Annual Meeting Presentation

August 2026
1

2
Board of Directors
Tony Carter
Independent Chair
Jen Bunbury
Independent
Non-Executive Director
Sarah Hindle
Independent
Non-Executive Director
Mark Powell
Independent
Non-Executive Director
Cecilia Robinson
Non-Executive Director

Chairperson’s address
1
CEO’s update
2
Financial statements
3
Ordinary resolutions
4
Agenda
5
Other business
3

1.
Chairperson’s Address
Tony Carter
4

5
FY27 – Trading
update
•Positive revenue momentum has continued into FY27, with revenue for the first four months up 4.5%
on the prior year, reflecting the continued strength of our customer base and progress against our
growth strategy.
•Customer retention and order frequency has continued to strengthen. This improvement provides a
strong foundation as we focus on growing our active customer base through FY27.
•We have recently taken a balanced and targeted approach to pricing, supporting customer value
while responding to input cost pressures. H1 gross margin is expected to be in line with the prior
year.
•The broader strategic review is ongoing, with the Board expecting to provide shareholders with an
update before or alongside the interim results in November.

2.
CEO’s Update
Mark Winter
6

* EBITDA is a non-GAAP measure. A reconciliation from GAAP NPBT to non-GAAP EBITDA can be found in the FY26 Annual report
REVENUE
$
170.2m
EBITDA*
$
16.4m
NPAT
$
6.7m
49.0%
Compared to 49.3% in FY25
Up from $16.1m in FY25
7
AVERAGE ORDER VALUE (AOV)
$
133.7
Up 2.8% on FY25
5.0% up on FY25
GROSS MARGIN %
FY26 YEAR IN
review
ACTIVE CUSTOMERS**
57.1k
Compared to 57.0k at the end of FY25
Up from $6.3m in FY25
TOTAL DIVIDEND PAID
1.90cps
**Active Customers are defined as the number of unique customers who have purchased in the last 13 weeks

Category expansion beyond subscriptions with the My Food Bag Shop growing new customers
by offering gifts, ready made meals and occasions
Higher customer retention and purchase order frequency, reflecting stronger engagement
and loyalty
8
YEAR IN
review
Further $5.1m reduction in debt, strengthening the balance sheet, while allowing for
increased dividend payment to shareholders
Profitable growth with revenue up 5.0% driven by volume and average order value growth
Leveraged strong nutrition credentials and dietitian expertise to expand into targeted
health solutions, supported by partnerships and tailored offerings

Be relevant and grow active customers by delivering flexibility, convenience and great value
Unlock new
Audiences
Introduce new consumers
to My Food Bag through
partnerships, new
channels & products
Flexible Solutions
Deliver customisation to
offer consumers both the
curation they want and the
flexibility to personalise
Culture & Capability
Seamless
Convenience for All
Enhance the convenience
of our service across all
touchpoints and all brands –
shorter lead-times, growth
of Ready Made and the
Shop
Supply Chain ExcellenceData & Technology
Efficient Operating Model
Build Brand Value
& Advocacy
Build brand value to
engage new & lapsed
customers, drive higher
customer advocacy to
improve LTV through
loyalty
Strategic Objectives & Pillars remain
Continuing to grow leadership in meal kits & expand into wider online grocery category

10
Building brand value and advocacy
•Portfolio of brands has enabled us to capture demand across premium, budget and wellness
segments
•My Food Bag leads on brand (NZ’s highest rated meal kit in 2025)
•Bargain Box owns affordability
•Fresh Start captures health and wellness growth
•Investment in menu with recipe expansion across portfolio to support retention
Seamless convenience
•Continued growth in our flexible on demand model - My Food Bag Shop
•Smarter packaging optimisation. Ensures right fit deliveries, enhancing customer experience
while reducing packaging and lowering costs
Flexible solutions
•Recipe customisation launched (double protein) across all brands withcustomerswilling to
trade up and grow AOV. Further customisations recently launched such as protein swaps
Clear strategy, consistent execution
Delivering growth by meeting customers needs, occasions and life stages

