Annual Meeting Presentation

August 2025
1

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

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

1.
Chairperson’s Address
Tony Carter
4

5
FY26 – Trading
update
•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
•In FY26 revenue growth has continued with sales up 3.8% over the first 4 months of trading
versus the same period last year
•While we remain confident in our ability to manage inflationary cost pressures, we expect the
Gross Margin for FY26 H1 to close below prior year as our price increases have lagged food price
inflation
•The Boardexpects to continue to pay dividends in FY26 based on strong Free Cash Flow
generation
•We will provide a full financial update when we release our interim results in November

2.
CEO’s Update
Mark Winter
6

* EBITDA is a non-GAAP measure. A reconciliation from GAAP NPBT to non-GAAP EBITDA can be found on page 60 in the annual report.
REVENUE
$
162.1m
EBITDA*
$
16.1m
NPAT
$
6.3m
49.3%
7
AVERAGE ORDER VALUE (AOV)
$
130.1
GROSS MARGIN %
FY25 - YEAR IN
review
ACTIVE CUSTOMERS**
57.0k
Total Dividend for FY25
1.5cps
**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 Result8
YEAR IN
review
Strengthened margin through procurement initiatives despite inflationary
environment
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

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
10
My Food Bag leverages Kiwi partnerships and our health credentials
•New Zealand Olympic Team collaboration during the 2024 Paris Olympics drove strong
engagement
•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​
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
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
11
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 expanding into the wider online food
category
•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 continue to enhance the offering, digital experience,
and communications throughout FY26
12
A new flexible operating model successfully launched to expand into the wider online food category

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
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
13
Positive environmental, community and customer impacts continued in FY25

m
My Food Bag Group Limited FY25 Result14
Employee Engagement and Culture
•A strong employee engagement score continues to improve year on year
highlighting the positive culture we have cultivated
•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

Images
We continue to focus on our growth strategy in FY26
New Bargain Box
Campaign
Driving MFB with
Dinner, Done Better
& Nadia Lim
Nutrition solutions
for health needs
Shop awareness &
product expansion
Growing leadership in meal kits and expanding into the wider online food category

3.
FINANCIAL
statements
16

17
FY25 - YEAR IN
review
•Opportunity for shareholders to ask any
questions specifically on the financial
statements, the auditor’s report or the
company’s 2025 annual report.
•There will be an opportunity to ask any general
questions once all items on the agenda have
been considered.

4.
Ordinary
resolutions
18

19
Ordinary resolution 1
Re-election of Tony Carter
That Tony Carter, who retires at the annual
meeting and is eligible for re-election, be re-
elected as a Director of My Food Bag.
The Board unanimously supports resolution 1 and recommends that shareholders vote in favour.

20
Ordinary resolution 2
Re-election of Cecilia Robinson
That Cecila Robinson, who retires at the
annual meeting and is eligible for re-election,
be re-elected as a Director of My Food Bag.
The Board unanimously supports resolution 2 and recommends that shareholders vote in favour.

21
Ordinary resolution 3
Auditor's remuneration
That the Directors of My Food Bag be authorised to fix the fees and expenses
of the auditor of My Food Bag for the ensuing year.
The Board unanimously supports resolution 3 and recommends that shareholders vote in favour.

22
Voting – Proxies Received
ResolutionForAgainstProxy
discretion
Re-election of Tony Carter46,941,541
(83.72%)
813,564
(1.45%)
8,316,168
(14.83%)
Re-election of Cecilia Robinson52,343,826
(93.43%)
2,179,191
(3.89%)
1,502,075
(2.68%)
Auditors' remuneration47,221,391
(84.21%)
540,318
(.96%)
8,316,438
(14.83%)

5.
Other business
23

THANK
you
24

Disclaimer
This presentation has been prepared by My Food Bag Group Limited (the “Company” and, together with My Food Bag Limited,
"My Food Bag") for the purpose of the annual shareholders' meeting and is dated 13 August 2025. This presentation contains
summary information about My Food Bag and its activities, which is current as at the date of this presentation (or otherwise
stated). The information in this presentation is of a general nature and does not purport to be complete nor does it contain all the
information which an investor may require when evaluating an investment in the Company.
This presentation may include certain “forward looking statements” about My Food Bag and the environment in which My Food
Bag operates. These forward-looking statements may be identified by words such as ‘guidance’, 'projections', ‘anticipate’, ‘believe’,
‘estimate’, ‘expect’, ‘will’, ‘plan’, ‘may’, ‘could’ and similar expressions.
Forward-looking information is inherently uncertain and subject to contingencies, known and unknown risks and uncertainties and
other factors, many of which are outside of My Food Bag's control, and may involve elements of subjective judgement and
assumptions as to future events which may or may not be correct. A number of important factors could cause actual results or
performance to differ materially from the forward-looking statements. No assurance can be given that actual outcomes or
performance will not materially differ from the forward-looking statements. The forward-looking statements are based on
information available to My Food Bag as at the date of this presentation. Except as required by law or regulation (including the
NZX Listing Rules), the Company is under no obligation to update this presentation whether as a result of new information, future
events or otherwise.
25

