My Food Bag completes review and confirms plan

My Food Bag Group Limited
My Food Bag Group Limited
NZCN 6113607
4 November 2026
NZX Code: MFB
My Food Bag completes review and confirms growth and capital allocation plan
My Food Bag Group Limited (MFB) has completed the review announced on 28 April 2026.
The review considered the company’s ownership, strategic options and capital structure.
As part of the review, Cameron Partners was engaged by MFB and undertook a structured market
testing process to assess interest in a potential ownership transaction while also further evaluating
MFB’s broader strategic and capital allocation options.
The market testing process resulted in discussions with, and valuable insights from, a number of
potential investors in New Zealand and overseas. Ultimately, however, the review concluded that
MFB will remain an NZX-listed company with a clear focus on executing its standalone plan and
growth strategy and optimising its capital allocation to deliver sustainable shareholder returns.
The review reinforced the strength of MFB's established brands, nationwide direct-to-consumer
platform, profitable and cash generative operating model and strengthened balance sheet. It also
provided greater clarity on capital allocation to support sustainable long-term shareholder returns.
Following the review, the standalone plan will focus on four priorities:
Growing and strengthening the core customer and brand portfolio;
Expanding further into new channels and customer occasions, including via the My Food Bag
Shop and new B2B/partnership channels;
Improving margins and operating leverage through technology, procurement, supply chain
efficiency and selective vertical integration; and
Allocating capital with discipline across organic investment opportunities, shareholder
returns and other value-accretive strategic opportunities.
Organic growth from the existing platform will remain the primary strategic focus. As such, the
standalone plan does not depend on M&A and any opportunity will need to meet a high strategic
and financial threshold to be considered by the Board. We will generally consider opportunities that
help us increase scale or acquire capabilities that MFB cannot build as effectively or efficiently.
Going forward, the Board will target fully imputed ordinary dividends of 70% to 90% of NPAT over
the full financial year, subject to financial performance, cash requirements, solvency, balance-sheet
position and investment opportunities.
Having now moved into a net cash position, the Board is also evaluating opportunities to return
surplus capital to shareholders next year in addition to ordinary dividends. No decision has been
made on whether any additional capital return will occur or, if it does, its form, amount or timing.
MFB will keep the market informed in accordance with its continuous disclosure obligations.

My Food Bag Group Limited
My Food Bag Group Limited
NZCN 6113607
MFB looks forward to providing shareholders with a further performance update with its interim
results later in November.
Authorised by:
Board of Directors of My Food Bag Group Limited
Ends
For investor or analyst queries, please contact:
Investor Relations
+64 9 886 9840
ir@myfoodbag.co.nz