Full Unaudited Results to 31 March 2025

29 May 2025
Cooks Coffee Company Limited

("Cooks Coffee", the "Company" or the “Group”)

Preliminary Results for the year ended 31 March 2025

“An ethical café group with great cafes owned and run by local people”.

Cooks Coffee Company (NZX:CCC; AQUIS:COOK), the international coffee focused café chain,
is pleased to announce the Company’s Preliminary Report for the financial year ended 31 March
2025 (“FY25”).

Highlights

-
Total franchisee store sales in UK & Ireland up 33% at NZ$79.6m (FY24: NZ$58.2m).

-
Group revenue, which is highly correlated to store sales, up 49% at NZ$7.0m (FY24:
NZ$4.7m). This includes NZ$1.0m of sales through the Dairygold stores for the 3.5
months from mid-December 2024. Net Revenue excluding Dairygold store sales were
NZ$6.0m which was 28% up on FY24.

-
EBITDA of NZ$1.4m v NZ$336k for FY24.

-
UK store sales were up 38% at NZ$55.6m (FY24: NZ$38.3m), compared to the industry
average of 9%.

-
Ireland store sales up 22% at NZ$24.1m (FY24: NZ$19.9m), compared to the industry
growth of 1% in Ireland.

-
The awarding of the contract to manage the cafes within the Dairygold garden centres is
an important milestone for the Ireland business. As announced in December 2024, three
cafes in Ireland are being operated by the Company which is a different model to the
normal franchised store operations - the information below shows the impact on costs
to provide a comparison with the prior year:
Cost of Goods for franchised businesses is $78k v $123 last year. For Dairygold the costs
were $98k with no comparable data.
Total costs for the year of $5.5m include costs of $1.1m that relate to the operations of
the Dairygold stores and these costs include all costs of running the stores including
labour. The net costs excluding Dairygold are $4.4m compared to the last year amount
of $4.6m.

-
The new banking arrangement with Bank of New Zealand (BNZ) will normalise the debt
funding, reduce interest costs and has enabled the repayment of high cost second tier
debt.

-
Esquires Coffee Houses Ireland were awarded the Irish Enterprise Award for 2024 as the
‘Best Modern Organic Coffee Shop Enterprise’.

-
89 Group sites in the UK and Ireland as at 31 March 2025, up from 73 as at 1 April 2024.
and currently 93 stores as at 27 May in the network in UK & Ireland.

Aiden Keegan, CEO of Cooks Coffee Company, said: “FY25 has marked a pivotal step forward
for our business, we have not only delivered strong financial results but also outperformed the
broader industry by a significant margin. These results reflect the strength of our franchise
model, our focus on community-driven locations like market towns and suburban hubs, and our
commitment to quality. The focus on market towns, housing developments and suburban
locations has been an important contributor along with the focus on organic coffee products and
an enhanced food offering with local sourcing where possible, delivered by local owners of the
franchised stores. In addition, the award of the Dairygold café contract and our recognition as
Ireland’s ‘Best Modern Organic Coffee Shop Enterprise’ are milestones that reinforce our
strategic direction.

“With 93 stores open as at late May, we are well on track toward our goal of 300 stores by 2034.
Coupled with our new banking arrangement with BNZ, which has reduced interest costs and
strengthened our capital structure, we are entering the new financial year with strong momentum
and confidence in our long-term growth strategy.”


Operational Business Performance

United Kingdom

Esquires Coffee UK store numbers increased to 71 on 31 March 2025, from 58 as at 31 March
2024, with 16 new Esquires stores opened and three closed.

Growth has continued strongly with new six stores being opened to date with the stores located
in Hertford, Clifton (Nottingham), Maidenhead, Shirley, Leighton Buzzard & Crowthorne. Sales
for the first eight weeks of the FY26 financial year are 30% ahead of the same period last year with
like for like sales up 3.3%.

Ireland

Store sales increased by 22% in FY25, totalling NZ$24.1m (FY24: NZ$19.9m). The Dairygold
stores joined the system in December and contributed 5.5% of the total annual sales. Like for like
store sales were up 4.3% versus FY24. Sales for the first eight weeks of the FY26 financial year
are 22% ahead of the same period last year with like-for-like sales up 4.3%.

