Comvita reports strong Q1 earnings improvement

11 October 2021


Comvita reports strong Q1 earnings improvement

Comvita is pleased to report that EBITDA improved by 10.6% in the first quarter of FY22 versus the prior
corresponding period (PCP). This was despite $4m of goods scheduled for delivery in September being
impacted by Covid related shipping delays (will be invoiced in October). Including these delayed
shipments, revenue was improved by 4.5%. This is especially encouraging given that we increased our
brand investment by 50% in the same period. Full year operating EBITDA guidance is maintained at
between $27M and $30M.

David Banfield, Group CEO, commenting said “This is a pleasing result given that we were up against a
strong PCP performance and gives further evidence of underlying momentum in our business, despite
continuing disruption to offline distribution and the supply chain to many markets. I am also pleased that
our refined business model enables a material increase in investment in our brand that is critical to our
long-term growth aspirations and allows us to share the amazing Comvita story to discerning consumers
around the world.”

Ends.


For further information contact:
Kelly Bennett, One Plus One Communications
Mobile: +64 21 380 035
Email: kelly.bennett@oneplusonegroup.co.nz

Background information
Comvita (NZX:CVT) was founded in 1974, with a purpose to heal and protect the world through the natural power
of the hive. With a team of 500+ people globally, united with more than 1.6 billion bees, we are the global market
leader in Mānuka honey and bee consumer goods. Seeking to understand, but never to alter, we test and verify
all our bee-product ingredients are of the highest quality in our own government-recognised and accredited
laboratory. We are growing industry scientific knowledge on bee welfare, Mānuka trees and the many benefits
of Mānuka honey and propolis. We have pledged to be carbon neutral by 2025 and carbon positive by 2030,
and we are planting more than two million native trees every year. Comvita has operations in Australia, China,
North America, South East Asia, and Europe – and of course, Aotearoa New Zealand, where our bees are thriving.