Record First Half Earnings at Comvita

23 February 2023

Record First Half Earnings at Comvita

Headlines
▪ Record operating profit $11.6M +$4.4M and +61% vs PCP
▪ Record EBITDA $13.4M +$1.3M and +11% vs PCP
▪ Record NPAT $4.2M +19% vs PCP
▪ Record revenue $112M +7% vs PCP
▪ Record GP $69.4M +17% vs PCP
▪ Record investment in brand of $15.5M +$2.2M vs PCP
▪ Performance delivered despite negative FX $3.5M and interest charge due to elevated
debt +$1M vs PCP and Covid related disruption to retail sales in China
▪ Transformation investment $2.2M +$1.5M vs PCP (due to finish end FY24)
▪ Strong Performance in focus markets and Channels:
o North America revenue +20% and net contribution +40%
o Greater China revenue +9% and net contribution +15%
o Digital (D2C and marketplace) +15% now 38.8% of sales +580bps
▪ Gaining market share in key markets

FINANCIAL RESULTS FOR THE SIX MONTHS
ENDED
$M
31 DECEMBER
2022
UNAUDITED
31 DECEMBER
2021
UNAUDITED
VARIANCE
%
Revenue 112.1 104.9 +6.8%
Gross profit 69.4 59.4 +16.8%
Marketing investment 15.5 13.3 +16.8%
Operating profit 11.6 7.2 +60.9%
EBITDA* 13.4 12.1 +11.1%
Normalised EBITDA – after ERP 14.0 12.1 +15.9%
Net profit after tax 4.2 3.5 +19.4%
Net debt 63.3 26.3 +$37M
Fully imputed dividend 2.5 cps 2.5 cps
*EBITDA: Earnings before interest, tax, depreciation, and amortisation

Comvita (NZX:CVT) today announced record earnings (operating profit, EBITDA, NPAT) and record
revenue for the six-month period ending 31 December 2022. Operating profit increased by 60.9%
to $11.6M, EBITDA improved to $13.4M +11.1% vs PCP, normalised EBITDA after ERP +16% vs PCP
and NPAT increased to $4.2M +19.4% vs PCP as its 2025 FOCUS strategy continued to deliver
earnings improvement. Revenue increased by 6.8% to $112.1M, despite material negative Covid
impacts in Mainland China, Hong Kong SAR and Asian Health channel in Australia and New Zealand
(offline direct sales were down 5% for the half in Mainland China despite December being +46%).
Net debt increased by $37M on the PCP, primarily due to increasing inventory to offset global supply
chain disruption and also due to the timing of debtor payments.

Page 2 of 6
Cyclone Gabrielle
Comvita Chairman, Brett Hewlett, said “Our thoughts are with everyone across New Zealand
impacted by Cyclone Gabrielle and especially our team in the Hawkes Bay region. Earlier this week
our CEO and Chief Operations Officer (COO) visited our team and facility in Hawkes Bay to assess the
impact of Cyclone Gabrielle firsthand. We are pleased to report that all of the team are safe and
well and that we have been able to put in place accommodation and support for our team and their
families. Our priority is ensuring the ongoing safety of our team and putting in place immediate and
specific support for the Hawkes Bay team, as a number have been evacuated from their homes after
suffering from significant flooding. Our own facility has suffered extensive damage and our working
hypothesis is that the site will be written off in its entirety. Naturally, we have insurance cover in
place and are working closely with our insurers to get an assessment completed so that we can start
the process of cleaning up our site. From an operational perspective as previously advised, we have
moved extraction to one of our other facilities and apart from the significant disruption in Hawkes
Bay, we do not expect any material impact to our daily operations.”

Commenting on the performance, Brett continued “We are delighted to announce record revenue,
gross profit and earnings at Comvita against a very strong PCP and despite continuing material Covid
related headwinds. Once again, our FOCUS business model, control of costs, investment in brand
and excellent execution from the team has enabled us to deliver ahead of forecasts. We remain
confident about delivery of our 2025 plan and believe that the resilience we are showing in results
despite matters outside our direct control is testament to the ongoing transformation of the
business. The result shared today gives more evidence that we can deliver revenue, margin and
earnings growth while investing in long term brand and business building activity. Net debt increased
during this period primarily due to the increase in inventory (timing related) and the timings of
debtor payments in this half. The Directors and I are pleased to declare a fully imputed dividend of
2.5 cps in this interim period, highlighting our confidence in the momentum we see within the
business.“

