to bring an independent judgment to bear on issues
before the Board, to act in the best interests of the Company and to represent its shareholders generally. For completeness, one of the
1. As at 31 March in each year.
2. In accordance with NZX Listing Rule 3.8.1(c), an “Officer” for this purpose means a person who is concerned or takes part in the management of an issuer and reports directly to the
Board or a person who reports to the Board. In My Food Bag’s circumstances, this category of person comprises members of the Senior Leadership Team.
3. Directors, officers and other employees are also given the option to elect to not specify their gender or to identify as non-binary.
OTHER INFORMATION
Corporate Governance Statement (continued)
MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2025MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2025
66
factors expressed in the NZX Code is whether a Director is currently deriving a substantial portion of his or her annual revenue from
My Food Bag (including director fees). While the Board recognises that this factor may apply to several of the Directors, ultimately
this did not change the Board’s determination of the independence of any Director – in this regard, the Board considered that the risk
of this factor influencing the decision making of any Director to be negligible, particularly when considered in light of the professional
nature of the role of a director, the ability to secure alternative work and each Director’s broader financial circumstances.
The Board assesses the independence of Directors on their appointment and at least annually thereafter. If there is a change in the
Board’s determination, it will be announced to the market.
The Company maintains an Interests Register. Any Director who is interested in a transaction with the Company must immediately
disclose to the Board the nature, monetary value and extent of that interest. A Director who is interested in a transaction may attend
and participate at a Board meeting at which the transaction is discussed, but may not be counted in the quorum for that meeting or
vote in respect of the transaction, unless it is one in respect of which Directors are expressly required by the Companies Act 1993
to sign a certificate. The particulars of entries made in My Food Bag’s Interests Register during FY25 are included in the Other
Disclosures section of the Annual Report.
Principle 3 – Board Committees
“The board should use committees where this will enhance its effectiveness in key areas, while still retaining board responsibility.”
AUDIT AND RISK COMMITTEE
The Company has an Audit and Risk Committee which operates under its own written charter. The members of the Audit and Risk
Committee are Tony Carter, Sarah Hindle and Jen Bunbury who is Chair of the Audit and Risk Committee and has a background
in financial services and was previously the Chief Financial Officer of another major listed company. The size of the Audit and Risk
Committee changed part way through FY25 and, as a result of this change, the Committee no longer includes all Directors. Like the
Board, the Audit and Risk Committee is majority independent and comprises solely non-executive Directors of the Company.
The Committee may, in its discretion, invite the Company’s external auditors (currently Ernst & Young), CEO, CFO, Financial
Controller and others, as appropriate, to attend committee meetings. The Committee meets formally at least three times a year,
including in the lead up to the release of half-year and annual results.
NOMINATION AND REMUNERATION COMMITTEE
The Company has a combined Nomination and Remuneration Committee which operates under its own written charter. The members
of the Nomination and Remuneration Committee are currently the same as the Board, and the Chair of this Committee is Mark Powell.
Like the Board, the Nomination and Remuneration Committee is majority independent and comprises solely non-executive Directors
of the Company.
The primary responsibilities of the Nomination and Remuneration Committee include to identify and make recommendations to the
Board in respect of Director nominations (including casual vacancies and composition of Committees), to review and recommend to
the Board appropriate remuneration of non-executive Directors, and to review and approve annually the remuneration strategy for
My Food Bag, including specific responsibilities in relation to the CEO and his direct reports.
Management is only invited to attend meetings of the Nomination and Remuneration Committee at the invitation of the Committee. The
Committee meets formally at least three times a year.
OTHER COMMITTEES
The Company has a Marketing Committee which operates under its own written charter. The Marketing Committee was first
established in FY23 to have greater oversight over, and input into, My Food Bag’s marketing strategy and execution. The Chair of the
Marketing Committee is Cecilia Robinson and the other two members are Mark Powell and Sarah Hindle. This Committee currently
meets on a quarterly basis.
The Board does not consider that it is necessary at this time to establish any other standing committees. However, from time to time
the Board may seek to establish ad hoc or special purpose committees to examine, or have the delegated authority to deal with,
specific issues.
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67
TAKEOVER PROTOCOLS
The Board has established detailed takeover protocols to assist My Food Bag to prepare for, and to respond to, any unsolicited
approaches or proposals it may receive in relation to a takeover. These protocols would help to inform the Board of their roles and
responsibilities with respect to any approach or proposal, assist the Board and its advisers in developing and executing a response
strategy, and act as a basic guide on the process for any takeover offer. These protocols include the option of forming a committee to
investigate and consider the approach or proposal, with that committee to be comprised of Directors who are independent and not
interested in the relevant approach.
Principle 4 – Reporting and Disclosure
“The board should demand integrity in financial and non-financial reporting, and in the timeliness and balance of corporate disclosures.”
CONTINUOUS DISCLOSURE
My Food Bag is committed to ensuring that all investors have equal, full and timely access to material information about the
Company that is accurate, balanced, meaningful and consistent.
The Company has established a written Continuous Disclosure Policy which sets out the internal principles and processes designed to
ensure that the Company complies with the continuous disclosure obligations under the Financial Markets Conduct Act 2013 and the
NZX Listing Rules. The Board has adopted this policy and it applies to all members of the Board as well as senior managers, officers,
employees and contractors of, and secondees to, My Food Bag. Directors formally consider at each Board meeting whether there is
material information which should be disclosed to the market to comply with the Company’s continuous disclosure obligations.
The Continuous Disclosure Policy is available to view on the My Food Bag investor website.
CHARTERS AND POLICIES
Information about My Food Bag’s corporate governance framework (including its Code of Ethics, Board and Committee Charters,
Securities Trading Policy and other key governance policies) is available to view on the My Food Bag investor website at
https://investors.myfoodbag.co.nz/investor-centre/.
REPORTING
Financial reporting
My Food Bag publishes its half-year and audited full-year financial statements that are prepared in accordance with the relevant
financial reporting standards. The audited full-year financial statements for FY25 are included in the Annual Report.
The Audit and Risk Committee oversees the quality and integrity of external financial reporting including the accuracy, completeness
and timeliness of financial statements. The Committee is committed to providing balanced, clear and objective financial reporting. It
reviews half-year and annual financial statements and makes recommendations to the Board concerning accounting policies, areas
of judgment, compliance with accounting standards, stock exchange and legal requirements, and the results of the external audit.
Non-financial reporting
Non-financial information is included throughout the Annual Report, including in relation to My Food Bag’s general environmental,
governance and social sustainability factors and practices. For more information, refer to the Environmental, Social and Governance
section of the Annual Report.
Although My Food Bag is not required to comply with the new climate-rated disclosure regime, it recognises the opportunity to
further formalise its sustainability framework and to set a clear set of operational or non-financial targets which are aligned with
My Food Bag’s strategy, values and reputation, albeit which are appropriate and reasonable for the current size of the organisation.
