AOF Interim result for the six months ended 30 June 2025

A: 78 Apollo Drive, Rosedale, Auckland 0632, New Zealand
PO Box: 302-533 North Harbour, Auckland 0751, New
Zealand

P: + 64 9 477 4500 E: info@aofrio.com
® is a registered Trademark of AoFrio Ltd.


8 August 2025

Market Announcement
For immediate release

Strategy delivery in a shifting landscape

Strong first half trading for AoFrio (“AOF”) produced H1-25 revenue growth of 12.2% over the same period
last year. EBITDA for H1-25 was above plan at $0.7m compared to a $1.1m last year, with the reduction
attributable to one-off costs and costs associated with AOF’s expansion into new products and markets.

The Company’s Interim Report has been released today.

The year started strongly with Q1-25 revenue 43.9% higher. Q2-25 revenue was 11.9%% lower with
volumes impacted by global trade issues resulting from the uncertainty of imposition of tariffs by the USA.
Some customers took early delivery of orders in Q1-25 in anticipation of the imposition of tariffs.

• Revenue for H1-25 was $43.0m, a 12.2% increase compared to $38.4m for H1-24.
• IoT revenue was flat at $21.7m, a decrease of 0.1%. The number of hardware units supplied was
3.7% lower at 314,000.
• Revenue from the sale of motor products increased 28.4% to $21.3m, from $16.6m in 2024. The
number of motors supplied increased 26.9%.
• Gross Margin was 29.6% (30.0% in H1-24). IoT was 40.9% (40.1% in H1-24) and motors 18.0%
(16.9% in H1-24).
• Operating Costs for H1-25 were $11.9m compared to $10.5m in 2024.
• EBITDA was a surplus of $0.7m, $0.4m lower than over the comparable period in 2024 but above
plan.
• Cash at 30 June 2025 was $2.0m ($2.1m at 31 December 2024) and the Company had borrowed
$8.9m under its $10m trade finance facility ($4.2m at 31 December 2024).

In H1-25, AOF secured its first significant food retail order in March following completion of a proof-of-
concept trial. This solution is for a New Zealand convenience store chain with 115 stores, significantly
improving the automation of temperature monitoring and alerting. AOF is seeing inbound customer enquiry
for food retail solutions.

Significant progress has been made on strategy implementation. AOF launched AoFrio IQ, AoFrio’s new AI
enabled SaaS platform, and AoFrio’s SCS800 cellular controller. In H2-25, AOF will launch new motor fan
sizes to support sales of the 13w and 25w ECR2 motors.

2025 Outlook
AOF’s guidance in May 2025 was for FY25 revenue to be in the range of $85 million to $95 million with
EBITDA guidance between $3.5 million and $4.0 million. The Company did previously highlight that
macroeconomic conditions and NZ$ / US$ currency fluctuations may influence guidance.
Due to the impact of changes in US Government tariff policy, AoFrio now expects revenue and EBITDA at
the lower end of the FY25 guidance range.

AO262


A: 78 Apollo Drive, Rosedale, Auckland 0632, New Zealand
PO Box: 302-533 North Harbour, Auckland 0751, New
Zealand

P: + 64 9 477 4500 E: info@aofrio.com
® is a registered Trademark of AoFrio Ltd.


While full year revenue and EBITDA is forecast to be above 2024, the performance in H1-25 highlights the
challenge of funding growth out of operating cash flows. Product and market development investments are
now being delayed, impacting the ability to move at the pace needed to take advantage of the significant
opportunities to accelerate revenue growth and earnings.
The Board and management are exploring initiatives that will allow accelerated investment to:
• Rapidly launch advanced AI driven solutions via AoFrio iQ and continuing to launch new connected
hardware within the cold drink equipment segment.
• Entering adjacent segments like food retail and ice-cream.

AOF’s Chair John Scott said “While the broader trading environment remains complex — shaped by tariffs,
geopolitical tensions, and inflationary pressures — we’re pleased to report that AoFrio continues to perform
strongly. Our operations remain solid, with key metrics across the sales funnel, SLAs, delivery, quality, and
uptime all well understood and firmly in control. Customer support remains high, reflected in strong Net
Promoter Scores and healthy share of wallet across key accounts. A clear highlight of the first half was the
successful launch of AoFrio iQ, which has been very well received, and we’re confident this will contribute
positively to future performance. We are reaffirming our guidance, albeit at the lower end, and, given the
backdrop, are encouraged by the strength of our H1-25 result and optimistic about the long term outlook”.












*EBITDA (i.e., Earnings before interest, taxation, depreciation, amortisation, and impairment) is a non-GAAP
earnings figure that equity analysts tend to focus on for comparable company performance analysis. AoFrio
considers it a valuable financial indicator because it avoids the distortions caused by differences in
amortisation and impairment policies. Contact


Ends

Contact

Greg Balla Howard Milliner
Chief Executive Officer Chief Financial Officer
Phone + 64 21938601 +64 275870455

---

1
Interim Report 2025
AoFrio
Interim Report
2025

2
AoFrio Ltd
Strategy delivery in a shifting landscape
AoFrio is pleased to release its interim report for the six months ended 30 June 2025 (“H1-25”). Revenue increased
12.2% compared to the same period last year, a continuation of the revenue growth trend of recent years.
This was despite a six-month period shaped by uncertainty around the US trade tariffs, currency volatility, and broader
macroeconomic conditions which led to more subdued customer capital spending than anticipated across several key
regional markets.
The year started strongly with Q1-25 revenue 43.9%
up on the same period last year. However, Q2-25
revenue was 11.9% lower compared to Q2-24 with
volumes impacted by global trade issues resulting from
the uncertainty of imposition of tariffs by the USA. We
believe some customers took early delivery of orders in
Q1-25 in anticipation of the imposition of tariffs in Q2-25.
Earnings before interest, depreciation and amortisation
(“EBITDA”) was above plan at $0.7 million but below the
$1.1 million result in 2024 with the reduction attributable
to one-off costs and costs associated with AoFrio’s
expansion into new products and markets.
Revenue
AoFrio shipped 314,000 IoT devices and 555,000 motors
in the period, a 26.9% increase in motor volumes but a
3.7% reduction in IoT volume. Revenue for IoT was at
similar levels to H1-24. Motor revenue increased 28.4%.
There was strong revenue growth in the Americas.
North American year-on-year growth was 23.0% due
to increased motor volumes into the USA market for
supermarket display units and hot water heat pumps.
South America was 17.9% lower on reduced IoT
Interim Report 2025
Metric (NZ$m)Q1-25Q2-25H1-25Q1-24Q2-24H1-24Variance
Revenue23.919.143.016.621.838.4+12.2%
IoT 11.89.921.79.911.921.8-0.1%
Motors and Fans12.19.221.36.79.916.6+28.4%
Gross Profit7.45.312.75.26.311.5+10.5%
Gross Margin %31.1%27.7%29.6%31.3%29.1%30.0%-0.4pp
EBITDA1.5(0.8)0.70.20.91.1(0.4)
EBIT0.8(1.8)(1.0)(0.5)0.2(0.3)(0.7)
Profit / (loss)0.4(2.2)(1.8)(0.8)(0.2)(1.0) (0.8)
Cash at bank2.02.00.0
Net operating cash flow(0.9)2.3(3.2)
Financial performance
Overview

