The Chair and Group CEO's Address at the BFG AGM

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BURGER FUEL GROUP LIMITED
Annual Shareholders Meeting of BURGER FUEL GROUP LIMITED.
Held at the Rakiura Room, Parkside Hotel & Apartments, 100 Greys Avenue,
Auckland, 1010 and via Zoom webinars
Thursday 25 September 2025 at 9.30 am.

Chairman’s Address

I will now review the main events of the past financial year for the BurgerFuel Group of
companies.
Results for the Year to 31 March 2025.

BFG (unaudited) Total System Sales (all three brands, all regions) decreased by 7.59% to
$108.2M on the same period last year.

It should be noted that in the prior financial year (FY24), we achieved our best sales year,
with over $100M in sales for the New Zealand BurgerFuel system alone. This was partly due to
the introduction of delivery services in New Zealand. We are now benchmarking against
those higher introductory delivery sales for the same period last year. As we predicted,
delivery sales spiked in the early months of introduction, but ultimately resulted in many of our
existing customers transferring from collecting orders themselves, to using a delivery service.

In FY25 the Group Revenue decreased by 8.4% to $24.9M and the Net Profit after tax for the
period was $1.02M representing a 22.6% decrease on the previous year. This reduction in
profit was due to the decline in system sales, significant cost increases and a general
downturn in the economy. Considering the lower revenue and additional costs in FY25 the
Board are pleased that the Group was still able to post a solid result.

Given its materiality, we note the FY25 result included further legal costs of $221,688 for the
shareholder opposition of the return of capital, reducing FY25 profit by 21%.

As of 31 March 2025, 61 BurgerFuel restaurants were operating in New Zealand and 3 were
operating in the Middle East (one fewer than last year), as well a few third-party “dark” kitchens
operating in the UAE.

As of 31 March 2025, there were also 4 Shake Out and 2 Winner Winner restaurants operating
in NZ. However, as advised, the franchised Shake Out Hamilton East store closed on 31 March
2025 and the franchisee has instead set up a Shake Out virtual delivery-only kitchen within his
BurgerFuel store, located nearby. This closure brings the number of physical Shake Out
locations to 3. Josef will talk more about Shake Out in his address.

We opened BurgerFuel Whanganui in July 2024, and BurgerFuel Royal Oak in June 2025 both
these stores have been well received. As advised earlier, the franchised BurgerFuel Hereford
Street store in Christchurch closed in April 2024. This site never recovered from ongoing
roadworks, and the opening of a new food precinct nearby didn’t help.

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The franchised BurgerFuel store at The Base shopping centre in Hamilton has closed, however
a replacement store 100 metres down the road on Te Rapa Straight is currently under
construction and is scheduled to open in mid-October.

General Review

Trading in FY25 has been one of the toughest on record for the hospitality industry. Although
there is talk of economic improvement, the hospitality sector has not yet seen this translate to
a return of earlier years’ sales. This is the situation for us too.

What’s driving this?

Firstly, lower spending
The continued economic uncertainty has led to consumers keeping their wallets in their
pockets, people are spending less and most certainly eating out less. Recently one of our
largest suppliers undertook market research to identify the average consumption frequency
in QSR (Quick Service Restaurants) and fast-food purchases per month, in the New Zealand
market. Respondents were asked how often they had purchased from this sector (either
online or in person) in the last 30 days.

The research compared answers year on year going back to 2019. The results highlight just
how challenging 2025 has been for QSR. Since 2019, frequency has on average decreased
by 27%. From last year the decrease has been sharp, down 17% for 2025 consumption vs
2024.

Currently the average NZ consumer purchases a QSR food option 2.4 times a month, the
lowest average in 7 years. The downward trend highlights the challenges we and all others in
the sector face to both retain and grow market share. BurgerFuel sits between QSR and
licensed restaurants in a category known as Fast Casual. The purchase frequency rates in
Fast Casual are even lower.

