BFG Preliminary announcement of full year results FY26

Burger Fuel Group Limited
Preliminary Full Year Results
For The Year Ended 31 March 2026


Results for announcement to the market
Name of issuer Burger Fuel Group Limited
Reporting Period 12 months to 31 March 2026
Previous Reporting Period 12 months to 31 March 2025
Currency NZD
Amount (000s) Percentage change
Revenue from continuing operations $ 25,630 2.6%
Total Revenue $ 25,630 2.6%
Net profit/(loss) from continuing operations $ 1,969 91.8%
Total net profit/(loss) $ 1,969 91.8%
Interim/Final Dividend
Amount per Quoted Equity Security Not Applicable
Imputed amount per Quoted Equity Security Not Applicable
Record Date Not Applicable
Dividend Payment Date Not Applicable
Current period
Prior comparable
period
Net tangible assets per Quoted Equity Security $0.24 $0.19
A brief explanation of any of the figures above necessary to
enable the figures to be understood
Please refer to the accompanying market announcement and
unaudited financial statements.
Authority for this announcement
Name of person authorised to make this announcement Mark Piet
Contact person for this announcement Mark Piet
Contact phone number 021 453 333
Contact email address Mark.Piet@Burgerfuel.com
Date of release through MAP 29/05/2026

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Burger Fuel Group Limited
Preliminary Full Year Results
For The Year Ended 31 March 2026

1




Burger Fuel Group Limited
Preliminary Full Year Results
For The Year Ended 31 March 2026

Chairman and Chief Executives’ Review

Burger Fuel Group Limited Preliminary Full Year Results for the 12 months ended 31st March 2026

Overview – FY26

The Directors of Burger Fuel Group Limited (BFG) present the results for the 12 months to 31 March 2026.
(The audit of these results is in the process of being finalised).

Net Profit after tax for the period was $1,968,937 representing a 91.8% increase on the previous year.

The FY26 profit result represented a solid continuation of momentum from our half year performance, resulting in a considerable
profit uplift on the prior year and reflecting a strong overall performance by the Group. The FY26 result was largely driven by
three main factors: increased sales across the business, a reduced requirement to incur the significant legal costs of prior years’
FY24 and FY25 and a one-off gain of $288K generated from the sale of the company-owned BurgerFuel Ponsonby store, in
December 2025.

The result demonstrates the Group’s ability to deliver stability and growth despite the ongoing hurdles within the broader
economic environment and particularly the hospitality sector. Given the economic challenges of FY26, this represents a very
strong outcome for the Group and our best result to date.

BFG (unaudited) Total System Sales (all three brands, all regions) increased by 2.93% to $111.4M on the same period last year.

Total revenue for the Group was up 2.63% to $25.6M

BFG RESULTS FOR THE PERIOD 1 APRIL 2025 TO 31 MARCH 2026

31 March 2026 31 March 2025
$000 $000

Operating Revenue * 24,845 24,056
Interest Income – IFRS 16 non-occupied leases 785 918

Total Income 25,630 24,974

Operating Expenses ** (20,999) (21,259)
Depreciation Expense – IFRS 16 occupied leases
(824) (866)
Interest Expense - IFRS 16 non-occupied leases
(785) (918)
Interest Expense - IFRS 16 occupied leases
(366) (396)
Total Expenses
(22,974) (23,439)


Net Profit Before Tax 2,656 1,535
Net Profit After Tax *** 1,969 1,027



* Revenue includes: Operating revenue and interest income.
** Expenses include: Operating expenses, depreciation, amortisation and interest expense.
*** The New Zealand entities had taxable income and were unable to utilise the foreign tax losses. The overseas entities had minimal tax.

As of 31 March 2026, 62 BurgerFuel restaurants were operating in New Zealand and 3 were still operating in the Middle East.

As of 31 March 2026, there were 3 Shake Out and 1 Winner Winner restaurants operating in NZ and 29 Shake Out virtual stores
operating out of BurgerFuel locations throughout New Zealand.

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The Year’s Results and Group Outlook

New Zealand

Total systemwide sales across New Zealand (66 restaurants, all three brands) increased by 4.12% on the previous year to $108M.
We opened the BurgerFuel Auckland - Royal Oak store in June 2025, and the new Hamilton Te Rapa store in October 2025 (this
replaced ‘The Base’ store in Hamilton). Both these new franchised stores have been well received. The BurgerFuel Whanganui
store has also now been trading for a complete year in FY26.