3
Interim Report 2025
Interim Report 2025
demand. APAC increased 8.4% and EMEA decreased
12.3%.
AoFrio secured its first significant food retail order
in March following completion of a proof-of-concept
trial. This solution is for a New Zealand convenience
store chain with 115 stores, significantly improving the
automation of temperature monitoring and alerting. The
order includes recurring SaaS revenue under a multi-
year contract. AoFrio is seeing inbound customer enquiry
for food retail solutions.
AoFrio invoiced $2.8 million for cloud data connection
and software development charges during H1-25
compared to $2.5 million for the same period last year.
This service revenue is multi-year and is recognised in
the Income Statement over the duration of the contract.
At 30 June 2025, $16.8 million of revenue was deferred
for recognition in subsequent periods.
Gross margin
The gross margin for H1-25 at 29.6% was 0.4pp lower
due to change in product mix – more motors and fewer
higher margin IoT products. The gross margin was
18.0% for motors and 40.9% for IoT products.
Operating expenses
Operating expenses for the six months ending 30 June
2025 were $11.9 million, an increase of $1.4m compared
to the same period last year but in line with the 2025
plan. Staff costs of $12.1 million (pre-capitalised
development and including contractors) increased $1.8
million compared with H1-24. New roles were recruited
in H1-25 to support business growth plans which are
expected to deliver increased revenues from FY26.
Capitalised development time increased to $3.2 million
from $2.3 million in H1-24. This reflects time spent on
new product development to progress AoFrio’s strategies
of protecting and growing the bottle cooler market and
diversification into new markets. These initiatives include
completing developments for launch in H2-25 of a new
cellular controller (SCS800), our Software-as-a-Service
(SaaS) platform, AoFrio
®
iQ and 7”, 8” and 10” fan
packs. We continued to progress our new solutions for
food service / food retail customers and further fan
pack sizes.
Working capital
Cash at 30 June 2025 was $2.0 million compared to $2.1
million at 31 December 2024.
Trade receivables at 30 June 2025 was $21.2 million
compared to $19.1 million at 31 December 2024. This
increase is due to a major customer no longer able to
offer supplier factoring due to a change of ownership.
The metric Days Sales in Trade Receivables has
been maintained at below the 90-day target throughout
the period.
Inventory at 30 June 2025 was $9.3 million, a $0.1
million decrease since 31 December 2024.
Trade payables at 30 June 2025 was $19.7 million, a
$0.1 million increase since 31 December 2024. The
Company has continued to utilise extended payment
terms made available by AoFrio’s contract manufacturer,
East West.

4
AoFrio Ltd
Strategy Implementation
AoFrio remains focused on investing in its three
strategies to drive long-term success:
1. Protect and grow the core.
2. Diversify its market segments.
3. Transform its foundations.
These strategies aim to ensure that AoFrio continues to
deliver value to its customers while consistently achieving
growth and profitability objectives over time.
Protect and grow our core
The strategy to protect and grow its core business, IoT
for Cold Drink Equipment (CDE) and Motors and
Fans, remained central to AoFrio’s progress in the first
half of FY25.
IoT for CDE
The overall strategy for CDE is:
1. Win the hardware game by enabling full fleet
connectivity, ensuring all equipment in the fleet
is connected.
2. Build the most valuable software platform, which, for
customers means they can access a comprehensive
and integrated solution that enhances management
and performance of their equipment fleet leading to
improved operational efficiency, cost savings and
increased revenue potential.
3. Enter the US and European markets with a winning
connected solution.
During H1-25, AoFrio’s focus was to deliver new solutions
to enable full-fleet connectivity and intelligent cooler fleet
management to customers across global markets.
As planned, AoFrio launched AoFrio
®
iQ and AoFrio’s
SCS800 cellular controller. This integrated solution
enables real-time asset visibility from day one — no
setup, Wi-Fi, or third-party gateways required.
AoFrio iQ is an AI enabled SaaS platform that
allows AoFrio to add significant additional customer
SaaS Metrics
We provided SaaS metrics for the first time in our 2024 Annual Report. The table below shows the metrics for the
H1-25 period. These almost all show improvement over the position for the same period in 2024.

5
Interim Report 2025
benefit across four key customer value pillars: Asset
Management, Commercial Performance, Service &
Maintenance, and Energy Efficiency while increasing
the recurring revenue portion of the revenue mix.
The launch of AoFrio iQ has significantly improved the
user experience of the AoFrio SaaS platform while
enabling:
• Smarter fleet-wide visibility:
AoFrio iQ provides a real-time view of cooler health
and performance, enabling faster data-driven
decisions and proactive issue resolution.
• Remote capabilities that drive efficiency:
Operators can remotely adjust temperature setpoints,
accelerate defrost cycles, disable assets, reduce
service costs, improve uptime, and boost revenue
potential.
• Scalable, future-ready integration:
Designed to work seamlessly across mixed and
legacy fleets, AoFrio iQ supports the broadest
hardware base, maximizing existing investments
while simplifying future upgrades and rollouts.
The development and launch of the SCS800 cellular
controller marks the next step of AoFrio’s multi-year
market entry strategy for Europe, the USA and Canada.
The Total Addressable Market (“TAM”) for these two
markets is 700,000 units per annum. In Q3-25 we will
commence customer trials in both regions to be ready for
the FY26 capital purchase cycle.
Motors and Fans
The overall strategy for the Motors and Fans business is
to protect the gross margin it generates by:
• Winning new applications.
• Introducing new fan pack sizes.
• Reducing product cost.
The Motors and Fans business performed strongly in H1-
25, by adding new applications for new customers and
expanding the applications for existing customers with the
release of new fan sizes.
Following the successful introduction of a tailored motor
and fan solution for the USA heat pump water heater
market in FY24, AoFrio continued to expand its solution
in H1-25. Built around the high-performance ECR 2
motor and 8” fan system, the solution delivers significant
energy savings while meeting strict noise and regulatory
requirements. Its ultra-quiet operation, and high durability
make it ideal for residential installations, especially as
the USA Department of Energy has recently finalised
efficiency standards.
The team has made good progress designing and
releasing new fan pack sizes. A first order for the 7” fan
packs was received in Q2-25 and a first order received
for the 10” fan pack to be released Q3-25. A new
improved 8” fan pack will be released in Q4-25 followed
by the 9” fan pack. Engineered for low-noise, high-
efficiency performance, the fan packs have been well
received by customers.
In parallel, the engineering team continued to drive cost-
reduction initiatives across select motor SKUs. These
efforts are essential to maintaining price competitiveness
in increasingly cost-sensitive markets such as EMEA.
By refining bill of materials and optimising component
sourcing, AoFrio can offer the same high-quality products
while minimising margin pressure.
Diversifying into new markets
In H1-25, AoFrio made progress in its efforts to diversify
into the food retail segment, extending the use of
its solutions across a broader range of commercial
refrigeration environments.
AoFrio secured its first multiyear commercial agreement
in the food retail segment with a convenience store
chain. The agreement is structured around recurring
software revenue and marks a significant milestone in
validating product-market fit in a new sector. Alongside
this win, a second pilot deployment continued with a large
supermarket chain which is expected to lead to a contract
in Q3-25.
Several trials are underway in APAC, EMEA and South
Latam, with additional trials expected in H2-25. These
trials are helping shape product development priorities,
particularly in configuring AoFrio
®
iQ to address the
needs in this sector. The commercial launch of AoFrio iQ
configured for food retail remains targeted for FY26.

