AoFrio sets out a two-path future for growth

Strategic Review3 December 2025AOFFinancials

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.

4 December 2025

Market Announcement
For immediate release

AoFrio sets out a two-path future for growth

AoFrio (NZX: AOF), the world’s smart refrigeration leader, at an investor briefing today in Auckland, set out its
plan for a two world future, one funded from its own operating cash flows, to grow revenue at a 10% CAGR
and one aspirational path growing revenue at a 25% CAGR, requiring a $15 million investment.

The aspirational target is for revenue to more than triple over the next five years to exceed $300 million by
FY30, to be achieved through an expansion of AoFrio’s smart refrigeration solutions into new territories and
through the diversification of the business into adjacent markets. EBITDA* is targeted to reach $50 million in
FY30. The Board is continuing to investigate how funding this expansion might best be achieved.

The company contrasted this accelerated growth aspiration with an alternative growth scenario funded
internally from operating cash flows. Under this strategy AoFrio projected revenue of $140 million in FY30,
representing a compound annual growth of 10% from FY24.

AoFrio also reiterated that it remains on track to deliver FY25 revenue and earnings guidance. Revenue for
FY25 is expected to be around $86 million, 7.9% above FY24. FY25 EBITDA is expected to be around $3.5
million, a $1.0 million improvement on the $2.5 million achieved in FY24. The achievement of these figures
will represent the 12th straight period of delivering on guidance.

AoFrio Chairman John Scott said: “AoFrio occupies a pre-eminent position in smart refrigeration. Today our
customers — including world-leading bottlers such as Coca Cola, AB Inbev, PepsiCo and Heineken — have
deployed our technology in more than 3.5 million coolers, a figure representing 70% of all connected cold drink
refrigerators in the regions where we operate.

“If you extrapolate out our current share of the Latin American market to other regions, combined with natural
growth, our revenue from motors and cold drink equipment gets to the $140 million self-funded future path,
including 11% from SaaS / annual recurring revenue.

“We are delivering significant value to our customers. We have helped them to reduce cooler theft and the
number of technician service visits. We have meanwhile improved cooler energy efficiency and helped our
customers maximise sales from their refrigerators. For a mid-size bottler
1
these capabilities can deliver annual
revenue gains of as much as US$9.1 million, representing a more than five-times return on investment over
the life of a cooler. We now see significant opportunities to take our solutions to new markets and into new
applications and we are considering alternatives to realise them.”

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.

“Mr Balla said the achievement of the $300 million FY30 revenue aspiration will be achieved through

1
A mid-size bottler is one with 150,000 coolers in the field

AO291

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.

investment into three key strategies:
• Protect & Grow Core: Expanding AoFrio’s branded cold drink equipment solutions into new
territories, growing sales in our existing territories and introducing new solutions to coolers that will
increase the revenue we earn from each cooler connected to our ecosystem.
• Diversify Segments: Entering the food retail and branded ice cream markets. These are large
adjacent markets where AoFrio has identified strong demand for an integrated ecosystem similar to
our cold drinks’ equipment technologies.
• Transform Foundations: Enhancing the scalability and sustainability of our operations.”
Further detail on these strategies and the assumptions underlying them are included in an investor
presentation released to the NZX today. A video recording will be available on the Company's website
tomorrow.
Mr Balla continued: “AoFrio enjoys an extremely bright future we see the potential for continued strong growth,
funding this growth through the strong operational cashflows delivered by our core cold drink equipment
solutions. However, we also enjoy opportunities to grow at a much faster rate with additional investment.
AoFrio is considering whether and how it could pursue these opportunities, with no decision yet made. It is an
exciting time for the company.”

