Burger Fuel Group Limited FY26 Annual Report Provided

BURGER FUEL GROUP LIMITED
ANNUAL REPORT 2026

BFG ANNUAL REPORT 2026
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TABLE OF CONTENTS
Annual Report of the Directors
Total System Sales
Revenue and Trading History
Independent Auditor’s Report
Consolidated Statement of Comprehensive Income
Consolidated Statement of Financial Position
Consolidated Statement of Changes in Equity
Consolidated Statement of Cash Flows
Notes to the Consolidated Financial Statements
Shareholder Information
Corporate Governance
Directory
04
08
09
12
21
22
24
25
26
62
66
69

BFG ANNUAL REPORT 2026
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Burger Fuel Group Limited 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.
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 2.23% to $25.5M
BFG RESULTS FOR THE PERIOD 1 APRIL 2025 TO 31
MARCH 2026
31 March 202631 March 2025
$000$000
Operating Revenue*24,74524,056
Interest Income
IFRS 16 non-occupied leases785918
Total Income25,53024,974
Operating Expenses **(20,899)(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(22,874)(23,439)
Net Profit Before Tax2,6561,535
Net Profit After Tax***1,9691,027
*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.
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.
CHAIRMAN AND CHIEF EXECUTIVES’ REVIEW
FOR THE YEAR ENDED 31 MARCH 2026

BFG ANNUAL REPORT 2026
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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.
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
CHAIRMAN AND CHIEF EXECUTIVES’ REVIEW
FOR THE YEAR ENDED 31 MARCH 2026

BFG ANNUAL REPORT 2026
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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.
CHAIRMAN AND CHIEF EXECUTIVES’ REVIEW
FOR THE YEAR ENDED 31 MARCH 2026
Josef Roberts
Group CEO
Alan Gourdie
Chairman

BFG ANNUAL REPORT 2026
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Total System Sales represent total
till sales figures across the counter
for all franchise and company
owned stores. These figures are
based on store sales reported by
franchisees to Burger Fuel Limited
for the corresponding financial years,
and have not been independently
reviewed or audited by Baker Tilly
Staples Rodway. All figures are taken
from till sales and are up to and
including the last day of the calendar
month. These figures are exclusive
o f G S T.
These figures include all three
brands BurgerFuel, Shakeout,
and Winner Winner.
Financial years are from 1st April to 31st March. Total system sales represent total till sales figures across the
counter for all franchise and company owned stores.
Total (Unaudited) System Sales
BURGER FUEL GROUP LIMITED FY26 TOTAL
SYSTEM SALES
2012
NZ$33.0M
2013
NZ$38.1M
2014
NZ$49.3M
2015
NZ$66.2M
2016
NZ$82.8M
2011
NZ$29.9M
2010
NZ$25.9M
2009
2017
NZ$96.5M
2018
NZ$100.3M
2019
NZ$105.6M
2020
2021
2022
2023
2024
2025
2026
NZ$103.6M
NZ$101.3M
NZ$88.7M
NZ$94.2M
NZ$106.2M
NZ$117M
NZ$108M
NZ$111M
111,380,531

BFG ANNUAL REPORT 2026
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2012
NZ$8.35M
2013
NZ$9.6M
2014
NZ$12M
2015
NZ$14.4M
2016
NZ$18.6M
2011
NZ$8.72M
2010
NZ$7.48M
NZ$(710,282)
NZ$(1,143,655)
NZ$(552,983)
NZ$33,513
NZ$708,360
NZ$1,098,294
NZ$400,656
NZ$532,170
NZ$888,946
NZ$1,236,341
NZ$505,478
NZ$712,985
NZ$575,869
NZ$9 0 0,418
NZ$1,327,077
NZ$ 1,026,779
NZ$ 1,968,937
NZ$(463,062)
2009
2017
NZ$20.3M
2018
NZ$22.3M
2019
NZ$24.7M
2020
2021
2022
2023
2024
2025
2026
NZ$21M
NZ$21.8M
NZ$20.9MNZ$20.9M
NZ$24M
NZ$27.2M
NZ$24.9M
NZ$25.5M
BURGER FUEL GROUP LIMITED FY26 REVENUE
AND TRADING HISTORY
REVENUE
PROFIT AFTER TAX

2026 THE BURGER
FUEL GROUP BOARD
TRISTRAM
VAN DER MEIJDEN
INdEPeNDeNT DIrEctOR
ANd ChAIr Of T hE BFG AUdi T
cO mmItTEe
Tristram has 20 plus years
accounting experience in retirement
villages, property development,
property management, financial
services, life insurance, professional
services, hotels, business valuation,
consultancy, and retail. Tristram
has held CFO roles at Dorchester
Pacific and Metlifecare. Tristram
is a Director of several private
companies including being the Chair
of RetireAustralia, a member of the
Board of Governors of Kings College
and an Independent Board member
for Te Atiawa Holdings Management
Limited.
JOSEF ROBERTS
GRoUP cEO
Josef is the Group CEO and is
responsible for the overall direction
and management of the business.
Former CEO and founder of Red Bull
Australasia.
ALAN GOURDIE
INdEPeNDeNT DIrEctOR
ANd BoARd ChAIr
Alan has had an international career
as CEO and Global Marketing
Director for high-profile national
and global organisations within the
telecommunications and FMCG
industries.
His career includes roles with the
Heineken organisation and a number
of New Zealand businesses, including
the CEO for Telecom (Spark) Retail.

MARK PIET
cHiEF FInANciAl OffIcER
Mark is the CFO & Company
Secretary of BurgerFuel and has
been with the company since 2008.
Mark is a chartered accountant & a
member of Chartered Accountants
Australia and New Zealand.
Prior to joining BurgerFuel, Mark
worked for Deutsche Bank & The
Economist in London.
TYRONE FOLEY
INdEPeNDeNT DIrEctOR
Tyrone was the BFG Group COO
from 2011 to 2021.
Tyrone’s previous management roles
have been with McDonald’s and BP.
He is currently the CEO of Reduced
to Clear.

BFG ANNUAL REPORT 2026
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INDEPENDENT AUDITOR’S REPORT
TO THE SHAREHOLDERS OF BURGER FUEL GROUP LIMITED
Report on the Audit of the Consolidated Financial Statements
Opinion
We have audited the consolidated financial statements of Burger Fuel Group Limited and its subsidiaries
(‘the Group’) on pages 4 to 60, which comprise the consolidated statement of financial position 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, and notes to the
consolidated financial statements, including material accounting policy information.
In our opinion, the accompanying consolidated financial statements present fairly, in all material respects
,the consolidated financial position of the Group as at 31 March 2026, and its consolidated financial
performance and its consolidated cash flows for the year then ended in accordance with New Zealand
Equivalents to International Financial Reporting Standards (‘NZ IFRS’).
Our report is made solely to the Shareholders of the Group. Our audit work has been undertaken so that we
might state to the Shareholders of the Group 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 Shareholders of the Group as a body, for our audit work or for our
report.
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (New Zealand) (‘ISAs
(NZ)’). Our responsibilities under those standards are further described in the Auditor’s Responsibilities
for the Audit of the Consolidated 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 and the International Ethics Standards Board for Accountants’
International Code of Ethics for Professional Accountants (including International Independence
Standards) (‘IESBA Code’), and we have fulfilled our other ethical responsibilities in accordance with these
requirements and the IESBA Code. 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, our firm and our network firms carry out other assignments for
Burger Fuel Group Limited and its subsidiaries in the area of taxation compliance services. The provision of
these other services has not impaired our independence.
T:

+64 9 309 0463

E:
auckland@bakertillysr.nz

W:
www.bakertillysr.nz
Level 12, 23-29 Albert Street,
Auckland 1010

PO Box 3899, Auckland 1140

New Zealand

BFG ANNUAL REPORT 2026
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Key Audit Matters
Key audit matters are those matters that, in our professional judgement, 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, and we do
not provide a separate opinion on these matters.
Key Audit Matter
How our audit addressed the key audit matter
Leas es
As disclosed in Note 18 of the Group’s
consolidated financial statements, the Group has
lease liabilities of $18.1m (2025: $19.4m), right-
of-use assets of $5.3m (2025: $5.7m) and lease
receivables of $11.8m (2025: $12.7m).
Lease liabilities, right-of-use assets and lease
receivables were significant to our audit due
to the size of the assets and liabilities and the
subjectivity complexity and uncertainty inherent
in the application of NZ IFRS 16 Leases and the
assumptions required by Management for the
calculations of the lease balances.
These calculations require estimation regarding
the lease term and the discount rate. In addition,
Management has exercised their judgement
in determining the recoverability of the lease
receivables for the sublease arrangements.
Our audit procedures among others included:
• Understanding and evaluating the Group’s
internal controls relevant to the accounting
estimates used to determine the expected term
of the Group’s leases and applicable incremental
borrowing rates.
• Evaluating Management’s processes relating to
the identification, recording, recognition and
measurement of leases within the scope of NZ
IFRS 16.
• Evaluating Management’s judgements made in
applying allowable practical expedients against
the requirements of NZ IFRS 16.
•
Evaluating the completeness of identified lease
contracts by checking that all leases were
included in the calculation.
• For new leases:
• Agreeing key inputs in the lease calculation
to the underlying lease agreement(s);
• Recalculating the lease liability, right-of-use
asset and lease receivable based on the
key inputs noted above and comparing our
recalculations to the balances recorded by
the and its ; and
• Checking the appropriateness of the
classification of the lease liability and lease
receivable between current and non-
current based on the remaining term of the
leas e.
• For a sample of existing leases, evaluating
Management’s calculations for the subsequent
measurement of the leases, including lease
modifications and rent revisions.

BFG ANNUAL REPORT 2026
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Key Audit Matter
How our audit addressed the key audit matter
• Evaluating Management’s estimates regarding
lease terms and Management’s consideration of
options to extend or terminate the leases
• Evaluating Management’s assessment of
the incremental borrowing rates applied to
individual leases or portfolios of leases.
• Evaluating the inputs and any underlying
assumptions with a view to identifying
Management bias.
• Evaluating Management’s assessment of any
indicators of impairment for the right-of-use
assets in accordance with NZ IAS 36 Impairment
of Assets
• Evaluating the recoverability of the lease
receivable based on Management’s assessment
of impairment using the expected credit losses
model in accordance with NZ IFRS 9 Financial
Instruments.
• Evaluating the disclosures (including the
material accounting policy information and
accounting estimates) related to leases which
are included in Group’s consolidated financial
statements.

BFG ANNUAL REPORT 2026
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Key Audit Matter
How our audit addressed the key audit matter
Impairment assessment of Goodwill
As disclosed in Note 13 of the Group’s
consolidated financial statements, the Group
has goodwill of $1.2m (2025: $1.3m), allocated
across two (2025: two) cash-generating units
(‘C G Us’).
Goodwill and other indefinite life intangible
assets were significant to our audit due to
the size of the assets and the subjectivity,
complexity, and uncertainty inherent in the
measurement of the recoverable amount of
these CGUs for the purpose of the required
annual impairment test. The measurement
of a CGU’s recoverable amount includes the
assessment and calculation of its ‘value in-use’
or its fair value less costs to sell.
The annual impairment test involves complex
and subjective estimates and judgements by
Management on the future performance of the
CGUs, discount rates applied to the future cash
flow forecasts and future market and economic
conditions.
Our audit procedures, among others, included:
•
Evaluating Management’s determination of the Group’s
CGUs based on our understanding of the nature of the
Group’s business and the economic environment in
which the CGU’s operate. We also analysed the internal
reporting of the Group to assess how the CGUs are
monitored and reported.
•
Challenging Management’s assumptions and estimates
used to determine the recoverable value of its goodwill,
including those relating to forecasted revenue, cost,
capital expenditure and discount rates, by adjusting for
future events and corroborating the key market related
assumptions to external data.
•
Procedures included:
•
Evaluating the logic of the ‘value-in-use’ calculations
supporting Management’s annual impairment test
and testing the accuracy of these calculations;
•
Evaluating Management’s processes regarding the
preparation and review of forecasts;
•
Comparing forecasts to Board approved forecasts;
•
Evaluating the historical accuracy of the Group’s
forecasting to actual historical performance;
•
Challenging and evaluating the forecast growth
assumptions;
•
Evaluating the inputs to the calculation of the
discount rates applied;
•
Engaging our own internal valuation experts
to evaluate the reasonability of Management’s
discount rate;
•
Evaluating the forecasts, inputs and underlying
assumptions with a view to identifying Management
bias;
•
Evaluating Management’s sensitivity analysis for
reasonably possible changes in key assumptions;
and
•
Performing our own sensitivity analysis for
reasonably possible changes in key assumptions,
the two main assumptions being: the discount rate
and forecast growth assumptions.
•
Evaluating the related disclosures (including the
material accounting policies and accounting estimates)
about goodwill, and the risks attached to them which
are included in the Group’s consolidated financial
statements.

BFG ANNUAL REPORT 2026
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Key Audit Matter
How our audit addressed the key audit matter
Valuation of other intangibles
As disclosed in Note 13 of the Group’s
consolidated financial statements, the Group has
computer software of $1.6m (2025: $1.2m).
The valuation of computer software was
significant to our audit due to the materiality of
the balance and the judgement, complexity, and
uncertainty involved in determining whether
the costs meet the capitalisation criteria under
NZ IAS 38 Intangible Assets and the subsequent
measurement of the asset.
The Group is undertaking significant computer
software development through a third-party
provider. During the year, the Group also
commenced on-selling the software to external
customers and began amortising the capitalised
costs.
Management is required to exercise judgement
in assessing whether the costs incurred meet the
criteria for capitalisation, as there is a risk that
operational, research, or configuration costs may
be inappropriately capitalised. Further judgement
is required in determining the useful life of the
asset upon commencement of amortisation.
Our audit procedures among others included:
• Evaluating Management’s assessment of the
treatment of capitalised developments costs in
accordance with NZ IAS 38 Intangible Assets to
determine if the recognition criteria has been
demonstrated.
• Testing a sample of capitalised costs to
supporting evidence to ensure that it meets
the requirements for it to be capitalised in
accordance with NZ IAS 38 Intangible Assets.
• Evaluating Management’s determination of
amortisation, in particular the useful life and
compare it with industry practices.
• Reviewing Management’s assessment for
determining whether there is an indication for
impairment in line with NZ IAS 36 Impairment of
Assets.
• Evaluating the related disclosures (including
the material accounting policy information
and accounting estimates) in the and its
subsidiaries’ 31 March 2026.