6
AoFrio Ltd
As a part of our diversification strategy, AoFrio is
exploring opportunities in the ice cream segment. Based
on the exceptional results from a proof-of-concept with
a customer in Chile - AoFrio’s technology significantly
reduced equipment loss from 20% to just 0.5% - AoFrio
intends to develop a tailored solution for this segment as
resourcing allows.
Transform our foundations
The overall purpose of this strategy is to continue to
ensure that AoFrio has:
• The right people with the right motivation and
capability.
• An approach to sustainability that takes advantage of
the opportunities and manages risk.
• The right systems and processes to be productive
now and in the future.
Environmental, Social and
Governance (ESG)
AoFrio has made good progress implementing its
sustainability plan which is aimed at both ensuring that
AoFrio is doing the right thing while utilizing its solutions
to support customer achieve their carbon footprint
reduction targets.
Some highlights include:
• Retaining EcoVardis certification with the addition of
a sustainable supplier policy, and implementation of
a global health and safety global plan.
• Commencing work on product circularity
assessments.
• Successfully completing a security assessment
against critical security controls version 8 standard
(CIS v8).
• Increasing the energy saving potential of AoFrio’s
energy saving bundle from 64% to 68% validated by
an external testing laboratory.
People
In H1-25 AoFrio continued to strengthen the organisation
capability and capacity by adding new people to the team
(Sales, Data and Analytics, and Software development)
and ongoing investment in the development of
employees.
AoFrio launched its leadership development framework,
and a skill share programme aimed at sharing knowledge
and improving the innovation mindset and strategy
alignment of the organisation.

7
Interim Report 2025
As part of its plan for leveraging AI for business
improvement, AoFrio launched its AI Academy which
brings together policy and learning and development
information for our team. An AI Advocates group (16
people from across the organisation) was established to
champion the piloting and use of AI tools.
A first group of Lean practitioners are completing their
first projects focussed on improving business process
e.g. response time for customer support requests, time
from idea to execution of customer requested new
product features.
The annual staff Engagement Score increasing from 67
to 72 is pleasing. The global industry benchmark is a
score of 68% (Information, Technology & Services 100-
200 January 2025).
SaaS platform modernisation
AoFrio continued to make good progress on the multiyear
programme to modernise its SaaS platform, which was
vital for the launch of AoFrio iQ, discussed above, and to:
• Increase the rate at which new features can be
released.
• Leverage machine learning and AI automated
workflows as part of the product solution.
Outlook
AoFrio’s guidance in May 2025 was for FY25 revenue to
be in the range of $85 million to $95 million with EBITDA
guidance between $3.5 million and $4.0 million. The
Company did previously highlight that macro-economic
conditions and NZ$ / US$ currency fluctuations may
influence guidance.
Due to the macro-economic impact of changes in US
Government tariff policy, AoFrio now expects revenue and
EBITDA at the lower end of the FY25 guidance range.
While full year revenue and EBITDA is forecast to be
above 2024, the performance in H1-25 highlights the
challenge of funding growth out of operating cash flows.
Product and market development investments are now
being delayed, impacting the ability to move at the pace
needed to take advantage of the significant opportunities
to accelerate revenue growth and earnings.
The Board and management are exploring initiatives that
will allow accelerated investment to:
• Rapidly launch advanced AI driven solutions via
AoFrio iQ and continue to launch new connected
hardware within the CDE segment.
• Enter adjacent segments like food retail and
ice-cream.

8
AoFrio Ltd
Financial statements
Consolidated and Condensed Interim Statement of Comprehensive Income
Six months ended
Unaudited
Year ended
Audited
Note
30 Jun 2025
$000s
30 Jun 2024
$000s
31 Dec 2024
$000s
Revenue2.1, 2.343,04438,36279,690
Cost of sales(30,315)(26,844)(56,468)
Gross profit12,72911,51823,222
Net foreign exchange (loss) / gain(109)39(14)
Other income2.46175591
Operating expenses2.5(11,933)(10,528)(21,285)
Earnings before interest, taxation, depreciation,
amortisation and impairment
7481,1042,514
Depreciation3.5(429)(412)(815)
Amortisation3.6(1,272)(971)(1,959)
Loss before interest and taxation(953)(279)(260)
Finance income4.2382348
Finance expenses4.2(835)(808)(1,678)
Loss before income tax(1,750)(1,064)(1,890)
Income tax (expense) / credit2.7(20)2110
Loss for the period(1,770)(1,043)(1,880)
Other comprehensive income:
Items that may be reclassified subsequently to the
profit or loss:
Exchange differences on translation operations(107)(225)(423)
Other comprehensive loss for the period(107)(225)(423)
Total comprehensive loss for the period(1,877)(1,268)(2,303)
Loss for the period attributable to the Owners
of the Company
(1,770)(1,043)(1,880)
Total comprehensive loss attributable to the
Owners of the Company
(1,877)(1,268)(2,303)
Basic loss per share – cents2.6(0.41)(0.24)(0.44)
Diluted loss per share – cents2.6 (0.41)(0.24)(0.44)

The above Consolidated and Condensed Interim Statement of Comprehensive Income should be read in conjunction with the accompanying notes.

9
Interim Report 2025
Consolidated and Condensed Interim Statement of Movements in Equity
Share
capital
$000s
Accumulated
losses
$000s
Other
reserves
$000s
Total
equity
$000s
Unaudited for the six months ended 30 June 2025
Balance at 1 January 2025135,578(113,621)(4,646)17,311
Comprehensive income
Loss for the period
-
(1,770)
-
(1,770)
Other comprehensive income
Exchange differences on translation
of foreign operations
--(107)(107)
Total comprehensive income-(1,770)(107)(1,877)
Contributions of equity, net of costs239--239
Share option compensation expensed--1111
Balance on 30 June 2025135,817(115,391)(4,742)15,684
Unaudited for the six months ended 30 June 2024
Balance at 1 January 2024135,578(111,741)(4,294)19,543
Comprehensive income
Loss for the period
-
(1,043)
-
(1,043)
Other comprehensive income
Exchange differences on translation of
foreign operations
--(225)(225)
Total comprehensive income-(1,043)(225)(1,268)
Share option compensation expensed--4343
Balance at 30 June 2024135,578(112,784)(4,476)18,318
Audited for year ended 31 December 2024
Balance at 1 January 2024135,578(111,741)(4,294)19,543
Comprehensive income:
Loss for year
-
(1,880)
-
(1,880)
Other comprehensive income
Exchange differences on translation of
foreign operations
--(423)(423)
Total comprehensive income-(1,880)(423)(2,303)
Share option compensation expensed--7171
Balance at 31 December 2024135,578(113,621)(4,646)17,311

The above Consolidated and Condensed Interim Statement of Movements in Equity should be read in conjunction with the accompanying notes.

