AOF Q3 YTD revenue & EBITDA grows; reiterates FY25 guidance

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.


30 October 2025

Market Announcement
For immediate


AoFrio grows Q3-25 YTD revenue and EBITDA; reiterates FY25 guidance
AoFrio (NZX: AOF), the world’s smart refrigeration leader for cold drink equipment, today announces its trading
result for the nine months to 30 September 2025.

Continued strong demand for its intelligent IoT refrigeration hardware, and growing demand for its software-
as-a-service (SaaS) solutions, have lifted revenue in the nine months to 30 September 2025 by 5.9% to $63.0m
from the $59.4m in the same period of FY24. EBITDA is up 28.6% to $2.7m from $2.1m in FY24.

Q3-25 FINANCIAL PERFORMANCE UPDATE

Revenue from the sale of motor products in the period increased 8.3% to $29.4m, from $27.1m in the same
period of FY24 supported by a 6.2% increase in the number of our advanced ECR motors supplied. Revenue
from the sale of IoT hardware rose 3.9% to $33.6 million from $32.3 million in the same period of FY24, lifted
by a 1.3% increase in the number of SCS refrigeration controllers supplied. SaaS billings in the period
amounted to $4.1m compared to $4.0m last year.
The 28.6% improvement in EBITDA to $2.7m from $2.1m in the same period of FY24 is attributable to
increased revenues and improvements in gross margin.
Gross Margin increased to 31.3% (2024: 29.4%) due to improved gross margins for all products. The gross
margin on IoT was 42.3% (2024: 40.0%) and motors 18.6% (2024: 16.8%). Operating costs increased to
$17.8m (2024: $15.8m).
Cash at 30 September 2025 was $2.2m ($2.1m at 31 December 2024). At the end of the period borrowings
under our $10.0 million trade finance facility were $9.5m ($4.2m at 31 December 2024).
AoFrio Chief Executive Officer Greg Balla said: “The global food and beverage industry is waking up to the
value of refrigeration data and the productivity and efficiency opportunities it offers when paired with machine
learning and AI. AoFrio is ideally positioned to take advantage of this shift having developed the world’s only
integrated ecosystem of commercial refrigeration fleet monitoring hardware, software and data analytics.
“The branded cold drink equipment market, where we occupy a position of leadership, is now rapidly adopting
this technology. We now see significant opportunities to accelerate our growth in this market by expanding into
new territories, providing higher value cellular hardware solutions and new hardware to ensure full fleet
coverage, and further developing AoFrio-iQ SaaS solution to provide added value to customers.”

AO283

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.


AoFrio continues to invest to position itself for the significant growth opportunities that are emerging through
the marriage of intelligent refrigeration solutions and artificial intelligence delivered through three key
strategies:

• Protect & Grow Core: Expanding our branded cold drink equipment solutions into new territories and
growing sales in our existing territories.
• Segment Diversification: Entering the food retail and branded ice cream markets. These are large
adjacent markets where AoFrio has identified strong demand for an integrated ecosystem with similar
requirements to its cold drink equipment technologies.
• Transform Foundations: Enhancing the scalability and sustainability of our operations.
A detailed explanation of these opportunities and strategies will be provided at our investor day on 4 December
2025. Key achievements in the three months to the end of September 2025 include:
• AoFrio-iQ has been implemented for seven customers. AoFrio-iQ is the end-to-end solution for the
cold drink equipment market that combines secure data collection and transmission with a powerful
SaaS monitoring and control platform. AoFrio-iQ launched in August and is being rolled out to “early
adopter” customers delivering them real-time visibility, remote management, and actionable insights.
• The commencement of customer trials of our new SCS800 controller. This controller, launched in
August, can securely deliver monitoring and control data across cellular networks and is pivotal to
access bottle cooler demand in the USA and EMEA regions. We are targeting compliance approvals
in Q1-26 ahead of production in Q2-26.
• In September 2025 we launched our new range of fan packs. This includes new motor fan sizes to
support sales of the 13W and 25W ECR2 motors, which are part of the modular fan pack system
designed for commercial refrigeration. Market compliance approvals are expected in Q1-26.
• There has been good progress on the development of a camera solution designed to provide real-
time visual insights into cooler performance and customer engagement. This is part of AoFrio’s
broader strategy to enhance fleet intelligence, combining hardware, software, and AI to deliver
actionable insights. A prototype is already under trial at leading brands / bottlers.

FY25 OUTLOOK

Mr Balla said “In line with guidance given in September we expect to remain on track to deliver record FY25
revenue and earnings. Revenue for FY25 is expected to be around $86 million, 7.9% above FY24. EBITDA is
expected to be around $3.5 million, a $1.0 million or 39.2% improvement on the $2.5 million achieved in FY24.
Consistent with prior years, customer demand in Q4-25 is difficult to forecast because beverage brands do not
finalise their FY26 cooler purchase plans and original equipment manufacturer (OEM) selection until late in
the year. Short lead time orders from OEMs are not unusual to meet Q1-26 production volumes.”

AO283

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.


Chairman Mr Scott said “Q3-25 yielded strong results, with higher gross margin products and regions
significantly enhancing profitability. This is the 11th consecutive quarter we have delivered to plan. We value
the support provided by AoFrio’s bank and principal supplier, which has been particularly beneficial as changes
in customer mix have increased pressure on payment terms while enabling business growth. Operations
remain world class, evidenced by our record Net Promoter Score of 62—an increase from 54 last year—which
reflects ongoing improvements in customer satisfaction and business performance. Looking ahead, steady
growth appears sustainable even as global volatility becomes commonplace. Our investment in research and
development continues to rise, supporting the introduction of new products now that previous supply chain
and sustaining challenges have been addressed. As a result, we are seeing encouraging progress across our
portfolio, including motors and fans, controllers, and SaaS offerings.”














*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

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