My Food Bag recently completed the calculation of its carbon foot print for FY24, with a reduction in emissions on both an absolute
basis and on a per-revenue basis. My Food Bag is in the process of finalising its FY25 carbon measurement and continues to work
on strategies to reduce its packaging and delivery emissions including with its delivery partner, NZ Post.
OTHER INFORMATION
Corporate Governance Statement (continued)
MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2025MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2025
68
Principle 5 – Remuneration
“The remuneration of directors and executives should be transparent, fair and reasonable.”
DIRECTORS’ REMUNERATION
Shareholders fix the total remuneration available for Directors. The current director fee pool limit is $600,000 per annum, which was
approved by the shareholders on 14 January 2021 and is to be divided among the non-executive Directors as they determine (and
is not required to be divided equally). Directors are entitled to be reimbursed for all reasonable travel, accommodation and other
expenses incurred by them in connection with their attendance at Board or shareholder meetings, or otherwise in connection with the
Company’s business. No additional fees are paid to any Director for their role on any Board Committee.
The Directors do not receive any performance- or equity-based remuneration. This reflects the differences in the role of the Directors,
which is to provide oversight and strategic direction, and the role of management, which is to operate the business and execute
My Food Bag’s strategy.
Under NZX Listing Rule 2.11.3, if the total number of Directors subsequently increases, the Directors are permitted (without seeking
shareholder approval) to increase the total remuneration by the amount necessary to enable the Company to pay the additional
Director or Directors remuneration not exceeding the average amount then being paid to the existing Directors (other than the Chair).
The actual remuneration of Directors of the Company in respect of FY25 is included in the Other Disclosures section of the
Annual Report.
REMUNERATION POLICY
The Nomination and Remuneration Committee is responsible for reviewing and recommending to the Board appropriate
remuneration for the non-executive Directors. Where appropriate, the Board will consider advice of independent remuneration
consultants when setting remuneration levels and other relevant factors when recommending Directors’ fees to shareholders. The
Directors Remuneration Policy was reviewed and updated on 17 March 2025 to reflect the presumption that actual fees for Directors
will be adjusted on an annual basis by the same percentage as the budgeted salary increases for employees of My Food Bag (at
an organisation-wide level), subject to any other relevant factors which may need to be considered by the Board in the particular
circumstances and provided such increases remain within the approved fee pool limit. The Board will not be seeking any increase in
the current fee pool limit of $600,000 at the upcoming annual meeting.
My Food Bag has a separate remuneration policy that provides a framework for setting and reviewing remuneration arrangements
for the officers of My Food Bag. This policy is administered by the Nomination and Remuneration Committee. The Committee may
seek external advice on remuneration matters as it deems appropriate and will make recommendations to the Board in regard to the
CEO’s contractual arrangements, including remuneration. The Committee may also endorse the CEO’s recommendations on the total
remuneration packages for his direct reports and the company generally.
When setting remuneration, My Food Bag has regard to market remuneration, taking into account the complexity of the business itself,
and also carefully considers the scale and complexity of the role and its performance requirements and expectations.
In respect of FY25, the remuneration of the CEO and other members of the Senior Leadership Team included a mix of fixed and
variable components, summarised as follows:
• Fixed remuneration – this included the relevant employee’s base salary and any direct cash or non-cash benefits (e.g.
KiwiSaver contributions and other fringe benefits such as discounted My Food Bag meal kits and car parks).
• Short term variable remuneration – members of the Senior Leadership Team were eligible to participate in a short-term
incentive plan (STI), a recurring plan which rewards achievement against prescribed performance measures. Eligibility was
determined by the Board and the CEO. Each participating employee’s STI was valued at 20% of their base salary (or 15% for
invitees that are not part of the Senior Leadership Team), with a payout range of up to 150% in circumstances of outperformance
against the agreed targets. In FY25, the STI was based 60% on company performance (targets for EBITDA, Active Customers
and eNPS) and 40% on individual performance (based on individual measures generally agreed between the CEO and the
individual eligible employees). The value and split for the CEO’s STI was slightly different and is set out in the Other Disclosures
section of the Annual Report. The company performance component was substantially achieved in respect of FY25, and the
individual performance component was also capable of being paid out to eligible employees depending on the outcome of their
annual performance review.
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• Long term variable remuneration – certain members of the Senior Leadership Team were invited to participate in the My
Food Bag’s long term incentive plan (LTI) which continued to operate in FY25. This LTI operates as a performance share rights
plan and aims to: (1) assist in the reward and retention of eligible employees; (2) drive longer-term business performance; and
(3) align the interests of eligible employees with the interests of shareholders. The conditions attaching to the grants made under
the LTI during FY25 comprised retention over the vesting period of three years and the achievement of a performance hurdle
measured by reference to My Food Bag’s absolute total shareholder returns over that vesting period (with those hurdles in turn
set by reference to My Food Bag’s cost of equity plus various premiums). Under this grant, up to 50% of the performance share
rights are capable of vesting on an accelerated basis after two years if certain performance hurdles are met. The value of these
grants was generally 40% of base salary (or 75% for the CEO).
A breakdown of employees of My Food Bag, not being Directors of the Company, who received remuneration and other benefits in
their capacity as employees that exceeded $100,000 during FY25 is included in the Other Disclosures section of this Annual Report.
The remuneration arrangements in relation to the CEO are also included in that section of the Annual Report for the purposes of
Recommendation 5.3 of the NZX Code.
Principle 6 – Risk Management
“Directors should have a sound understanding of the material risks faced by the issuer and how to manage them. The board should
regularly verify that the issuer has appropriate processes that identify and manage potential and material risks.”
RISK MANAGEMENT FRAMEWORK
My Food Bag is committed to the process of identifying and mitigating material risks and has systems, policies and procedures in
place to manage risks and to protect My Food Bag and its employees, customers, shareholders and other stakeholders. While no risk
management system can ever be infallible, the overriding objective at My Food Bag is to make sure that at all times material risks are
appropriately identified and managed within acceptable levels.
The Board is ultimately responsible for endorsing My Food Bag’s risk management framework and policies, monitoring compliance,
reviewing risk registers, considering advice and recommendations made by the Audit and Risk Committee and, where appropriate,
responding to serious risk incidents.
The CEO and other members of the Senior Leadership Team are required to review, approve and take ownership of the day-to-day
management and operation of My Food Bag’s risk management framework and associated policies and procedures. This includes
identifying new risks within each senior employee’s area of responsibility, allocating “risk owners” to each risk, maintaining a risk
register, undertaking periodic risk assessments and preparing appropriate risk mitigation plans or controls. This risk management
framework is embedded into My Food Bag’s processes, including the annual planning and budgeting processes, project
management, procurement and reporting.
