BFG · NZX

Burger Fuel Group (BFG)

Consumer / Quick-service restaurantsCovered: HY22 - FY269 published briefings

Burger Fuel Group is an NZX-listed consumer / quick-service restaurants company with HY22 - FY26 of published result briefings.

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Snapshot

Latest metrics

FY26, released 29 May 2026

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BFG latest metrics
Metric	Value	Change
Revenue	$25.6m	↑ +2.6%
EBITDA	$4.7m	↑ +41.6%
NPAT	$2m	↑ +100.0%
Operating cash flow	$3.5m	↑ +111.0%
OCF / EBITDA %	74.4%	↑ +24.4pp
ROE %	16.6%Outside range high roe. 16.6%; 3-period range 7.6% to 10.1%. ROE: 16.6%, above normal range; 3-period mean 8.9%, range 7.6%-10.1%.	↑ +7.7pp
PBT	$2.7m	↑ +80.0%
FCF pre-lease	$2.9m	↑ +800.4%
Debtor days	28Outside range low debtor days. 28d; 3-period range 29d to 32d. Debtor days: 28.3 days, below normal range; 3-period mean 30.3 days, range 28.9 days-32.4 days.	↓ -4.9%
Inventory days	7	↓ -24.1%

Source: latest published briefing (FY26, released 29 May 2026). Change compares against the prior equivalent period: FY25, released 30 May 2025.

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Longitudinal view

Performance over time

The latest period is shown first.

