AoFrio FY22 Full Year Results Investor Call March 2023

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Results at a glance
Revenue up 15.7% y-o-y to Employee Engagement Score Customer NPS
$74.3 million 75% +40
beating benchmark of +25
EBITDA down 39% y-o-y to
million
$1.6
NPAT
million
$3.3
down $2.2 million
New roles to resource long term growth
19
January February March
AoFrio Company Confidential ©2023
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FY22 Summary

• 15.7% growth despite supply chain disruption

• Diverted NPD resource to support existing products.

• Spot market purchases and freight, purchased inventory

• Net Promoter Score = 40

• Staff Engagement result from 68 to 75

• Invested in people to support long term growth

• First major sale of Network Pro

• First sale to an ice cream brand

• Rebranded from Wellington Drive to AoFrio

• ESG current state assessment and materiality review

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Focus for FY 23

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Bottle Cooler IoT Market

• Retrofit Market: (New products launched that expand market beyond new refrigerators)

• Software solutions options

• Enter NA & EMEA market (with always on solution)

New IoT Markets

• Launch Ice cream market solution

• Second Iteration of food service solution (Focus on Food Safety & Energy Management)

Motors & Fans

• Launch ECR 2+ (delayed due to component swap focus)

• New Fan pack sizes

Financial Guidance for FY23

• Revenue trending towards $100m

• EBITDA around $3.5m

• Targeting ongoing revenue growth of 30% (Investing to achieve that- internally funded)

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• Investments are only being made as trading conditions allow.

AoFrio Company Confidential ©2023

How our solution works

Control and Monitor

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AoFrio SCS Controller or Monitor mounted in the equipment tracks equipment and operational data including temperature, door swings and compressor cycles.

Transmit Bluetooth - for markets with low labour costs and high-touch process with coolers / stores: App running in background of sales or distribution staff member’s phone picks up data, attaches GPS location and transmits to cloud. OR Always on - for markets with high labour costs and low-touch process with coolers / stores: One to many solution: AoFrio Network Pro receives data from up to 15 devices via Bluetooth and transmits to cloud.

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One to one solution (coming soon): Cellular connected SCS controller transmits data to cloud via a cellular connection.

Store and Transform

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Data is cleansed, processed, stored and aggregated into key insights ready for action.

Actionable Insights

Asset management: Assets managers can see equipment locations, unwanted movements, and historical connectivity from users.

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Service and Maintenance: Technical service staff receive alerts from market allowing them to optimize fleet operation and maintenance

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Commercial Insights: providing cooler, customer and storekeeper performance and behaviour, allowing Sales staff to optimise sales performance in their stores.

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AoFrio Company Confidential ©2022

Product Pipeline - Process

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Prioritised Road
Map Items
(from Strategy, Staff,
P2E, Customers)
Discover Ideate Define Deliver Launch
Validate the opportunity Generate and test ideas What? How? When?
Understand the opportunity, Iterate through cycles of Distil agreed solutions into a Build, test and release product Execute go to market plan
constraints and success ideation, prototyping and set of prioritised roadmap / increments or new products. including handover to field /
metrics, and build the testing to design solutions that work items and add to support, customer onboarding
business case for investment. are desirable, viable and roadmap. etc.
feasible.
Items On Roadmap
Risks Known, Effort & Timeframes Estimated
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AoFrio Company Confidential ©2023

Product: Strategic Priorities

Product Objective

Increased customer value through data and insights

Complete range of product options for a connected fleet

Comprehensive controller capabilities

Best in class user experience

Extend our motors range, offering more options / flexibility to our customers

Priority Focus

Insights for bottle coolers

Connected thermostat for small scale units

Cellular connected controller

Variable speed compressor control

Web based applications: Reporting, User Manager

ECR 2+ with Universal Plug

Extended Fanpack Range

Strategic Objective

Recurring Revenue from advanced analytics, notifications & predictive maintenance

Market Expansion: ~30% of refigerators are <400 L

Market Expansion: ~70% US & EMEA market require this solution.

Market Leadership: This would allow AoFrio to reduce energy consumption of commercial refrigerators by up to a further ~20%.

Customer Delight: Increase satisfaction

Customer Delight: Universal plug reduces SKU’s

Market Expansion: Larger supermarket applications

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AoFrio Company Confidential ©202 32

Any Questions?

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AoFrio Company Confidential ©2022

Unlocking a world of possibilities – Thank you!

Q1 Investor Call 2023