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AOF · NZX

AoFrio (AOF)

Industrials / Refrigeration technologyCovered: FY19 - HY267 published briefings

AoFrio is an NZX-listed industrials / refrigeration technology company. Its latest covered result is HY26, with FY19 - HY26 of source-backed result history on Annolyse.

Sections

Latest result

Latest metrics

HY26, released 5 August 2026

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AOF latest metrics
MetricValueChange
Revenue$33.8m↑ +10.5%
EBITDA$0.88m↓ -52.0%
NPAT-$2.1m↓ -450.0%
Operating cash flow-$0.86m↓ -127.6%
OCF / EBITDA %-98.0%↓ -268.6pp
Net debt$5.1m↑ +227.4%
Net debt / EBITDA5.85x—
ROE %-9.2%↓ -13.1pp
PBT-$2m↓ -433.3%
FCF pre-lease-$1.2m↓ -138.0%

Source: latest published briefing (HY26, released 5 August 2026). Change compares against the prior equivalent period: HY21, released 25 August 2021.

Valuation

Valuation

Trailing P/E, EV/EBITDA, price-to-book and price-to-free-cash-flow ratios combine the latest available close with filing data. They are comparative measures, not forecasts or recommendations.

Prices as at close, 18 September 2026

Price and market cap

The latest close and share count context for the market price.

Market cap

$30.9m

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End-of-day close multiplied by current shares on issue.

Profitability multiples

How the market price compares with recent earnings and cash-flow inputs.

P/E

Not available

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Not available for this company right now.

EPS

Not available

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Not available for this company right now.

PEG

Not available

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Not available for this company right now.

EV/EBITDA

Not available

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Not available for this company right now.

P/FCF

Not available

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Not available for this company right now.

P/B

1.35x

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Market value compared with latest reported equity.

Income and investment-company measures

Yield and investment-company valuation where supported.

Dividend yield

0.0%

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Trailing dividends compared with the latest close.

Total return

Not available

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Available once dividend and adjustment data are verified.

Price history

Daily closes use the full available width, with hover and touch values for each observation. Expand the chart to see more detail.

Share price

Five years of daily closes, as at close, 5 June 2026. Weekends, suspensions, and listing gaps stay as natural gaps in the time scale.

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P/E over time

Filing-period markers only: EOD close on or before each release date divided by filing-derived trailing NPAT where both inputs verify. Periods with P/E at or above 100x are shown as gaps because earnings yield below 1% makes the multiple denominator-driven, not meaningful. Suppressed periods: FY19.

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Financial history

Performance over time

The latest period is shown first.