11
Flexible operating model
•My Food Bag Shop unlocks demand and one off purchases beyond
subscription
•Expands reach to both consumers and corporate customers (gifting,
occasions, ready made meals)
•Positions MFB in the high growth convenience and immediacy segment
Corporate partnerships
•Growing network of corporate partners driving incremental demand
•Deliver tailored meal and grocery solutions that enhance wellbeing,
engagement and value through practical, everyday nutrition
•Establishes a recurring B2B revenue stream using existing operating
model
Channel expansion
•Pilot with WM Robotics, ready made meal vending machines in offices,
apartments and hotels
•This channel is proving there isdemand for convenient and healthy
meals
Unlocking new customer segments and occasions
Using existing technology and supply chain to expand beyond core business

Our unique health positioning
12
Turning nutrition credentials into a clear competitive advantage to help consumers achieve health goals
Leveraging our nutrition credentials
•Supported by three New Zealand registered dietitians, My Food Bag is uniquely
placed to support customers evolving health and wellbeing needs
Developing specific health solutions
•Developed a range of new solutions to meet the dietary preferences and health
needs of both existing and new customer groups:
•Launched the Diabetes Plan in partnership with Diabetes NZ
•New High Protein and Gut Friendly preferences
•Tailored meal plan to support customers on GLP-1 weight loss medications
Building partnerships
•Developed partnerships with a range of organisations and health professionals to
build awareness of our health solutions to engage new audiences

13
Enabling future success through strong foundations
Building on high standards of operational excellence, staff engagement and digital platform capability
Supply chain excellence
•Continued strong performance in pick accuracy, product quality and delivery accuracy
reflected in customer Net Promoter Score
•Implementation of an ingredient management platform designed to strengthen
inventory control, enabling improved traceability and stronger system supported
quality controls
•Health & Safety at the forefront of all processes with a sustained reduction in Total
Recordable Injury Frequency Rate (TRIFR) in FY26
Employee engagement and culture
•Strong and stable employee engagement across FY26 has supportedstrategy and
plan execution
Data & technology
•Scaled our proprietary platform that supports the entire business, enabling
personalisedcustomer experiences, efficientoperations and real time decision
making
•AI driving productivity and accelerating delivery. Internal LLM tools (Plato award
winning Customer Love tool), AI assisted development and embedded automation
•AI is powering menu planning innovation. Enabling optimised menus and ingredients
aligned to brand positioning, customer variety, cost and operational outcomes

14
Environmental, Social and Governance
Delivering on our purpose with initiatives that support a healthier NZ
Minimising waste
•Just in time ordering system results in lower levels of food waste compared to
the traditional supermarket model
•Packaging optimised to ensure each customer receives the right sized box with
an optimal level of ice and insulation, minimising cardboard use and waste
Supporting our communities
•Continued our support and build awareness of City Missions, the Heart Foundation
and Garden to Table
•Delivered nutrition education to partners and dietetic students through events
and resources drawing on our nutrition expertise
Continued to support local sourcing
•Continue to source over 98% of our proteins and produce locally
•Expanded our range of local and sustainably sourced fish

Images
We continue to focus on our growth strategy in FY27
Growing leadership in meal kits and expanding into the wider online food category

3.
FINANCIAL
statements
16

17
FY26 - YEAR IN
review
•Opportunity for shareholders to ask any
questions specifically on the financial
statements, the auditor’s report or the
company’s 2026 annual report.
•There will be an opportunity to ask any general
questions once all items on the agenda have
been considered.

4.
Ordinary
resolutions
18

19
Ordinary resolution 1
Re-election of Jennifer Bunbury
That Jennifer Bunbury, who retires at the
annual meeting and is eligible for re-election,
be re-elected as a Director of My Food Bag.
The Board unanimously supports resolution 1 and recommends that shareholders vote in favour.

20
Ordinary resolution 2
Re-election of Sarah Hindle
That Sarah Hindle, who retires at the annual
meeting and is eligible for re-election, be re-
elected as a Director of My Food Bag.
The Board unanimously supports resolution 2 and recommends that shareholders vote in favour.

