Interim Result - 30 June 2026

A: 78 Apollo Drive, Rosedale, Auckland 0632, New Zealand
PO Box: 302-533 North Harbour, Auckland 0751, New
Zealand

P: + 64 9 477 4500 E: info@aofrio.com
® is a registered Trademark of AoFrio Ltd.


5 August 2026

Market Announcement
For immediate release


AoFrio Limited (AOF), the global leader in hardware-enabled insights for the commercial
refrigeration industry, today released its interim results for the six months ended 30 June 2026
(“1H26”). AoFrio’s 2026 Interim Report accompanies this announcement.
Financial Performance
The Company reported revenue of $33.8 million, down 21.5% on the same period last year. Motors
revenue fell -50.5% or -$10.8 million to $10.6 million and accounted for the entire group revenue
decline. As reported in the 1Q26 update, AoFrio’s largest US motor customer decided to source
motors locally due to higher tariffs. During 2026, other motor customers also shifted towards lower-
specification, lower-cost motors. AoFrio is addressing this through component sourcing to reduce
the price of its existing motor specification and the development of a new lower-cost motor.
IoT revenue increased +$1.5 million, or +6.8%, to $23.2 million.
Earnings before interest, taxation, depreciation, amortisation, and impairment (“EBITDA”) for 1H26
was $0.9 million, compared with $0.7 million in 1H25. Gross profit declined with lower revenue,
although gross margin increased to 34.9% from 29.6% as the business mix shifted towards higher-
margin IoT revenue. Operating expenses were broadly unchanged. EBITDA included $1.2 million
of other income from the 2025 RDTI claim submitted in June 2026.
Strategy Implementation
In December 2025 AoFrio presented two growth options to shareholders. Following strong support
from shareholders for option 2, AoFrio raised $8.9 million, from a placement and rights issue, out
of the $15 million required to pursue growth option 2. AoFrio adjusted its plan to align with the
capital raised and will commence deploying the capital in 2H26 to accelerate growth in Cold Drink
Equipment and start implementing the go-to-market plan for Food Retail.
Growing Leadership Position in Cold Drinks Equipment (CDE) Cellular and Software
Platforms Launched Commercially
A key achievement in mid-2026 was the commercial launch of both the SCS 800 cellular "Always
On" controller and the AoFrio iQ Insights platform for CDE. These two products underpin AoFrio's
strategy to enable rich data intelligence and workflow automation for clients to win market share in
the US and Europe.
"This has been a pivotal half for our product roadmap, with the commercial launch of SCS 800 and
AoFrio iQ. Momentum ahead of adoption continues to build, with thirty-three trials underway
globally, including with significant beverage bottlers in Europe and North America," says AoFrio
Chair John Scott.

AO348


A: 78 Apollo Drive, Rosedale, Auckland 0632, New Zealand
PO Box: 302-533 North Harbour, Auckland 0751, New
Zealand

P: + 64 9 477 4500 E: info@aofrio.com
® is a registered Trademark of AoFrio Ltd.


The Total Addressable Market for SCS 800 and AoFrio iQ across the US and Europe is estimated
at 700,000 units per annum, with the Company expecting the first purchase orders in 2H26 as new
cooler builds commence for key customers.
While designed primarily for Northern Hemisphere markets, several Latin American CDE
customers have also indicated intentions to shift from Bluetooth to cellular connectivity, with final
certification with key equipment manufacturers in Latin America opening the door to new-build
cooler specifications for 2027.
More than ten customers, including major US bottlers, have completed successful AoFrio iQ pilots.
Integration work for North American customers is now complete, ensuing smooth adoption into
their business systems. AoFrio expects to bill first recurring revenue before the end of 2026, with
additional AI and value adding product feature releases on track for 2H26.
Motors and Fans: Competing on Cost and Proven Return on Investment
With continued pricing pressure on motors, the Company's strategy is focused on reducing costs to
remain price-competitive, while demonstrating the return on investment of its combined energy-
efficient hardware and connectivity offering.
"Motor revenue continues to be impacted by US tariff policy. Our priority in motors right now is cost
down through component sourcing and a new lower-cost motor design " says Scott.
At the same time, the Company has continued to demonstrate to beverage bottlers the value of
pairing its motors with SCS controllers to optimise energy efficiency and improve service and
maintenance. In-field trials of AoFrio INSIDE, the Company’s combined higher-value bundle, have
delivered customer benefits, resulting in motors approved for supply by a major global beverage
brand.
Diversifying into New Markets: Food Retail Gains Traction
AoFrio's diversification strategy to extend its AoFrio iQ software platform into adjacent markets
reached a key milestone in 1H26 with the commercial go-live of AoFrio iQ for Food Retail
applications. The platform is positioned as a food safety and compliance solution, providing
temperature monitoring, automated alerts, and digital compliance records for supermarket and
convenience store operators.
In April, the Company secured its first Food Retail order from a leading Latin American
supermarket chain following a successful proof-of-concept trial that financially validated the
solution. AoFrio expects to commence a 70-store roll out to this customer in Q3 26. The Board has
approved the addition of 4 new sales team members, with hiring starting in the 4Q26, with the
focus to drive new customer acquisition in the Aofrio iQ software and Food Retail business. While
the company remains mindful to balance new staffing additions with financial progress, increasing
sales capability in the new diversified business segment is a key to delivering growth projections.

AO348


A: 78 Apollo Drive, Rosedale, Auckland 0632, New Zealand
PO Box: 302-533 North Harbour, Auckland 0751, New
Zealand

P: + 64 9 477 4500 E: info@aofrio.com
® is a registered Trademark of AoFrio Ltd.


"Food Retail has moved from proof-of-concept to commercial pipeline in the space of six months.
With additional capital now in place, we're ready to invest in a formal go-to-market push later this
year," says Scott.
Transformation and People
Embedding AI into the business to bolster productivity continues. Over 90% of employees are
using AI daily, with almost a third of the company reporting that AI has helped accelerate delivery
to customers.
Outlook
In the 1Q26 update, the Company announced it expected an improvement in revenue and EBITDA
in 2026 over 2025.

The improvement in full-year revenue now appears unlikely given reduced demand for the
Company’s motor products and the difficult and uncertain global trading environment, including
foreign exchange volatility. Revenues from the new SCS 800 cellular solution are expected to
begin in 2H26 and should drive IoT revenues above 2025.

EBITDA for 2026 is currently forecast to be broadly consistent with 2025. The Company will
continue to provide updates as the year progresses.

Aofrio is expecting a further lift in its gross margin performance once the new AoFrio iQ platform
deploys and scales, as software margins are targeted at 70%, in line with a developing software as
a service business.


*EBITDA (i.e., Earnings before interest, taxation, depreciation, amortisation, and impairment) is a
non-GAAP earnings figure that equity analysts tend to focus on for comparable company
performance analysis. AoFrio considers it a valuable financial indicator because it avoids the
distortions caused by differences in amortisation and impairment policies.