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AOF metric history
MetricHY266 MONTHS5 August 2026FY2212 MONTHS27 February 2023FY2112 MONTHS25 February 2022HY216 MONTHS25 August 2021FY2012 MONTHS26 February 2021HY206 MONTHS27 August 2020FY1912 MONTHS28 February 2020Trend
Revenue$33.8m$74.3m$64.2m$30.6m$36.9m$20.5m$61.7m
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Revenue growth %-21.5%15.7%74.1%Outside range high revenue growth. 74.1%; 3-period range -40.2% to 15.7%. Revenue growth: 74.1%, above normal range; 3-period mean -6.5%, range -40.2%-15.7%.49.2%-40.2%Outside range low revenue growth. -40.2%; 3-period range 5% to 74.1%. Revenue growth: -40.2%, below normal range; 3-period mean 31.6%, range 5.0%-74.1%.-38.5%5.0%
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  • FY20 Revenue growth %: Outside range low revenue growth. -40.2%; 3-period range 5% to 74.1%. Revenue growth: -40.2%, below normal range; 3-period mean 31.6%, range 5.0%-74.1%.
  • FY21 Revenue growth %: Outside range high revenue growth. 74.1%; 3-period range -40.2% to 15.7%. Revenue growth: 74.1%, above normal range; 3-period mean -6.5%, range -40.2%-15.7%.
EBITDA$0.88m$1.6m$2.6m$1.8m$1.2m$1.1m$4.2m
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EBITDA margin %2.6%2.2%Outside range low ebitda margin. 2.2%; 3-period range 3.2% to 6.8%. EBITDA margin: 2.2%, below normal range; 3-period mean 4.7%, range 3.2%-6.8%.4.1%6.0%3.2%5.5%6.8%Outside range high ebitda margin. 6.8%; 3-period range 2.2% to 4.1%. EBITDA margin: 6.8%, above normal range; 3-period mean 3.2%, range 2.2%-4.1%.
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  • FY22 EBITDA margin %: Outside range low ebitda margin. 2.2%; 3-period range 3.2% to 6.8%. EBITDA margin: 2.2%, below normal range; 3-period mean 4.7%, range 3.2%-6.8%.
PBT-$2m-$1.2m-$0.6m$0.6m-$2m-$0.8m$0.6m
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NPAT-$2.1m$3.3m$5.4m$0.6m-$2.2m-$0.8m$0.4m
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NPAT growth %—-38.9%—————
—
Operating cash flow-$0.86m-$4.4m$3.9m$3.1m$0.34m$0.72m$3m
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OCF / EBITDA %-98.0%-270.6%150.3%Outside range high ocf / ebitda cash conversion. 150.3%; 3-period range -270.7% to 70.8%. OCF / EBITDA cash conversion: 150.3%, above normal range; 3-period mean -57.1%, range -270.7%-70.8%.170.6%28.6%63.6%70.8%
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  • FY21 OCF / EBITDA %: Outside range high ocf / ebitda cash conversion. 150.3%; 3-period range -270.7% to 70.8%. OCF / EBITDA cash conversion: 150.3%, above normal range; 3-period mean -57.1%, range -270.7%-70.8%.
FCF pre-lease-$1.2m-$4.8m—$3.1m$0.13m-$1m$2.6m
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FCF post-lease———$3.1m———
—
ROE %-9.2%13.7%26.8%Outside range high roe. 26.8%; 3-period range -14.6% to 13.7%. ROE: 26.8%, above normal range; 3-period mean 0.8%, range -14.6%-13.7%.3.9%-14.6%Outside range low roe. -14.6%; 3-period range 3.4% to 26.8%. ROE: -14.6%, below normal range; 3-period mean 14.6%, range 3.4%-26.8%.-6.4%3.4%
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  • FY20 ROE %: Outside range low roe. -14.6%; 3-period range 3.4% to 26.8%. ROE: -14.6%, below normal range; 3-period mean 14.6%, range 3.4%-26.8%.
  • FY21 ROE %: Outside range high roe. 26.8%; 3-period range -14.6% to 13.7%. ROE: 26.8%, above normal range; 3-period mean 0.8%, range -14.6%-13.7%.
Net debt$5.1m$1.1m-$4m-$4m-$2.6m$0.5m-$0.4m
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Net debt / EBITDA5.85x0.67xOutside range high net debt / ebitda. 0.7x; 3-period range -2.17x to -0.09x. Net debt / EBITDA: 0.70x, above normal range; 3-period mean -1.26x, range -2.17x--0.09x.n/mn/mn/m0.44xn/m
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  • FY20 Net debt / EBITDA: Outside range low net debt / ebitda. -2.17x; 3-period range -1.51x to 0.7x. Net debt / EBITDA: -2.17x, below normal range; 3-period mean -0.30x, range -1.51x-0.70x.
  • FY22 Net debt / EBITDA: Outside range high net debt / ebitda. 0.7x; 3-period range -2.17x to -0.09x. Net debt / EBITDA: 0.70x, above normal range; 3-period mean -1.26x, range -2.17x--0.09x.
Debtor days76125Outside range high debtor days. 125d; 3-period range 76d to 94d. Debtor days: 124.7 days, above normal range; 3-period mean 84.0 days, range 76.2 days-93.8 days.948376Outside range low debtor days. 76d; 3-period range 82d to 125d. Debtor days: 76.2 days, below normal range; 3-period mean 100.1 days, range 81.9 days-124.7 days.8482
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  • FY20 Debtor days: Outside range low debtor days. 76d; 3-period range 82d to 125d. Debtor days: 76.2 days, below normal range; 3-period mean 100.1 days, range 81.9 days-124.7 days.
  • FY22 Debtor days: Outside range high debtor days. 125d; 3-period range 76d to 94d. Debtor days: 124.7 days, above normal range; 3-period mean 84.0 days, range 76.2 days-93.8 days.
Inventory days4644Outside range high inventory days. 44d; 3-period range 26d to 34d. Inventory days: 43.6 days, above normal range; 3-period mean 29.4 days, range 26.1 days-33.8 days.26Outside range low inventory days. 26d; 3-period range 28d to 44d. Inventory days: 26.1 days, below normal range; 3-period mean 35.3 days, range 28.4 days-43.6 days.28344328
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  • FY21 Inventory days: Outside range low inventory days. 26d; 3-period range 28d to 44d. Inventory days: 26.1 days, below normal range; 3-period mean 35.3 days, range 28.4 days-43.6 days.
  • FY22 Inventory days: Outside range high inventory days. 44d; 3-period range 26d to 34d. Inventory days: 43.6 days, above normal range; 3-period mean 29.4 days, range 26.1 days-33.8 days.
Total assets$73.1m$63.1m$48.8m$40.7m$31.1m$33.2m$37.9m
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Reference: annolyse.ai/companies/aof

Note: Figures are shown as reported. Half-year and full-year absolute values are not directly comparable. Growth rates and ratios are the meaningful comparison across mixed periods.