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BFG metric history
Metric	FY2612 MONTHS29 May 2026	HY266 MONTHS28 November 2025	FY2512 MONTHS30 May 2025	HY256 MONTHS29 November 2024	FY2412 MONTHS30 May 2024	HY246 MONTHS24 November 2023	FY2312 MONTHS30 May 2023	HY236 MONTHS25 November 2022	HY226 MONTHS26 November 2021	Trend
Revenue	$25.6m	$12.2m	$25m	$12.3m	$27.3m	$12.4m	$24m	$10.7m	$9.4m	Chart
Revenue growth %	7.4%	-0.6%	-8.4%Outside range low revenue growth. -8.4%; 3-period range 7.4% to 24.8%. Revenue growth: -8.4%, below normal range; 3-period mean 15.3%, range 7.4%-24.8%.	-1.3%Outside range low revenue growth. -1.3%; 4-period range -0.6% to 16%. Revenue growth: -1.3%, below normal range; 4-period mean 11.3%, range -0.6%-16.0%.	13.6%	15.9%	24.8%Outside range high revenue growth. 24.8%; 3-period range -8.4% to 13.6%. Revenue growth: 24.8%, above normal range; 3-period mean 4.2%, range -8.4%-13.6%.	13.7%	16.0%Outside range high revenue growth. 16%; 4-period range -1.3% to 15.9%. Revenue growth: 16.0%, above normal range; 4-period mean 6.9%, range -1.3%-15.9%.	Chart HY25 Revenue growth %: Outside range low revenue growth. -1.3%; 4-period range -0.6% to 16%. Revenue growth: -1.3%, below normal range; 4-period mean 11.3%, range -0.6%-16.0%. FY25 Revenue growth %: Outside range low revenue growth. -8.4%; 3-period range 7.4% to 24.8%. Revenue growth: -8.4%, below normal range; 3-period mean 15.3%, range 7.4%-24.8%.
EBITDA	$4.7m	$2.1m	$3.3m	$1.5m	$3.6m	$1.8m	$3.3m	$1.6m	$1.4m	Chart
EBITDA margin %	18.4%Outside range high ebitda margin. 18.4%; 3-period range 13.2% to 13.7%. EBITDA margin: 18.4%, above normal range; 3-period mean 13.4%, range 13.2%-13.7%.	17.5%Unprecedented high ebitda margin. 17.5%; 4-period range 12.6% to 15.3%. EBITDA margin: 17.5%, unprecedented high; 4-period mean 14.5%, range 12.6%-15.3%.	13.3%	12.6%Unprecedented low ebitda margin. 12.6%; 4-period range 14.7% to 17.5%. EBITDA margin: 12.6%, unprecedented low; 4-period mean 15.7%, range 14.7%-17.5%.	13.2%Outside range low ebitda margin. 13.2%; 3-period range 13.3% to 18.4%. EBITDA margin: 13.2%, below normal range; 3-period mean 15.1%, range 13.3%-18.4%.	14.7%	13.7%	15.3%	15.3%	Chart FY24 EBITDA margin %: Outside range low ebitda margin. 13.2%; 3-period range 13.3% to 18.4%. EBITDA margin: 13.2%, below normal range; 3-period mean 15.1%, range 13.3%-18.4%. HY25 EBITDA margin %: Unprecedented low ebitda margin. 12.6%; 4-period range 14.7% to 17.5%. EBITDA margin: 12.6%, unprecedented low; 4-period mean 15.7%, range 14.7%-17.5%. HY26 EBITDA margin %: Unprecedented high ebitda margin. 17.5%; 4-period range 12.6% to 15.3%. EBITDA margin: 17.5%, unprecedented high; 4-period mean 14.5%, range 12.6%-15.3%. FY26 EBITDA margin %: Outside range high ebitda margin. 18.4%; 3-period range 13.2% to 13.7%. EBITDA margin: 18.4%, above normal range; 3-period mean 13.4%, range 13.2%-13.7%.
PBT	$2.7m	$1.2m	$1.5m	$0.67m	$1.9m	$0.84m	$1.3m	$0.7m	$0.5m	Chart
PBT growth %	80.0%	74.1%	-21.1%	-20.2%	-99.8%	12.8%	-99.8%	-99.9%	0.0%	Chart
NPAT	$2m	$0.85m	$1m	$0.44m	$1.3m	$0.58m	$0.9m	$0.6m	$0.4m	Chart
NPAT growth %	100.0%	93.7%	-23.1%	-24.5%	-99.9%	5.2%	-99.8%	-99.9%	0.0%	Chart
Operating cash flow	$3.5m	$1.9m	$1.7m	$0.33m	$2.9m	$1.6m	$3.1m	$1.3m	-$0.18m	Chart
OCF / EBITDA %	74.4%	87.7%Outside range high ocf / ebitda cash conversion. 87.7%; 4-period range -12.1% to 87%. OCF / EBITDA cash conversion: 87.7%, above normal range; 4-period mean 43.2%, range -12.1%-87.0%.	50.0%Outside range low ocf / ebitda cash conversion. 50%; 3-period range 74.5% to 93.8%. OCF / EBITDA cash conversion: 50.0%, below normal range; 3-period mean 83.2%, range 74.5%-93.8%.	21.5%	81.3%	87.0%	93.8%Outside range high ocf / ebitda cash conversion. 93.8%; 3-period range 50% to 81.3%. OCF / EBITDA cash conversion: 93.8%, above normal range; 3-period mean 68.6%, range 50.0%-81.3%.	76.5%	-12.1%	Chart FY25 OCF / EBITDA %: Outside range low ocf / ebitda cash conversion. 50%; 3-period range 74.5% to 93.8%. OCF / EBITDA cash conversion: 50.0%, below normal range; 3-period mean 83.2%, range 74.5%-93.8%. HY26 OCF / EBITDA %: Outside range high ocf / ebitda cash conversion. 87.7%; 4-period range -12.1% to 87%. OCF / EBITDA cash conversion: 87.7%, above normal range; 4-period mean 43.2%, range -12.1%-87.0%.
FCF pre-lease	$2.9m	$1.3m	$0.33m	-$0.39m	$2.4m	$1m	$2.3m	$0.77m	-$0.31m	Chart
DPS	—	20.0c	—	15.0c	21.0c	19.0c	18.0c	18.0c	—	Chart
ROE %	16.6%Outside range high roe. 16.6%; 3-period range 7.6% to 10.1%. ROE: 16.6%, above normal range; 3-period mean 8.9%, range 7.6%-10.1%.	7.9%	8.9%	9.5%Unprecedented high roe. 9.5%; 4-period range 4.7% to 7.9%. ROE: 9.5%, unprecedented high; 4-period mean 6.2%, range 4.7%-7.9%.	10.1%	4.7%Outside range low roe. 4.7%; 4-period range 4.8% to 9.5%. ROE: 4.7%, below normal range; 4-period mean 7.4%, range 4.8%-9.5%.	7.6%Outside range low roe. 7.6%; 3-period range 8.9% to 16.6%. ROE: 7.6%, below normal range; 3-period mean 11.9%, range 8.9%-16.6%.	4.8%	7.2%	Chart HY25 ROE %: Unprecedented high roe. 9.5%; 4-period range 4.7% to 7.9%. ROE: 9.5%, unprecedented high; 4-period mean 6.2%, range 4.7%-7.9%. FY26 ROE %: Outside range high roe. 16.6%; 3-period range 7.6% to 10.1%. ROE: 16.6%, above normal range; 3-period mean 8.9%, range 7.6%-10.1%.
Net debt	—	-$5.5m	—	—	—	-$8.9m	—	-$7.3m	—	Chart
Net debt / EBITDA	—	-2.57x	—	—	—	-4.87x	—	-4.46x	—	Chart
Debtor days	28Outside range low debtor days. 28d; 3-period range 29d to 32d. Debtor days: 28.3 days, below normal range; 3-period mean 30.3 days, range 28.9 days-32.4 days.	30	30	31Outside range high debtor days. 31d; 4-period range 25d to 31d. Debtor days: 30.9 days, above normal range; 4-period mean 29.1 days, range 25.3 days-30.8 days.	29	30	32Outside range high debtor days. 32d; 3-period range 28d to 30d. Debtor days: 32.4 days, above normal range; 3-period mean 29.0 days, range 28.3 days-29.8 days.	31	25Unprecedented low debtor days. 25d; 4-period range 30d to 31d. Debtor days: 25.3 days, unprecedented low; 4-period mean 30.5 days, range 29.8 days-30.9 days.	Chart HY25 Debtor days: Outside range high debtor days. 31d; 4-period range 25d to 31d. Debtor days: 30.9 days, above normal range; 4-period mean 29.1 days, range 25.3 days-30.8 days. FY26 Debtor days: Outside range low debtor days. 28d; 3-period range 29d to 32d. Debtor days: 28.3 days, below normal range; 3-period mean 30.3 days, range 28.9 days-32.4 days.
Inventory days	7	9	9	10	9	8Unprecedented low inventory days. 8d; 4-period range 9d to 13d. Inventory days: 7.7 days, unprecedented low; 4-period mean 11.1 days, range 9.0 days-13.3 days.	9	12	13Unprecedented high inventory days. 13d; 4-period range 8d to 12d. Inventory days: 13.3 days, unprecedented high; 4-period mean 9.7 days, range 7.7 days-12.1 days.	Chart
Total assets	$33.4m	$33.1m	$32.3m	$33m	$39.8m	$39.4m	$39.8m	$40.1m	$42.6m	Chart