BFG ANNUAL REPORT 2026
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Other Information
The Directors are responsible for the other information. The other information comprises the information
included in the Group’s annual report for the year ended 31 March 2026 (but does not include the consolidated
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 audit opinion or 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 in the audit, or otherwise appears to be
materially misstated.
If, based on 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.
Responsibilities of the Directors for the Consolidated Financial Statements
The Directors are responsible on behalf of the Group for the preparation and fair presentation of the
consolidated financial statements in accordance with NZ IFRS, and for such internal control as the Directors
determine is necessary to enable the preparation of the consolidated financial statements that are free from
material misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, the Directors are responsible on behalf of the Group for
assessing 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 to cease operations, or have no realistic alternative but to do so.
Auditor’s Responsibilities for the Audit of the Consolidated 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 ISAs (NZ) 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 consolidated financial statements is
located at the External Reporting Board’s website at:
https://www.xrb.govt.nz/standards/assurance-standards/auditors-responsibilities/audit-report-1-1/
.
This description forms part of our auditor’s report.

BFG ANNUAL REPORT 2026
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Matters Relating to the Electronic Presentation of the Audited Consolidated Financial Statements
This audit report relates to the consolidated financial statements of Burger Fuel Group Limited and its for the
year ended 31 March 2026 included on Burger Fuel Group Limited’s website. The Directors of Burger Fuel
Group Limited are responsible for the maintenance and integrity of Burger Fuel Group Limited’s website.
We have not been engaged to report on the integrity of Burger Fuel Group Limited’s website. We accept no
responsibility for any changes that may have occurred to the consolidated financial statements since they
were initially presented on the website.
The audit report refers only to the consolidated financial statements named above. It does not provide an
opinion on any other information which may have been hyper linked to or from these consolidated financial
statements. If readers of this report are concerned with the inherent risks arising from electronic data
communication they should refer to the published hard copy of the audited consolidated financial statements
and related audit report dated 30 June 2026 to confirm the information included in the audited consolidated
financial statements presented on this website.
Legislation in New Zealand governing the preparation and dissemination of consolidated financial statements
may differ from legislation in other jurisdictions.
The engagement partner on the audit resulting in this independent auditor’s report is D I Searle.
BAKER TILLY STAPLES RODWAY AUCKLAND
Auckland, New Zealand
30
June 2026

BFG ANNUAL REPORT 2026
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BFG ANNUAL REPORT 2026
20

BFG ANNUAL REPORT 2026
21
CONSOLIDATED STATEMENT
OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2026
20262025
Note$$
Revenue424,583,8872 3,8 6 0,7 5 6
Operating Expenses5(1 9,878,52 6)(20,538,033)
Profit before Interest, Taxation, Depreciation,
Amortisation and impairment4,705,3613 , 3 2 2 ,7 2 3
Depreciation on Property, Plant and Equipment10(41 3,0 4 4)(431,590)
Depreciation on Right of Use Assets18(823,862)(865,847)
Amortisation and Impairment13(607,241)( 2 8 9,1 5 3)
(1,844,147)(1,58 6,590)
Profit before Interest and Taxation2,861,2141,736,133
Interest Income160,916195,118
Interest Income leases non-occupied18785,502918,461
Interest Expense--
Interest Expense leases occupied18(3 6 6,3 9 6)(3 9 5,7 8 6)
Interest Expense leases non-occupied18(785,502)(918,461)
(205,480)(2 0 0,6 6 8)
Profit before Taxation2,655,7341,535,465
Income Tax Expense6(6 8 6,7 97 )(5 0 8,6 8 6)
Net Profit attributable to shareholders1,968,9371 ,0 2 6 ,7 7 9
Other comprehensive income:
Items that may be reclassified subsequently to profit or loss:
Movement in Foreign Currency Translation Reserve1915,6484,912
Total comprehensive income1,984,5851,031,691
Basic Earnings per Share (cents)245.592.6 8
Diluted Earnings per Share (cents)245.592.6 8
The attached notes form part of these financial statements

BFG ANNUAL REPORT 2026
22
20262025
Shareholders’ equityNote$$
Contributed equity177,836,2087,836,208
Retained earnings4,532,0452,563,108
Capital Return Costs17(252,698)(252,698)
Foreign currency translation reserve19(268,633)(284,281)
11,846,922 9,862,3 37
Current assets
Cash and cash equivalents166 ,1 3 1 , 3 0 74,826,098
Trade and other receivables81,985,8 951,9 03,8 01
Prepaid licence fee830,0002 2,50 0
Prepayments8613,3301 3 2 ,7 2 0
Tax receivable-2 1 ,1 5 7
Lease Receivable: non-occupied181,137,6101,122,746
Contract Asset886,58364,095
Inventories9485,6406 2 1,0 8 8
Loans12100,38428,22 9
10,570,7498,742,434
Non-current assets
Property, plant and equipment102 ,1 1 3 ,4 2 62,0 8 3,9 6 9
Right of use asset - leases185,3 07,8355 ,6 74 ,1 0 7
Contract Asset87 9 5 ,1 3 2578,6 93
Lease receivable non-occupied1810,635,50311,551,757
Deferred tax asset6456,815493,818
Loans12279,3316 1,6 07
Prepaid licence fee8245,0002 7 7, 5 0 0
Intangible assets132,976,4 072,806,6 65
22,809,44923,528,116
Total Assets33,380,19832,270,550
Current liabilities
Trade and other payables141,42 0,4 671,456,484
Contract Liability14193,321181,359
Lease Liability occupied187 0 7, 0 2 5784,205
Lease Liability non-occupied181,137,6101,122,746
Income tax payable394,358-
Provisions15408,106400,802
4,260,8 873,945,596
CONSOLIDATED STATEMENT
OF FINANCIAL POSITION
AS AT 31 MARCH 2026
The attached notes form part of these financial statements

BFG ANNUAL REPORT 2026
23
20262025
Non-current liabilitiesNote
Contract Liability14978,6 9 5905,128
Lease Liability occupied185,622,1495,956,240
Lease Liability non-occupied1810,635,50311,551,757
Provisions153 6,0424 9,4 9 2
1 7, 2 7 2 , 3 8 918,462,617
Total liabilities21,533,27622,408,213
Net assets11,846,9229,862,3 37
Net tangible assets per share
($ per share – non-GAAP measure)270.240.1 9
F
or and on behalf of the Board who approved these financial statements for issue on 30 June 2026.
The attached notes form part of these financial statements
Josef Roberts
Director
Alan Gourdie
Director
CONSOLIDATED STATEMENT
OF FINANCIAL POSITION
AS AT 31 MARCH 2026

BFG ANNUAL REPORT 2026
24
2026
Contributed
Equity
Foreign
Currency
Translation
Reserve
Return of
Capital Cost
Retained
earningsTotal Equity
$$$$$
Balance as at 1 April 2025 7,83 6,208 (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-- - 1,9 6 8,9371,968,937
Total comprehensive income - 15,648 - 1,9 6 8,937 1,984,585

Balance as at 31 March 2026 7,836,208 (268,633) (2 5 2 ,6 9 8) 4,532,045 11,846,922
2025
Contributed
Equity
Foreign
Currency
Translation
Reserve
Return of
Capital Cost
Retained
earningsTotal Equity
$$$$$
Balance as at 1 April 202411,91 3,4 9 9( 2 8 9,1 9 3) - 1,53 6,32 9 13,160,635
Return of Capital(4,077,2 91)-(252,698) -(4 , 3 2 9 , 9 8 9)
Movement in foreign currency translation reserve
recognised in other comprehensive income-4,912 - -4,912
Net Profit for the period ended 31 March 2025-- - 1,0 2 6,7 7 91 ,0 2 6 ,7 7 9
Total comprehensive income- 4,912 - 1,0 2 6,7 7 9 1,031,691

Balance as at 31 March 2025 7,836,208 (284,281) (2 5 2 ,6 9 8) 2,563,108 9,862,337
CONSOLIDATED STATEMENT
OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2026
The attached notes form part of these financial statements

BFG ANNUAL REPORT 2026
25
CONSOLIDATED STATEMENT
OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2026
The attached notes form part of these financial statements
20262025
Cash flows from operating activitiesNote$$
Receipts from customers23,724,92023,611,463
Interest received160,916195,118
Goods and services tax(95,9 9 0)45,823
Payments to suppliers & employees (19,834,685) (2 1,01 9,2 8 2)
Interest Paid--
Interest on leases(3 6 6,3 9 6)(3 9 5,7 8 6)
Taxes paid(234,275)(777,377)
Net cash flows provided from operating activities253,354,4901,659,959
Cash flows from investing activities
Repayments of loans50,12175,6 03
Loans to franchisees(340,000)(147,000)
Sale of property, plant and equipment 2 8 1,70 862,765
Acquisition of intangible assets13(7 76,9 83)(1,047,476)
Acquisition of property, plant & equipment10(563,725)( 2 8 6 ,1 5 2 )
Net cash flows applied to investing activities(1,348,879)(1,342,260)
Cash flows from financing activities
Return Of Capital17-(4,3 2 9,9 8 9)
Lease Liability Principal Component(7 14,0 8 2)(73 9,6 8 3)
Net cash flows applied to financing activities(714,082)(5,0 69,672)
Net movement in cash and cash equivalents1,2 91,52 9(4,7 51,97 3)
Exchange gains on cash and cash equivalents1 3,6 8 06,911
Opening cash and cash equivalents4,826,0989, 5 7 1 ,1 6 0
Closing cash and cash equivalents166,131,3074,826,098

BFG ANNUAL REPORT 2026
26
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
1) Reporting Entities and Statutory Base
Burger Fuel Group Limited (“BFG”) is a Company
registered under the Companies Act 1993 and is
listed with the New Zealand Stock Exchange (NZX).
The Company is a Financial Markets Conduct (FMC)
reporting entity for the purposes of the Financial Markets
Conduct Act 2013 and its financial statements comply
with that Act.
The financial statements presented are those of Burger
Fuel Group Limited (the ‘Group’). A list of its wholly
owned subsidiaries is listed in note 11 of the financial
statements.
The Group operates as a franchisor of gourmet burger
and chicken restaurants and is a for-profit oriented
entity, incorporated and domiciled in New Zealand.
2) Basis of preparation
Statement of Compliance
The financial statements have been prepared in
accordance with New Zealand Generally Accepted
Accounting Practice (“NZ GAAP”) and the requirements
of the Companies Act 1993, the Financial Reporting
Act 2013 and the Financial Markets Conduct Act 2013.
They comply with the New Zealand equivalents to
International Financial Reporting Standards (“NZ IFRS”),
and other applicable Financial Reporting Standards
as appropriate for, for-profit oriented entities. For the
purposes of complying with NZ GAAP, the Group is a
Tier 1 for-profit entity as defined in the XRB’s Accounting
Standards Framework. These financial statements also
comply with International Financial Reporting Standards
(“IFRS”).
These financial statements are presented in New
Zealand dollars ($), which is the Group’s functional
currency and they have been rounded to the nearest
dollar.
Where necessary, comparative information has been
reclassified and repositioned for consistency with
current year disclosures.
The financial statements were approved by the Board of
Directors on the date set out on page 23 of the Annual
Report.
Basis of Measurement
These financial statements have been prepared under
the historical cost convention, adjusted for fair value
for specific balances as outlined below and on a going
concern basis.
Use of Estimates and Judgements
The preparation of financial statements in conformity
with NZ IFRS requires management to make estimates
and assumptions that affect the reported amounts
of assets and liabilities at the date of the financial
statements and the reported amounts of revenues and
expenses during the year. Actual results could differ from
those estimates. The principal areas of judgments in
preparing these financial statements are set out below:
IFRS16 – Expected Lease Term
The Group has estimated the lease terms for the
occupied and non-occupied leases will run to their final
expiry, taking into account all optional exercise periods.
This is based on the fact that the Group and franchisee
spends a significant amount on the store fitout, thus it is
in their best interest to extend the lease term for as long
as possible while the asset is generating revenue. The
leases are generally aligned with the 10-year franchise
agreements.
Recoverability of lease receivables
The Group holds the head leases on 27 (FY25: 33)
franchised Burger Fuel stores in New Zealand (Non-
occupied leases). These have been sublet to the
franchisees on the same terms and conditions and the
franchisee is a guarantor of the lease. The liability of the
lease passes to the franchisee and a number of these
leases have default liability clauses included, which
limits lease payments from 3 to 24 months. There are
judgements involved in determining the recoverability of
the lease receivable, based on the possible nonpayment
of rent from the franchisee, who is the sublessee in this
relationship.
Accounting for Income Tax
Preparation of the annual financial statements requires
management to make estimates as to, amongst other
things, the amount of tax that will ultimately be payable,
the availability of losses to be carried forward and the
amount of foreign tax credits it will receive in each of the
jurisdictions it operates in.
Deferred tax assets are recognised for deductible
temporary differences and unused tax losses (where
applicable) only to the extent that it is probable that
future taxable amounts will be available to utilise those
temporary differences and losses. Actual results may
differ from these estimates as a result of reassessment
by management or taxation authorities.
Refer to note 6 for additional information on accounting
for income tax.
Impairment of Goodwill
The Group reviews goodwill for impairment on an annual