10
AoFrio Ltd
Consolidated and Condensed Interim Statement of Financial Position

UnauditedAudited
Note
30 Jun 2025
$000s
30 Jun 2024
$000s
31 Dec 2024
$000s
Current Assets
Cash and cash equivalents1,9711,9512,093
Trade and other receivables3.122,58921,44320,475
Derivative financial instruments18738-
Inventories3.29,34410,2089,433
Total current assets34,09133,64032,001
Non-Current Assets
Property, plant and equipment3.55,7945,5975,775
Deferred tax asset10,37010,36310,370
Intangible assets3.620,02916,03819,029
Total non-current assets36,19331,99835,174
Total assets70,28465,63867,175
Current Liabilities
Trade and other payables3.323,96524,31924,113
Contract liability2.32,5222,3122,524
Provisions3.4129139139
Derivative financial instruments--295
Liabilities in respect of right-of-use assets5.3337232268
Borrowings4.18,9184,1394,237
Total current liabilities35,87131,14131,576
Non-Current Liabilities
Borrowings4.1313320341
Liabilities in respect of right-of-use assets5.34,1804,0923,998
Contract liability2.314,23611,76713,949
Total non-current liabilities18,72916,17918,288
Total liabilities54,60047,32049,864
Net assets15,68418,31817,311

11
Interim Report 2025
Consolidated and Condensed Interim Statement of Financial Position - continued
UnauditedAudited
Note
30 Jun 2025
$000s
30 Jun 2024
$000s
31 Dec 2024
$000s
Equity
Contributed equity4.3135,817135,578135,578
Accumulated losses(115,391)(112,784)(113,621)
Other reserves(4,742)(4,476)(4,646)
Total equity15,68418,31817,311
The above Consolidated and Condensed Interim Statement of Financial Position should be read in conjunction with the accompanying notes.

12
AoFrio Ltd
Consolidated and Condensed Interim Cash Flow Statement
Six months ended
Unaudited
Year
ended
Audited
Note
30 Jun
2025
$000s
30 Jun
2024
$000s
31 Dec
2024
$000s
Cash flows from operating activities
Receipts from customers exclusive of GST / VAT40,85635,90681,140
Payments to suppliers and employees exclusive of GST / VAT(41,432)(32,586)(74,279)
Foreign exchange (loss) / gain(109)39(14)
Other income6175591
Interest paid(756)(816)(1,683)
Interest received4.2382348
Taxation paid(25)-(16)
Net GST / VAT received444(370)(25)
Net cash (outflow) / inflow from operating activities(923)2,2715,762
Cash flows from investing activities
Payments for property, plant, and equipment3.5(466)(314)(483)
Proceeds from disposals of property, plant, and equipment-27-
Payments for intangible assets3.6(3,543)(2,583)(5,419)
Net cash outflow from investing activities(4,009)(2,870)(5,902)
Cash flows from financing activities
New loans and drawdowns4.112,2477,08314,770
Loan repayments4.1(7,309)(7,759)(15,630)
Principal payments for right-of-use assets5.3(138)(70)(186)
Net cash inflow / (outflow) from financing activities4,800(746)(1,046)
Net decrease in cash and cash equivalents(132)(1,345)(1,186)
Cash and cash equivalents at the beginning of the
financial period
2,0933,2953,295
Effect of exchange rate movements on cash101(16)
Cash and cash equivalents at end of year5.71,9711,9512,093

The above Consolidated and Condensed Interim Cash Flow Statement should be read in conjunction with the accompanying notes.

13
Interim Report 2025
Notes to the Interim Financial
Statements
for the six months ended 30 June 2025
1. Basis of preparation
1.1 General Information
AoFrio Limited (the “Company”) and its subsidiaries (together the “Group is a hardware-enabled SaaS company
that supplies hardware and solutions to the food and beverage industry.
The Company is a limited liability incorporated and domiciled in New Zealand. The address of its registered office
is 78 Apollo Drive, Rosedale, Auckland 0632 New Zealand. The Company is registered under the Companies
Act 1993 and is an FMC reporting entity under Part 7 of the Financial Markets Conduct Act 2013. The financial
statements have been prepared in accordance with the requirements of Part 7 of the Financial Markets Conduct
Act 2013 and the NZX Main Board Listing Rules.
These interim financial statements do not include all the notes and disclosures set out in the annual report. As
a result, this report should be read in conjunction with the annual financial statements for the year ended 31
December 2024.
These consolidated and condensed financial statements have been approved for issue by the Board of Directors
on 6
th
August 2025 and have not been audited.
1.2 Summary of Material Accounting Policies
Basis of preparation
These consolidated and condensed financial statements of the Group have been prepared in accordance with
generally accepted accounting practice in New Zealand. The Group is a for-profit entity for the purposes of
financial reporting. The consolidated and condensed financial statements comply with New Zealand International
Accounting Standard 34: Interim Financial Reporting.
All material accounting policies have been consistently applied to all the years presented, unless otherwise stated.
Entities reporting
The financial statements are for the consolidated group which is the economic entity comprising of AoFrio Limited
and its subsidiaries.
Historical cost convention
These financial statements have been prepared under the historical cost convention except for derivative financial
information which is measured at fair value.
New standards, amendments, and interpretations adopted
The accounting policies adopted in the preparation of the interim condensed consolidated financial statements are
consistent with those followed in the preparation of the Group’s annual consolidated financial statements for the
year ended 31 December 2024, except for the adoption of new standards effective as of 1 January 2025.
The amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates specify how an entity
should assess whether a currency is exchangeable and how it should determine a spot exchange rate when
exchangeability is lacking. The amendments also require disclosure of information that enables users of its
financial statements to understand how the currency not being exchangeable into the other currency affects,

14
AoFrio Ltd
or is expected to affect, the entity’s financial performance, financial position and cash flows. The amendments
are effective for annual reporting periods beginning on or after 1 January 2025. The amendments did not have
a material impact on these interim consolidated financial statements.The Group has not early adopted any
standard, interpretation or amendment that has been issued but is not yet effective. NZ IFRS 18 Presentation
and Disclosure in Financial Statements (NZ IFRS 18) was issued in April 2024 as replacement for NZ IAS 1
Presentation of Financial Statements (NZ IAS 1). The Group is currently assessing the impact of NZ IFRS 18 and
will disclose a more detailed assessment in the future. Several amendments apply for the first time in 2025, but do
not have an impact on the interim condensed consolidated financial statements of the Group.
Going concern assumption
The Group reported a loss for the six months ended 30 June 2025 of $1,770,000 (2024: loss of $1,043,000) and
operating cash outflows of $923,000 (2024: inflows of $2,271,000). Cash at 30 June 2025 was $1,971,000 (2024:
$1,951,000) and net debt (defined as cash balances net of borrowings) was $7,260,000 (2024: $2,508,000).
The Board has reviewed forecasts prepared by management for the period to 31 December 2025 that show
revenues and earnings above 2024 levels. The Board is satisfied that if global supply chain or macro-economic
conditions adversely impact demand, the Group can and will manage its planned increases in operating and
capital expenditure to ensure the Group maintains adequate cash reserves.
The Board closely monitors the Group’s compliance with banking covenants, all of which have been complied with
at 30 June 2025.
Therefore, the Board has at the time of approving the financial statements, assessed it is appropriate to continue
to adopt the going concern basis in preparing the financial statements.
Significant accounting estimates and judgements

Estimates and judgments are continually evaluated and are based on historical experience and other factors,
including expectations of future events that are believed to be reasonable under the circumstances.
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will,
by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk
of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are
detailed in the following notes to the financial statements:
Areas of estimation
• Going concern – forecasts – note 1.2
Areas of judgement
• Development costs – capitalisation of expenses and impairment testing – note 3.6

15
Interim Report 2025
2. Results for the year
2.1 Segment information
An operating segment is a component of an entity that engages in business activities from which it earns revenues
and incurs expenses, whose operating results are regularly reviewed by the chief operating decision maker and
for which discrete financial information is available.
The chief operating decision maker, who is responsible for allocating resources and assessing performance of the
operating segments, has been identified as the Chief Executive Officer supported by the management team who
report directly to the CEO.
(a). Reportable segments
The Group is organised on a global basis into two operating divisions – Motors and IoT. These divisions offer
different products and services and are managed separately because they require different technology and
marketing strategies. The Group’s chief executive officer reviews the financial performance of each division at
least monthly. Each division is a reportable segment.