Outlet numbers at the end of the year were 18, a growth of 20%, with the addition of three stores
that are based in Dairygold Co-op Super stores. The stores are in Midleton and Carrigaline near
Cork and Raheen in Limerick. A new store is due to open in Mallow, County Cork in the last week
of May 2025.

Global

Cooks operating revenue in the global segment was down on the previous financial year as the
Middle East markets restructured with the closure of three stores as the leases expired together
with the end of one of the Jeddah Airport contracts. The main airport store at Jeddah Airport
continues to perform well with sales up 12.3% and is the second highest sales store in the
network. Sales in Portugal were up 31.5% and Pakistan sales were up 11.3%.

Post period end, the Company signed a Master Franchise Agreement (“MFA”) to develop its
business into the rapidly growing Indian market. Under the terms of the MFA, the Franchisee will
be responsible for the establishment and operation of the business in India, with ongoing support
from Cooks Coffee. This support will include providing systems, processes, and best practices
related to the Esquires brand, enabling the Franchisee to maintain the high standards
synonymous with the brand.This is a very exciting development with significant potential.

Joint Venture – Black Goo

Cooks and its key regional developer partner in the UK formed a joint venture to acquire the Black
Goo brand. Black Goo stores are based in Thame in Oxfordshire & Tring in Hertfordshire. The
stores offer freshly prepared foods and handmade cakes - all served in stylish eclectic interiors.
The consumer positioning is complementary to the Esquires brand with typically a younger
cohort of consumers.

Balance Sheet

Total equity in the Company was NZ$(2.9)m reflecting primarily to prior period non-cash write
downs in the past. The comparison for last year was NZ$(4.0)m.

People

Katherine Scott joined the company as the London based CFO in July 2024 and joined Board later
in the year. Gareth Lloyd-Jones and Gordon Robinson joined the Board as Non-Executive
Directors based in London replacing Mike Hutcheson and Paul Elliot who retired as part of the
strategic decisions to relocate much of the business to the UK where the major business activity
is based.

Environmental, Social & Governance (ESG)

Cooks Coffee’s mission is to deliver exceptional coffee experiences while leading with purpose.
The Boards believes that profitability and sustainability go hand in hand, and its commitment to
ESG principles is central to everything it does - from sourcing to community engagement.

Building a Sustainable Brand

Fairness, integrity, and environmental responsibility are embedded in the Group’s culture. It
prioritises sustainably sourced ingredients, ethical partnerships and waste-conscious
operations. Recognised for two consecutive years as Organic Coffee Chain of the Year in
Ireland and recently awarded Best Ethical Coffee Enterprise in Wales, the Group is proud to be
setting high standards in its industry.

Sustainability in Action

• Eco-Friendly Production: All coffee is organic and grown without harmful chemicals,
in harmony with nature.
• Sustainable Sourcing: Cooks partners with the world’s first Carbon Neutral Gold
Standard roastery.
• Eco-Friendly Disposables: the packaging is fully recyclable or compostable,
including cutlery, cups, and takeaway materials.

• Food Waste Reduction: the partnership with Too Good To Go has saved over 25,000
meals - equivalent to the carbon saved from charging 15 million smartphones.

Social Impact & Community Engagement

Cooks continue to strengthen its ties to local communities, creating welcoming spaces that
support inclusion and connection. As CEO Aiden Keegan said, “Working from home has been
fantastic for us. Our suburban cafés have become the beating heart of their local communities.”

• Mental Health Support: hosting regular events for the deaf community and partner
with organisations to reduce isolation and improve wellbeing.
• Mum’s Coffee Groups: Esquires locations offer welcoming spaces for mothers to
connect, share and support one another.
• Alzheimer’s Coffee Mornings: Held monthly to provide support and community for
those affected by dementia.

Market Leadership with Responsibility

The Group is addressing climate change and social impact through:

• Designing energy-efficient and eco-conscious stores.
• Partnering with suppliers who share the sustainability vision.
• Implementing operational practices to reduce the Group’s carbon footprint.