Ends

Contact:

Investor Enquiries: Howard Milliner
Chief Financial Officer
+64 275870455

Media Enquiries: Sally Rooney
Corporate Communications Manager
Phone + 64 21574766

---

1
Interim Report 2026
AoFrio
Interim Report
2026

2
AoFrio Ltd
Strategy delivery in a shifting landscape
AoFrio is pleased to release its interim report for the six months ended
30 June 2026 (“1H26”). All monetary amounts are in New Zealand dollars
unless otherwise stated.
Revenue was $33.8 million, down 21.5% ($9.3 million) compared to
$43.0m in 1H25. Motors revenue fell -50.5% or -$10.8 million to $10.6
million, and accounted for more than the entire group revenue decline. IoT
revenue increased +$1.5 million, or +6.8%, to $23.2 million.
Earnings before interest, taxation, depreciation, amortisation and
impairment (“EBITDA”) for 1H26 was $0.9 million, compared with $0.7
million in 1H25. Gross profit declined with lower revenue, although gross
margin increased to 34.9% from 29.6% as the business mix shifted
towards higher-margin IoT revenue. Operating expenses were broadly
unchanged. EBITDA included $1.2 million of other income from the 2025
RDTI claim submitted in June.
This is a year of transition as AoFrio pursues the growth pathways
presented to investors in December 2025. The Company received strong
investor support for a placement in May 2026 and a rights issue in June
2026, which together raised NZD $8.9 million. The board is overseeing
plans to utilise this funding to capture growth opportunities and market
demand.
In 1H26, the Company completed the development required for
commercial release of the SCS 800 cellular controller and the general-
release version of the AoFrio iQ SaaS platform. Both were commercially
released in June and are expected to support revenue growth in North
America and Europe.
Interim Report 2026
John Scott
Chair
Chief Executive Officer
Greg Balla

3
Interim Report 2026
Financial performance
Metric 1H26 1H25Variance
Revenue33.843.0-21.5%
IoT Revenue
Hardware21.620.45.7%
Services1.61.324.7%
Motors Revenue10.621.3-50.5%
Gross Margin 34.9%29.6%+ 5.3 pp
Operating Costs12.211.9+1.9%
EBITDA0.90.7+17.5%
Profit / (loss)(2.1)(1.8)-19.6%
Net operating cash flow(0.9)(0.9)+6.7%

Percentage variances are calculated using unrounded figures
Revenue
In 1H26, AoFrio shipped 322,000 IoT devices, a 4.9%
increase in volume. This included 9,000 Cellular
Gateways (a retrofit device) and 9,000 new build cellular
connected products (a Bluetooth SCS controller bundled
with a cellular Gateway). Now that development of the
SCS 800 has been completed and the product has been
commercially released, we expect cellular volumes to
grow significantly, driving increased IoT hardware and
annual recurring revenue.
AoFrio invoiced $2.0 million for cellular data and
software services during 1H26, compared with $2.8
million in 1H25. These services are provided under
multi-year contracts, with revenue recognised in the
Income Statement over the contract term. At 30 June
2026, $18.6 million of invoiced revenue was deferred
for recognition in future periods (30 June 2025: $16.8
million). Our flagship intelligent insights platform, AoFrio
iQ, was launched at the same time as the SCS 800 and
is being trialed by customers. AoFrio iQ is expected to
drive significant increases in annual recurring revenue.
Motor volumes fell a significant -53.0% as compared
with 1H25. AoFrio shipped 261,000 motors in 1H26
(1H25: 555,000), generating revenue of $10.6 million
(1H25: $21.3 million). As reported in the 1Q26 update,
AoFrio’s largest US motor customer decided to source
motors locally because of higher tariffs. During 2Q26,
other motor customers also shifted towards lower-
specification, lower-cost motors. AoFrio is addressing
this through component sourcing to reduce the price of
its existing motor specification and the development of a
new lower-cost motor.
As reported in 1Q26, AoFrio secured an AoFrio iQ Food
Retail solution order following a successful proof-of-
concept trial with a major Latin American supermarket
business. The Company intends to invest in customer-
facing sales staff in 2H26 to drive revenue growth from
its diversification strategy in 2027 and beyond.

4
AoFrio Ltd
Gross margin
The gross margin was 34.9%, 5.3 pp higher than the
same period last year. This is largely due to change in
product mix, reflecting the larger revenue share from
higher margin IoT products. The gross margin was
40.9% for IoT products (1H25 40.9%) and 21.5% for
motors (1H25 18.0%).
Other income
The Company has submitted its RDTI claim in respect of
expenditure incurred in 2025 for initiatives approved by
the IRD. $1.2 million was recognised in 2Q26.

Operating expenses
Operating expenses for 1H26 were $12.2 million, an
increase of $0.2 million compared to the same period
last year.
Staff costs of $13.3 million (pre-capitalised development
and including contractors) increased $1.2 million
compared with 1H25. There was no significant change in
the number of staff employed during 1H26. Capitalised
development time increased to $4.0 million from $3.2
million in 1H25. This reflects time spent on new product
development to progress AoFrio’s strategies of protecting
and growing its Cold Drink Equipment business and
diversification into new markets.

Working capital
In December 2025 AoFrio presented two growth
options to shareholders. Following strong support from
shareholders for option 2, AoFrio raised $8.9 million,
from a placement and rights issue, out of the $15 million
required to pursue growth option 2. AoFrio adjusted its
plan to align with the capital raised and will commence
deploying the capital in 2H26 to accelerate growth in
Cold Drink Equipment and start implementing the go-
to-market plan for Food Retail. For the near term, cash
has been applied to reducing interest-bearing debt,
repaying drawdowns under the bank trade finance facility
and settling extended payment terms offered by supply
partner East West, ahead of deployment of the funds
toward our growth initiatives.
At 30 June 2026, interest-bearing bank debt was $8.7
million and net bank debt was $5.1 million, compared
with $9.6 million and $8.2 million at 31 December 2025,
respectively.
Compared to the position at 31 December 2025, trade
receivables were $6.2 million lower, due to major
customers now offering supplier factoring. Inventory was
$1.1million higher and trade payables $4.8 million lower,
largely due to a reduction of extended terms invoices.

5
Interim Report 2026
SaaS Metrics
Alongside reporting for our traditional segments, we are providing
SaaS metrics appropriate for AoFrio. We will continue to align our
reporting to our strategy.
Rule of 40
The Rule of 40 is a SaaS measure under which the sum of annual
revenue growth and EBITDA margin should equal or exceed 40%. For
AoFrio’s IoT segment, revenue growth for the 12 months ended 30
June 2026 was 3.6% and EBITDA margin, after allocating a pro rata
share of unallocated overheads, was 11.4%. This produced a Rule of
40 score of 15.0, down from 20.6 for FY25. The aspirational growth
strategy presented in December 2025 set out a path towards a score
of at least 40.
Recurring revenue
Associated with the supply of IoT hardware, AoFrio provides a
range of data and reporting services, installed on every AoFrio SCS
controller and AoFrio Monitor sold. Revenue from the provision of
such services is recognised typically over a period from one to ten
years. In 1H26 we invoiced $2.0 million of recurring revenue and
recognised $1.6 million, 4.8% of total revenue. Our longer-term target
is for recurring revenue to reach 50% of total revenue. The Balance
Sheet holds $18.6 million, which is deferred for revenue recognition in
future periods.
Number of connected devices
There were 3.68 million devices connected to the AoFrio cloud at 30
June 2026, an increase of approximately 480k (15%) compared to
31 December 2025. There were 30.5k cellular connected controllers
included in this count. As more devices connect to our cloud,
especially cellular solutions, the quality of our fleet insights improves.
This creates greater opportunities to generate additional revenue from
the value-added services in development.
3.68M
4.8%
18.6M
Connected Devices +15%
Recurring Revenue +1.7 pp
Deferred revenue +11%

