My Food Bag reports full year profitability up 5.3%

My Food Bag reports 6.2% growth in H2 with full year profitability up 5.3%

· Revenue of $170.2 million, up +5.0% on FY25
· EBITDA
1
of $16.4 million, up from $16.1 million in FY25
· NPAT of $6.7 million, up +5.3% on FY25
· Net debt reduced by $5.1 million to $1.9 million and free cash flow of $8.5million
· FY26 H2 revenue growth of +6.2% year on year
· Gross Margin stable at 49.0% and above the 5-year average
· Active customers at 57.1k with improved lifetime value and retention
· Fully imputed final dividend of 1.15 cents per share declared, payable in June

Meal kit and food solutions business My Food Bag Group Limited today reported revenue of
$170.2 million for the year to 31 March 2026 (FY26), up 5.0% on FY25, with growth and
profitability accelerating in the second half.
Net profit after tax (NPAT) increased to $6.7 million, up 5.3%, reflecting strong operational
delivery and improving customer performance, including higher retention and increased
order frequency. Second half revenue rose 6.2% year-on-year, signalling a clear lift in
demand.
Commenting on the result, CEO Mark Winter said:
"FY26 marks a clear step forward. We are seeing the impact of the work we have done to
strengthen our proposition, with higher retention, increased order frequency and more
consistent customer engagement."
"Our focus has been on delivering a better overall experience and clear value for money,
and that is translating into customers ordering more often and staying with us longer."

Business highlights
My Food Bag strengthened its core offering across the year, delivering greater flexibility,
convenience and value while driving improved customer performance.
Within our portfolio of brands, the My Food Bag brand performed strongly, supported by
continued investment in marketing and customer engagement, reinforcing its position as a
trusted choice for New Zealand households. This is underpinned by a continued focus on
quality, with 98% of fresh protein and produce sourced locally and a consistent emphasis on
delivering delicious meals customers enjoy week after week.
The business continued to improve the end-to-end customer experience, including the ability
to double protein, supporting higher engagement and increased basket size.
FY26 marked the first full year of expanding into new occasions via the Shop, such as
gifting, care packages and flexible one-off meals, all available without a subscription, offering

1
EBITDA (earnings before interest, tax, depreciation and amortisation) is a non-GAAP measure. A
reconciliation from GAAP NPBT to non-GAAP EBITDA can be found in the FY26 Annual Report.

a convenient, fast-delivery option and establishing an additional growth channel alongside
My Food Bag’s core offering for consumers and corporate customers.
Alongside this, My Food Bag strengthened its focus on health, responding to growing
demand for solutions that support everyday wellbeing. This included introducing a range
designed to support customers using GLP-1 medications and building partnerships with
health professionals, reflecting a broader commitment to helping New Zealanders eat well in
a way that is both achievable and sustainable.
"We have continued to build strength in the My Food Bag brand while broadening how
customers can engage with us," said Winter. "Delivering value for money alongside quality
and variety is what is driving stronger engagement and giving us confidence in how the
business is tracking."

Financial performance
Revenue growth was driven by higher volumes and improved brand mix, supported by
stronger customer retention and engagement.
Gross margins were maintained in line with historical levels despite higher inflation with
supply chain initiatives and pricing actions recovering ingredient cost pressures.
The business generated strong free cash flow of $8.5 million supporting continued dividend
payments and further reduction in debt, with net debt reducing to $1.9 million.
The Board is pleased to declare a fully imputed final dividend of 1.15 cents per share,
payable in June. This brings the total dividend for FY26 to 1.90 cents per share (fully
imputed). The Board has decided that the Dividend Reinvestment Plan will not operate in
respect of the upcoming dividend.
"The Board remains focused on delivering sustainable returns for shareholders, supported
by strong cash flow and disciplined capital management," said Chair Tony Carter.
Outlook
My Food Bag enters FY27 with positive momentum and is well positioned to continue to
support New Zealanders.
The portfolio of brands, My Food Bag, Bargain Box and Fresh Start, positions My Food Bag
to meet customers across a range of needs and price points, combining value, quality and
variety, with a growing focus on health-led solutions.
"In the current environment, value for money is critical, and that is where we are well
positioned," said Winter. "A consistent weekly price and a range of quality, healthy options
give customers certainty and real value, delivered to their door."
Fuel supply disruption has recently driven an increase in distribution costs, with further
ingredient cost pressures now beginning to emerge. Active mitigation of these impacts
through supply chain optimisation and cost control is being undertaken where possible.
Consistent with prior years we will take a balanced approach to pricing.

Early trading in FY27 has remained encouraging, with demand trends continuing to track
positively with revenue growth of 5.1% for the first 7 weeks of the financial year, reflecting
continued sales growth from the execution of our plan and strength of our customer base.

My Food Bag announced strategic review
As previously announced, the Board has commenced a review to evaluate its ownership,
capital structure and strategic options. My Food Bag has engaged Cameron Partners as its
financial adviser, but the review remains in its preliminary stages and there is no certainty
that any transaction involving My Food Bag will eventuate. My Food Bag will continue to
keep shareholders and the market updated in accordance with its continuous disclosure
obligations.

End
For investor relations queries:
Louise Newsome
ir@myfoodbag.co.nz

For media queries:
Trish Whitwell
trish.whitwell@myfoodbag.co.nz

---

21 May2026

2
Mark Winter
Chief Executive Officer
My Food Bag G roup Limited FY2 6 Result
Louise Newsome
Chief Financial Officer
PRESENTING
today

Business update
1
Financial overview
2
FY27 outlook
3
Appendices
4
CONTENTS

My Food Bag G roup Limited FY2 6 Result
* EBITDA is a non-GAAP measure. A reconciliation from GAAP NPBT to non-GAAP EBITDA can be found in the appendices.
REVENUE
$
170.2m
EBITDA*
$
16.4m
NPAT
$
6.7m
49.0%
Compared to 49.3% in FY25
Up from $16.1m in FY25
4
AVERAGE ORDER VALUE (AOV)
$
133.7
Up 2.8% on FY25
5.0% up on FY25
GROSS MARGIN %
YEAR IN
review
ACTIVE CUSTOMERS**
57.1k
Compared to 57.0k at the end of FY25
Up from $6.3m in FY25
FINAL DIVIDEND DECLARED
1.15cps
Fully imputed to be paid in June
**Active Customers are defined as the number of unique customers who have purchased in the last 13 weeks

Category expansion beyond subscriptions with the My Food Bag Shop growing new customers
by offering gifts, ready made meals and occasions; while also growing corporate partnerships
Higher customer retention and purchase order frequency, reflecting stronger engagement
and loyalty, while maintaining disciplined marketing spend
My Food Bag G roup Limited FY2 6 Result5
YEAR IN
review
Gross Margin of 49.0%, above the five-year average of 48.5% driven by supply chain
optimisation and pricing power
Strong free cash flow of $8.5m enabled a further $5.1m reduction in debt, strengthening the
balance sheet, while allowing for increased dividend payment to shareholders
Profitable growth with revenue up 5.0% driven by volume and average order value growth
Leveraged strong nutrition credentials and dietitian expertise to expand into targeted
health solutions, supported by partnerships and tailored offerings
Higher employee engagement from culture and capability investment, enabling strategy

1
BUSINESS
update

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
partnerships, new
channels & products
Flexible Solutions
Deliver customisation to
offer consumers both the
curation they want and the
flexibility to personalise
Culture & Capability
Seamless
Convenience for All
Enhance the convenience
of our service across all
touchpoints and all brands
Supply Chain ExcellenceData & Technology
Efficient Operating Model
Build Brand Value
& Advocacy
Build brand value to
engage new and lapsed
customers, drive higher
customer advocacy to
improve LTV
Continuing to grow leadership in meal kits and expand into
wider online grocery category

My Food Bag G roup Limited FY2 6 Result9
Building brand value and advocacy
•Portfolio of brands has enabled us to capture targeted demand across premium, budget and
wellness segments
•My Food Bag leads on brand (NZ’s highest rated meal kit in 2025)
•Bargain Box owns affordability
•Fresh Start captures health and wellness growth
•Investment in menu with recipe expansion across portfolio to support retention
•Partnerships driving reach in changing media market - influencer engagement, major
sponsorships and targeted campaigns
•Growth underpinned by promotional led trading rhythm, using data and unique MFB products
Seamless convenience
•Continued growth in flexible on demand model, My Food Bag Shop. More categories added
and lead times reduced
•Smarter packaging optimisation. Ensures right fit deliveries, enhancing customer experience
while reducing packaging and lowering costs
Flexible solutions
•Recipe customisation launched (double protein) across all brands. Positive early results,
indicating customers are willing to trade up and grow AOV. Further customisations to be
launched shortly
Clear strategy, consistent execution
Delivering growth by meeting customers needs, occasions and life stages

10My Food Bag G roup Limited FY2 6 Result
Flexible operating model
•My Food Bag Shop unlocks demand and one off purchases beyond
subscription
•Expands reach to both consumers and corporate customers (gifting,
occasions, ready made meals)
•Positions MFB in the high growth convenience and immediacy segment
Corporate partnerships
•Growing network of corporate partners driving incremental demand
•Deliver tailored meal and grocery solutions that enhance wellbeing,
engagement and value through practical, everyday nutrition
•Establishes a recurring B2B revenue stream using existing operating
model
Channel expansion
•Pilot with WM Robotics, ready made meal vending machines in offices,
apartments and hotels
•This channel is proving to be a valuable test and learn opportunity
•Early results validated demand for convenient, healthy meals
Unlocking new customer segments and occasions
Using existing technology and supply chain to expand beyond core business

Our unique health positioning
My Food Bag G roup Limited FY2 6 Result11
Turning nutrition credentials into a clear competitive advantage to help consumers achieve health goals
Leveraging our nutrition credentials
•Supported by three New Zealand registered dietitians, My Food Bag is uniquely
placed to support customers evolving health and wellbeing needs
Developing specific health solutions
•Developed a range of new solutions to meet the dietary preferences and health
needs of both existing and new customer groups:
•Launched the Diabetes Plan in partnership with Diabetes NZ
•New High Protein and Gut Friendly preferences
•Tailored meal plan to support customers on GLP-1 weight loss medications
Building partnerships
•Developed partnerships with a range of organisations and health professionals to
build awareness of our health solutions to engage new audiences

My Food Bag G roup Limited FY2 6 Result12
Enabling future success through strong foundations
Building on high standards of operational excellence, staff engagement and digital platform capability
Supply chain excellence
•Continued strong performance in pick accuracy, product quality and delivery accuracy
reflected in customer Net Promoter Score
•Implementation of an ingredient management platform designed to strengthen
inventory control, enabling improved traceability and stronger system supported
quality controls
•Health & Safety at the forefront of all processes with a sustained reduction in Total
Recordable Injury Frequency Rate (TRIFR) improving from 1.2 in FY25 to 0.88 in
FY26
Employee engagement and culture
•Consistently strong and stable employee engagement across FY26 has supported
consistent strategy and plan execution
Data & technology
•Scaled, proprietary platform embedded across the value chain. Enables personalised
experiences, efficient and optimised operations, real time decision making
•AI driving productivity and accelerating delivery. Internal LLM tools (Plato award
winning Customer Love tool), AI assisted development and embedded automation
•AI is powering menu planning innovation. Enabling optimised menus and ingredients
aligned to brand positioning, customer variety, cost and operational outcomes

My Food Bag G roup Limited FY2 6 Result13
Environmental, Social and Governance
Delivering on our purpose with initiatives that support a healthier NZ
Minimising waste
•Just in time ordering system results in lower levels of food waste compared to
the traditional supermarket model
•Packaging optimised to ensure each customer receives the right sized box with
an optimal level of ice and insulation, minimising cardboard use and waste
Supporting our communities
•Continued our support and build awareness of City Missions, the Heart Foundation
and Garden to Table
•Delivered nutrition education to partners and dietetic students through events
and resources drawing on our nutrition expertise
Continued to support local sourcing
•Continue to source over 98% of our proteins and produce locally
•Expanded our range of local and sustainably sourced fish

2
FINANCIAL
overview

My Food Bag G roup Limited FY2 6 Result15
•FY26 full year revenue of $170.2m with H2 revenue growth of 6.2%
year on year
•Average Order Value positively impacted by higher indexing towards
the My Food Bag brand across the year, particularly in H2
•Higher active customers and increased order frequency supported
5.0% revenue growth across the year
•Gross Margin is up 0.6ppt in H2 FY26 with supply chain optimisation
initiatives and price increases recovering the impact of higher protein
and produce costs
•Contribution Margin of 21.2%, inline with prior year
•Indirect expenses increased 4.5% driven by additional marketing
investment to drive growth in the My Food Bag Shop, and project costs
of $0.4m incurred in 2025
•Net Profit After Tax of $6.7m is up 5.3% on FY25
1.
YOY movement % based on unrounded figures
Financial Performance
Full year Net Proft After Tax increase driven by sales and margin growth in H2 FY26
Key Metrics Overview
FY26AFY25A
YoY Movement
%
Deliveries ('000)1,273 1,246 2.1%
Average Order Value133.7 130.1 2.8%
Revenue $m170.2 162.1 5.0%
Gross Margin $m83.4 80.0 4.2%
Gross Margin %49.0% 49.3% -0.3 ppts
Contribution Margin $m36.1 34.5 4.6%
Contribution Margin %21.2% 21.3% -0.1 ppt
EBITDA $m16.4 16.1 1.8%
NPAT $m6.7 6.3 5.3%

My Food Bag G roup Limited FY2 6 Result16
* FY24 included a part 53rd week based on where My Food Bag’s weekly delivery cycle fell in the financial year
1.252*
1.246
1.273
1,000
1,050
1,100
1,150
1,200
1,250
1,300
FY24AFY25AFY26A
Deliveries (000's)
•Deliveries grew 2.1% with our strategic focus on brand value, convenience, flexibility and targeting new audiences all contributing
•Accelerated momentum in the second half of the year with 2.9% delivery growth
•Order frequency increased to 5.5 in FY26 (FY25 was 5.4) reflecting stronger retention and engagement within customer groups
•Average order value increased by 2.8% reflecting favourable brand mix, new flexibility features and modest price increases
129.6
130.1
133.7
-
40.0
80.0
120.0
160.0
FY24AFY25AFY26A
($)
Average order value ($)
Delivery and Average Order Value Performance
Growth driven by higher customer value and retention

•Total active customers has increased to 57.1k despite the
timing of an earlier Easter in 2026 limiting new customer
growth
•Retained customers at 59.5% - customers who have taken
delivery in consecutive quarters, continues to grow, up from
58.6% in FY25 and 56.3% in FY24
•Disciplined marketing spend of 3.2% inline with FY25
•Cancellation rates have reduced year on year showing that
customers are continuing their subscription for longer
•New customers have a higher lifetime value with consistently
higher frequency due to a more targeted and refined
acquisition strategy
My Food Bag G roup Limited FY2 6 Result17
Active Customers are defined as the number of unique customers who have purchased in the last 13 weeks as at 31 March
32.0
33.4
34.0
24.7
23.6
23.1
-
10.0
20.0
30.0
40.0
50.0
60.0
Mar-24Mar-25Mar-26
Active Customers Split (000's)
Ret ained CustomersAcquired and Reactivated Customers
57.0
56.8
57.1
Focus on sustainable active customer growth
Retained customer base continues to grow demonstrating strengthening loyalty

•FY26 Gross Margin was 49.0%, above the five-year average of 48.5% and remains consistent
•Gross Margin is up 0.6ppt in H2 FY26 as price increases at the end of H1 recovered the impact of higher protein and produce costs
•Ingredient inflation with selected price index* up 3.4% year on year - produce up 6.4% and meat, poultry and fish up 7.3% year on year
•Cost pressures have been managed through the combination of
•Supply chain optimisation initiatives such as sourcing directly from growers and recipe development, which continue to deliver cost
control efficiencies, while maintaining consistent quality and value for customers
•Modest price increases with minimal churn and maintained value for money perceptions
My Food Bag G roup Limited FY2 6 Result
Gr oss margin is a non-GA AP me asu re defined as re ven ue less co st of ingr edients; *Selecte d P rice Index data fro m Stats NZ to Ma rch 2026
18
46.8%
49.3%
48.4%
48.5%
49.3%
49.0%
0.00%
10.00%
20.00%
30.00%
40.00%
50.00%
60.00%
FY21AFY22AFY23AFY24AFY25AFY26A
($m)
Gross Margin %
Gross Margin Performance
Gross margin of 49.0% with improvements seen in H2 despite food price inflation of 3.4%

•Contribution margin broadly in line with prior year at 21.2%
•Cost control and productivity initiatives largely offset lower
gross margin and inflationary cost pressures through:
oLabour efficiencies from higher throughput rates
oReduced downtime from higher equipment reliability
and further optimised production plans
oPackaging savings from reduced cardboard use and
optimal levels of ice based on right sizing of customer
boxes
oOutsourced distribution efficiencies with our partner
NZ Post including the consolidation of depots utilised
My Food Bag G roup Limited FY2 6 Result
*Contribution margin is a non-GAAP measure defined as revenue less cost of goods sold (including free marketing goods) less direct costs (assembly and distribution expenses). Depreciation and amortisation
associated with production activities have been reclassified into cost of goods sold, impacting prior year contribution margins. Further information can be found in the FY26 annual report.
19
Contribution Margin Performance
Consistent contribution margin maintained through cost control and productivity improvements
20.6%
21.3%
21.2%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
FY24AFY25AFY26A
($m)
Contribution Margin %

Summary balance sheet ($m)
FY26FY25
Assets
Cash and cash equivalents0.61.5
Working capital assets5.41.7
Property, plant, and equipment5.76.9
Right-of-use assets8.76.9
Intangible and other assets86.586.5
Liabilities
Working capital liabilities(14.6)(11.2)
Lease liabilities(10.0)(7.9)
Bank debt(2.5)(8.5)
Other liabilities(7.5)(7.2)
Equity72.468.7
•Net debt has reduced by $5.1m from FY25
to $1.9m
•Movement in working capital assets and
liabilities reflects the difference in the timing
of the weekly cash cycle
•Movement in right-of-use assets and lease
liabilities is due to the renewal of a property
lease in Auckland
•No significant capital purchases in FY26 with
the movement in property, plant and
equipment being depreciation
•Total debt facilities were reduced to $15.0m
during the year
My Food Bag G roup Limited FY2 6 Result20
Balance sheet strengthened through further debt reduction
Net debt has been reduced from $15.3m to $1.9m over the past three years

Summary cash flow ($m)FY26 FY25
Net cash from operating activities13.513.2
Lease principal payments(2.1)(2.4)
Capex(2.9)(3.2)
Free cash flow8.57.6
EBITDA*16.416.1
Lease payments(2.6)(2.9)
Pre-IFRS 16 EBITDA13.713.2
•Net cash flow from operating activities is up $0.9m
on FY25, allowing further net debt reduction and
the payment of dividends to continue
•Reduced capex spend supporting stronger cash
flow whilst still driving growth initiatives
•A final dividend for FY26 of X.XX cps has been
declared, fully imputed and to be paid in June
2026
•Total FY26 dividend of X.XX cps (fully imputed),
representing XX% of NPAT. This represents a
yield of XX.X%**
My Food Bag G roup Limited FY2 6 Result
*EBITDA (ear nings b efo re inte rest, tax, d epreciation and amortisation) is a non-GA AP me asu re. A reconciliation from G AAP NPBT to non-GA AP EBITDA ca n b e foun d in the appe ndices.
** Based on a share price of 0.187 as at 30 Apr il 20 26.
21
* E BITDA is a non-GA AP me asu re. A reconciliation from G AAP NPBT to non-GA AP EBITDA ca n b e foun d in the appe ndices.
Increased free cash flow enabling higher dividends and
further debt reduction
•Strong cashflow conversion
•Free cash flow is up 12% ($0.9m) on FY25, allowing further
net debt reduction and the payment of higher dividends
•Free cash flow has improved from $0.5m in FY23 to $8.5m
in FY26
•Capex spend of $2.9m slightly down on prior year with
lower operational investment requirements, while growth
investment remained consistent
•A final dividend for FY26 of 1.15cps has been declared,
fully imputed and to be paid in June 2026
•Total FY26 dividend of 1.9 cps (fully imputed), representing
72% of NPAT. This represents a yield of 10.1%**
Summary cash flow ($m)FY26 FY25
Net cash from operating activities13.513.2
Lease principal payments(2.1)(2.4)
Capex(2.9)(3.2)
Free cash flow8.57.6
EBITDA*16.416.1
Lease payments(2.6)(2.9)
Pre-IFRS 16 EBITDA13.713.2
* EBITDA is a non-GAAP measure. A reconciliation from GAAP NPBT to non-GAAP EBITDA can be found in the appendices.
** Based on a share price of $0.26 at 13 May 2026