*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

---

AoFrioCompany Confidential ©2025
AoFrio.
Transforming the future of commercial
refrigeration management
Presentation to investors
4 December 2025
AoFrio Company Confidential ©2025
1

AoFrio Company Confidential ©2025
Introduction
to AoFrio.
John Scott
Board Chair
2

AoFrio Company Confidential ©2025
Safe Harbour
We will be making some forward-looking statements today
and as these are predictive in nature, they are subject to
a number of risks and uncertainties relating to the company,
its operations and the markets in which it competes. Some
things are beyond the control of the company, and actual
results and conditions may differ materially from those
expressed or implied by such forward-looking statements.
3

AoFrio Company Confidential ©2025
AoFrio Company Confidential ©2025
Today’sAgenda.
To communicate:
▪Options for growth
▪Growth strategy
▪Investment case
Questions
(if viewing online please email to investor-relations@aofrio.com)
4

AoFrio Company Confidential ©2025AoFrio Company Confidential ©2025
Two Futures: Both are Good
Future 1: Self funded
Future 2: Externally funded
Market Segments
Revenue growth (CAGR)
from FY24 to FY30
Cold Drink Equipment /
Motors & Fans
10%
Revenue
EBITDA
NZ$140M
NZ$14M
Cold Drink Equipment + Motors & Fans
acceleration / Food Retail / Ice-cream
25%
NZ$304M
NZ$50M
By FY30
AoFrio is under no pressure to raise funds & is making no commitment to do so.
5

AoFrio Company Confidential ©2025AoFrio Company Confidential ©2025

unded growth

elf funded growth
Two Futures: Both are Good
If we fund growth from internally generated resources,
we risk ceding key growth opportunities to competitors
with less developed solutions.
Today
We are at an inflection point where we can grow through self funding (future1) or
accelerate growth through investment.(future 2)
Future 1: Self-funded growth
Future 2: Externally funded accelerated growth
6

AoFrio Company Confidential ©2025AoFrio Company Confidential ©2025
The AoFrio Team.
CEO| Greg Balla
Led transformation and market expansion
VP Product| Genevieve Clark
Launched AoFrio iQ platform
VP, Engineering and IT
| Rami Elbeltagi
Has driven ambitious product development
CRO| James Rice
Driving SaaS commercial strategy
CFO | Howard Milliner
Financial transformation and growth
Manager People, Sustainability and
Executive Operations
| Danielle Scott
Led employee engagement initiatives
Executive VP, Operations
| Marc Tinsel
Maintained high product quality
Combined > 40 years experience in the business.
7

AoFrio Company Confidential ©2025AoFrio Company Confidential ©2025
JohnScott
Chairman,IndependentDirector
JohnMcMahon
IndependentDirector
GregAllen
IndependentDirector
KeithOliver
IndependentDirector
RozBuick
IndependentDirector
Covering VC, PE, public models, start up and enterprise.
The AoFrio Team.
8

AoFrio Company Confidential ©2025AoFrio Company Confidential ©2025
Proven Momentum.
Net Promoter Score
+62
Staff Engagement Score
72%
Guidance achieved
11 quarters
Balancing customer, staff and investor perspectives.
9

AoFrio Company Confidential ©2025
Revenue
NZ$86M
(FY24 NZ$79.7M)
Gross marginEBITDA
NZ$3.5M
(FY24 NZ$2.5M)
Net Promoter Score
+62
(FY24 +53)
Staff engagement score
72%
(FY2467%)
FY25 Guidance.
Accrued SaaS revenue
30%
(FY24 29%)
NZ$18M
(FY24 NZ$16M)
No change in guidance.
10

AoFrio Company Confidential ©2025AoFrio Company Confidential ©2025
3 Categories, 3 Segments, 5 Regions.

o
otors
ce ood
elf funded growth unded growth
AoFrio is looking to raise NZ$15M
for investment in future 2, across 3
categories, 3 segments and 5
regions.
Future 1: Self-funded growth
Future 2: Externally funded accelerated growth
11