6
AoFrio Ltd
Strategy Implementation
AoFrio remains focused on investing in its three
strategies to drive long-term success:
▪Protect and grow the core.
▪Diversify its market segments.
▪Transform its foundations.
These strategies aim to ensure that AoFrio continues to
deliver value to its customers while consistently achieving
growth and profitability objectives over time.
Protect and grow the core
The strategy to protect and grow its core business, IoT
for Cold Drink Equipment (CDE) and Motors and Fans,
remained central to AoFrio’s progress in 1H26.
IoT for CDE
Our IoT business continues to strengthen and mature,
reflecting our strategic focus to defend our leading
position in mature markets such as Latin America
(“LATAM”), while expanding into new geographies
including the US, Europe and Asia / Pacific (“APAC”).
Our SCS 800 cellular “Always On” product, which
was commercially launched in June, is central to
winning market share in the US and Europe. The Total
Addressable Market (TAM) for these two markets is
estimated at 700,000 units per annum. Momentum ahead
of commercial adoption continues to build with 33 trials
underway globally, including a large Coca-Cola bottler
in Europe. In 2H26 we expect to see the first tranche of
purchase orders, as new cooler builds commence for key
customers.
While SCS 800 was primarily designed to enter new
markets, several LATAM customers have indicated
intentions to shift from the current dominant Bluetooth
technology to cellular solutions. Final certification with
key OEMs is opening the door to new build cooler
specifications for 2027 within our LATAM beverage bottler
customer base.
Our flagship intelligent insights platform, AoFrio iQ,
continues to gain traction since launch. Over ten
customers, including several major US Coca-Cola
bottlers, have completed successful pilots, and our
development team has completed significant work to
ensure AoFrio iQ integrates smoothly into our North
American customers’ workflows. We are already invoicing
a non-CDE customer for the solution and expect to see
recurring revenue for beverage customers before the end
of 2026.
Beyond customer trials, our product and engineering
teams have focused on increasing the value of AoFrio
iQ through new feature development and upgrades.
We have delivered additional customer benefits
identified through recent pilots, spanning our four key
customer value pillars: Asset Management, Commercial
Performance, Service & Maintenance, and Energy
Efficiency. Work on new features leveraging AI and
camera technology continues, with further releases on
track for 2H26.
AoFrio is well on its journey to embedding AI into
its solutions, evolving from a System of Record and
workflow to a system of Action and Coordination.
For over 10 years, the business has collected data on the
performance of coolers and is now the only supplier in the
market which can provide rich, multi-year insights to our
customers.
While this data has always been considered valuable,
the strategic advantage it offers is now coming into
focus for the beverage industry. Our development
team is leveraging this data to build machine learning
algorithms in our platform that can solve major pain
points associated with managing large scale fleets, such
as predicting when a cooler will break down and why.
By enabling fleet owners to shift to a more predictive
approach to maintenance, our solution can provide
greater visibility and reduced service and maintaince
costs.
Our next evolution of AI features development will be
instrumental in helping customers get even more value
from our AoFrio iQ solution.

7
Interim Report 2026
Motors and Fans
In the face of challenging market conditions, our Motors
strategy seeks to protect the gross profit contribution
of our motor product line by broadening application
coverage, demonstrating ROI and driving cost
efficiencies.
To this end, AoFrio is focusing on optimising our design
and procurement strategy to reduce costs and achieve
more competitive pricing.
We have demonstrated to beverage bottlers the ROI and
benefits of combining our motors with SCS controllers,
enhancing energy efficiency and improving service and
maintenance outcomes. Tangible benefits delivered
through trials of our AoFrio INSIDE bundles in Latin
America have supported our return to the Coca-Cola
approved suppliers list for the first time in ten years.
The TAM for this business represents 3 million motors
per year.
Diversifying into new markets
AoFrio’s diversification strategy is to leverage our core
solution to serve adjacent markets. The first half of 2026
saw our AoFrio iQ for Food Retail product go live, with a
mobile app and full support documentation released. The
solution is positioned as a food safety and compliance
platform, providing temperature monitoring, automated
alerts, and digital compliance records for supermarket
and convenience store operators.
In April, the Company secured an order from a leading
LATAM supermarket business following a successful
proof-of-concept trial, validating that customers will pay
for the solution. With additional capital now raised, AoFrio
is investing in go to market activities and expects to
formally launch the solution for Food Retail in 2H26.

8
AoFrio Ltd
Transform our foundations
The overall purpose of this strategy is to continue to
ensure that AoFrio has:
▪An approach to sustainability that takes advantage of
the opportunities and manages risk.
▪The right people with the right motivation and
capability.
▪The right systems and processes to be productive
now and in the future.
Environmental, Social and Governance (ESG)
Progressing AoFrio’s environmental, social and
governance priorities remains an important focus for
the business.
In 1H26, AoFrio successfully retained its “Committed
Badge” in the EcoVadis programme, recognising our
efforts as a supplier to implement sustainable and ethical
policies. This reflects the company’s ongoing commitment
to practices that improve transparency and best practice
across our operations.
AoFrio INSIDE, which reduces energy consumption by up
to 68% for beverage coolers, was named a finalist in the
2026 New Zealand Hi-Tech Awards’ Most Innovative
Hi-Tech Solution for a More Sustainable Future category.
People
The Company employs 160 people. The annual staff
engagement score was 67%, down five percentage
points from 72% in FY25 and broadly in line with the
global industry benchmark. Scores for strategic alignment
and belonging indicate that employees remain supportive
of the Company’s direction.
Systems and processes
AoFrio continues to embed AI into the business.
Programmes such as AI Month, a four-week series of
hands-on workshops, events and demonstrations open
to all employees, help to accelerate AI adoption and
advocacy amongst employees.
We will continue to deepen how AI tools are embedded
and leveraged across the entire organisation to
accelerate delivery to customers.
Outlook
In the 1Q26 update, the Company announced it expected
an improvement in revenue and EBITDA in 2026 over
2025.

The improvement in full-year revenue now appears
unlikely given reduced demand for the Company’s motor
products and the difficult and uncertain global trading
environment, including foreign exchange volatility.
Revenues from the new SCS 800 cellular solution are
expected to begin in 2H26 and should drive IoT revenues
above 2025.

EBITDA for 2026 is currently forecast to be broadly
consistent with 2025. The Company will continue to
provide updates as the year progresses.

Aofrio is expecting a further lift in its gross margin
performance once the new AoFrio iQ platform deploys
and scales, as software margins are targeted at 70%, in
line with a developing software as a service business.
John Scott
Chair
Greg Balla
Chief Executive Officer

9
Interim Report 2026

10
AoFrio Ltd
Financial statements
Consolidated and Condensed Interim Statement of Comprehensive Income
Six months ended
Unaudited
Year ended
Audited
Note
30 Jun 2026
$000s
30 Jun 2025
$000s
31 Dec 2025
$000s
Revenue2.1,2.333,78043,04483,186
Cost of sales(22,002)(30,315)(56,782)
Gross profit11,77812,72926,404
Foreign exchange loss(2)(109)(157)
Other income2.41,26761864
Operating expenses2.5(12,164)(11,933)(23,608)
Earnings before interest, taxation, depreciation,
amortisation and impairment
8797483,503
Depreciation3.5(499)(429)(949)
Amortisation3.6(1,252)(1,272)(2,672)
Loss before interest and taxation(872)(953)(118)
Finance income4.2133862
Finance expenses4.2(1,162)(835)(1,975)
Loss before income tax(2,021)(1,750)(2,031)
Income tax expense2.7(96)(20)(55)
Loss for the period(2,117)(1,770)(2,086)
Other comprehensive income:
Items that may be reclassified subsequently to the profit
or loss:
Exchange differences on translation of
foreign operations
310(107)394
Other comprehensive (loss) / income for the period310(107)394
Total comprehensive loss for the period(1,807)(1,877)(1,692)
Loss for the period attributable to the Owners
of the Company
(2,117)(1,770)(2,086)
Total comprehensive loss attributable to the Owners
of the Company
(1,807)(1,877)(1,692)
Basic loss per share – cents2.6(0.48)(0.41)(0.48)
Diluted loss per share – cents2.6 (0.48)(0.41)(0.48)

The above Consolidated and Condensed Interim Statement of Comprehensive Income should be read in conjunction with the accompanying notes.

