My Food Bag grows profits as ownership review continues

Harry Booth

23 hours ago

My Food Bag has managed to grow its profits in the financial year, as the meal kit delivery company confirmed it is reviewing its ownership.

This review, announced in late April, comes after My Food Bag said its improving performance is “yet to be reflected in the share price” on the NZX. Despite this uncertainty, the 2026 financial year brought revenues of $170.2 million, up 5 per cent on 2025. 

This revenue lift led to after-tax profits of $6.7 million, a 5.3 per cent increase.

“[2026] marks a clear step forward,” CEO Mark Winter said. “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.”

The company said it increased its focus on health by introducing a range designed to support customers using GLP-1 medications and by building partnerships with health professionals.

“We have continued to build strength in the My Food Bag brand while broadening how customers can engage with us,” Winter added. “Delivering value for money alongside quality and variety is what is driving stronger engagement and giving us confidence in how the business is tracking.”

My Food Bag confirmed that it has enlisted Cameron Partners as its financial adviser, but the ongoing review remains in its early stages, with no guarantee that a deal will be reached.