3
FY27
outlook

•Our strategy is built on four key pillars: brand value, convenience, flexibility and targeting new audiences and occasions
•In FY27, we have a pipeline of initiatives to drive active customer growth and further improve retention. Growth will be supported by
health-led innovation and the expansion of the Shop offering and corporate partnerships
•Revenue through the first 7 weeks of FY27 was up 5.1% on the previous period reflecting continued sales growth from the execution of
our plan and strength of customer base
•Recently, we have seen distribution and certain packaging costs increased, with further ingredient cost pressures now beginning to
emerge driven by higher fuel prices. We are actively mitigating these impacts through supply chain optimisation and cost control where
possible. Consistent with prior years we will take a balanced approach to pricing.
•As previously announced, the Board hascommenceda review to evaluate its ownership, capitalstructureand strategic options. My Food
Bag has engaged Cameron Partners as its financial advisor, but the reviewremainsin its preliminary stages and there is no certainty that
any transaction involving My Food Bag will eventuate.My Food Bag will continue to keep shareholders and the market updatedin
accordance withits continuous disclosure obligations.
My Food Bag G roup Limited FY2 6 Result23
FY27 trading conditions and outlook
Focused on continuing to grow leadership in meal kits and within the wider online grocery market

4
APPENDICES

FY26FY25
YOY
Movement %
Statement of Comprehensive Income ($m)
ActualActual
Income170.2162.15.0%
Cost of Goods Sold(132.2)(125.7)5.2%
Gross Profit (Contribution Margin)38.036.44.4%
Indirect Expenses (29.0)(27.7)4.5%
Net Profit Before Tax9.08.64.1%
Income Tax Expense(2.3)(2.3)0.8%
Net Profit After Tax and Comprehensive Income6.76.35.3%
25
*YOY movement % based on unrounded figures
My Food Bag G roup Limited FY2 6 Result
Statement of Comprehensive Income

FY26FY25
YOY
Movement %*
Reconciliation of GAAP to non-GAAP financials ($m)
ActualActual
Net Profit Before Tax9.08.64.1%
Add Back:
Depreciation and amortisation6.46.06.4%
Net financing costs1.01.5(30.5)%
EBITDA16.416.11.8%
My Food Bag G roup Limited FY2 6 Result26
*YOY movement % based on unrounded figures
Reconciliation of GAAP to non-GAAP financials

THANK
you

Disclaimer and important information
This presentation has been prepared by My Food Bag Group Limited (the “Com pa ny” and, together with My Food Bag
Limited, "My Food Bag") an d is dated 21 May 2 026. Receipt of this document a nd/or attend ance a t the cor responding
pre sen tation given on beha lf of the Company con stitute s acce pta nce of th e terms of this disclaimer.
Inf ormat ion
This pr ese nta tion contains summary information about My Fo od Bag and its activities, which is cur rent a s at the date of this
pre sen tation. Th e in for ma tion in this pr ese nta tion is of a gene ral nature and does not p urport to be complete nor does it
contain all the information which a n in vestor may req uire wh en eva luating an inve stment in the Company. This pr ese nta tion
has been pre pared to provide additional commentary on the fin ancial statements of the Company for the perio d e nding 31
March 2026. It sh ould be read in conjunction with th ose financial statements a nd the Company's other pe riodic a nd con tinu ous
disclosu re announ cemen ts, availab le o n the NZX or My Food Ba g's investor website.
Forwa rd looking inform ation
This presentation may include certain “forward-looking statements” about My Food Bag and the environment in which My
Food Bag ope rates. Th ese forward-looking statements may be identified by words such as ‘forecast’, 'projections', ‘anticipate’,
‘believe’, ‘estimate’, ‘expect’, ‘will’, ‘plan’, ‘may’, ‘could’ and similar expressions.
Forward-looking information is inh erently un cer tain an d subje ct to contingencies, known and unknown risks and uncertainties
and other facto rs, many of wh ich are ou tside of My Foo d B ag's control, a nd ma y involve e lements of subje ctive ju dgement and
assumptio ns as to future events which may or ma y not be cor rect. A n umber of impor tan t factors co uld cau se actual results or
per for ma nce to differ materially fr om the forward-looking sta temen ts. No assura nce can be given th at actual outcomes or
per for ma nce will not materially differ from th e forward-looking sta temen ts. The fo rwa rd-looking sta temen ts are based on
information available to My Fo od Bag as at th e d ate of th is presentation. Except as re quired by law or reg ulation (including the
Listing Rule s), th e Compan y is un der no obligation to update th is presentation whether as a result of new information, future
events or other wise.
No lia bility
The information con tain ed in this presentation has be en prepar ed in g ood fa ith by My Fo od Bag. No repr ese nta tion or
warran ty, expre ssed or implied, is made as to the accuracy, adequ acy or reliability o f any statements, estimates o r o pinions or
other information contained in th is presentation, any of wh ich may chan ge without notice .
To the maximum e xtent permitted by law, My Food Bag, its directors, officers, e mp loye es and ag ents discla im all liability an d
respon sibility ( inclu ding any lia bility arising fr om fault or negligen ce on the part of My Food Bag , its directors, officer s,
employees and agen ts) fo r a ny dire ct or indirect loss o r d amage wh ich may b e suffered by a ny per son throu gh the use of o r
relia nce on an ything contained in, or omitted from, this pr ese nta tion . This pre sen tation is n ot a prod uct disclosure state me nt,
pro spe ctus, investmen t statement or disclosure do cumen t, or an offer of sha res for subscrip tion , or sale, in any jurisdiction.
Not financia l product advice
This pr ese nta tion is for information pur poses only and is no t financial or inve stment a dvice or a recommendation to a cqu ire the
Company’s securities. Before making an investment decision, you should consider the appropriateness of the information
having reg ard to your own objectives, finan cial situ atio n a nd needs and co nsu lt a fin ancial a dviser, so licitor, accoun tan t or
other pro fessional adviser, if necessary.
Pas t perform ance
Any past per for ma nce information given in th is presentation should not be relied upon as (and is n ot) an ind ication of future
per for ma nce . No r epresentations o r warr anties are made as to the accu racy or completeness of such information.
Non-GAAP financial informa tion
This pr ese nta tion includes non-GA AP fina ncia l information, includingEBITDA , which is a n on-GA AP fina ncia l measure . A
reconciliation from G AAP NPBT to non-GA AP EBITDA ca n b e foun d in the appe ndix to th is presentation. Non-GA AP fina ncia l
information have been derived by management from My Food Bag’s unaudited financial statements for the period ended 31
March 2026. EBITDA is a measure used exte nsively by the Board an d man agement as an indication of u nderlying profitability,
however, a s a non-GA AP me asu re it is pr ovid ed for illustrative pu rposes on ly and caution sh ould be ta ken as other co mp anies
may calculate th is measure diffe rently.
Dis tribut ion of prese nta tion
This pr ese nta tion must no t be distr ibuted in a ny jurisdiction to the exten t that its distribution in th at jurisdiction is restricte d o r
pro hibited by law or wou ld constitu te a brea ch by the Company of an y law. The distrib utio n o f this pre sen tation in other
jurisdictions ou tside New Zealand or Au stralia may b e r estricted by law, an d p ersons into whose p ossession this presentation
comes should ob ser ve any su ch restriction s.
All currency a mo unts are in New Zealand do llars un less otherwise state d.
This pr ese nta tion ha s been author ised for release by the Company’s Board.
My Food Bag G roup Limited FY2 6 Result28

---

MY FOOD BAG
Annual Report
2026

In this annual report references to the ‘Company’ are references to My
Food Bag Group Limited. References to ‘My Food Bag’ or the ‘Group’
are to My Food Bag Group Limited together with its subsidiary My Food
Bag Limited. All references to financial years (e.g. ‘FY25’ and ‘FY26’)
are to the financial year ended 31 March. References to $ and NZ$
are to New Zealand dollars.
The annual report includes certain non-GAAP financial information,
including EBITDA, Gross margin and Contribution margin. These
measures are used extensively by the Board and management as
indicators of underlying profitability. Non-GAAP measures are
not defined in NZ IFRS and are not subject to audit. Non-GAAP
performance measures are not defined consistently by all companies.
Accordingly, these performance measures may not be comparable with
similarly titled measures used by other companies. Reconciliations of
Non-GAAP financial information to a comparable GAAP measure are
shown on page 66.
The annual report refers to Active Customers these are defined as the
unique number of customers who have purchased in the last 13 weeks.
MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2026

Letter from the Chair and CEO 2
Results at a Glance 8
Business Update 10
Environmental, Social and Governance 18
Culture and Capability 30
Board of Directors 32
Management Team 34
Financial Statements 37
Independent Auditor’s Report 62
Non-GAAP Financial Information 66
Corporate Governance Statement 67
Other Disclosures 82
Directory 87
Key Dates 87
This Annual Report is dated 20 May 2026
and is signed on behalf of the Board by:
Tony Carter
Chair
Jen Bunbury
Director and Chair of the
Audit and Risk Committee
CONTENTS
1
MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2026

Letter from the
Chair and CEO
In FY26 we have built on the sales
momentum established in FY25 and are
pleased to have delivered 5% revenue
growth reflecting the continued execution
of our strategy and the strength of our
customer proposition. We remain the clear
market leader in the meal kit category and
have successfully expanded beyond this
into new occasions and categories within
New Zealand’s growing online food market.
Our teams remain focused on building our
strong brands, enhancing our customer
offering through greater flexibility and
customer choice. This focus has resulted
in strong active customer numbers and a
more profitable business.
MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2026
2

Financial Performance
The Company delivered a strong financial performance
in FY26, with continued progress across key financial and
operational metrics despite a challenging consumer and
inflationary environment.
Revenue for the year increased 5% to $170.2 million
(FY25: $162.1 million), with the second half revenue up
6.2% on prior year.
Net profit after tax was $6.7 million, up 5% against
$6.3 million in the prior year, as was EBITDA of $16.4 million
against $16.1 million in FY25, reflecting both top-line growth
and disciplined cost control across the business.
Average order value was $133.71 across the year, up from
$130.06 in FY25, supported by modest price adjustments in
response to input cost pressures particularly in ingredients, as
well as higher indexing of the My Food Bag brand and larger
bag sizes such as the serves 6 meal option.
Active customer numbers were 57,100 at the end of FY26
(FY25: 57,000), while average meal kit frequency improved to
5.5 orders per customer (FY25: 5.4), indicating encouraging
engagement trends and underlying customer loyalty.
Gross margin was slightly down for the year at 49.0% (FY25:
49.3%), however the second half of FY26, saw improvement
in gross margin of 49.5%, up from 48.9% in the prior year
comparative period. Despite ongoing cost pressures, we
have preserved our margin in the second half while delivering
exceptional quality and continuing to enhance the customer
experience. Contribution margin was consistent at 21.2%
compared with 21.3% in FY25 compared with 21.3% in FY25.
In FY26 Indirect expenses included $0.4 million of project
costs incurred in 2025.
Our strategic objectives remained consistent in FY26 and are
unchanged as we head into FY27. We will continue to grow our
leadership in meal kits and expand further into the wider online
food category by delivering flexibility, convenience and value
to our customers.
Despite the continuation of challenging economic conditions,
our financial performance was strong with revenue growth of
5%. Coupled with disciplined cost management and modest
capital investment requirements this has resulted in strong
cashflow generation.
This growth has been the direct result of our focus on
understanding our customers and enhancing our offer to meet
their needs. These customer insights have driven new product
development, website and app updates, quality initiatives
and menu expansion. Beyond weeknight meal kits, we have
expanded our product range in the My Food Bag Shop.
This evolving range of foodie gifts and care packages are
available as one-off purchases delivered from as quickly as
same day. In response to consumer demand, the Shop has
expanded beyond Ready Made meals and foodie gifts into
new categories including fresh cakes and fresh flowers. This
has increased the relevance of the range for new customer
segments and occasions.
We remain focused on ensuring our purpose, Helping
Aotearoa New Zealand to eat and live well, plays a strong
role in guiding our decision making and shaping the initiatives
we are delivering across the business, ensuring that everything
we do is aligned with supporting households to live healthier
and more balanced lives. We expanded our range of health-
focused products and increased investment in resources and
marketing to drive dietary and health focused awareness.
3
LETTER FROM THE CHAIR AND CEO

The business generated strong free cash flow during the year,
enabling a significant reduction in net debt from $6.9 million
to $1.9 million at the end of FY26. This strengthened balance
sheet provides increased financial flexibility and positions us
well for future growth initiatives and returns to our shareholders.
Reflecting the solid financial performance and improved
capital position, the Board is pleased to declare a final
dividend of 1.15 cents per share, bringing total dividends
for FY26 to 1.90 cents per share, fully imputed.
Business update
OUR WINNING BRAND PORTFOLIO
Our strong brand portfolio allows us to appeal to a broad
customer base. Our Masterbrand, My Food Bag, has high
brand awareness, while Fresh Start and Bargain Box continue
to grow their presence. We continue to evolve each brand
in response to customer feedback, with a focus on delivering
flexibility, value for money, and catering to dietary and
health needs.
We continue to focus on solutions to meet the evolving needs
of different household types. In early 2025, the launch of our
Serves 6 product to cater to larger households under the My
Food Bag had strong customer uptake. In early 2026, we
launched a new customisation feature “Double Protein” across
all three brands, which has been well received and utilised by
households looking to increase their protein needs.
Dietary innovation continued in FY26, including strong growth
in our Gluten Free Bag, the launch of our Diabetes Plan in
April 2025, and the introduction of a GLP-1 support menu
that features recipes and Ready Made meals and is targeted
at consumers using GLP-1 medications.
Bargain Box continues to strengthen its position as
New Zealand’s most affordable meal kit. In FY26, a new
campaign, “Bargain Win”, was launched across a range of
media channels including TV, online video such as YouTube,
and radio to reach a broad audience. This was supported by
the launch of a multi-year sponsorship of the Weet-Bix Kids
TRYathlon, an iconic series of events attended by 100,000
people each year.
The Fresh Start brand is designed to support customers in
achieving their weight loss and wellness goals with calorie
controlled, nutrient rich meal options. Beyond the recipes, Fresh
Start customers can also join our dietitian designed 8 week
Reset programme, which provides additional content, support
and rewards. The Reset programme is continually refreshed
with new resources and prizes, helping to drive high levels of
participation and success.
My Food Bag cemented its “Dinner, Done Better” brand
positioning with ongoing media support throughout FY26.
From kid approved recipes to quality ingredients such as
sustainably sourced snapper and John Dory, every aspect of
the product and experience delivers on the promise of being
better: higher quality, easier to prepare and more nutritious
than going it alone.
This commitment was recognised by Canstar, with My Food
Bag awarded Canstar Blue’s Best Rated Meal Kit for 2025. The
brand was recognised across a number of attributes, including
freshness, taste and variety.
MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2026
4

Nadia Lim continues to play an important role for the brand. As
one of New Zealand’s most well-known personalities, she is a
valuable ambassador across all of our brands. My Food Bag
sponsored Nadia’s TV show Nadia’s Farm Kitchen, with recipes
from the show integrated into our menus. Nadia also featured
in an online series, “Dinner with Nadia”, which included high
profile New Zealanders and showcased the My Food Bag
range and key brand benefits.
Beyond My Food Bag, Nadia collaborated with cost of living
influencer Alice Taylor to promote the launch of Bargain Box’s
second edition of Saver Flavour, our free downloadable
cookbook designed to showcase the great value Bargain
Box offers.
ENHANCING CUSTOMER EXPERIENCE
Delivering an exceptional customer experience remains at
the core of our business strategy, and we believe it has been
instrumental in our sustained growth. Our ongoing commitment
to high quality local ingredients, our relentless focus on product
quality and pick accuracy and continued evolution of our
recipe range have supported consistently strong Net Promoter
Scores (NPS), alongside growth in retained active customers
and improved customer retention.
Beyond weekly meal kits, we have also continued to enhance
the customer experience delivered through our Christmas
offering. In FY26 we further expanded the level of choice
available to customers, adding dessert options to complement
the protein choices introduced in FY25. Enabled by our pick
technology and supported by a strong focus on operational
execution, we were delighted to deliver an exceptional
Christmas experience. The NPS for our Christmas offering
reached its highest level on record.
We continue to evolve each brand in
response to customer feedback, with
a focus on delivering flexibility, value
for money, and catering to dietary
and health needs.
5
LETTER FROM THE CHAIR AND CEO

OPERATIONAL EXCELLENCE & EFFICIENCY
Across our operations and wider business, we have
focused on delivering a high-quality product that exceeds
customer expectations. This is complemented with a strong
focus on efficiency, which has allowed us to keep our costs
well controlled.
Our investment in Pick to Light technology continues to deliver
improvements across customer facing metrics including
pick accuracy and delivery. Combined with a strong focus
on productivity we have been able to convert this strong
operational performance into a reduction in the size of
our customer services team, and an on-going reduction in
customer compensation.
We also introduced Dynamic Box and Ice to make our
packaging more tailored to each order. This initiative adjusts
the box size and ice levels for every delivery, ensuring
customers receive the right amount of insulation while
reducing cardboard use and packaging waste.
Late in FY26, we launched a new integrated warehouse
and inventory management system, enabling real time stock
capture, improved batch level traceability and stronger
system supported quality controls. The platform went live at
the Auckland facility in February, followed by Christchurch in
March, and is already providing improved inventory visibility.
Importantly, the system also provides a scalable supply chain
foundation to support My Food Bag’s continued growth.
Other efficiencies have been found using AI, which our teams
across the business have embraced to drive productivity
initiatives and support the development of multiple
digital projects.
INVESTING IN OUR PEOPLE
Our people are critical to delivering for customers, and this
year we continued to strengthen a high-performing, inclusive
workplace supported by clear leadership and effective ways
of working. Engagement remained consistently positive, with
an average employee engagement score of 8.18 out of 10
for FY26, up from 8.15 in FY25.
To maintain momentum, we invested in the leadership and
capability needed to execute our strategy, continuing our
Raising the Bar and Going for Gold programs, embedding
responsible everyday use of AI with clear policy and
governance (positive sentiment increased from 7.14 to 7.59),
and strengthening data capability to support better decisions
and cross-functional collaboration. This integrated approach
was recognised externally, with My Food Bag named a finalist
in the 2026 HRNZ Awards (Learning and Development).
EXPANSION OF THE MY FOOD BAG SHOP
The My Food Bag Shop completed its first full year of
operation in FY26, marking an important milestone in the
launch of a more flexible operating model for My Food Bag.
The Shop allows customers to purchase care packages, gifting
bundles and Ready Made meals without a subscription,
with nationwide delivery available as quickly as the same
day. This capability enables us to reach a new audience of
both consumer and corporate customers looking for one-off
gifting and meal solutions.
During FY26 we maximised a wide range of gifting and
seasonal occasions and expanded the product range into new
categories, including fresh cakes and flowers. Key highlights
included the success of our Mother’s Day and Father’s Day
ranges, as well as our Valentine’s Day meal range, which gave
customers the opportunity to enjoy an easy to prepare gourmet
meal at home without committing to a subscription.
The Shop is an important way to introduce potential new meal
kit customers to the quality and convenience that My Food Bag
can offer.
MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2026
6