We are also scheduled to open BurgerFuel Huapai, in Auckland in September 2026, followed by BurgerFuel Richmond, Nelson in
November 2026. Both stores are located in attractive, high-potential areas and will expand the brand’s reach into previously
unserved markets.

Shake Out’s total sales increased by 20% in FY26. We have enabled 20 more Shake Out virtual kitchens in FY26 taking the total
number of virtual kitchens to 29. We now have coverage throughout most of New Zealand, so everyone can try Shake Out
through various delivery channels. These virtual outlets contribute a relatively low portion of overall system sales; however, they
do provide franchisees with additional profit for little to no additional labour costs and increases brand awareness. We will
continue with this channel as it also allows us flexibility to better combat discounting competition in the delivery sector.

Our company-owned Smales Farm and Commercial Bay Shake Out stores are still feeling the impact of declining foot traffic
around both those locations, but we hope to see improvements in FY27. Shake Out investment remains negligible for FY27, and
the focus for this brand will remain on operating the three current stores (two of which are company-owned) as well as the
ongoing development and growth of the virtual kitchens.

The Winner Winner Courtenay Place, Wellington store is our only remaining Winner Winner store, and the franchisee is
continuing with this brand as well as running a Shake Out virtual kitchen from this premise. We are no longer investing in Winner
Winner.

The BurgerFuel Group sold its company owned BurgerFuel Ponsonby store in December 2025. This generated additional profit
from a gain on sale of assets ($140K) and from the winddown of the lease under IFRS16 – Leases ($148K). This store is now
operated under a franchise, and the new franchisee has been involved with the brand in the past, so has hit the ground running.

FY26 was another year of considerable investment in information technology (IT). In January 2026 we launched the new
BurgerFuel online ordering platform (website & app - version 2). This new version is performing very well; it has better features it
is more stable, and the new architecture will expedite roll out of new features and improvements. Our “White Label” online
ordering platform is now also completed and is currently being trialled by several third-party users on a pilot basis. If successful,
we see the ability to earn outside revenue from this software and we will be continuing to work on this new potential revenue
stream throughout the year ahead.

Investment in our IT platforms will continue into FY27 and new features are being developed that have the potential to generate
new revenue streams in New Zealand. IT investment into our own systems is all about maintaining ownership of our customers.
This investment remains an essential component ensuring that we continue to grow the long-term value of the business.

The Middle East

Operation of BurgerFuel in the UAE remains under the DA (Development Agent) agreement. BFG generated modest royalties and
profit from this region.

The FY26 result was not materially impacted by the Group’s Middle East operations. However, subsequent to year end, the region
has experienced significant disruption due to the conflict involving Iran. This has led to a material decline in sales and a more
uncertain operating environment across the region.

Management is continuing to assess the impact of these developments, including the effect on trading performance, costs, supply
chains, and consumer demand. At this point, the duration and extent of the disruption remain uncertain, and the ongoing viability
of the region will continue to be closely monitored.

On 16 May 2026, our Saudi licence holder elected to close the BurgerFuel store in Jubail, leaving the Amwaj store as the sole
remaining BurgerFuel location in Saudi Arabia.

In Dubai, the business continues to operate from the World Trade Centre (WTC) site, supported by a food truck. Delivery is now
fulfilled directly from the WTC store, rather than through third-party delivery kitchens, to ensure greater control over food quality,
customer experience, and brand standards.

3


The Middle East system sales were down 26% in FY26. This is partly due to Saudi Arabia closing the Riyadh - Nakhlah store
halfway through FY25 and closing various dark kitchens in the UAE.

Sales from this region represent 2.95% of total BurgerFuel sales. At present instability in the region is high and its future is
unclear; we are not relying on any material revenue from the region in FY27.


Summary and Outlook

While FY26 represents the Group’s strongest result to date, and almost double the profit of FY25, we remain cautious as FY27 is
expected to present a far more challenging operating environment.