As a general rule, different risks will have different risk treatments depending on the severity and nature of the risk – these risk
treatments include avoidance, mitigation, acceptance and transfer (e.g. through insurance or contract).
The Board is provided with updates from the Senior Leadership Team at least every quarter, including an update on any new risks
identified, the status of any risk incidents that have occurred (or are heightened or emerging) and the adequacy of any action plans
and controls. More generally, risk owners report any risk incidents that have occurred (or are heightened) (including new risks that
have emerged) to the Senior Leadership Team as soon as practicable so that they can consider how best to manage or control
that risk. If the matter escalated is material, it will be promptly reported to the Board. At the same time, the CFO and the Board will
consider whether any disclosure is required to the market under the Company’s continuous disclosure obligations. From time to time
the business will simulate an event that causes disruption to its operations and use that as an opportunity to test and refine its controls.
OTHER INFORMATION
Corporate Governance Statement (continued)
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PRINCIPAL BUSINESS RISKS AND KEY STRATEGIES TO MITIGATE
My Food Bag is currently focused on the following principal business risks across its business (not including health and safety
risks which My Food Bag separately focuses on). These risks are dynamic and in the future the importance or extent of each risk
may change, or new risks and uncertainties may materialise, owing to changes in economic or environmental conditions, the
regulatory environment and other factors (e.g. more frequent extreme weather events). For the purposes of this Annual Report and
Recommendation 6.1 of the NZX Code, a high-level description of these principal business risks is provided below.
1
AreaDescription of riskKey strategies to mitigate
Customer acquisition
and retention
Our growth depends on customer acquisition
and retention.
Acquiring new customers is challenging in a
competitive market and depends on successful
marketing campaigns.
The cost to switch to a competitor is
low, retention is generally driven by the
customer experience.
My Food Bag has a Marketing Committee, designed
to have greater oversight over, and input into, our
marketing strategy and execution.
We use marketing campaigns, including promotions
and loyalty programmes, to drive frequency and
favourable brand mix.
We continue to innovate to appeal to our
customers and recognise and adapt to changes in
customer preferences or behaviour. We continue
to improve the customer experience through
digital enhancements and a focus on operational
performance and choice.
Competition Customers may switch to existing competitors
(including supermarkets), including in response
to discounting or other promotions, or a new
competitor may enter the market and seek to
gain market share.
My Food Bag already operates in this competitive
industry as a long-standing mealkit provider. We
have high levels of brand advocacy, a diverse
product range, and experience in adapting our
strategy in response to the actions of competitors
and changes in consumer spending.
Food safety Customers could become unwell as a result
of eating our products (e.g. where products
contain foreign objects or harmful bacteria).
We may have to withdraw or recall products.
Our reputation could be impacted and we
may face regulatory consequences.
We have strict and thorough procedures in place
for safe food handling. These include inward checks
of ingredients, temperature control through storage
and delivery, dedicated quality assurance personnel,
quality control procedures, and maintenance of
incident registers. We continually monitor customer
feedback and have strict supplier standards, including
an “Approved Supplier Programme”. The food safety
team audit our suppliers as part of this programme to
ensure compliance in our supply chain. We also have
procedures to ensure adherence to labelling standards.
My Food Bag undergoes external audits to maintain
our National Programme registration with MPI.
IT and data security Access to our IT systems could be impacted (e.g.
by a cyber-attack) and we may be unable to
communicate with our customers or suppliers
effectively. This could impact our ability to
accept orders or fulfil our commitments.
We have systems and processes in place to lessen
the likelihood that our business would be subject
to or affected by a cyber-attack. This includes
compliance with high standards of data protection
and frequent identification and reporting on any
weaknesses or issues in our existing system.
We have a detailed cyber security road map in
place that is focussed on improving controls and
mitigations in a number of areas of cyber security,
including the key risks: DDoS; Ransomware and
Data breach. In FY25 we had a third party review to
provide additional input into this roadmap.
We have also implemented alternative
communication channels for our customers, have
good relationships with our suppliers, have backup
systems in place to ensure data and business
continuity is maintained and do not hold any
customer credit card details.
1. Certain financial risks are separately disclosed in the audited FY25 financial statements included in this Annual Report.
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71
AreaDescription of riskKey strategies to mitigate
Product assembly Product assembly could be disrupted by an
event (e.g. fire, power outage, weather events).
This could result in us being late or unable
to deliver to customers, which could lead to
refunds, credits or cancelled subscriptions.
We operate separate assembly centres in the
North and South Island, with robust systems and
procedures in place to prevent serious disruption.
Having two sites provides contingency in the
operating model with the ability to move volume
between sites.
Assembly centres have heat and smoke detection
systems to identify fires before they spread.
Windsock and ammonia alarms are included
at assembly centres that utilise ammonia as
a refrigerant.
Distribution Our distribution network could be interrupted
(e.g. by weather or road closures). This could
result in us being late or unable to deliver to
customers, which could lead to refunds, credits
or cancelled subscriptions. Products could also
be stolen or damaged.
We use a reliable third-party distributor,
New Zealand Post, with an extensive NZ distribution
network. We also have alternative transport
providers available to us at short notice for all main
centres. Appropriate driver training and insurance
is arranged.
Our ‘Customer Love’ team has a response plan in
place to communicate with customers impacted by
disruption to the distribution network. A business
continuity plan for flood events is in place.
We prepare ‘buffer bags’ each week to cover
damaged or lost orders, and we have alternative
sales channels in place that we can utilise.
Ingredients An ingredient could become unavailable (e.g.
due to inclement weather) or more expensive,
impacting our ability to satisfy customer needs.
We retain an ability to substitute ingredients, change
upcoming menus, delay production or seek to
pass on sustained price increases to customers.
We communicate any changes clearly and
appropriately with our customers.
Brand and marketing A brand ambassador or promoter could be
brought under public scrutiny and bring into
question the integrity of our brand and cause a
loss of goodwill and customer trust.
We have a long association with our brand
ambassadors and go through a careful process when
selecting new brand ambassadors.
We also monitor content and follow up rapidly if any
inappropriate or offensive content is identified.
HEALTH AND SAFETY
My Food Bag is very conscious of the importance of health and safety. The business adopts a systematic approach to the
management of health and safety risks and has comprehensive health and safety documentation in place. Detailed health and
safety policies, standards and procedures are implemented alongside hazard and risk management processes, including an incident
notification and management system. The business encourages active involvement by Directors, management, employees and
contractors to participate in improving health and safety within the organisation.
The specific initiatives and programmes established by My Food Bag during FY25 in relation to health and safety are discussed in the
spotlight on health, safety and wellbeing section of the Annual Report.