11
Interim Report 2026
Consolidated and Condensed Interim Statement of Movements in Equity


Share
capital
$000s
Accumulated
losses
$000s
Other
reserves
$000s
Total
equity
$000s
Unaudited for the six months ended 30 June 2026
Balance at 1 January 2026135,817(115,707)(4,236)15,874
Comprehensive income
Loss for the period
-
(2,117)
-
(2,117)
Other comprehensive income
Exchange differences on translation of
foreign operations
--310310
Total comprehensive income-(2,117)310(1,807)
Contributions of equity, net of costs8,888--8,888
Share options compensation expensed----
Balance at 30 June 2026144,705(117,824)(3,926)22,955
Unaudited for the six months ended 30 June 2025
Balance at 1 January 2025135,578(113,621)(4,646)17,311
Comprehensive income
Loss for the period-(1,770)-(1,770)
Other comprehensive income
Exchange differences on translation of
foreign operations
--(107)(107)
Total comprehensive income-(1,770)(107)(1,877)
Contributions of equity, net of costs239--239
Share option compensation expensed--1111
Balance at 30 June 2025135,817(115,391)(4,742)15,684
Audited for year ended 31 December 2025
Balance at 1 January 2025135,578(113,621(4,646)17,311
Comprehensive income
Loss for the year-(2,086)-(2,086)
Other comprehensive income
Exchange differences on translation of
foreign operations
--394394
Total comprehensive income-(2,086)394(1,692)
Contributions of equity, net of costs239--239
Share option compensation expensed--1616
Balance at 31 December 2025135,817(115,707)(4,236)15,874
The above Consolidated and Condensed Interim Statement of Movements in Equity should be read in conjunction with the accompanying notes.

12
AoFrio Ltd
Consolidated and Condensed Interim Statement of Financial Position
UnauditedAudited
Note
30 Jun 2026
$000s
30 Jun 2025
$000s
31 Dec 2025
$000s
Current Assets
Cash and cash equivalents3,5921,9711,342
Trade and other receivables3.116,28522,58921,102
Derivative financial instruments-187-
Inventories3.28,5719,3447,481
Total current assets28,44834,09129,925
Non-Current Assets
Property, plant and equipment3.56,0795,7946,143
Deferred tax asset10,57610,37010,576
Intangible assets3.627,97720,02924,121
Total non-current assets44,63236,19340,840
Total assets73,08070,28470,765
Current Liabilities
Trade and other payables3.318,28423,96523,009
Contract liability2.33,2762,5223,068
Provisions3.4139129135
Derivative financial instruments138-24
Liabilities in respect of right-of-use assets5.3392337366
Borrowings4.18,4038,9189,228
Total current liabilities30,63235,87135,830
Non-Current Liabilities
Borrowings4.1327313325
Liabilities in respect of right-of-use assets5.33,8394,1804,026
Contract liability2.315,32714,23614,710
Total non-current liabilities19,49318,72919,061
Total liabilities50,12554,60054,891
Net assets22,95515,68415,874

13
Interim Report 2026
Consolidated Statement of Financial Position - continued
UnauditedAudited
Note
30 Jun 2026
$000s
30 Jun 2025
$000s
31 Dec 2025
$000s
Equity
Contributed equity4.3144,705135,817135,817
Accumulated losses(117,824)(115,391)(115,707)
Other reserves(3,926)(4,742)(4,236)
Total equity22,95515,68415,874
The above Consolidated and Condensed Interim Statement of Financial Position should be read in conjunction with the accompanying notes.
The above Consolidated Statement of Financial Position should be read in conjunction with the accompanying notes.
Director
5 August 2026
Director
5 August 2026

14
AoFrio Ltd
Consolidated and Condensed Interim Cash Flow Statement
Six months ended
Unaudited
Year ended
Audited
Note
30 Jun 2026
$000s
30 Jun 2025
$000s
31 Dec 2025
$000s
Cash flows from operating activities
Receipts from customers exclusive of GST / VAT40,57740,85683,527
Payments to suppliers and employees exclusive
of GST / VAT
(39,948)(41,432)(79,739)
Foreign exchange loss(2)(109)(157)
Other income5261864
Interest paid(1,185)(756)(1,875)
Interest received4.2133862
Taxation paid(121)(25)(36)
Net GST / VAT (paid) / received(247)4441,173
Net cash (outflow) / inflow from operating activities(861)(923)3,819
Cash flows from investing activities
Payments for property, plant, and equipment3.5(307)(466)(1,100)
Payments for intangible assets3.6(4,297)(3,543)(7,978)
Net cash outflow from investing activities(4,604)(4,009)(9,078)
Cash flows from financing activities
Cash proceeds from share issues4.38,888--
New loan and drawdowns4.115,73512,24728,044
Loan repayments4.1(16,730)(7,309)(23,225)
Principal payments for right-of-use assets5.3(181)(138)(302)
Net cash inflow from financing activities7,7124,8004,517
Net increase / (decrease) in cash and cash equivalents2,247(132)(742)
Cash and cash equivalents at the beginning of the
financial period
1,3422,0932,093
Effect of exchange rate movements on cash310(9)
Cash and cash equivalents at end of period5.73,5921,9711,342

The above Consolidated and Condensed Interim Cash Flow Statement should be read in conjunction with the accompanying notes.

15
Interim Report 2026
Notes to the Interim Financial Statements
for the six months ended 30 June 2026
1. Basis of preparation
1.1 General Information
AoFrio Limited (the “Company”) and its subsidiaries (together the “Group is a hardware-enabled SaaS company
that supplies hardware and solutions to the food and beverage industry.
The Company is a limited liability incorporated and domiciled in New Zealand. The address of its registered office
is 78 Apollo Drive, Rosedale, Auckland 0632 New Zealand. The Company is registered under the Companies
Act 1993 and is an FMC reporting entity under Part 7 of the Financial Markets Conduct Act 2013. The financial
statements have been prepared in accordance with the requirements of Part 7 of the Financial Markets Conduct
Act 2013 and the NZX Main Board Listing Rules.
These interim financial statements do not include all the notes and disclosures set out in the annual report. As
a result, this report should be read in conjunction with the annual financial statements for the year ended 31
December 2025.
These consolidated and condensed financial statements have been approved for issue by the Board of Directors
on 4 August 2026 and have not been audited.
1.2 Summary of Significant Accounting Policies
Basis of preparation
These consolidated and condensed financial statements of the Group have been prepared in accordance with
generally accepted accounting practice in New Zealand. The Group is a for-profit entity for the purposes of
financial reporting. The consolidated and condensed financial statements comply with New Zealand International
Accounting Standard 34: Interim Financial Reporting.
All material accounting policies have been consistently applied to all the years presented, unless otherwise stated.
Entities reporting
The financial statements are for the consolidated group which is the economic entity comprising of AoFrio Limited
and its subsidiaries.
Historical cost convention
These financial statements have been prepared under the historical cost convention except for derivative financial
information which is measured at fair value.
New standards, amendments, and interpretations
The accounting policies adopted in the preparation of the interim condensed consolidated financial statements are
consistent with those followed in the preparation of the Group’s annual consolidated financial statements for the
year ended 31 December 2025, except for the adoption of new standards effective as of 1 January 2026.
The Group has not early adopted any standard, interpretation or amendment that has been issued but is not yet
effective. NZ IFRS 18 Presentation and Disclosure in Financial Statements (NZ IFRS 18) was issued in April 2024
as replacement for NZ IAS 1 Presentation of Financial Statements (NZ IAS 1). The Group is currently assessing
the impact of NZ IFRS 18 and will disclose a more detailed assessment in the future. Several amendments apply
for the first time in 2025, but do not have an impact on the interim condensed consolidated financial statements of
the Group.