Secondly, a shrinking core customer base
We have noted the exodus of homegrown BurgerFuel customers from New Zealand in the
past two years. Significantly larger pay packets continue to attract middle-aged New
Zealand citizens to move to Australia. Last year New Zealand suffered its highest net loss of
citizens (30,000) to Australia in more than a decade, and the position is not improving. June
2025 stats NZ shows tens of thousands of Kiwis are still leaving. This is a problem for the country
but also for us as the 20-to-40-year age bracket is a strong contributor to BurgerFuel system
sales.

Thirdly, cost pressures
Managing our supply chain continues to remain a big focus for the organisation as we see
cost pressures occurring in all areas of the business. For example, during the year there has
been a high overseas demand for New Zealand produce, particularly beef and prices have
risen sharply. Our organisation has strength at managing our supply chain costs and so far, we
have been able to mitigate many large increases, although some are inescapable.

So what’s the corollary of these trends?
Increased costs as well as weaker consumer confidence and spending, result in reduced sales
and ultimately reduced revenue. It remains to be seen how the cost metrics will play out over

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the next 6 months, but we are doing all we can to continue to bring price stability to the system,
despite escalating costs.

Having said all of that, there are some early indicators that we may be reaching the bottom
of the recessionary cycle, but recovery is likely to be slow, and we do not anticipate significant
positive changes in the economic environment over the next 6 months flowing through into
the prevailing headwinds. Therefore, we expect sales to be relatively flat heading into next
year.

Against this challenging backdrop, our investment in product, people, systems, and training
continues to pay off. We have seen that despite a tough economy BurgerFuel’s strength as a
well-established brand within New Zealand continues to perform. We are a premium brand
and although we do lose some customers in tough times, generally BurgerFuel is highly
regarded by our strong customer base. They desire the BurgerFuel experience and as their
cashflow allow, they return on a regular basis.

Given this hard-won confidence in our brand, people and product, significant investments
have been made in several strategic areas over the last year.

Our priority has been ensuring that brand BurgerFuel gets the resources it needs, so that it
continues to perform strongly at individual store level; it’s all about retaining existing
customers, trying to attract new ones and working closely with our franchisees, who in the
end are the lifeblood of the business. There are many initiatives which Josef will talk more
about, that we are undertaking to keep growing both the number of BurgerFuel outlets and
the individual strength of those.

In addition, we see further opportunities to invest in consumer technology platforms to ensure
that as a brand, we can offer scalable and tailored solutions to better understand and serve
our BurgerFuel customers. We are already generating around 500k of revenue per year from
the BurgerFuel system, by providing our own purpose-built online ordering app. A version 2 of
that app will be released later this year. We see potential to invest in the building of other
consumer technology modules that will help to grow our system sales, like a loyalty app for
example. We also think that eventually, these apps may be able to be offered to third party
vendors on a royalty basis, providing the possibility of gaining revenue outside of the system.
In FY 27 we will be looking closer at this area as a possibility for growth.

There is of course, always the question about expansion through acquisition. I can assure you
that we continue to look at additional areas of investment within our sector, but at present,
current industry opportunities, such as other food brands, are not particularly attractive for us
to seriously consider. As I have outlined Food and Retail are very tough at present and the
Board does not support expansion of traditional bricks and mortar at this time.

For the opportunities we have assessed, the margins are simply too slim, and the market is too
competitive at present. However, that may change in the future, but right now, we prefer to
deepen our investment in the BurgerFuel system including in technology and take more
control of this area, which ultimately benefits our bottom line as we have demonstrated by
the construction and ownership of our own proprietary technology platforms.

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Outlook

It is difficult to predict where the economy is going, and we are justifiably cautious in our
assessment for the balance of the year. As I have noted, it seems like green shoots maybe
growing, but that is not yet reflected in consumer spending.

Despite the conditions, we as a brand and business are strong. We have weathered
economic storms, protected our franchisees, served our customers well, continued to open
new outlets and invested in future income streams. All whilst delivering a good profit result
and allowing cash to continue to build up. We are in good shape to benefit from an
economic recovery, and I am proud of the visible strength of both the brand and the
business that we have.