AoFrio Company Confidential ©2025
AoFrio
Today.
Greg Balla
CEO
12

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Who We Are.
▪We are the market leader in refrigeration fleet
management, with a 70% LATAM share.
▪Our customers are the biggest beverage
brands globally
▪We connect over 3.5M assets globally
▪Our platform manages the industry’s richest
dataset
3.5M
1.1M
24.9M
Global Connected Fleet
Unconnected
Opportunity
AoFrio
Other
13

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The Customers’ Pain.
6% of coolers are lost or
stolen annually
Asset Management
Only 25% of coolers operate in the
ideal temperature range for
optimum sales rate
Commercial Performance
20% of coolers require a service visit
annually (US$ 200-US$ 800 per visit)
Service & Maintenance
Refrigeration equipment accounts
for approximately 35% of a cold
drink’s carbon footprint
Energy & Sustainability
14

AoFrio Company Confidential ©2025
Based on a bottler with 150,000 assets deploying the
AoFrio solution (with SCS800 always on hardware and
Aofrio IQ basic).
▪Cooler Recovery:US$3.6M saved in replacement costs and US$1.9M
in lost profit
▪Reduced Service Visits:US$1.1M in annual savings
▪Improved Energy Efficiency:Energy efficiency gains of up to 68%
▪Sales Boost:Right sized cooler and temperature delivers US$2.5M
▪Total Annual Benefit Today: US$9.1M
AoFrio iQDemonstrated ROI.
AoFrio iQ offers a 5.1X return over the life of the cooler
(additional annual benefits from advanced software and cameras up to US$7.5M)

15

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AoFrio Products.
ECR 2highefficiencyMotors
AoFrio Company Confidential ©2025
SCS smart
refrigeration
controller
Gateway
cellular hub
iQ SaaS platform
16

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Data Platform
Customer
iQ
The AoFrio Solution.
AoFrio Hardware
SCS Controller
Camera
ECR 2
REMOTE ASSET
MANAGEMENT
RECEIVE DATA
/ GENERATE INSIGHT
Gateway
Monitor
Third-Party Hardware
Controllers
Variable Speed
Compressors
Other Software
APIs
17

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Competitive
Advantage.
o rio’s integrated solution, data
leadership, and customer
relationships set it apart from
competitors.
NPS increase by year
2023
2024
2025
+40
+53
+62
AoFrio connected fleet by year
(million)
FY16FY17FY18FY19FY20
0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
FY21FY22FY23FY24FY25
3.5M
Refrigerators
deliveringdata
to AoFrio
18

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Our Strategy.
▪Drive higher value
solutions
▪Connect our
customer's complete
fleet
▪Protect our position in
motors and fans
▪Expand into the food
retail segment
▪Expand into the branded
ice cream segment
▪Deliver leading AI-powered
SaaS solutions
▪Drive manufacturing
productivity
▪Foster a culture of innovation
▪Bolster environmental, social,
and governance credentials
PROTECT AND GROW THE CORE
DIVERSIFY INTO NEW MARKETS
TRANSFORM OUR FOUNDATIONS
Protect & GrowDiversify
Transform
20

AoFrio Company Confidential ©2025
Our Strategy.
Genevieve Clark
VP Product
21

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Protect & Grow
Cold Drink Equipment
▪Specialised refrigeration units in retail outlets
▪Assets owned by beverage brands like Coca-Cola,
Pepsi, and Heineken
▪Value pillars: Asset Management, Service &
Maintenance, Commercial Performance, Energy &
Sustainability
Size of Market
▪3M coolers built each year
▪1.1M of these are connected
▪By FY30, there will be 2M connected coolers built
each year
Protect & Grow: Cold
Drink Equipment.
22

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▪Win the hardware land grab
▪Increase the number of connected coolers
▪Increase hardware revenue per cooler
•Transition to cellular
•Adoption of cameras
Cold Drink
Equipment: Win
hardware.
Protect & Grow
0
1
2
3
4
5
6
7
8
9
FY24FY25FY26FY27FY28FY29FY30
Target connected coolers (millions)
Future 1Future 2
0
20
40
60
80
100
120
140
FY24FY25FY26FY27FY28FY29FY30
NZ$
Target hardware revenue per cooler
Future 1Future 2
23

