AoFrio (AOF) AGM 2025 summary

Opening remarks and agenda

• Chair welcomed attendees, acknowledged board members, and thanked outgoing director Melissa for her contributions.

• Meeting held in hybrid format, allowing both in-person and online participation.

• Agenda included review of FY2024 performance, Q1 2025 update, strategy discussion, outlook, Q&A, and formal business including voting.

Financial performance review

• Revenue increased by 20%, approaching NZD 80 million, with EBITDA up over 100% to NZD 2.5 million.

• Gross margin remained stable, with minor decline due to strategic pricing and supply chain costs.

• Net Promoter Score reached 54, and staff engagement score was 79, indicating strong internal and customer sentiment.

• Recurring revenue is 3.2–3.5% of total, with IoT business nearing the industry 'Rule of 40' at 35%.

• 3.1 million connected fridges, up from 2 million, and 83% customer retention rate.

• Regional growth: Americas up 26% to $54 million, South America and APAC showed positive trends, EMEA faced challenges due to IoT rollout delays.

• Q1 2025 revenue up 43.9%, with IoT segment up 19%.

Board and executive committee updates

• Board composition discussed, with re-election of directors and acknowledgment of board diversity.

• Executive team introduced, highlighting roles in finance, environment, revenue, R&D, and product.