21
Ordinary resolution 3
Re-election of Mark Powell
That Mark Powell, who retires at the annual
meeting and is eligible for re-election, be re-
elected as a Director of My Food Bag.
The Board unanimously supports resolution 3 and recommends that shareholders vote in favour.

22
Ordinary resolution 4
Auditor's remuneration
That the Directors of My Food Bag be authorised to fix the fees and expenses
of the auditor of My Food Bag for the ensuing year.
The Board unanimously supports resolution 4 and recommends that shareholders vote in favour.

23
Voting – Proxies Received
ResolutionForAgainstProxy
discretion
Re-election of Jen Bunbury28,341,451
(93.50%)
378,140
(1.25%)
1,591,601
(5.25%)
Re-election of Sarah Hindle28,366,126
(93.60%)
347,398
(1.15%)
1,591,331
(5.25%)
Re-election of Mark Powell28,657,837
(94.53%)
66,777
(0.22%)
1,591,331
(5.25%)
Auditors' remuneration28,252,062
(93.17%)
493,788
(1.63%)
1,575,691
(5.20%)

5.
Other business
24

THANK
you
25

Disclaimer
This presentation has been prepared by My Food Bag Group Limited (the “Company” and, together with My Food Bag Limited,
"My Food Bag") for the purpose of the annual shareholders' meeting and is dated 19 August 2026. This presentation contains
summary information about My Food Bag and its activities, which is current as at the date of this presentation (or otherwise
stated). The information in this presentation is of a general nature and does not purport to be complete nor does it contain all the
information which an investor may require when evaluating an investment in the Company.
This presentation may include certain “forward looking statements” about My Food Bag and the environment in which My Food
Bag operates. These forward-looking statements may be identified by words such as ‘guidance’, 'projections', ‘anticipate’, ‘believe’,
‘estimate’, ‘expect’, ‘will’, ‘plan’, ‘may’, ‘could’ and similar expressions.
Forward-looking information is inherently uncertain and subject to contingencies, known and unknown risks and uncertainties and
other factors, many of which are outside of My Food Bag's control, and may involve elements of subjective judgement and
assumptions as to future events which may or may not be correct. A number of important factors could cause actual results or
performance to differ materially from the forward-looking statements. No assurance can be given that actual outcomes or
performance will not materially differ from the forward-looking statements. The forward-looking statements are based on
information available to My Food Bag as at the date of this presentation. Except as required by law or regulation (including the
NZX Listing Rules), the Company is under no obligation to update this presentation whether as a result of new information, future
events or otherwise.
26

---

19 August 2026
NZX Code: MFB
My Food Bag Annual Shareholders' Meeting – Chairman and CEO Addresses
Chairman's Address
Mōrena and welcome to the annual shareholders' meeting for My Food Bag. I am My Food
Bag's independent chair, Tony Carter.
Today's meeting is being conducted in person and online – we are very pleased to welcome
those of you participating online through the virtual meeting platform. I'll provide you with
further instructions as we progress through the meeting, but for those of you attending
virtually, if you encounter any technical issues, please refer to the virtual meeting guide or you
can phone the helpline on 0800 200 220.
Before we formally begin, I would like to start by acknowledging Board members, Jen Bunbury
(Chair of the Audit and Risk Committee), Cecilia Robinson (Chair of the Marketing Committee
and one of My Food Bag's founders), Sarah Hindle, Mark Powell (Chair of the Nomination and
Remuneration Committee).
We also have My Food Bag's Leadership team in attendance, including:
● Mark Winter, Chief Executive Officer,
● Louise Newsome, Chief Financial Officer, and
● Jess Reeve-Taylor, Commercial Manager, who will assist with Q&A later in the meeting.
Our auditors, EY, are in attendance, represented by Lloyd Bunyan and he will be available to
address any questions regarding the conduct of the audit. Finally, you will of course notice that
we are in the offices of our share registrar, MUFG Pension and Market Services, and members
of their team are available today to help conduct the vote and act as our scrutineer.
I have had it confirmed to me that the Notice of Meeting has been sent to shareholders and
other persons entitled to receive it and I have been advised that we have a quorum present. On
that basis, I am pleased to formally declare the meeting open.
As always, shareholders were given the opportunity to attend the meeting and vote, or to
appoint a proxy to vote on their behalf. Proxies have been appointed for the purpose of this
meeting in respect of approximately 30 million shares, representing about 12% of our total
share capital. My fellow directors and I intend to vote all discretionary proxies we have received
in favour of the four resolutions set out in the Notice of Meeting.

