AoFrio Secures $4.56 Million Placement to Accelerate Growth Strategy

AUCKLAND, New Zealand – 20 May 2026 – AoFrio Limited (NZX: AOF), the global leader in hardware-enabled intelligent solutions for the commercial refrigeration industry, has announced a placement of 65,134,806 fully paid ordinary shares to Wairahi Investments Limited at NZ$0.07 per share, raising NZ$4.559 million in new growth capital.

The placement is part of a staged approach to securing the additional capital needed to pursue AoFrio’s accelerated growth strategy the Company first outlined to investors at its Investor Day in December 2025. The placement has been undertaken within the Company’s existing placement capacity under the NZX Listing Rules.

Background: A Capital Plan Built Around Growth

At the December 2025 Investor Day, AoFrio presented shareholders with two distinct futures for the business:

• A self-funded path targeting 10% compound annual revenue growth, funded from operating cash flows.
• An accelerated growth path targeting 25% compound annual revenue growth – more than tripling revenues to exceed $300 million by FY30 – requiring additional capital investment.

Following a period of investigation, the Board has resolved to pursue the accelerated path. Today’s placement represents the first tranche of capital to support this strategy, with further fundraising to follow through a rights issue open to all eligible shareholders

Pro-Rata Rights Issue to Give All Shareholders the Opportunity to Participate

Consistent with its commitment to shareholders, AoFrio will undertake a pro-rata renounceable rights issue at the same placement price of NZ$0.07 per share. This will give all eligible shareholders the opportunity to acquire additional shares on equal terms to the placement investor.

The rights issue has not yet been launched and is subject to finalisation of offer terms, completion of customary documentation, and satisfaction of applicable regulatory requirements. Further details, including the ratio, timetable, record date, and other material terms will be announced to the market in due course.

Wairahi Investments Limited has led the placement. The Board views Wairahi’s continued and increased commitment as a strong vote of confidence in both the Company’s strategy and its management team.

Says AoFrio Board Chair John Scott: “Wairahi’s investment, along with the upcoming rights issue, will allow AoFrio to undertake the major initiatives we discussed at our Investor Day. We are grateful for shareholder support, and our customers can look forward to an exciting few years of further product development and innovation spanning a broader range of commercial opportunities.”

The proceeds from the placement, combined with those expected from the rights issue, will be directed towards funding AoFrio’s strategic initiatives, including the commercial rollout of the SCS800 cellular IoT controller and iQ SaaS platform, accelerated growth in the United States and Europe, as well as expansion into adjacent markets such as Food Retail.