OTHER INFORMATION
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Corporate Governance Statement (continued)
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Principle 7 – Auditors
“The board should ensure the quality and independence of the external audit process.”
AUDIT
My Food Bag is committed to maintaining auditor independence, consistent with best-practice governance and regulatory
requirements. The Company has adopted an Auditor Independence Policy that is administered by the Audit and Risk Committee.
The objective of this policy is to ensure that My Food Bag’s auditors carry out their functions independently and without impediment,
safeguarding the reliability and credibility of My Food Bag’s external financial reporting. The policy addresses Recommendation
7.1 of the NZX Code and includes the criteria for approval of an external audit firm, the monitoring of audit impendence, the
audit rotation requirements, the circumstances where it may be appropriate for an auditor to provide non-audit services and the
responsibilities of My Food Bag (including in relation to the monitoring of audit performance, value and fees). Ernst & Young is
My Food Bag’s external audit firm, having been first appointed to this role in 2017. The current lead audit partner from Ernst & Young
was first appointed during FY24.
Ernst & Young, as auditor of the FY25 financial statements, will be invited to attend this year’s annual shareholders’ meeting and will
be available to answer questions about the conduct of the audit, preparation and content of the auditor’s report, accounting policies
adopted by the Company and the independence of the auditor in relation to the conduct of the audit.
While the Company does not have a dedicated internal audit function, it has, in addition to the Company’s external audit process,
an internal framework through which it seeks to review, evaluate and continually improve risk management and internal control
processes. Where appropriate, more specific audits are carried out by My Food Bag using external providers or regulators.
Principle 8 – Shareholder rights and relations
“The board should respect the rights of shareholders and foster constructive relationships with shareholders that encourage them to
engage with the issuer.”
SHAREHOLDER INFORMATION
My Food Bag maintains an investor website that contains a comprehensive set of investor-related materials and data, including
market disclosures and media releases, annual reports, share-price and dividend information, shareholder meeting materials and all
My Food Bag’s important governance charters and policies.
SHAREHOLDER COMMUNICATION
Shareholders have the option of receiving their communications electronically, including by email, and are actively encouraged to take
up this option. My Food Bag is committed to open dialogue with shareholders and welcomes investor enquiries. Following each results
announcement, My Food Bag holds an investor call to present the results and to allow investors to ask questions.
RIGHT TO VOTE ON MAJOR DECISIONS
In accordance with the Companies Act 1993, the Company’s constitution and NZX Listing Rules, the Company refers any significant
matters to shareholders for approval at the annual shareholders’ meeting, and shareholders are given the opportunity to vote
by proxy ahead of the meeting or by polling if attending the meeting in person or virtually. If a significant transaction or decision
requiring shareholder approval were to arise outside the period of the annual shareholders’ meeting, a special meeting of the
shareholders would be called by the Board to allow shareholders to consider and vote on that matter.
NOTICE OF ANNUAL SHAREHOLDER MEETINGS
The annual meeting of shareholders is held at a convenient time and location and this year is anticipated to be run as a hybrid
meeting (being a combination of the physical meeting as well as a virtual online meeting). The annual shareholders’ meeting is
expected to be held on 13 August 2025. The Notice of Meeting will be circulated at least 20 working days before the meeting and
will also be posted on the My Food Bag investor website.
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Other Disclosures
STOCK EXCHANGE LISTING
The Company’s ordinary shares are listed and quoted on the NZX Main Board under the company code ‘MFB’.
PRINCIPAL ACTIVITIES
My Food Bag’s principal activity remains the commercial operation of a meal kit business. There has been no material change in the
nature of My Food Bag’s business, or the classes of business in which the Company has an interest, during FY25.
MY FOOD BAG DIRECTORS
The Directors of the Company holding office as at 31 March 2025 are noted below.
NameDate of appointmentIndependence
Tony Carter (Chair)14 January 2021Independent
Sarah Hindle14 January 2021Independent
Jen Bunbury14 January 2021Independent
Cecilia Robinson 19 August 2022Non-Independent
Mark Powell1 November 2022Independent
The current Directors of the Company’s only subsidiary, My Food Bag Limited, are Mark Winter (CEO) and Louise Newsome (CFO).
OTHER INFORMATION
Other Disclosures (continued)
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74
DISCLOSURE OF DIRECTORS’ INTERESTS
The Company maintains an Interests Register in which particulars of relevant transactions and matters involving the Directors are
entered. Details of the interests entered during FY25 are recorded below.
General disclosures
The following are particulars of general disclosures of interest made by Directors of the Company (or its subsidiary) holding office
as at 31 March 2025, pursuant to section 140(2) of the Companies Act 1993. Each Director will be regarded as interested in all
transactions between My Food Bag and their disclosed companies, trusts or persons (or their subsidiaries, which are not specifically
listed in the table below).
DirectorGeneral disclosure
Tony CarterT R Group Limited (director)
Datacom Group Limited (director)
Capital Solutions Limited (adviser)
Capital Training Limited (adviser)
Loughborough Investments Limited (director)
Maurice Carter Charitable Trust (trustee)
Skin Institute Holding Company Limited (director)
The Interiors Group Holdco Limited (director)
Ravensdown Limited (director)
The Warehouse Group Limited (director)
Jen BunburyFenway Capital Limited (director)
Stewart Family Investment Office (adviser)
Cecilia RobinsonTend Health Holdings Limited (director)
TLC Property Holdings Limited (director)
The Robinson Duo Limited (director)
Robinson Nominees Limited (director)
Pie Funds Management Limited (director)
Mark PowellBapcor Limited (lead independent director)
JB Hi-Fi Group Limited (director)
Tahi Electrical Limited (director)
STIHL Pty. Ltd (director)
STIHL Limited (director) (effective 1 April 2025)
For completeness, during FY25 Mrs Bunbury ceased to be a director of Oyster Property Group and Oyster Industrial Limited
(effective 12 April 2024).
There were no specific disclosures made by Directors of the Company or its subsidiary during FY25 of any interests in transactions
entered into by the Company or its subsidiary.
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75
Use of Company information
There were no notices from Directors of the Company or its subsidiary requesting to disclose, use or act on My Food Bag’s
information received in their capacity as Directors.
Indemnity and insurance
The Company has granted indemnities in favour of each of its Directors (and the Directors of its subsidiary) as permitted by the
Companies Act 1993 and the Financial Markets Conduct Act 2013. The Company also maintains Directors’ and Officers’ liability
insurance for all Directors and officers of the Company and its related companies. This insurance is renewed annually and was most
recently renewed on 15 April 2025.