Group CEO, David Banfield, says “This is now the sixth consecutive reporting period where we have
delivered double-digit earnings growth in line or ahead of guidance, we see good momentum in the
business, and this has been delivered despite the Covid related disruption in retail for most of the
half in Mainland China. I would like to recognise the resilience and performance of the whole team
around the world during such tough times, we are proving our ability to pivot to meet changing
demand and also deliver great service to our partners.
I would particularly like to recognise the teams in Mainland China and Hong Kong SAR for their
commitment and performance in very trying circumstances. I will be visiting them in April for the
first time in over three years with our Regional CEO, Andy Chen, and can’t wait to thank them in
person.
We do recognise that inventory and net debt are above our desired long-term level, we also
recognise that we must prove our ability to deliver positive operating cashflow all year round and as
such have finalised stage four of our supply optimisation program. This program is designed to help
us align supply to consumer demand in market and, in the process, remove seasonality from our
cashflows.
At this time, we retain guidance of double-digit earnings growth in FY23 but note that this will be
after normalising the costs related to upgrading our ERP system – estimated at $3M (unable to
capitalise due to changed accounting guidance). We are still forecasting inventory to be in line with
PCP by the end of FY23 and remain confident that with our optimised supply model we are on track
to deliver inventory of c$85M by 2025. This new supply model will also enable us to consistently
deliver positive operating cashflows going forward. Finally, I want to talk briefly about our science
program, we invest more in science than the rest of the industry combined and are delighted with
the progress that we are making and look forward to sharing details before long. We are also in the
middle of our latest clinical trial and expect to share results by the end of the calendar year. Our

Page 3 of 6
investment has enabled us to register nearly 50 patents which is the lifeblood for future innovation
and further differentiation of Comvita vs competitors. Our focus now returns to delivery of our FY23
plan and to start the planning for FY24” concluded Banfield.

Solid revenue growth despite material negative Covid impacts

Focus growth markets continue to perform strongly
Revenue in Greater China increased by just under 9% and earnings increased by 15% vs PCP despite
the massive headwinds caused by the pandemic in the traditional retail sector. Comvita are
extremely encouraged that sales from retail in China increased by 46% between reopening on the 5
December and the end of December. Comvita are delighted to report market share growth in
mainland China recording an increase in share of 500bps as their investment in brand and NPD
continued to deliver results.

Comvita North America posted another strong result with revenue increasing by 20% and net
contribution by 40% (although there was a delay in timing of some marketing activities to H2).
Comvita remains the fastest growing Mānuka honey brand in North America and is achieving market
share growth in a category where the fundamentals are strong and significant opportunity exists to
grow extensively in the world’s second biggest honey market.

Australia and New Zealand (ANZ) sales flat, domestic sales offset Asian Health headwinds
Comvita were also delighted with the progress they are making in ANZ. Revenue was flat vs PCP but
net contribution increased by 24% to 35% of sales (+700bps). Domestic sales were very strong with
record performance in Australia enabling them to offset the impact of border restrictions related to
Covid on the Asian Health segment. They are encouraged that partners in the Asian Health
community recognise their brand strength in Greater China and are actively choosing to focus on
Comvita and invest in their mutual business and are committed to help Comvita drive market share
even higher.

On track for e-commerce to be 50% of total revenue by 2025
E-commerce share of total revenue increased by 15% to 38.8% of total sales in this half, +580bps vs
PCP. For every 10% increase in digital share of total Comvita revenue, group GP increases by 1
percentage point (100bps). Direct to consumer (D2C) sales through Comvita’s owned sites increased
by 23% vs PCP, at accretive gross margins as this long-term strategy again showed positive
momentum. Comvita invested $6.8M in sharing its amazing founding story in this channel and are
delighted to report that existing customer average order value increased by nearly 10% and its
average net promoter score was 9.2. Comvita remains on track for e-commerce sales to be 50% of
total group sales in 2025.

Long-term investment in brand building continues
In line with its 60:15:20, 2025 business plan Comvita invested $15.5M in Its marketing in half one,
an increase of $2.2M or 17% to be 13.8% of revenue. Comvita’s investment in its brand continues to
be central to its ambition to share the healing power of Mānuka honey with discerning consumers
around the world. With current global household penetration (HHP) at less than 1% Comvita sees
significant opportunity to materially increase HHP to be closer to its highest current HHP in any
market of over 3%. Comvita was delighted to attend the 2022 CIIE show in Shanghai where its booth
attracted significant attention, in addition Comvita featured on the front page of China Daily business
section recognising its long-term commitment and strong reputation in China.

Page 4 of 6
Comvita commits to far reaching ESG goals
Comvita has set out its long-term aim to be recognised as a global leader in ESG related performance
including becoming carbon neutral by 2025 and net positive by 2030. Its published Harmony Plan
sets out its commitment on climate action, social impact, bee welfare and supporting biodiversity.
Comvita continued to invest in ESG related activity in line with its purpose and confirmed its
commitment to produce science based targets for long term greenhouse gas reduction. Comvita was
encouraged to be ranked 16 for ESG in a recent investment bank survey of all NZX companies. Carbon
sequestration from its Mānuka forests increased by 54% vs PCP.

Harvest Update
This year’s extreme weather has had an impact on Comvita’s apiary operations with it already
forecasting a below average harvest (breakeven model based off 400 tonnes low harvest model).
Given this forecast, the expectation is that this will result in zero contribution from apiary to group
profits in FY23 (FY22 c$3M). Final details will only be known in April.

Foreign Exchange
Comvita delivered their reported EBITDA growth despite the headwind of $3.5M in foreign exchange
losses, both realised and unrealised. These result from lower exchange rates, primarily with the USD
and CNY, than forward exchange contracted rates that they had in place in this period.

