My Food Bag Group (MFB) AGM 2025 summary

Opening remarks and agenda

• Meeting opened with acknowledgment of board members, leadership team, auditors, confirmation of quorum, and notice of meeting.

• Agenda included business update, acceptance of financial statements, re-election of directors, auditor's remuneration, and Q&A.

Financial performance review

• FY 2025 revenue was NZD 162.1 million, EBITDA NZD 16.1 million, and net profit after tax NZD 6.3 million, up from NZD 6.0 million in FY 2024.

• Gross margin improved to 49.3% from 48.5% in FY24; average order value rose 0.4% to NZD 130.1.

• Free cash flow more than doubled to NZD 7.6 million; net debt reduced from NZD 11.8 million to NZD 6.9 million.

• Active customers increased to 57,000.

• FY 2026 sales up 3.8% in the first four months, but gross margin expected to be below prior year due to lagging price increases.

Board and executive committee updates

• Tony Carter and Cecilia Robinson stood for re-election, both unanimously supported by the board.

• Board comprises Tony Carter (Chair), Jen Bunbury, Sarah Hindle, Cecilia Robinson, and Mark Powell.

• Board composition highlighted for its range of skills and experience, with focus on supporting management and business growth.