BFG ANNUAL REPORT 2026
27
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
basis. This requires an estimation of the value in use
of the cash-generating units to which the Goodwill is
allocated. Estimating the value in use amount requires
management to make an estimate of the expected
future cash flows from the cash-generating unit in the
forecasted period of 5 years and also to determine a
suitable discount rate in order to calculate the present
value of those cash flows. The Group’s longer-term
forecasts are subject to a higher level of uncertainty
as it mostly depends on consumer spending, market
conditions and level of competition. For additional
information on the impairment test, reference is made to
note 13.1 - Intangible Assets.
3) Material accounting Policies
The following is a summary of specific accounting
policies adopted by the Group in the preparation of
the financial statements that materially affect the
measurement of financial performance, cash flows and
the financial position.
a) Adoption of new & revised standards and
interpretations
The Group adopted the amendments Lack of
Exchangeability (Amendments to NZ IAS 21). This
amendment did not materially affect the financial or
disclosure aspects of the Group’s financial statements.
No other new standards, amendments, or interpretations
to existing standards effective from 1 April 2025
materially impacted the Group’s financial statements or
required retrospective adjustments.
The Group has not early adopted Amendments to the
Classification and Measurement of Financial Instruments
(Amendments to NZ IFRS 9 and NZ IFRS 7), which are
effective for annual reporting periods beginning on
or after 1 January 2026. Based on the Group’s current
assessment, these amendments are not expected
to have a material impact on the Group’s financial
statements, other than potential additional disclosures.
The Directors do not expect any other standards issued
but not yet effective to have a material impact on the
Group’s financial statements.
Standards issued but not yet effective
NZ IFRS 18 Presentation and Disclosure in Financial
Statements has been issued but is not yet effective for
the year ended 31 March 2026 and has not been early
adopted by the Group. NZ IFRS 18 is effective for annual
reporting periods beginning on or after 1 January 2027.
NZ IFRS 18 replaces NZ IAS 1 and introduces new
requirements for the presentation and disclosure of
information in the financial statements, particularly in the
statement of profit or loss. The Standard requires income
and expenses to be classified into defined categories,
introduces mandatory subtotals including operating
profit and profit before financing and income taxes, and
introduces disclosure requirements for management-
defined performance measures.
Based on the Group’s preliminary assessment, NZ
IFRS 18 is not expected to materially affect the Group’s
reported net profit, total comprehensive income,
financial position or net cash flows. The main impact
is expected to be changes to the presentation of the
consolidated statement of profit or loss, possible
reclassification of certain income and expense items
between operating, investing and financing categories,
changes to the presentation of certain cash flow items,
and potential additional disclosures where management-
defined performance measures are used. The Group
is continuing to assess the detailed presentation and
disclosure impacts of NZ IFRS 18.
b) Revenue Recognition
Revenue arises mainly from the sale of food and
beverage products from our fast-casual stores that the
Group owns directly and from franchise and royalty
arrangements that it has in place with franchise holders
both in New Zealand and offshore.
The Group recognises contract liabilities for
consideration received in respect of unsatisfied
performance obligations and reports these amounts
as other contract liabilities in the statement of financial
position.
Sale of goods
The Group is in the business of providing fast-casual
food solutions to its customers and franchisees. Revenue
from contracts with customers is recognised when
control of the goods is transferred to the customer or
franchisee at an amount that reflects the consideration
to which the Group expects to be entitled in exchange
for those goods or services. The Group has concluded
that it is the principal in its revenue arrangements,
because it controls the goods or services before
transferring them to the customer.
Management has determined the performance
obligation to deliver the food & proprietary products
is completed when control of goods passes to the
customer. Revenue is recognised at this time.
Franchise fees
The Group recognises revenue derived from its franchise
operations in New Zealand and the Middle East on a
straight-line basis over a period of time that the franchise
agreement is in place, which is generally 10 years.
This is the period of time over which the performance
obligation, the use of the intellectual property,

BFG ANNUAL REPORT 2026
28
3) Material accounting Policies
(Continued)
is satisfied. Payment is received annually over the term of
the agreement.
The transaction price includes a variable price
consideration for the possible transfer of franchise
rights. This is unknown until a transfer transaction is
completed. Given the high uncertainty of this transfer,
the transaction price for a franchise contract is not
adjusted for these transferred franchise rights until the
Group is notified of the sale.
Royalties from Franchises and Master Licencing
Arrangements (MLAs)
The Group recognises revenue derived from its
Franchises, MLAs and Development Agent agreements
over time, based on sales that are reported back to the
Group on a monthly basis for sales that occurred in that
month. Payment is received on a monthly basis.
The performance obligation, to provide access to the
brand intellectual property, is satisfied over time. Royalty
revenue is recognised as the underlying sales take place.
Training fees
The Group recognises revenue from training over time
as each 12-week training course is provided to the new
operators of franchises. Payment is received upfront
when the new operator signs a franchise agreement.
Advertising revenue
The Group recognises advertising revenue derived from
its Franchises and MLAs over time, based on sales that
are reported back to the Group on a monthly basis for
sales that occurred in that month. Payment is received
on a monthly basis.
The performance obligation, to provide access to the
brand intellectual property and advertising services, is
satisfied over time. Advertising revenue is recognised as
the underlying sales take place, in accordance with sales-
based royalties. The Group provides marketing services
to increase sales and brand exposure over the life of the
agreement.
Property management fees
The Group recognises revenue from property
management services on a straight-line basis over 12
months. This reflects the period of time over which the
Group provides property management services to each
franchise.
Other revenue
Other revenue includes incentives, bonuses and rebates
received by the Group from its suppliers in relation to
volume of goods and services that have been purchased
by the system. Rebate revenue is recognised when
the sale of the underlying asset is completed. Other
revenues are recognised when reliable estimates of
the amounts due to the Group are deemed to be highly
probable.
Online ordering (software) revenue
The Group recognises revenue derived from its
Franchises over time, based on online sales that are
reported back to the Group on a monthly basis for sales
that occurred in that month. Payment is received on a
monthly basis.
The performance obligation, to provide access to the
Groups online ordering platform, is satisfied over time.
Royalty revenue is recognised as the underlying sales
take place.
Significant financing components
Using the practical expedient in NZ IFRS 15, the Group
does not adjust the promised amount of consideration
for the effects of a significant financing component if it
expects, at contract inception, the period between the
transfer of the promised good or service to the customer
and when the customer pays for that good or service will
be one year or less.
c) Accounts Receivable
Trade receivables
The Group makes use of a simplified approach in
accounting for trade receivables. In calculating, the
Group uses its historical experience, external indicators
and forward-looking information to calculate the
expected credit losses.
The Group assesses the impairment of all its trade
receivables on a specific as well as a collective basis in
order to determine the allowance for credit losses.
Management has assessed the information available and
concluded that no provision for expected credit losses
was identified.
d) Inventories
Inventories are stated at the lower of cost and net
realisable value after due consideration for excess
and obsolete items. Cost is based on the first in, first
out principle and includes expenditure incurred in
acquiring the inventories and bringing them to their
existing condition and location. Net realisable value is
the estimated selling price in the ordinary course of
business, less estimated selling expenses.
e) Financial Instruments
Loans Receivable and Lease Receivable at
amortised cost
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026

BFG ANNUAL REPORT 2026
29
Management have assessed each counterparty as
having a low risk of default and a strong capacity to meet
their contractual cash flow obligations in the near term.
f) Share Capital
Ordinary Shares
Incremental costs directly attributable to the issue of
ordinary shares and share options are recognised as a
deduction from equity.
g) Property, Plant and Equipment
Recognition and Measurement
Items of property, plant and equipment are measured
at cost less accumulated depreciation and impairment
losses.
Cost includes expenditures that are directly attributable
to the acquisition of the asset. The cost of self-
constructed assets includes the cost of materials and
direct labour, any other costs directly attributable to
bringing the asset to a working condition for its intended
use, and the costs of dismantling and removing the
items and restoring the site on which they are located.
Purchased software that is integral to the functionality
of the related equipment is capitalised as part of that
equipment.
When parts of an item of property, plant and equipment
have different useful lives, they are accounted for as
separate items (major components) of property, plant
and equipment.
Subsequent Costs
The cost of replacing part of an item of property, plant
and equipment is recognised in the carrying amount
of the item if it is probable that the future economic
benefits embodied within the part will flow to the Group
and its cost can be measured reliably. The costs of the
day-to-day servicing of property, plant and equipment
are recognised in profit and loss as incurred.
Depreciation rates
Property, plant and equipment are stated at cost less
accumulated depreciation. The following depreciation
rates have been used:
Motor Vehicles 24% - 40% diminishing value
Leasehold Improvements 9% - 40% diminishing value
Computer Hardware 16% - 75% diminishing value
Furniture & Fittings 8% - 67% diminishing value
Kitchen Equipment 8% - 67% diminishing value
Office Equipment 8% - 67% diminishing value
Where an asset is disposed of, the gain or loss
recognised in the Statement of Comprehensive Income
is calculated as the difference between the sale price and
the carrying amount of the asset.
h) Leased Assets
As a lessee
The Group has elected to apply the practical expedient in
accordance with IFRS 16, allowing for the combination of
lease and non-lease components.
As a lessor
When the Group is an intermediate lessor (based on
sub-leasing) it accounts for its interests in the head
lease and the sub-lease separately. It assesses the
lease classification of a sub-lease with reference to the
right-of-use asset arising from the head lease, not with
reference to the underlying asset. If a lease transfers
substantially all of the risks and rewards incidental to the
right-of-use asset, it is treated as a finance lease. These
are classified as non-occupied leases in the financial
statements.
The initial measurement of the present value of the lease
liability is offset with a lease receivable, representing its
right to receive lease payments from a sublessee.
Variable lease payments, such as percentage rent based
on turnover, not included in the measurement of lease
liabilities are recognised as an expense when incurred.
Leases of 12-months or less and leases of low value
assets
Lease payments made in relation to leases of 12-months
or less and leases of low value assets (for which a right of
use asset and a lease liability has not been recognised)
are recognised as an expense on a straight-line basis
over the term of the lease.
i) Intangible Assets
The Group’s intangible assets have finite useful lives
(with the exception of goodwill) and are stated at cost
less accumulated amortisation and impairment. This
class of intangible asset which includes brand assets,
software and patents are amortised in the Statement of
Comprehensive Income on a straight-line basis over the
period during which benefits are expected to be derived,
which is up to 10 years for trademarks. Where there has
been an impairment in the value, the balance has been
written off in the Statement of Comprehensive Income.
Subsequent expenditure is capitalised only when it
increases the future economic benefits embodied in the
intangible asset to which it relates. All other expenditure
is recognised in the Statement of Comprehensive
Income when incurred.
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026

BFG ANNUAL REPORT 2026
30
3) Material accounting Policies
(Continued)
i) Intangible Assets (Continued)
As part of a previous business combination, an acquirer
may acquire a right that it had previously granted to the
acquiree to use one or more of the acquirer’s recognised
or unrecognised assets. An example of such rights
include a right to use the acquirer’s trade name under a
franchise agreement. A reacquired right is an identifiable
intangible asset that the acquirer recognises separately
from goodwill. Reacquired rights are initially valued at
the present value of the expected future cash flows and
subsequently amortised on a straight-line basis over
its useful life, being the remaining contractual period
without considering contractual extension possibilities
but not exceeding 10 years.
The cost of self-constructed intangible assets includes
the cost of direct labour, any other costs directly
attributable to bringing the asset to a working condition
for its intended use. Purchased software that is
integral to the functionality of the related equipment
is capitalised as part of that equipment. These self-
constructed intangible assets have a useful life of 3 to 5
years.
j) Earnings and Net Tangible Assets Per Share
The Group also presents Net Tangible Assets Per Share
(a non-GAAP measure) for its ordinary shares, and it
is calculated by dividing the net tangible assets of the
Group by the number of shares outstanding at the end of
the year.
This is a non-GAAP measure, but the disclosure is
required under the NZX listing rules.
k) Segment Reporting
Operating segments have been identified based on the
information provided to the chief operating decision
maker; being the Board of Directors.
The Group operates in two operating segments – these
consist of the following geographical locations, New
Zealand, and international markets.
l) Goodwill
Refer to Note 13.1 for a description of impairment testing
procedures.
m) Impairment Testing of Goodwill, Other Intangible
Assets and Non-financial Assets
For impairment assessment purposes, assets are
grouped at the lowest levels for which there are largely
independent cash inflows (cash-generating units).
As a result, some assets are tested individually for
impairment and some are tested at cash-generating unit
level. Goodwill is allocated to those cash-generating
units that are expected to benefit from synergies of the
related business combination and represent the lowest
level within the Group at which management monitors
goodwill.
Cash-generating units to which goodwill has been
allocated (determined by the Group’s management as
equivalent to its operating segments) are tested for
impairment at least annually. All other individual assets
or cash-generating units are tested for impairment
whenever events or changes in circumstances indicate
that the carrying amount may not be recoverable.
An impairment loss is recognised for the amount by
which the asset’s or cash-generating unit’s carrying
amount exceeds its recoverable amount, which is the
higher of fair value less costs to sell and value-in-use.
To determine the value-in-use, management estimates
expected future cash flows from each cash-generating
unit and determines a suitable interest rate in order to
calculate the present value of those cash flows.
The data used for impairment testing procedures are
directly linked to the Group’s latest approved budget,
adjusted as necessary to exclude the effects of future
reorganisations and asset enhancements. Discount
factors are determined individually for each cash-
generating unit and reflect management’s assessment of
respective risk profiles, such as market and asset-specific
risks factors.
The carrying amounts of the Group’s non-financial
assets, other than inventories and deferred tax assets are
reviewed at each reporting date to determine whether
there is any indication of impairment. If any such
indication exists, then the asset’s recoverable amount is
estimated.
An impairment loss is recognised if the carrying
amount of an asset exceeds its recoverable amount.
Impairment losses are recognised in the Statement of
Comprehensive Income.
Impairment losses for cash-generating units reduce
first the carrying amount of any Goodwill allocated to
that cash-generating unit. Any remaining impairment
loss is charged pro rata to the other assets in the cash-
generating unit. With the exception of Goodwill, all
assets are subsequently reassessed for indications
that an impairment loss previously recognised may no
longer exist. An impairment charge is reversed if the
cash-generating unit’s recoverable amount exceeds its
carrying amount. Refer to note 13 for more details around
the impairment testing.
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026