Outlook
My Food Bag enters FY27 focused on driving growth,
supported by a strong pipeline of initiatives and a continued
focus on enhancing convenience, flexibility and value
for customers.
The business is well positioned in a more challenging economic
environment, with its portfolio of brands - My Food Bag,
Bargain Box and Fresh Start, enabling it to meet customers
across a range of needs and price points. This breadth remains
a key strength as households continue to prioritise value, while
still seeking quality, variety and healthier options.
Across the year, the offering will continue to evolve in
line with changing customer expectations. This includes
making it easier to navigate recipe ranges through digital
enhancements, expanding customisation features, and further
developing solutions that support the evolving health needs
of New Zealanders.
The My Food Bag brand will maintain its strong presence in the
market, supported by Nadia Lim and brand partnerships, while
Bargain Box and Fresh Start will continue to play distinct roles
in reaching value-focused and health-led segments. The My
Food Bag Shop will continue to expand, with increased focus
on driving awareness and unlocking new occasions such as
gifting, care packages and flexible one-off meals.
The operating environment is expected to remain challenging
in the near term, with ongoing cost pressures across the supply
chain. My Food Bag continues to actively manage these
through disciplined cost control and a measured approach
to pricing, while maintaining strong customer value through a
consistent weekly price and a range of quality, healthy options
that provide certainty for customers.
Early trading in FY27 has remained encouraging, with demand
trends continuing to track positively, reflecting ongoing
execution of our strategy and the strength of the customer base.
My Food Bag remains confident in its growth strategy and
the opportunities ahead, with a clear focus on continuing to
lead the meal kit category and leveraging its brand strength
in the broader online food market. This is underpinned by a
disciplined approach to building brand strength, enhancing
convenience and flexibility, and unlocking new growth
opportunities through innovation and partnerships, supported
by continued investment in brands, customer experience,
supply chain and data and technology capabilities.
At the start of FY27, the Board commenced a review to evaluate
its ownership, capital structure and strategic options. The review
remains in its preliminary stages and there is no certainty that
any transaction involving My Food Bag will eventuate. We
will continue to keep shareholders and the market updated in
accordance with our continuous disclosure obligations.
We would like to thank our staff and shareholders for their
continued support and look forward to delivering another
year of growth for the business.
Sincerely,

Tony Carter Mark Winter
Chair CEO
7
LETTER FROM THE CHAIR AND CEO

REVENUE
NPAT
Results
at a glance
AVE R AGE ORDE R VALUE
EBITDA
$
6 . 7m
$
170 . 2 m
$
133. 7
FY25 $130.1
FY25 $6.3m
F Y25 $16 .1m
FY25 57.0k
F Y25 $162 .1m
$
16 . 4 m
GROSS MARGIN %
49.0 %
ACTIVE CUSTOMERS
57.1k
TOTAL FY26 DIVIDEND
1.9cps
Fully imputed with a dividend
yield of 10.1%*
*Based on a share price of $0.26 as at 13th May 2026
MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2026

MEALS DELIVERED SINCE LAUNCH
fresh protein and
produce sourced locally
at a glance
TRIFR*
0.88
*Total Recordable Injury Frequency Rate

1.2 FY25
4 .15/5
AVERAGE RECIPE RATINGS
AVE R AGE MEAL
FREQUENCY
5.5
(5.4 in FY25)
2026202520242023202220212020201920182017201620152014
1m
4m
10m
22m
34m
54m
69m
90m
106m
122m
137m
151m
167m
16 7m
Our most successful
Christmas yet!
CHRISTMAS NPS
70%
98%
RESULTS AT A GLANCE

Business
Update
My Food Bag has demonstrated the strength
of our brand and business in FY26, delivering
another year of sustained growth. Our range
of meal kits continues to provide convenience
and great value for Kiwi households, while
our expanding range of Ready Made meals
and gifting solutions is broadening the
appeal of our offering and the occasions
we provide solutions for.
Our focus remains on growing our active customer base by
enhancing the customer experience, adding flexibility and
convenience, and continuing to innovate across our product
range. Ongoing improvements in product quality have driven
strong customer satisfaction, and we continue to see impressive
customer loyalty as a result.
Our three brands remain fundamental to our success, enabling
us to appeal to a broad audience. The strong awareness
and trust in the My Food Bag brand has also allowed us to
successfully extend beyond meal kits into new categories.
10
MY FOOD BAG GROUP LIMITED
ANNUAL REPORT 2026

OUR BRAND PORTFOLIO
Our brand strategy in FY26 remained
focused on building the unique value
proposition of our core brands – My Food
Bag, Fresh Start and Bargain Box, with an
emphasis on each of the brands delivering
quality, variety and value.
We have a clear strategy to strengthen the health credentials
of our portfolio, backed by our nutrition team and a product
range that caters to a variety of dietary preferences.
Throughout FY26 we continued to expand our range of
solutions tailored to specific dietary and health needs. At the
start of FY26 we launched our My Food Bag Diabetes Plan in
partnership with Diabetes New Zealand. In July we launched
our Fresh Start GLP-1 range which supports consumers using
GLP-1 weight loss medications. In January 2026, we launched
a High Protein preference for My Food Bag customers, and a
Gut Friendly preference under Fresh Start.
We have also commenced our journey towards offering
customers more ways to customise and personalise their
subscriptions and recipes. In January, we launched two new
features – “Double Protein” and “Goes well with” that allow
customers to double the volume of the main protein in their
recipe for a competitive price and add complementary sides
to each meal.
Our sales uplift has been further supported by the sustained
growth of our award-winning Ready Made meal range.
In FY26 we continued to expand into more Ready Made
categories including soups and desserts and made these
options available via more of our channels and brands. The
quality of our meals, soup and desserts were recognised in the
NZ Artisan Awards with 5 medals won, and we were a finalist
in the Food Awards for the second year running with one of our
Ready Made meals.
Our brand portfolio allows us to offer meal kits at a range of
price points, helping us reach a broader audience. Whether
customers are focused on feeding their family, achieving a
health goal, or looking for highly convenient options, we can
provide targeted solutions and move them through the My
Food Bag portfolio over time, maximising their lifetime value.
DINNER WITH MY FOOD BAG
My Food Bag continues to strengthen its Dinner, Done Better
brand positioning, with Nadia Lim as our brand ambassador.
In early 2025, we launched Dinner with Nadia, an engaging
online series featuring well-known Kiwis such as Toni Street,
Paddy Gower, Petra Bagust, and Olympian Emma Twigg.
Through their stories, the series highlights how My Food Bag
helps families across New Zealand enjoy delicious, stress-free
meals while reinforcing our authentic Kiwi roots.
Later in the year My Food Bag sponsored Nadia’s TV Show
“Nadia’s Farm Kitchen” and integrated recipes from the show
onto our menu. This initiative helped strengthen the My Food
Bag brand by reinforcing our association with Nadia’s trusted
expertise and inspiring more Kiwi households to cook her
recipes at home through our menu.
11
BUSINESS UPDATE

with our Everyday Savers range of grocery extras that can be
added onto customer’s orders.
At the end of FY26, we began a new partnership with
Instagram creator and cost of living advocate Alice Taylor. This
partnership culminated in the release of an online e-cookbook
in collaboration with Nadia Lim. Saver Flavour 2 is designed to
provide Kiwi households with practical and affordable recipe
ideas, while also building brand awareness and growing the
Bargain Box database.
As with My Food Bag, collaborations and partnerships are
key to building the relevance and presence of Bargain Box.
In FY26, Bargain Box partnered with popular restaurant
brands Hell Pizza and Lone Star, bringing well-known menu
items to life within the Bargain Box range. Bargain Box
also commenced a multi-year sponsorship of the Weet-Bix
TRYathlon, reinforcing the brand’s family positioning and
helping us connect with young families.
Partnerships and collaborations remain central to expanding
My Food Bag’s reach and engagement. Our partnership
with Auckland FC has continued to grow, with a range of
activations and promotions celebrating the Auckland football
team’s success. This collaboration plays an important role
in connecting with the growing number of Kiwi football fans
families and strengthening our brand presence.
BARGAIN BOX WINS ON VALUE
As New Zealand’s most affordable meal kit, Bargain Box
remains well positioned for today’s economic climate. We’re
committed to helping Kiwi households enjoy great quality food
for less. A key driver of Bargain Box’s success is its consistent
price competitiveness against supermarkets, which we track
regularly and highlight in our communications. In FY26, we
launched a new Bargain Box advertising campaign across TV
and online video, reinforcing our core message that Bargain
Box delivers both quality and value, making every meal a true
“Bargain Win.” We have further supported this proposition
MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2026
12

FRESH START & HEALTH
In FY26 we invested in additional resource to support our
Health strategy and the Fresh Start brand with the recruitment
of a qualified Dietitian to lead our Nutrition Marketing. This
has allowed us to forge more partnerships and credibly discuss
our offerings with Health Care Professionals. Combined with
the existing Nutrition team in our Development Kitchen, we
attended two conferences with health care professionals to
build awareness of our range with this audience.
Fresh Start’s core offering targets weight loss and wellness with
calorie-controlled meals supported by our ‘always-on’ 8 week
weight loss programme – the 8 week Reset. This programme
was designed by our in-house nutrition team to support Fresh
Start customers to achieve their goals and has been successful
in driving purchase frequency of the brand. Each season we
refresh the Reset with new content and rewards to inspire new
and lapsed customers to join the Reset and complete their 8
weeks. In January 2026, we partnered with Hydroflask to
offer a high value incentive to customers who completed the
8 week Reset which drove high levels of engagement and
purchase frequency.
We also launched a Gut Friendly preference in January and
successfully collaborated with a range of aligned brands
including The Friendly Food Co and Be Pure, helping us to
expand our reach and cost effectively promote our brand to
health conscious audiences.
Fresh Start remains one of the most profitable offerings in our
portfolio and sees the most frequent purchases across our
brands. With growing consumer interest in health and wellness,
the brand is well placed to meet this demand, supported by our
in-house nutrition experts who ensure our meals and content
stay aligned with the latest dietary trends.
AWARD-WINNING READY MADE MEALS
Our Ready Made meal range continued to expand across
the multiple channels in our portfolio. Customers can access
the range as part of the meal kit menu, through My Food Bag
Shop as standalone purchases, via a standalone subscription,
or as an add-on to existing meal kit orders. During the year we
also extended the range to include fresh Ready Made soups
and desserts.
A strong and consistent focus on taste and quality has
been central to the continued growth of the range. In
FY26 this quality was again recognised through external
awards. Nadia’s Shepherd’s Pie was named a finalist in the
New Zealand Food Awards, and our Ready Made meals,
soup and dessert products collectively received five medals
at the New Zealand Artisan Awards.
SHOP GROWTH & OPERATIONS
The My Food Bag Shop completed its first full year of
operation in FY26, marking the launch of our flexible
operating model which sees us ordering and receiving
ingredients multiple times per week and packing and
dispatching boxes 5 days per week.
The My Food Bag Shop also represents an exciting
step forward for the brand and for consumers, as we
expand beyond subscriptions to offer greater flexibility
and convenience.
The Shop allows customers to choose from a curated range
of care packages, gifts and Ready Made meal bundles,
all available for delivery from as quickly as the same day
without the need for a subscription. With shorter lead times,
same day and twilight delivery options, and a strong focus on
convenience, the Shop has been well received by customers.
During FY26 we continued to enhance the buying experience,
expand delivery reach and grow the product range, and
have seen strong growth as we move further into the wider
online food category. Key occasions such as Father’s Day and
Valentine’s Day were particularly successful in attracting both
individual and corporate customers.
13
BUSINESS UPDATE

The product range now includes around 30 bundles across
several categories, including Ready Made meals, fresh cakes
and fresh flowers.
Our database of corporate customers continues to grow,
and we have attended a number of industry events to build
awareness with corporate customers.
MY FOOD BAG’S CHRISTMAS CONTINUES TO DELIGHT
My Food Bag continues to focus on making Christmas easier
and more delicious for households across New Zealand.
Following the success of protein choice in FY25, we further
expanded choice and flexibility for customers with the
introduction of dessert selection in FY26. We also recognised
the Kiwi tradition of a summer Christmas with the launch of an
oven free BBQ Christmas Bag.
The Christmas range was promoted during the final episode
of Nadia’s Farm Kitchen, and we achieved strong sales along
with exceptional recipe ratings and customer satisfaction,
including a record high NPS from Christmas customers. As
a result, we continue to see Christmas as a key opportunity
for people to experience My Food Bag for the first time and
bring new customers into the brand.
Continuous improvement
ENHANCING CUSTOMER EXPERIENCE
Improving the customer experience across all aspects of our
business remains a key priority. Recent initiatives include
enhancements to the layout of our recipe cards, ongoing
upgrades and new features within our app, and expanding
the types of premium proteins available on our menus.
Customers are responding well to these initiatives, and this is
evidenced by our strong customer loyalty indicators such as
improved purchase frequency and tenure. In addition, customer
compensation continues to reduce, reflecting our excellent
operational service levels in areas such as pick accuracy.
We were proud to see this commitment to quality recognised
externally, with My Food Bag awarded Canstar Blue’s Best
Rated Meal Kit for 2025, achieving 5 out of 5 for freshness,
taste, and variety.
DIGITAL PROJECTS DRIVE PRODUCTIVITY
AND PERSONALISATION
Our Digital team delivered a number of key projects during
FY26 focused on improving business productivity and
increasing personalisation across our menus and products
to better meet customer needs.
MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2026
14

The team embraced AI and other emerging technologies
to drive productivity initiatives and strengthen our ability to
support the multiple platforms that power our business. One
example was the launch of an AI pilot within our Customer Love
team, which successfully reduced average handle time and
provided valuable learnings for future AI applications.
We also continued to make our packaging more personalised
by order through the launch of Dynamic Box and Ice. This
initiative optimises the box size and amount of ice used for
each order. Alongside our broader packaging programme,
it ensures every customer receives the right sized box with the
optimal level of ice and insulation, while minimising cardboard
use and waste.
In addition, we reworked the algorithm that determines the
default recipes customers receive, using updated customer
insights to improve relevance and satisfaction. This work will
continue into FY27, alongside the development of a more
advanced Menu Planning tool. This will further strengthen our
ability to deliver high levels of variety in our weekly menus
while effectively managing SKU complexity.
DELIVERY AREA EXPANSION
We have also partnered with NZ Post to expand our delivery
network, improving convenience and flexibility for customers
across New Zealand. During the financial year we expanded
our distribution coverage to 91% of households, up from 87%
in the prior year. We also expanded delivery coverage for the
My Food Bag Shop and reduced order lead times to as fast as
same-day delivery in some areas.
STREAMLINING INGREDIENT MANAGEMENT
During the year, My Food Bag completed the implementation
of a new ingredient and inbound supply chain management
platform designed to modernise warehouse operations and
strengthen inventory control.
The new system introduces integrated warehouse and inventory
management through the Infor and Factory Track platforms,
enabling real-time stock capture, improved batch-level
traceability, and stronger system-supported quality controls.
The platform went live at the Auckland facility in February, with
Christchurch following in March. The implementation provides
improved inventory visibility and more flexible receipting
processes. These improvements strengthen food safety,
enhance operational efficiency, and provide a scalable supply
chain foundation to support My Food Bag’s continued growth.
FY27 Focus
Our focus for FY27 is to build on the
momentum of the past year while
continuing to evolve how we meet
our customers’ needs. We will place
greater emphasis on convenience
and flexibility as well as continuing
to grow our health and wellness
offering. Expanding our partnerships
and connecting with new audiences
will also play an important role in
supporting future growth.
As the leading brand in the meal kit category, My Food Bag
will remain central to our strategy. We will continue investing
in the strength of the brand and developing the product range
to ensure it remains relevant, inspiring and trusted by Kiwi
households. Alongside this, we will strengthen the positioning of
Bargain Box as New Zealand’s most affordable meal kit option
and continue to grow Fresh Start as a compelling choice for
customers focused on health and nutrition.
Building on the successful introduction of meal customisation,
we will continue to introduce features that make our service
more adaptable to customers’ needs and preferences. We also
plan to further broaden our recipe offering to reflect changing
dietary preferences and emerging food trends.
The My Food Bag Shop will also remain an important growth
platform. During FY27 we intend to expand the product range
and increase awareness among both corporate customers
and consumers seeking convenient one-off purchases without
a subscription.
Looking ahead, we see significant opportunity to grow both
within the meal kit category and across the wider online food
market. Our approach will focus on strengthening our brands,
making our service easier and more flexible to use, deepening
personalisation and continuing to reach new customer
segments. These priorities will be supported by ongoing
investment in our people, supply chain and technology to
ensure the business is well positioned for the next phase
of growth.
BUSINESS UPDATE
15
BUSINESS UPDATE

Existing weekly operations cycle for meal kits
TUESDAY
• The billing run is made and
customer money received
• My Food Bag’s procurement
team reviews and places
orders with suppliers
• Customers have until
Tuesday 7.00pm to make
address updates
TUESDAY & WEDNESDAY
• Ingredients begin to arrive at our assembly
centres in Auckland and Christchurch, with
the majority arriving on site on Wednesday
and Thursday.
• Ingredients are sourced from more than
150 suppliers
THURSDAY & FRIDAY
• Picking, packing and
staging commences
midday
• Boxes begin to
be transported to
distribution depots
around the country
• Delivery is made to
some Gluten Free
customers
SATURDAY
• Picking and
packing concludes
• Delivery is made to
customers electing
Saturday delivery
SUNDAY
• Boxes are delivered
to customers via
NZ Post’s Sunday
Delivery Partnership
(with some deliveries
on Monday via
NZ Post’s overnight
network)
• Customers are sent
texts to inform them
of delivery details
13
75
2
MONDAY EVENING
• Subscribers have until
11:59pm to adjust their
orders for the following
week’s delivery
• Orders can be
changed through
both the website and
mobile app
54
MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2026
16

BUSINESS UPDATE
New continuous business model implemented for the Shop
M
O
N
D
A
Y
S
U
N
D
A
Y
S
A
T
U
R
D
A
Y
F
R
I
D
A
Y
T
H
U
R
S
D
A
Y
W
E
D
N
E
S
D
A
Y
T
U
E
S
D
A
Y
PICKING,
PACKING &
DISPATCH
CUSTOMER
ORDERS
CUSTOMER
DELIVERY
CUSTOMER
ORDERS
INGREDIENTS
PROCUREMENT
Purchased Monday–Friday
to maintain stock levels
and freshness.
Our operation runs on a seamless, structured cycle to ensure efficiency and reliability. Orders are placed
24/7, ingredients are sourced throughout the week, and our picking, packing, and delivery processes
are carefully scheduled to maintain freshness and meet customer demand. This model leverages the
existing supply chain and forecasting capability that we have developed and continue to evolve.
Here’s how it works:
PICKING, PACKING
& DISPATCH
Boxes picked and packed
Monday–Friday for same
day dispatch.
CUSTOMER ORDERS
Customers have until 9am to
order for delivery the same
day on our Auckland Twilight
service or the day after for the
rest of the country.
CUSTOMER DELIVERY
Nationwide:
Delivered Tuesday–Saturday.
Auckland Metro:
Delivery Monday–Saturday
(Twilight service).
2413
INGREDIENTS
PROCUREMENT
17
BUSINESS UPDATE

Environmental,
Social &
Governance
Sustainability at My Food Bag
Our company purpose of helping
Aotearoa New Zealand to eat and live
well drives our Environmental, Social
and Governance strategy.
By extending our focus beyond
exceptional customer service and
products to how we serve the
environment, our people and the
communities we impact, we’re ensuring
success now and into the future.
We view our responsibility through four
broad sustainability workstreams.

MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2026
18

BETTER PACKAGING
Improve the sustainability of
our packaging with a focus on
reducing packaging or using
recyclable solutions and supporting
our customers to thoughtfully
dispose of their packaging waste.
Key focus areas
• Internal packaging
(boxes, insulation, ice)
• On-site waste
BETTER FOR THE ENVIRONMENT
Continue to develop greener practices
through monitoring and ongoing
initiatives to understand, minimise and
mitigate our impact on the environment
to ensure our meal kits are the most
climate-friendly way to shop and eat.
Key focus areas
• Food miles
• Freight
• Energy usage
• Water usage
• Food waste
• Climate-friendly
cooking
BETTER FOR OUR
PEOPLE & COMMUNITY
To support our people and
the wider community to eat
better and live better. 
Key focus areas
• Charitable partnerships
• Staff benefits and initiatives
• Health & safety
• Dietary solutions
BETTER, SAFER FOOD
To ensure we maintain uncompromisingly
high health and safety standards for our
people and product and a transparent
supply chain.
Key focus areas
• Local sourcing
• Approved supplier programme
• Food safety
• Allergens & labelling
Icons indicate which of the United Nations Sustainable Development Goals (UNSDGs) our ESG Pillars are aligned with.
19
ENVIRONMENTAL, SOCIAL AND GOVERNANCE

Better packaging
We remain committed to using the
minimum amount of the most sustainable
packaging we can, to keep food safe and
fresh for our customers. We’re focused on
reducing packaging where possible and
ensuring all packaging we need to use is
easily recyclable.
This includes:
• Approximately 80% of our ingredients by value are now
delivered to our distribution centres in reusable crates.
• Our cardboard boxes are made from forest stewardship
council (FSC) certified 47% recycled cardboard and all
our paper printing comes from FSC-certified pulp.
• The trays we use for our Ready Made meals contain
80% recycled plastic.
• We use 100% water in our meal kit ice packs, instead of
the gel still found in many chiller packs and we were the
first New Zealand meal kit provider to do so.
SPOTLIGHT ON:
Dynamic Packaging
In FY26 we launched the Dynamic Box
and Ice initiative, designed to optimise the
packaging used for every order. By
tailoring the box size and amount of ice to
the specific contents of each delivery, we
ensure customers receive the right level of
cooling and insulation while minimising
excess materials.
This initiative helps reduce cardboard use
and packaging waste across our
operations. Getting the balance right also
ensures we maintain the quality and
freshness of our ingredients, helping to
minimise food waste and quality issues.
Optimising packaging in this way is a key
part of our broader programme to
continuously improve the sustainability
and efficiency of our packaging.
20
MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2026

Better for the environment
We aim for our meal kits to be the most
environmentally sustainable way to shop and
eat. We pride ourselves on the development
of innovative ideas and strong partnerships,
ultimately helping to comprehensively
monitor and reduce our greenhouse gas
emissions and operational waste.
Examples include:
• Research shows meal kits are as much as 33% more
greenhouse-gas efficient than supermarket-bought meals
because of reduced wastage in our supply chain*.
• 98% of our fresh meat and produce is locally sourced close
to our North Island and South Island factories, greatly
reducing transport emissions.
• Our operations have maintained low levels of food waste
through a combination of just in time ordering and an
ongoing focus on accurate supplier forecasting
• Working with NZ Post, our delivery partner, we optimise
delivery routes to minimise emissions for our depot-to-
door deliveries.
* Source: Scientific Journal Resources, Conservation and Recycling (USA, 2019)
21
ENVIRONMENTAL, SOCIAL AND GOVERNANCE

SPOTLIGHT ON:
Measuring our Carbon Footprint
We continued our journey towards
measuring and understanding better our
carbon footprint in FY26. The scoping and
measurement of our Scope 1, 2 and 3
greenhouse gas (GHG) emissions have
been supported by external consultants
Tadpole. We set FY22 as our base year
and have audited its measurement. We
have not completed audits on any
subsequent years.
During FY26 we completed our FY25
carbon measurement, and we are in the
process of finalising the measurement
for FY26.
FY25 summary
In FY25, absolute gross emissions were
2,994.4 CO2e. This is a 6.8% increase on
FY24 emissions and a -12.6% reduction on
FY22 base year emissions.
The FY22 – FY24 numbers in this report
differ from that presented in last year’s
report because the footprints have been
recalculated using supplier data for the
cartons, which is more representative of
actual carton emissions. It must be noted
that the recalculated FY22 footprint has
not been audited.
0.6% of total emissions arose from direct
(Scope 1) GHG emissions, namely fuel
used in company vehicles. Eliminating
refrigerant gas leaks in FY23 has
contributed significantly to the overall
reduction of Scope 1 GHG emissions.
8.6% of emissions came from indirect
(Scope 2) sources, being emissions
SCOPEFY22FY23FY24FY25
12 71 . 034.920.019. 2
2338.4224.8208.8257.9
32,815.52,703.82,574.22,717.3
Total t CO2e3,424.92,963.52,802.92,994.4
t CO2e/$M17. 716 .917. 318.5
MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2026
22

associated with generating the electricity
we purchase and use. Following significant
reductions in FY23 and FY24, we observe
an increase in electricity emissions in FY25.
These results are due less to changes in
consumption and more to changes in the
electricity emission factor year on year. The
emission factor reflects the contribution of
renewable energy in the electricity grid mix.
After a number of favourable years, FY25
saw a return to more fossil fuel generation
in the grid which has directly impacted
our emissions.
The remaining 90.7% of emissions were
from indirect (Scope 3) sources and
included emissions from packaging and
freight. Other Scope 3 emission sources in
our measurement include business travel,
water use, waste management, well-to-tank
fuel emissions and electricity line losses.
Packaging remains the largest source of
emissions and packaging-related emissions
were a key driver of the increase in our
overall absolute and intensity carbon
footprint. Packaging remains essential to
maintaining food safety and product quality,
which has limited our ability to reduce its
use. In addition, areas of business growth,
TOTAL GHG EMISSIONS BY EMISSION SOURCE
1%
Transport fuel
11%
Electricity
2%
Landfill waste
MY FOOD BAG EMISSIONS BY SCOPE FOR FY25
0.6%
Scope 1
8.6%
Scope 2
90.7%
Scope 3
63%
Packaging
23%
Outward freight
23
ENVIRONMENTAL, SOCIAL AND GOVERNANCE

including Ready Made meals, are
associated with higher packaging
requirements. Reducing the impact of
packaging was a focus in FY26 and will
remain a priority in the years ahead.
Delivery emissions, our other significant
Scope 3 emission source, includes both
our long-haul freight and the customer
deliveries made by our delivery partner
NZ Post. We have worked closely with
NZ Post to develop accurate monthly
reporting that accounts for our dedicated
Sunday delivery network, the overnight
network we utilise for Saturday and
Monday deliveries and the Monday to
Saturday overnight network that makes
our Shop deliveries.
We recognise that our current carbon
measurement does not yet account for the
embodied carbon of our food ingredients
or emissions from product use, and we
may look to include these areas in future
reporting. We do not want to disclose
these emissions based on estimates – our
preference is to start engagement with
suppliers to source data that will facilitate
as accurate a measurement as possible.
Engaging with suppliers will also support
our endeavours to reduce our purchased
goods footprint.
We are currently completing our FY26
carbon measurement. In FY27, our focus
remains on optimising the amount of
packaging we use and working with our
delivery partner NZ Post to develop
strategies to reduce the carbon footprint
of our deliveries.
MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2026
24

Better for our people and community
Supporting both our staff and wider NZ
community to eat and live well, is core to our
purpose and we use a range of initiatives
and partnerships to deliver on this.
SPOTLIGHT ON:
Our Charitable Partnerships
We have a number of local charities
that we support who are aligned to our
purpose. Most of our charitable
partnerships span multiple years, as we
look to provide sustained support and
we continue to evolve these
partnerships with new initiatives
and campaigns.
We have been a supporter of the
Auckland, Wellington and Christchurch
City Missions since we launched, and
every week we donate unused food
from our assembly sites to their kitchens.
In FY26, we repeated our popular
fundraising campaign for the City
Missions, encouraging customers to
‘add a seat at the table’ to their
Christmas Bag and My Food Bag
orders during the festive period by
adding a $25 donation to the City
Mission. The 2025 campaign
surpassed the strong results achieved
in 2024, raising a total of $22.5k.
A number of My Food Bag employees
spent time preparing food parcels for
the Auckland City Mission in the lead
up to Christmas. We also ran our My
Christmas Gift drive, with support from
NZ Post and print supplier Bluestar,
25
ENVIRONMENTAL, SOCIAL AND GOVERNANCE

collecting food and gifts from customers for
the City Mission and local charities to
distribute to whānau in need.
We have been a proud partner of the Heart
Foundation since 2021 and continue to work
with them on our joint mission to promote
heart-healthy eating. In support of World
Heart Day in September, we supplied a
special heart-themed recipe which was
promoted through Heart Foundation
channels. In support of the Heart Foundation
Christmas Appeal 2025, we co-developed a
brochure featuring four entertaining recipes
plus a bonus recipe for high value givers. This
reached 34,000 households. Additionally,
we took part in the My Marathon initiative,
with 50 employees collectively travelling
5,404km and raising funds for heart health.
In February 2026, we supported the Heart
Foundation’s Heart Month by highlighting
heart healthy meals on our menu and
promoting their fundraising efforts through
our marketing channels. We raised
awareness around heart health at our sites,
and our staff also took part in the Big Heart
Appeal street collection to raise donations.
Following the launch of our
Diabetes Friendly recipe
range in 2025,
developed in
partnership with
Diabetes New Zealand, we continued to
build awareness of the range and educating
New Zealanders about healthy eating for
those at risk of, or living with, type 2
diabetes. Throughout 2025, we engaged
with key diabetes stakeholders including the
Aotearoa Diabetes Collective and co-
designed a practical ‘Diet & Diabetes’
resource for patients. We attended the
New Zealand Society for the Study of
Diabetes Conference 2025 in Hamilton
where we connected with dietitians, nurses
and doctors working in diabetes care. In
November 2025, we supported Diabetes
Action Month alongside Diabetes
New Zealand through new recipes and
promotions. A family-friendly diabetes-
friendly recipe was featured on the menu
each week, and 5 family-friendly recipes
were added to the e-book.
We are proud to have raised more than
$200k for Garden to Table since our
partnership began in 2020, helping Tamariki
access education that teaches them how to
grow, prepare and share kai. Garden to
Table is now established in 317 schools
across the motu, with around 33,000 Kiwi
kids growing, harvesting, preparing and
sharing food. We continue to provide My
Food Bag customers with the option to add
donations to Garden to Table through their
MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2026
26

SPOTLIGHT ON:
Our Leadership in Nutrition Education
Over the past financial year, we have
delivered a range of initiatives to strengthen
the credibility of our brand and provide
evidence based nutrition education to
health professionals, students and the
wider community.
We have delivered community nutrition
education both face to face and online to a
number of partner organisations, and
provided nutrition expertise for numerous
events. We remain committed to supporting
the next generation by delivering public
health and food service lectures to dietetic
students at the University of Auckland and
Massey University.
We have also produced and shared
webinars, free downloadable recipe books
and nutrition content across a wide range
of topics, including diabetes friendly eating,
good nutrition while using GLP-1
medications, and gut health, ensuring this
information is as widely accessible
as possible.
weekly orders, and we support the
organisation in its broader
fundraising campaigns.
Movember continues to be a highlight on
our staff’s calendar. Led by passionate My
Food Bag staff members a whole month of
engaging events were developed with the
objective of raising funds and awareness
about issues relating to Men’s Health.
In 2025, we also launched a new
partnership, supporting the Starship
Foundation’s Big Bake Sale. The Starship
Foundation raises money for Starship
Children’s Hospital. To support this
important cause, we designed an original
cake kit that was sold in the My Food Bag
Shop and as an Extra with proceeds from
every sale being donated to the
Foundation. We also encouraged
customers to add a donation to their
delivery and did an internal Bake
Off with staff.
These initiatives are a clear demonstration
of how we live our company purpose and
support the health and well-being of
all Kiwis.
27
ENVIRONMENTAL, SOCIAL AND GOVERNANCE

Given the physical nature of our operations
and the chilled warehouse environment,
manual handling remains an inherent part of
the work our teams perform each day. During
the year we strengthened our focus on early
reporting, early intervention and recovery at
work to support musculoskeletal health.
These efforts have contributed to a continued
year-on-year improvement in our Total
Recordable Injury Frequency Rate (TRIFR),
improving from 1.6 in FY24, to 1.2 in FY25,
and 0.88 in FY26, reflecting sustained
progress in creating a safer and
healthier workplace.
SPOTLIGHT ON:
Health, Safety & Wellbeing
During the year we continued to strengthen
our approach to Health, Safety and
Wellbeing, with a focus on the areas that
present the greatest potential impact to our
people and our operations.
Our Critical Risk Programme progressed
further, with particular attention on traffic
management and forklift movements across
our warehouse environments.
These remain some of the most significant
operational safety risks within our business.
Over the year we enhanced risk visibility and
strengthened critical controls, supported by
greater oversight to ensure these risks are
actively managed and consistently
monitored across our sites.
MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2026
28

Better, safer food
We are committed to uncompromising
food safety standards and a transparent,
trusted supply chain, underpinned by
our local sourcing approach, Approved
Supplier Programme, and robust cold chain
management.
All of our suppliers operate established Food Control Plans
or National Programmes in line with New Zealand’s Food
Regulations, and we maintain a National Programme
Level 3 Food Safety Programme.
In FY26, we strengthened supplier oversight, focusing on
audits of higher-risk and My Food Bag-branded products. In
addition to structured audits, we increased collaborative visits
with suppliers to drive continuous improvement and elevate
product quality.
We invested in Factory Tracker to enhance the management
of incoming goods, improving traceability and operational
efficiency. Our people remained a key focus: Ingredient
Specialists received HACCP training, and site-based quality
teams were upskilled to maintain consistent safety and quality
across all operations.
This year, we partnered with MPI on our second joint Food
Safety campaign, focusing on the safe storage of food leftovers.
SPOTLIGHT ON:
Fresh & Free Range
We are proud to support Kiwi suppliers and local ingredients. We continue to source
98% of our fresh proteins and produce locally. Despite rising input costs, we remain
committed to offering locally sourced, free range and free farmed chicken and pork
across our meal kits and Ready Made meals.
We also continue to offer premium New Zealand beef and lamb across all our menus
and have expanded our range of locally and sustainably sourced fish for our meal kit
customers, including snapper and John Dory.
29
ENVIRONMENTAL, SOCIAL AND GOVERNANCE

Our people and culture
At My Food Bag, our people are at the
heart of everything we do and play a critical
role in delivering the exceptional customer
experience we pride ourselves on. Over
the past year, we continued to strengthen
an inclusive, high performing workplace,
recognising that sustained performance
for our customers is driven by clear
leadership, effective ways of working and an
environment where people feel supported
to do their best work. Our focus remained
on building engagement, capability and
connection across the organisation, creating
the conditions for consistent delivery and
long term success.
Culture &
Capability
MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2026
30

ENGAGEMENT AND PRODUCTIVITY
Engagement remained a core focus throughout the year,
reflecting our belief that sustained productivity is built on
strong cultural foundations. Our FY26 average employee
engagement score of 8.18 out of 10 (FY25: 8.15) indicates
consistently positive sentiment across the organisation and
reinforces the importance of an environment where people
feel supported to perform at their best.
This is reflected in strong scores across measures of support,
inclusion and belonging. Scores relating to feeling supported
and encouraged to do one’s best work increased from 4.30 to
4.42 out of 5, reaching the highest score achieved during the
reporting period. Commitment to diversity, equity and inclusion
(DEI) also remains a key strength, with the overall DEI score
increasing from 4.40 to 4.44, reinforcing positive momentum
and indicating that the cultural foundations of the organisation
remain strong.
LEADERSHIP AND CAPABILITY
Building leadership and organisational capability remained a
priority over the year, with a focus on equipping our people to
lead effectively through change and emerging opportunities.
Our Going for Gold and Raising the Bar programmes continue
to form the foundation of leadership development across the
business, providing a consistent framework for how we lead,
make decisions and support our teams. Over the year, we
continued to run and evolve these programmes, augmenting
the offering to ensure our leadership approach remains
relevant, practical and aligned to how work is changing
across the organisation.
Alongside this, we focused on building organisational
capability in areas critical to future performance. A key area
of emphasis was fostering a culture of curiosity and confidence
around the use of artificial intelligence across the business. We
encouraged thoughtful exploration and adoption of AI tools to
support productivity and innovation, while also strengthening
governance through clear policies, guidance and controls to
ensure responsible and appropriate use. Positive sentiment
towards AI continues to grow, with our AI sentiment score
increasing to 7.59, up from 7.14, reflecting rising confidence
and comfort across the organisation.
AI adoption is now well established across the business, with
usage widespread and confidence continuing to grow. Training
and clear policy have supported a shift from exploration to
regular, everyday use.
We also invested in strengthening data capability to
support better decision making and deeper cross-functional
collaboration. By improving access to insights and building
confidence in the use of data, teams are better equipped to
align priorities, collaborate effectively across functions and
make more informed, timely decisions.
Together, these capability investments support our leaders and
teams to navigate change, lift productivity and deliver stronger
outcomes in an increasingly data and technology enabled
environment. This work was recognised externally, with My
Food Bag named a finalist in the 2026 HRNZ Awards in the
Learning and Development category, acknowledging the
impact of our leadership capability initiatives.
GENDER PAY EQUITY
Maintaining pay equity remains an important part of our
commitment to fairness, inclusion and long term sustainability.
We continue to monitor our gender pay gap closely and have
maintained a low and stable position of 3.7%.
31
CULTURE AND CAPABILITY

Sarah Hindle
Independent Non-Executive Director
Sarah was appointed as a director
of My Food Bag in January 2021.
She has a broad range of experience
in management and governance
across food, beverage and consumer
goods, technology and commercial
law. Sarah leads the Manufacturing,
Technology and Services sector at
New Zealand Trade and Enterprise and
prior to that was the founding general
manager of Tech Futures Lab (now
AcademyEX), where she helped grow
New Zealand’s most innovative, tech-led
learning institute.
Previously, Sarah was based in the
UK where she held a number of roles
including as Global Head of Business
Delivery for Direct Wines. She began
her career as a solicitor for Minter Ellison
Rudd Watts in New Zealand.
Sarah is passionate about helping
businesses address the challenges
facing our food system and has held
governance roles as Chair of the
Executive Council of AgriTech New
Zealand and as a director and deputy
chair for NZTech. Sarah holds a
Bachelor of Arts and Bachelor of Laws
from Victoria University of Wellington,
along with an MBA from BI Norwegian
Business School of Management. She is
enrolled as a barrister and solicitor of the
High Court in New Zealand.
Tony Carter, CNZM
Independent Chair
Tony joined the My Food Bag board in
January 2021 and was appointed Chair
at that time.
Tony has a broad range of experience
in governance across the consumer,
industrial services, infrastructure,
and energy sectors. Tony moved into
governance following a successful
executive career, where he served as
Chief Executive and Managing Director
at Foodstuffs – New Zealand’s largest
retail organisation – for 10 years.
Tony is currently Chairman of Datacom,
The Skin Institute, The Interiors Group
and TR Group and is a director of
Sanford Ltd, Ravensdown and The
Warehouse Group. He was formerly
Chair of Air New Zealand for six years,
Chair of Fisher & Paykel Healthcare for
eight years and a director of Fletcher
Building, ANZ Bank New Zealand
and Vector. He was Chairman of the
New Zealand Institute when it merged
with the New Zealand Business
Roundtable to form the New Zealand
Initiative in 2012, of which he served
as inaugural Co-Chairman until 2013.
Tony graduated from the University
of Canterbury with a Bachelor of
Engineering with honours, before
completing a Master of Philosophy
degree at Loughborough University
of Technology in the United Kingdom.
He was made a Companion of the
New Zealand Order of Merit for
services to business governance
in 2020.
BOARD OF DIRECTORS
Jennifer (Jen) Bunbury
Independent Non-Executive Director
Jen was appointed as a director of My
Food Bag in January 2021 and acts as
Chair of the Audit and Risk Committee.
She has an extensive background in
financial services, including NZX listings,
acquisitions, mergers and strategic
advisory. Jen an Investment Banking
director for 9 years, following investor
relations and other investment banking
roles in NZ and Europe. Jen currently is
an advisor to Stewart Family Investment
Office, she was also previously the CFO
of NZX listed Tourism Holdings.
Jen is a member of the NZ Institute of
Directors and participated in the Future
Directors programme with the board of
agribusiness Scales Corporation. Jen
completed a Bachelor of Commerce
majoring in finance, graduating with
first-class honours from the University
of Canterbury.
MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2026
32

Mark Powell
Independent Non-Executive Director
Mark joined the My Food Bag
board in November 2022 and acts
as the Chair of the Nomination and
Remuneration Committee.
Mark has extensive and diverse
experience having worked in a number
of different industries in New Zealand
and overseas as part of his executive
and governance career, including
retail, property, logistics, food services,
financial services, agriculture, mining
and education. Mark moved into
governance following a successful
executive career, where he established
and lead Wal-Mart Canada’s logistics
operations, served as the Logistics
Operations Director for Tesco Plc, and
spent 13 years at the Warehouse Group,
ultimately as Group CEO - for five years.
Mark is currently a director of STIHL
Australia, STIHL Limited New Zealand
and ASX listed JB Hi-Fi.
Mark graduated from the University of
Wales, UK with a Bachelor of Mining
Engineering with honours, before
completing a Masters in Logistics at
Cranfield and later a MBA at Cardiff
Business School, UK. He also has
Bachelor of Applied Theology and MA
Christian Apologetics degrees. He is a
Chartered Member of the New Zealand
Institute of Directors, a Graduate
Member of the Australian Institute of
Company Directors and a Fellow of
the Chartered Institute of Transport
and Logistics.
Cecilia Robinson, ONZM
Non-Executive Director
Cecilia was appointed as a director of
My Food Bag in August 2022 and acts
as Chair of the Marketing Committee.
Cecilia has extensive knowledge of the
business as she co-founded My Food
Bag in 2012, was co-CEO until 2018
and served as a director of the company
prior to its listing on the NZX Main
Board in 2021.
Cecilia the founder and co-CEO of
Tend Health – one of New Zealand’s
largest primary care providers, brings
an extensive background in business
management. Cecilia has been
recognised for her contributions to
business and entrepreneurship with
several awards, most recently as the
New Zealand Innovator of the Year
2024, Supreme Winner of the 2017
Women of Influence Awards, Next
Magazine Businesswoman of the year
2014 and EY Young Entrepreneur of
the Year 2013. Additionally she was
a founding trustee of the Prince’s Trust
Aotearoa New Zealand.
Cecilia is passionate about supporting
women in business and addressing the
challenges faced by working parents.
She also holds positions as a board
member of Pie Funds and is a member of
the NZ Institute of Directors. Cecilia was
made an Officer of the New Zealand
Order of Merit for services to business
and women in 2026.
33
BOARD OF DIRECTORS