Turning to the agenda for today. Following my address, My Food Bag's CEO, Mark Winter, will
provide a business update before we move on to the more formal agenda items regarding the
acceptance of the FY26 financial statements and our ordinary resolutions regarding the re-
election of Director(s) – Jen Bunbury, Sarah Hindle and Mark Powell and auditor's
remuneration.
There will then be an opportunity for general Q&A. As always, I encourage shareholders to
exercise their right to vote and ask questions. You can send through your questions at any time
through the online portal by clicking the 'Ask a Question' button, and I encourage you to do so
as early as possible as this will allow us to answer these questions at the appropriate time
during the meeting.
This financial year has seen My Food Bag deliver another year of profitable, disciplined growth,
reflecting our continued focus on growing quality active customers by prioritising brand value,
convenience, flexibility and great value.
Building on this momentum, we broadened our offering through a range of initiatives –
expanding our menu, giving customers more ways to personalise their meals and introducing
new menus developed by our nutritional experts to target a range of specific health and dietary
needs. At the same time, we also strengthened our operating platform and optimised our
packaging, improving performance and the customer experience.
Importantly, this growth extended beyond our core meal kit business. The My Food Bag Shop
continued to attract new customers by broadening the range of gifts, ready-made meals and
one off occasions, all without the need for a subscription. At the same time, we also grew our
corporate partnerships channel, creating a new source of recurring B2B revenue.
Throughout the year, strong free cash flow of $8.5 million allowed for further debt reduction,
with net debt decreasing to $1.9 million by the end of FY26, down from $15.3 million three
years ago. This reduction continues to strengthen the balance sheet.
While reducing debt, the Board also remained committed to shareholder returns and was
pleased to declare a fully imputed final dividend of 1.15 cents per share, bringing the total
dividend for FY26 to 1.9 cents per share.
Turning to FY27, we are pleased with our performance to date, with revenue in the first four
months of the year up 4.5% on the prior year. This reflects the continued strength of our
customer base and the progress we are making against our growth strategy.
Importantly, this performance is being supported by continued improvement in customer
retention and order frequency. This reflects stronger engagement from our existing customers

and reinforces the value of initiatives we have introduced across menu choice, personalisation
and convenience. This provides a strong foundation as we continue to focus on growing our
active customers through FY27.
We have recently taken a balanced and targeted approach to pricing, supporting customer
value while also responding to input cost pressures, such as with ingredients and fuel. We
expect the gross margin for the first half of the financial year to close in line with the prior year.
As shareholders will be aware, earlier in the year the Board announced a review seeking to
evaluate My Food Bag's ownership, capital structure and strategic options. That review is
ongoing and while we have no further updates at this time, we expect to provide shareholders
with an update on the broader strategic review before or alongside our interim results in
November.
I would like to finish by acknowledging and thanking all our team at My Food Bag. It's their
effort, passion and innovation that made this year's positive results possible. I'd also like to
thank you, our shareholders, for your continued support of the business.
As I recently announced, I will be retiring from the Board later this year, bringing to a close over
five years with the company. It has been a privilege to serve as Chairman and to work alongside
such a talented and committed team, and I leave with great confidence in the future of the
business and the opportunities ahead.
I will now invite Mark Winter, our CEO to address you.
CEO's Address
Thanks Tony.
Tēnā koutou and welcome everyone.
Thank you for joining us here today in person or online. It is always a pleasure to meet with our
shareholders, and we appreciate the opportunity.
FY26 was a year of continued progress for My Food Bag. We delivered revenue growth,
increased profitability, strengthened cash flow and further reduced debt; while continuing to
improve the experience we provide our customers and invest in the capabilities that will
support future growth.
Importantly, that progress reflects the consistent execution of our strategy - strengthening our
leadership in meal kits while expanding the ways consumers can engage with My Food Bag
across the wider meal-solution and online grocery market.