16
AoFrio Ltd
Going concern assumption
The Group reported a loss for the six months ended 30 June 2026 of $2,117,000 (2025: loss of $1,770,000) and
operating cash outflows of $861,000 (2025: outflows of $923,000). Cash at 30 June 2026 was $3,592,000 (2025:
$1,971,000) and net debt (defined as cash balances net of borrowings) was $5,138,000 (2025: $7,260,000).
The Board has reviewed forecasts prepared by management for the period to 31 December 2026 that show
earnings broadly consistent with 2025. The Board is satisfied that if demand is lower than expected, the Group
can and will manage its planned increases in operating and capital expenditure to ensure the Group maintains
adequate cash reserves.
The Board closely monitors the Group’s compliance with banking covenants, all of which have been complied with
at 30 June 2026.
Therefore, the Board has at the time of approving the financial statements, assessed it is appropriate to continue
to adopt the going concern basis in preparing the financial statements.
Significant accounting estimates and judgements

Estimates and judgments are continually evaluated and are based on historical experience and other factors,
including expectations of future events that are believed to be reasonable under the circumstances.
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will,
by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk
of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are
detailed in the following notes to the financial statements:
Areas of estimation
▪Going concern – forecasts – note 1.2
Areas of judgement
▪Development costs – capitalisation of expenses and impairment testing – note 3.6

17
Interim Report 2026
2. Results for the period
2.1 Segment information
An operating segment is a component of an entity that engages in business activities from which it earns revenues
and incurs expenses, whose operating results are regularly reviewed by the chief operating decision maker and
for which discrete financial information is available.
The chief operating decision maker, who is responsible for allocating resources and assessing performance of the
operating segments, has been identified as the Chief Executive Officer supported by the management team who
report directly to the CEO.
(a). Reportable segments
The Group is organised on a global basis into two operating divisions – Motors and IoT. These divisions offer
different products and services and are managed separately because they require different technology and
marketing strategies. The Group’s chief executive officer reviews the financial performance of each division at
least monthly. Each division is a reportable segment.
There are varying levels of integration between the segments. There are engineering and sales staff that support
both segments as well as shared logistical and quality management services.
Information related to each reportable segment is set out below:
June 2026 (six months)
Motors
$000s
IoT
$000s
Unallocated
$000s
Total
$000s
Revenue10,55423,226-33,780
Cost of goods sold(8,282)(13,720)-(22,002)
Gross profit2,2729,506-11,778
Gross margin %21.5%40.9%-34.9%
Foreign exchange loss--(2)(2)
Other income--1,2671,267
Operating expenses(2,123)(5,440)(4,601)(12,164)
EBITDA1494,066(3,336)879
Depreciation(26)(5)(468)(499)
Amortisation(255)(974)(23)(1,252)
Profit / (loss) before interest & taxation(132)3,087(3,827)(872)
Finance income--1313
Finance expense--(1,162)(1,162)
Profit / (loss) before income tax(132)3,087(4,976)(2,021)
Income tax expense--(96)(96)
Profit / (loss) for the period(132)3,087(5,072)(2,117)

18
AoFrio Ltd
Motors
$000s
IoT
$000s
Unallocated
$000s
Total
$000s
Non-current assets
Property, plant and equipment2736,0496,079
Deferred tax asset--10,57610,576
Goodwill-3,591-3,591
Intangible assets5,50818,31156724,386
Total5,53521,90517,19244,632
June 2025 (six months)
Motors
$000s
IoT
$000s
Unallocated
$000s
Total
$000s
Revenue21,30421,740-43,044
Cost of goods sold(17,459)(12,856)-(30,315)
Gross profit3,8458,884-12,729
Gross margin %18.0%40.9%-29.6%
Foreign exchange gain--(109)(109)
Other income--6161
Operating expenses(2,109)(4,374)(5,450)(11,933)
EBITDA1,7364,510(5,498)748
Depreciation(43)(9)(377)(429)
Amortisation(182)(1,052)(38)(1,272)
Profit / (loss) before interest & taxation1,5113,449(5,913)(953)
Finance income--3838
Finance expense--(835)(835)
Profit / (loss) before income tax1,5113,449(6,710)(1,750)
Income tax expense--(20)(20)
Profit / (loss) for the period1,5113,449(6,730)(1,770)
Non-current assets
Property, plant and equipment98195,6775,794
Deferred tax asset--10,37010,370
Goodwill-3,178-3,178
Intangible assets4,88211,41755216,851
Total4,98014,61416,59936,193

19
Interim Report 2026
December 2025 (12 months))
Motors
$000s
IoT
$000s
Unallocated
$000s
Total
$000s
Revenue36,06247,124-83,186
Cost of goods sold(29,689)(27,093)-(56,782)
Gross profit6,37320,031-26,404
Gross margin %17.7%42.5%-31.7%
Foreign exchange loss--(157)(157)
Other income--864864
Operating expenses(3,961)(8,750)(10,897)(23,608)
EBITDA2,41211,281(10,190)3,503
Depreciation(78)(17)(854)(949)
Amortisation(441)(2,170)(61)(2,672)
Profit / (loss) before interest & taxation1,8939,094(11,105)(118)
Finance income--6262
Finance expense--(1,975)(1,975)
Profit / (loss) before income tax1,8939,094(13,018)(2,031)
Income tax expense--(55)(55)
Profit / (loss) for the period1,8939,094(13,073)(2,086)
Non-current assets
Property, plant and equipment5296,0826,143
Deferred tax asset--10,57610,576
Goodwill-3,416-3,416
Intangible assets5,14614,99856120,705
Total non-current assets5,19818,42317,21940,840

20
AoFrio Ltd
(b). Geographical segments
The Group operates in three main geographical areas, although it is managed on a global basis.
Six months endedYear ended
Revenue from external customers by geographic areas
30 Jun 2026
$000s
30 Jun 2025
$000s
31 Dec 2025
$000s
Americas28,18737,22370,427
Asia / Pacific (APAC)3,1793,0386,930
Europe / Middle East / Africa (EMEA)2,4142,7835,829
Total33,78043,04483,186
Revenue is allocated above based on the country in which the customer is located. APAC revenue includes
$326,000 (2025: $319,000) from New Zealand customers.
Total non-current assets
30 Jun 2026
$000s
30 Jun 2025
$000s
31 Dec 2025
$000s
Americas1,3291,0091,356
Asia / Pacific – mainly in New Zealand43,27635,12939,442
Europe / Middle East / Africa275542
Total44,63236,19340,840
Total non-current assets are allocated based on where the assets are located.
2.2 Seasonality of operations
In recent years, revenues and operating profits have been higher in the second six months of a calendar year.
This is expected to be the position this year due to commercial release of new products in mid-year 2026.
Revenues and operating profits in the 4
th
and 1
st
quarters of a calendar year can be impacted by the timing of the
China New Year and Vietnam Tet holidays.
2.3 Revenue
Six months endedYear ended
30 Jun 2026
$000s
30 Jun 2025
$000s
31 Dec 2025
$000s
Motors
Sales of goods revenue – recognised at a point of time10,55421,30436,062
IoT
Sales of goods revenue – recognised at a point of time21,58820,42643,961
Services revenue – recognised over time1,6381,3143,163
23,22621,74047,124
33,78043,04483,186