BFG ANNUAL REPORT 2026
31
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
4) Revenue
20262025
$$
Sale of Goods9,78 9,94 410,350,969
Franchising Fees3 03,42 3395,100
Training Fees-3 7, 5 0 0
Royalties6,6 8 3,03 66,273,943
Advertising Fees4,581,8 9 94 ,1 9 8 , 5 2 5
Property Management Fees59,00060,000
Other Revenue2,322,8351,9 85,315
Gain on Sale of Fixed Assets (refer Note 10) 1 7 7, 8 9 46 0,0 8 1
Foreign Exchange Gains (1,967)1,999
Online Ordering Income5 2 0,1 7 94 9 7, 3 2 4
Ponsonby Store sale lease adjustment147,644-
24,583,88723,860,756
5) Expenses
20262025
Operating expenses include:$$
Cost of Sales3,956,3284,04 6,3 6 8
Loss on Disposal of Property, Plant and Equipment. (refer Note 10)1 7,4 0 91 0,3 9 0
Directors’ Fees (refer Note 23)187,0002 0 0,7 5 0
Wages and Salaries5,535,2025,687,485
Contributions to a defined contribution plan14 4,0 02152,803
Key management personnel costs: (refer Note 23)
- Salary and other short-term benefits2,0 04,6752,0 04,675
- Contributions to a defined contribution plan3 0,5 703 0,5 70
Auditors’ remuneration – Audit Services – Baker Tilly Staples Rodway:
- Audit of Financial Statements13 6,50 0131,250
- Tax compliance services2 7, 8 6 03 6,800
Other Operating Expenses 3,753,1363,9 85,9 0 6
Legal Expenses – Return of Capital Opposition-2 2 1,6 8 8
Write-off of obsolete stock (refer Note 9)64,5782 2 ,70 1
Advertising Expenditure4,02 1,2 6 64,0 0 6,6 47
19,878,52620,53 8,03 3
The above key management personnel costs include remuneration of the Group Chief Executive and the
members of the executive team.

BFG ANNUAL REPORT 2026
32
6) Income tax
20262025
$$
Taxation expense is represented by:
Current Tax649,794436,124
Deferred Tax3 7, 0 0 372,562
6 8 6 ,7 9 7508,686
Profit / (Loss) before income tax expense2,655,7341,535,465
Timing differences & non-deductible expenses:
50% entertainment2 8,59445,985
Non-deductible expenditure-2 2 3,70 2
Depreciation & Amortisation3 7,4 7 643,92 2
IFRS 15 Deferred revenue(14 5,3 9 8)(1 9 5,52 3)
IFRS 16 Leases(44,453)1 1 7,7 3 0
Accruals8,0 8 1(2 0,9 5 5)
Make good provision(13,450)2 ,7 5 0
Holiday pay not paid out within 63 days25,446(71,8 81)
Other (4 0,0 2 6)( 2 3 ,1 4 4)
(143,730)122,586
Taxable Profit 2,512,0041,658,051
Tax Losses utilised(1 9 1,3 1 0)(172,844)
Net Taxable Profit2,3 2 0,6 941,485,207
Taxation at the company’s effective tax rate649,794415,858
Deferred tax movement Statement of comprehensive income3 7, 0 0 33 6,9 07
Under Provision of Prior Period-55,921
Total income tax expense per statement of comprehensive income6 8 6 ,7 9 7508,686
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026

BFG ANNUAL REPORT 2026
33
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
6) Income tax (Continued)
20262025
Reconciliation of deferred tax asset:$$
Deferred tax on temporary differences
Opening balance 493,81856 6,3 8 0
Prior period adjustment-(35,654)
Provision for employee benefits7,125( 2 0,1 2 7 )
Provisions for make good(3,767)770
Depreciation & amortisation1 0,4 9310,058
Accruals2,263(5,86 8)
Deferred revenue(4 0,6 7 0)(54,705)
Impact of leases(12,447)32,9 64
456,815493,818
Opening Balance493,818566,380
Charged to profit or loss( 3 7, 0 0 3 )(3 6,9 07)
Prior period adjustment-(35,654)
Other-(1)
Closing Balance456,815493,818
The Group has $988,729 of unrecognised losses to be carried forward (2025: $1,165,603). The potential benefit of
these losses is $296,619 (2025: $349,681) which has not been recognised in the financial statements. The losses
carried forward relate to the Australian operations and are therefore in Australian dollars.
The Group has recognised a deferred tax asset of $456,815 (2025: $493,818) with respect to other temporary
differences. This has been recognised as it is probable that future taxable profit will be available to allow the asset
to be utilised.

BFG ANNUAL REPORT 2026
34
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
8) Trade and other receivables
20262025
$$
Trade receivables1 ,9 7 6 ,1 0 31,896,317
Allowance for expected credit losses--
1 ,9 7 6 ,1 0 31,896,317
Prepayments193,9 841 3 2 ,7 2 0
Prepayments – insurance, motor vehicles, kitchen equipment.419,346-
Prepayments – Licence Fee275,000300,000
Sundry receivables9,7 9 27,484
2 , 8 74 , 2 2 52,336,521
Current2,629,2252,0 5 9,02 1
Non-current245,0002 7 7, 5 0 0
2 , 8 74 , 2 2 52,336,521

Receivables denominated in currencies other than the presentation currency are Australian Dollars and they comprise
2.2% of the trade receivables (2025: 2.1%) The total receivables impaired for the 2026 financial year are Nil (2025: Nil).
7) Imputation credits
20262025
$$
Opening balance3,7 8 9,6 3 23,2 6 8,53 0
Add
Tax payable546,262484,736
Resident withholding tax1 7,7 0 737,815
563,96952 2,551
Deduct
Income tax refund received-(1,449)
Closing balance4,353,6013 ,7 8 9,6 3 2

BFG ANNUAL REPORT 2026
35
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
8) Trade and other receivables (Continued)
Contract Asset20262025
Opening Balance 6 4 2 ,7 8 8 446,876
Future Franchise Revenue335,989257,129
Amount receipted from franchisees for the year(187,000) (120,000)
Revenue recognised – Interest fees8 9,93 8 58,783
Closing Balance881,715 642,788
Current86,583 64,095
Non-current7 9 5 ,1 3 2 578,6 93
Total881,715 642,788

Contract assets represent the Group’s right to consideration for services transferred to franchisees where that
right is conditional on something other than the passage of time, primarily relating to franchise and master licence
agreements where revenue is recognised over time.
Contract assets are initially recognised when the Group satisfies a performance obligation but does not yet have
an unconditional right to payment. Contract assets are reclassified to trade receivables when the Group’s right to
consideration becomes unconditional.
Contract assets are subject to the expected credit loss requirements of NZ IFRS 9. Based on the Group’s historical
experience and assessment of franchisee credit risk, no impairment has been recognised in the current year.
9) Inventories
20262025
$$
Ingredients158,895185,368
Finished Goods3 2 6,74 5435,720
Total Inventory485,640621,088
Finished goods includes signage, kitchen equipment, computer equipment & proprietary products (BurgerFuel
sauces & dry goods). During the year ended 31 March 2026, $64,578 of obsolete signs, ingredients, IT Equipment and
stationery were written off. (2025: $22,701).

BFG ANNUAL REPORT 2026
36
10) Property, plant & equipment
2026Motor vehicles
Office
equipment
Furniture and
fittings
Computer
Hardware
Kitchen
equipment
Leasehold
Improve-
mentsTotal
$$$$$$$
Cost
Balance 1 April 20252 8 0, 2 748 0,3 041,284,6341 , 3 4 7, 2 8 71,454,3752 ,3 74, 2 1 36,821,087
Additions241,958-74,9 07105,529141,331-563,725
Disposals ( 5 7,4 8 1 )-(2 14,376)(102,640)(184,750)(2 9 4,7 5 9)(854,006)
Cost at 31 March 2026464,75180,3041,145,1651,350,1761,410,9562,079,4546,530,806
Depreciation and
impairment losses
Balance 1 April 20251 7 3,74 467,643996,3 831,181,678859,3511,458,3194 ,7 3 7,1 1 8
Disposals(53,629)-(176,6 8 5)(95,323)( 1 4 7,4 2 2 )(259,723)(732,782)
Depreciation for the year5 0,1 9 42,0 016 1,6 521 0 7, 9 3 61 0 0,07891,18341 3,04 4
Foreign exchange impact-------
Balance 31 March 2026170,30969,644881,3501,194,291812,0 071 , 2 8 9,7 7 94,417,380
Net Book Value
Balance 1 April 2025106,5301 2,6 6 128 8,251165,609595,024915,8942,0 8 3,9 6 9
Depreciation for the year(5 0,1 9 4)(2,0 01)(6 1,6 52)( 1 0 7, 9 3 6 )(1 0 0,078)(91,183)(41 3,0 4 4)
Additions241,958-74,9 07105,529141,331-563,725
Disposals(3,8 52)-(37,691)( 7, 3 1 7 )( 3 7, 3 2 8 )(3 5,03 6)(1 2 1,2 24)
Foreign exchange impact-------
Net Book Value at 31
March 2026294,44210,660263,815155,885598,949789,6752,113,426
The gain on sale recorded in the Statement of Comprehensive Income was $177,894 (2025: $60,081), relating to the
sale of a motor vehicle and the sale of the BurgerFuel Ponsonby store fit out. The loss on sale recorded relates to
various BurgerFuel Ponsonby equipment and fittings and IT Equipment $17,409 (2025: $10,390)
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026

BFG ANNUAL REPORT 2026
37
10) Property, plant & equipment (Continued)
2025Motor vehicles
Office
equipment
Furniture and
fittings
Computer
Hardware
Kitchen
equipment
Leasehold
Improve-
mentsTotal
$$$$$$$
Cost
Balance 1 April 20242 4 7, 8 7 078,4 511,245,7331 , 3 2 7, 5 7 51,3 8 6,4 942,363,7636,649,8 86
Additions71,2 961,8534 5,0248 1,7 9 17 5,7 3 810,4502 8 6 ,1 5 2
Disposals (3 8,8 92)-(6 ,1 2 3)(6 2 ,07 9)( 7, 8 5 7 )-(114,951)
Cost at 31 March 20252 8 0, 2 7480,3041,284,6341 , 3 4 7, 2 8 71,454,3752 , 3 74 , 2 1 36,821,087
Depreciation and
impairment losses
Balance 1 April 2024183,11864,9839 3 3,7 5 21 ,1 1 0,9 7 0758,5441,356,0374,4 07,4 04
Disposals( 3 7, 2 1 9)-(4 ,1 5 2 )(5 4,8 74)(5,6 3 1)-(1 01,876)
Depreciation for the year27,8452,6 6 06 6,7 8 3125,582106,438102,282431,590
Foreign exchange impact-------
Balance 31 March 20251 7 3 ,74 46 7, 6 4 3996,3831,181,678859,3511,458,3194 ,7 3 7,1 1 8
Net Book Value
Balance 1 April 20246 4,7 5 21 3,4 6 8311,981216,605627,9501 , 0 0 7,7 2 62,242,482
Depreciation for the year(27,845)(2 ,6 6 0)(6 6,7 8 3)(125,582)(106,438)(102,282)(431,590)
Additions71,2 961,8534 5,0248 1,7 9 17 5,7 3 810,4502 8 6 ,1 5 2
Disposals(1,673)-(1,97 1)( 7, 2 0 5 )(2,2 2 6)-(1 3,075)
Foreign exchange impact-------
Net Book Value at 31
March 2025106,53012,661288,251165,609595,024915,8942,083,9 69
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026

BFG ANNUAL REPORT 2026
38
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
Subsidiary CompaniesCountry of
Incorporation
Interest Held
2026
Interest Held
2025
BF Lease Company LimitedNew Zealand100%100%
BF Lease Company No 3 LimitedNew Zealand100%100%
BF Lease Company No 4 LimitedNew Zealand100%100%
BF Lease Company No 5 LimitedNew Zealand100%100%
BF Lease Company No 6 LimitedNew Zealand100%100%
BF Lease Company No 7 LimitedNew Zealand100%100%
BF Lease Company No 8 LimitedNew Zealand100%100%
BF Lease Company No 9 LimitedNew Zealand100%100%
BF Lease Company No 10 LimitedNew Zealand100%100%
BF Lease Company No 11 LimitedNew Zealand100%100%
BF Lease Company No 12 LimitedNew Zealand100%100%
BF Lease Company No 13 LimitedNew Zealand100%100%
BF Lease Company No 14 LimitedNew Zealand100%100%
BF Lease Company No 17 LimitedNew Zealand100%100%
BF Lease Company No 18 LimitedNew Zealand100%100%
BF Lease Company No 19 LimitedNew Zealand100%100%
BF Lease Company No 20 LimitedNew Zealand100%100%
BF Lease Company No 21 LimitedNew Zealand100%100%
BF Lease Company No 23 LimitedNew Zealand100%100%
BF Lease Company No 24 LimitedNew Zealand100%100%
BF Lease Company No 25 LimitedNew Zealand100%100%
BF Lease Company No 26 LimitedNew Zealand100%100%
BF Lease Company No 27 LimitedNew Zealand100%100%
BF Lease Company No 28 LimitedNew Zealand100%100%
BF Lease Company No 29 LimitedNew Zealand100%100%
BF Lease Company No 30 LimitedNew Zealand100%100%
BF Lease Company No 32 LimitedNew Zealand100%100%
BF Lease Company No 34 LimitedNew Zealand100%100%
BF Lease Company No 35 LimitedNew Zealand100%100%
BF Lease Company No 36 LimitedNew Zealand100%100%
BF Lease Company No 38 LimitedNew Zealand100%100%
BF Lease Company No 39 LimitedNew Zealand100%100%
BF Lease Company No 40 LimitedNew Zealand100%100%
BF Lease Company No 41 LimitedNew Zealand100%100%
BF Lease Company No 42 LimitedNew Zealand100%100%
11) Investment in subsidiaries
The Parent Company’s investment in the subsidiaries comprises shares at cost. All subsidiaries have a
31 March balance date.