Today I'll take you through our FY26 performance, the progress we made against that strategy
and some of the momentum we are carrying into FY27.

Starting with our financial performance. FY26 revenue grew by +5.0% to $170.2 million, driven
by higher customer average order values, increased order frequency and improved customer
retention.
Gross margins were maintained in line with historical levels despite higher inflation, with
supply-chain initiatives and pricing actions helping to recover ingredient cost pressures.
This top-line growth and strong cost management flowed through to EBITDA of $16.4 million
and net profit after tax of $6.7 million, up +5.3% on FY25. Free cash flow increased to $8.5
million from $7.6 million in FY25, which enabled further debt repayment and distributions to
shareholders via interim and final dividends.
Set against that backdrop I have just described, FY26 was a year in which we further
strengthened both our customer offering and our businesses operating platform which enables
it. Some key achievements included:
• Improved customer retention and order frequency, reflecting stronger engagement and
greater customer loyalty.
• Expansion of the My Food Bag Shop and our ready-made meal range, creating more
occasions and more ways for customers to buy outside a weekly subscription.
• Continued development of our health-led offerings, to help support more New
Zealanders manage their diabetes, use GLP-1 weight-loss medications or provide high-
protein or gut-friendly food options.
• Strong cash generation, enabling a further $5.1 million reduction in debt while also
increasing dividends to shareholders.
My Food Bags strategy remains consistent – be relevant and grow active customers by
delivering flexibility, convenience and great value – with the improvements delivered in FY26
reflecting continued execution against our four strategic focus areas:
• Building our brand to drive higher customer advocacy and loyalty
• Enhancing convenience across our brands through shorter lead times, faster recipes and
continued growth of ready made meals.
• Offering more personalised solutions so customers have more flexibility and choice to
meet their individual needs

• Introducing new customers and audiences to My Food Bag by unlocking new segments
and occasions through initiatives such as the My Food Bag Shop and B2B partnerships.
These focuses are underpinned by an efficient operating model and continued investment in
our people, supply chain, data and technology.
Our portfolio of brands - My Food Bag, Bargain Box and Fresh Start - continue to build brand
value and advocacy by delivering differentiated offerings across the premium, value and health
and wellness segments.
• My Food Bag was awarded Canstar Blue's Best Rated Meal Kit for 2025. Our partnership
with Nadia Lim remained central to the brand, with a new season of 'Dinner with Nadia'
featuring well-known Kiwis alongside our sponsorship of Nadia's Farm Kitchen.
• Bargain Box launched a 'Bargain Win' campaign across TV, Youtube and radio with a
strong focus on value, affordability and quality. We also kicked off a multi-year
sponsorship of the Weet-Bix Kids TRYathlon to reinforce its value and family positioning.
• Fresh Start continued to strengthen its position in health and wellness.
• Across the portfolio we invested in expanding the number of recipes on offer each week
to support customer retention.
• To enhance convenience we launched a dynamic box and ice initiative to tailor box size
and insulation to each order, cutting cardboard use and waste and enhancing the
customer experience.
• To offer greater flexibility, we launched our first recipe customisation initiatives, starting
with the 'Double Protein' option across all three brands. The results have been positive,
with customers willing to trade up, supporting growth in average order value. We have
since added further customisation, including the ability to swap proteins on selected
recipes.
The My Food Bag Shop completed its first full year of operation and continued to broaden the
ways customers can engage with us beyond subscription meal kits. We expanded the range,
introduced same-day and twilight delivery, extended distribution coverage and continued to
build our corporate customer base.
We also grew our network of corporate partners, delivering tailored meal and grocery solutions
through our existing operating model. We began a partnership with WM Robotics to trial ready
made meal vending machines in offices, apartments and hotels - a useful test-and-learn
opportunity that has validated demand for convenient, healthy meals in new settings.