Internal digital transformation
Comvita’s internal digital transformation program is now focused on updating their ERP system,
redefining internal inefficient processes and refreshing master data. This project will run until June
2024 and is designed to give up to date scalable internal systems and processes and significantly
increase reporting capability. Due to changes in accounting guidance (SaaS means the assets aren’t
owned) these costs will be expensed until June 2024. In line with market practice, these will be
normalised in the results.

Net debt, inventory, and operating cashflow
Net debt increased to $63.3M primarily as a result of increased inventory and an increase in debtors
due to timing of revenues in H1 vs PCP. Inventory has now peaked, and Comvita retain forecast to
deliver inventories in line with PCP at the full year end. This elevated inventory was a considered
decision to enable Comvita to respond immediately to changes in market demand. Stage four of the
supply optimisation work is now completed – this programme significantly reduces Comvita’s
exposure to contracted demand and enables the balance supply and demand. This new program is
central to Comvita’s confidence that they will be able to deliver material decreases in inventory over
the next two years in line with their strategy for inventory to be c$85M in 2025. The supply
optimisation program is also designed to remove inventory related seasonality from their cashflows,
enabling year-round positive operating cashflow. This higher net debt position during the period
resulted in increased interest expense of $1.0M vs PCP, notwithstanding this, Comvita still delivered
an NPAT ahead +19% vs PCP.

Full year guidance maintained, interim dividend declared
Comvita maintains full year guidance of double-digit EBITDA growth at this time for the period
ending 30 June 2023, though advised that this will be after normalising for ERP costs previously
mentioned, estimate of $3M. This is a result of its inability to capitalise its system transformation
work due to the change in accounting guidance (SaaS).

Page 5 of 6
The recent weather events have had a material impact on honey harvests, while we do not know the
result of the harvest in terms of quality it is already known that this will be a low volume harvest,
Comvita are currently forecasting to deliver zero contribution to group earnings from its apiary
division, though the full result will not be known until April. Comvita announced a fully imputed
interim dividend of 2.5 cps reflecting confidence in its ability to deliver to its guidance despite
ongoing Covid and weather disruptions.

Looking forward – exciting future ahead
Comvita’s 2025 plan is designed to deliver a business model that achieves a GP of at least 60%,
delivers long term investment in its brand by investing 15% in brand building activity and deliver
a 20% EBITDA margin, Comvita again re-iterated that it was on track to deliver $50M earnings in
2025. This model, underpinned by its aim to be carbon neutral by 2025 and a global leader in
ESG is designed to set Comvita up for long term profitable growth. It’s underpinned by its focus
on continued delivery of its three-part plan to;
1: Stabilise performance
2: Transform the organisation
3: Build long-term resilience and growth

Comvita’s talent backed skincare proposition is due to launch late in 2023 / early 2024 and is also
showing some exciting potential. Talent and launch details will be shared as soon as finalised but
expected to be before June 2023.

Finally, Comvita highlighted that the total honey category (TAM) is forecast to grow from its current
$9BN USD to $15BN USD by 2031 – an increase of around 67% and that category dynamics favour a
high quality premium lifestyle brand like Comvita.

“I am really pleased with the progress we are making on multiple fronts across the group including
our continuing focus on China, North America and e-commerce (digital) excellence. We recognise
we still have some way to go to deliver the true potential of Comvita but are confident we are on
the right path. Our record interim performance evidences the momentum and resilience that we see
in the business. We know that we have to stay focused on continuing to deliver to forecasts and
proving that we have the plan and capability in the team to consistently deliver strong performance.
For full year 2023 we are forecasting some softening of GP to high 50%’s, this will continue in FY24
before returning to mid-60 %’s in FY25.” added Banfield.

Banfield, concludes “I am so proud of the team and the continued progress that we are making
together. We have had to work really hard to get to this point and are absolutely committed to creating
our own legacy at Comvita to build on the great work done before our time. Our progressive agenda
captured in our Harmony Plan and our constitution recognises our intention to operate in the best
interest of all stakeholders. We remain committed to pay back the support shown by the Board, the
extended Comvita whānau and all our stakeholders.”



David Banfield Brett Hewlett
CEO Chair

ENDS.

Page 6 of 6
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 550+ 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 1-2million 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.

---

N
O
.
I
COMVITA.CO.NZ
INTERIM FINANCIAL STATEMENTS 2023
FOR THE SIX MONTHS ENDED 31 DECEMBER 2022 — COMVITA LIMITED
BLOSSOMING
COMVITA.CO.NZ

INTERIM 2023
COMVITA INTERIM FINANCIAL STATEMENTS 2023
N
O
.
1
COMVITA.CO.NZ
Comvita Condensed Interim Financial Statements 2023 - P1
CONTENTS
2
SECTION
Interim income statement 3
Interim statement of comprehensive income 4
Interim statement of changes in equity 5
Interim statement of financial position 6
Interim statement of cash flows 7
1
SECTION
Directors’ declaration 2
3
SECTION
Notes to the Financial Statements 8 - 17
4
SECTION
Company Directory 18