MANAGEMENT TEAM
My Food Bag’s Senior Leadership Team bring a depth and
breadth of experience across multiple industries including
FMCG, services, and e-commerce.
With a balanced representation of men and women, the team
work collaboratively together to effectively lead the business
strategy and culture.
Louise Newsome
Chief Financial Officer
Louise leads the finance
function and has primary
responsibility for planning,
implementing, and controlling
all finance related activities.
She achieves this with
a collaborative team
focused on strong business
partnerships and providing
insights that support effective
decision making across
the business.
Past experience:
• Chief Financial Officer,
Ray White Damerell
Group (2020 – 2022)
• Chief Financial Officer,
Southern Cross Travel
Insurance (2017 – 2019)
Paul Kelly
Chief Operations Officer
Paul oversees a broad
team, and is responsible
for sourcing, operations
and logistics. This includes
the procurement of quality
ingredients, management of
our assembly operations in
both the North and South
Islands, as well as last mile
logistics. Paul also leads
the compliance functions
covering both health and
safety and food safety.
Past experience:
• General Manager –
Dairy Process Excellence,
Fonterra (2021 – 2022)
• Director Technical
Excellence (Acting),
Fonterra (2019 – 2021)
Polly Brodie
Head of Development Kitchen
Polly leads the Culinary team,
where creativity, flavour, and
strategy come together. With
a background in nutrition,
she ensures every menu is as
nourishing as it is delicious.
Polly’s team is responsible
for the recipes My Food
Bag customers cook each
week from designing menus,
developing new ingredients,
and creating the rich culinary
content that brings each
dish to life.
Past experience:
• Development Kitchen and
Nutrition Manager, My
Food Bag (2015 – 2018)
• Recipe Development and
Test Kitchen Chef, My
Food Bag (2014 – 2015)
Mark Winter
Chief Executive Officer
Mark drives the team to do
the basics brilliantly every
week while also developing
and implementing the long-
term strategy and objectives.
He is responsible for all
day-to-day management
decisions.
Past experience:
• Chief Financial
Officer, My Food Bag
(2019 – 2022)
• Group Financial
Controller, Fonterra
Brands NZ (2016 – 2019)
MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2026
34

Craig Jordan
Chief Digital & Growth Officer
Craig leads the company’s
digital, technology, data
and growth teams. These
teams drive transformation
across the business, support
and drive key processes
and platforms, and enable
growth and efficiency
through data. Craig also
leads the MFB trading and
sales function focused on
improving revenue through
our sales channels.
Past experience:
• Chief Digital Officer, My
Food Bag (2018 – 2023)
• Chief Digital Officer,
The Warehouse Group
(2014 – 2017 )
Cassie Ormand
Head of People & Culture
Cassie drives performance
and culture within the
business by ensuring sound
frameworks and processes
are in place to attract and
retain great people and
enable them to achieve.
She leads a team that offers
commercially focused
advice in partnership
with the business to drive
culture, capability and
communication.
Past experience:
• Head of People & Culture,
Plan B (2019 – 2021)
• Senior HR Business
Partner, Goodman Fielder
(2018 – 2019)
Trish Whitwell
Chief Customer Officer
Trish leads both Customer
Love and Brand Marketing
at My Food Bag. She heads
the Brand Marketing team to
deliver campaigns that build
awareness across the brand
portfolio and drive business
growth through new product
development and evolution
of existing offerings. In her
leadership of the Customer
Love team, she champions a
seamless customer experience
that strengthens brand loyalty
and satisfaction.
Past experience:
• Head of Innovation, My
Food Bag (2018 – 2023)
• Head of Marketing, My
Food Bag (2016 – 2017)
35
MANAGEMENT TEAM

MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2026
36

37
FINANCIAL STATEMENTS
Statement of Financial Position 38
Statement of Comprehensive Income 39
Statement of Changes in Equity 40
Statement of Cash Flows 41
Notes to the Financial Statements 42
Independent Auditor’s Report 62
Financial Statements
FOR THE YEAR ENDED 31 MARCH 2026
FINANCIAL STATEMENTS
37

MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2026MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2026
38
Statement of Financial Position
AS AT 31 MARCH 2026
For and on behalf of the Board of Directors who authorised the issue of the financial statements on 20 May 2026.
Tony Carter
Chair
20 May 2026
Jen Bunbury
Director
20 May 2026
NZ$000Note20262025
ASSETS
Current
Cash and cash equivalents
136231,534
Trade and other receivables
53,684575
Inventories
6830404
Prepayments69571 0
Total current assets
5,8323,223
Non-current
Property, plant and equipment
95 , 7 116,932
Intangible assets
1086,52686,466
Right-of-use assets
118,7366,896
Total non-current assets100,973100,294
Total assets
106,805103,517
LIABILITIES
Current
Trade and other payables
711 , 8 1 011,278
Deferred revenue2,58610
Lease liabilities
111,9252,554
Other current liabilities
82,3972,304
Tax liability859619
Total current liabilities
19,57716,765
Non-current
Lease liabilities non-current
118,0325,339
Borrowings
132,5008,473
Deferred tax liability
153,9523,947
Provisions330330
Total non-current liabilities
14 , 81418,089
Total liabilities
34,39134,854
Net assets
72,41468,663
EQUITY
Share capital
1261,0045 9 , 813
Retained earnings10,8448 , 11 3
Share-based payment reserve566737
Total equity
72,41468,663

39
MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2026MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2026
39
Statement of Comprehensive Income
FOR THE YEAR ENDED 31 MARCH 2026
FINANCIAL STATEMENTS
NZ$000Note20262025
Income1170,221162,102
Cost of sales
3(134,105)(127,591)
Gross profit
36,11634,511
Marketing expenses(5,435)(5,009)
Financing expenses(1,099)(1,584)
Indirect expenses
3(20,726)(19,432)
Other income
113 315 0
Net profit before tax
38,989 8,636
Income tax expense
15(2,303)(2,286)
Net profit after tax
6,6866,350
Total comprehensive income
6,6866,350
NZ$NZ$
Earnings per share
Basic and diluted earnings per share
40.03 0.03

MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2026
40
Statement of Changes in Equity
FOR THE YEAR ENDED 31 MARCH 2026
NZ$000NoteShare capital
Retained
earnings
Share-based
payment
reserveTotal equity
Balance at 1 April 20255 9 , 8138 , 11 373768,663
Net profit for the year-6,686-6,686
Total comprehensive income for the year
-6,686-6,686
Issuance under share scheme685-(685)-
Share-based payments--514514
Dividend
12-(3,955)-(3,954)
Shares issued under dividend reinvestment plan
12506--506
At 31 March 2026
61,00410,84456672,414
Balance at 1 April 202459,3364,42083664,592
Net profit for the year-6,350-6,350
Total comprehensive income for the year
-6,350-6,350
Issuance under share scheme47714 2(619)-
Share-based payments--520520
Dividend
12-(2,799)-(2,799)
At 31 March 2025
5 9 , 8138 , 11373768,663

41
FINANCIAL STATEMENTS
Statement of Cash Flows
FOR THE YEAR ENDED 31 MARCH 2026
NZ$000Note20262025
OPERATING ACTIVITIES
Cash was provided from:
Receipts from customers171,753161, 762
Proceeds from insurance317
Interest received8813 0
Tax refunded297-
Cash was applied to:
Payments to suppliers and employees(155,221)(144,418)
Interest paid (1,072)(1,557)
Tax paid(2,344)(2,697)
Net cash flows from operating activities
13,53213,227
INVESTING ACTIVITIES
Cash was provided from:
Proceeds from sale of property, plant and equipment-2
Cash was applied to:
Purchase of property, plant and equipment(462)(496)
Payments for development of software(2,410)(2,674)
Net cash flows from investing activities
(2,872)(3,168)
FINANCING ACTIVITIES
Cash was provided from:
Proceeds from borrowings
13-2,500
Cash was applied to:
Payment for lease liabilities(2,121)(2,404)
Dividends paid(3,449)(2,799)
Repayment of borrowings
13(6,000)(5,500)
Net cash flows from financing activities
(11,570)(8,203)
Net increase / (decrease) in cash flows(911)1,856
Cash and cash equivalents at the beginning of the period1,534(322)
Cash and cash equivalents at the end of the year
6231,534
Represented by:
Cash and cash equivalents6231,534
Cash and cash equivalents at the end of the year
6231,534

General Information 43
Financial Performance 44
1. Income 44
2. Segment Reporting 44
3. Expenses 45
4. Earnings per Share (EPS) 45
Working Capital 46
5. Trade and Other Receivables 46
6. Inventories 46
7. Trade and Other Payables 47
8. Other Current Liabilities 47
Long-term Assets 48
9. Property, Plant and Equipment 48
10. Intangible Assets 49
11. Leases 52
Funding and Equity 53
12. Share Capital and Dividend 53
13. Borrowings 54
14. Financial Risk Management 55
Other Notes 56
15. Taxation 56
16. Share-based Payments 57
17. Related Party Transactions 60
18. Operating Cash Flow Reconciliation 61
19. Contingent Liabilities 61
20. Capital Commitments 61
Notes to the Financial Statements
FOR THE YEAR ENDED 31 MARCH 2026
MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2026
42

43
FINANCIAL STATEMENTS
Notes to the Financial Statements
FOR THE YEAR ENDED 31 MARCH 2026
General Information
Reporting Entity
My Food Bag Group Limited is a profit-oriented company incorporated and domiciled in New Zealand. My Food Bag Group
Limited is registered under the Companies Act 1993 and is a FMC reporting entity under the Financial Markets Conduct Act 2013.
My Food Bag Group Limited is listed on the NZX Main Board.
The consolidated financial statements (the financial statements) presented are for My Food Bag Group Limited and its wholly owned
subsidiary My Food Bag Limited (together referred to as “the Group”).
Basis of Preparation
STATEMENT OF COMPLIANCE
These financial statements comply with International Financial Reporting Standards (IFRS) and New Zealand equivalents to
International Financial Reporting Standards (NZ IFRS). These financial statements have been prepared in accordance with Generally
Accepted Accounting Practice applicable to for-profit entities and the requirements of the Financial Markets Conduct Act 2013.
BASIS OF MEASUREMENT
These financial statements have been prepared on the historical cost basis.
FUNCTIONAL AND PRESENTATION CURRENCY
These financial statements are presented in New Zealand dollars (NZ$), which is the Group’s functional currency, and rounded to
the nearest thousand dollars (NZ$000) unless otherwise stated.
GOING CONCERN
These financial statements have been prepared on the basis the Group is a going concern.
Significant Estimates and Judgements
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the
reported amounts of income, expenses, assets and liabilities, and the accompanying disclosures. Actual outcomes may differ from
these estimates.
Information about significant estimation uncertainty and judgements in applying accounting policies that have the most significant
effect on the amounts recognised are set out below:
• Recoverable amount assessment (Note 10 Intangible Assets).
An impairment test is performed annually to assess the recoverable amount of goodwill and other intangible assets with an indefinite
life. The recoverable amount is based on a value-in-use calculation that requires the use of estimates.
Material Accounting Policies
The material accounting policies which are relevant to an understanding of these financial statements are included throughout the
notes to the financial statements.
Standards Issued but Not Yet Effective
The Group adopted all mandatory new and amended NZ IFRS Standards and Interpretations and there has been no material impact
on the Group’s financial statements.
In May 2024, the External Reporting Board issued NZ IFRS 18 Presentation and Disclosure in Financial Statements that is effective
for the accounting period that begins on or after 1 January 2027. This standard has not been early adopted in preparing these
financial statements.
There are no other new standards, amendments or interpretations that have been issued and are not yet effective, that are expected
to have a significant impact on the Group.

Notes to the Financial Statements (continued)
FOR THE YEAR ENDED 31 MARCH 2026
MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2026
44
Financial Performance
1. Income
Revenue from the sale of goods is recognised when control of the goods transfers to the customer. This is typically when the
goods are delivered to the customer.
The amount of revenue recognised reflects the consideration that the Group expects to be entitled for providing the goods
to the customer.
Revenue is measured as the sales price (net of discounts), adjusted for customer credits. Customer credits are recognised as
deductions from revenue at the time that the related sales are recognised.
Payment for the goods is typically received up to a week in advance of delivery. The payment received in advance of delivery is
recognised in the Statement of Financial Position as a liability (deferred revenue) until the goods are delivered to the customer.
NZ$00020262025
Revenue from sale of goods170,221162,102
Total income170,221162,102
Interest income8813 0
Insurance proceeds317
Other income1413
Total other income133 150
2. Segment Reporting
Operating segments are determined based on the financial information that is regularly reported to the Chief Executive Officer
(CEO) and Chief Financial Officer (CFO). The CEO together with the CFO is considered to be the Chief Operating Decision
Maker (CODM).
The Group operates in one reportable segment being online meal kit and food delivery. This consists of creating and delivering meal
kits, pre-prepared ready-to-heat meals, meal solutions and grocery items to New Zealand customers.
The Group operates in one geographic area, New Zealand.

45
FINANCIAL STATEMENTS
3. Expenses
Net profit before income tax has been arrived at after charging / (crediting) the following items:
NZ$00020262025
Staff expenses
Salaries, wages and benefits17,66217,056
Defined contribution554504
Share-based payment expense 514520
Interest expense1,0991,584
IT expenses3 ,1812,850
Depreciation and amortisation6,3675,984
Loss on disposal of property, plant and equipment1211
Fees paid to the auditor (Ernst & Young)
Audit of the financial statements
1
17516 0
1. The audit fee includes the fee for the annual audit of the financial statements.
During the period, the Group reviewed the composition of its employee benefits disclosures. As a result of this review, the Group
has broadened its classification of staff expenses to include annual and alternate leave entitlements and employee discounts. For
the period this amounts to NZ$477,000 (31 March 2025: NZ$634,000). The change has been applied retrospectively, and
comparative figures for the 12 months ended 31 March 2025 have been restated. The change in disclosure had no impact on net
profit after tax, total assets, or equity.
During the period, the Group changed the presentation of depreciation and amortisation of production assets and the production
facility to correctly reflect the requirements of NZIAS 2 Inventories and IAS2 Inventories. The change ensured that all direct costs of
production have been recorded as cost of goods sold. As a result, in the 31 March 2025 comparative information costs totalling
NZ$3,188,000 have been reclassified into cost of goods sold and out of indirect expenses. There is no impact on net profit before or
after tax, total assets, or equity.
4. Earnings per Share (EPS)
Basic earnings per share is calculated by dividing the profit or loss attributable to equity holders by the weighted average
number of shares outstanding during the year.
Diluted earnings per share is calculated by adjusting the profit or loss attributable to equity holders and the weighted average
number of shares outstanding during the year for the effects of shares with dilutive potential.
20262025
Basic and diluted earnings per share
Net profit attributable to equity holders (NZ$000) 6,686 6,350
Weighted average number of shares for basic EPS (000) 249,152 242,981
Weighted average number of shares for diluted EPS (000) 254,956 2 51, 0 41
Basic and diluted earnings per share (NZ$)0.030.03
The diluted weighted average number of shares takes into account the number of share rights and performance share rights that may
be dilutive depending on the likelihood of vesting conditions being met.

Notes to the Financial Statements (continued)
FOR THE YEAR ENDED 31 MARCH 2026
MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2026
46
Working Capital
The Group primarily operates a weekly meal-kit subscription business and has a weekly business cycle. Customers are invoiced
in advance each week, with cash typically received shortly thereafter (initially recognised as a current liability, deferred revenue).
Inventory in relation to the customers invoiced is received during the week following this and suppliers are predominantly paid either
weekly or monthly. This cycle results in the business operating with net current liabilities and negative working capital as the cash
generated from customers in advance is used to fund investing and financing activities.
In FY26, the timing of the balance date resulted in higher deferred revenue, trade and other receivables and inventory balances
at year end.
Accordingly, movements in deferred revenue, trade and other receivables, inventory and working capital between reporting periods
may be influenced by the timing of the reporting date relative to the weekly operating cycle and should be considered in that context.
5. Trade and Other Receivables
Trade receivables are amounts due from customers for goods sold in the ordinary course of business. Trade receivables are
initially recognised at the amount invoiced to the customer and subsequently measured at the amount expected to be collected.
Estimates are used to determine the amount of trade receivables that may not be collected. A provision for impairment of trade
receivables is recognised based on the lifetime expected credit loss at each reporting date.
NZ$00020262025
Trade receivables1, 414327
Provision for impairment of trade receivables(154)(171)
Other receivables2,424419
Trade and other receivables3,684575
6. Inventories
Inventories are measured at the lower of cost or net realisable value. In the case of finished goods, cost includes direct costs plus
a portion of fixed and variable overheads incurred in assembling the finished goods.
NZ$00020262025
Ingredients and work in progress5632 21
Packaging inventory25518 3
Spare parts inventory12-
Inventories830404
In FY26, 31 March landed on a Tuesday (FY25: Monday) meaning all meal kits had been delivered, resulting in a nil finished
goods balance.
During the year inventories of $113,524,000 (2025: $107,843,000) were recognised as an expense in Cost of sales.
The Group has made an adjustment to the comparative value of inventories charged to cost of goods sold in the year. The value
previously reported excluded all assembly costs. As a result, the comparative figure changed from $89,507,000 to $107,843,000.

47
FINANCIAL STATEMENTS
7. Trade and Other Payables
Trade and other payables are recognised at the amount invoiced by the supplier, or the estimated amount where the cost
is accrued.
NZ$00020262025
Trade payables10,4299 , 413
Other payables694465
Accrued expenses6871,400
Trade and other payables11 , 8 1 011 , 2 7 8
8. Other Current Liabilities
Liabilities for wages and salaries and annual leave are recognised at the amounts expected to be paid when the liabilities
are settled.
NZ$00020262025
Accrued wages and salaries1,4031,362
Annual leave876853
Employee benefits2,2792 , 215
Other liabilities11 889
Other current liabilities2,3972,304

Notes to the Financial Statements (continued)
FOR THE YEAR ENDED 31 MARCH 2026
MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2026
48
Long-Term Assets
9. Property, Plant and Equipment
Items of property, plant and equipment are measured at cost less accumulated depreciation and any impairment losses. Cost
includes the purchase consideration and those costs attributable to bringing the asset to the location and condition necessary for
its intended use. Subsequent costs are capitalised only when it is probable the future economic benefits associated with the item
will flow to the Group. The carrying amount of any replaced part is derecognised. All other repairs and maintenance costs are
recognised as an expense when they are incurred.
Gains or losses on disposals are calculated by comparing the sales proceeds with the carrying amount, and are recognised
in profit or loss.
Depreciation is calculated on a straight-line basis to allocate the cost of the asset, less any residual value, over its useful
economic life. Residual values and useful lives are reviewed, and adjusted if required, each financial year.
The depreciation rates for each class of property, plant and equipment are as follows:
• Motor vehicles 17.5% - 25% (2025: 17.5% - 25%)
• Plant and machinery 6% - 67% (2025: 6% - 67%)
• Furniture, fixtures and fittings 7% - 67% (2025: 7% - 67%)
• Computers 10.5% - 67% (2025: 10.5% - 67%)
NZ$000Motor vehicles
Plant and
machinery
Furniture,
Fittings and
Equipment ComputersTotal
Cost
At 1 April 202541310 ,14 91,93480013 , 2 9 6
Additions-19 732233462
Disposals-(77)(141)(32)(250)
At 31 March 202641310,2691,8251,00113,508
Accumulated depreciation
At 1 April 20253033,9841,4476306,364
Depreciation231,35915 413 61, 672
Disposals-(69)(139)(31)(239)
At 31 March 20263265,2741,4627357, 7 9 7
Net book value at 31 March 2026874,9953632665,711
Cost
At 1 April 20244139,8271,94 0870 13,050
Additions-3572711 2 496
Disposals-(35)(33)(182)(250)
At 31 March 202541310,1491,93480013,296
Accumulated depreciation
At 1 April 20242802 , 7131,3246985 , 015
Depreciation231, 29415 611 31,586
Disposals-(23)(33)(181)(237)
At 31 March 20253033,9841,4476306,364
Net book value at 31 March 202511 06,1654871706,932
At 31 March 2026 additions of $21,000 included are not ready for use and therefore have not been subject to depreciation during
the year. This includes $6,000 of Plant and machinery (2025: $61,000), $1,000 of Furniture, Fittings and Equipment (2025: $0),
and $14,000 of Computers (2025: $0).