---

13 August 2025 
NZX Code: MFB  

My Food Bag Annual Shareholders’ Meeting – Chairman and CEO Addresses

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

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

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

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

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

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

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

As always, shareholders were given the opportunity to attend the meeting and vote, or to
appoint a proxy to vote on their behalf. Proxies have been appointed for the purpose of this
meeting in respect of approximately 56 million shares, representing about 22% of our total
share capital. My fellow directors and I intend to vote all discretionary proxies we have
received in favour of the 3 resolutions set out in the Notice of Meeting.

Turning to the agenda for today. Following my address, My Food Bag’s CEO, Mark Winter
will provide a business update before we move on to the more formal agenda items
regarding the acceptance of the FY25 financial statements and our three ordinary

resolutions regarding the re-election of myself Tony Carter, Cecilia Robinson, and auditor’s
remuneration.

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

This financial year 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.

During the year we launched 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 shorter lead times. The current range features care
packages, gifting bundles, and ready made meals, all delivered nationwide. It has been
pleasing to see the growth in the early stages of the My Food Bag Shop, and we continue to
focus on initiatives to drive awareness and sales for the Shop.

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.

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 were
pleased to declare a fully imputed final dividend of 0.85 cents per share bringing the total
dividend for FY25 to 1.5 cents per share.

My Food Bag 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.

In FY26 revenue growth has continued with sales up 3.8% over the first 4 months of trading
versus the same period last year. This has been a pleasing result with the ongoing economic
environment remaining challenging.

While we remain confident in our ability to manage inflationary cost pressures, we expect
the Gross Margin for FY26 H1 to close below prior year as our price increases have lagged
food price inflation.

The Board expects to continue to pay dividends in FY26 based on strong free cash flow
generation.

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

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

CEO’s Address

Tēnā Koutou and welcome.

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

Today I’ll be outlining the progress and outcomes My Food Bag has delivered over the past
12 months as we continue to concentrate on our objectives of growing leadership in meal
kits and expanding into the wider online food market.

Starting with our financial performance, we reported EBITDA of $16.1m for the 12 months
to 31 March 2025. These earnings were generated off $162.1m of revenue and reflected a
return to growth in the second half of FY25, building off a stable performance in a
challenging retail environment. Our net profit after tax was $6.3 million, up 5% on the prior
year, FY24, while free cash flow in FY25 more than doubled to be $7.6m.

Over the past year, we strengthened our customer offering and improved operational
efficiency, translating into renewed growth and sustained business performance. Some of
our key initiatives to support this were:

• Launching the My Food Bag Shop, offering one-off purchases and shorter lead times
without the need for a subscription, growing wider appeal in the online food market.

• Upweighting brand investment, growing consumer awareness and driving active
customer growth.

• Re-designing our user experience and customer buying journey in our app and
website, increasing personalisation and convenience for our customers.

• Implementing various procurement initiatives, including moving our produce
sourcing direct to growers, to help mitigate inflation and improve our gross margin.

• Further build employee engagement and retention through a positive culture with
increased employee satisfaction scores.

With our strategic objectives of leadership in meal kits and expansion into the broader
online food market, we are focused on growing active customers through offering flexibility,
convenience, and great value. Central to this focus are 4 key pillars:

• Building our brand to drive higher customer advocacy and loyalty

• Enhancing convenience for our customers across all our brands to make lifestyles
easier such as shorter lead times, faster recipes and growth of ready-made meals

• Offering more personalised solutions so customers have more flexibility and choice
to meet their individual needs

• Introducing new customers and audiences to My Food Bag by unlocking new
segments and occasions like the introduction of the My Food Bag Shop

These pillars are underpinned by an efficient operating model and ongoing investment and
priority into our people, supply chain and data and technology.

Our portfolio of brands continues to be a key enabler for us in growing active customers.

With My Food Bag, Fresh Start, and Bargain Box, we have a strong market presence that
caters to a broad customer base. Throughout the year, our strategic pillars of providing a
seamless customer experience and personalised solutions has seen us develop our offerings,
to ensure they align with the evolving tastes, lifestyle needs and dietary preferences of New
Zealanders.