Filing-only history charts

These charts use verified published filing periods only. Gaps are not interpolated, and mixed half-year/full-year histories are split into separate series.

Revenue

Reported revenue across covered periods.

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Revenue growth

Like-period revenue growth where comparable.

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  • FY20 AOF FY: Outside range low revenue growth. -40.2%; 3-period range 5% to 74.1%. Revenue growth: -40.2%, below normal range; 3-period mean 31.6%, range 5.0%-74.1%.
  • FY21 AOF FY: Outside range high revenue growth. 74.1%; 3-period range -40.2% to 15.7%. Revenue growth: 74.1%, above normal range; 3-period mean -6.5%, range -40.2%-15.7%.

EBITDA-equivalent

Company-specific earnings measure where disclosed.

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EBITDA margin

EBITDA-equivalent margin where revenue and earnings are source-backed.

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  • FY19 AOF FY: Outside range high ebitda margin. 6.8%; 3-period range 2.2% to 4.1%. EBITDA margin: 6.8%, above normal range; 3-period mean 3.2%, range 2.2%-4.1%.
  • FY22 AOF FY: Outside range low ebitda margin. 2.2%; 3-period range 3.2% to 6.8%. EBITDA margin: 2.2%, below normal range; 3-period mean 4.7%, range 3.2%-6.8%.

NPAT

Statutory profit after tax.

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Operating cash flow

Cash generated from operations.

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More financial metrics

Additional filing-backed metrics for this company. Each point links to the relevant published briefing.

OCF / EBITDA

Cash conversion against earnings.

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  • FY21 AOF FY: Outside range high ocf / ebitda cash conversion. 150.3%; 3-period range -270.7% to 70.8%. OCF / EBITDA cash conversion: 150.3%, above normal range; 3-period mean -57.1%, range -270.7%-70.8%.

FCF pre-lease

Operating cash flow less capex before leases.

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FCF post-lease

Free cash flow after lease payments where available.

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ROE

Return on equity.

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  • FY20 AOF FY: Outside range low roe. -14.6%; 3-period range 3.4% to 26.8%. ROE: -14.6%, below normal range; 3-period mean 14.6%, range 3.4%-26.8%.
  • FY21 AOF FY: Outside range high roe. 26.8%; 3-period range -14.6% to 13.7%. ROE: 26.8%, above normal range; 3-period mean 0.8%, range -14.6%-13.7%.

Net debt

Borrowings less cash; negative values indicate net cash.

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Net debt / EBITDA

Leverage ratio, suppressed where earnings are not meaningful.

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  • FY22 AOF FY: Outside range high net debt / ebitda. 0.7x; 3-period range -2.17x to -0.09x. Net debt / EBITDA: 0.70x, above normal range; 3-period mean -1.26x, range -2.17x--0.09x.

Debtor days

Receivables days where the working-capital inputs are source-backed.

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  • FY20 AOF FY: Outside range low debtor days. 76d; 3-period range 82d to 125d. Debtor days: 76.2 days, below normal range; 3-period mean 100.1 days, range 81.9 days-124.7 days.
  • FY22 AOF FY: Outside range high debtor days. 125d; 3-period range 76d to 94d. Debtor days: 124.7 days, above normal range; 3-period mean 84.0 days, range 76.2 days-93.8 days.

Inventory days

Inventory days where the working-capital inputs are source-backed.

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  • FY21 AOF FY: Outside range low inventory days. 26d; 3-period range 28d to 44d. Inventory days: 26.1 days, below normal range; 3-period mean 35.3 days, range 28.4 days-43.6 days.
  • FY22 AOF FY: Outside range high inventory days. 44d; 3-period range 26d to 34d. Inventory days: 43.6 days, above normal range; 3-period mean 29.4 days, range 26.1 days-33.8 days.

Operating working-capital movement

Per-period working-capital absorption or release, from the same published history. Positive values are working-capital build; negative values are release.

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  • FY20 AOF: Outside range low operating working-capital movement. $-11.7m; 3-period range $-7.6m to $9.8m. Operating working-capital movement: NZ$-11.7m, below normal range; 2/3 prior periods had builds averaging NZ$6.5m, and 1 had releases averaging NZ$-7.6m.
  • FY22 AOF: Outside range high operating working-capital movement. $9.8m; 3-period range $-11.7m to $3.2m. Operating working-capital movement: NZ$9.8m, above normal range; 1/3 prior periods had builds averaging NZ$3.2m, and 2 had releases averaging NZ$-9.6m.

The setup & the reality

FY22 → HY26 Follow-through

The latest result is checked against what the prior briefing said to watch.