Vision for the Future

Cooks Coffee aims to lead the market with responsibly sourced coffee, fresh food, locally
produced where practical, and eco-friendly practices.

Market Leadership with Responsibility

The Company addresses climate change by:


 Designing eco-friendly stores.

 Partnering with like-minded suppliers.

 Reducing its carbon footprint through energy-efficient practices.

Outlook

The FY26 financial year has begun strongly with six new stores opened in the UK in the first eight
weeks of the year.

The expansion strategy, combined with strong like-for-like sales growth, demonstrates the
Company’s resilience and ability to attract and retain customers in both established and new
locations, as well as the Group’s strong market position and the effectiveness of its customer
engagement strategies.

Growth for the Esquires brand continues to exceed reported industry growth in both core markets
and the Board would like to acknowledge the dedicated performances of all the parties involved
in the Group’s activities driving the growth plans and delivering excellent service to our
customers every day.

In the core markets of UK & Ireland around 250,000 customers are now being served each week
by our great team led by our franchisees long with their staff, supported by Regional Developers
in the UK and the Company’s great teams in both markets.

With 93 stores open as at late May, the Group is well on track toward its goal of 300 stores by
2034. Coupled with a new banking arrangement with BNZ, which has reduced interest costs and
strengthened the capital structure, the Group is entering the new financial year with strong
momentum and confidence in its long-term growth strategy,


The FY25 unaudited financial statements are appended to this announcement.


Enquiries:

Cooks Coffee Company Limited +64 21 702 509 (New Zealand)
Keith Jackson (Executive Chairman)
Aiden Keegan (Chief Executive)
keith.jackson@cookscoffeecompany.com
+44 (0) 7980 608 440 (UK)
aiden@esquirescoffee.co.uk

+44 (0) 20 3934 6630 (UK)
ukinvestorrelations@cookscoffeecompany.
com

IFC Advisory Limited (Financial PR & IR) +44 (0) 20 3934 6630
Graham Herring, Florence Staton

cookscoffee@investor-focus.co.uk

Oberon Capital (AQSE Corporate Adviser and
Broker)
+44 (0) 20 3179 5300
Nick Lovering, Adam Pollock, Mike Seabrook

---

Results announcement
(for Equity Security issuer)
Updated as at March 2025


Results for announcement to the market
Name of issuer Cooks Coffee Company Limited
Reporting Period 12 months to 31 March 2025
Previous Reporting Period 12 months to 31 March 2024
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$6,728 44.2%
Total Revenue $6,980 41.5%
Net profit/(loss) from
continuing operations
$859 341.4%
Total net profit/(loss) $859 113.5%
Interim/Final Dividend
Amount per Quoted Equity
Security
It is not proposed to pay a dividend
Imputed amount per Quoted
Equity Security
Not applicable
Record Date Not applicable
Dividend Payment Date Not applicable
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security (in
dollars and cents per
security)
$(0.0887) $(0.1139)
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Refer to accompanying commentary
Authority for this announcement
Name of person

authorised
to make this announcement
Keith Jackson
Contact person for this
announcement
Keith Jackson
Contact phone number 021 702 509
Contact email address Keith.jackson@cookscoffeecompany.com
Date of release through MAP

29/05/2025

Unaudited financial statements accompany this announcement.