Encouraging signs of recovery and renewed confidence were evident across the hospitality sector during the second half of FY26.
However, unfortunately that economic momentum has been lost with recent geopolitical developments, including the Iran conflict,
which has contributed to increased cost pressures and uncertainty, particularly as suppliers begin passing on the impacts of higher
fuel and input costs. The full effect of these additional costs on consumers is not yet clear, including the extent to which they may
influence discretionary spending and sales performance.

A further significant issue we are facing is the rising cost of ingredients, especially beef. There is strong demand for New Zealand
beef globally, particularly from the USA and we have seen major price escalations, which look unlikely to subside in the medium
term. With the ever-rising cost of goods resulting in shrinking margins, the Group has been investigating supply chain
opportunities with view to more involvement in ingredient production, which may have the potential to deliver savings.

Given the current level of economic and geopolitical uncertainty, FY27 sales performance remains difficult to predict. Sales are
expected to remain flat subject to a range of factors, including local economic conditions, consumer confidence, cost pressures,
and the broader global impacts of ongoing conflict.

We remain alert to the potential for acquisition or joint venture opportunities and will continue to assess these as they arise. The
cash position of the business remains strong. Cash will be used primarily to fund growth both within the system, as well as for any
suitable outside opportunities. The opening of new stores often requires our capital assistance due to the considerably higher build
costs today, so cash will also be employed in this area, so as the system can continue to grow. The ongoing global disruption and
extended lead times for critical equipment and other store-opening requirements will also require cash to hold additional inventory
of key equipment to support future store openings and operational continuity.

As noted above the Group will also continue to invest strategically in IT and other priority areas, while maintaining its “no
material debt” policy. This approach ensures we retain strong cash reserves with the ability to fund market downturns, undertake
system investment as required, and pursue new opportunities.

We would like to thank all our shareholders, staff, franchisees, suppliers, and, of course, our valued customers for their continued
support.


Best regards,


Alan Gourdie Josef Roberts
Chairman Group CEO

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Burger Fuel Group Limited
Consolidated Statement of Comprehensive Income
For The Year Ended 31 March 2026


2026

2025



$

$





Revenue

24,683,928

23,860,756
Operating Expenses

(19,978,567)

(20,538,033)
Profit before Interest, Taxation, Depreciation,
Amortisation and impairment


4,705,361

3,322,723





Depreciation on Property, Plant and Equipment

(413,044)

(431,590)
Depreciation on Right of Use Assets

(823,862)

(865,847)
Amortisation and Impairment

(607,241)

(289,153)



(1,844,147)

(1,586,590)






Profit before Interest and Taxation

2,861,214

1,736,133



Interest Income

160,916

195,118
Interest Income leases non-occupied

785,502

918,461
Interest Expense

-

-
Interest Expense leases occupied

(366,396)

(395,786)
Interest Expense leases non-occupied

(785,502)

(918,461)



(205,480)

(200,668)



Profit before Taxation

2,655,734

1,535,465



Income Tax Expense

(686,797)

(508,686)






Net Profit attributable to shareholders

1,968,937

1,026,779



Other comprehensive income:

Items that may be reclassified subsequently to profit or loss:

Movement in Foreign Currency Translation Reserve

15,648

4,912






Total comprehensive income

1,984,585

1,031,691






Basic Earnings per Share (cents)

5.59

2.68





Diluted Earnings per Share (cents)

5.59

2.68

5


Burger Fuel Group Limited
Consolidated Statement of Financial Position
As at 31 March 2026


2026

2025
Shareholders’ equity $

$
Contributed equity 7,836,208

7,836,208
Retained earnings 4,532,045

2,563,108
Capital Return Costs
(252,698) (252,698)
Foreign currency translation reserve (268,633)

(284,281)
11,846,922

9,862,337
Current assets

Cash and cash equivalents 6,131,307

4,826,098
Trade and other receivables 1,985,895

1,903,801
Prepaid licence fee 30,000 22,500
Prepayments 613,330 132,720
Tax receivable - 21,157
Lease Receivable: non-occupied 1,137,610 1,122,746
Contract Asset 86,583 64,095
Inventories 485,640

621,088
Loans 100,384

28,229

10,570,749

8,742,434
Non-current assets
Property, plant and equipment 2,113,426

2,083,969
Right of use asset - leases 5,307,835 5,674,107
Contract Asset 795,132 578,693
Lease receivable non-occupied 10,635,503 11,551,757
Deferred tax asset 456,815