A highlight for us this past year was My Food Bag’s partnership with the NZ Olympic Team
for the 2024 Olympics. This partnership drove passionate engagement with our customer
base and beyond. We also successfully reintroduced our Gluten Free offering in
collaboration with Coeliac NZ. In April this year we launched our Diabetes Plan, with
support from Diabetes NZ, to tackle one of NZ’s fastest growing health challenges, type 2
diabetes.

Bargain Box continues to be New Zealand’s most affordable meal kit, offering convenience
for more budget conscious consumers. We’ve focused on product enhancements such as

expanding our low carb offerings and continue to demonstrate its accessibility for kiwi
households with it currently 6.3% cheaper than an equivalent online supermarket shop.

Fresh Start, has continued to help Kiwis achieve their weight loss and wellness goals with
calorie controlled, nutrient rich meal options. We have seen strong engagement with the
optional 8-week reset program. Fresh Start also had product enhancements through the
year such as the introduction of new high-protein recipes.

During the financial year we invested in a full user experience redesign and re-platform of
our website and mobile app. This ensures a consistent and seamless experience for our
customers, while they navigate our expanding meal range, whether they’re using our mobile
app or website. As a business, we continue to embrace new technologies such as AI to drive
both customer experience improvements as well as productivity improvements.

We also continued to expand our delivery network by opening more than 7,000 new
addresses and introduced new delivery windows to provide greater flexibility for our
customers. Our focus on customer experience across the board has resulted in multiple
areas of improvement, for example our Net Promoter Score is up 7 percentage points year
on year, and customer compensation continues to trend down.

As Tony touched on in his address, we were excited to launch the My Food Bag Shop in late
November to target new audiences and unlock new segments and occasions. The Shop
currently offers one-off, ready-made meals, foodie gifts, meal solutions and care packages
for existing customers, as well as attracting new customers who want a one off purchase
without a subscription. The Shop further expands our offering into the wider online food
market utilising our existing network and platform and leverages our strong brand
credentials.

This new flexible operating model allows us to reach a broader audience, including
corporate clients, and provides a great level of convenience with deliveries being made
nationwide within 48 hours. The Shop has received great feedback from customers,
particularly for our fresh, ready-made meals and seasonal products. We continue to
enhance the Shop offering, digital experience and communications throughout FY26.

Our operational excellence program continues to drive efficiency across our operations
which results in a better customer experience, and we can see this through our pick
accuracy and delivery metrics.
From an environmental impact perspective, we’ve continued our efforts towards circular
packaging solutions including transitioning two suppliers from cardboard to reusable crates
for ingredient deliveries in our distribution centres, and removing packaging where we can.
In November 2024, we hosted our inaugural supplier awards where we celebrated with
awards in three categories of quality excellence, service excellence and innovation.

In FY25 we also continued strengthening our culture and capability for the future and this
shows in our strong employee engagement score. Our commitment to our people was

recognised when we won the 2degrees Supreme Employer of the Year awards for Auckland,
in April this year. We’ve also continued to support our community through ‘A Supported
Life’ in Auckland and ‘Skillwise’ in Christchurch which help provide opportunities for people
with learning disabilities.

As we are well into FY26, we continue to make progress and deliver on our strategy. Some
examples of recent activity includes

• For Bargain Box, we have launched our ‘Bargain Win’ campaign, with a strong focus
on value, affordability, and quality, while continuing to highlight the savings
compared to an equivalent shop at the supermarket

• With My Food Bag, we have continued to build on our strong connection with Nadia
Lim, with new seasons of Nadia’s Farm Kitchen, along with continuing to run the
Dinner, Done Better advertising and the highly successful Dinner with Nadia content.

• With the recent arrive of GLP-1 weight loss medications in New Zealand, we have
launched our GLP-1 support plan under our Fresh Start brand to help New
Zealanders eat well and stay nourished while they are taking these weight-loss
medications. We have also built on our Diabetes plan launch.

• And in the My Food Bag Shop we continue to invest in raising awareness and
meeting new occasions with our product range, including our high-quality ready-
made meals which consistently receive very high customer feedback rating and NPS
scores

In wrapping up, as we progress further into FY26 we remain focused on continuing to build
on the results of the past 12 months, concentrating on growing active customers and
delivering growth and innovation initiatives aligned to our strategic objectives of growing
leadership in meal kits and expanding into the wider online food market.

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

Thank you again shareholders for the opportunity today and your continued support.

Ends

For investor relations queries:
Louise Newsome
ir@myfoodbag.co.nz
For media queries:
Trish Whitwell
trish.whitwell@myfoodbag.co.nz