Reference: annolyse.ai/companies/bfg

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.

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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The setup & the reality

HY26 → FY26 Follow-through

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

Historical setup

What HY26 said to watch

From NPAT up 93.7% on a flat top line, with cash conversion swinging to 87.7%

No forward guidance or stated targets accompany this release. The HY25-to-FY25 shape shows a second-half-weighted business — HY25 contributed 51.5% of full-year revenue but only 42.7% of NPAT and 20.0% of operating cash flow — so annualising HY26's NZ$849.6m NPAT to roughly NZ$1.7bn would overstate the likely full-year outcome if the historical seasonality holds.

Commentary references a 7.59% decline in total system sales and management's expectation that comparisons against FY24's record delivery-led sales would normalise. That framing supports the modest revenue decline but offers no quantitative FY26 anchor, so the durability of margin gains into the second half cannot be verified from this release.

Open questions

Open questions from HY26

What proportion of the NZ$524.2m working-capital release does management expect to reverse in HY26's second half?
How much of the EBITDA margin expansion to 17.5% reflects the absence of HY25 legal costs versus structural cost-base improvement?
Will the international segment's swing to profitability persist, or does it reflect one-period cost timing on a small revenue base?
What drove the effective tax rate down to 27.4% from 34.7%, and is the lower rate sustainable?
How should shareholders read the 20.0 cent interim dividend against a normalised, post-working-capital-reversal FCF base?

This briefing cannot assess the durability of HY26 margins or the sustainability of cash conversion without forward guidance, segment cost detail, or management commentary on working-capital normalisation.

Briefing archive

Every published Annolyse briefing for this company appears here in reverse chronological order.