493,818
Loans 279,331 61,607
Prepaid licence fee 245,000 277,500
Intangible assets 2,976,407

2,806,665

22,809,449

23,528,116
Total assets 33,380,198

32,270,550

Current liabilities


Trade and other payables 1,420,467

1,456,484
Contract Liability 193,321 181,359
Lease Liability occupied 707,025 784,205
Lease Liability non-occupied 1,137,610 1,122,746
Income tax payable 394,358

-
Provisions 408,106 400,802
4,260,887 3,945,596
Non-current liabilities
Contract Liability 978,695 905,128
Lease Liability occupied 5,622,149 5,956,240
Lease Liability non-occupied 10,635,503 11,551,757
Provisions 36,042 49,492
17,272,389 18,462,617
Total liabilities 21,533,276 22,408,213
Net assets 11,846,922 9,862,337

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Burger Fuel Group Limited
Consolidated Statement of Financial Position
As at 31 March 2026





2026 2025
Net tangible assets per share ($ per share – non-GAAP measure) 0.24 0.19





For and on behalf of the Board who approved these financial statements for issue on 29 May 2026.


Director Director

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Burger Fuel Group Limited
Consolidated Statement of Changes in Equity
For The Year Ended 31 March 2026


2026

Contributed
Equity
Foreign currency
translation
reserve
Return of
Capital Cost
Retained
earnings
Total
equity

$ $ $ $ $
Balance as at 1 April 2025 7,836,208 (284,281) (252,698) 2,563,108 9,862,337
Movement in foreign currency translation reserve
recognised in other comprehensive income
- 15,648 - - 15,648
Net Profit for the period ended 31 March 2026 - - - 1,968,937 1,968,937
Total comprehensive income - 15,648 - 1,968,937 1,984,585


Balance as at 31 March 2026 7,836,208 (268,633) (252,698) 4,532,045 11,846,922






2025

Contributed
Equity
Foreign currency
translation
reserve
Return of
Capital Cost
Retained
earnings
Total
equity

$ $ $ $ $
Balance as at 1 April 2024 11,913,499 (289,193) - 1,536,329 13,160,635
Return of Capital (4,077,291) - (252,698) - (4,329,989)
Movement in foreign currency translation reserve
recognised in other comprehensive income
- 4,912 - - 4,912
Net Profit for the period ended 31 March 2025 - - - 1,026,779 1,026,779
Total comprehensive income - 4,912 - 1,026,779 1,031,691


Balance as at 31 March 2025 7,836,208 (284,281) (252,698) 2,563,108 9,862,337

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Burger Fuel Group Limited
Consolidated Statement of Cash Flows
For The Year Ended 31 March 2026




2026

2025

$

$
Cash flows from operating activities


Receipts from customers
23,972,605 23,611,463
Interest received
160,916 195,118
Goods and services tax
(95,990) 45,823
Payments to suppliers & employees
(19,934,726) (21,019,282)
Interest Paid
- -
Interest on leases
(366,396) (395,786)
Taxes paid
(234,275) (777,377)
Net cash flows provided from operating activities
3,502,134 1,659,959


Cash flows from investing activities

Repayments of loans 50,121 75,603
Loans to franchisees (340,000) (147,000)
Sale of property, plant and equipment 281,708 62,765
Acquisition of intangible assets
(776,983) (1,047,476)
Acquisition of property, plant & equipment
(563,725) (286,152)
Net cash flows applied to investing activities
(1,348,879) (1,342,260)


Cash flows from financing activities

Return Of Capital
- (4,329,989)
Lease Liability Principal Component
(861,726) (739,683)
Net cash flows applied to financing activities
(861,726) (5,069,672)


Net movement in cash and cash equivalents
1,291,529 (4,751,973)
Exchange gains on cash and cash equivalents
13,680 6,911
Opening cash and cash equivalents
4,826,098 9,571,160
Closing cash and cash equivalents
6,131,307 4,826,098

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Burger Fuel Group Limited

SEGMENT REPORTING

Operating Segments

The Group operates in two operating segments; these operating segments have been divided into the following geographical
regions, New Zealand and International markets. All the segment’s operations are made up of franchising fees, royalties and sales
to franchisees. The segments are in the business of Franchise Systems - Gourmet Burger Restaurants.