21
Interim Report 2026
Revenue is measured at the fair value of the consideration received or receivable for the sale of goods and
services, excluding GST / VAT, rebates and discounts and after eliminating sales within the Group. The Group
disaggregates revenues from contracts by geographical regions, which is detailed in note 2.1(b).
(a). Sale of Goods
The Group manufactures and sells a range of energy efficient motors and IoT hardware to the food and beverage
market. Sales are recognised when control has transferred to the buyer which is usually when delivery of the
goods to the buyer pursuant to the Incoterms that apply is fulfilled, and there is no unfulfilled obligation that could
affect the customer’s acceptance of the products. Delivery occurs when the products have been delivered in
accordance with the pre-agreed Incoterms between the Group and the buyer, the risks of obsolescence and loss
have been transferred to the buyer, and either the buyer has accepted the products in accordance with the sales
arrangement, the acceptance provisions have lapsed, or the Group has objective evidence that all criteria for
acceptance and performance obligations under the contract with the customer have been satisfied.
Some of the sales of goods are subject to CIF (Cost, Insurance and Freight) Incoterms. The Group considers
these freight and insurance services to be a distinct service. For these sales, the total sales price is allocated to
the separate performance obligations, being the product and the insurance and freight costs. Further, the Group
considers itself an agent only in the provision of the freight services. Revenue for the CIF element is recognised
only to the extent of the margin for providing the agent services. However, there are limited sales under CIF terms
and the impact on revenue is estimated to be minor.
The Group has an in-market distributor in Brazil to supply goods to buyers in that market who require local
delivery. This distributor transacts as agent. The Group is the principal in these transactions. Sales of product are
recognised when the distributor delivers the product to buyers at which point control passes to the buyer.
Products may be sold with retrospective volume rebates based on aggregate sales over a 12-month period.
Revenue from these sales is recognised based on the price specified in the contract, net of the estimated volume
rebates. Accumulated experience and customer knowledge are used to determine the rebate amounts using the
expected value method and revenue is only recognised to the extent that it is highly probable significant reversals
will not occur. The liability to pay volume rebates is recognised (included in trade and other payables) in respect of
sales made until the end of the reporting period.
No element of financing is deemed present as the sales are made with a credit term of 30 - 120 days which is
consistent with market practice.
(b). Sale of services
Associated with the supply of IoT hardware, the Group supplies a range of data, and reporting services, all
installed on every AoFrio SCS, AoFrio Monitor and AoFrio Click sold and are distinct services from the sale of
goods. Revenue from the provision of such services is recognised when services are rendered to the buyer.
Contracts typically cover a period from hardware supply of anywhere from 1 to 10 years, dependent on customer
requirements. Contracts specify the price for the provision of the services. Revenue from such contracts is
recognised on a straight-line basis over the contract term because the customer receives and uses the benefits
simultaneously. No explicit element of financing is deemed present as the purpose of the advance payment of
revenue is for reasons other than financing.
The Group also provides software development services for customers. Revenue from these services is
recognised when the contracted development is completed according to the agreed scope of work.

22
AoFrio Ltd
Six months endedYear ended
Contract liabilities
30 Jun 2026
$000s
30 Jun 2025
$000s
31 Dec 2025
$000s
Carrying amount at start of period17,77816,47316,473
Invoiced in the period2,0122,8344,798
Recognised in revenue(1,638)(1,314)(3,163)
Exchange adjustment451(1,235)(330)
Carrying amount at end of period18,60316,75817,778
Current portion3,2762,5223,068
Non-current portion15,32714,23614,710
18,60316,75817,778
2.4 Other income
Six months endedYear ended
30 Jun 2026
$000s
30 Jun 2025
$000s
31 Dec 2025
$000s
Research & Development tax incentive claims received1,215-775
Other income526189
Total1,26761864

2.5 Operating expenses include
Six months endedYear ended
30 Jun 2026
$000s
30 Jun 2025
$000s
31 Dec 2025
$000s
Wages and salaries and other short-term benefits12,56311,14622,823
Employer contributions to Kiwisaver and 401K plans421345735
Employee share option expenses-1116
Employee benefits12,98411,50223,574
Payments to contractors3025961,221
Capitalisation of labour to intangible assets(3,952)(3,193)(7,331)
The amount disclosed above for wages and salaries is stated before capitalisation of labour to intangible assets.
The amount disclosed for capitalisation of labour includes $Nil of contractor payments (2025: $440,000).

23
Interim Report 2026
Liability for wages and salaries, including non-monetary benefits, annual leave and accumulating sick leave
expected to be settled within 12 months of the reporting date are recognised in other payables in respect of
employees’ services up to the reporting date and are measured at the amounts expected to be paid when the
liabilities are settled. Liabilities for non-accumulating sick leave are recognised when the leave is taken and
measured at the rates paid or payable.
The Group recognises a liability and an expense for bonuses and creates a provision where contractually obliged
or where there is past practice that has created a constructive obligation.
2.6 Earnings per share
Earnings per share (‘EPS’) is the amount of post-tax profit attributable to each share.
Basic EPS of a loss of 0.48 cents (June 2025 – loss of 0.41 cents) is calculated by dividing the loss attributable to
equity holders of the Company of $2,117,000 (June 2025 – loss of $1,770,000) by the weighted average number
of ordinary shares in issue during the period of 442,402,609 (June 2025 – 432,048,543).
Diluted EPS of a loss of 0.48 cents (June 2025 - loss of 0.41 cents) is calculated by dividing the loss attributable to
equity holders of the Company of $2,117,000 (June 2025: - loss of $1,770,000) by the weighted average number
of shares in issue during the period. No adjustment was made for effects of 10,124,070 dilutive potential ordinary
shares, refer to note 5.1(c), because the effect in that period would have been anti-dilutive.
2.7 Income tax expense
Six months endedYear ended
30 Jun 2026
$000s
30 Jun 2025
$000s
31 Dec 2025
$000s
Current year income tax expense(96)(20)(261)
Deferred tax – recognition of deferred tax asset--206
Income tax expense(96)(20)(55)
The current income tax expense relates to income tax payable at 30% in respect of trading activities in Mexico.
No additional tax expense arises due to the availability of tax losses carried forward from previous years in each
jurisdiction.
As it is probable that future taxable amounts will be available to utilise temporary differences and losses, a
deferred tax asset was recognised at 31 December 2025 for deductible temporary differences and for that portion
of the unused tax losses expected to be utilised in the five years 2026 through to 2030. No additional deferred tax
has been recognised in 1H26. The key judgements within the forecast taxable profit model include revenue growth
rates and gross margin. No deferred tax asset has been recognised in respect of the remaining tax losses to carry
forward due to uncertainty as to forecast taxable income after the five years.
Losses available to be carried forward are subject to the shareholder continuity requirements of the New Zealand
Income Tax Act 1994 and the countries in which the losses have arisen.

24
AoFrio Ltd
3. Operating assets and liabilities
3.1 Trade and other receivables
Working capital represents the assets and liabilities the Group generates through its trading activities. The Group
therefore defines working capital as cash, trade and other receivables, inventory, trade and other payables and
provisions.
30 Jun 2026
$000s
30 Jun 2025
$000s
31 Dec 2025
$000s
Trade receivables 14,03621,27820,189
Provision for loss allowance(32)(37)(34)
Net trade receivables14,00421,24120,155
Prepayments601319444
VAT / GST refunds due127267130
Income tax refund due133338108
Other receivables1,420424265
16,28522,58921,102

The Group applies the simplified approach permitted by NZ IFRS 9 which requires lifetime expected credit losses
to be recognised from initial recognition of the trade receivable. Trade receivables are written off when there is no
reasonable expectation of recovery.
The Group takes out trade credit insurance to hedge against some of the credit risk.
3.2 Inventories
30 Jun 2026
$000s
30 Jun 2025
$000s
31 Dec 2025
$000s
Finished goods – at cost8,0008,0956,850
Raw materials – at cost5811,539641
Less inventory provisions(10)(290)(10)
Total inventories8,5719,3447,481

25
Interim Report 2026
3.3 Trade and other payables
30 Jun 2026
$000s
30 Jun 2025
$000s
31 Dec 2025
$000s
Trade payables14,27319,68319,047
Employee entitlements2,4032,3972,061
VAT / GST payable7156111,032
Accrued expenses8931,274869
18,28423,96523,009
3.4 Provisions
Warranty provisions
30 Jun 2026
$000s
30 Jun 2025
$000s
31 Dec 2025
$000s
Carrying amount at start of period135139139
Additional provisions recognised10(18)7
Amounts used(10)18(7)
Exchange adjustment4(10)(4)
Carrying amount at end of period139129135
3.5 Property plant and equipment
30 Jun 2026
$000s
30 Jun 2025
$000s
31 Dec 2025
$000s
Net book amount at start of period6,1435,7755,775
Additions3078421,476
Depreciation(499)(429)(949)
Exchange adjustment128(394)(159)
Net book amount at end of period6,0795,7946,143
Additions include additions to right-of-use assets in the period (note 5.3)
Depreciation
Property254229477
Plant and equipment122118257
Office equipment, furniture & fittings12382215
499429949