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▪Protect LATAM: 70% market share in
mature regions
▪Expand into US, Europe and APAC
▪Aiming to secure 50% market share in
the USA, 45% in Europe and 30% in
APAC.
Cold Drink
Equipment: Regional
expansion.
Protect & Grow
-
1
2
3
FY 25FY 26FY 27FY 28FY 29FY 30
Millions
SAM number of new build connected units
LatamAPACUSA & CanadaEMEA
24

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Cold Drink Equipment:
Driving New Value.
▪Exploring introduction of additional tiers of
value for our customers
▪Remote management: theft and misuse
prevention, service and maintenance,
seasonal temperature controls
▪Camera-driven commercial insights: ensuring
timely restocking, planogram adherence and
cooler purity
Protect & Grow
25

AoFrio Company Confidential ©2025AoFrio Company Confidential ©2025
▪Deliver the best platform for complete
fleet management
▪Drive higher value solutions that deliver
at least 5x ROI for our customers.
Cold Drink Equipment:
Driving New Value.
ubscribed services
nnual fee

per cooler

oundational services

asset management
,
service and maintenance and energy efficiency

emote control add

on

disable
,
diagnostics
,

powered predictive maintenance

ales optimisation
,
consumer
analytics
Protect & Grow
26

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▪Defend leadership in EC motors and drive cost
efficiency to stay competitive
▪Launch new fan pack sizes to broaden the
product range
▪Expand into new applications: hot water heat
pumps and agitators.
▪FY28 increase due to of increasing adoption
of electric heat pump water heaters due to
US regulatory changes.
▪Unlock untapped sales opportunities with a
targeted global sales strategy
Protect & Grow:
Motors.
Protect & Grow
-
10
20
30
40
50
60
70
80
FY24 FY25 FY26 FY27 FY28 FY29 FY30
NZ$M
Target motors revenue
Future 1 Future 2
27

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Protect & Grow
Summary.
▪Connect customers complete fleet to
maximise data collected and impact
▪Enter new regions (US, EMEA & APAC)
▪Deliver new high-value software solutions
AoFrio IQ
▪New applications for motors and fans
▪Difference between Future 1 and Future 2
▪Hardware development accelerated
▪Added value SaaS delivered
▪Increased sales and marketing
Future 2:
FY30
revenue
NZ$218M
Future 1:
FY30
revenue
NZ$140M
Protect & Grow
0
50
100
150
200
250
FY24FY25FY26FY27FY28FY29FY30
NZ$M
Protect and Grow the Core
Motors - Future 1CDE- Future 1
Motors - Future 2CDE - Future 2
28

AoFrio Company Confidential ©2025AoFrio Company Confidential ©2025
Diversify
Food Retail (outlet model):
▪Food safety, compliance, brand reputation
Ice Cream (fleet model):
▪Product quality, asset management, service
& maintenance, commercial performance
Why AoFrio?
▪Early traction with major brands and
retailers
▪First-mover IoT advantage
Diversifyinto
NewSegments.
29

AoFrio Company Confidential ©2025AoFrio Company Confidential ©2025
▪Improves revenue quality and resilience
▪Solves high-value customer problems
▪Shifts to higher margin model (~75%)
▪Accesses larger markets
Why Diversify.
Diversify
30