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29 May 2025
Cooks Coffee Company Limited
This document covers Cooks Coffee Company Limited's unaudited financial results for the year
ended 31 March 2025
A: Cooks Coffee Company Limited
Preliminary announcement for the year ended 31 March 2025
in accordance with Listing Rule 3.5.1 are recorded below.
This report has been prepared in a manner which complies with generally accepted accounting practice and gives a true and
fair view of the matters to which the report relates, and is based on unaudited financial statements.
The Listed Issuer has a formally constituted Audit & Risk Committee of the Board of Directors.
UnauditedUnaudited
B: Consolidated Statement of Financial PerformanceMar-25Up / DownMar-24
$NZ '000%$NZ '000
Revenue6,72844.2%4,667
Cost of sales(176)43.2%(123)
Gross profit6,55244.2%4,544
Operating expenses and staff costs(5,431)21.4%(4,474)
Impairment loss on receivables
(106)
(20.1%)(133)
Other income252(5.4%)266
Operating profit/(loss) before depreciation and amortisation1,267
524.0%
203
Depreciation expense (117)386.2%(24)
Operating profit/(loss)1,150542.5%179
Interest Income on leases1,62420.5%1,347
Amortisation of intangible assets--
Impairment of Goodwill--
Finance costs on leases(1,701)26.2%(1,347)
Finance costs on loans(390)(27.1%)(535)
Share of profit/loss of joint ventures accounted for using the equity method1760.0%
-
Profit/(Loss) before income tax859(341.4%)(356)
Income tax benefit/(expense)-0.0%
-
Net Profit/(Loss) for the year from continuing operations859
(341.4%)
(356)
Net Profit/(Loss) for the year from discontinued operations
-
(100.0%)
(6,003)
Net Profit/(Loss) for the year859(113.5%)(6,359)
Earnings Per Share (Cents per share):1.33(10.84)
UnauditedUnaudited
C: Consolidated Statement of Financial PositionMar-25Up / DownMar-24
$NZ '000%$NZ '000
Assets
Cash and cash equivalents2,6861,174
Trade and other receivables1,8791,718
Other current assets696918
Assets classified as held-for-sale-
9
Property, plant and equipment 41592
Right-of-use assets2,449
-
Lease receivables25,69623,055
Other non-current assets28137
Preliminary unaudited full year report on consolidated results (including the results for the previous corresponding year)
The accounting policies used in the preparation of these financial statements are consistent with those used in the interim statements for the six
months ended 30 September 2024, and in the audited financial statements for the year ended 31 March 2024.

Total tangible assets33,84924.9%27,103
Goodwill0-
Intangible assets2,8312,831
Total assets36,68022.5%29,934
Liabilities
Trade and other payables6,1537,797
Lease liabilities28,30723,055
Borrowings - Loans4,3363,035
Other liabilities79848
Deferred tax liabilities--
Total liabilities39,594(16.7%)33,935
Net assets/(liabilities)(2,914)27.2%(4,001)
Equity
Share capital59,30658,845
Accumulated losses(64,055)(64,914)
Foreign currency translation reserve1,8352,068
Share based equity reserve0
-
Total equity attributable to equity holders of the Company(2,914)27.2%(4,001)
CentsCents
Net tangible assets per share(8.87)(11.39)
Unaudited
Unaudited
D: Statement of Changes in EquityMar-25Up / DownMar-24
$NZ '000%$NZ '000
Profit/(Loss) for the period859(631.5%)(6,359)
Net increase in issued share capital461500
Foreign currency translation reserve(233)1,097
Movements in equity for the period1,087(122.8%)(4,762)
Equity at start of the period(4,001)761
Share based payment reserve
--
Equity at end of the period(2,914)(27.2%)(4,001)
Unaudited
Unaudited
E: Consolidated Statement of Cash FlowsMar-25Up / DownMar-24
$NZ '000%$NZ '000
Profit/(Loss) for the period859113.5%(6,359)
Add/(Less):
Depreciation expense11724
Impairment loss on receivables106
133
Net foreign exchange (losses)/gains14
29
Revaluation of contingent consideration payable
--
Impairment of goodwill
--
Amortisation of intangible assets
--
Net movements in working capital(674)1,984
Loss on disposal of subsidiaries0
5,262
Net cash flow from operating activities422(60.6%)1,073
Net cash flow from investing activities (440)8893.6%5
Net cash flow from financing activities 1,762(604.9%)(349)
Net (decrease)/increase in cash held1,745139.3%729
Opening bank balance1,174445
Effect of exchange rate changes on foreign currency balances
(233)-
Closing bank balance2,6861,174
Made up as follows:
Cash and cash equivalents2,686128.8%1,174
F:Material Acquisition of SubsidiariesN/A
G:Material Disposal of SubsidiariesN/A

