My Food Bag Group (MFB) AGM 2026 summary

Opening remarks and agenda

• Meeting opened by Independent Chair Tony Carter, with board members and leadership team introduced, including CEO and CFO.

• Notice of Meeting confirmed sent, quorum established, and proxies appointed for 12% of share capital.

• Agenda included business update, review and acceptance of FY 2026 financial statements, director re-elections, auditor remuneration, and Q&A.

Financial performance review

• FY 2026 revenue grew 5% to NZD 170.2 million, with EBITDA at NZD 16.4 million and net profit after tax at NZD 6.7 million.

• Average order value increased 2.8% to $133.7, with active customers stable at 57.1k.

• Gross margin was 49.0%, slightly down from 49.3% in FY25, but margins maintained despite inflation.

• Free cash flow increased to NZD 8.5 million, enabling further debt repayment and shareholder dividends.

• Net debt reduced to NZD 1.9 million, down from NZD 15.3 million three years ago; debt reduced by $5.1m in FY26.

• Revenue for the first four months of FY 2027 up 4.5% year-on-year, with strong customer retention and order frequency.

Board and executive committee updates

• Chair Tony Carter announced retirement later in the year; Mark Powell to succeed as Chair, subject to re-election.

• Directors Jen Bunbury, Sarah Hindle, and Mark Powell stood for re-election, each addressing their experience and commitment.

• Board comprises independent chair and several independent and non-executive directors; CEO Mark Winter provided operational update.

• Board and committee roles highlighted, including Audit and Risk, Marketing, and Nominations and Remuneration.