AoFrio Company Confidential ©2025AoFrio Company Confidential ©2025
Food Retail:
Customers.
▪Early pilots have validated our
technology and shaped our go-to-
market strategy.
▪Real-world feedback shaped
hardware, workflows, and
onboarding
▪Continuous improvement through
direct customer input
▪2 outlets in proof-of-
concept (POC), total
opportunity: 600 outlets
▪Confirming timing for first
phase deployment
Large supermarket chain in Argentina:
▪Demonstrated strong interest in
expanding to service &
maintenance and energy pillars
▪Highlighted the need for
enterprise-level and individual
asset views
Petrol station convenience chain in NZ:
▪Converted to a 3-year contract
with 95% recurring revenue
▪Validated retrofit model and
compliance-focused workflows
▪First live customer in Food
Retail segment
▪115 outlets and ~1,200
assets connected
Diversify
31

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A screenshot of a phone
Description automatically generated
Food Retail: Solution.
Diversify
32

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AoFrio will deliver upon this strategy by:
▪Complete version 1 of the food retail system
▪Identify additional pilot locations.
▪Build a pipeline supported by a multi-region
go-to-market strategy.
Food Retail:
Strategic Focus.
Diversify
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
FY24FY25FY26FY27FY28FY29FY30
Target cumulative outlets connected
0
5
10
15
20
25
30
35
FY24FY25FY26FY27FY28FY29FY30
NZ$M
Target Food Retail revenue
33

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Ice Cream:
Solution.
▪Hybrid of Cold Drink Equipment and
Food Retail solutions
▪Food safety / product quality focus
▪Real-time monitoring and alerts
▪Integrated hardware + AoFrio iQ
SaaS + optional camera insights

Diversify
34

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Ice Cream:
Customers.
▪Expanding into fleet-based, high-
value, perishable product
segments
▪Early pilots to validate our solution
▪Proven value in asset
management, service, and
commercial performance
▪Customer partnerships directly
shaping our go-to-market and
product roadmap
▪First pilot customer in the
Ice Cream segment
▪Reduced freezer loss from
20% to 0.5% through asset
tracking
▪Fleet size 40,000
▪Translates to US$3.1M p.a.
capex loss avoided.
Major Ice Cream brand in Chile:
▪On path to 100% of fleet
connected using AoFrio
technology
▪Strong interest in camera-
enabled solutions for
planogram compliance and
stock visibility
Diversify
35

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AoFrio will deliver upon this strategy by:
▪Develop controller variants based on o rio’s
existing SCS platforms
▪Design and launch a camera solution for both new
build and retrofit horizontal freezers
▪Build a prototype of the AoFrio iQ platform for the
branded Ice Cream segment
Ice Cream:
Strategic Focus.
Diversify
0
10
20
30
40
50
60
FY24FY25FY26FY27FY28FY29FY30
NZ$M
Target Ice Cream revenue
0
50
100
150
200
250
300
350
400
450
FY24FY25FY26FY27FY28FY29FY30
000s of units
Target number of connected freezers
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Diversify Summary
Driving Growth.
▪Transforming o rio’s revenue mix from FY26–FY30
▪Targeting NZ$85M revenue by FY30
▪Supporting organisational ARR growth from +3% in
FY25 to +19% by FY30
▪High-margin ARR/SaaS model for sustainable growth
▪Real world customers supporting product market-fit
▪Gaining meaningful share of a large market
Diversify
0
10
20
30
40
50
60
70
80
90
FY24FY25FY26FY27FY28FY29FY30
NZ$M
Target Diversify revenue
Diversify HardwareDiversify SaaS/ARR
37

AoFrio Company Confidential ©2025
Transforming Our
Foundations.
38

AoFrio Company Confidential ©2025
Transforming
Our Foundations.
AoFrio Company Confidential ©2025
AoFrio is building a resilient, future-ready
organisation through innovation,
sustainability, people, and operational
excellence.
EcoVadis certified, Net
Zero by 2040
Global, purpose-driven
workforce with 72%
engagement
Maintaining supply chain
resilience
Modernised IT and
cybersecurity
infrastructure
AI efficiencies
embedded through the
organisation
Transform
Go-to-market process
delivering more
impactful launches
39