Historical setup

What FY22 said to watch

Previous analysisFY22Result releasedAnnolyse analysis published

From EBITDA margin fell to 2.2% while working capital absorbed NZ$9.8m

Management has indicated an expectation of approximately NZ$3.5m EBITDA in FY23 and described the business as trending toward NZ$100m revenue. The FY22 EBITDA of NZ$1.6m sets a low base for that target, though achieving it would require both revenue growth and a reversal of the working-capital and margin pressures that characterised FY22. There are no disclosed formal targets against which to measure progress, so the FY23 EBITDA aspiration is the only forward benchmark available.

The second-half shape is notable: HY22 generated positive EBITDA of NZ$1.8m, while the implied second half was a NZ$0.2m EBITDA loss, with operating cash outflow of NZ$7.5m concentrated in H2. This deterioration in the back half raises questions about whether conditions worsened through the year or whether timing of receivables collections inflated the H1 result.

Open questions

Open questions from FY22

  • What is driving the 124.7-day debtor days position—is this a concentration of large end-of-year IoT contracts with long payment terms, or evidence of collection difficulty?
  • Why did EBITDA turn negative in the implied second half of FY22, given that H1 was positive, and does management expect this seasonal pattern to persist?
  • How does management expect to release the NZ$9.8m working-capital build in FY23, and what is the timeline for receivables conversion?
  • Is the IoT gross margin compression from 42.7% to 37.8% structural (pricing pressure, input costs) or a temporary feature of the growth phase?
  • Will the NZ$3.5m EBITDA target for FY23 require external financing given the current net debt position and negative FCF trend?

This briefing cannot assess the recoverability of the extended receivables book or the credit quality of the underlying IoT customer contracts.

Latest result sources

Primary issuer documents used for the HY26 briefing. Document labels are preserved from the publication record; Annolyse does not relabel every financial report as an annual report.

Current period

2026 Interim Report

HY26 / financial report

AO348 2026 Interim Result Announcement

HY26 / results announcement

AO348 2026 Interim Result Announcement

HY26 / results release

Prior comparable period

AO262 Release of result for six months ended 30 June 2025

HY25 / results release

AOF Interim Report - June 2025

HY25 / financial report

company filing

HY25 / results announcement

Full-year context

AoFrio 2022 Annual Report

FY25 / financial report

company filing

FY25 / results announcement

WT9747 2022 Annual Report Release

FY25 / results release

Release context

AO269 Guidance Update 1 September 2025

HY25 / commentary

ASM 2026 Chair & CEO Address

HY26 / commentary

Peer context

Other covered Industrials companies

These companies share a broad sector but may not be direct peers. Compare them only where the underlying measures are genuinely comparable.

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Compare AOF, SCT, RTO, SKL →Industrials result archive

Archive

Briefing archive

The full chronological archive contains every published result briefing.

HY26 · Released 5 August 2026

EBITDA rose 17.5% on a one-off tax credit while losses widened 19.6%

Revenue fell 21.5% as Motors collapsed 50.5%, masking margin gains and leaving net losses deeper despite EBITDA growth.

Read briefing

FY22 · Released 27 February 2023

EBITDA margin fell to 2.2% while working capital absorbed NZ$9.8m

Revenue grew 15.7% to a record NZ$74.3m, but a NZ$9.8m working-capital build—well above the historical average build of NZ$3.2m—turned operating cash

Read briefing

FY21 · Released 25 February 2022

NPAT swung to $5.4m on a tax credit; PBT still a $0.6m loss

A large tax benefit produced the headline turnaround on 74.1% revenue growth, but underlying operations remained loss-making at PBT level.

Read briefing

HY21 · Released 25 August 2021

AoFrio swings to $0.6m profit on 49.2% revenue rebound as net cash builds

Operating cash flow tripled to $3.1m on a strong demand recovery, but the comparable was COVID-depressed and capex fell to near zero.

Read briefing

FY20 · Released 26 February 2021

Revenue fell 40.2% on COVID, swinging PBT to a NZ$2.0m loss

Both Motors and IoT segments turned negative, though a working-capital release lifted cash to NZ$4.6m despite the earnings reversal.

Read briefing

HY20 · Released 27 August 2020

Revenue fell 38.5% and NPAT swung to a $0.8m loss in H1 2020

A $4.8m equity uplift lifted total equity 64% but operating cash fell, the business swung from net cash to net debt, and both segments lost money.

Read briefing
Open all 7 result briefings

Related insights

Compare this company

The latest AOF metrics also appear in these cross-company comparisons.

Insight

Earnings quality and statutory distortions

PBT and NPAT growth diverged by 4.1pp, with a distortion flag in the result.

Open insight

Insight

Leverage and balance-sheet risk

Net debt / EBITDA is 5.85x, -3.86x versus the prior comparable period.

Open insight

Insight

Revenue growth context

Revenue growth was -21.5% for this reporting period.

Open insight

Insight

ROE and capital efficiency

ROE was -9.2%, +2.1pp versus the prior comparable period.

Open insight

Get notified when AOF publishes

Get the next AoFrio result briefing and five-year history updates by email.