Directors holding of securities
Directors are encouraged (but not required) to hold shares in the Company in order to more strongly align their interests with the
interests of shareholders. Details of the ordinary shares of the Company in which each Director has a relevant interest (as defined in
the Financial Markets Conduct Act 2013) as at 31 March 2025 are set out below:
DirectorNature of relevant interestShares
Tony Carter20% or more interest in Loughborough Investments Limited, resulting in
Tony being deemed to have the same relevant interest in the shares as
Loughborough Investments Limited. 450,000 of these ordinary shares are
held by FNZ Custodians Limited as custodian for Loughborough Investments
Limited.
504,054
Sarah HindleRegistered holder and beneficial owner10,811
Jen BunburyRegistered holder as trustee of the Jennifer L Bunbury Trust26,216
Cecilia RobinsonRegistered holder as trustee of the APL Holdings Trust19,015,933
Mark PowellRegistered holder and beneficial owner275,94 0
OTHER INFORMATION
Other Disclosures (continued)
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76
Securities dealings of Directors
For the purposes of section 148(2) of the Companies Act 1993, Directors disclosed the following acquisitions or disposals of relevant
interests (of the nature described in the previous table) in the Company’s ordinary shares during FY25. No shares were acquired or
disposed of by a Director during any “blackout” period of trading prescribed by the Company’s Securities Trading Policy.
DirectorDate Nature of transactionConsideration (NZ$)Shares
Tony Carter5 June 2024Acquisition$15,200100,000
Tony Carter27 Nov 2024Acquisition$11,25050,000
Tony Carter16-18 Dec 2024Acquisition$21,578100,000
REMUNERATION
Employee remuneration
All employees of My Food Bag are employed by My Food Bag Limited. The number of employees and former employees of
My Food Bag Limited, not being directors of the Company, who, in their capacity as employees, received remuneration and other
benefits the value of which was or exceeded $100,000 during FY25 is set out in the table of remuneration bands below.
Remuneration (NZ$) Number of employees
100,000 - 109,99913
110,000 - 119,9994
120,000 - 129,9991
130,000 - 139,9994
140,000 - 149,9993
150,000 - 159,9995
160,000 - 169,9994
170,000 - 179,9991
180,000 - 189,9991
190,000 - 199,9992
200,000 - 209,9991
210,000 - 219,9992
250,000 - 259,9992
280,000 - 289,9991
300,000 - 309,9991
390,000 - 399,9991
400,000 - 409,0001
620,000 - 629,9991
The remuneration figures include all monetary amounts actually paid to employees and former employees during FY25, including:
base salaries; short-term incentives (if any) paid in FY25 (relating to FY24); vested share rights; and if the employee is a KiwiSaver
member, contributions of 3% of gross earnings towards that employee’s KiwiSaver scheme. The figures do not include amounts paid
after 31 March 2025 relating to FY25; share rights that have been granted but not yet vested (including those rights granted under
My Food Bag’s incentive schemes); and fringe benefits provided to employees such as product concessions or car parking.
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77
Directors’ remuneration and other benefits
The total remuneration and value of other benefits received by each Director in respect of FY25 is set out below. All of this
remuneration reflects the fees paid to each individual in the ordinary course for services provided in their capacity as a director
of the Company.
Director
Total remuneration and value of other
benefits received in respect of FY25
1
Tony Carter (Chair)$140,000
Sarah Hindle$85,000
Jen Bunbury$85,000
Cecilia Robinson$85,000
Mark Powell$85,000
Shareholders fix the total remuneration available for Directors. The current Director fee pool limit is $600,000 per annum, which was
approved by the shareholders on 14 January 2021 and is to be divided among the non-executive Directors as they determine. The
current Directors do not receive any performance or equity-based remuneration. No additional fees are paid to any Director for their
role on any Board Committee.
Directors are entitled to be reimbursed for all reasonable travel, accommodation and other expenses incurred by them in connection
with their attendance at meetings, or otherwise in connection with the Company’s business.
No employee of My Food Bag that is appointed as an executive director of the Company’s subsidiary, My Food Bag Limited,
receives or retains any remuneration or other similar benefits for acting in their capacity as a Director, except for the benefit of
indemnification and insurance referenced above.
CEO REMUNERATION
Mark Winter is the Chief Executive Officer (CEO) of My Food Bag. The remuneration and other benefits paid to Mr Winter during
FY25 is set out in the table below.
Remuneration – Mark WinterFY25 (NZ$)FY24 (NZ$)
Base salary
2
$546,000$520,000
Short Term Incentive (STI)
3
$49,920nil
Long Term Incentive (LTI)
4
$7,035nil
Other benefits
5
$22,046$119,200
1. Directors’ fees are gross amounts in NZD and exclude GST (where applicable) and are rounded to the nearest dollar.
Directors also receive concessions on My Food Bag’s products (similar to employees) in addition to the amount below.
This totals $22,034 for FY25.
2. Base salary is not at risk.
3. Includes the individual component of the STI in respect of FY24, which was paid to Mr Winter in FY25.
4. 54,114 ordinary shares were issued to Mr Winter in FY25 upon exercise of certain vested share rights.
5. Includes a contribution of 3% of gross earnings towards Mr Winter’s KiwiSaver scheme and in FY24 a one-off bonus of
$100,000 paid in connection with Mr Winter’s appointment as CEO following the departure of the previous CEO.
OTHER INFORMATION
Other Disclosures (continued)
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78
CEO PAY FOR PERFORMANCE (FY25)
Mr Winter was eligible to participate in the Company’s Short Term Incentive plan (STI) in FY25. This is a recurring STI plan, which
rewards achievement against prescribed performance measures. Details of the STI that operated in respect of FY25 for the CEO is
described in the table below.
DescriptionPerformance Measures% of STI Achieved
STISet at 40% of base salary, with a payout range
of up to 150% for overachievement against
agreed performance targets.
20% based on individual performance
(measured against agreed KPIs set with
the Board) and 80% based on company
performance (EBITDA, Active Customers and
eNPS targets).
101% of total STI Paid
based on individual and
company performance
targets met.
Mr Winter also participates in the Company’s Long Term Incentive scheme (LTI).
54,114 performance share rights granted to Mr Winter in 2022 vested and were exercised during FY25, resulting in Mr Winter being
issued 54,114 ordinary shares in the Company. The other performance share rights granted to Mr Winter in 2022 (in his capacity as
CFO and CEO) did not vest. Mr Winter was granted 2,659,091 new performance share rights in FY25, all of which are linked to the
Company’s absolute total shareholder return (TSR) against hurdles set by reference to MFB’s cost of equity plus various premiums.
The grants that have been made to Mr Winter under the LTI but which have not yet vested are described in the table below. Each
performance right entitles Mr Winter to receive one share in My Food Bag on vesting.
GrantRolePerformance RightsPerformance MeasuresVesting Date
July 2024CEO2,659,091100% performance-based, linked to the
Company’s absolute TSR performance against
hurdles set by reference to My Food Bag’s Cost
of Equity plus various premiums.