INTERIM 2023
COMVITA INTERIM FINANCIAL STATEMENTS 2023
N
O
.
2N
O
.
3
In the opinion of the Directors of Comvita Limited, the condensed interim financial
statements and the notes, on pages 3 to 17:
• comply with New Zealand generally accepted accounting practice and fairly state
the financial position of the Group as at 31 December 2022 and the results of their
operations and cash flows for the period ended on that date
• have been prepared using appropriate accounting policies, which unless otherwise
stated have been consistently applied and supported by reasonable judgements and
estimates
The Directors believe that proper accounting records have been kept which enable,
with reasonable accuracy, the determination of the financial position of the Group and
facilitate compliance of the financial statements with the Financial Reporting Act 2013
and the Financial Markets Conduct Act 2013.
The Directors consider that they have taken adequate steps to safeguard the assets
of the Group, and to prevent and detect fraud and other irregularities. Internal control
procedures are also considered to be sufficient to provide reasonable assurance as to the
integrity and reliability of the financial statements.
The Directors are pleased to present the financial statements of Comvita Limited for the
six month period ended 31 December 2022.
For and on behalf of the Board of Directors:
For the six months ended
In thousands of New Zealand dollars
Note
31 December 2022
Unaudited
31 December 2021
Unaudited
Revenue112,130104,942
Cost of sales(42,750)(45,542)
Gross profit69,38059,400
Other income638801
Marketing expenses(15,510)(13,277)
Selling and distribution expenses(25,655)(23,259)
Administrative and other operating expenses(16,695)(16,476)
Software development expenses (593)-
Operating profit before financing costs11,5657,189
Finance income5326140
Finance expenses5(5,838)(1,269)
Net finance costs(5,512)(1,129)
Share of loss of equity accounted investees8b(264)(196)
Profit before income tax5,7895,864
Income tax expense(1,624)(2,375)
Profit for the period4,165 3,489
Earnings per share:
Basic earnings per share (NZ cents)65.974.97
Diluted earnings per share (NZ cents)65.914.95
The notes on pages 8 to 17 are an integral part of these condensed interim financial statements.
*EBITDA is a non-GAAP measure. We monitor this as a key performance indicator and believe it assists investors in assessing the
performance of the core operations of our business. A reconciliation of EBITDA to profit before tax is provided in note 18.
Supplementary non-GAAP information – EBITDA*1813,43012,084

Brett Hewlett Luke Bunt
22 February 2023 22 February 2023
Directors’
DECLARATION
2
COMVITA.CO.NZ
INTERIM
INCOME STATEMENT

INTERIM 2023
COMVITA INTERIM FINANCIAL STATEMENTS 2023
N
O
.
4N
O
.
5
COMVITA.CO.NZ
For the six months ended
In thousands of New Zealand dollars
31 December 2022
Unaudited
31 December 2021
Unaudited
Profit for the period4,1653,489
Items that are or may be reclassified subsequently to the income statement
Foreign currency translation differences for equity accounted investees(91)-
Foreign currency translation differences for foreign operations(2,009)471
Effective portion of changes in fair value of cash flow hedges6,183(884)
Foreign investor tax credits received5168
Income tax on these items(1,298)413
Income and expense recognised directly in other comprehensive income2,83668
Total comprehensive income for the period 7,0013,557
For the six months ended 31 December 2022
In thousands of New Zealand dollars
Share
capital
Foreign
currency
translation
reserve
Hedging
reserve
Retained
earnings Total
Balance at 1 July 2021201,839(4,862)(1,211)26,114221,880
Total comprehensive income for the period
Profit after tax for the period---3,4893,489
Other comprehensive income (net of tax)
Foreign investor tax credits received---6868
Foreign currency translation differences for foreign operations-636--636
Effective portion of changes in fair value of cash flow hedges--(636)-(636)
Total other comprehensive income for the period-636 (636)6868
Total comprehensive income for the period-636(636)3,5573,557
Transactions with owners, recorded directly in equity
Share based payment---264264
Purchase of treasury stock(1,549)---(1,549)
Issue of ordinary shares - PSR Scheme299---299
Redemption of ordinary shares - Staff share scheme(10)---(10)
Issue of treasury stock - Supplier share scheme541--(37)504
Dividend paid (note 15)--- (2,893)(2,893)
Total transactions with owners(719)--(2,666)(3,385)
Balance at 31 December 2021201,120(4,226)(1,847)27,005222,052
Balance at 1 July 2022199,677(1,992)(4,564)34,869227,990
Total comprehensive income for the period
Profit after tax for the period---4,1654,165
Other comprehensive income (net of tax)
Foreign investor tax credits received---5151
Foreign currency translation differences for
equity accounted investees (note 8b)
-(91)--(91)
Foreign currency translation differences for foreign operations-(1,576)--(1,576)
Effective portion of changes in fair value of cash flow hedges--4,452-4,452
Total other comprehensive income for the period-(1,667)4,452512,836
Total comprehensive income for the period-(1,667)4,4524,2167,001
Transactions with owners, recorded directly in equity
Share based payment---427427
Purchase of treasury stock(322)---(322)
Redemption of ordinary shares - staff share scheme(4)---(4)
Dividend paid (note 15)---(2,158)(2,158)
Total transactions with owners(326)--(1,731)(2,057)
Balance at 31 December 2022199,351(3,659)(112)37,354232,934
The notes on pages 8 to 17 are an integral part of these condensed interim financial statements.The notes on pages 8 to 17 are an integral part of these condensed interim financial statements.
FINANCIAL STATEMENTS
INTERIM
STATEMENT OF COMPREHENSIVE INCOME
INTERIM
STATEMENT OF CHANGES IN EQUITY

