AoFrio (AOF) Investor Day 2025 summary

Strategic direction and growth options

• Two growth paths: a self-funded 10% CAGR to NZD 140 million revenue by FY 2028, or an accelerated 25% CAGR to NZD 300+ million (NZD 304 million) with NZD 15 million investment, expanding into ice cream and food retail segments and scaling across five regions.

• No immediate pressure to raise capital; investment would be used for product development and go-to-market in new segments, not to cover operational shortfalls.

• Diversification strategy targets food retail and ice cream, leveraging proven IoT and SaaS platforms to increase recurring revenue and margins.

• Expansion into the U.S., Europe, and APAC enabled by new cellular products, aiming for significant market share in these regions.

• Strategy focuses on protecting and growing the core, diversifying into new markets, and transforming operational foundations.

Financial guidance and performance

• FY 2024 revenue grew 19.7% to NZD 79.7 million with NZD 2.5 million EBITDA; FY 2025 guidance is NZD 86 million revenue, 30% gross margin, and NZD 3.5 million EBITDA.

• Self-funded scenario targets NZD 140 million revenue and 34% gross margin by 2028; accelerated scenario targets NZD 304 million revenue, NZD 50 million EBITDA, and higher SaaS contribution by FY 2030.

• SaaS/recurring revenue expected to rise from 3% in FY 2025 to 19% by FY 2030, with a long-term target of 50%.

• Motors segment to grow from NZD 40 million in FY 2025 to NZD 70 million by 2030, driven by new applications and regulatory changes.

• Diversified revenue (food retail and ice cream) targeted at NZD 85 million by FY 2030, with software margins rising to 75%.

Business model, market expansion, and innovation

• Market leader in connected cold drink equipment and refrigeration fleet management, with 3.5 million connected assets globally and 70% LATAM share.

• ARR per connected cooler to triple from NZD 1 to NZD 3 by FY 2030, with the connected fleet tripling to 9 million units.

• New product launches include SCS 800 cellular controller, camera-enabled solutions, and advanced analytics for commercial insights and planogram compliance.

• Advanced AI and machine learning models deployed for predictive maintenance, commercial optimization, and organizational efficiency.

• Pilots and contracts secured in food retail and ice cream, including a three-year deal with a 115-outlet convenience chain and a major ice cream brand in Chile.