49
FINANCIAL STATEMENTS
10. Intangible Assets
The significant intangible assets recognised by the Group are goodwill, brands and software assets.
Goodwill
Goodwill represents the premium paid by the Group over the fair value of the Group’s share of net identifiable assets of an
acquired subsidiary at the date of acquisition. Goodwill is initially measured at cost and subsequently measured at cost less
accumulated impairment losses, if any. Goodwill is not amortised.
Brands
Brands that are purchased by the Group are initially recognised at cost, or at their fair value if acquired as part of a business
combination. A brand is determined to have an indefinite life where there is an intention to maintain and support the brand
for an indefinite period. Indefinite life brands are not amortised, they are subsequently measured at cost less accumulated
impairment losses, if any.
Software assets
Software assets, both purchased and internally developed, are capitalised provided there is an identifiable asset, controlled by
the Group, that will generate future economic benefits through supporting revenue generation or cost savings. Subsequent costs
are capitalised if they extend the useful life or enhance the functionality of the asset. Software assets are amortised on a straight-
line basis over their estimated useful lives (using amortisation rates of 14% - 33%) (2024: 14% -33%). Amortisation is included in
Indirect expenses.
Impairment testing
Goodwill and indefinite life brands are tested for impairment annually, or more frequently if there is an indicator of impairment.
Software assets are tested for impairment when an indicator of impairment exists.

Notes to the Financial Statements (continued)
FOR THE YEAR ENDED 31 MARCH 2026
MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2026
50
NZ$000GoodwillBrandsSoftware
Software
work in
progressOtherTotal
Cost
At 1 April 202563,63118,35713 , 6 2 72 215 , 2 61101,097
Additions---2,409-2,410
Transfers--2,055(2,055)--
At 31 March 202663,63118,35715,6825755,261103,507
Accumulated amortisation
At 1 April 2025--9,370-5 , 2 6114,631
Amortisation--2,349--2,349
At 31 March 2026--11 , 7 1 9-5,26116,980
Net book value at 31 March 202663,63118,3573,963575-86,526
Cost
At 1 April 202463,63118,35710,7484485 , 2 6198,445
Additions---2,674-2,674
Transfers--2,879(2,879)--
Disposals---(22)-(22)
At 31 March 202563,63118,35713,6272 215,261101,097
Accumulated amortisation
At 1 April 2024--7, 2 7 2-5 , 2 6112,533
Amortisation--2,098--2,098
At 31 March 2025--9,370-5,26114,631
Net book value at 31 March 202563,63118,3574,2572 21-86,466

51
FINANCIAL STATEMENTS
IMPAIRMENT TESTING
As at 31 March 2026, the market capitalisation of the Group was below the book value of its equity, indicating a potential
impairment of the Group’s assets (including goodwill and indefinite life brands). When reviewing for indicators of impairment, the
Group considers the relationship between its market capitalisation and its book value, among other factors.
The Group performed its annual impairment test in March 2026. The recoverable amount of the Group, which is a single cash-
generating unit, was determined on a value-in-use basis using a discounted cash flow methodology. The model uses a five-year cash
flow forecast based on the Board-approved budget for FY27. Cashflows are based on estimates of revenue growth and EBITDA
margin assumptions.
Revenue growth has been estimated based on past and forecast delivery numbers, as well as average order value. These
assumptions take into account current economic forecasts, the momentum observed with our FY26 exit rates and the potential to
attract new customers through the My Food Bag Shop. EBITDA margin has been estimated based on past and forecast EBITDA
margin, the Group’s history of enacting price increases to mitigate the impact of ingredient inflation, economies of scale and other
cost efficiency gains.
The post-tax discount rate used in the model is 11.7% (2025: 12.4%).
The terminal growth rate applied to the forecast cash flows after year five is 2.0% (2025: 2.0%). This reflects the long term
New Zealand inflation target, historical sector specific growth and population projections in New Zealand.
The following table shows the impact of reasonably possible changes in key assumptions.
Key assumption Change in key assumption
Reduction in
recoverable
amount
NZ $million
Increase in
recoverable
amount
NZ $million
Would the
change result
in impairment
Revenue growth FY28 onwards: 6.1% + / - 200 basis points (9.4)9.9No
EBITDA margin FY32 onwards: 12.0% + / - 100 basis points (10.5)10.5No
Discount rate: 11.7% + / - 100 basis points (11.9)14.7No
Terminal growth rate: 2% + / - 100 basis points (8.8 )10.8 No
While reasonably possible changes in the key assumptions provided in the above table would not on their own result in impairment
in each case, it is possible that they could occur in combination.
The impairment test does not result in an impairment of the Group’s assets (including goodwill and indefinite life brands). Reasonably
possible changes in key assumptions do not result in impairment of the Group’s assets (including goodwill and indefinite life brands).

Notes to the Financial Statements (continued)
FOR THE YEAR ENDED 31 MARCH 2026
MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2026
52
11. Leases
Lease liabilities
Lease liabilities are recognised at the commencement date of the lease at the present value of the future lease payments over
the term of the lease. If the rate implicit in the lease is not readily determinable, the lease payments are discounted using the
Group’s incremental borrowing rate at the lease commencement date. The lease term is the non-cancellable period plus rental
renewal options that are determined to be reasonably certain to be exercised. Once the lease has commenced, the Group only
reassesses the lease term on occurrence of a significant event or change in circumstance that is within its control and affects its
ability to exercise, or not exercise a renewal option in the contract.
Right-of-use assets
Right-of-use assets are initially measured at the amount of the lease liability at commencement date plus direct costs incurred
in establishing the lease and an estimate of costs required to dismantle and remove the underlying asset or to restore the
underlying asset.
Right-of-use assets are depreciated on a straight-line basis over the lease term, unless the useful life of the asset is less than
the lease term, or if the Group will own the asset at the end of the lease term. In these circumstances the right-of-use asset is
depreciated over the useful life of the asset.
The Group enters into lease arrangements for property, and plant and machinery. Leases of property have non-cancellable lease
terms between one and eight years (2025: between one and eight years), plant and machinery have terms between one and five
years. Changes to the lease payments are renegotiated at periods specified in the contracts and are usually based on the consumer
price index or market rental rates. The Group has elected not to recognise right-of-use assets and lease liabilities for leases of low
value assets and short-term leases. These lease costs are recognised as an expense as incurred.
In addition, the Group is exposed to potential future cash outflows in respect of extension options that are not included in the
measurement of lease liabilities. These options provide operational flexibility and are primarily related to strategically important
distribution facilities.
Information about right-of-use assets is shown below.
20262025
NZ$000
Net book
value
Depreciation
charge
Net book
value
Depreciation
charge
Property7, 8 9 52,0956,1452,027
Plant and machinery8 412 51751272
Right of use assets8,7362,3466,8962,299
Additions to right-of-use assets during the year were NZ$4,402,000 (2025: NZ$719,000). This amount relates to renewed leased
fleet and the extension of an existing building lease.
Amounts recognised in the Statement of Comprehensive Income
NZ$00020262025
Interest on lease liabilities5 01498
Expense relating to short-term leases and low value leases159
Total amount recognised in profit or loss516507
Lease liabilities
NZ$00020262025
Lease liabilities at 1 April7, 8 9 39,707
Principal lease payments(2,121)(2,404)
New leases4,202719
Non-cash changes in lease liabilities(17)(129)
Lease liabilities at 31 March9,9577,893
Total cash payments for leases during the year was NZ$2,622,000 (2024: NZ$2,902,000).

53
FINANCIAL STATEMENTS
Funding and Equity
12. Share Capital and Dividend
SHARE CAPITAL
20262025
Fully paid ordinary sharesNZ$000
Number
000sNZ$000
Number
000s
As at 1 April 5 9 , 813243,17059,336242,438
Dividend Reinvestment Plan – FY25 Final Dividend3891,805--
Dividend Reinvestment Plan – FY26 Interim Dividend11 7468--
Employee Share Schemes - vested shares6855 , 9 31477732
As at 31 March61,0042 51, 3745 9 , 8132 4 3 ,170
All ordinary shares issued are fully paid and have no par value. The holders of ordinary shares are entitled to receive dividends as
declared by the Board and are entitled to one vote per share. All shares rank equally in any surplus on winding up of the Group.
DIVIDENDS
A liability to pay a dividend is recognised when the distribution is declared by the Board. A corresponding amount is recognised
directly in equity.
NZ$00020262025
Final dividend for 2024 - 0.5 cents per share- 1,215
Interim dividend for 2025 - 0.65 cents per share- 1,584
Final dividend for 2025 - 0.85 cents per share2,072-
Interim dividend for 2026 - 0.75 cents per share1,883 -
Dividends paid3,9552,799
The imputation credit account balance as at 31 March 2026 is NZ$5,940,000 (2025: NZ$5,961,000).
In May 2025, the Group introduced a Dividend Reinvestment Plan (DRP), enabling eligible shareholders to reinvest all or part of their
cash dividend entitlement in additional ordinary shares of My Food Bag. The DRP was first available for the final dividend for the
year ended 31 March 2025, paid to shareholders on 19 June 2025. The DRP is voluntary, allowing shareholders to elect to receive
shares issued at the strike price, calculated as the volume weighted average market price of My Food Bag shares over the pricing
period with no discount applied.
Dividends paid in cash are recognised as financing cash outflows in the statement of cash flows, whereas dividends reinvested under
the DRP are settled through the issuance of shares and recognised in equity, resulting in no cash outflow.
Dividend declared after the reporting period
On 20 May 2026 the Board declared a fully imputed final dividend of 1.15 cents per share, to be paid on 18th June 2026 to
shareholders on the company’s register on 4th June 2026.
CAPITAL MANAGEMENT
The Group’s capital includes share capital and retained earnings. The objective of the Group’s capital management is to maintain a
strong capital base to support investor and market confidence and the future growth of the business. To manage the capital structure,
the Group may adjust the proportion of earnings paid to shareholders, return capital to shareholders, issue new shares or amend
capital spending plans.
The Group is not subject to externally imposed capital requirements.

Notes to the Financial Statements (continued)
FOR THE YEAR ENDED 31 MARCH 2026
MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2026
54
13. Borrowings
Borrowings are initially measured at fair value, net of transaction costs incurred. Borrowings are subsequently measured at
amortised costs using the effective interest method.
The Group’s net debt position is shown below.
NZ$00020262025
Bank loan - non-current2,500 8,473
Total borrowings2,500 8,473
Less: cash and cash equivalents(623)(1,534)
Add: bank overdraft- -
Net (cash)/debt1,877 6,939
A reconciliation of the changes in borrowings to the proceeds and repayments of borrowings presented in the Statement of Cash
flows is shown below.
NZ$00020262025
Borrowings at 1 April8,473 11,446
Proceeds from borrowings- 2,500
Repayment of borrowings(6,000)(5,500)
Non-cash change in deferred finance costs27 27
Total borrowings at 31 March2,500 8,473
Funding arrangements
The Group’s funding arrangements are shown below.
NZ$00020262025
Revolving credit facility10,000 15,000
Bank overdraft5,000 5,000
Total facilities15,000 20,000
Revolving credit facility utilised(2,500)(8,500)
Overdraft utilised--
Total undrawn facilities12,500 11,500
The revolving credit facility of NZ$10,000,000 (2025: $15,000,000) expires on 5 October 2027. The amount drawn down is
secured over current and future accounts receivables and all the property, plant and equipment of the Group. The interest rate on the
revolving credit facility comprises base rate (BKBM rate) plus a margin of 1.70% (2025: 1.77%).
In FY26 the revolving credit facility was amended to reduce the amount of the facility available.
Loan covenants
The group is required to comply with the following financial covenants:
(a) The Interest Cover Ratio is not less than 3.50
(b) The Leverage Ratio must be less than 3.00 times
The Group was in compliance with its banking covenants during the year, and at 31 March 2026. The Group was also in
compliance with its banking covenants during the prior year and at 31 March 2025.

55
FINANCIAL STATEMENTS
14. Financial Risk Management
The objective of the Group’s risk management framework is to appropriately identify and manage risks within acceptable levels.
Risk management policies and procedures are reviewed regularly to ensure they reflect changes in market conditions and the
Group’s activities.
The financial risks that impact the Group are liquidity risk, interest rate risk and credit risk.
LIQUIDITY RISK
Liquidity risk is the risk that the Group will encounter difficulties in meeting its financial commitments as they fall due. The Group
manages its liquidity risk by maintaining a level of undrawn credit facilities and a spread of maturity dates.
The table below shows the timing of the gross contractual cash flows of the Group’s financial liabilities.
2026
NZ$000
Carrying
amount
Contractual
cash flows
3 months
or less
3 to 12
months
1 to 5
years
More than
5 years
Bank loan 2,500 2,500- - 2,500-
Bank overdraft- - - - - -
Lease liabilities9,957 11,706673 1,786 9,200 47
Trade and other payables11 , 8 1 011 , 8 1 011 , 8 1 0- - -
Financial liabilities24,26726,01612,4831,786 11,700 47
2025
NZ$000
Carrying
amount
Contractual
cash flows
3 months
or less
3 to 12
months
1 to 5
years
More than
5 years
Bank loan 8,473 8,500 - - 8,500 -
Bank overdraft- - - - - -
Lease liabilities7,893 9,347 740 2,221 4,523 1,863
Trade and other payables11,278 11,278 11,278 - - -
Financial liabilities27,644 29,125 12,018 2,221 13,023 1,863
INTEREST RATE RISK
Interest rate risk is the impact of changes in interest rates on the financial results. The Group manages its interest rate risk through the
use of interest rate swaps where appropriate, based on the amount and tenure of the Group’s borrowing requirements.
The following table shows the effect on profit or loss and equity at reporting date of a reasonably possible change in interest rates.
A change in interest rates would impact the floating rate interest payments on the Group’s borrowings held at reporting date.
20262025
NZ$000
Basis point
changeEquityProfitEquityProfit
Basis point increase+50(34)(34)(54)(54)
Basis point decrease-10771111
CREDIT RISK
Credit risk is the risk of loss due to customers not paying amounts owed. The Group’s exposure to credit risk is managed through
the Group’s operating model, where payment for the goods is typically received in advance of delivery. Refer to Note 5 Trade and
Other Receivables for details of the level of provision for impairment of trade receivables at reporting date.

Notes to the Financial Statements (continued)
FOR THE YEAR ENDED 31 MARCH 2026
MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2026
56
Other Notes
15. Taxation
Tax expense comprises current and deferred tax. Tax expense is recognised in the Statement of Comprehensive Income. The tax
consequence of items recognised directly in equity is also recognised in equity.
Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantially enacted at
the reporting date, and any adjustment to tax payable in respect of a previous year.
Deferred tax arises due to certain temporary differences between the carrying amounts of assets and liabilities for financial
reporting purposes and those for tax purposes. Deferred tax is measured at the tax rate that is expected to apply to the
temporary differences when they reverse, based on laws that have been enacted or substantially enacted at the reporting date.
Deferred tax is not recognised on the initial recognition of goodwill, or the initial recognition of assets and liabilities in a
transaction that affects neither accounting nor taxable profit.
Deferred tax assets are recognised to the extent it is probable that future taxable profits will be available against which the
temporary differences can be utilised.
Tax expense
NZ$00020262025
Current period2,7362,787
Adjustments to prior periods(291)(420)
Other adjustments(147)-
Current tax expense2,2982,367
Origination and reversal of temporary differences5(82)
Recognition of previously unrecognised tax losses--
Deferred tax expense (income)5(82)
Income tax expense2,3032,286
Reconciliation of effective tax rate
NZ$00020262025
Profit before tax8,9898,636
Prima facie income tax expense at 28% on profit before tax2,5172,418
Non-deductible expenses(64)(95)
Adjustments to prior periods(5)(37)
Other adjustments(145)-
Income tax expense2,3032,286

57
FINANCIAL STATEMENTS
Deferred tax
Deferred tax assets and liabilities are attributed to the following:
NZ$000At 1 April 2025
Recognised in
profit or lossAt 31 March 2026
Property, plant and equipment(91)(62)(153)
Right-of-use assets (1,930)(515)(2,445)
Lease liability2,3025782,880
Prepayments(67)16(51)
Intangible assets(5,140)-(5,140)
Accruals and provisions61476690
Share-based payments365(98)267
Net deferred tax liability(3,947)(5)(3,952)
NZ$000At 1 April 2024
Recognised in
profit or lossAt 31 March 2025
Property, plant and equipment287(378)(91)
Right-of-use assets (2,389)459(1,930)
Lease liability2,810(508)2,302
Prepayments(133)66(67)
Intangible assets(5,140)-(5,140)
Accruals and provisions414200614
Share-based payments12 2243365
Net deferred tax liability(4,029)82(3,947)
16. Share-based Payments
Equity-settled share-based payments
The cost of equity-settled share-based payments is determined based on the grant-date fair value of the awards. The fair value is
estimated using an appropriate valuation model, taking into account the terms and conditions of the awards.
The cost is recognised in employee benefits expense, together with a corresponding increase in equity (share-based payment
reserve), over the vesting period during which the service conditions and, where applicable, non-market performance conditions
are expected to be satisfied.
Non-market performance conditions are not taken into account when estimating the grant-date fair value of the awards. Instead,
these conditions are reflected through adjustments to the number of awards expected to vest. At each reporting date, the Group
revises its estimate of the number of awards expected to vest and recognises the impact of the revision in profit or loss, with a
corresponding adjustment to equity.
Market-based performance conditions are reflected in the grant-date fair value of the awards. For these awards, the expense is
recognised over the vesting period irrespective of whether the market condition is ultimately satisfied, provided that the service
condition is met.
No expense is recognised for awards that do not ultimately vest due to failure to satisfy service conditions or non-market
performance conditions.

Notes to the Financial Statements (continued)
FOR THE YEAR ENDED 31 MARCH 2026
MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2026
58
Number of rights outstandingESOSLTI
At 1 April 2025-12,252,782
Granted – July 2025-6,952,754
Vested – July 2025-(5,931,197)
At 31 March 2026 -13,274,339
Number of rights outstandingESOSLTI
At 1 April 2024290,8526,913,939
Granted - June 2024 -6,321,585
Vested - June 2024(268,869) (463,179)
Lapsed
1
-(519,563)
Forfeited
2
(21,983) -
At 31 March 2025 -12,252,782
1. Lapsed rights refer to the share rights that have not vested due to performance criteria not being met
2. Forfeited rights relate to the share rights of eligible employees who have finished their employment with the Group during the period
ESOS – FY23 awards
The Employee Share Ownership Scheme (ESOS) is an equity-settled share-based payment scheme. There were no ESOS rights
offered to Employees during the period to 31 March 2026 (31 March 2025 : none). No rights vested during the period to
31 March 2026 (31 March 2025: 268,869 in respect of the FY23 grant).
LTI
LTI – FY26 awards
The CEO and members of the Senior Leadership team are eligible to participate in the Long Term Incentive (LTI) scheme. Under the
scheme, participants are awarded performance share rights based on a percentage of their base salary. Each performance share
right converts to one ordinary share, at no cost to the employee. The FY26 awards vest in two equal tranches: 50% after 2 years
and 50% after 3 years, subject to the participant remaining employed with the Group and the achievement of specified non-market
performance conditions. The awards are equity-settled share-based payments.
The performance conditions are based on internally approved targets set by the Board at the grant date. Under the scheme 60% of
the award vests based on Company performance hurdles comprising targets for EBITDA from meal kits, net revenue and employees’
net promoter scores for FY26. The remaining 40% is based on an assessment of the employee’s performance against agreed
personal objectives.
VALUATION APPROACH (FY26 Scheme)
The fair value of the FY26 performance share rights was determined at grant date based on the market price of the Company’s
shares, adjusted for the present value of expected dividends over the vesting period, as participants are not entitled to dividends
prior to vesting. Expected dividends were based on external analyst forecasts.
FY26 AwardTranche 1Tranche 2
Share price at grant date (NZ$)$0.213$0.213
Risk-free interest rate3.3%3.5%
Vesting period 2 years 3 years
Grant date fair values (NZ$) $0.180$0.162
The Board approved 6,952,754 LTI performance rights during the period ended 31 March 2026, with the number of rights reflecting
the maximum potential entitlement subject to performance outcomes.