26
AoFrio Ltd
Capital commitments
Capital commitments contracted at 30 June 2026 amounted to $311,000 (June 2025 $652,000)
3.6 Intangible assets
30 Jun 2026
$000s
30 Jun 2025
$000s
31 Dec 2025
$000s
Net book amount at start of period24,12119,02919,029
Additions4,2973,5437,978
Amortisation(1,252)(1,272)(2,672)
Exchange adjustment811(1,271)(214)
Net book amount at end of period27,97720,02924,121
Analysis of net book amount
30 Jun 2026
$000s
30 Jun 2025
$000s
31 Dec 2025
$000s
Internally generated development assets23,81816,29920,143
Patents173189176
Goodwill3,5913,1783,415
Other395363387
27,97720,02924,121
Additions in the six months to 30 June 2026 include $4,282,000 (2025: $3,506,000) for internally generated
development costs and $15,000 (2025: $37,000) for patents, trademarks and software. Payments for intangible
assets in the period amounting to $4,297,000 (2025: $3,543,000) are included in the Consolidated and
Condensed Interim Cash Flow Statement.
Internally generated development costs include $16,125,000 (2025: $7,028,000) for projects underway and
not complete at balance date. Amortisation will commence in July 2026 for projects costing $9,090,100 which
launched in that month. The remaining cost is not yet being amortised.
Goodwill and intangible assets with indefinite lives
Goodwill acquired through business combinations with indefinite lives has been allocated to the IoT Cash
Generating Unit (CGU) which is also an operating and reportable segment for impairment testing. The Group
performed an impairment test at 31 December 2025.
The recoverable amount of the IoT CGU at 31 December 2025 was determined based on a value in use
calculation using cash flow projections from the annual operating budget approved by senior management for
2026. The pre-tax discount rate applied to the cash flow projections was 13.5% (2024: 13.5%) and cash flows
beyond 2026 used a 11.48% growth rate for IoT revenue over the period from 2019 to 2025.
The calculation of value in use is most sensitive to the following assumptions:
▪Gross margins
▪Completion and launch of new IoT products under development and retaining volumes to current customers
▪ Growth rates used to extrapolate cash flows beyond the forecast period
▪Operating expense increases.

27
Interim Report 2026
Gross margins in the calculation of value in use were based on 2026 budget pricing and product costs, and these
have not changed significantly in 2026. The gross margin for the period to 30 June 2026 was 40.9%, consistent
with the same period in 2025 but slightly below the 42.5% for the 2025 year. Operating expenses for the period to
30 June 2026 was 23.4% of sales and the CGU result was a profit of $3,087,000 compared to $3,449,000 for the
same period in 2025. The Group has invested in IoT CGU and expects significant revenue and profits growth in
future periods.
As a result of this updated review, management did not identify an impairment for this CGU.

28
AoFrio Ltd
4. Capital and financing costs
4.1 Borrowings
30 Jun 2026
$000s
30 Jun 2025
$000s
31 Dec 2025
$000s
Current portion
Bank trade finance facility8,3818,8989,207
Bank term loans222021
8,4038,9189,228
Non-Current portion
Bank term loans327313325
327313325
Movements in bank and other loans during the period were:
30 Jun 2026
$000s
30 Jun 2025
$000s
31 Dec 2025
$000s
Liability at start of period9,5534,5784,578
New loans and drawdowns15,73512,24728,044
Repayments(16,730)(7,309)(23,225)
Exchange adjustment172(285)156
Liability at end of period8,7309,2319,553
Bank trade finance facility
The bank trade finance facility is $10 million. The facility has no term, is repayable on demand and is secured.
The Company can finance invoices to certain customers over a maximum term of 120 days. Interest is payable on
repayment at a 3.25% margin above bank base lending rate.
The Group is required to comply with the following financial covenants at 30 June and 31 December:
▪EBITDA / Interest Covenant - EBITDA to be a minimum of 1.5 times gross interest expense and 3.0 times BNZ
interest expense (in both, calculated as if IFRS16 does not apply) for the trailing 12 months.
▪ Working Capital Covenant – Inventory and receivables divided by borrowings under the trade finance facility
to be a minimum of 2.5 times.
At 30 June 2026, the Group complied with all covenants.
Bank term loans
The Company’s US subsidiary borrowed US$198,100 under the Small Business Act. The SBA loan has monthly
repayments over a 30-year term. Interest is payable at 3.75% pa.

29
Interim Report 2026
4.2 Finance income and expenses
Six months endedYear ended
30 Jun 2026
$000s
30 Jun 2025
$000s
31 Dec 2025
$000s
Finance income
Interest income133862
133862
Finance expense
Interest expense - Bank loans6592471,037
Other interest expense503588938
1,1628351,975
4.3 Contributed equity
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or
options are shown in equity as a deduction, net of tax, from the proceeds.
Ordinary shares – fully paid
30 Jun 2026
Shares
30 Jun 2025
Shares
30 Jun 2026
$000s
30 Jun 2025
$000s
Opening balance of ordinary
shares on issue
434,232,042431,853,006135,817135,578
New shares issued
128,386,7792,379,0368,987239
Share issue costs
--(99)-
Ordinary fully paid shares on
issue at period end
562,618,821434,232,042144,705135,817
All ordinary shares are authorised and have no par value. Ordinary shares entitle the holder to participate in
dividends and the proceeds on winding up of the Company in proportion to the number of and amounts paid on
shares held.

30
AoFrio Ltd
5. Risk
5.1 Related party transactions
(a). Directors
The names of persons who are Directors of the Company are on page 35.
(b). Key management personnel and compensation
Key management personnel compensation is set out below. Key management personnel comprise the Directors,
the Chief Executive Officer (CEO) and all the senior executives that report directly to the CEO.
Six months endedYear ended
30 Jun 2026
$000s
30 Jun 2025
$000s
31 Dec 2025
$000s
Salaries, fees and other short-term benefits1,2261,4902,977
Share based remuneration-11255
Directors’ remuneration158179337
Total1,3841,6803,569
(c). Employee share-based remuneration
4,310,000 options were issued to the Chief Executive Officer in 2021 and vested on 1 October 2025. The exercise
price of the options is 11.5 cents.
On 15 April 2025 the Board allocated (in accordance with the rules of the new LTI scheme) 10,119,760 share
rights to executives, 1/3rd vesting on 1 April 2026 in respect of the performance period ending 31 December
2025, 1/3rd vesting on 1 April 2027 in respect of the performance period ending 31 December 2026. The wash
up calculation covers the three years ending 31 December 2027 and if additional rights vest pursuant to this, they
shall vest on 1 April 2028.
5.2 Contingencies and commitments
There are no material contingent liabilities or assets (June 2025 - $nil).
5.3 Leases
The Consolidated and Condensed Interim Statement of Financial Position shows the following amounts related to
leases of right of use assets:
Right-of-use assets
30 Jun 2026
$000s
30 Jun 2025
$000s
31 Dec 2025
$000s
Properties3,7083,8833,849
Plant & equipment234836
Office equipment and furniture & fittings597
3,7363,9403,892