We advised in our FY25 annual report that given BFG has recently undertaken a large return
of capital to all shareholders we would not be paying dividends in FY26 and FY27. In the
meantime, retained earnings are building up and we have a strong balance sheet including
cash on hand for any unforeseen trading conditions, further investment in the brand and any
system and potential strategic opportunities that may present themselves.

Finally, I would like to take this opportunity to thank all the BurgerFuel staff both at head
office and the franchisees and staff in store. The entire BurgerFuel team works hard every day
to deliver a high-quality product, with a service level that we strive to both meet and
exceed, for our valued customers’ expectations.

The culture that has been created both at head office and at store level is what serves and
strengthens the brand and carries it through times of economic hardship. Each week our
customers get to experience all elements of the brand that make them want to come back.

That concludes my review for today. Thank you, I will return to address you all later in the
meeting, but for now, I would like to hand you over to Josef Roberts our Chief Executive.

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Chief Executive’s Address


Good morning, everyone and welcome.

General review of 2025 and the current year

Our FY25 annual report states our numbers in detail, and I’m sure that you will have reviewed
those. Alan has also outlined key metrics to you in his address, so today I will focus more on
talking about the business of BurgerFuel. This includes the challenges of the hospitality sector
that we are operating in.

I will also talk about our franchise system, combating competition and what we are doing to
keep driving sales, as well as other parts of the business that we work on every day, including
technology and our continued strategic investment in this area.

BurgerFuel New Zealand

The economy we are operating in

The reality of New Zealand’s economic environment ought to be obvious to most people
living here and certainly will be to those operating a business in New Zealand. Particularly in
our sector, times are tough, and we see that every day at store level. In general, consumers
are highly dollar conscious and saving money for essentials only. They are reluctant to spend
on treats and for many, the decision to eat at BurgerFuel still remains a treat.

It seems that every week there’s another famous restaurant, café or retail business closing its
doors or in liquidation after years of successful operation. Operating cost pressures and a
reduction in consumer spend are the main reasons for that.

As Alan noted average consumption frequency in QSR and fast-food purchases per month is
declining, down 27% since 2019 and from last year, that decrease dropped off the cliff down
17% for 2025 vs 2024. That’s an alarming shift in consumer habits.

Recognising that there is no silver bullet to the macro-economic conditions that have
prevailed in New Zealand, our response to the depressed economy has been to focus on the
basics. What we call our 3 P’s – People, Product and Place. Are our people providing the
best possible service levels to our customers? Are we making the best possible hamburgers to
both meet and exceed their expectations, and are our restaurant environments looking
spotless, well maintained and just as importantly, providing the vibe that customers expect
from a BurgerFuel store.

Whilst this may sound obvious, you may be surprised how quickly standards can slip if we as
an organisation are not intently focused on each of them, store by store, day by day,
working with our franchisees and making sure that together, we are providing reasons for our
customers to come back.

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We have also introduced a fourth P this year – that stands for Protect. This relates to
competition, which I will talk more about later and how we are using our Shake Out brand as
an attack brand against competition that discount aggressively.

The reason I discuss the wider economic factors is because all shareholders need to be
aware of the market reality, in the context of our business, and the challenges around
growth and increasing sales each week.

Focus on Franchises

Although we own five company owned stores, 3 BurgerFuel and 2 Shake Out – we are
primarily a franchise business. Yes, we generate around $100m in system sales, but we don’t
bank those sales, this is not BFG’s revenue. Our revenue last year was $24.9m. We are a
franchisor, rather we build, maintain and nurture the sales system so that we can continue to
collect royalties from it, like an annuity stream.

During the past five to six years, which have included COVID and then a steady erosion of
the economy, our franchisees have needed us more than ever. They rely on our experience
and ability, as well as the constant building of our brand, to help steer them through tough
economic markets. This can at times mean providing some additional support. Although we
are discerning about franchisee assistance, the costs of losing a store far outweighs the cost
to help support a franchisee in short to medium term difficulty. This is because, as I have
previously spoken about, the build and establishment costs of new stores are now
significantly higher than they were a few years ago.