59
FINANCIAL STATEMENTS
LTI – FY25 awards
The CEO and members of the Senior Leadership team are eligible to participate in the Long Term Incentive (LTI) scheme. Under the
scheme, participants are awarded performance share rights based on a percentage of their base salary. Each performance share
right converts to one ordinary share, at no cost to the employee. The LTI is an equity-settled share-based payment scheme. The
performance share rights vest after 3 years subject to achievement of continued employment with the Group and the absolute TSR
compared to hurdles set by reference to the Group’s cost of equity plus various premiums. Accelerated vesting (up to 50%) after
2 years will occur if performance conditions are met.
The board approved 6,321,585 LTI performance share awards during the period to 31 March 2025.
LTI – FY24 awards
The CEO, Senior Leadership Team and certain Key Operational Leaders were eligible to participate in the FY24 LTI scheme. Under
the scheme, participants are awarded performance share rights based on a percentage of their base salary. Each performance
share right converts to one ordinary share, at no cost to the employee. The LTI is an equity-settled share-based payment scheme.
The performance share rights vest after two years, subject to achievement of the following performance measures:
• Continued employment with the Group (retention tranche), and/or
• Continued employment with the Group and the relative TSR compared to the companies included in the NZX 50 (TSR tranche).
In July 2025 5,931,197 rights vested with respect to the LTI FY24 award.
LTI – FY23 awards
The Senior Leadership Team and certain Key Operational Leaders were eligible to participate in the FY23 LTI scheme. The
schemes and measures are consistent with the LTI performance rights granted during FY24. All rights issued under these schemes
are equity-settled. The performance share rights awarded in FY23 vest after two years (June 2022 grant) or after 18 months
(December 2022 grant).
In July 2024, 463,179 shares vested in respect of the FY23 grant.
FY23 CEO award – December 2022 grant
The CEO was awarded performance share rights under the FY23 LTI (CEO’s December award). The performance conditions were
not met and the rights did not vest.
VALUATION APPROACH (FY23 – FY25 Schemes)
The fair value of the LTI performance share rights is estimated for each performance measure separately:
• The fair value of the TSR tranche of the performance share rights is estimated at the grant date using the Monte Carlo simulation
approach, taking into account the terms and conditions of the award.
• The fair value of the Retention tranche and the EPS tranche of the performance share rights is estimated based on the grant date
share price less the present value of expected dividends.

Notes to the Financial Statements (continued)
FOR THE YEAR ENDED 31 MARCH 2026
MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2026
60
Key inputs in determining the fair values
Jul 24Jun-23 Dec-22 Jun-22
Share price at grant date (NZ$) $0.15$0.18 $0.40 $0.83
Risk-free interest rate 4.6%5.1% 3.4% 3.4%
Expected cash dividend yield 12.9%.11.4% 8.6% 8.6%
Expected share price volatility 51.6%48.1% 36.7% 36.7%
Vesting period
3 years (accelerated
vesting 2 years)2 years 1.5 years 2 years
Weighted average grant date fair value - ESOS (NZ$) - - $0.32 $0.69
Weighted average grant date fair value - LTI (NZ$)$0.11$0.12 $0.23 $0.50
The expected share price volatility is based on historic data and the expected dividend yield is based on external market
expectations at grant date.
17. Related Party Transactions
The transactions with related parties that were entered into during the year, and the year-end balances that arose from those
transactions are shown below.
KEY MANAGEMENT PERSONNEL REMUNERATION
Key management personnel comprise members of the Board and members of the Senior Leadership Team (SLT). The Board
comprised five members (2025: five) and the SLT comprised seven members (2025: seven).
NZ$00020262025
Short-term employee benefits2,9472,804
Share-based payment transactions458382
Directors’ remuneration and benefits517502
Key management personnel remuneration and benefits3,9223,688
TRANSACTIONS WITH RELATED PARTIES DURING THE YEAR
Transactions with related parties are at a discount to normal terms and conditions.
NZ$00020262025
Key management personnel
Sale of goods5759

61
FINANCIAL STATEMENTS
18. Operating Cash Flow Reconciliation
The reconciliation of net profit before tax to net cash flows from operations is shown below.
NZ$00020262025
Net profit before tax8,9898,636
Adjustments for non-cash items
Depreciation and amortisation6,3675,984
Non-cash movements in deferred finance costs2727
Loss on disposal of property, plant & equipment 1211
Loss on disposal of intangible assets-22
Share-based payment expense514520
Non-cash movements in income tax paid(11)-
Changes in assets and liabilities
Increase in Trade and other receivables(3,109)(335)
(Increase) / decrease in Inventories(426)45
Decrease in Prepayments1518
Increase in Trade and other payables532509
Increase / (decrease) in Deferred revenue2,576(247)
Increase in Other current liabilities93734
Income tax paid (2,344)(2,697)
Income tax refunded297 -
Net cash flows from operating activities13,53213,227
19. Contingent Liabilities
The Group has no contingent liabilities (2025: Nil)
20. Capital Commitments
The Group has capital commitments of NZ$14,000 (2025: NZ$1,000)

62
MY FOOD BAG GROUP LIMITED
ANNUAL REPORT 2026
Independent Auditor’s Report
FOR THE YEAR ENDED 31 MARCH 2026
Independent auditor’s report to the shareholders of My Food Bag Group Limited
Report on the audit of the financial statements
OPINION
We have audited the financial statements of My Food Bag Group Limited (the “Company”) and its subsidiaries (together the
“Group”) on pages 38 to 61, which comprise the consolidated statement of financial position of the Group as at 31 March 2026,
and the consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated statement
of cash flows for the year then ended of the Group, and the notes to the consolidated financial statements including material
accounting policy information.
In our opinion, the consolidated financial statements on pages 38 to 61 present fairly, in all material respects, the consolidated
financial position of the Group as at 31 March 2026 and its consolidated financial performance and cash flows for the year then
ended in accordance with New Zealand Equivalents to International Financial Reporting Standards and International Financial
Reporting Standards.
This report is made solely to the Company’s shareholders, as a body. Our audit has been undertaken so that we might state to
the Company’s shareholders those matters we are required to state to them in an auditor’s report and for no other purpose. To the
fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s
shareholders, as a body, for our audit work, for this report, or for the opinions we have formed.
BASIS FOR OPINION
We conducted our audit in accordance with International Standards on Auditing (New Zealand). Our responsibilities under those
standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report.
We are independent of the Group in accordance with Professional and Ethical Standard 1 International Code of Ethics for Assurance
Practitioners (including International Independence Standards) (New Zealand) issued by the New Zealand Auditing and Assurance
Standards Board as applicable to audits of financial statements of public interest entities. We have also fulfilled our other ethical
responsibilities in accordance with Professional and Ethical Standard 1.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Other than in our capacity as auditor, we have no relationship with, or interest in, the Company or any of its subsidiaries. Partners
and employees of our firm may deal with the Group on normal terms within the ordinary course of trading activities of the business
of the Group.
KEY AUDIT MATTERS
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated
financial statements of the current year. These matters were addressed in the context of our audit of the consolidated financial
statements as a whole, and in forming our opinion thereon, but we do not provide a separate opinion on these matters. For each
matter below, our description of how our audit addressed the matter is provided in that context.
We have fulfilled the responsibilities described in the Auditor’s responsibilities for the audit of the financial statements section of
the audit report, including in relation to these matters. Accordingly, our audit included the performance of procedures designed
to respond to our assessment of the risks of material misstatement of the financial statements. The results of our audit procedures,
including the procedures performed to address the matters below, provide the basis for our audit opinion on the accompanying
consolidated financial statements.
A member firm of Ernst & Young Global Limited

63
GOODWILL AND BRAND INTANGIBLE ASSETS’ IMPAIRMENT ASSESSMENT
Why significantHow our audit addressed the key audit matter
At 31 March 2026 the Group recorded indefinite useful life
intangible assets, being goodwill and brand intangible assets, with
a combined value of $82 million. These comprise 77% of the
Group’s total assets.
To assess whether these assets are impaired, the value-in-use of the
Group’s cash generating unit (“CGU”) is estimated by management
each reporting period using a model that requires significant
judgement and estimation in respect of forecast cash flows, discount
rate and terminal growth rate assumptions. Changes in certain
assumptions can lead to significant changes in the assessment of the
value-in-use.
Disclosures regarding the Group’s key assumptions adopted and
sensitivity to reasonably possible changes in those key assumptions
are included in note 10 of the consolidated financial statements.
In obtaining sufficient appropriate audit evidence, we:
• understood the Group’s goodwill impairment
assessment process.
• assessed the Group’s determination of CGUs based on our
understanding of the nature of the Group’s business and
considered whether management’s assessment of a single
CGU was appropriate.
• determined the appropriateness of using a discounted cash
flow methodology to assess value in use.
• tested the discounted cash flow model for
mathematical accuracy.
• challenged the reasonableness of management’s forecast
cash flows, including by comparing them to historical results
and the Board’s approved budget.
• considered other external valuation evidence such as
market capitalisation, broker forecasts and earnings
multiples of comparable companies.
• involved our business valuation specialists to assess the
terminal growth and discount rates applied.
• challenged the assumptions and judgements used by
management by performing sensitivity analysis in relation
to the discount rate, terminal growth rate and forecast
cash flows to consider the potential impact of changes in
these assumptions.
• evaluated the adequacy of the related financial statement
disclosures, including the sensitivities included in Note 10.
INFORMATION OTHER THAN THE FINANCIAL STATEMENTS AND AUDITOR’S REPORT
The directors of the Company are responsible for the other information. The other information comprises the annual report but does
not include the financial statements and our auditor’s report thereon.
Our opinion on the consolidated financial statements does not cover the other information, and we do not express any form of
assurance conclusion thereon.
In connection with our audit of the consolidated financial statements, our responsibility is to read the other information and, in doing
so, consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge
obtained during the audit, or otherwise appears to be materially misstated.
If, based upon the work we have performed, we conclude that there is a material misstatement of this other information, we are
required to report that fact. We have nothing to report in this regard.
FINANCIAL STATEMENTS
A member firm of Ernst & Young Global Limited

MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2026
64
Independent Auditor’s Report (continued)
FOR THE YEAR ENDED 31 MARCH 2026
DIRECTORS’ RESPONSIBILITIES FOR THE FINANCIAL STATEMENTS
The directors are responsible, on behalf of the entity, for the preparation and fair presentation of the consolidated financial statements
in accordance with New Zealand Equivalents to International Financial Reporting Standards and International Financial Reporting
Standards, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that
are free from material misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, the directors are responsible for assessing on behalf of the entity the Group’s
ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern
basis of accounting unless the directors either intend to liquidate the Group or cease operations, or have no realistic alternative
but to do so.
AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free
from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable
assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with International Standards on
Auditing (New Zealand) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and
are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions
of users taken on the basis of these consolidated financial statements.
A further description of the auditor’s responsibilities for the audit of the financial statements is located at the External Reporting
Board’s website: https://www.xrb.govt.nz/standards/assurance-standards/auditors-responsibilities/audit-report-1-1/. This
description forms part of our auditor’s report.
The engagement partner on the audit resulting in this independent auditor’s report is Lloyd Bunyan.
Chartered Accountants
Auckland
20 May 2026
A member firm of Ernst & Young Global Limited

65
Non-GAAP Financial Information 66
Corporate Governance Statement 67
Other Disclosures 82
Directory 87
Key Dates 87
Other Information
OTHER INFORMATION

66
MY FOOD BAG GROUP LIMITED
ANNUAL REPORT 2026
Non-GAAP Financial Information
The reconciliation of net profit after tax to earnings before interest, tax and depreciation and amortisation (EBITDA)
is shown below:
NZ$00020262025
Net profit after tax6,686 6,350
Add: Tax2,303 2,286
Net profit before tax8,989 8,636
Add: Depreciation and amortisation6,367 5,984
Add: Net financing costs1,011 1,454
EBITDA16,367 16,073
The reconciliation of revenue to gross margin and contribution margin is shown below.
NZ$00020262025
Revenue170,221 162,102
Less: Cost of goods sold(86,842)(82,106)
Gross margin83,379 79,996
Less: Assembly and distribution costs(47,263)(45,485)
Contribution margin36,11634,511

67
Corporate Governance Statement
OTHER INFORMATION
The Board of My Food Bag Group Limited (Company) and its subsidiary (collectively, My Food Bag) are responsible for the overall
management of My Food Bag and aim to promote and achieve high standards of corporate governance, consistent with the size
and nature of My Food Bag’s operations.
The objective of strong corporate governance at My Food Bag is to lay the foundation for a culture that is open, transparent and
inclusive, and which develops capability, seeks out new opportunities and drives good decision making, in turn creating long-term,
sustainable value for shareholders.
This Corporate Governance Statement provides an overview of My Food Bag’s current corporate governance framework, which
primarily takes into consideration contemporary corporate governance standards in New Zealand. It is therefore structured in the
same manner as the NZX Corporate Governance Code (NZX Code) and discloses the extent to which My Food Bag has followed
the recommendations in the NZX Code. The Board’s view is that (unless specifically stated) My Food Bag generally complies in all
material respects with the principles and recommendations set out in the NZX Code.
This statement was approved by the Board on 20 May 2026 and is current as at that date.
Principle 1 – Code of Ethical Behaviour
“Directors should set high standards of ethical behaviour, model this behaviour and hold management accountable for these
standards being followed throughout the organisation.”
CODE OF ETHICS
My Food Bag expects its people to behave ethically and act with integrity. It has adopted a written Code of Ethics with which all
of its Directors and employees are required to comply. This Code does not include an exhaustive list of what is or is not acceptable
behaviour at My Food Bag – rather, it is intended to facilitate decisions and promote ethical standards that are consistent with
My Food Bag’s business standards, purpose, reputation, objectives and legal obligations.
The Code of Ethics (taken together with My Food Bag’s other internal policies and charters) includes the content specified in
Recommendation 1.1 of the NZX Code and will be reviewed by the Board at least every two years. It is currently structured to
include certain fundamental requirements for ethical behaviour generally, alongside a number of more targeted areas, including the
management of conflicts of interest, protection of My Food Bag’s assets and information, reporting of unlawful or unethical behaviour,
confidentiality and pursuit of corporate opportunities. The Code of Ethics was last reviewed on 17 March 2025.
The Code of Ethics is readily available to all employees at My Food Bag. In addition, every new Director and employee of My Food
Bag is provided with a copy of the Code of Ethics as part of their induction to the business. Any breaches of the Code of Ethics are
required to be addressed promptly, dealt with consistently and handled by senior management and/or the Board, as appropriate.
The reporting of breaches of the Code of Ethics is encouraged and the steps for doing so are set out in the Code of Ethics and My
Food Bag’s separate Whistleblowing Policy. My Food Bag’s whistleblowing processes enable employees to anonymously report
suspected wrongdoing through a third party service provider. My Food Bag is also aware of its obligations with regards to protected
disclosures under the Protected Disclosures Act 2022.
The Code of Ethics is available to view on the My Food Bag investor website.
SECURITIES TRADING POLICY
My Food Bag has a Securities Trading Policy that details the Company’s trading policy and guidelines, including the restrictions
on trading in the Company’s securities. It applies to all Directors, employees and contractors of My Food Bag. The requirements
imposed by the policy are separate from, and in addition to, the legal prohibitions on insider trading.
The Securities Trading Policy places additional restrictions on certain “restricted persons” which includes the Directors, the Chief
Executive Officer (CEO), the members of the Senior Leadership Team and their direct reports as well as any employees who have
been given access to material information through IT systems. These restricted persons are generally prohibited from trading in the
Company’s securities during prescribed “blackout” periods. Outside of these blackout periods, the restricted persons are generally
permitted to trade with the prior written consent of the Chief Financial Officer (CFO) (and subject always to compliance with
underlying insider trading laws). The Securities Trading Policy was last reviewed on 26 September 2025.
The Securities Trading Policy is available to view on the My Food Bag investor website.

Corporate Governance Statement (continued)
68
MY FOOD BAG GROUP LIMITED
ANNUAL REPORT 2026
Principle 2 – Board Composition and Performance
“To ensure an effective board, there should be a balance of independence, skills, knowledge, experience and perspectives.”
BOARD CHARTER
The role of the Board is to provide overall strategic direction to My Food Bag and effective management for the purpose of protecting
and enhancing the value of My Food Bag and its assets. The Board has legal responsibility for managing the business and affairs
of the Company, which, in practice, is substantially achieved through delegation to the CEO, who is charged with the day-to-day
operational leadership and management of the business (and who subdelegates certain functions to other members of the Senior
Leadership Team, subject to certain limitations and qualifications).
The Board operates under a written Board charter, which sets out the role, responsibilities, composition, structure and approach of
the Board. The charter provides guidance for the effective oversight and monitoring of the operational management of My Food
Bag on behalf of shareholders, employees and other stakeholders. The charter distinguishes and discloses the respective roles and
responsibilities of the Board and management – in this regard, Directors are generally free to discuss business matters with the Senior
Leadership Team, but they are expected to respect the distinction between Board and management responsibilities.
A copy of the Board charter is available to view on the My Food Bag investor website.
NOMINATION AND APPOINTMENT OF DIRECTORS
The appointment of directors to the Board is principally governed by the Companies Act 1993, the Company’s constitution and the NZX
Listing Rules. The Board has delegated to the Nomination and Remuneration Committee the responsibility to make recommendations to
the Board for nomination as members of the Board and its committees and the terms, if any, of such membership.
This Committee is governed by its own written charter. It is responsible for identifying individuals believed to be qualified to become
Board members, and to recommend to the Board the nominees to stand for election as directors at the annual shareholders’ meeting.
If a casual vacancy arises, the Committee recommends to the Board an individual to fill such vacancy. In nominating candidates, the
Committee may consider a range of factors and attributes, including any terms of reference for the Directors from time to time. The
Committee is also responsible for reviewing nominations from shareholders and providing recommendations to the Board in respect
of such nominations.
The Company enters into written agreements with each of its Directors establishing the terms and conditions of their appointment,
including in relation to their duties, term of appointment (subject to shareholder approval) and expectations of the role and
remuneration. In addition, the Company indemnifies and arranges insurance for its Directors in accordance with applicable laws for
certain claims which may be brought against them as directors.
Under the NZX Listing Rules, a director must not hold office (without re-election) past the third annual shareholders’ meeting following
that director’s appointment or three years, whichever is longer. From time to time certain Directors may also retire early and seek
reappointment at an annual shareholders’ meeting so as to effectively stagger the appointment of directors and preserve continuity by
avoiding a scenario where all or a majority of the Directors are required to retire at the same meeting.