There are varying levels of integration between the segments. There are engineering and sales staff that support
both segments as well as shared logistical and quality management services.
Information related to each reportable segment is set out below:
June 2025 (six months)
Motors
$000s
IoT
$000s
Unallocated
$000s
Total
$000s
Revenue21,30421,740-43,044
Cost of goods sold(17,459)(12,856)-(30,315)
Gross profit3,8458,884-12,729
Gross margin %18.0%40.9%-29.6%
Foreign exchange loss--(109)(109)
Other income--6161
Operating expenses(2,109)(4,374)(5,450)(11,933)
EBITDA1,7364,510(5,498)748
Depreciation(43)(9)(377)(429)
Amortisation(182)(1,052)(38)(1,272)
Profit / (loss) before interest & taxation1,5113,449(5,913)(953)
Finance income--3838
Finance expense--(835)(835)
Profit / (loss) before income tax1,5113,449(6,710)(1,750)
Income tax expense--(20)(20)
Profit / (loss) for the period1,5113,449(6,730)(1,770)

16
AoFrio Ltd
June 2025 (six months)
Motors
$000s
IoT
$000s
Unallocated
$000s
Total
$000s
Non-current assets
Property, plant and equipment98195,6775,794
Deferred tax asset--10,37010,370
Goodwill-3,178-3,178
Intangible assets4,88211,41755216,851
Total4,98014,61416,59936,193
June 2024 (six months)
Motors
$000s
IoT
$000s
Unallocated
$000s
Total
$000s
Revenue16,59521,767-38,362
Cost of goods sold(13,796)(13,048)-(26,844)
Gross profit2,7998,719-11,518
Gross margin %16.9%40.1%-30.0%
Foreign exchange gain--3939
Other income--7575
Operating expenses(2,007)(3,560)(4,961)(10,528)
EBITDA7925,159(4,847)1,104
Depreciation(53)(10)(349)(412)
Amortisation(160)(781)(30)(971)
Profit / (loss) before interest & taxation5794,368(5,226)(279)
Finance income--2323
Finance expense--(808)(808)
(Loss) / profit before income tax5794,368(6,011)(1,064)
Income tax expense--2121
Profit / (loss) for the period5794,368(5,990)(1,043)
Non-current assets
Property, plant & equipment204415,3525,597
Deferred tax asset--10,36310,363
Goodwill-3,230-3,230
Intangible assets4,6257,60457912,808
Total4,82910,87516,29431,998

17
Interim Report 2025
December 2024 (12 months)
Motors
$000s
IoT
$000s
Unallocated
$000s
Total
$000s
Revenue36,42643,264-79,690
Cost of goods sold(30,805)(25,663)-(56,468)
Gross profit5,62117,601-23,222
Gross margin %15.4%40.7%-29.1%
Foreign exchange gain--(14)(14)
Other income-2589591
Operating expenses(4,140)(7,330)(9,815)(21,285)
EBITDA1,48110,273(9,240)2,514
Depreciation(103)(20)(692)(815)
Amortisation(323)(1,575)(61)(1,959)
Profit / (loss) before interest & taxation1,0558,678(9,993)(260)
Finance income--4848
Finance expense--(1,678)(1,678)
Profit / (loss) before income tax1,0558,678(11,623)(1,890)
Income tax expense--1010
Profit / (loss) for the year1,0558,678(11,613)(1,880)
Non-current assets
Property, plant & equipment150305,5955,775
Deferred tax asset--10,37010,370
Goodwill-3,254-3,254
Intangible assets5,1899,99059615,775
Total5,33913,27416,56135,174

18
AoFrio Ltd
(b). Geographical segments
The Group operates in three main geographical areas, although it is managed on a global basis.
Six months endedYear ended
Revenue from external customers
by geographic areas
30 Jun 2025
$000s
30 Jun 2024
$000s
31 Dec 2024
$000s
Americas37,22332,38667,693
Asia / Pacific (APAC)3,0382,8035,606
Europe / Middle East / Africa (EMEA)2,7833,1736,391
Total43,04438,36279,690
Revenue is allocated above based on the country in which the customer is located. APAC revenue includes
$319,000 (2024: $492,000) from New Zealand customers.
Six months endedYear ended
Total non-current assets
30 Jun 2025
$000s
30 Jun 2024
$000s
31 Dec 2024
$000s
Americas1,009109574
Asia / Pacific – mainly in New Zealand35,12931,86534,526
Europe / Middle East / Africa552474
Total36,19331,99835,174
Total non-current assets are allocated based on where the assets are located.
2.2 Seasonality of operations
Revenues and operating profits are generally expected to be higher in the first six months of a calendar year,
lower in the 3
rd
quarter due to customers in the northern hemisphere shutting down for summer holidays and
increasing again in the 4
th
quarter.

This does not appear to be position this year and current forecasts show relatively consistent revenue throughout
the year.
Revenues and operating profits in the 4
th
and 1
st
quarters of a calendar year can be impacted by the timing of the
China New Year and Vietnam Tet holidays.
2.3 Revenue
Six months endedYear ended
30 Jun 2025
$000s
30 Jun 2024
$000s
31 Dec 2024
$000s
Sales of goods revenue41,73037,08377,030
Services revenue 1,3141,2792,660
43,04438,36279,690

19
Interim Report 2025
Revenue is measured at the fair value of the consideration received or receivable for the sale of goods and
services, excluding GST / VAT, rebates and discounts and after eliminating sales within the Group. The Group
disaggregates revenues from contracts by geographical regions, which is detailed in note 2.1(b).
(a). Sale of Goods
The Group manufactures and sells a range of energy efficient motors and IoT hardware to the food and beverage
market. Sales are recognised when control has transferred to the buyer which is usually when delivery of the
goods to the buyer pursuant to the Incoterms that apply is fulfilled, and there is no unfulfilled obligation that could
affect the customer’s acceptance of the products. Delivery occurs when the products have been delivered in
accordance with the pre-agreed Incoterms between the Group and the buyer, the risks of obsolescence and loss
have been transferred to the buyer, and either the buyer has accepted the products in accordance with the sales
arrangement, the acceptance provisions have lapsed, or the Group has objective evidence that all criteria for
acceptance and performance obligations under the contract with the customer have been satisfied.
Some of the sales of goods are subject to CIF (Cost, Insurance and Freight) Incoterms. The Group considers
these freight and insurance services to be a distinct service. For these sales, the total sales price is allocated to
the separate performance obligations, being the product and the insurance and freight costs. Further, the Group
considers itself an agent only in the provision of the freight services. Revenue for the CIF element is recognised
only to the extent of the margin for providing the agent services. However, there are limited sales under CIF terms
and the impact on revenue is estimated to be minor.
The Group has an in-market distributor in Brazil to supply goods to buyers in that market who require local
delivery. This distributor transacts as agent. The Group is the principal in these transactions. Sales of product are
recognised when the distributor delivers the product to buyers at which point control passes to the buyer.
Products may be sold with retrospective volume rebates based on aggregate sales over a 12-month period.
Revenue from these sales is recognised based on the price specified in the contract, net of the estimated volume
rebates. Accumulated experience and customer knowledge are used to determine the rebate amounts using the
expected value method and revenue is only recognised to the extent that it is highly probable significant reversals
will not occur. The liability to pay volume rebates is recognised (included in trade and other payables) in respect of
sales made until the end of the reporting period.
No element of financing is deemed present as the sales are made with a credit term of 30 - 120 days which is
consistent with market practice.
(b). Sale of services
Associated with the supply of IoT hardware, the Group supplies a range of data, and reporting services, all
installed on every AoFrio SCS, AoFrio Monitor and AoFrio Click sold and are distinct services from the sale of
goods. Revenue from the provision of such services is recognised when services are rendered to the buyer.
Contracts typically cover a period from hardware supply of anywhere from 1 to 10 years, dependent on customer
requirements. Contracts specify the price for the provision of the services. Revenue from such contracts is
recognised on a straight-line basis over the contract term because the customer receives and uses the benefits
simultaneously. As set out in note 2.3(a), no explicit element of financing is deemed present as the purpose of the
advance payment of revenue is for reasons other than financing.
The Group also provides software development services for customers. Revenue from these services is
recognised when the contracted development is completed according to the agreed scope of work.