AoFrio Company Confidential ©2025AoFrio Company Confidential ©2025
Recent
Performance.
▪Covid impacted FY20 to FY23
▪FY24 NZ$2.5M EBITDA from
+20% revenue growth
▪FY25 guidance is for revenue of
NZ$86M and EBITDA at NZ$3.5M
0
10
20
30
40
50
60
70
80
90
100
FY20FY21FY22FY23FY24FY25
NZ$M
NZ$ revenue: 2020 - 2025
NZ$ EBITDA: 2020 - 2025
41
FY20
1.2
FY21FY22FY23FY24FY25
3.2%
2.6
4.1%
1.6
2.2%
1.0
1.5%
2.5
3.2%
3.6
4.2%
EBITDA(NZ$M)
EBITDA%

AoFrio Company Confidential ©2025AoFrio Company Confidential ©2025
Segment Revenue
to FY30.
Future 1
•Revenue increases NZ$55M in FY30
(10% CAGR)
•Motors NZ$5M
•Cold Drink Equipment NZ$50M
Future 2
•Revenue is targeted NZ$164M higher in
FY30 (25% CAGR)
•Motors NZ$25M
•Cold Drink Equipment NZ$53m
•Diversify NZ$86M
0
50
100
150
200
250
300
350
FY24FY25FY26FY27FY28FY29FY30
NZ$M
Target revenue: futures 1 and 2
Motors - Future 1CDE - Future 1Motors - Future 2
CDE - Future 2Diversify - Future 2
Future 2:
FY30
revenue
NZ$304M
Future 1:
FY30
revenue
NZ$140M
42

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SaaS Revenue
to FY30.
▪Capex model for Cold Drink
Equipment – assumed 5 years in
advance
▪Monthly subscriptions for Food Retail
▪ARR of ~19% by FY30
-
10
20
30
40
50
60
70
FY24FY25FY26FY27FY28FY29FY30
NZ$M
SaaS / ARR recognition
Future 1Future 2
43

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Summary Metrics.
FY25
Revenue (NZ$M)
Gross Margin (%)
31%
EBITDA (NZ$M)
Rule of 40 (%)
3.5
12%
Revenue per head (NZ$)
$557,000
$86
Future 1
FY30
34%
14
20%
$635,000
$140
Future 2
FY30
37%
50
40%
$707,000
$304
44

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Investing for Growth.
AoFrio seeks strategic investment to accelerate growth
and capture market share in emerging segments.
▪Expand sales and customer success teams
▪Accelerate product development (camera, AI, SaaS)
▪Enter new markets and scale operations
▪Drive recurring revenue and margin uplift

o
otors
ce ood
elf funded growth unded growth
46

AoFrio Company Confidential ©2025AoFrio Company Confidential ©2025

unded growth

elf funded growth
Two Futures: one better
than the other.
AoFrio can continue to fund its growth from internally
generated resources, but by doing so we risk ceding key
growth opportunities to competitors with less developed
solutions.
Future 1: Self-funded growth
Future 2: Externally funded accelerated growth
47

AoFrio Company Confidential ©2025
Strategy by Category:Protect and Grow the Core.
Motors
IoT Hardware
SaaS
Category
Strategy
FY25 – FY30
▪Drive cost efficiency to stay competitive
▪Launch new fan pack sizes to broaden the
product range
▪Expand into new applications
▪Win the hardware land grab
▪Increase the number of connected coolers
▪Increase hardware revenue per cooler
▪Build the best core insights and action
management platform
▪Deliver advanced ML/AI insights and
workflows
▪Drive higher value solutions
Average NZ$ per cooler
FY25
FY30
< NZ$1.00
> NZ$3.00
$0
$20
$40
$60
$80
FY25FY26FY27FY28FY29FY30
NZ$M
Motors Revenue: Base and Funded Growth
Funded
Growth
Base
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AoFrio Company Confidential ©2025
$4.5B
Cold Drink Equipment (CDE) :
0.5
5.8
4
20.5
0
5
10
15
20
25
20252030
APAC
SOWSAM
0
11.9
6.6
27.9
0
10
20
30
20252030
EMEA
SOWSAM
7
15.1
9.6
22.2
0
5
10
15
20
25
20252030
SOUTH LATAM
SOWSAM
0.4
6
3.9
12.3
0
5
10
15
20252030
US / CANADA
SOWSAM
12.5
26.9
19.2
32.6
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
20252030
NORTH LATAM
SOWSAM
Share of WalletSOW and Service Addressable Market SAM (US$M)
49