69
DIRECTORS
The Board currently comprises five Directors: an independent Chair, Tony Carter; three independent non-executive Directors, Sarah
Hindle, Jen Bunbury and Mark Powell; and one non-executive Director, Cecilia Robinson. A profile highlighting the experience of
each Director, including his or her length of service with My Food Bag, is available on My Food Bag’s website and included in the
Board of Directors section of the Annual Report.
Directors are chosen for their corporate leadership skills, professional backgrounds, experience and expertise. The right blend of
skills and experience, combined with a diversity of perspectives, is crucial for the Board to be able to create value for My Food Bag’s
shareholders over the long term. The current balance of skills, experience, tenure and diversity on the Board is summarised below:
Board skills, experience,
tenure and diversity
ExperienceBanking and finance
Legal and regulatory
Technology
Consumer business
Grocery and meal kits
Investment and M&A
Retail
Health
SkillsFinancial acumen
Governance and compliance
Strategy and risk
Grocery supply chain and logistics
Customer experience and agri-tech
E-commerce
Investor relations
Entrepreneurship
Tenure3 to 6 years5
DiversityFemale60%
Male40%
Directors are encouraged (but not required) to hold shares in the Company in order to more strongly align their interests with the
interests of shareholders. All Directors currently own shares (either directly or through a related entity or trust), and those relevant
interests are included in the Other Disclosures section of the Annual Report.
OTHER INFORMATION

Corporate Governance Statement (continued)
70
ATTENDANCE AT BOARD AND COMMITTEE MEETINGS
For the year ended 31 March 2026
Board meetings
available to
attend
Number
attended
ARC
1
meetings
available to
attend
*
Number
attended
NRC
2
meetings
available to
attend
Number
attended
MC
3
meetings
available to
attend
Number
attended
Tony Carter11114433N/AN/A
Sarah Hindle1111443344
Jen Bunbury11114433N/AN/A
Cecilia Robinson1110N/AN/A3344
Mark Powell1111N/AN/A3344
During FY26, members of the Board also provide more informal oversight and strategic support and guidance to management at
different times as and when the opportunity or need arises.
DIVERSITY
My Food Bag aims to cultivate an environment where all of its people enjoy coming to work and contributing to the collective
success of the business. It is committed to creating an open workplace where every team member is welcomed, supported and
inspired, and where diversity is celebrated at all levels of the business. To do this, My Food Bag actively seeks to remove perceived
or tangible barriers to becoming part of the My Food Bag team and provides equal opportunities based on performance
and potential.
My Food Bag has a written Inclusion and Diversity Policy that is available on the My Food Bag investor website. The guiding
principles of this policy include to: encourage diversity throughout the workforce; create a flexible and inclusive work environment;
leverage diversity of thought and individuality; ensure the behaviour of My Food Bag’s leaders reflects its values; attract and retain
talented people; and maintain a zero tolerance for bullying and harassment. This policy will be reviewed by the Board as required
and at least every two years.
Diversity and inclusion has been a hallmark of My Food Bag’s values since its inception, reflecting the values and expectations of the
founders of the business. These values are formalised in the written policy. The Board is generally comfortable with My Food Bag’s
core statistics with regards to diversity and inclusion, albeit it recognises there are always opportunities to further improve My Food
Bag’s workplace, including through new programmes and initiatives designed to target particular aspects of diversity and inclusion.
In collaboration with the Board, My Food Bag has a number of initiatives to support gender diversity and inclusion, including:
maintaining a 40/40/20 gender balance at both the Board and Senior Leadership Team level (and striving for this across the wider
organisation), reducing the gender pay gap, and maintaining a Diversity and Inclusion Committee of employees to enable targeted
programs of activity to increase belonging and equity. My Food Bag also offers flexible working arrangements and a generous
parental leave policy to support new parents. In FY26, My Food Bag continued to strengthen its commitment to Diversity, Equity
and Inclusion (DE&I) through initiatives focused on education, awareness and employee wellbeing. Across our sites, we celebrated
cultural events including Lunar New Year, Diwali and Māori Language Week, helping to foster an inclusive and culturally aware
workplace. During Mental Health Awareness Week, we also delivered wellbeing sessions across the country to support our people
and promote open conversations around mental health. Our quarterly engagement survey results reflected the positive impact of
these efforts, with an annual average DE&I score of 4.37 out of 5 and the highest DE&I score recorded to date of 4.44 out of 5
achieved during FY26. Together, these initiatives demonstrate our continued focus on creating a workplace where employees feel
respected, supported and included.
MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2026
1. Audit and Risk Committee.
2. Nomination and Remuneration Committee.
3. Marketing Committee.

71
1. As at 31 March in each year.
2. In accordance with NZX Listing Rule 3.8.1(c), an “Officer” for this purpose means a person who is concerned or takes part in the management of an issuer and reports directly to the
Board or a person who reports to the Board. In My Food Bag’s circumstances, this category of person comprises members of the Senior Leadership Team.
3. Directors, officers and other employees are also given the option to elect to not specify their gender or to identify as non-binary.
The Board recognises that gender is one important and commonly reported measure of diversity. The gender composition of
permanent staff at My Food Bag as at the last two balance dates is set out in the table below.
2025
1, 3
2026
1, 3
FemaleMaleFemaleMale
Directors3232
Officers
2
4343
Other employees1049510488
Total11110 011193
DIRECTOR TRAINING
On appointment, all Directors receive a comprehensive induction from the business to familiarise themselves with My Food Bag’s
management and operations. Under its charter, the Board has also committed to ensure that new Directors are appropriately
introduced to My Food Bag’s management and business, are acquainted with relevant industry knowledge and receive all
appropriate papers, policies and documents to enable them to discharge their duties effectively. Visits to specific operations of the
business are arranged, when appropriate, and reports and presentations from management are incorporated into the Board meeting
schedule on a regular basis.
More generally, Directors are expected to maintain appropriate levels of financial, legal and industry understanding, and are
encouraged to take responsibility for their own professional development, including by attending relevant courses or conferences
and through membership of industry bodies such as the NZ Institute of Directors. Each Director is also entitled to access Company
information and to seek independent advice in respect of their role as a Director should the need arise.
BOARD PERFORMANCE
The Board has committed to critically evaluate its own performance and the performance of individual Directors every two years
(as well as to review My Food Bag’s key policies and charters). In addition, the Chair of the Audit and Risk Committee reviews that
Committee’s performance at least every two years and is required to report her findings to the Board.
The Nomination and Remuneration Committee is tasked with making recommendations to the Board to ensure that adequate
procedures are in place to review the performance of the Board as a whole, its Committees and the contributions of Directors.
More generally, open and constructive discussion is encouraged at all Board and Committee meetings to ensure decisions are taken
that benefit from the diverse range of skills, experiences and perspectives of Directors – in this regard, each Director is expected to
fully participate in meeting discussions, having read all Board and briefing papers provided.
INDEPENDENCE
The Board currently comprises five Directors. All Directors are non-executive Directors. The Board has considered which of the
Directors are independent Directors for the purposes of the NZX Listing Rules and has determined that, as at 20 May 2026 (the date
of this corporate governance statement), four Directors are independent Directors, including the Chair and the Chair of the Audit
and Risk Committee. The independent Directors are Tony Carter, Jen Bunbury, Sarah Hindle and Mark Powell. Cecilia Robinson is
not considered to be independent at this time due to her long association with My Food Bag, including as co-founder. Directors are
required to inform the Board of any change in circumstances that may affect their independence.
The positions of Chair of the Board and CEO of My Food Bag are held by different people.
The Board’s standards for determining independence of Directors includes the non-exhaustive factors set out in Recommendation 2.4
of the NZX Code, and requires the Board to ultimately assess whether a Director’s interest, position, association or relationship might
interfere, or might reasonably be seen to interfere, with that Director’s capacity to bring an independent judgment to bear on issues
before the Board, to act in the best interests of the Company and to represent its shareholders generally. For completeness, one of the
factors expressed in the NZX Code is whether a Director is currently deriving a substantial portion of his or her annual revenue from
OTHER INFORMATION

Corporate Governance Statement (continued)
72
MY FOOD BAG GROUP LIMITED
ANNUAL REPORT 2026
My Food Bag (including director fees). While the Board recognises that this factor may apply to several of the Directors, ultimately
this did not change the Board’s determination of the independence of any Director – in this regard, the Board considered that the risk
of this factor influencing the decision making of any Director to be negligible, particularly when considered in light of the professional
nature of the role of a director, the ability to secure alternative work and each Director’s broader financial circumstances.
The Board assesses the independence of Directors on their appointment and at least annually thereafter. If there is a change in the
Board’s determination, it will be announced to the market.
The Company maintains an Interests Register. Any Director who is interested in a transaction with the Company must immediately
disclose to the Board the nature, monetary value and extent of that interest. A Director who is interested in a transaction may attend
and participate at a Board meeting at which the transaction is discussed, but may not be counted in the quorum for that meeting or
vote in respect of the transaction, unless it is one in respect of which Directors are expressly required by the Companies Act 1993
to sign a certificate. The particulars of entries made in My Food Bag’s Interests Register during FY26 are included in the Other
Disclosures section of the Annual Report.
Principle 3 – Board Committees
“The board should use committees where this will enhance its effectiveness in key areas, while still retaining board responsibility.”
AUDIT AND RISK COMMITTEE
The Company has an Audit and Risk Committee which operates under its own written charter. The members of the Audit and Risk
Committee are Tony Carter, Sarah Hindle and Jen Bunbury who is Chair of the Audit and Risk Committee and has a background in
financial services and was previously the Chief Financial Officer of another major listed company. Like the Board, the Audit and Risk
Committee is majority independent and comprises solely non-executive Directors of the Company.
The Committee may, in its discretion, invite the Company’s external auditors (currently Ernst & Young), CEO, CFO, Financial
Controller and others, as appropriate, to attend committee meetings. The Committee meets formally at least three times a year,
including in the lead up to the release of half-year and annual results.
NOMINATION AND REMUNERATION COMMITTEE
The Company has a combined Nomination and Remuneration Committee which operates under its own written charter. The members
of the Nomination and Remuneration Committee are currently the same as the Board, and the Chair of this Committee is Mark Powell.
Like the Board, the Nomination and Remuneration Committee is majority independent and comprises solely non-executive Directors
of the Company.
The primary responsibilities of the Nomination and Remuneration Committee include to identify and make recommendations to the
Board in respect of Director nominations (including casual vacancies and composition of Committees), to review and recommend to
the Board appropriate remuneration of non-executive Directors, and to review and approve annually the remuneration strategy for My
Food Bag, including specific responsibilities in relation to the CEO and his direct reports.
Management is only invited to attend meetings of the Nomination and Remuneration Committee at the invitation of the Committee. The
Committee meets formally at least three times a year.
OTHER COMMITTEES
The Company has a Marketing Committee which operates under its own written charter. The primary responsibility of the Marketing
Committee is to have greater oversight over, and input into, My Food Bag’s marketing strategy and execution. The Chair of the
Marketing Committee is Cecilia Robinson and the other two members are Mark Powell and Sarah Hindle. This Committee currently
meets on a quarterly basis.
The Board does not consider that it is necessary at this time to establish any other standing committees. However, from time to time
the Board may seek to establish ad hoc or special purpose committees to examine, or have the delegated authority to deal with,
specific issues.

73
TAKEOVER PROTOCOLS
The Board has established detailed takeover protocols to assist My Food Bag to prepare for, and to respond to, any unsolicited
approaches or proposals it may receive in relation to a takeover. These protocols would help to inform the Board of their roles and
responsibilities with respect to any approach or proposal, assist the Board and its advisers in developing and executing a response
strategy, and act as a basic guide on the process for any takeover offer. These protocols include the option of forming a committee to
investigate and consider the approach or proposal, with that committee to be comprised of Directors who are independent and not
interested in the relevant approach.
Principle 4 – Reporting and Disclosure
“The board should demand integrity in financial and non-financial reporting, and in the timeliness and balance of corporate disclosures.”
CONTINUOUS DISCLOSURE
My Food Bag is committed to ensuring that all investors have equal, full and timely access to material information about the
Company that is accurate, balanced, meaningful and consistent.
The Company has established a written Continuous Disclosure Policy which sets out the internal principles and processes designed to
ensure that the Company complies with the continuous disclosure obligations under the Financial Markets Conduct Act 2013 and the
NZX Listing Rules. The Board has adopted this policy and it applies to all members of the Board as well as senior managers, officers,
employees and contractors of, and secondees to, My Food Bag. Directors formally consider at each Board meeting whether there is
material information which should be disclosed to the market to comply with the Company’s continuous disclosure obligations.
The Continuous Disclosure Policy is available to view on the My Food Bag investor website.
CHARTERS AND POLICIES
Information about My Food Bag’s corporate governance framework (including its Code of Ethics, Board and Committee Charters,
Securities Trading Policy and other key governance policies) is available to view on the My Food Bag investor website at
https://investors.myfoodbag.co.nz/investor-centre/.
REPORTING
Financial reporting
My Food Bag publishes its half-year and audited full-year financial statements that are prepared in accordance with the relevant
financial reporting standards. The audited full-year financial statements for FY26 are included in the Annual Report.
The Audit and Risk Committee oversees the quality and integrity of external financial reporting including the accuracy, completeness
and timeliness of financial statements. The Committee is committed to providing balanced, clear and objective financial reporting. It
reviews half-year and annual financial statements and makes recommendations to the Board concerning accounting policies, areas
of judgment, compliance with accounting standards, stock exchange and legal requirements, and the results of the external audit.
Non-financial reporting
Non-financial information is included throughout the Annual Report, including in relation to My Food Bag’s general environmental,
governance and social sustainability factors and practices. For more information, refer to the Environmental, Social and Governance
section of the Annual Report.
Although My Food Bag is not required to comply with the new climate-rated disclosure regime, it recognises the opportunity to further
formalise its sustainability framework and to set a clear set of operational or non-financial targets which are aligned with My Food
Bag’s strategy, values and reputation, albeit which are appropriate and reasonable for the current size of the organisation. My Food
Bag has completed the calculation of its carbon foot print for FY25 and is in the process of finalising its FY26 carbon measurement.
Work continues on developing strategies to reduce packaging and delivery emissions including with its delivery partner, NZ Post.
OTHER INFORMATION

Corporate Governance Statement (continued)
74
MY FOOD BAG GROUP LIMITED
ANNUAL REPORT 2026
Principle 5 – Remuneration
“The remuneration of directors and executives should be transparent, fair and reasonable.”
This section of this Corporate Governance Statement outlines the remuneration payable by My Food Bag to Directors and members
of the Senior Leadership Team (SLT), including (in more detail) the CEO. It also includes the mandatory disclosures required in
connection with remuneration (salary bands) across the organisation and the progress that My Food Bag continues to make towards
closing the gender pay gap.
DIRECTORS’ REMUNERATION
Shareholders fix the total remuneration available for Directors. The current Director fee pool limit is $600,000 per annum, which
was approved by the shareholders on 14 January 2021 and is to be divided among the non-executive Directors as they determine
(and is not required to be divided equally). The starting presumption is that actual fees will be adjusted on an annual basis by the
same percentage as the budgeted salary increases for employees of My Food Bag (at an organisation-wide level), subject to any
other relevant factors which may need to be considered by the Board in the particular circumstances and provided such increases
remain within the approved fee pool limit. Directors are entitled to be reimbursed for all reasonable travel, accommodation and other
expenses incurred by them in connection with their attendance at Board or shareholder meetings, or otherwise in connection with the
Company’s business. No additional fees are paid to any Director for their role on any Board Committee.
The Directors do not receive any performance or equity-based remuneration. This reflects the differences in the role of the Directors,
which is to provide oversight and strategic direction, and the role of management, which is to operate the business and execute My
Food Bag’s strategy.
Under NZX Listing Rule 2.11.3, if the total number of Directors subsequently increases, the Directors are permitted (without seeking
shareholder approval) to increase the total remuneration by the amount necessary to enable the Company to pay the additional
Director or Directors remuneration not exceeding the average amount then being paid to the existing Directors (other than the Chair).
For FY26, following a review of Directors’ fees, the Board approved a 2.5% increase. This was the first increase in Director’s fees
since April 2022. The total fees remain comfortably within the approved fee pool limit.
The actual remuneration of Directors of the Company in respect of FY26 is set out below:
DirectorTotal remuneration received in respect of FY26
1
Tony Carter (Chair)$143,500
Sarah Hindle$ 8 7,12 5
Jen Bunbury$ 8 7,12 5
Cecilia Robinson$ 8 7,12 5
Mark Powell$ 8 7,12 5
Directors also receive concessions on My Food Bag’s products (similar to employees) in addition to the amount above. This totalled
$25,390 for the 12 months ended 31 March 2026 (31 March 2025: $22,034).
No employee of My Food Bag that is appointed as an executive director of the Company’s subsidiary, My Food Bag Limited,
receives or retains any remuneration or other similar benefits for acting in their capacity as a Director, except for the benefit of
indemnification and insurance referenced in the Annual Report.
CURRENT EXECUTIVE REMUNERATION FRAMEWORK
In respect of FY26, the remuneration of the CEO and other members of the Senior Leadership Team included a mix of fixed and
variable components, summarised as follows:
• Fixed remuneration – this includes the relevant employee’s base salary and any direct cash or non-cash benefits
(e.g. KiwiSaver contributions and other fringe benefits such as discounted My Food Bag meal kits and car parks).
• Variable remuneration – aligns reward with the delivery of My Food Bag’s strategic and financial performance. Outcomes are
determined against pre-set company and individual performance measures and are paid over time in a mix of cash and equity,
supporting both performance and retention objectives.
1. Directors’ fees are gross amounts in NZD and exclude GST (where applicable) and are rounded to the nearest dollar.

75
In FY26, My Food Bag simplified its incentive framework by introducing a Variable Reward Plan (VRP), combining the previous short
term incentive (STI) and long term incentive (LTI) arrangements into a single plan for eligible participants. The VRP was introduced
to improve transparency and line of sight between performance and reward, and to better align incentives with My Food Bag’s
strategic and financial priorities while supporting retention over time.
Under the VRP, rewards are delivered over three years in a mix of cash (40%) and equity (60%), supporting both reward and
retention objectives and shareholder alignment. The cash element is payable at the end of year one and the equity portion in two
tranches at the end of years two and three. The overall variable remuneration opportunity as a percentage of base salary for
“on target” performance remains unchanged from FY25 (115% of base salary for the CEO and 60% of base salary for the other
members of the SLT).
VRP outcomes range from nil to a maximum of 153% in the case of exceptional outperformance, with any award subject to
the achievement of the relevant performance measures and the Board’s discretion to ensure outcomes are appropriate in
the circumstances.
VRP performance is assessed against a combination of company and individual measures. For FY26, 60% of the outcome is based
on company performance measures and 40% is based on individual performance measures, with these individual measures
generally agreed between the CEO and each eligible employee (or between the CEO and the Board, as applicable). Company
performance measures for FY26 were EBITDA in the core meal kit business, Net Revenue and employee Net Promoter Score (eNPS).
EXECUTIVE REMUNERATION RECEIVED IN FY26 IN RESPECT OF PERFORMANCE IN PRIOR PERIODS
Short Term Incentive
During FY26, My Food Bag paid cash incentives relating to FY25 performance under the previous Short Term Incentive in place for
the CEO and SLT (the “FY25 STI”). Under the FY25 STI, the “on target” opportunity was equal to 40% of base salary for the CEO
and 20% for the other members of the SLT.
The FY25 STI comprised two elements: company performance and individual performance. For the CEO, the STI weighting was
80% company performance and 20% individual performance; for the SLT, the weighting was 60% company performance and 40%
individual performance.
The company performance measure for the FY25 STI was achieved at 97%. The table below summarises achievement against
the company performance measures and the resulting outcome for the CEO (noting that the CEO has a company performance
weighting of 80%). The individual performance element was determined through each participant’s annual performance review.
FY25 STI COMPANY PERFORMANCE MEASURE – PERFORMANCE SCORECARD (CEO)
DescriptionPerformance Measures% of STI achieved
Set at 40% of base salary, with a payout
range of up to 200% for overachievement
against agreed performance targets
20% based on individual performance
(measured against agreed KPls set with
the Board) and 80% based on company
performance (EBITDA, Active Customers and
eNPS targets).
97% of total STI paid based on company
performance targets met.
For company performance the following % of
targets were met 63% active customers, 111%
EBITDA and 122% eNPS
OTHER INFORMATION

Corporate Governance Statement (continued)
76
MY FOOD BAG GROUP LIMITED
ANNUAL REPORT 2026
Vesting of Long Term Incentives
In July 2025, 100% of the performance share rights granted to the CEO and other members of the SLT (and certain key operational
leaders) in 2023 vested (i.e. the FY24 LTI award). The vesting of these performance share rights was based on My Food Bag’s
relative TSR performance against the NZX50 over a two year period and the satisfaction of the service (continued employment)
condition. A small portion of each award was delivered in cash.
Company Performance Measure –
Relative Total Shareholder Return
% of TSR
performance rights
that vest
% of target achieved
≤ 50th percentile0%
Target 100%Minimum
100% achieved
50th - 75th percentile50%-100%
(straight line basis)
≥ 75th percentile100%
CEO REMUNERATION
The remuneration and other benefits paid to or received by Mr Winter during FY25 and FY26 are set out in the table below.
NZ$Fixed RemunerationShort Term Incentive
3
Total cash-based
remuneration
Base Salary
1
Other Benefits
2
Amount% of STI achieved
FY25$546,000$22,046$49,92017% $617,966
FY26$573,300$54,497$221,578101 %$849,375
Long Term Incentive
4
Total
Remuneration
Number of shares
rights vested
% of share rights
capable of vesting
Share price on issue
date
Implied market value
on issue
FY2554,114 33%$0.13$7,035$625,001
FY261,344,051 100%$0.22$323,304$1,172,679
1. Base salary is not at risk.
2. Includes a contribution of 3% of gross earnings towards Mr Winter’s KiwiSaver scheme, concessions on My Food Bag products and the effect of holiday pay in FY26.
3. The Short Term Incentives received in FY25 and FY26 relate to performance in FY24 and FY25, respectively.
4. The Performance Share Rights vested in FY25 and FY26 were granted in FY23 and FY24, respectively. A small portion of the FY24 award was paid in cash to comply with NZX Listing
rule 4.6.1.