31
Interim Report 2026
Additions to right-of-use assets in the period
30 Jun 2026
$000s
30 Jun 2025
$000s
31 Dec 2025
$000s
Properties-376376
Plant & equipment---
Office equipment, furniture and fittings---
- 376376
Liabilities in respect of right-of-use assets
Current392337366
Non-current3,8394,1804,026
4,231 4,5174,392
Movements in liabilities in respect of right-of-use assets during the period were:
30 Jun 2026
$000s
30 Jun 2025
$000s
31 Dec 2025
$000s
Liability at start of period4,3924,2664,266
New liabilities-376376
Repayments(181)(138)(302)
Exchange adjustment201352
Liability at end of period4,2314,5174,392
The Consolidated and Condensed Interim Statement of Comprehensive Income shows the following amounts
related to leases of right of use assets:
Six months endedYear ended
30 Jun 2026
$000s
30 Jun 2025
$000s
31 Dec 2025
$000s
Properties193206431
Plant & equipment111324
Office equipment, furniture & fittings224
206221459
Interest expense on lease liabilities 180179366
Expense relating to short-term leases (included in
operating expenses)
424192

32
AoFrio Ltd
The Consolidated and Condensed Interim Cash Flow Statement shows the following amounts related to right-of-
use leases:
Six months endedYear ended
30 Jun 2026
$000s
30 Jun 2025
$000s
31 Dec 2025
$000s
Total principal payments for right-of-use assets 181138302
5.4 Financial instruments by category
30 Jun 2026
$000s
30 Jun 2025
$000s
31 Dec 2025
$000s
Assets per Statement of Financial Position
Financial assets measured at amortised cost
Trade and other receivables15,42421,66520,420
Cash and cash equivalents3,5921,9711,342
Derivatives used for hedging (at fair value)
Derivative financial instruments-187-
19,01623,82321,762
Liabilities per Statement of Financial Position
at amortised cost
Trade and other payables18,28423,96523,009
Borrowings8,7309,2319,553
Liabilities in repect of right-of-use assets4,2314,5174,392
Derivatives used for hedging (at fair value)
Derivative financial instruments138-24
31,38337,71336,978
Fair value estimation
The only financial instruments carried at fair value at 30 June 2026 are derivatives comprising forward foreign
exchange contracts.
The forward exchange contract has been classified as Level 2.
The different levels have been defined as follows:
▪Quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1)
▪Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either
directly (i.e. as prices) or indirectly (i.e. derived from prices) (Level 2)
▪Inputs for the asset or liability that are not based on observable market data (i.e. unobservable inputs) (Level
3)
The fair value of forward foreign exchange contracts is determined using forward exchange rates at the balance
sheet date, with the resulting value discounted back to present value.

33
Interim Report 2026
5.5 Maturity analysis
The amounts disclosed are the contractual undiscounted cash flows.
30 June 2026
Trade
and other
payables
$000s
Borrowings
$000s
Right-of-
Use asset
Liabilities
$000s
Total
$000s
Less than 6 months18,2848,39218926,865
7 to 12 months-11203214
2 to 5 years-3273,8394,166
18,2848,7304,23131,245
30 June 2025
Less than 6 months23,9658,90816233,035
7 to 12 months-10175185
2 to 5 years-3134,1804,493
23,9659,2314,51737,713
31 December 2025
Less than 6 months23,0099,21817832,405
7 to 12 months-10188198
2 to 5 years-3254,0264,351
23,0099,5534,39236,954
Trade and other payables above exclude any liabilities for tax (including payroll taxes), statutory liabilities and
contract liabilities.

34
AoFrio Ltd
5.6 Reconciliation of loss for the period to net cash (outflow) / inflow from operating activities
Six months ended
Unaudited
Year ended
Audited
30 Jun 2026
$000s
30 Jun 2025
$000s
31 Dec 2025
$000s
Loss for the period(2,117)(1,770)(2,086)
Adjustments for:
Income tax expense962055
Depreciation, amortisation & impairment1,7511,7013,621
Share based payments-1116
Decrease in Inventory provision-(28)(308)
Decrease in loss allowance provision(2)(14)(17)
Increase / (decrease) in provision for warranty4(10)(4)
Net foreign exchange differences(422)1,013691
Decrease / (increase) in trade & other receivables4,819(2,100)(610)
Increase in contract liabilities8252851,305
(Increase) / decrease in inventories(1,090)1172,260
Decrease in trade & other payables(4,725)(148)(1,104)
Net cash (outflow) / inflow from operating activities(861)(923)3,819
5.7 Net debt reconciliation
30 Jun 2026
$000s
30 Jun 2025
$000s
31 Dec 2025
$000s
Cash and cash equivalents3,5921,9711,342
Borrowings – repayable within one year(8,403)(8,918)(9,228)
Borrowings – repayable after one year(327)(313)(325)
Net debt(5,138)(7,260)(8,211)
The bank trade finance facility is at variable interest rates. All other borrowings are at fixed interest rates, with
borrowings movements disclosed in note 4.1. The increase in cash during the period of $1,345,000 (2025:
decrease $122,000) included a $3,000 increase (2025: $10,000 increase) caused by exchange rate movement.
5.8 Events after reporting date
There are no events after reporting date requiring disclosure.

35
Interim Report 2026
Contacts
AoFrio offices
New Zealand (Head office)
AoFrio Ltd
78 Apollo Drive
Rosedale, Auckland 0632
New Zealand
Postal Address
P.O. Box 302 – 533
North Harbour
Auckland 0751, New Zealand
Ph: 64-9-477 4500
Mexico
Wellington Latin America Services SA de CV
Av. Paseo Monte Miranda Oriente 15,
Edificio Orvit, Torre 2, piso 6 - 609
EL Marques, Queretaro
CP. 76240
Mexico
Ph: +52 42727 48161
Brazil
Wellington Drive Technologies (Brazil)
Rua Xamim, 370 - Iririu
Joinville, SC
Brazil 89227917-315
Ph: +55 47 3028 3858
Turkey
Wellington Motor Teknolojileri San Tic Ltd. Sti.
Fatih Sultan Mehmet Mah.
Poligon Cad. No: 8C
Buyaka Kule 3 Kat:11 Daire:70
Tepeüstü 34771 Umraniye – Istanbul
Ph: +90 0 (216) 420 12 02
Fax: +90 0 (216) 420 12 05
Internet and social media
Website: www.aofrio.com
Email: info@aofrio.com
LinkedIn
Twitter
Address and registered office
78 Apollo Drive
Rosedale, Auckland 0632, New Zealand
PO Box 302-533, North Harbour,
Auckland 0751, New Zealand
Auditor
Deloitte Limited
1 Queen Street, Auckland CBD, Auckland 1010
Banker
Bank of New Zealand
Share registry
Computershare Investor Services Ltd,
Private Bag 92119, Auckland 1142,
New Zealand
Directors
John Scott | Chair, Independent Director
John McMahon | Independent Director
Greg Allen | Independent Director
Keith Oliver | Independent Director
Roz Buick | Independent Director

36
Interim Report 2026
www.aofrio.com
AoFrio
Interim Report
2026

---

Template
Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)
Updated as at March 2025


Results for announcement to the market
Name of issuer AoFrio Limited
Reporting Period 6 months to 30 June 2026
Previous Reporting Period 6 months to 30 June 2025
Currency
Amount (000s) Percentage change
Revenue from continuing
operations
$33,780 -21.5%
Total Revenue $33,780 -21.5%
Net profit/(loss) from
continuing operations
-$2,117 -19.6%
Total net profit/(loss) -$2,117 -19.6%
Interim/Final Dividend
Amount per Quoted Equity
Security
No dividend will be paid
Imputed amount per Quoted
Equity Security
N/A
Record Date N/A
Dividend Payment Date N/A
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security (in
dollars and cents per
security)
-$0.009 -$0.010
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
A comprehensive commentary is provided in the 2026 Interim
Report which accompanies this announcement.
Authority for this announcement
Name of person

authorised
to make this announcement
Howard Milliner
Contact person for this
announcement
Howard Milliner
Contact phone number 0275870455
Contact email address Howard.Milliner@aofrio.com
Date of release through MAP

05/08/2026

Unaudited financial statements accompany this announcement.