2027 (accelerated vesting
of up to 50% possible
in 2026)
July 2023
1
CEO1,344,051100% performance-based, linked to the
Company’s relative TSR performance against
the NZX50.
2025
The extent to which those performance rights which are capable of vesting in 2025 will vest, will be determined by the Company
shortly after the release of this annual report.
1. In 2023, a small portion of the LTI for all participants, including Mr Winter, was agreed to be paid in cash so as to maintain the desired value of each grant but remain within the restriction
on shares issues to employees in the NZX Listing Rules. This resulted in Mr Winter also being eligible to receive a cash incentive of $21,565 in the event that he remains with the business at
the time that his performance rights vest in 2025.
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SHAREHOLDER INFORMATION
The shareholder information in this section of the disclosures has been taken from the Company’s registers.
Twenty largest shareholders (as at 11 April 2025)
Shareholder
1
Number of ordinary shares% of ordinary shares
Long Term Food Group LP38,165,965 15.63%
James C Robinson, Cecilia C L Robinson and
Heimsath Alexander Trustee Limited
19,015,9337.79%
FNZ Custodians Limited16,900,343 6.92%
New Zealand Depository Nominee14,221,214 5.82%
Accident Compensation Corporation12,053,853 4.94%
Peter Duncan Garvan10,100,0004.14%
Custodial Services Limited8,314,4353.40%
New Zealand Permanent Trustees Limited8,048,994 3.30%
Forsyth Barr Custodians Limited7, 4 6 7,1913.06%
Theresa Elizabeth Gattung and Philippa Mary Greenwood6,825,158 2.79%
Masfen Securities Limited5,000,000 2.05%
Lennon Holdings Limited4,270,0001.75%
Carlos Edward James Bagrie, Covisory Trust Limited &
JKA Holdings Limited
3,775,639 1.55%
Daniel Charles Skinner2,796,034 1 .14 %
Tea Custodians Limited2,598,0661.06%
Craggy Range Vineyards Limited1,881,0900.77%
FNZ Custodians Limited1,820,911 0.75%
Neville Charles Goldie, Colin John McEwan and Kevin John Roberts1,669,570 0.68%
JBWere (NZ) Nominees Limited1,227,187 0.50%
HSBC Nominees (New Zealand) Limited1,126,0810.46%
Total167,277,66468.50%
Distribution of shareholders and shareholdings
As at 11 April 2025, the total number of voting securities of the Company was 243,169,572 fully paid ordinary shares, each
conferring on the registered holder the right to one vote on a poll at a meeting of shareholders. The distribution of these shareholders
and their shareholding at that date is shown below.
Size of holdingNumber of holders% of holders
Number of
ordinary shares% of ordinary shares
1 – 1,0002,691 45%1,410,239 0.58%
1,001 – 5,000 1,928 32% 5,028,6912.07%
5,001 – 10,000 550 9% 4,243,841 1.75%
10,001 – 100,000 695 11 %24,236,3329.96%
100,001 and over 159 3%208,250,46985.64%
Total6,023100.00243,169,572100.00
1. New Zealand Central Securities Depository Limited (NZCSD) provides a custodial depository service which allows electronic trading of securities to its members. For the purpose of this
table, shares in the Company held by NZCSD have been allocated to the applicable members. For reference, as at 11 April 2025, the total holding through NZCSD was 24,358,690
ordinary shares or 9.97% of shares on issue.
OTHER INFORMATION
MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2025MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2025
Other Disclosures (continued)
80
Substantial product holders
According to notices given to the Company under the Financial Markets Conduct Act 2013, the following persons were
substantial product holders of the Company as at 31 March 2025. There were 243,169,572 ordinary shares in the
Company at that date.
Substantial product holder
Number of ordinary shares in
which relevant interest is held
% of shares held at
date of noticeDate of notice
Long Term Food Group LP and
Waterman Capital (Fund 3) LP
38,165,96515.63%31 March 2023
James Robinson, Cecilia Robinson, and
Heimsath Alexander Trustee Limited as
trustees of the APL Holdings Trust19,015,9337.79%21 Dec 2023
EXERCISE OF NZX DISCIPLINARY POWERS
NZX did not take any disciplinary action against the Company during FY25. In particular, there was no exercise of powers by
NZX under NZX Listing Rule 9.9.3 (relating to powers to cancel, suspend or censure an issuer) with respect to the Company.
NZX WAIVERS
No waivers were granted by NZX or relied on by the Company during FY25.
AUDITOR’S FEES
My Food Bag’s external auditor is Ernst & Young (EY). Total fees payable by My Food Bag to EY in its capacity as auditor in
respect of FY25 is $160,000. No other professional services were provided by EY during FY25.
CREDIT RATING
My Food Bag does not have a credit rating.
DONATIONS
My Food Bag partners closely with the Garden to Table charity and donated $26,644 to this charity in FY25 and collected
(and passed through) donations of $33,356 from customers. In FY25, My Food Bag also made a number of small donations
totalling $12,366 to the Heart Foundation, Cancer Society, Movember and the Kindness Collective. In addition, and as
discussed in further detail elsewhere in this Annual Report, My Food Bag regularly donates food to a number of worthwhile
New Zealand charities.
MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2025
MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2025MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2025
81
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 Customer Officer
REGISTERED OFFICE
Level 3, 56 Parnell Road
Parnell
Auckland 1052
New Zealand
Ph: 0800 469 366
Website: www.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
nz.investorcentre.mpms.mufg.com
My Food Bag Group Limited
NZBN 6113607
Half year results – November 2025
FY26 year end – 31 March 2026
Key Dates
Annual shareholders’ meeting – 13 August 2025
Half year end – 30 September 2025
OTHER INFORMATION
myfoodbag.co.nz
---
FY25
results
2
Mark Winter
Chief Executive Officer
My Food Bag Group Limited FY25 Result
Louise Newsome
Chief Financial Officer
PRESENTING
today
CONTENTS
My Food Bag Group Limited FY25 Result
* EBITDA is a non-GAAP measure. A reconciliation from GAAP NPBT to non-GAAP EBITDA can be found in the appendices.