FY26 · Released 29 May 2026

EBITDA margin hit 18.4% — nearly 5 points above BFG's historical mean

A one-off store-sale gain and lower legal costs flattered all earnings lines, so the durability of record-high margins is the key question for FY27.

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HY26 · Released 28 November 2025

NPAT up 93.7% on a flat top line, with cash conversion swinging to 87.7%

Margin expansion and a NZ$524.2m working-capital release lifted earnings quality, but the prior comparable was unusually weak.

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FY25 · Released 30 May 2025

FCF collapsed from $2.4m to $0.3m as capex tripled and OCF fell 43%

Reported NPAT of $1.0m masks sharply weaker cash generation, leaving cash reserves down to $4.8m from $9.6m with no dividend declared this period.

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HY25 · Released 29 November 2024

Cash conversion at unprecedented 21.5% as cash reserves halved

Revenue slipped 1.3% while a $0.2M shareholder-litigation cost helped drive PBT down 20.2% and operating cash flow down 79.1%.

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FY24 · Released 30 May 2024

BurgerFuel NPAT up 47% on 13.6% revenue growth, OCF slipped 5%

FY24 is the strongest result since BFG's 2007 listing, but OCF/EBITDA conversion fell from 93.8% to 81.3% as cash did not track earnings.

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HY24 · Released 24 November 2023

Working-capital release lifted cash as tax jump trimmed NPAT growth to 5.2%

An unusual $0.7M working-capital release pushed cash conversion to 87.0% while the effective tax rate climbed from 26.0% to 31.0%, holding NPAT

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FY23 · Released 30 May 2023

BurgerFuel FY23 NPAT up 56% on 24.8% revenue rebound to pre-Covid levels

Cash conversion jumped to 93.8% of EBITDA and ROE climbed to 7.6%, but prior-period comparability is distorted by unit-scale reporting differences.

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HY23 · Released 25 November 2022

Revenue +13.7% and NPAT +36.5% on post-COVID royalty recovery

Operating revenue lifted to $10.7m with EBITDA margin steady at 15.3% and $7.4m of cash held against no material debt.

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HY22 · Released 26 November 2021

Revenue up 16% but OCF swings to –NZ$0.2m as inventory builds to a record high

Strong system-sales growth failed to translate into cash, with inventory days hitting an unprecedented 13.3 days against a historical mean of 9.7

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Burger Fuel Group (BFG)

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Performance over time

Operating working-capital movement

HY26 → FY26 Follow-through

What HY26 said to watch

Open questions from HY26

Briefing archive

EBITDA margin hit 18.4% — nearly 5 points above BFG's historical mean

NPAT up 93.7% on a flat top line, with cash conversion swinging to 87.7%

FCF collapsed from $2.4m to $0.3m as capex tripled and OCF fell 43%

Cash conversion at unprecedented 21.5% as cash reserves halved

BurgerFuel NPAT up 47% on 13.6% revenue growth, OCF slipped 5%

Working-capital release lifted cash as tax jump trimmed NPAT growth to 5.2%

BurgerFuel FY23 NPAT up 56% on 24.8% revenue rebound to pre-Covid levels

Revenue +13.7% and NPAT +36.5% on post-COVID royalty recovery

Revenue up 16% but OCF swings to –NZ$0.2m as inventory builds to a record high

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Burger Fuel Group (BFG)

Latest metrics

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Performance over time

Operating working-capital movement

HY26 → FY26 Follow-through

What HY26 said to watch

Open questions from HY26

Briefing archive

EBITDA margin hit 18.4% — nearly 5 points above BFG's historical mean

NPAT up 93.7% on a flat top line, with cash conversion swinging to 87.7%

FCF collapsed from $2.4m to $0.3m as capex tripled and OCF fell 43%

Cash conversion at unprecedented 21.5% as cash reserves halved

BurgerFuel NPAT up 47% on 13.6% revenue growth, OCF slipped 5%

Working-capital release lifted cash as tax jump trimmed NPAT growth to 5.2%

BurgerFuel FY23 NPAT up 56% on 24.8% revenue rebound to pre-Covid levels

Revenue +13.7% and NPAT +36.5% on post-COVID royalty recovery

Revenue up 16% but OCF swings to –NZ$0.2m as inventory builds to a record high

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