AoFrio Company Confidential ©2025
50
ARR Growth from FY25 -
FY30 / Cold Drink
Equipment Journey.
▪AoFrio connected fleet increases by 3
times from 3M to 9M
▪Average ARR per connected cooler
increases by 3 times from NZ$1 to NZ$3
▪ARR per year increases 9 times from
NZ$3M to NZ$27M

AoFrio Company Confidential ©2025AoFrio Company Confidential ©2025
SOW 31M
SAM 137M
SOW 19M
SAM 1,300M
FY25
FY30
Sites
114
13,000
ARR (NZ$)
$199K
$29M
ARR per site per year$2,231
Hardware per site (new sites)$2,100
GLOBAL ICE CREAM SOW &
SAM - FY30
GLOBAL FOOD SOM &
SAM - FY30
New Markets : FY30 SOW and SAM (US$M).
FY25
FY30
ConnectedFreezers
10,000
420,000
ARR (NZ$) $3.7M
ARR per Freezer per year$8.81
Hardware perFreezer$240
51

AoFrio Company Confidential ©2025AoFrio Company Confidential ©2025
3 Horizons.
Cold Drink Equipment
Ice Cream
Food Retail
▪Core
▪Invest in US,EMEA
& APAC GTM
▪Invest in AoFrio iQ
▪Rapid land grab
▪Leverage brand
▪Similar model to
CDE
▪Leverage GTM
▪Invest in regions
▪Invest in products
▪SaaS fills out
beyond 2030
▪We can define the
model
▪Longer time window
▪New model
▪Invest in GTM
▪Invest in SaaS
▪Ramps beyond 2030
▪Long term view to grow
to a sustainable part of
market
52

AoFrio Company Confidential ©2025AoFrio Company Confidential ©2025
Future 2: Externally funded accelerated growth.
0
50
100
150
200
250
300
350
FY26FY27FY28FY29FY30
NZ$M
Revenue - two futures
Motors - Future 1CDE- Future 1Motors - Future 2
CDE - Future 2IceCream - Future 2Food - Future 2
0
50
100
150
200
250
300
350
FY26FY27FY28FY29FY30
NZ$M
Revenue by category
Motors Future 1 IoT Future 1SaaS Future 1
Motors Future 2IoT Future 2SaaS Future 2
Future 2: relies on raising NZ$15m of new external funding to accelerate our growth
53

AoFrio Company Confidential ©2025AoFrio Company Confidential ©2025
0
50
100
150
200
250
300
350
FY26FY27FY28FY29FY30
NZ$M
Target revenue by category
MotorsIoTSaaS
Future 2: relies on raising NZ$15m of new external funding to accelerate our growth
Future 2: Externally funded accelerated growth.
0
50
100
150
200
250
300
350
FY26FY27FY28FY29FY30
NZ$M
Target revenue by segment
CDE+MotorsIce- CreamFood Retail
54

AoFrio Company Confidential ©2025AoFrio Company Confidential ©2025
AoFrio has built an exceptional
foundation, anchored by deep
customer relationships, a trusted
brand, and a track record of product
innovation.
The opportunity ahead is
extraordinary.
The strategy is clear.
With the right investment, AoFrio is
ready to accelerate.
55

AoFrio Strategy Briefing AoFrio Investor Day Presentation link

Data sourced from publicly available filings. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz. For informational purposes only. Not investment advice.