In simple terms, the period of payback increases for a franchisee when metrics like higher
build costs, higher overheads and reduced consumer spending all materialise at once. These
are issues that they, and we, grapple with daily. We dedicate ourselves to making sure that
we recognise the needs and individual circumstances of all our franchisees and support
them as much as we reasonably can.

In the last few years, we have undertaken a lot of work around refreshing the franchise
system. New franchisees inject new life into an existing store. From 2010 to 2020 we grew the
number of BurgerFuel outlets in New Zealand from 26 stores, to 55, all of which are still here
today, except for the one in Hereford Street, Christchurch.

From 2020, despite Covid and all the current economic woes that we continue to operate
under, we took that number from 55 to 61, one new store per year. Not bad considering
many operators have been closing their doors throughout those same years. Whilst growth is
of course the objective, it’s important not to underestimate the value of not losing what we
have. If we don’t maintain and strengthen the system, we lose restaurants and therefore
revenue.

In recent years we focused on reducing muti site franchisees encouraging them to allow
equity participation, giving high performance store managers the opportunity to become
franchisees and business partners. This has been very successful, improving individual store
performance considerably. This increases focus and motivation, which leads to better
product, service and store environments. The 3 P’s.

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In 2020 single site operators represented 36% of the system. In 2025 that number is 73%, a
much healthier ratio. BFG’s revenue as well as our ability to build up reasonable marketing
budgets, is derived from system sales. If sales are down, we lose revenue to our bottom line
as has occurred in recent times, as well as marketing funds to promote the brand. If not
carefully and actively managed and addressed, these two components become a
downward spiral. The health of the system and our franchisees is everything and we will
always invest to both maintain and grow those where possible as our first investment priority.

The importance of a strong organisation

BurgerFuel continues to win on its brand power. A strong brand is part of our ability to attract
and retain customers. I have always said that our brand must equal more than the sum of its
parts. This means building a brand with an X Factor.

We continue to retain a team of talent to both manage, maintain and build the brand and
the business; our people are essential to ensure that we are constantly innovating and
moving forward. We are in a highly competitive and labour-intensive business, that operates
7 days and 7 nights per week. As well as cooking great burgers, our job is to win the hearts
and minds of customers. Creating love for the brand is what it’s all about and it’s what we do
every day with relatively small marketing budgets, year after year.

Marketing is about building layers of activity that are memorable and last. This is a constant
job. Everything, from flavours and ingredients to customer advertising and delivery is
detailed. As an organisation we are constantly reviewing current offers, re-calibrating and
striving to improve our products and our performance and ensure that everything we deliver
is nothing but the best. And we do all this on scale. The quality of a freshly made burger at
BurgerFuel in Auckland, will be the same as one at BurgerFuel in Invercargill. This takes
systems, know-how and dedication to ensure that everything we do is consistent across the
outlets and constantly improving.

Instore staff training continues to be a significant focus of our daily operation. Those instore
staff who stand out are selected for additional training and mentoring days in what we call
HQ Masterclass. This is where we help them develop to the next level, providing a degree of
aspiration to enable them to reach their goals and ensure that they can feel that they are a
part of something bigger, more than just their daily job instore. Afterall, they could be our
future franchisees. In the end, it is our people who are truly the backbone of our success as a
locally owned and developed New Zealand brand.

Our HQ remains strong and resourced to address the many daily issues that we as a
company face, operating a franchise system of between 60-70 restaurants. On top of that
we are a publicly listed company which also takes a significant amount of resource, time,
and cost to manage and maintain.

Shake Out New Zealand – and how we are using this brand

Shake Out was a new brand we started not long before COVID hit. The concept was to create
a competitor hamburger chain to BurgerFuel, before others did. We sat down and posed
ourselves one simple question: How can we beat BurgerFuel?

