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 Half year results, released 20 November 2025

My Food Bag delivers 3.8% revenue growth in H1 and declares interim dividend

• Revenue of $85.4 million, up 3.8% compared to FY25 H1

• Gross margin of 48.5%, versus 49.8% during FY25 H1

• EBITDA of $7.2 million, versus $7.8 million in FY25 H1

• Net profit after tax (NPAT) of $2.9 million, versus $3.0 million in FY25 H1

• Net debt reduced to $5.5m and free cash flow of $3.1m

• 61,300 active customers at the end of FY26 H1, an increase from 60,100 at the end of FY25 H1

• Recent trading reflects continued growth with YTD revenue up 4.6% on prior year

• Fully imputed interim dividend of 0.75 cent per share declared, payable in December

Tony Carter, Chairman of My Food Bag, says:

"During the first half of FY26, we have been pleased to build on the sales momentum established last year.”

“Supported by strong brands, an attractive customer offering and a more flexible operating model, we have further improved active customer numbers and the business overall, leaving us well-positioned to capture a larger share of New Zealand’s growing online food market.”

“While gross margin was slightly lower than in the first half of FY25, this primarily reflects the timing of price adjustments relative to broader food price inflation, which was 4.1% for the year to 30 September 2025. We maintained a strong focus on product quality and customer satisfaction while carefully managing cost pressures to minimise the impact on our customers. While the gross margin reduced year on year, it remained relatively stable compared to the second half of FY25”.

“Reducing debt remains an ongoing priority, and we have successfully lowered net debt over the past 12 months from $9.7m to $5.5m at the end of September 2025. Following the company’s FY26 first-half results, the Board has resolved to declare an interim dividend of 0.75 cent per share, fully imputed,” says Carter.