BFG ANNUAL REPORT 2026
39
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
11) Investment in subsidiaries (Continued)
Subsidiary CompaniesCountry of
Incorporation
Interest Held
2026
Interest Held
2025
BF Lease Company No 44 LimitedNew Zealand100%100%
Burger Fuel Group Lease Limited (formerly BF Lease
Company No 49 Limited)New Zealand100%100%
BF AIA Limited (formerly BF Lease Company No 37
Limited)New Zealand100%100%
Burger Fuel Worldwide Limited (formerly BF Lease
Company No 50 Limited)New Zealand100%100%
Burger Fuel (Dubai) NZ LimitedNew Zealand100%100%
Burger Fuel International LimitedNew Zealand100%100%
Burger Fuel (Australia) Pty LimitedNew Zealand100%100%
Burger Fuel (Australia) No2 Pty LimitedNew Zealand100%100%
Burger Fuel International Management LimitedNew Zealand100%100%
Burger Fuel LimitedNew Zealand100%100%
BurgerFuel Henderson LimitedNew Zealand100%100%
Burger Fuel Takapuna LimitedNew Zealand100%100%
Winner Winner LimitedNew Zealand100%100%
Shake Out LimitedNew Zealand100%100%
Concept Brands LimitedNew Zealand100%100%
Shake Out Commercial Bay LimitedNew Zealand100%100%
Shake Out Container LimitedNew Zealand100%100%
Burger Fuel Pty Limited Australia100%100%
Burger Fuel Australia Pty LimitedAustralia100%100%
BFG Delivery Kitchen Limited (formerly BF Lease Company
No 43 Limited)New Zealand100%100%

BFG ANNUAL REPORT 2026
40
The principal activities of the subsidiaries are:
Burger Fuel Limited – Franchise systems – gourmet burger restaurants.
Burger Fuel International Limited – Holds patents, trademarks and licences and holds the international Master
Franchise Agreements.
Burger Fuel International Management Limited – Owns the BurgerFuel Australia operation and holds the
international Master Franchise Agreements.
Burger Fuel (Australia) Pty Limited – Non trading.
Burger Fuel (Australia) No2 Pty Limited – Non trading.
Burger Fuel Australia Pty Limited – Non trading.
Burger Fuel Pty Limited – Administration.
Burger Fuel (Dubai) NZ Limited – was the holding company of the subsidiary in Dubai (Burger Fuel (ME) DMCC).
BurgerFuel Henderson Limited – New Zealand based company trading as restaurant.
Burger Fuel Takapuna Limited – New Zealand based company trading as restaurant.
Winner Winner Limited – New Zealand based company trading as restaurant – Closed May 2023.
Shake Out Limited – New Zealand based company trading as restaurant.
Concept Brands Limited - Franchise systems – Shake Out and Winner Winner brands.
Shake Out Commercial Bay Limited – New Zealand based company trading as restaurant.
Shake Out Container Limited – New Zealand based company trading as mobile restaurant.
BFG Delivery Kitchen Limited – Shake Out delivery Only kitchen – Closed Nov 2023.
All other companies are head lease holders for store premises in New Zealand.
11) Investment in subsidiaries (Continued)
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026

BFG ANNUAL REPORT 2026
41
12) Loans
20262025
$$
Advance to staff-3,4 9 0
Advances to Franchisees379,71586,346
Total Loans379,71589,8 36
Current100,38428,22 9
Non-current279,3316 1,6 07
Total379,71589,8 36

Advances to Franchisees
The advances to franchisees is to assist with opening of BurgerFuel Stores. The group is currently assisting three
stores with various loans. These advances have been assessed by management and there is no impairment or
expected credit losses.
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026

BFG ANNUAL REPORT 2026
42
13) Intangible assets
2026Brand
AssetsGoodwill
Reacquired
Rights
Computer
SoftwarePatentTrade MarksTotal
$$$$$$$
Cost
Balance 1 April 2025221,3331,6 3 9,2 79250,7601,6 3 8,42 92 0,7 9 979 9,2 764,569,876
Disposals -------
Acquisitions---755,000-21,9 83776,983
Balance at
31 March 2026221,3331,6 3 9,2 79250,7602,3 93,42 92 0,7 9 9821,2595,346,859
Amortisation
Balance 1 April 202515 9,4 04315,000222,8963 65,3141 6,414684,1831,763,211
Disposals -------
Impairment -100,000----100,000
Current year amortisation1 9,1 4 2-2 7, 8 6 4416,8581,41541,9 62507,241
Balance 31 March 2026178,546415,000250,7607 8 2 ,1 7 21 7, 8 2 97 2 6 ,1 4 52,370,452

Net Book Value
Balance 1 April 202561,92 91,324,2792 7, 8 6 41 , 2 7 3 ,1 1 54,3 85115,0 932,80 6,665
Disposals -------
Impairment -(100,000)----(100,000)
Additions---755,000-21,9 83776,983
Amortisation(1 9,1 4 2 )-( 2 7, 8 6 4 )(416,858)(1,415)(41,9 6 2)(507,241)
Net Book Value at
31 March 20264 2 ,7 8 71,224,279-1,611,2572,9709 5 ,1 1 42,976,407
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026

BFG ANNUAL REPORT 2026
43
13) Intangible assets (Continued)
2025Brand
AssetsGoodwill
Reacquired
Rights
Computer
SoftwarePatentTrade MarksTotal
$$$$$$$
Cost
Balance 1 April 2024221,3331,6 3 9,2 79250,7606 2 0,91418,506775,8573,526,649
Disposals -----(4, 24 9)(4,249)
Acquisitions---1,017,5152,2932 7, 6 6 81,047,476
Balance at
31 March 2025221,3331,6 3 9,2 79250,7601,6 3 8,42 92 0,7 9 979 9,2 764,569,876
Amortisation
Balance 1 April 2024140,262315,000195,034169,33114,9 6 6643,7141,478,307
Disposals -----(4, 24 9)(4,249)
Impairment -------
Current year amortisation1 9,1 4 2-2 7, 8 6 2195,9831,44844,718289,153
Balance 31 March 202515 9,4 04315,000222,8963 65,3141 6,414684,1831,763,211

Net Book Value
Balance 1 April 20248 1,07 11,324,2795 5,7 2 6451,5833,5401 3 2 ,1 4 32,048,342
Disposals -------
Impairment -------
Additions---1,017,5152,2932 7, 6 6 81,047,476
Amortisation(1 9,1 4 2 )-( 2 7, 8 6 2 )(195,983)(1,448)(44,718)(289,153)
Net Book Value at
31 March 202561,9291,324,2792 7, 8 6 41,273,1154,385115,0932,80 6,665
The reacquired rights will be amortised over the life of the franchise agreement at the time of purchase
being 9.5 years.
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026

BFG ANNUAL REPORT 2026
44
13.1) Impairment testing
Impairment
The goodwill of the two cash generating units (CGU’s) (BurgerFuel Takapuna and BurgerFuel Henderson
stores) have been tested for impairment. Based on the impairment testing results, a $100,000 impairment loss
on Goodwill is recorded for the BurgerFuel Takapuna store in the 2026 financial year (2025: Nil). Estimation
uncertainty relates to assumptions about current value or operating results and the determination of a suitable
discount rate. For the purpose of annual impairment testing, goodwill is allocated to the following cash-
generating units, which are the units expected to benefit from the synergies of the business combinations in
which the Goodwill arises.
20262025
$$
New Zealand Retail – Henderson Store5 8 6,42 75 8 6,42 7
New Zealand Retail – Takapuna Store7 3 7, 8 5 27 3 7, 8 5 2
Impairment of Takapuna Store Goodwill(100,000)
Goodwill allocation at 31 March1,224,2791,324,279
The recoverable amounts of the cash-generating units were determined based on the higher of the value-in-use
and fair value less cost of disposal calculations, covering a detailed forecast period of 5 years of expected cash
flows for the units’ remaining useful lives using the growth rates determined by management.
Management assessed the impact of reduced economic activity and lower revenues due to slower economic
growth on the valuation of the Group’s financial and non-financial assets (i.e. impairment assessment of cash
generating units).
The Group has prepared revised cash flow forecasts for the purposes of the Group’s annual impairment testing of
goodwill and brand. This assessment has confirmed the carrying value of goodwill and brand assets as at 31 March
2026.
The present value of the expected cash flows of each segment is determined by applying a suitable discount rate.
Growth RatesDiscount Rates
2026202520262025
New Zealand Retail – Henderson Store3.0%2.0%18.9%1 7.1 %
New Zealand Retail – Takapuna Store3.0%2.0%18.7%16.8%

13.2) Growth rates
The growth rates reflect the long-term average growth rates for the product line and industry of the segments.
The Group is expecting the FY26 revenue growth rates combined across the two CGU’s to be 3.30% based on the
current economic conditions. (FY25 1.95%)
13.3) Discount rates
The discount rates reflect appropriate adjustments relating to market risk and specific risk factors of each unit and
these are pre-tax discount rates.
13.4) Cash flow assumptions
The forecasts assume that New Zealand will have no further restrictions placed on the business operations during
the forecast period.
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026

BFG ANNUAL REPORT 2026
45
13.5) Sensitivity analysis
As part of the impairment assessment, sensitivity analyses have been performed on key assumptions used in the
value-in-use calculations. Following this assessment, an impairment loss of $100,000 for Burger Fuel Takapuna
has been recognised in the current period.
The sensitivity analysis considered changes in key assumptions, including discount rates and projected cash
flows. Management has assessed that there are no reasonably possible changes in these assumptions that would
result in a further material impairment of goodwill or reduce the recoverable amount below the carrying amount.
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
14) Trade and other payables and contract liabilities
20262025
$$
Trade payables1,168,9401 ,1 3 9, 2 7 0
Payroll liabilities3 6,51719,564
GST payable145,1882 4 1 ,1 7 8
Accrued expenses6 9,8 2 25 6,47 2
1,420,4671,456,484
Contract Liability
2026Franchise Fees MLA Total
Balance 01 April 2025948,7991 3 7, 6 8 81,0 8 6,4 87
Franchise fees booked to Balance Sheet in FY26(4,6 9 9)-(4,6 9 9)
Revenue recognised – Franchise fees115,219(24,9 91)9 0,2 2 8
Balance 31 March 20261,059,319112,6971,172,016
Contract Liability - Current168,33024,9 91193,321
Contract Liability – Non-current890,9898 7,7 0 6978,6 9 5
Total1,059,319112,6971,172,016
2025Franchise Fees MLA Total
Balance 01 April 20248 9 6,01 9162,6791,0 5 8,6 9 8
Franchise fees booked to Balance Sheet in FY25295,454-295,454
Revenue recognised – Franchise fees(242,674)(24,9 91)( 2 6 7, 6 6 5 )
Balance 31 March 20259 4 8 ,7 9 91 3 7, 6 8 81,086,487
Contract Liability - Current156,3 6 824,9 91181,359
Contract Liability – Non-current79 2,4 3 111 2,6 97905,128
Total9 4 8 ,7 9 91 3 7, 6 8 81,086,487
The contract liability represents the remaining balance of franchise and MLA fees spread over the life of the
agreement which is typically 10 & 20 years in length, respectively. The franchises of 12 New Zealand stores expired
and were renewed or were terminated and re issued due to a sale and purchase of the franchise in FY26.
NZ Franchise fees are now received annually over franchise term, rather than as an upfront franchise fee.

BFG ANNUAL REPORT 2026
46
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
15) Provisions
20262025
$$
Store Closure Provision (non current)
Opening balance4 9,4 9 24 6,74 2
Provisions made during the year2,50 02 ,7 5 0
Provisions used during the year(15,950)-
36,04249,492
Holiday Pay Provision (current)
Opening balance400,802472,3 8 6
Provisions made during the year652,616643,036
Provisions used during the year(645,312)( 7 14,6 2 0)
408,10640 0,802
Total Provisions444,148450,294
Store Closure Provision
This is the make good provision that is set aside to cover the costs of returning premises that are occupied by
BurgerFuel back to their original condition, after taking into account the normal wear and tear of these premises.
Holiday Pay Provision
This is the allocation of the 8% annual leave entitlement that each full-time and part-time employee is entitled to
as part of their employment, which is accrued throughout the year.

BFG ANNUAL REPORT 2026
47
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
16) Cash and cash equivalents
20262025
$$
Cash at bank8 8 9,87 11,495,060
Cash on deposit5,241,4 3 63,3 3 1,03 8
6,131,3074,826,098
At balance date there is $78,495 (2025: $58,012) in restricted cash for bonds issued to the NZX and a lease
guarantee bond.
Refer note 21 for further information.
17) Contributed equity
Number of SharesShare Capital
2026202520262025
$$
Opening ordinary shares on issue 35,235,78750,336,8637,836,20811,91 3,4 9 9
Share buyback and cancellation-(15,101,076)-(4,077,2 91)
Authorised & issued ordinary shares on
issue at 31 March35,235,78735,235,7877,836,2087,836,208
Return of Capital costs--(252,698)(252,698)
7,583,5107,583,510
Burger Fuel Group Limited was listed on the New Zealand Alternative Stock Exchange (NZAX) on 27 July 2007.
The Group migrated to the main board (NZX) on the 1st July 2019. The Company has 35,235,787 (2025: 35,235,787)
authorised and fully paid ordinary shares on issue. All shares have equal voting rights and share equally in
dividends and any surplus on winding up. The shares have no par value.
No Dividends were paid in the 2026 financial year (2025: NIL).