Health continues to be a genuine competitive advantage for My Food Bag, with Fresh Start at
the centre of how we support customers' health and wellness needs. Supported by three New
Zealand registered dietitians, we launched our Diabetes Plan in partnership with Diabetes NZ,
introduced High Protein and Gut Friendly preferences, and developed a tailored meal plan for
customers using GLP-1 weight-loss medications. We have also developed partnerships with
organisations and health professionals to build awareness and engage new audiences.
We continued to invest in our operational foundations, with strong performance across quality
and accuracy reflected in high customer net promoter scores. We went live with a new
ingredient management platform, providing real-time stock visibility and traceability, improving
inventory control and strengthening quality assurance. Health and safety also remained a
priority, and we sustained the reduction in our Total Recordable Injury Frequency Rate during
FY26.
Employee engagement remained positive and stable throughout the year, supporting the pace
of execution across our teams. Our investment in our people was recognised externally, with
My Food Bag named a finalist in the Learning and Development category of the HRNZ Awards
for the impact of our leadership capability initiatives.
We also continued to scale our proprietary platform, enabling more personalised customer
experiences, more efficient operations and better real-time decision-making.
We are beginning to use AI in practical areas where it can improve productivity and decision-
making, including menu planning and optimisation.
We maintained our focus on waste minimisation, including the dynamic box and ice initiative to
right-size packaging and reduce cardboard use and waste.
We are proud to source over 98% of our proteins and produce locally, and we expanded our
range of local and sustainably sourced fish.
Other achievements from FY26 included:
• Our partnership with NZ Post saw distribution coverage expand to over 91% of
households, up from 87%
• Our ready made meal range expanded further into soups and desserts, and the quality
of that range was recognised externally with five medals at the New Zealand Artisan
Awards and a second consecutive finalist placing in the New Zealand Food Awards for
Nadia's Shepherd's Pie.

• Christmas was another highlight, building on last year's protein choice, we introduced
dessert selection and launched an oven-free BBQ Christmas Bag, delivering our highest-
ever Christmas NPS of 70%.
While today is principally about FY26, I want to briefly touch on some of the initiatives now
underway in FY27. We continue to execute on our strategy with pace and discipline, translating
our priorities into tangible outcomes for customers.
Some of the initiatives already underway include:
• Rolling out a new customer loyalty programme to reward repeat customers, encourage
deeper engagement and build longer-term relationships with our most valuable
customers.
• Launching same-day delivery for new and returning customers, providing a faster and
more convenient way to experience our meal kits and helping remove a key barrier to
trial.
• Introducing greater menu personalisation, including the ability to swap proteins and
customise ingredient preferences, so customers can shape meals around their tastes,
dietary needs and lifestyles.
• Offering targeted gift bundles, including our Taste of Winter and Parent Essentials
boxes, to introduce new audiences to My Food Bag through relevant, occasion-led
gifting.

In summary, FY26 was another year of meaningful improvement for My Food Bag. We grew
revenue, increased profit, generated strong cash flow and strengthened the balance sheet,
while continuing to broaden our customer offering and invest in the capabilities that support
future growth.
The momentum we are seeing has been created through consistent delivery against our
strategy. Our focus remains on growing active customers, through extending our leadership in
meal kits and continuing to build our presence in the broader meal-solutions and online grocery
market.
We enter FY27 with a stronger business, a broader platform and a clear set of priorities, and
our focus is firmly on maintaining that momentum through disciplined execution.
Before I finish, I want to acknowledge Tony, as this will be his final Annual Shareholders’
Meeting as Chair of My Food Bag. Tony, on behalf of the management team, thank you for your
leadership, support and commitment to the business. I have personally valued your counsel and
support, and we wish you all the very best for the future.

I’d also like to acknowledge Mark Powell, who subject to re-election will succeed Tony as Chair.
I look forward to continuing to work closely with you Mark, as we build on the momentum
created thus far.
Finally, I want to thank our team for their continued hard work and commitment, and also
thank you, our shareholders, for your ongoing support.
I look forward to updating you on our progress again at our interim result in November.

Ends

For investor relations queries:
Louise Newsome
ir@myfoodbag.co.nz
For media queries:
Trish Whitwell
trish.whitwell@myfoodbag.co.nz