COMVITA INTERIM FINANCIAL STATEMENTS 2023
N
O
.
6N
O
.
7
COMVITA.CO.NZ
As at
In thousands of New Zealand dollars
31 December 202231 December 202130 June 2022
NoteUnauditedUnauditedAudited
Assets
Property, plant and equipment72,20364,46264,968
Intangible assets and goodwill41,53039,64640,402
Right of use assets12,96812,45112,112
Biological assets4,2773,8083,878
Investments
8
10,61011,74510,965
Loans to equity accounted investees8c 5,2984,883 5,188
Deferred tax asset4,0636,2005,759
Total non-current assets150,949143,195143,272
Inventory
10
145,844111,776132,157
Trade receivables35,31532,30827,818
Sundry receivables
7
13,63110,50911,526
Cash and cash equivalents
11
12,47119,35317,756
Tax receivable645467251
Total current assets207,906174,413189,508
Total assets358,855317,608332,780
Equity
Issued capital199,351201,120199,677
Retained earnings37,35427,00534,869
Reserves(3,771)(6,073)(6,556)
Total equity232,934222,052227,990
Liabilities
Loans and borrowings
11
75,750-43,300
Lease liability10,1819,6879,431
Deferred tax liabilities1,6311,9081,864
Employee benefits274533267
Total non-current liabilities87,83612,12854,862
Trade and other payables27,23725,37131,650
Lease liability3,5873,3883,373
Employee benefits4,5174,0156,142
Tax payable2,6102,4642,244
Derivatives
9
1342,5416,519
Loans and borrowings
11
-45,649-
Total current liabilities38,08583,42849,928
Total liabilities125,92195,556104,790
Total equity and liabilities358,855317,608332,780
For the six months ended
In thousands of New Zealand dollars
31 December 202231 December 2021
NoteUnauditedUnaudited
Receipts from customers100,33397,616
Payments to suppliers and employees(117,549)(100,566)
Interest received1892
Interest paid(2,317)(1,144)
Taxation paid(1,390)(764)
Net cash flows from operating activities12(20,734)(4,856)
Investment in equity accounted investees-(5,092)
Interest from related parties2128
Loans to/repayment equity accounted investee (33)250
Payment for the acquisition of property, plant and equipment(9,725)(3,463)
Receipt from disposal of property, plant and equipment8475
Payment for the purchase of biological assets(421)-
Payment for the acquisition of intangibles(2,128)(2,450)
Net cash flows from investing activities(12,202)(10,652)
Purchase of treasury stock(322)(1,549)
Redemption of ordinary shares(4)(10)
Repayment of lease liabilities(1,993)(1,934)
Drawdown of loans and borrowings32,45024,799
Payment of dividends(2,158)(2,893)
Net cash flows from financing activities27,97318,413
Net increase in cash and cash equivalents(4,963)2,905
Cash and cash equivalents at the beginning of the period17,75616,267
Effect of exchange rate fluctuations on cash held(322)181
Cash and cash equivalents at the end of the period12,47119,353
Represented as:
Cash and cash equivalents1112,47119,353
Total12,47119,353

The notes on pages 8 to 17 are an integral part of these condensed interim financial statements.The notes on pages 8 to 17 are an integral part of these condensed interim financial statements.
INTERIM
STATEMENT OF FINANCIAL POSITION
FINANCIAL STATEMENTS
INTERIM
STATEMENT OF CASH FLOWS

N
O
.
8N
O
.
9
COMVITA.CO.NZ
1. REPORTING ENTITY
Comvita Limited (the “Company”) is a company domiciled in
New Zealand and registered under the Companies Act 1993
and listed on the New Zealand Stock Exchange (“NZX”). The
Company is an issuer in terms of the Financial Reporting Act
2013 and Financial Markets Conduct Act 2013.
The condensed interim financial statements of the Group
for the six months ended 31 December 2022 comprise the
Company and its subsidiaries (together referred to as the
“Group”) and the Group’s interest in equity accounted
investees. In December 2022 the Company incorporated a
new subsidiary in Malaysia, Comvita Malaysia Sdn Bhd.
The new entity is not yet trading.
The principal activity of the Group is manufacturing and
marketing quality natural health products, apiary ownership
and management.
2. BASIS OF PREPARATION
(a) Statement of compliance
The Company is a FMC reporting entity for the purposes
of the Financial Reporting Act 2013 and under Part 7 of
the Financial Markets Conduct Act 2013. These Financial
Statements comply with these Acts and have been prepared
in accordance with the New Zealand Equivalents to
International Financial Reporting Standards as appropriate
for profit-oriented entities.
The condensed interim financial statements do not include
all of the information required for full annual financial
statements and should be read in conjunction with the group
financial statements as at and for the year ended 30 June
2022.
The condensed interim financial statements were approved
by the Board of Directors on 22 February 2023.
(b) Basis of measurement
The financial statements have been prepared on the
historical cost basis except for derivative financial
instruments, financial instruments designated as fair value
through other comprehensive income, biological assets
which are measured at fair value. Fair values have been
determined for measurement and/or disclosure purposes on
the same basis as those applied by the Group in the financial
statements as at and for the year ended 30 June 2022.
(c) Functional and presentation currency
These financial statements are presented in New Zealand
dollars ($), which is the Company’s functional currency.
Amounts have been rounded to the nearest thousand.
(d) Use of estimates and judgements
The preparation of condensed interim financial statements
in accordance with NZ IAS 34 Interim Financial Reporting
requires management to make judgements, estimates and
assumptions that affect the application of accounting
policies and the reported amounts of assets, liabilities,
income and expenses. Actual results may differ from these
estimates.
In preparing these condensed interim financial statements,
the significant judgements made by management in
applying the Groups accounting policies and the key sources
of estimation uncertainty were the same as those applied to
the financial statements as at and for the year ended
30 June 2022.