BFG ANNUAL REPORT 2026
48
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
18) Right of use assets, lease receivable and lease liabilities
In addition to the head office, company owned stores & warehouse leases (Occupied leases), the Group at 31
March 2026 holds the head leases on 27 franchised Burger Fuel stores in New Zealand (Non-occupied leases).
These have been sublet to the franchisees on the same terms and conditions as the head leases. These are
considered finance leases and the net investment in the lease is recorded as a receivable. Expected credit losses
have been reviewed and no impairments noted.
2026
Non-OccupiedVehicle LeasesOccupiedTotal
Right of Use Assets
Opening balance-1 9 8,4 3 65,475,6715 ,6 74 ,1 0 7
Remeasurements and additional ROU assets*-2 6 ,1 1 74 3 1,473457,590
Depreciation-(8 9,9 0 9)(733,953)(823,862)
Right of use Asset as at 31 March 2026-134,6445 ,1 7 3 ,1 9 15,307,835

* Remeasurements of ROU assets include vehicle and property leases and lease changes.
2025
Non-OccupiedVehicle LeasesOccupiedTotal
Right of Use Assets
Opening balance-1 1 7, 9 8 95,746,1795,864,16 8
Remeasurements of ROU assets*-179,5934 9 6 ,1 9 36 7 5,7 8 6
Depreciation-(9 9,1 4 6)( 7 6 6,70 1)(865,847)
Right of use Asset as at 31 March 2025-198,4365,475,6715,674,107

BFG ANNUAL REPORT 2026
49
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
18) Right of use assets, lease receivable and lease liabilities (Continued)
2026Non-OccupiedVehicle LeasesOccupiedTotal
Lease Receivable
Opening Balance12,674,503--12,674,503
Remeasurements of existing lease receivables**1 5 6,74 2--1 5 6,74 2
Interest income785,502--785,502
Rent payments(1,843,634)--(1,843,634)
Lease Receivable as at 31 March 202611,773,113--11,773,113
** Remeasurements of existing lease receivables are lease changes and non-occupied leases exited.
The group exited 6 non-occupied head leases in FY26.
2025Non-OccupiedVehicle LeasesOccupiedTotal
Lease Receivable
Opening Balance15,714,314--15,714,314
Remeasurements of existing lease receivables**(1,6 1 2,975)--(1,6 1 2,975)
Interest income918,461--918,461
Rent payments(2,345,297)--(2,345,297)
Lease Receivable as at 31 March 20251 2 ,6 74 , 5 0 3--1 2 ,6 74 , 5 0 3
2026Non-OccupiedVehicle LeasesOccupiedTotal
Lease Liability
Opening balance(12,674,503)(2 04,4 47)(6,535,998)(1 9,414,94 8)
Remeasurements of existing lease liabilities(1 5 6,74 2)(2 6,02 1)(9 6 6,0 07)(1 ,1 4 8 ,7 7 0)
Interest(785,502)(14,41 2)(351,984)(1,151,8 98)
Rent payments1,843,634103,3721,666,3233,613,32 9
Lease Liability as at 31 March 2026(11,773,113)(141,508)(6,187,666)(18,102,287)
2025Non-OccupiedVehicle LeasesOccupiedTotal
Lease Liability
Opening balance(15,714,314)(124,469)(6,6 8 8,3 07 )( 2 2 , 5 2 7, 0 9 0)
Remeasurements of existing lease liabilities1,6 1 2,975(179,593)(495,968)9 3 7,4 1 4
Interest(918,461)(10,995)(3 8 4,7 9 1)(1,3 14,247)
Rent payments2,345,297110,6101,03 3,0 6 83,4 8 8,975
Lease Liability as at 31 March 2025(1 2 ,6 74 , 5 0 3)(2 0 4,4 47)(6,535,998)(1 9,4 1 4,9 4 8)

BFG ANNUAL REPORT 2026
50
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
18) Right of use assets, lease receivable and lease liabilities (Continued)
Non-OccupiedVehicle LeasesOccupiedTotal
Maturity analysis – undiscounted
Less than one year1,836,2636 3,4159 92,9 832,892,661
Between one and five years6,78 0,4 5292,9 8 83,541,8291 0,415,2 6 9
More than five years7,1 5 1 , 2 2 6-3,903,3 8411,054,610
Lease Liability as at 31 March 202615,767,941156,4038,438,19624,362,540
The cash impact of the occupied leases (rent), short term low value asset, and motor vehicle lease payments in
2026 is $1,005,284 (2025: $1,143,678). In FY26 we sold the BurgerFuel Ponsonby store and sublet this to the new
franchisee. In March 2026 we also signed a lease for the BurgerFuel Huapai site and will remain on this lease until
assigned to the new franchisee.
The group has 4 stores that have variable lease payments based on sales turnover that are not included in the
measurement for lease liability above, as the base rent was not exceeded or was capped. This was Nil in 2026
(2025: Nil).
Contractual Lease Commitments
The lease liability under IFRS 16 takes the lease term to its expiry as it is Management’s intention to use the asset’s
to date of final expiry.
The actual legal commitment as per the lease agreement is $4,459,266 (2025: $4,102,284). This increase in lease
obligation is due to renewal terms in the lease agreement and limited liability clauses.
Non-OccupiedVehicle LeasesOccupiedTotal
Limited Liability No Discount FY26
Less than one year1,654,55554,2 92691,9812,4 0 0,8 2 8
Between one and five years1,592,4868 6,934345,3792 ,0 24,7 9 9
More than five years33,639--33,639
31 March 20263,280,680141,2261,037,3604,459,266
Non-OccupiedVehicle LeasesOccupiedTotal
Limited Liability No Discount FY25
Less than one year1,711,6 6378,242612,0612,4 01,9 6 6
Between one and five years96 8,263125,826530,7621,624,851
More than five years75,4 67--75,4 67
31 March 20252,755,393204,0 6 81,142,8234,102,284
The Group holds the head lease over 38 of 71 sites in NZ. The lease on the franchised sites (27) are then licensed
to its franchisees under the same terms and conditions. At balance date, the current annual rent expense of leases
under this arrangement including occupied leases, was $2,829,297 (2025: $3,117,175).

BFG ANNUAL REPORT 2026
51
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
18) Right of use assets, lease receivable and lease liabilities (Continued)
Net investment in leases and contractual commitments
The net investment in finance subleases represents the present value of future lease payments receivable from
franchisees, discounted using the interest rate implicit in the lease, together with any unguaranteed residual
values.
The undiscounted lease payment maturity analysis reflects the total contractual cash flows over the assessed
lease term for NZ IFRS 16 measurement purposes. These amounts differ from the Group’s maximum legal
exposure under the lease agreements, as a number of sublease arrangements include default or limited liability
clauses that restrict enforceable payments in certain circumstances.
The Group’s recognition of lease receivables and lease liabilities is based on management’s assessment of the
lease term in accordance with NZ IFRS 16, including the reasonable certainty of extension options, rather than the
maximum enforceable obligation under default scenarios.
19) Foreign currency translation reserve
Nature and Purpose of Reserves:
Foreign Currency Translation Reserve
Translation differences arising on the translation of the results of subsidiaries with functional currencies other
than New Zealand dollars are recognised directly in the Foreign Currency Translation Reserve. The cumulative
amounts are released to profit or loss upon disposal of these subsidiaries.
20) Financial instruments and risk management
Financial risk management
Management provides services to the business, co-ordinates access to domestic and international financial
markets, monitors and manages the financial risks relating to the operations of the Group through internal risk
reports which analyse exposures by degree and magnitude of risks. These risks include market risk (including
currency risk), credit risk, liquidity risk and cash flow interest rate risk.
The Management reports quarterly to the Group’s audit committee, who monitors risk and policies implemented
to mitigate risk exposures.
Market Risk
The Group’s activities expose it primarily to the financial risks of changes in foreign currency exchange rates and
interest rates. Market risk exposures are analysed by sensitivity analysis. There has not been significant change to
BurgerFuel’s exposure to market risks or the manner in which it manages and measures the risk.
Foreign currency risk management
The Group’s foreign exchange risk is limited to its Australian Dollar bank accounts and the trading of its Australian
subsidiaries. It maintains amounts in these foreign bank accounts and transfers funds when foreign exchange
rates are favourable.
Foreign currency sensitivity analysis
The following table details the Group’s sensitivity to a 10% increase and decrease in the NZ dollar against
the Australian dollar. 10% is the sensitivity rate used when reporting foreign currency risk internally to key
management personnel and represents management’s assessment of the reasonably possible change in foreign
exchange rates. The sensitivity analysis includes only outstanding foreign currency denominated monetary items
and adjusts their translation at year end for a 10% change in foreign currency rates.
The sensitivity analysis includes external loans as well as loans to foreign operations within the Group. A positive
number below indicates an increase in profit.

BFG ANNUAL REPORT 2026
52
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
20) Financial instruments and risk management (Continued)
GROUP
10% Strengthening10% Weakening
2026202520262025
$000$000$000$000
Profit / (Loss) before tax64(6)(5)
Equity43(4)(3)
Interest rate sensitivity analysis
The sensitivity analysis below has been determined based on the exposure to interest rates at the balance date.
For floating rate liabilities, the analysis is prepared assuming the amount of liability outstanding at the balance
date was outstanding for the whole year. A 100-basis point increase or decrease is used when reporting interest
rate risk internally to key management personnel and represents management’s assessment of the reasonably
possible change in interest rates.
If the interest rates on cash and cash equivalents had been 100 basis points higher and all other variables were
held constant, the Group’s operating result for the year ended 31 March 2026 would have been $61,313 higher
(2025: $48,261 higher).
Interest Rate Risk
The Group has cash flow interest rate risk from financial instruments that attract interest. Interest rate risk is the
risk that the value of the Group’s assets and liabilities will fluctuate due to changes in market interest rates. The
Group is exposed to interest rate risk primarily through its cash balances and advances.
The Group manages its interest rate risk by maintaining minimal variable rate cash balances. Excess cash
resources are placed into fixed rate term deposits where appropriate.

BFG ANNUAL REPORT 2026
53
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
20) Financial instruments and risk management (Continued)
Interest Rate Risk Profile
2026We i g hte d
average
effective
interest rate %
Greater than
1 year
Less than 1
year
Non - interest
bearing
Total
$$$$
Financial Assets
Cash and cash equivalent1.23%-6 ,1 3 1 , 3 0 7 -6,131,307
Advance to franchisee6.0 0%45,9193 2 ,1 8 9-7 8 ,1 0 8
Advance to franchisee7. 0 0 %3 5,0792 6,52 8-61,607
Advance to franchisee0.0 0 %198,33341,6 67-240,000
Trade and other receivables---1,985,8 951,985,895
Lease Receivable -non occupied6.2 9%10,635,5031,137,610-11,773,113
10,914,8347,369,3011,985,89520,270,030
Financial Liabilities
Trade and other payables---1,42 0,4 671,420,467
Lease Liability – occupied6.3 0%5,534,837652,733-6 ,1 8 7, 5 7 0
Lease Liability – vehicles6.2 9%8 7, 3 1 254,2 92-141,604
Lease Liability – non -occupied6.2 9%10,635,5031,137,610-11,773,113
16,257,6521,844,6 351,420,46719,522,754
2025We i g hte d
average
effective
interest rate %
Greater than
1 year
Less than 1
year
Non - interest
bearing
Total
$$$$
Financial Assets
Cash and cash equivalent0.83%-4,826,098 -4,826,098
Advance to franchisee7. 0 0 %6 1,6 0724,7 3 9-86,346
Advance to staff5.0 0%-3,4 9 0-3,490
Trade and other receivables---1,903,8001,903,800
Lease Receivable -non occupied8.3 9%11,551,7571,122,746-1 2 ,6 74 , 5 0 3
11,613,3645,977,0731,903,80019,494,237
Financial Liabilities
Trade payables---1,456,4841,456,484
Lease Liability – occupied6.3 0%5,830,261705,963-6,536,224
Lease Liability – vehicles8.3 9%125,97978,242-204,221
Lease Liability – non -occupied8.3 9%11,551,7571,122,746-1 2 ,6 74 , 5 0 3
1 7, 5 0 7, 9 9 71,906,9511,456,48420,871,432

BFG ANNUAL REPORT 2026
54
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
20) Financial instruments and risk management (Continued)
Credit Risk
Credit risk is the risk that the counter party to a transaction with the Group will fail to discharge its obligations,
causing the Group to incur a financial loss. The Group has adopted a policy of only dealing with creditworthy
counterparties, as a means of mitigating the risk of financial loss from defaults. The credit ratings of its
counterparties are continuously monitored by management and the aggregate value of transactions concluded is
spread amongst approved counterparties.
Financial instruments that potentially subject the Group to concentrations of credit risk consist principally of cash,
trade debtors, loans and advances.
The carrying amount of financial assets recorded in the financial statements, which is net of impairment losses,
represents the Group’s maximum exposure to credit risk without taking account of the value of any collateral
obtained. The maximum credit risk exposures are:
Group
20262025
$$
Cash and bank balances6 ,1 3 1 , 3 0 74,826,098
Loans, advances and receivables2,355,8181 ,9 8 6 ,1 5 3
Lease Receivable3,280,6802 ,7 5 5,3 9 3
Maximum exposures are net of any recognised provisions, and at balance date no loans or advances are
considered to be impaired (2025: $Nil). No trade receivables are impaired in FY26 with no further amounts past
due (2025: Nil).
Cash
The Group’s major concentration of credit risk relates to cash deposits with ASB Limited in New Zealand and CBA
Bank Limited in Australia.
Receivables
The Group has a credit policy, which is used to manage its exposure to credit risk. As part of this policy, limits on
exposures have been set, lending is subject to defined criteria and loans are monitored on a regular basis. The
trade receivable are payable on the 10th of the following month and loans are subject to a loan agreement which
stipulates monthly repayments or payable on demand. No security is held but there is a PPSR registered against
the franchisee loan.
Capital Management
The Group’s capital includes share capital, reserves and retained earnings as shown in the Statements of Financial
Position. The Group’s objectives when managing capital are to safeguard the Group’s ability to continue as a going
concern and to maintain an optimal capital structure to reduce the cost of capital. In order to maintain or adjust
the required capital structure the Group may issue new shares, sell assets to reduce debt and/or adjust amounts
paid to investors.
The Group is not subject to any externally imposed capital requirements.