H:Material Investment in AssociateN/A
I:Issued and Quoted Securities at End of Current Period
Category of Securities IssuedNumberQuoted
ORDINARY SHARES:
Total number of shares on issue64,738,670 64,238,670
Shares issued during the current period 4,736,222 4,736,222
Shares converted from non-voting to voting during the current period707,000 707,000
Shares cancelled during the current period- -
Shares bought back during the current period- -
J:Comments by Directors
(a) Material factors affecting the revenues and expenses of the group for the current full year or half year
Refer to Commentary.
(b) Significant trends or events since the end of the current full year or half year
Refer to Commentary.
(c) Changes in accounting policies since last Annual Report and/or last Half Yearly to be disclosed:
Nil
(d) Critical Accounting Policies - Management believes the following to be critical accounting policies. That is they are both important
to the portrayal of the Issuer's financial condition and results, as they require management to make judgments and estimates
about matters that they are inherently uncertain
• Treatment of Leases
• Revenue from Contracts with Customers
• Discontinued Operations
• Impairment of Assets
• Amortisation of Intangibles and Goodwill
• Contingent Consideration
NZ IFRS 16 "Leases"
a) As a lessee
b) As a lessor
NZ IFRS 15 "Revenue from Contracts with Customers"
On 31 March 2025, Cooks Coffee Company Limited has 64,238,670 quoted shares and 500,000
non-voting shares on issue.
The Group recognises a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially
measured at cost, and subsequently at cost less any accumulated depreciation and impairment losses and adjusted for certain
remeasurements of the lease liability.
The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date,
discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group’s incremental borrowing
rate. Generally, the Group uses its incremental borrowing rate as the discount rate.
The Group has applied judgement to determine the lease term for some lease contracts in which it is a lessee that include renewal or
termination options. The assessment of whether the Group is reasonably certain to exercise such options impact the lease term, which
significantly affects the amount of lease liabilities and right-of-use assets recognised.
When the Group acts as a lessor, it determines at lease inception whether each lease is a finance lease or an operating lease.
To classify each lease, the Group makes an overall assessment of whether the lease transfers substantially all of the risks and
rewards incidental to ownership of the underlying asset, or the right-of-use asset in the case of a sublease. If this is the case, then the
lease is a finance lease; if not, then it is an operating lease. As part of this assessment, the Group considers certain indicators such as
whether the lease is for the major part of the economic life of the asset.
Where the lease is classified as an operating lease, the Group recognises the lease payments from the operating lease as income on
a straight-line basis.
Under NZ IFRS 15 Revenue from Contracts with Customers, revenue is recognised either at a point in time or over time, or when (or
as) the Group satisfies performance obligations by transferring the promised goods or services to its customers.
Royalty income from Franchise or Master Franchise Agreements (MFAs)

29 May 2025
(signed by) Authorised Officer of Listed Issuer(date)
The Group recognises revenue derived from regional development sales over the life of the contract, which is generally 10 years.
Other Revenue
Other revenue includes services to independent franchisees or third parties received by the Group.
The transaction price includes a variable price consideration for the possible transfer of franchise rights. This is unknown until and if
the transaction is completed. Given the high uncertainty of this transfer, the transaction price for franchise contracts is not adjusted for
these transferred franchise rights. Revenue from the sale of individual café franchises is recognised over time.
The Group recognises Franchise Fees derived from the franchise agreement entered by Triple Two Coffee at the point in time when
the franchised store is open for trading with the exception for Territory Fees. This is on the basis that Triple Two Coffee has satisfied all
The Group recognises the Territory Fee over a period of time that the franchise agreement is in place, which is generally 10 years. This
is the period of time over which the performance obligation is satisfied. Payment is received upon signing the franchise contract.
Revenue from Contracts with Suppliers
The Group recognises revenue derived from supplier contracts relating to coffee supply purchases over the period of the contract.
Regional Developer Agreements
The Group recognises revenue derived from its Country & Regional franchise operations on a straight-line basis over a period of time
that the franchise agreement is in place, which is generally 10 years. This is the period of time over which the performance obligation is
satisfied. Payment is received upfront upon signing the franchise contract.
The Group recognises royalty revenue derived from its Franchises and MFAs at a point in time, based on sales by Franchisees that are
reported back to Company on a monthly basis for sales that occurred in that month.
Franchise fees