20
AoFrio Ltd
Six months endedYear ended
Contract liabilities
30 Jun 2025
$000s
30 Jun 2024
$000s
31 Dec 2024
$000s
Carrying amount at start of period16,47312,29412,294
Invoiced in the period2,8342,5405,296
Recognised in revenue(1,314)(1,279)(2,660)
Exchange adjustment(1,235)5241,543
Carrying amount at end of period16,75814,07916,473
Current portion2,5222,3122,524
Non-current portion14,23611,76713,949
16,75814,07916,473
2.4 Other income
Six months endedYear ended
30 Jun 2025
$000s
30 Jun 2024
$000s
31 Dec 2024
$000s
Research & Development tax incentive claims received--452
Other income6175139
Total6175591

2.5 Operating expenses include
Six months endedYear ended
30 Jun 2025
$000s
30 Jun 2024
$000s
31 Dec 2024
$000s
Wages and salaries and other short-term benefits11,1469,67519,828
Employer contributions to Kiwisaver and 401K plans345304610
Employee share options expense114371
Total employee benefits11,50210,02220,509
Payments to contractors596315623
Capitalisation of labour to intangible assets(3,193)(2,314)(4,900)

The amount disclosed above for wages and salaries is stated before capitalisation of labour to intangible assets.
The amount disclosed for capitalisation of labour includes $440,000 of contractor payments (2024: $129,000).

21
Interim Report 2025
Liability for wages and salaries, including non-monetary benefits, annual leave and accumulating sick leave
expected to be settled within 12 months of the reporting date are recognised in other payables in respect of
employees’ services up to the reporting date and are measured at the amounts expected to be paid when the
liabilities are settled. Liabilities for non-accumulating sick leave are recognised when the leave is taken and
measured at the rates paid or payable.
The Group recognises a liability and an expense for bonuses and creates a provision where contractually obliged
or where there is past practice that has created a constructive obligation.
2.6 Earnings per share
Earnings per share (‘EPS’) is the amount of post-tax profit attributable to each share.
Basic EPS of a loss of 0.41 cents (June 2024 – loss of 0.24 cents) is calculated by dividing the loss attributable to
equity holders of the Company of $1,770,000 (June 2024 – loss of $1,043,000) by the weighted average number
of ordinary shares in issue during the period of 432,048,543 (June 2024 – 431,853,006).
Diluted EPS of a loss of 0.41 cents (June 2024 - loss of 0.24 cents) is calculated by dividing the loss attributable to
equity holders of the Company of $1,770,000 (June 2024: - loss of $1,043,000) by the weighted average number
of shares in issue during the period. No adjustment was made for effects of 12,930,000 dilutive potential ordinary
shares, refer to note 5.1(c), because the effect in that period would have been anti-dilutive.
2.7 Income tax
Six months endedYear ended
30 Jun 2025
$000s
30 Jun 2024
$000s
31 Dec 2024
$000s
Current year income tax expense(20)213
Deferred tax – recognition of deferred tax asset--7
Income tax (expense) / credit (20)2110
The current income tax expense relates to income tax paid in respect of trading activities in Brazil. No additional
tax expense arises due to the availability of tax losses carried forward from previous years in each jurisdiction.
As it is probable that future taxable amounts will be available to utilise temporary differences and losses, a
deferred tax asset was recognised at 31 December 2024 for deductible temporary differences and for that portion
of the unused tax losses expected to be utilised in the five years 2025 through to 2029. No additional deferred tax
has been recognised in H1 FY25. The key judgements within the forecast taxable profit model include revenue
growth rates and gross margin. No deferred tax asset has been recognised in respect of the remaining tax losses
to carry forward due to uncertainty as to forecast taxable income after the five years.
Losses available to be carried forward are subject to the shareholder continuity requirements of the New Zealand
Income Tax Act 1994 and the countries in which the losses have arisen.

22
AoFrio Ltd
3. Operating assets and liabilities
3.1 Trade and other payables
30 Jun 2025
$000s
30 Jun 2024
$000s
31 Dec 2024
$000s
Trade receivables 21,27819,99419,140
Provision for loss allowance(37)(69)(51)
Net trade receivables21,24119,92519,089
Prepayments319577389
VAT / GST refunds due267321300
Income tax refund due338347333
Other receivables424273364
22,58921,44320,475
The Group applies the simplified approach permitted by NZ IFRS 9 which requires lifetime expected credit losses
to be recognised from initial recognition of the trade receivable. Trade receivables are written off when there is no
reasonable expectation of recovery.
The Group takes out trade credit insurance to hedge against some of the credit risk.
3.2 Inventories
30 Jun 2025
$000s
30 Jun 2024
$000s
31 Dec 2024
$000s
Finished goods – at cost8,0958,4648,113
Raw materials – at cost1,5392,0411,638
Less inventory provisions(290)(297)(318)
Total inventories9,34410,2089,433

3.3 Trade and other payables

30 Jun 2025
$000s
30 Jun 2024
$000s
31 Dec 2024
$000s
Trade payables19,68320,62119,571
Employee entitlements 2,3972,0142,614
VAT / GST payable611164395
Income tax payable---
Accrued expenses1,2741,5201,533
23,96524,31924,113

23
Interim Report 2025
3.4 Provisions
Warranty provision
30 Jun 2025
$000s
30 Jun 2024
$000s
31 Dec 2024
$000s
Carrying amount at start of period139133133
Additional provisions recognised(18)23107
Amounts used18(23)(118)
Exchange adjustment(10)617
Carrying amount at end of period129139139
3.5 Property, plant and equipment
30 Jun 2025
$000s
30 Jun 2024
$000s
31 Dec 2024
$000s
Net book amount at start of period5,7755,4825,482
Additions842314483
Disposals-(27)-
Depreciation(429)(412)(815)
Exchange adjustment(394)240625
Net book amount at end of period5,7945,5975,775
Additions include additions to right-of-use assets in the period (note 5.3).
Depreciation
Property229235450
Plant and equipment 118111229
Office equipment, furniture and fittings 8266136
429412815
Capital commitments
Capital commitments contracted at 30 June 2025 amounted to $652,000 (June 2024 $114,000)