BFG ANNUAL REPORT 2026
55
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
20) Financial instruments and risk management (Continued)
Liquidity Risk
Liquidity risk is the risk that the Group will encounter difficulty in raising funds at short notice to meet
commitments associated with financial instruments. The Group maintains sufficient funds to meet the
commitments based on historical and forecasted cash flow requirements. The exposure is being reviewed on an
ongoing basis from daily procedures to monthly reporting.
Ultimate responsibility for liquidity risk management rests with the board of directors, which has built an
appropriate liquidity risk management framework for the management of short, medium and long-term funding
and liquidity management requirements. Liquidity risk is managed by maintaining adequate reserves and banking
facilities, by continuously monitoring forecast and actual cash flows and matching the maturity profiles of financial
assets and liabilities. All payables are due within 6 months of balance date (2025: 6 months).
The Group expects to meet its obligations from operating cash flows and proceeds of maturing financial assets.
21) Commitments
Capital Commitments
At 31 March 2026, the Group has no contractual commitments (2025: Nil).
Indemnity / Guarantees
BurgerFuel has deposits in place to cover certain commitments the banks have provided:
20262025
Total future minimum
payments
Total future minimum
payments
$$
NZX Bond20,00020,000
Lease guarantee bonds58,4953 8,01 2
78,49558,012
22) Contingencies
The Group has no contingencies at balance date (2025: Nil).

BFG ANNUAL REPORT 2026
56
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
23) Related party transactions
Transactions with Related Parties
During the year the following related party transactions took place:
GroupRelationshipNature of transaction
2026
$
2025
$
SIAM Ventures LimitedKMPConsultancy Expenses Paid7 70,3 9 97 70,3 9 9
Peter Brook (retired 17 July 2024)DirectorDirector Fees-2 5,6 67
Alan GourdieDirectorDirector Fees77,00071,333
Tyrone FoleyDirectorDirector Fees50,00043,750
Tristram van der MeijdenDirectorDirector Fees60,00060,000
Neo Corporate Trustees Limited KMPHead Office Rental5 8 7, 3 7 0559,225
The BurgerFuel Group Chief Executive Officer is the sole director of SIAM Ventures Limited and a director of Neo
Corporate Trustees Limited. The Chief Executive Officer receives consultancy fees relating to his remuneration
which are paid to SIAM Ventures Limited. The above remuneration excludes reimbursement of costs incurred on
behalf of the group.
The head office rental is for the BurgerFuel Head Quarters located at 66 Surrey Crescent, Grey Lynn, Auckland.
The annual rental is paid to Neo Corporate Trustees Limited on behalf of the Neo Trust as the building owners.
The head office rental and leases are periodically reviewed and assessed by an independent registered valuer and
approved by the Board.
Key Management Compensation
Key management personnel (KMP) compensation costs include remuneration of the Group Chief Executive and
the members of the executive team. The compensation paid or payable to key management for employee services
is shown below.
20262025
$$
Salaries and other short-term employee benefits2,0 04,6752,0 04,675
KiwiSaver Employer Contribution3 0,5 703 0,5 70
2,035,2452,035,245

BFG ANNUAL REPORT 2026
57
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
24) Earnings per share
The basic earnings per share are calculated by dividing the profit attributed to shareholders of the Group by the
weighted average number of ordinary shares in issue during the year.
20262025
$$
Surplus attributable to the shareholders of the Group
1,9 6 8,9371,0 2 6,7 7 9
Weighted average number of ordinary shares on issue35,235,78738,256,002
Basic earnings per share (cents)5.592.6 8
Diluted earnings per share (cents)5.592.6 8
Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding
to assume conversion of all dilutive potential ordinary shares. There is no difference between the basic and diluted
number of shares on issue.
25) Reconciliation of net surplus after taxation to net cash flows provided from
operating activities
20262025
$$
Net profit after tax1,9 6 8,937 1,0 2 6,7 7 9
Add: Non-cash items
Amortisation5 0 7, 2 4 12 8 9,1 5 3
Depreciation41 3,04 4431,590
Depreciation on ROU asset823,862865,847
Deferred tax asset3 7, 0 0 372,562
Loss on disposal of property, plant and equipment1 7,4 0 91 0,3 9 0
Unrealised exchange loss / (gain)1,9 67(1,999)
Impairment of Goodwill100,000-
Gain on sale - Ponsonby lease(147,644)-
1 ,7 5 2 , 8 8 21,667,543
Add: Items classified as investing or financing activities
Gain on sale of assets( 1 7 7, 8 9 4 )(6 0,0 8 1)
Add: Working capital movements
(Increase) / decrease in trade and other receivables( 5 3 7,7 0 4 )35,759
(Increase) / decrease in inventories135,4483 6 ,1 2 3
(Decrease) / increase in taxation payable 415,515(341,252)
Increase/ (decrease) in accounts payable and accruals, provisions and contract liability(2 02,6 94)(704,912)
(189,435)(974, 2 8 2)
Net cash flows provided from operating activities3,354,4901,659,959

BFG ANNUAL REPORT 2026
58
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
26) 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 ZealandInternationalConsolidated
$$$
Revenue
Sales9,78 9,94 4-9,789,94 4
Royalties6,5 9 0,0 2 693,01 06,6 83,036
Franchising fees2 78,4 3 224,9 91303,423
Training fees---
Property management fees59,000 - 59,000
Advertising fees4,581,8 9 9 - 4,581,899
Foreign exchange gain-(1,967)(1,9 6 7)
Sundry income2 ,5 0 0,7 2 9-2 , 5 0 0,7 2 9
Online Ordering5 2 0,1 7 9-520,179
Interest received1 6 0,8 9 026160,916
Interest Leases785,502-785,502
Ponsonby store sale lease adjustment147,644-1 4 7, 6 4 4
Total Revenue25,414,245116,06025,530,305
Interest Expense---
Interest Expense Leases Occupied3 6 6,3 96-366,396
Interest Expense Leases non occupied785,502-785,502
Depreciation41 3,04 4-413,044
Depreciation Leases823,862-823,862
Amortisation & impairment6 0 7, 2 4 1-607,241
Segment Result before Income Tax2,6 3 6,9 6 01 8,7 742,655,734
Income Tax Expense6 8 6,7 97-6 8 6 ,7 9 7
Segment Assets3 3 ,1 74 ,7 3 2205,46633,380,198
Segment Liabilities21,517,99915,27721,533,276
Acquisition of Property, Plant & Equipment & Intangible Assets
Other1,340,708-1 , 3 4 0,7 0 8

BFG ANNUAL REPORT 2026
59
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
26) Segment reporting (Continued)
2025
New ZealandInternationalConsolidated
$$$
Revenue
Sales10,350,969-10,350,969
Royalties6 ,1 4 7, 0 8 7126,8566,273,943
Franchising fees3 7 0,1 0 924,9 913 9 5 ,1 0 0
Training fees3 7, 5 0 0-3 7, 5 0 0
Property management fees60,000 - 60,000
Advertising fees4 ,1 9 8 , 5 2 5 - 4,198,525
Foreign exchange gain-1,9991,999
Sundry income2,04 5,3 9 6-2,045,39 6
Online Ordering4 9 7, 3 2 4-497,324
Interest received1 9 5,07 7411 9 5 ,1 1 8
Interest Leases918,461-918,461
Total Revenue24,820,448153,88724,974,335
Interest Expense---
Interest Expense Leases Occupied3 9 5,7 8 6-3 9 5 ,7 8 6
Interest Expense Leases non occupied918,461-918,461
Depreciation431,590-431,590
Depreciation Leases865,847-865,847
Amortisation & impairment2 8 9,1 5 3-289,153
Segment Result before Income Tax1,5 9 0,7 8 7(55,32 2)1,535,465
Income Tax Expense5 0 8,6 8 6-508,686
Segment Assets31,682,25858 8,2 9232,270,550
Segment Liabilities2 2,3 95,9 6 012,25322,408,213
Acquisition of Property, Plant & Equipment & Intangible Assets
Other1,333,628-1,333,628

BFG ANNUAL REPORT 2026
60
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
27) Net tangible asset per share (Non-GAAP Measure)
The net tangible asset per share is calculated by dividing the net tangible assets of the Group by the total number
of ordinary shares in issue during the year. This is a non-GAAP measure, but the disclosure is required under the
NZX listing rules.
28) Subsequent events
The Group is pleased to announce that it has recently entered into an agreement with Delaware North Companies
(NZ) Retail Services to open a BurgerFuel franchised restaurant on the departures side of the Auckland
International Airport terminal.
The new restaurant is expected to open later in 2026. There is no capital commitment from the Group in relation
to this store.
Other than this there has been no matter or circumstance, which has arisen since 31 March 2026 that has
significantly
affected or may significantly affect:
(a) the operations, in financial years subsequent to 31 March 2026, of the Group, or
(b) the results of those operations, or
(c) the state of affairs, in financial years subsequent to 31 March 2026, of the Group.
20262025
$$
Assets16,299,25013,921,940
Current lease receivable non-occupied – IFRS161,137,6101,122,746
Right of use assets – Leases5 ,1 7 3 ,1 9 15,475,671
Right of use assets – vehicles134,6441 9 8,4 3 6
Non-current lease receivable non-occupied – IFRS1610,635,50311,551,757
Total Assets33,380,19832,270,550
Liabilities(3,4 3 0,9 8 9)(2,9 93,2 65)
Lease Liabilities (refer note 18)(6,187,666)(6,535,998)
Lease Liabilities – vehicles (refer note 18)(141,5 0 8)(2 04,4 47)
Lease Liabilities – non-occupied (refer note 18)(11,773,113)(12,674,503)
Total Liabilities(21,533,276)(22,408,213)
Net Assets11,846,9229,862,3 37
Less Intangible Assets and deferred tax asset
(refer to Note 6 and 13)(3,433,222)(3,3 0 0,4 8 3)
Net Tangible Assets8 , 4 1 3 ,7 0 06,561,854
Total ordinary shares on issue35,235,78735,235,787
Net Tangible Assets per share ($ per Share)0.240.1 9

BFG ANNUAL REPORT 2026
61

BFG ANNUAL REPORT 2026
62
Remuneration of Directors
2026
12 Months
2025
12 Months
$$
Peter Brook**-2 5,6 67
Josef Roberts*7 70,3 9 97 70,3 9 9
Tyrone Foley50,00043,750
Alan Gourdie77,00071,333
Tristram van der Meijden60,00060,000
* Josef Roberts’ remuneration is independently assessed by one of New Zealand’s leading CEO salary and remuneration specialists and following
their recommendations, set by the Board.
**Peter Brook retired on 17 July 2024 and received a part year of Director fees.
Remuneration of Employees (Excluding Executive Directors)2026
12 Months
Number of Employees
2025
12 Months
Number of Employees
$100,000-$110,00032
$110,001-$120,00022
$120,001-$130,000--
$130,001-$140,00022
$140,001-$150,00011
$150,001-$160,00011
$180,001-$190,000--
$190,001-$200,00011
$200,001-$210,000--
$210,001-$220,00011
$230,001-$240,000--
$240,001-$250,00011
$260,001-$270,000--
$270,001-$280,00011
$290,001-$300,000--
$300,001-$310,00011
SHAREHOLDER INFORMATION
FOR THE YEAR ENDED 31 MARCH 2026

BFG ANNUAL REPORT 2026
63
Statement of Directors and Officers Interests
Directors and Officers held the following equity securities in the Company:
Beneficially held
at 31/03/26
Non-beneficially
held at 31/03/26
Beneficially held
at 31/03/25
Non-beneficially
held at 31/03/25
Alan Gourdie 258,507-258,507-
Josef Roberts23,363,434-23,363,434-
Tyrone Foley 1 0,41 2-1 0,41 2-
Tristram van der Meijden----
Mark Piet (Officer)1 5 ,1 6 7-1 5 ,1 6 7-
There were no share transactions with the Directors and Officers during the year. Directors are not required to
own BFG shares, but all directors are shareholders except for Tristram van der Meijden.
Substantial Product Holders
The following information is given pursuant to section 293 of the Financial Markets Conduct Act 2013. As at
31 March 2026, details of the Substantial Product Holders in the company and their relevant interests in the
company’s shares are as follows:
Substantial Product HolderNumber of Voting Securities%
JCR Capital Limited and 730 Trustee Company Limited as
co-trustees of the JCR Investment Trust *
1 9,8 0 2,5 7556.20%
SIAM Trust *1,855,0005.26%
E & P Foundation Trustee Limited1,8 0 0,4 975 .1 0 %
Christopher Simon Mason and Christopher John Mills as trustees for the Mason
Family Trust
1,7 6 1,7 9 15.0 0%
*Roberts Inc Holdings Limited (Formerly Mason Roberts Holdings limited) is the legal holder (as bare trustee) of these
shares.
Roberts Inc Holdings Limited is also the legal holder (as bare trustee) of shares beneficially owned by CMJR Trustee
Ltd and GL JCR CMJR Guardian Ltd as co-trustees of the CMJR Trust.
The total number of shares legally held by Roberts Inc Holdings Limited (as bare trustee) as at 31 March 2026 was
23,363,434 (66.3%).
The total number of voting securities of the Company on issue at 31 March 2026 was 35,235,787 fully paid ordinary
shares.
SHAREHOLDER INFORMATION
FOR THE YEAR ENDED 31 MARCH 2026