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That question provided a range of answers that really informed us of the issues and
complications we had with BurgerFuel, the exercise was invaluable. Shake Out is all about
simplicity and technology. For example, we never offered the ability to pay in cash and that
was before COVID arrived and Shake Out is kiosk ordering only. We use Shake Out in many
ways to both continue to develop and assist BurgerFuel. Unfortunately, the timing of the launch
just before COVID and then the ensuring years of recession and decline in QSR customer
frequency, has made it difficult to establish on any scale, but on the other hand, it’s adding
value to us, that we would not otherwise have.

Total Shake Out sales decreased by 10.5% in FY25, but this was primarily driven by our
company-owned Smales Farm and Commercial Bay stores, both of which have been seriously
impacted by a decline in foot traffic, particularly Commercial Bay in the CBD. Footfall in the
CBD has dramatically decreased over the last few years and especially over the past 18
months. We also had a franchised store in Hamilton East which closed due to a shift in customer
traffic to a new food precinct close by. That street has all but died and this happens in retail.
A location is selected based on key criteria one year and a few years later, a new more vibrant
food precinct has opened close by, and customers no longer visit that street.

We are seeing greater cannibalisation these days with the advent of more modern, funkier,
styled retail developments opening. Most of them contain new styled eating hubs that attract
customers with numerous food offers, to sit under one roof, as opposed to walking the streets
to work out what they want to eat. Parking or lack of, has also played a big part in the demise
of main street and city centre locations. Councils don’t want cars in the cities anymore. They
prefer bus and cycle lanes which discourage anyone in a car to venture into the cities.

It has simply become too difficult and too expensive for people to drive into town, let alone,
stop, park their car and grab food. It’s happening in some of our suburbs as well. Retail
especially take out in the centres of our biggest cities like Auckland and Wellington has been
dying, fuelled also by exorbitant rents and overheads. Central city operation is no longer viable
for many businesses. COVID also introduced a new phenomenon and that is the work from
home culture. This has also significantly impacted some of our inner-city outlets.

Back to Shake Out and how we are using it. Following the slowdown of the inner-city stores
and the closure of the Hamilton store, we started to look more closely at what parts of Shake
Out were working well. Delivery, which accelerated largely out of the COVID days has most
certainly established a market sector that want the convenience of having their takeout,
delivered to their door. Unfortunately, though, the delivery platforms like Uber are not a viable
long-term option for vendors. Sure, customers win, but vendors lose. Anyone building their
business on delivery will need incredibly low overheads and be prepared to sacrifice margins
for turnover. In other words, working harder and producing more, to earn less. That’s the effect
of the Uber or delivery model on vendors.

We needed to find a better way to compete in the delivery space, and we are doing that
with Shake Out. The Group now has 21 virtual (delivery only) Shake Out kitchens operating out
of existing BurgerFuel sites, which cover most of Auckland, Hamilton, Bay of Plenty and
Christchurch. By the end of the financial year, we are scheduled to have around 30 Shake Out
virtual (delivery only) kitchens operating throughout New Zealand.

Sales are not big, but these new virtual stores increase total store sales, provide franchisees
with additional profit for little to no additional labour costs and increase Shake Out brand

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awareness. Shake Out investment has been reduced to a modest amount for FY26, but this
brand provides us with a tool to help combat lower-priced competition that erodes BurgerFuel
sales. It also provides a valuable testing environment for experimenting with both food and
technology. For example, our IT development at BurgerFuel stems from the cashless Shake Out
POS (Point Of Sale) system that we developed in-house. We have also extended opening hours
to offer both Shake Out and BurgerFuel as delivery options for the late-night burger eaters. For
every Shake Out burger we sell, our competitors sell one less.

In FY25 the Winner Winner and Shake Out brands represented 5.6% of total NZ sales.
As previously advised, we have parked any further development of Winner Winner. Recently
the founder of Winner Winner was forced to close his Hamilton East store. Once again, that
vibrant street died when a new, modern food precinct opened close by. This was not a store
we ever obtained royalties from, and I can confirm that no resources go into the Winner
Winner brand at this time.