24
AoFrio Ltd
3.6 Intangible assets
30 Jun 2025
$000s
30 Jun 2024
$000s
31 Dec 2024
$000s
Net book amount at start of period19,02913,92313,923
Additions3,5432,5835,419
Amortisation(1,272)(971)(1,959)
Exchange adjustment(1,271)5031,646
Net book amount at end of period20,02916,03819,029
Analysis of net book amount
Internally generated development assets16,29912,22915,179
Patents189221211
Goodwill3,1783,2303,254
Other363358385
20,02916,03819,029
Additions in the six months to 30 June 2025 include $3,506,000 (2024: $2,540,000) for internally generated
development costs and $37,000 (2024: $43,000) for patents, trademarks and software. Payments for intangible
assets in the period amounting to $3,543,000 (2024: $2,583,000) are included in the Consolidated and
Condensed Interim Cash Flow Statement.
Internally generated development costs include $7,028,000 (2024: $7,948,000) for projects underway and not
complete at balance date. This cost is not yet being amortised.
Goodwill and intangible assets with indefinite lives
Goodwill acquired through business combinations with indefinite lives has been allocated to the IoT Cash
Generating Unit (CGU) which is also an operating and reportable segment for impairment testing. The Group
performed an impairment test at 31 December 2024.
The recoverable amount of the IoT CGU at 31 December 2024 was determined based on a value in use
calculation using cash flow projections from the approved budget for 2025. The pre-tax discount rate applied to
the cash flow projections was 13.5% (2024: 13.5%) and cash flows beyond 2025 used a 12.48% growth rate for
IoT revenue over the period from 2019 to 2024.
The calculation of value in use is most sensitive to the following assumptions:
• Gross margins
• Completion and launch of new IoT products under development and retaining volumes to current customers
• Growth rates used to extrapolate cash flows beyond the forecast period
• Operating expense increases.
Gross margins were based on 2025 budget pricing and product costs, and these have not changed significantly.
The gross margin for the period to 30 June 2025 was 40.9%, slightly below the 43% budget rate due to customer
mix in the period. Operating expenses for the period to 30 June 2025 was 16.4% of sales which is much lower
than the % rate assumed in the calculation of recoverable amount.
As a result of this updated review, management did not identify an impairment for this CGU.

25
Interim Report 2025
4. Capital and financing costs
4.1 Borrowings
30 Jun 2025
$000s
30 Jun 2024
$000s
31 Dec 2024
$000s
Current portion
Bank trade finance facility8,8984,0924,216
Bank loans202021
Other borrowings-27-
8,9184,1394,237
Non-Current portion
Bank loans313320341
313320341
30 Jun 2025
$000s
30 Jun 2024
$000s
31 Dec 2024
$000s
Liability at start of year4,5784,9854,985
New loans and drawdowns12,2477,08314,770
Repayments(7,309)(7,759)(15,630)
Exchange adjustment(285)150453
Liability at end of year9,2314,4594,578
Bank trade finance facility
The bank trade finance facility was increased to $10 million from $5 million in April 2025. The facility has no term,
is repayable on demand and is secured. The Company can finance invoices to certain customers over a maximum
term of 120 days. Interest is payable on repayment at a 3.25% margin above bank base lending rate.
The Group is required to comply with the following financial covenants at 30 June and 31 December:
• EBITDA / Interest Covenant – EBITDA to be a minimum of 1.5 times gross interest expense and 3.0 times
BNZ interest expense (in both, calculated as if IFRS16 does not apply).
• Working Capital Covenant – Inventory and Receivables divided by borrowings under the trade finance facility
to be a minimum of 2.5 times.
The requirement was changed in the period to require testing for compliance also at 30 June (previously only at
31 December) for the trailing 12 months. At 30 June 2025, the Group complied with all covenants.
Bank term loans
The Company’s US subsidiary borrowed US$198,100 under the Small Business Act. The SBA loan has monthly
repayments over a 30-year term. Interest is payable at 3.75% pa.

26
AoFrio Ltd
4.2 Finance income and expenses
Six months endedYear ended
30 Jun 2025
$000s
30 Jun 2024
$000s
31 Dec 2024
$000s
Finance income
Other interest income382348
382348
Finance expenses
Interest expense – Bank loans247246482
Other interest expense5885621,196
8358081,678
4.3 Contributed equity
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or
options are shown in equity as a deduction, net of tax, from the proceeds.
Ordinary shares – fully paid
30 Jun 2025
Shares
30 Jun 2024
Shares
30 Jun 2025
$000s
30 Jun 2024
$000s
Opening balance of ordinary
shares on issue
431,853,006431,853,006135,578135,578
New shares issued2,379,036-239-
Ordinary fully paid shares on
issue at period end
434,232,042431,853,006135,817135,578
All ordinary shares are authorised and have no par value. Ordinary shares entitle the holder to participate in
dividends and the proceeds on winding up of the Company in proportion to the number of and amounts paid on
shares held.

27
Interim Report 2025
5. Other information
5.1 Related party transactions
(a). Directors
The names of persons who are directors of the Company are on page 33.
(b). Key management personnel and compensation
Key management personnel compensation is set out below. Key management personnel comprise the Directors,
the Chief Executive Officer (CEO) and all the senior executives that report directly to the CEO.
Six months endedYear ended

30 Jun 2025
$000s
30 Jun 2024
$000s
31 Dec 2024
$000s
Salaries, fees, and other short-term benefits1,4901,2062,431
Share based remuneration114371
Directors’ remuneration179177357
Total1,6801,4262,859
(c). Employee share-based remuneration
In 2021, 12,930,000 options were issued to the Chief Executive Officer. 8,620,000 options (Tranche One) vested
on 1 October 2024, and 4,310,000 options (Tranche Two) will vest on 1 October 2025, if the CEO remains a full-
time employee on those dates. The exercise price of the Tranche One options is 9.1 cents and of the Tranche Two
options is 11.5 cents.
The fair value of the employee services received in exchange for the grant of options are recognised as an
expense over the vesting period. The proceeds received net of any directly attributable transaction costs are
credited to share capital when options are exercised.
5.2 Contingencies
There are no material contingent liabilities or assets (June 2024 - $nil).

28
AoFrio Ltd
5.3 Leases
The Consolidated and Condensed Interim Statement of Financial Position shows the following amounts related to
leases of right of use assets:
Right-of-use assets
30 Jun 2025
$000s
30 Jun 2024
$000s
31 Dec 2024
$000s
Properties3,8833,8913,984
Plant and equipment482067
Office equipment and furniture and fittings91412
Total3,9403,9254,063
Additions to right-of-use assets in the period
Properties376
-
-
Plant and equipment-
-
58
Office equipment, furniture and fittings-
-
-
Total376
-
58

Liabilities in respect of right-of-use assets
Current337232268
Non-current4,1804,0923,998
Total4,517 4,3244,266
Movements in liabilities in respect of right-of-use assets during the period were:
30 Jun 2025
$000s
30 Jun 2024
$000s
31 Dec 2024
$000s
Liability at start of period4,2664,3944,394
New liabilities376-58
Repayments(138)(70)(186)
Exchange adjustment13--
Liability at end of period4,5174,3244,266