REVENUE
$
162.1m
EBITDA*
$
16.1m
NPAT
$
6.3m
49.3%
4
AVERAGE ORDER VALUE (AOV)
$
130.1
GROSS MARGIN %
YEAR IN
review
ACTIVE CUSTOMERS**
57.0k
FINAL DIVIDEND DECLARED
0.85cps
**Active Customers are defined as the number of unique customers who have purchased in the last 13 weeks
Launched My Food Bag Shop, providing consumers with convenient one-off meal
and gifting solutions
Active customer growth from product enhancements and brand investment
My Food Bag Group Limited FY25 Result5
YEAR IN
review
Strengthened margin through procurement initiatives despite inflationary
environment
Free Cash Flow of $7.6m, with further debt reduction of $4.9m since March 2024
Improved convenience, quality, and innovation driving FY25 growth
Increased personalisation and convenience for customers through UX re-design
of customer buying journey across web and mobile
Higher employee engagement and retention from culture and capability investment
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 expand into
the wider online food category
Our Winning Brand Portfolio
My Food Bag Group Limited FY25 Result9
My Food Bag leverages Kiwi partnerships and our health credentials
•New Zealand Olympic Team collaboration during the 2024 Paris Olympics drove strong
engagement
•Nadia’s Farm TV show sponsorship, including exclusive recipes from the show, reinforced our
local credentials and connection with New Zealand households
•Offered more solutions for dietary preferences with the successful relaunch of our Gluten Free
bag in collaboration with Coeliac NZ, and prepared for the launch of our Diabetes Plan in early
April 2025 with the support of Diabetes NZ.
Bargain Box remains New Zealand’s most affordable meal kit
•Affordability messaging was amplified through high-impact campaigns such as the launch of our
giant Bargain Box, celebrating locally sourced produce in every box
•Expanded our low carb offerings in response to growing demand for healthier options
•Continued to deliver quality and variety with Meat Week campaigns and restaurant collaborations
Fresh Start continues to help Kiwis reach their weight loss and wellness goals
•8-week reset continues to drive customer engagement, with seasonal updates and a rewards
scheme that keeps participation levels high
•Introduced a high protein range in response to growing demand for this trend
Driving active customer growth through increased brand investment
Enhancing Customer Experience
As a result of our full re-design of the User Experience and re-
platforming of our website and app, customers can now access:
•Personalised meal recommendations
•An integrated My Food Bag cookbook, providing access to our full recipe
database
•An ingredient checklist to enable customers to see recipe staple ingredients
•Faster experiences with alignment of features across all platforms
We continue to provide more flexibility for customers
•We expanded our delivery network and opened additional delivery windows,
providing greater flexibility for our customers
Customer satisfaction and service performance trending up
•The pick technology implemented in FY24 continues to drive customer
satisfaction through improved picking accuracy
•Net Promoter Scores improved 7ppt on FY24 and customer compensation
continues to trend down
My Food Bag Group Limited FY25 Result10
Increasing flexibility and convenience for our customers
The My Food Bag Shop
•An expansion beyond our core offering of meal kits,
enabling us to reach a broader audience, including
corporate clients
•Attracts customers who want one-off purchases without a
subscription
•The current range features care packages, gifting
bundles, and ready made meals, all delivered nationwide
within 48 hours
•Seasonal offerings tailored to key occasions such as
Valentine’s Day and Easter Long Weekend products,
continue to be popular with consumers
•Customer response is overwhelmingly positive, with the
quality of our fresh, ready made meals a standout
•We will continue to enhance the offering, digital
experience, and communications throughout FY26
My Food Bag Group Limited FY25 Result11
A new flexible operating model successfully launched to engage a broader audience
Operational Excellence and Sustainability
Operational Excellence
•Introduced an operational excellence program to continue to drive
improvements across our operations, resulting in a better customer
experience through enhanced pick accuracy and delivery metrics
•Our pick technology enabled us to offer protein choice to customers within our
Christmas range which resulted in improved satisfaction scores and an uplift
in sales year on year
Reducing our environmental impact
•Continued efforts towards circular packaging solutions, including
transitioning two suppliers from cardboard to reusable crates for
ingredient deliveries
•Focused on eliminating waste such as removal of packaging for certain
pre-packed ingredients
Our commitment to local sourcing remains strong
•Inaugural My Food Bag Supplier of the Year Awards celebrated excellence in
quality, service, and innovation
•Consistently exceeded our 98% target of locally sourced produce and proteins
My Food Bag Group Limited FY25 Result12
Positive environmental, community and customer impacts continued in FY25
m
My Food Bag Group Limited FY25 Result13
Employee Engagement and Culture
•A strong employee engagement score continues to improve year on year
highlighting the positive culture we have cultivated
•45% of salaried roles filled internally with turnover at an all time low of 18%
•Internal promotions and professional development remain key priorities to
ensure our team continues to grow with the business
•Supporting our community through employment associations with A
Supported Life in Auckland and Skillwise in Christchurch
Awards
•We won the 2degrees Auckland Supreme Employer of the Year award in April
2025, recognising our commitment to our people
•The awards celebrated our dedication to fostering a diverse and inspiring
work environment, and our demonstrated focus on health, safety, and
wellbeing
Our People
Strengthening our culture and capability for the future
2
FINANCIAL
overview
Financial performance
Full year Net Proft is up 5% on FY24
My Food Bag Group Limited FY25 Result15
•Revenue and Average Order Value are positively impacted in H2 by
the introduction of My Food Bag serves 6 at a higher price point than
other bags
•FY25 H2 revenue growth of 5% on a normalised
3
year on year basis
•Gross margin is up 0.9ppt due to a focus on sourcing competitively
priced ingredients
•Contribution margin is up 0.6ppt. Distribution cost pressures come
through more during H2 as contractual cost increases take effect.
These are offset by our continued focus on operational efficiency
enabled by our investment in pick technology
•NPAT of $6.3m is up 5% on FY24
1.
FY24 included a part 53rd week based on where My Food Bag’s weekly delivery cycle fell in the financial year. All reported numbers are inclusive of this part 53rd week.
2.
YOY movement % based on unrounded figures
3.
The second half of FY24 contained 27 delivery weeks based on where My Food Bag’s weekly delivery cycle fell, compared with the second half of FY25 which had 26 weeks. For the purpose of this normalised
comparison, we have ignored the final 27th week from the second half of FY24.
Deliveries performance
Deliveries stabilised with growth in H2 of 3.7%
My Food Bag Group Limited FY25 Result16
•Deliveries remained steady year-on-year demonstrating
resilience in a constrained consumer spending environment
•Deliveries during the second half of the year were up 3.7%
on a normalised basis*
•Targeted discounting, supported by refined customer
segmentation, has helped maintain order frequency
•Product range expansion including the launch of Serves 6
and Gluten-Free options strengthened meal kit appeal and
enabled greater personalisation to suit diverse customer
needs
*The second half of FY24 contained 27 delivery weeks based on where My Food Bag’s weekly delivery cycle fell, compared
with the second half of FY25 which had 26 weeks. For the purpose of this normalised comparison, we have ignored the
final 27
th
week from the second half of FY24.