BurgerFuel Middle East

BurgerFuel in the UAE remains under the Development Agent agreement. BFG is generating
modest royalties from the region. A small profit contribution from the region is anticipated in
FY26. Dubai remains an expensive location for store development, and rents are very high,
making expansion unattractive at this point. We do not anticipate any further growth in Dubai
for FY26. However, we will continue to maintain a presence in the region, as a small profit is
being generated. Also, it is an opportunity to keep the BurgerFuel brand alive for both exposure
and potential future development, if at any stage that looks feasible for the DA.

The Saudi region closed a store in Riyadh in September 2024, leaving two stores remaining.
Dubai still has one store in the World Trade Centre, three “Dark” delivery kitchens and a food
caravan for events and promotional purposes.

The Middle East system sales were down 26% in FY25. This is due to Saudi Arabia closing the two
underperforming stores in the last 15 months. Saudi Arabia is also facing escalating
competition, high costs of development, increased rent and labour and it remains to be seen
if any new stores will open; however, we are not counting on any in FY26.

Sales from this region represent 4.12% of total BurgerFuel system sales.

Investment in Information Technology

I think every company is facing a constant increase in IT costs and it’s a concern for any
business, albeit that IT provides efficiency and other benefits. As CEO I have spent quite some
time studying this area with a detailed and forward-thinking approach to determine how best
we as a company should tackle the growing necessity and cost of IT.

We are a supplier of services to a franchise system. It made no sense for us to continue to
spend money on building up our SaaS suppliers and watch the ongoing erosion of both BFG
and our franchisees’ margins. A couple of years ago we decided that we needed to own our
own systems to both control costs as well as have better access to more meaningful data. The

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only logical approach was to develop our own software systems which we are now well under
way with.

Not only did our online ordering platform, which features an integrated loyalty app, generate
circa 500k of revenue in FY25, we also experienced a significant customer uptake of the loyalty
app, allowing us to engage directly with our customers and update them on new specials,
promotions, and targeted loyalty perks.

We view investment in technology as an ongoing necessity and strategy for the business, as
well as a potential area for generating additional revenue, building on what we have already
achieved. In FY25, we invested further in the online ordering platform, creating Version 2.
Building on the learnings from our current in-house online ordering platform, we have
upgraded the functionality and architecture to enhance customer interaction.

In FY26, we are further developing the IT capability of Version 2 which is currently in the Beta
testing stage. We have just completed testing on Shake Out and that has gone smoothly. As
Alan noted we expect to commence integration of Version 2 within the BurgerFuel system in
the second half of FY26.
Once this is fully operational and thoroughly tested, we can then look more seriously at the
possibility of offering the platform to third party vendors. We would achieve this via select POS
re-sellers, with the ultimate objective of BFG obtaining a royalty on any third-party sales
generated. There is still work to be done on this project but in any event, in the first instance
we are solving a problem for ourselves, secondly, as a benefit of the work we are undertaking,
we are creating a potential opportunity for BFG to earn revenue outside of our system, via a
SaaS model, managed by a third party.

Sustainability

At BurgerFuel we’ve always been committed to saving the planet by focusing on sustainable
ways of operating and doing what’s right. We recognise the importance of playing our part in
the transition to a decarbonised and circular economy and have been continuing to chip
away at initiatives to help us understand and reduce our impact on the planet.

The Group has completed its carbon analysis and audit through EKOS and has received
Carbon Conscious Certification, and we continue to work on a carbon reduction plan. The
nature of our business makes it difficult to be carbon neutral (without buying offsetting carbon
credits), but we are constantly assessing this, as new equipment and processes come to
market.

Our review of the supply chain is ongoing, sourcing mostly local ingredients and we work with
suppliers to ensure our packaging is circular and sustainable, with a long-term goal to have
100% of our single use packaging items certified as commercially compostable. Our BurgerFuel
shake cups are both commercially and home compostable and most of our high-volume
packaging is made from aqueous coated kraft board and is PFAS (Per and poly-fluoroalkyl
Substances) - free.

