My Food Bag Group (MFB) H1 2025 earnings summary

Executive summary

• Revenue for H1 FY25 declined 1.9% year-over-year to $82.2m, with active customers rising to 60,100 from 56,800 at FY24 year-end.

• NPAT increased to $3.0m from $2.5m in FY24 H1, and EBITDA rose 5.7% to $7.8m.

• Gross margin improved to 49.8% (up 1.9ppt), and contribution margin reached 24.1% (up 2.1ppt).

• Interim dividend of 0.65cps declared, fully imputed and payable in December.

• Investments included product enhancements, UX redesign, and the launch of My Food Bag Shop for one-off purchases.

Financial highlights

• Deliveries were flat or fell 1.5% year-over-year at 643,000, with average order value at $128.00, down 0.5% year-over-year.

• Free cash flow increased to $3.3m from $1.1m in FY24 H1, supporting debt reduction.

• Net debt reduced to $9.7m from $11.8m at FY24 year-end, with surplus cash used to pay down debt.

• Operating cash flow increased to $6.3m from $4.9m in H1 FY24.

• No significant capital purchases in H1; capex focused on Shop and UX projects.

Outlook and guidance

• Trading expected to remain broadly in line with prior year trends amid challenging market conditions.

• Stabilised active customer base and deliveries provide a platform for future growth.

• Continued investment in brands and My Food Bag Shop to drive customer growth.

• Capex forecast to be lower than prior year’s $3.5m.

• Board expects to pay a final FY25 dividend.