** FY24 included a part 53rd week based on where My Food Bag’s weekly delivery cycle fell in the financial
year
Focus on sustainable active customer growth
•Total active customers held steady with prior year
•Stronger loyalty and improved member retention
increased retained customers from 32.1k to 33.4k
•Acquired and reactivated customers slightly
reduced, aligned with a more targeted and quality-
focused acquisition strategy
•The overall mix continues to improve, with retained
customers now accounting for 59% of the total base,
up from 57% last year, helping support long-term
value creation
My Food Bag Group Limited FY25 Result17
Stronger retained base drives healthier active customer profile
Active Customers are defined as the number of unique customers who have purchased in the last 13 weeks
34.6
32.1
33.4
22.9
24.7
23.6
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
Mar-23Mar-24Mar-25
Active Customers Split (000's)
Retained CustomersAcquired and Reactivated Customers
Average order value
Average order value holding steady with upward trends from the introduction of larger family-sized products
•Average Order Value (AOV) remained stable at
$130.1, reflecting a balanced approach to pricing,
product mix, and promotional activity
•AOV was supported by modest price increases and the
introduction of My Food Bag serves 6, helping to offset
targeted discounting initiatives
•Segmented discounting strategies remain a core focus
to support acquisition and reactivation of customers.
These promotional campaigns are carefully managed
to avoid erosion of AOV while maintaining customer
frequency and engagement
•Continued improvements in customer credits from
quality, picking, and delivery performance also
contributed positively to maintaining AOV year-on-year
My Food Bag Group Limited FY25 Result18
Margin improvement despite the inflationary environment
Improvement of 0.9ppt driven by favourable produce pricing and procurement initiatives
•Gross margin was 49.3% up 0.9ppt since FY24
oProduce prices have benefited fromfavourable
growing conditions throughout FY25
oProcurement initiatives such as purchasing more
directly from growers, recipe development and
ingredient substitution have supported ingredients
margins
•We continue to take a measured approach to price
increases, balancing cost pressures with customer
improvements
My Food Bag Group Limited FY25 Result
*Gross margin is a non-GAAP measure defined as revenue less cost of goods sold (including free marketing goods)
19
Contribution margin
Distribution cost pressures are offset by assembly efficiencies
•Contribution margin is up 0.6ppt compared to FY24 driven
by higher gross margins
•Distribution cost increases and investment in packaging to
enhance customer experience, have partially offset the
higher gross margin
•Annualised benefit of the pick technology and improvement
in throughput rates have provided some efficiencies
•FY25 also represents a full year of consolidating the
Auckland assembly centres which occurred during FY24
and has resulted in volume efficiencies across overheads
and labour
My Food Bag Group Limited FY25 Result*Contribution margin is a non-GAAP measure defined as revenue less cost of goods sold (including free marketing goods) less direct costs (assembly and distribution expenses).20
Balance sheet strengthened through further debt reduction
•Net debt has reduced by -$4.9m from
FY24
•Total debt facilities of $20m in place (in
FY25 the revolving credit facility was
amended to reduce the amount of
facility available)
My Food Bag Group Limited FY25 Result21
Free cash flow $4.1m favourable against prior year
•Net cash flow from operating activities is up
$3.4m on FY24, allowing further net debt
reduction and the payment of dividends
•Reduced capex spend supporting stronger cash
flow whilst still driving growth initiatives with
spend relating to the Shop and UX project
•A final dividend for FY25 of 0.85 cps has been
declared, fully imputed and to be paid in June
2025.
•A Dividend Reinvestment Plan has been
launched and will operate for the FY25 final
dividend
•Total FY25 dividend of 1.5 cps (fully imputed),
representing 58% of NPAT. This represents a
yield of 11.1%**.
My Food Bag Group Limited FY25 Result
*EBITDA is a non-GAAP measure. A reconciliation from GAAP NPBT to non-GAAP EBITDA can be found in the appendices.
** Based on a share price of 0.187 as at 30 April 2025.
22
3
FY26
outlook
•We remain focused on growth and innovation centered around four key strategic pillars: strengthening our
brands including reinforcing Bargain Box's affordability positioning; enhancing convenience; driving
personalisation including the expansion of health and wellness offerings and reaching new customer segments
such as through the My Food Bag Shop
•My Food Bag has demonstrated its resilience through FY25, with strong cashflow generation during a tough
economic cycle. Revenue growth, tight cost management and low capital investment requirements have all
contributed to this.
•My Food Bag has continued to see demand growth through the first 8 weeks of FY26
•Despite ongoing inflationary pressures, we are confident in our ability to manage these costs effectively
•The Boardexpects to continue to pay dividends in FY26
My Food Bag Group Limited FY25 Result24
FY26 trading conditions and outlook
Ongoing focus on growth and innovation in FY26
4
APPENDICES
Statement of Comprehensive Income
26
*YOY movement % based on unrounded figures
My Food Bag Group Limited FY25 Result
Reconciliation of GAAP to non-GAAP financials
My Food Bag Group Limited FY25 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 22 May 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 31
March 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 31
March 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 FY25 Result29
---
Results Announcement
Results for announcement to the market
Name of issuer My Food Bag Group Limited (MFB)
Reporting Period 12 months to 31 March 2025
Previous Reporting Period 12 months to 31 March 2024
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$162,102 -0.1%
Total Revenue
$162,102 -0.1%
Net profit/(loss) from
continuing operations
$6,350 5.1%
Total net profit/(loss)
$6,350 5.1%
Interim/Final Dividend
Amount per Quoted Equity
Security
$0.0085000
Imputed amount per Quoted
Equity Security
$0.0033056
Record Date
5-Jun-25
Dividend Payment Date
19-Jun-25
Current period Prior comparable period
Net tangible assets per Quoted
Equity Security
-0.0732 -0.0879
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 22 May 2025
Audited financial statements accompany this announcement.
---
Distribution Notice
Section 1: Issuer information
Name of issuer My Food Bag Group Limited
Financial product name/description Ordinary shares
NZX ticker code MFB
ISIN (If unknown, check on NZX website) NZMFBE0004S1
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year X Quarterly
Half Year Special
DRP applies X
Record date 5 June 2025
Ex-Date (one business day before the Record Date) 4 June 2025
Payment date 19 June 2025
Total monies associated with the distribution $2,066,941.36
(243,169,572 shares at $0.0085 per share)
Source of distribution (for example, retained
earnings)
Retained earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution
1
$0.01180556
Gross taxable amount
2
$0.01180556
Total cash distribution
3
$0.00850000
Excluded amount (applicable to listed PIEs) N/A (not a listed PIE)
Supplementary distribution amount $0.00150000
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 $0.00330556
Resident Withholding Tax per financial product $0.00059028
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
4 June 2025 10 June 2025
Date strike price to be announced (if not available at
this time)
13 June 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 4 June 2025.
Last date to submit a participation notice for this
distribution in accordance with DRP participation
terms
6 June 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 22 May 2025
Data sourced from publicly available filings. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz. For informational purposes only. Not investment advice.