Circular waste management in our stores continues to be a focus, as we trial compost
collections in our Head Office and company owned stores in Ponsonby and Takapuna, with
the intention of rolling this out across all stores (where possible). Our efforts so far have resulted
in both reduced emissions and a lot of diverted food and packaging waste from landfills.

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Other sustainability initiatives to note include our new BurgerFuel Royal Oak store which is the
first fully electric store in the system, giving us the opportunity to trial electric versions of our
core kitchen equipment, instead of gas.

This year we have again also just released the limited-edition special burger, Wild Heart, which
features local rescued carrots, wild Wapiti venison and rescued cherries. This campaign
includes a fundraising element and gives back to the Fiordland Wapiti Foundation, with the
intention of challenging perceptions around food waste in New Zealand. There is a lot going
on in the BurgerFuel Environmental space and we are proud of what we have achieved to
date and continue to achieve year on year.

Summary

Despite what has been 6 years of challenging operations, with the last 12-18 months being
especially difficult, I am hopeful that soon we will start to see at least a little bit of a turnaround
in both consumer confidence and spending.

I bring you back to the fact that in this economic environment and particularly in our sector,
protecting what we have built up, is just as important and consuming, as achieving growth.
We will continue to do both – managing and improving the system and our franchisees to
increase the frequency of returning BurgerFuel customers.

We are a local, New Zealand hamburger company. Making burgers is what we do every day.
We are not a company that has promised diversification in areas that we don’t know anything
about, nor are we a company that intends to expand overseas again, using our own capital
resources and organisational time. BurgerFuel is not a global brand and although we have a
few stores left that run under franchise in the Middle East, we could not even be regarded as
a serious international brand.

It’s worth remembering that six years ago, in 2019 when as a small cap company, we were
forced to migrate from the NZAX to the main board, we changed our name from BurgerFuel
Worldwide to BurgerFuel Group. That signalled our intentions to re-prioritise our focus and
resources from international expansion, to building predominantly a New Zealand based
business.

The Group intends to continue strategic investment in IT and other areas as it sees fit, this could
include investment into our supply chain or expanding our sauce manufacturing facility to
make more products. However, such decisions always come back to a simple question – can
we do it better, with less risk and more efficiency? If the answer is yes, then we look at it. One
thing is for sure though, strategic investment will only be into related areas or functions of the
business that we understand.

Board Capability & Access to Independent Advice

That concludes my address, I would now like to thank all our shareholders including those of
you that dialled in to our AGM today. I also wish to thank our Board of Directors for their
efforts during the last year.

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Our recently refreshed Board of Independent Directors has very strong capability across all
areas of the business. Alan has an extensive background and experience in international
marketing, retail and technology, which gives us a great resource to draw on in these
sectors.

Tristram has the financial aspects of the business very well covered and again is a resource
for management in this area. He also has extensive experience in public company, financial
reporting and corporate governance requirements as well as general business.

Tyrone brings to the business a wealth of operational experience for the leadership team to
draw on. With a background in McDonald’s and BP as well as other notable companies, he
is invaluable in providing sound and current operational advice, drawing from his extensive
QSR and food retail career. Tyronne is up for re-election today.

Our directors all have access to high quality; independent professionals at any time, should
they require independent advice or guidance on specific company issues that do arise from
time to time. The Board has settled in well and I thank them for their input in what has been a
very challenging year in our sector.

Thanks to all our stakeholders and customers

I also wish to give credit to our team at HQ and recognition also goes to our franchisees and
to all the BurgerFuel staff who work in the stores each day serving thousands of customers
and keeping the fires blazing. Thank you very much, team. Your efforts, especially in these
tough times are really appreciated.

Finally, a big shout out to all our customers, for it is they who can make or break us. We adore
our customers and our goal and commitment to them remain focused on our 3 P’s. Product,
People and Place. We thank them for another year of patronage.

Thank you all for your attendance today. I remain proud of the brand and business that my
team and I have built and the storms we have weathered together with our franchisees,
particularly in the last few years.


END