BFG ANNUAL REPORT 2026
64
Twenty Largest Security Holders as at 31 March 2026
ShareholderNumber of Shares%
ROBERTS INC HOLDINGS LIMITED23,363,4346 6.31%
E & P FOUNDATION TRUSTEE LIMITED 1,8 0 0,4 975 .1 1 %
MASON TRUSTEE LIMITED & CHRISTOPHER SIMON MASON & CHRISTOPHER RONALD JOHN
MILLS1,7 6 1,7 9 15.0 0%
BRENDON JON LINDSAY & JEFFREY JOHN PARSONSON & WAYNE DEREK ANDERSON &
SIMON MIDDLETON PALMER8 8 6,6 6 22.52 %
NEW ZEALAND DEPOSITORY NOMINEE LIMITED812,1492.3 0%
CUSTODIAL SERVICES LIMITED346,8080.9 8 %
FRANCO BELGIORNO-NETTIS332,5000.94%
LAPHROAIG TRUSTEE COMPANY (NZ) LIMITED259,6740.74%
JBWERE (NZ) NOMINEES LIMITED258,5070.7 3 %
PETER CLYNTON BROOK2 3 5,6 170.67 %
TRUMPETER TRUSTEES (2007) LIMITED227,2590.6 4%
JIMMY JINHUA DENG & SOPHIE SHUFEN LI1 8 7, 9 2 90.53%
BRIAN KELLY LIMITED175,0000.5 0 %
JI ZOU1 0 9,3750.3 1 %
STERLING NOMINEES LIMITED105,2040.3 0 %
ALASTAIR ROSS ARMSTRONG104,3540.3 0 %
FORSYTH BARR CUSTODIANS LIMITED9 8 ,1 9 40.2 8 %
JOSEPH DANIEL BOTHA85,4400.24%
GRAHAM RICHARD CALEY7 1,7 2 70.2 0 %
ROBERT WALLACE MONTGOMERY DOWLER & ROSEMARY ELIZABETH DOWLER70,0000.2 0 %
3 1 , 2 9 2 ,1 2 188.80%
SHAREHOLDER INFORMATION
FOR THE YEAR ENDED 31 MARCH 2026

BFG ANNUAL REPORT 2026
65
SHAREHOLDER INFORMATION
FOR THE YEAR ENDED 31 MARCH 2026
Domicile of Security Holdings
LocationHoldersUnitsUnits %
NEW ZEALAND2,0 5 534,962,3219 9.2 2 %
AUSTRALIA911 7 9,1 6 00.51 %
UNITED ARAB EMIRATES333,6120.1 0 %
U.S.A.142 0,51 00.0 6 %
UNITED KINGDOM1318,7250.0 5%
CANADA65,8510.0 2 %
HONG KONG13,50 00.01 %
AUSTRIA22 ,1 0 00.01 %
GERMANY11,4 0 00.0 0 %
CZECH REPUBLIC11,4 0 00.0 0 %
CHINA11,4 0 00.0 0 %
FRANCE11,2 930.0 0 %
IRELAND11 ,1 2 00.0 0 %
TAIWAN17000.0 0 %
SOUTH AFRICA17000.0 0 %
REUNION17000.0 0 %
NORWAY17000.0 0 %
HUNGARY13850.0 0 %
SWITZERLAND12100.0 0 %
Total 2 ,1 9 635,235,78710 0.0%
Spread of Security Holders
RangeHoldersUnitsUnits %
1 - 49930484,9790.24%
500 - 9991,0 57755,5722 .1 4 %
1,0 0 0 - 1,999443592,4011.6 8 %
2,000 - 4,999237705,5382.0 0%
5,000 - 9,99971514,9521.4 6 %
10,000 - 49,999631 , 2 3 7,7 2 43.51%
50,000 - 99,99953 7 7, 8 6 11.07 %
100,000 - 499,999112,342,2276.6 5%
500,000 - 999,99921,698,8114.82 %
1,000,000 Over326,925,72276.42 %
Total2 ,1 9 635,235,78710 0.0%

BFG ANNUAL REPORT 2026
66
CORPORATE GOVERNANCE
FOR THE YEAR ENDED 31 MARCH 2026
The Board of Directors is responsible for the corporate
governance of the Group. “Corporate Governance”
involves the direction and control of the business
by the Directors and the accountability of Directors
to shareholders and other stakeholders for the
performance of the Group and compliance with
applicable laws and standards.
The group has followed the recommendations in the
NZX Corporate Governance Code during the relevant
financial year, full details, including the dividend policy
can be found on our website;
https://www.burgerfuel.com/nz/investor-
relations#company-documents
Role of the Board
The Board is elected by the Shareholders of the
Company. A Director must not hold office (without
re-election) past the third annual meeting following the
Directors appointment or 3 years, whichever is longer.
The Directors to retire are those who wish to retire, or
those who have been longest in office since last being
elected, subject to voting.
The Board of Directors is responsible for the overall
direction of Burger Fuel Group Limited’s business and
affairs on behalf of all shareholders. The Board’s key role
is to ensure that corporate management is continuously
and effectively striving for above-average performance,
taking account of risk.
The Board:
•Establishes the objectives of Burger Fuel Group Limited;
•Approves major strategies for achieving these
objectives;
•Oversees risk management and compliance;
•Sets in place the policy framework within which
BurgerFuel operates; and
•Monitors management performance against this
background.
The Board has delegated the day-to-day leadership and
management of the Group to the Group Chief Executive
Officer, Chief Operating Officer and the Chief Financial
Officer.
The Board monitors financial results and compares them
to annual plans and forecasts / budgets on a regular
basis, and on a quarterly basis reviews the Group’s
performance against its strategic planning objectives.
Board Size and Composition
The size and composition of the Board is determined
by the Company’s constitution. As at 31 March 2026,
there were four Directors and a Chief Financial Officer /
Company Secretary. The Chairman of the Board and the
Chairman of the Audit Committee are non-executive
and independent of the role of the Chief Executive
Officer and Chief Financial Officer.
Directors and Officers diversity
NZX listed issuers are required to report quantitative
data on the gender breakdown of Directors and Officers
at the financial year end. The policy behind the rule is
to provide information to allow investors to maintain
an informed view of diversity as a factor relevant to an
Issuer’s expected performance.
20262025
MaleFemaleMaleFemale
Directors4-4-
Executive /
Leadership Team5151
Total Head Office Staff17201820
Audit Committee
(i) Risk Management
The Audit Committee is required to establish a
framework of internal control mechanisms to ensure
proper management of the Group’s affairs and that key
business and financial risks are identified and controls
and procedures are in place to effectively manage
those risks. The Audit Committee is accountable to
the Board for the recommendation of the external
auditors, directing and monitoring the audit function
and reviewing the adequacy and quality of the annual
audit process.
The Independent Directors may obtain external
independent advice, as required, at the Group’s
expense.
(ii) Additional Assurance
The Committee provides the Board with additional
assurance regarding the accuracy of financial
information for inclusion in the Group’s annual report,
including the financial statements. The Committee is
also responsible for ensuring that Burger Fuel Group
Limited has an effective internal control framework.
These controls include the safeguarding of assets,
maintaining proper accounting records, complying
with legislation, including resource management and
health and safety issues, ensuring the reliability of
financial information and assessing and overviewing
business risk. The Committee also deals with
governmental and New Zealand Stock Exchange
requirements.
(iii) Share Trading Policy
The Company has adopted a formal Securities
Trading Policy (“Policy”) to address insider trading
requirements.

BFG ANNUAL REPORT 2026
67
CORPORATE GOVERNANCE
FOR THE YEAR ENDED 31 MARCH 2026
(iii) Share Trading Policy (Continued)
The Policy is modelled on the Listed Companies Association Securities Trading Policy and Guidelines and is
administered by the Audit Committee and restricts share trading in a number of ways.
(iv) Insurance and Indemnification
Burger Fuel Group Limited provides indemnity insurance cover to directors, officers and employees of the Group
except where there is conduct involving a wilful breach of duty, improper use of inside information or criminality.
Directors & Officers Board & Audit Committee Attendance Record
DirectorsBoard Meetings
Audit Committee
Meetings
Alan Gourdie (Chair & Independent Director)63
Josef Roberts (CEO Executive Director)63
Tyrone Foley (Independent Director) 63
Tristram van der Meijden (Audit Committee Chair & Independent Director)63
Officer
Mark Piet (Chief Financial Officer / Company Secretary) *63
*Mark Piet is not part of the Audit Committee he is an observer and are not involved in any of the decision making.
The composition of the Audit committee is Tristram van der Meijden (Chair), Alan Gourdie, Josef Roberts and
Tyrone Foley.
Alan Gourdie, Tristram van der Meijden and Tyrone Foley are considered by the Board to be independent
directors, as defined under the NZX Listing Rules, as at 31 March 2026 and as per the Corporate Governance code
recommendations 2.4.
This determination has been made on the basis that neither Alan Gourdie, Tristram van der Meijden or Tyrone
Foley are employees of the Group, nor do they have any ‘Disqualifying Relationship’ as that term is defined in the
Listing Rules.
Constitution
A full copy of the Company’s constitution is available on the Company’s website (www.burgerfuel.com).
Board Remuneration
Directors are entitled to Directors’ fees, reasonable travelling, accommodation and other expenses incurred in
the course of performing duties or exercising powers as Directors. Aggregate Director fees payable to the Board
will not exceed $220,000 per annum, excluding the Group Chief Executive and Chief Financial Officer/Company
Secretary.
The Company Secretary attends to all company secretarial and corporate governance matters.
There are currently no, short or long term incentives, share options, or retirement benefits for the directors & CEO.
Audit Rotation
Baker Tilly Staples Rodway has acted as the Group’s auditor since 2007. David Searle is the audit partner for the
FY26 year-end audit and has served as lead audit partner since FY24. The Audit Committee monitors auditor
independence and audit partner rotation in accordance with the NZX Listing Rules, including Listing Rule 2.13.3(f),
which requires the Key Audit Partner to be changed at least every five years

BFG ANNUAL REPORT 2026
68
CORPORATE GOVERNANCE
FOR THE YEAR ENDED 31 MARCH 2026
Conflict of Interest
The Board has guidelines dealing with the disclosure of interests by Directors and the participation and voting
at Board meetings where any such interests are discussed. The Group maintains an interests register in which
particulars of certain transactions and matters involving Directors must be recorded.
There have been no political donations by the company.
Sustainability
BurgerFuel Group recognises that its operations have an environmental impact and is committed to taking
practical steps to better understand and reduce that impact over time. The Board maintains oversight of
sustainability as part of its focus on long-term value creation, ensuring the business continues to operate
responsibly across its people, customers, and communities.
Carbon & Climate
The Group completed its second carbon analysis project with EKOS to establish a baseline understanding of its
emissions profile. While the Group does not currently undertake annual emissions measurement, the insights
gained from this work are being used to inform decision-making and identify areas for potential reduction. Our
work on reducing carbon emissions is ongoing.
Operations & Waste
The Group continues to prioritise improvements in waste management across its operations. All company-owned
stores currently divert dining room waste from landfill through commercial composting and recycling systems.
Work is underway to expand these systems across Auckland stores, where operationally and commercially
feasible, with a target of implementation by the end of FY27.
In FY24, the Group also developed a Store Sustainability Guide, in collaboration with sustainability consultants Go
Well, to support franchisees in adopting practical sustainability initiatives at a store level.
Packaging & Supply Chain
BurgerFuel continues to work with key suppliers to improve material selection, reduce environmental impact, and
enhance transparency across its supply chain. In partnership with BioPak, the Group is progressing packaging
solutions that reduce reliance on traditional plastic-lined materials. While not all proprietary packaging is currently
certified compostable, certain items are produced from aqueous-coated kraft board, are free from added PFAS,
and represent an improvement on conventional fast-food packaging.
The Group’s long-term objective is to transition all proprietary single-use packaging to certified commercially
compostable solutions aligned with recognised standards, subject to operational feasibility.
Store Development
The Group has begun exploring more energy-efficient store formats, including electrification. Its Royal Oak store
operates as the first fully electric site within the system, providing an opportunity to trial electric alternatives for
core kitchen equipment.
Where feasible, new store developments may also incorporate features that support lower-impact transport, such
as bike parking.
Supporting Conservation
BurgerFuel continues its partnership with the Fiordland Wapiti Foundation, supporting conservation and
ecosystem management initiatives in the South Island. Funding has contributed to predator control and the
protection of native flora and fauna.
The Group’s annual limited-edition “Wild” campaign has raised over $120,000 to date, supporting these
initiatives and contributing to the development of local processing capability in Te Anau, with associated regional
employment benefits.

BFG ANNUAL REPORT 2026
69
COMPANY DIRECTORY
AS AT 31 MARCH 2026
NZ Companies Office - Registered Office
Burger Fuel Group Limited
66 Surrey Crescent
Grey Lynn
Auckland 1021
Company Number
1947191
Date of Incorporation
1 4 -J u n - 0 7
Directors
Alan Gourdie - Chair (Independent)
Tristram van der Meijden - Chair of Audit Committee (Independent)
Tyrone Foley (Independent)
Josef Roberts (Executive)
Board Executive
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
Accountants
Bridgepoint Group Accounting Pty Ltd
Suite 301, 8 West Street,
North Sydney
NSW 2060
Australia
Auditors
Baker Tilly Staples Rodway Auckland
Level 12, 23–29 Albert Street
Auckland 1010