My Food Bag Group Limited Analysis

Overview

My Food Bag is an online food delivery business and New Zealand’s longest standing meal kit provider. Each week My Food Bag delivers thousands of bags full of nutritious, locally sourced ingredients along with easy-to-follow recipes direct to families across New Zealand. My Food Bag offers a broad range of meal kit bags in New Zealand under the My Food Bag, Bargain Box and Fresh Start brands and also has a range of ready-made meals with the MADE brand. Visit www.myfoodbag.co.nz.

Performance

The following information was extracted from My Food Bag Limited's Full year results, released on 21 May 2026:

My Food Bag reports 6.2% growth in H2 with full year profitability up 5.3%

Revenue of $170.2 million, up +5.0% on FY25

EBITDA of $16.4 million, up from $16.1 million in FY25

NPAT of $6.7 million, up +5.3% on FY25

Net debt reduced by $5.1 million to $1.9 million and free cash flow of $8.5million

FY26 H2 revenue growth of +6.2% year on year

Gross Margin stable at 49.0% and above the 5-year average

Active customers at 57.1k with improved lifetime value and retention

Fully imputed final dividend of 1.15 cents per share declared, payable in June

Commenting on the result, CEO Mark Winter said: "FY26 marks a clear step forward. We are seeing the impact of the work we have done to strengthen our proposition, with higher retention, increased order frequency and more consistent customer engagement."

"Our focus has been on delivering a better overall experience and clear value for money, and that is translating into customers ordering more often and staying with us longer."

Financial performance

Revenue growth was driven by higher volumes and improved brand mix, supported by stronger customer retention and engagement.

Gross margins were maintained in line with historical levels despite higher inflation with supply chain initiatives and pricing actions recovering ingredient cost pressures.

The business generated strong free cash flow of $8.5 million supporting continued dividend payments and further reduction in debt, with net debt reducing to $1.9 million.

The Board is pleased to declare a fully imputed final dividend of 1.15 cents per share, payable in June. This brings the total dividend for FY26 to 1.90 cents per share (fully imputed). The Board has decided that the Dividend Reinvestment Plan will not operate in respect of the upcoming dividend.

"The Board remains focused on delivering sustainable returns for shareholders, supported by strong cash flow and disciplined capital management," said Chair Tony Carter.