The amounts provided to the Board with respect to total liabilities are measured in a manner consistent with that of the financial
statements. These liabilities are allocated based on the operations of the segment.


2026 New Zealand International Consolidated

$ $ $
Revenue

Sales 9,860,759 - 9,860,759
Royalties 6,590,026 93,010 6,683,036
Franchising fees 278,432 24,991 303,423
Training fees - - -
Property management fees 59,000 - 59,000
Advertising fees 4,581,899 - 4,581,899
Foreign exchange gain - (1,967) (1,967)
Sundry income 2,529,955 - 2,529,955
Online Ordering 520,179 - 520,179
Interest received 160,890 26 160,916
Interest Leases 785,502 - 785,502
Ponsonby store sale lease adjustment 147,644 - 147,644
Total Revenue 25,514,286 116,060 25,630,346



Interest Expense - - -
Interest Expense Leases Occupied 366,396 - 366,396
Interest Expense Leases non occupied 785,502 - 785,502
Depreciation 413,044 - 413,044
Depreciation Leases 823,862 - 823,862
Amortisation & impairment 607,241 - 607,241

Segment Result before Income Tax 2,636,960 18,774 2,655,734
Income Tax Expense 686,797 - 686,797

Segment Assets 33,174,732 205,466 33,380,198
Segment Liabilities 21,517,999 15,277 21,533,276

Acquisition of Property, Plant & Equipment & Intangible Assets


Other 1,340,708 - 1,340,708

10


Burger Fuel Group Limited

SEGMENT REPORTING (CONTINUED)


2025 New Zealand International Consolidated

$ $ $
Revenue

Sales 10,350,969 - 10,350,969
Royalties 6,147,087 126,856 6,273,943
Franchising fees 370,109 24,991 395,100
Training fees 37,500 - 37,500
Property management fees 60,000 - 60,000
Advertising fees 4,198,525 - 4,198,525
Foreign exchange gain - 1,999 1,999
Sundry income 2,045,396 - 2,045,396
Online Ordering 497,324 - 497,324
Interest received 195,077 41 195,118
Interest Leases 918,461 - 918,461
Total Revenue 24,820,448 153,887 24,974,335



Interest Expense - - -
Interest Expense Leases Occupied 395,786 - 395,786
Interest Expense Leases non occupied 918,461 - 918,461
Depreciation 431,590 - 431,590
Depreciation Leases 865,847 - 865,847
Amortisation & impairment 289,153 - 289,153

Segment Result before Income Tax 1,590,787 (55,322) 1,535,465
Income Tax Expense 508,686 - 508,686

Segment Assets 31,682,258 588,292 32,270,550
Segment Liabilities 22,395,960 12,253 22,408,213

Acquisition of Property, Plant & Equipment & Intangible Assets


Other 1,333,628 - 1,333,628

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Burger Fuel Group Limited
Company Directory
As at 31 March 2026

NZ Companies Office - Registered Office Accountants
Burger Fuel Group Limited Bridgepoint Group Accounting Pty Ltd
66 Surrey Crescent Suite 301, 8 West Street,
Grey Lynn North Sydney
Auckland 1021 NSW 2060
Australia
Company Number
1947191 Auditors

Baker Tilly Staples Rodway Auckland
Date of Incorporation Level 12, 23–29 Albert Street
14-Jun-07
Auckland 1010


Directors
Alan Gourdie - Chair (Independent)
Tristram van der Meijden - Chair of Audit Committee (Independent)
Tyrone Foley (Independent)
Josef Roberts (Executive)


Board Executives
Mark Piet (Chief Financial Officer / Company Secretary)


Business Headquarters
66 Surrey Crescent
Grey Lynn
Auckland 1021


Bankers
ASB Bank Limited
CBA Bank Limited (Australia)



Solicitors

Dentons Kensington Swan, 18 Viaduct Harbour Avenue, Auckland 1011.

Buddle Findlay, HSBC Tower, 188 Quay Street, PO Box 1433, Auckland 1140.

Wynn Williams PO Box 2401, Shortland Street, Auckland 1140.

Corporate Counsel Limited Solicitors, P.O Box 37-322, Parnell, Auckland 1151