29
Interim Report 2025
The Consolidated and Condensed Interim Statement of Comprehensive Income shows the following amounts
related to leases of right of use assets:
Six months endedYear ended
30 Jun 2025
$000s
30 Jun 2024
$000s
31 Dec 2024
$000s
Depreciation charge for right-of-use assets
Properties206193386
Plant and equipment13315
Office equipment, furniture and fittings224
221198405
Interest expense on lease liabilities 179180358
Expense relating to short-term leases
(included in operating expenses)
413873
The Consolidated and Condensed Interim Cash Flow Statement shows the following amounts related to right-of-
use leases:
Six months endedYear ended
30 Jun 2025
$000s
30 Jun 2024
$000s
31 Dec 2024
$000s
Total principal payments for right-of-use
assets
13870186
5.4 Financial instruments by category
30 Jun 2025
$000s
30 Jun 2024
$000s
31 Dec 2024
$000s
Assets per Statement of Financial Position
Financial assets measured at amortised cost
Trade and other receivables21,66520,19819,453
Cash and cash equivalents1,9711,9512,093
Derivatives used for hedging at fair value
Derivative financial instruments18738-
23,82322,18721,546

30
AoFrio Ltd
Liabilities per Statement of Financial
Position at amortised cost
Trade and other payables23,96524,31924,113
Borrowings9,2314,4594,578
Liabilities in repect of right-of-use assets4,5174,3244,266
Liabilities at fair value
Derivative financial instruments-
-
295
37,71333,10233,252
Fair value estimation
The only financial instruments carried at fair value at 30 June 2025 are derivatives comprising forward foreign
exchange contracts.
The forward exchange contract has been classified as Level 2.
The different levels have been defined as follows:
• Quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1)
• Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either
directly (i.e. as prices) or indirectly (i.e. derived from prices) (Level 2)
• Inputs for the asset or liability that are not based on observable market data (i.e. unobservable inputs)
(Level 3)
The fair value of forward foreign exchange contracts is determined using forward exchange rates at the balance
sheet date, with the resulting value discounted back to present value.
5.5 Maturity analysis
The amounts disclosed are the contractual undiscounted cash flows.
30 June 2025
Trade and
other pay-
ables
$000s
Borrowings
$000s
Right-of-Use
asset
Liabilities
$000s
Total
$000s
Less than 6 months23,9658,90816233,035
7 to 12 months-10175185
2 to 5 years-3134,1804,493
23,9659,2314,51737,713
30 June 2024
Less than 6 months24,3194,12911028,558
7 to 12 months-10122132
2 to 5 years-3204,0924,412
24,3194,4594,32433,102

31
Interim Report 2025
31 December 2024
Less than 6 months24,1134,22613128,470
7 to 12 months-11137148
2 to 5 years-3413,9984,339
24,1134,5784,26632,957
Trade and other payables above exclude any liabilities for tax (including payroll taxes), statutory liabilities and
contract liabilities.
5.6 Reconciliation of loss for the period to net cash (outflow) / inflow from operating activities
Six months ended
Unaudited
Year ended
Audited
30 Jun 2025
$000s
30 Jun 2024
$000s
31 Dec 2024
$000s
Loss after taxation for the period(1,770)(1,043)(1,880)
Adjustments for:
Income tax expense / (credit)20(21)(10)
Depreciation, amortisation & impairment1,7011,3832,774
Share based payments114371
(Decrease) / increase in Inventory provision(28)1132
(Decrease) / increase in loss allowance
provision
(14)2810
(Decrease) / increase in provision for
warranty
(10)66
Net foreign exchange differences1,013(582)(1,615)
Increase in trade & other receivables(2,100)(4,991)(4,005)
Increase in contract liabilities2851,7854,179
Decrease / (increase) in inventories117(1,416)(662)
(Decrease) / increase in trade & other
payables
(148)7,0686,862
Net cash (outflow) / inflow from operating
activities
(923)2,2715,762

32
AoFrio Ltd
5.7 Net debt reconciliation
30 Jun 2025
$000s
30 Jun 2024
$000s
31 Dec 2024
$000s
Cash and cash equivalents1,9711,9512,093
Borrowings – repayable within one year(8,918)(4,139)(4,237)
Borrowings – repayable after one year(313)(320)(341)
Net debt(7,260)(2,508)(2,485)
The bank trade finance facility is at variable interest rates. All other borrowings are at fixed interest rates, with
borrowings movements disclosed in note 4.1. The decrease in cash during the period of $122,000 (2024:
decrease $1,344,000) included a $10,000 increase (2024: $1,000 increase) caused by exchange rate movement.
5.8 Events after reporting date
There are no events after reporting date requiring disclosure.

33
Interim Report 2025
Contacts
AoFrio offices
New Zealand (Head office)
AoFrio Ltd
78 Apollo Drive
Rosedale, Auckland 0632
New Zealand
Postal Address
P.O. Box 302 – 533
North Harbour
Auckland 0751, New Zealand
Ph: 64-9-477 4500
Mexico
Wellington Latin America Services SA de CV
San Serafin No. 4
Residencial San Gil
San Juan del Rio, Qro,
Mexico 76815
PO Box 57
San Juan del Rio
Querétaro
Mexico 76800
Ph: +52 427 167 3857
Brazil
Wellington Drive Technologies (Brazil)
Rua Xamim, 370 - Iririu
Joinville, SC
Brazil 89227917-315
Ph: +55 47 3028 3858
Turkey
Wellington Motor Teknolojileri San Tic Ltd. Sti.
Fatih Sultan Mehmet Mah.
Poligon Cad. No: 8C
Buyaka Kule 3 Kat:11 Daire:70
Tepeüstü 34771 Umraniye – Istanbul
Ph: +90 0 (216) 420 12 02
Fax: +90 0 (216) 420 12 05
Internet and social media
Website: www.aofrio.com
Email: info@aofrio.com
LinkedIn
Twitter
Address and registered office
78 Apollo Drive
Rosedale, Auckland 0632, New Zealand
PO Box 302-533, North Harbour,
Auckland 0751, New Zealand
Auditor
Deloitte Limited
1 Queen Street, Auckland CBD, Auckland 1010
Banker
Bank of New Zealand
Share registry
Computershare Investor Services Ltd,
Private Bag 92119, Auckland 1142,
New Zealand
Directors
John Scott, Chairman
John McMahon, Independent Director
Keith Oliver, Independent Director
Greg Allen, Independent Director
Roz Buick, Independent Director

34
Interim Report 2025
www.aofrio.com
AoFrio
Interim Report
2025

---

Template
Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)
Updated as at 17 October 2019


Results for announcement to the market
Name of issuer AoFrio Limited
Reporting Period 6 months to 30 June 2025
Previous Reporting Period 6 months to 30 June 2024
Currency New Zealand Dollar
Amount (000s) Percentage change
Revenue from continuing
operations
$43,044 +12.2%
Total Revenue $43,044 +12.2%
Net profit/(loss) from
continuing operations
($1,770) n/a
Total net profit/(loss) ($1,770) n/a
Interim/Final Dividend
Amount per Quoted Equity
Security
No dividend will be paid
Imputed amount per Quoted
Equity Security
n/a
Record Date n/a
Dividend Payment Date n/a
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
-$0.010 -$0.005
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
NTA is calculated to exclude Intangible Assets but include
Deferred Tax.
Authority for this announcement
Name of person

authorised
to make this announcement
Howard Milliner
Contact person for this
announcement
Howard Milliner
Contact phone number 0275870455
Contact email address Howard.Milliner@aofrio.com
Date of release through MAP

08/08/2025

Unaudited financial statements accompany this announcement.