3. SIGNIFICANT ACCOUNTING POLICIES
The accounting policies applied in these condensed interim
financial statements are the same as those applied in the
Group’s financial statements as at and for the year ended
30 June 2022.
4. SEGMENT REPORTING
A review of operating segments has been completed in the
current period and this has resulted in a change to reported
segments. Previously reported segment information has
been restated in line with the operating segments described
below.
Segment information is presented in the condensed interim
financial statements in respect of the Group’s contribution
segments which are the primary basis of decision making.
The contribution segment reporting format reflects the
Group’s management and internal reporting structure.
Performance is measured based on contribution which is a
measure of profitability that the segment contributes to
the Group. Contribution is used to measure performance
as management believes that such information is most
relevant in evaluating the results of certain segments. Inter-
segment pricing is determined on an arms-length basis.
Each segment sells Comvita’s range of products. Comvita’s
range of products primarily include products with apiary and
other natural ingredients.
The Company is organised primarily by geographic location
of its subsidiaries.
The Group has five reportable segments as described below:
Greater ChinaThis segment reports both revenue and
related costs for the China and Hong Kong
markets.
ANZAustralia and New Zealand (ANZ) segment
captures both revenue and related costs for
the ANZ market.
Rest of AsiaThis segment captures both revenue and
related costs of all of our Asian operations
and customers excluding Greater China.
North AmericaThis segment reports both revenue and
related costs for sales to customers in North
America.
EMEAThe Europe, Middle East and Africa (EMEA)
segment captures both revenue and related
costs for the EMEA markets.
4. SEGMENT REPORTING (CONTINUED)
For the six months to 31 December 2022 and 31 December 2021 unaudited
In thousands of New Zealand dollars
Contribution
segments
Greater
ChinaANZRest of AsiaNorth AmericaEMEA
Total
reportable
segments
Other
segmentsTotal
For the six months
to 31 December2022202120222021202220212022202120222021202220212022202120222021
Contribution
Segments
Revenue51,91647,74018,07418,06112,92512,69820,69917,1782,5302,900106,14498,5775,9866,365112,130104,942
Contribution13,06611,3496,3265,0993,3143,0756,9774,979720229,69024,7041,15553130,84525,235
Non attributable (other corporate expenses)(19,918)(18,847)
Financial income and expenses (note 5)(5,512)(1,129)
Other income638801
Share of profit of equity accounted investees (note 8b)(264)(196)
Net profit before tax5,7895,864
5. FINANCIAL INCOME AND EXPENSES
In thousands of New Zealand dollars
31 December 2022
Unaudited
31 December 2021
Unaudited
Interest income326134
Dividend income-6
Finance income326140
Interest expense on financial liabilities measured at amortised cost(2,357)(1,144)
Net foreign exchange loss(3,481)(125)
Finance expense(5,838)(1,269)
Net finance expenses(5,512)(1,129)
Notes
TO THE FINANCIAL STATEMENTS
NOTES
3
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS

INTERIM 2023
COMVITA INTERIM FINANCIAL STATEMENTS 2023
N
O
.
10N
O
.
11
COMVITA.CO.NZ
6. EARNINGS PER SHARE
Basic earnings per share - weighted average number of ordinary shares
In thousands of shares
31 December 2022
Unaudited
31 December 2021
Unaudited
Issued ordinary shares at beginning of period 69,73170,300
Effect of shares issued during the period71(151)
Weighted average number of ordinary shares at the end of the period69,80270,149
Earnings4,1653,489
Basic earnings per share (NZ cents)5.974.97
Diluted earnings per share – weighted average number of ordinary shares
In thousands of shares
31 December 2022
Unaudited
31 December 2021
Unaudited
Weighted average number of ordinary shares (basic)69,80270,149
Effect of stock entitlements issued667351
Weighted average number of diluted shares at the end of the period70,46970,500
Diluted earnings per share (NZ cents)5.914.95
7. SUNDRY RECEIVABLES
In thousands of New Zealand dollars
31 December 2022
Unaudited
31 December 2021
Unaudited
30 June 2022
Audited
Prepayments8,0216,8746,997
Loan receivable - management personnel (note 13b)2,7962,7572,778
Other receivables 2,8148781,751
Total sundry receivables13,63110,50911,526
8. INVESTMENTS
In thousands of New Zealand dollars
31 December 2022
Unaudited
31 December 2021
Unaudited
30 June 2022
Audited
Investment in equity accounted investees10,60211,73710,957
Investment in unlisted shares888
Total investments10,61011,74510,965
8. INVESTMENTS (CONTINUED)
(a) Investments in equity accounted investees comprises:
Country of
Incorporation
Ownership
Interest Held
Balance
Date
Principal Activity
Makino Station LimitedNew Zealand50%30 JuneApiary and land ownership
Medibee Pty Limited “Medibee” Australia50%30 June Apiary
Apiter S.A. “Apiter”Uruguay20%31 July
Manufacturing, selling
and distribution
Caravan Honey CompanyUSA50%31 Dec
Development and
commercialisation of products
Medibee
Medibee Apiaries has a funding arrangement with HSBC and Comvita has signed a several guarantee for its share of the loan facility, which is
AUD $4,500,000 at balance date.
(b) Carrying value of equity accounted investees
In thousands of New Zealand dollars
31 December 2022
Unaudited
31 December 2021
Unaudited
30 June 2022
Audited
Opening balance – 1 July10,9576,8416,841
Acquisition
-5,0925,092
Dividends received
--(743)
Share of losses
(264)(196)(187)
Foreign exchange movements
(91)-(46)
Closing balance
10,60211,73710,957
(c) Loans to equity accounted investees
In thousands of New Zealand dollars
31 December 2022
Unaudited
31 December 2021
Unaudited
30 June 2022
Audited
Loan and interest receivable
Makino
4,1593,9994,079
Apiter
1,1398841,109
Total
5,2984,8835,188
Makino:
Interest is accrued on the balance of loan at a rate of 5.34% p.a. (2021: 5.34%). Interest income for the six months ended 31 December 2022
was $81,000 (2021: $81,000).
Apiter:
The loan is denominated in USD. Interest is accrued on the balance of the loan at a rate of 3.5% p.a. (2021: 3.5%). Interest income for the six
month ended 31 December 2022 was $17,000 (2021: $9,000).
All loans to equity accounted investees are repayable at the discretion of shareholders.
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS

INTERIM 2023
COMVITA INTERIM FINANCIAL STATEMENTS 2023
N
O
.
12N
O
.
13
COMVITA.CO.NZ
8. INVESTMENTS IN EQUITY ACCOUNTED INVESTEES (CONTINUED)
(d) Transactions with equity accounted investees
In thousands of New Zealand dollars
Sale of goods and services
Purchases of goods and services
Transaction value
Balance due fromTransaction valueBalance owing to
31 December 2022
Makino 81
-1,457876
Apiter -
---
31 December 2021
Makino 80
-1,021113
Apiter -
-323-
9. DERIVATIVES
In thousands of New Zealand dollars
31 December 2022
Unaudited
31 December 2021
Unaudited
30 June 2022
Audited
Derivatives – liabilities (hedging instrument)
1342,5416,519

Financial instruments are all level 2 on the fair value hierarchy. The Group’s Level 2 fair values for simple over-the-counter derivative
financial instruments are based on broker quotes. Those quotes are tested for reasonableness by discounting expected future cash flows
using market interest rate for a similar instrument at the measurement date. Fair values reflect the credit risk of the instrument and
include adjustments to take account of the credit risk of the Group entity and counterparty when appropriate.
Derivatives are designated at fair value through the income statement. The fair value of all financial assets and liabilities is the same as the
carrying amount.
10. INVENTORY
In thousands of New Zealand dollars
31 December 2022
Unaudited
31 December 2021
Unaudited
30 June 2022
Audited
Raw materials89,00670,25376,611
Work in progress4,0113,4265,511
Finished goods52,82738,09750,035
Total inventory145,844111,776132,157
Inventory disposed of during the period ended 31 December 2022 has been recognised within cost of goods sold - $205,000
(2021: $324,000).
11. LOANS AND BORROWINGS
This note provides information about the contractual terms of the Group’s interest-bearing loans and borrowings issued and repaid during
the periods presented.
Terms and debt repayment schedule
In thousands of New Zealand dollars
31 December 2022
Unaudited
31 December 2021
Unaudited
30 June 2022
Audited
Balance at beginning of period43,30020,850 20,850
Drawdown of borrowings - net32,45024,79922,450
Balance at end of period75,75045,64943,300
Represented as:
Current loans and borrowings-45,649-
Non-current loans and borrowings75,750-43,300
Total loans and borrowings75,75045,64943,300
Less: cash and cash equivalents(12,471)(19,353)(17,756)
Total net debt63,27926,29625,544
The Group was in compliance with banking covenants during the period and as at 31 December 2022.
At 31 December 2022, the Group’s loans and borrowings have an expiry date of 1 January 2024.
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS

INTERIM 2023
COMVITA INTERIM FINANCIAL STATEMENTS 2023
N
O
.
14N
O
.
15
COMVITA.CO.NZ
12. RECONCILIATION OF THE PROFIT FOR THE PERIOD
WITH THE NET CASH FROM OPERATING ACTIVITIES
In thousands of New Zealand dollars
31 December 2022
Unaudited
31 December 2021
Unaudited
Profit for the period4,1653,489
Items not involving cash flows:
Depreciation4,4494,338
Amortisation1,161873
Gain on disposal of non-current assets (34)(51)
Share based payments427563
Supplier share scheme – inventory purchase-504
Share of losses in equity accounted investees264196
Profit adjusted for non-cash items10,4329,912
Movement in working capital items:
Change in inventories(13,687)(10,768)
Change in trade receivables(7,497)(8,785)
Change in sundry debtors and prepayments(2,087)(2,054)
Change in trade and other payables(6,265)4,812
Change in tax receivable/payable(28)281
Change in deferred tax1,463955
Movement in working capital items from foreign currency translation reserve(1,489)719
Other movements:
Movement of deferred tax in equity(1,298)418
Interest income from investing activities(137)(132)
Foreign investor tax credits5168
Foreign currency reserve(192)(282)
Net cash from operating activities(20,734)(4,856)
13. RELATED PARTIES
(a) Transactions with key management personnel
In thousands of New Zealand dollars
31 December 2022
Unaudited
31 December 2021
Unaudited
Short term employee benefits2,7412,195
Share based payments 427349
Total3,1682,544
(b) Key management and director loans
In thousands of New Zealand dollars
31 December 2022
Unaudited
31 December 2021
Unaudited
Loan to CEO450450
Loan to key management personnel – Leader Share Purchase and Loan Scheme
(note 14a)
2,3462,307
Total2,7962,757
Directors and other key management personnel of the Company control 2.77% (30 June 2022: 2.50%, 31 December 2021: 2.56%)
of the voting shares of the Company.
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS

INTERIM 2023
COMVITA INTERIM FINANCIAL STATEMENTS 2023
N
O
.
16N
O
.
17
COMVITA.CO.NZ
14. EMPLOYEE SHARE SCHEMES
(a) Leader and Share Purchase and Loan Scheme
In 2021 Comvita Limited established a Leader Share Purchase & Loan scheme (“LSPLS”) to retain key employees and materially align the
interests of participants with those of shareholders, by making loans available to eligible employees for the acquisition of fully paid ordinary
shares in Comvita.
In thousands of New Zealand dollars
31 December 2022
Unaudited
31 December 2021
Unaudited
Employees in the LSPLS88
Number of shares held 738,012738,012
% of share capital1.06%1.05%
(b) Performance Share Rights Scheme
Comvita Limited has a Performance Share Rights (PSRs) Scheme to incentivise executives. Upon vesting of the PSRs, shares will be
transferred from treasury stock or new shares will be issued in the capital of the Company on the terms and conditions described in the
Comvita Limited Performance Share Rights Scheme.
In thousands of shares
31 December 2022
Unaudited
31 December 2021
Unaudited
Entitlements outstanding at beginning of period – July458147
Entitlements granted607387
Entitlements cancelled-(27)
Shares vested(193)(40)
Entitlements outstanding at end of period872467
A valuation of each PSR tranche is performed at grant date and a share based payment is recognised over the vesting period of the PSR.
The PSRs currently on issue are valued using either the Monte Carlo model or the share price at grant date, less the present value of
estimated dividend payments during the period.
(c) Exempt Employee Share Scheme
In September 2022 the Company established a new Employee Share Scheme called the Comvita Exempt Employee Share Scheme
(“CEES Scheme"). The CEES Scheme is designed to allow employees to share in the future of the Company. The key points of the CEES
Scheme are:
• Comvita offered a certain number of ordinary shares to eligible employees.
• When the offer was accepted Comvita issued the shares to the CEES Scheme Trustee (Comvita Share Scheme Trustee Limited,
which is a subsidiary Company) who will hold the shares on the employee's behalf.
• The release of shares to the employee is subject to remaining employed with the Company for three consecutive years
subsequent to accepting the offer.
• The Company may from time to time invite eligible employees to participate in the CEES Scheme.
• All dividends or other distributions made in respect of each employee's shares held on trust by the Trustee shall be
paid to the employee.
There are 185 employees in the CEES Scheme and the number of shares held is 58,275.
15. DIVIDENDS PAID
On 7 October 2022 a final dividend was paid. It was a fully imputed final dividend of $2,158,000, 3.0 cents per share
(7 October 2021: $2,893,000, 4.0 cents per share).
16. CAPITAL COMMITMENTS
At 31 December 2022 the Group has committed to spending $4,334,000 over the next three years. The capital commitment relates to
mānuka forest costs, digital transformation, and other capital projects.
17. SUBSEQUENT EVENTS
Dividends
On 22 February 2023, the Directors approved the payment of a fully imputed final dividend of $1,747,000 (2.5 cents per share) to be paid
on 28 April 2023. As the dividend was declared after balance date it has not been recognised as a liability in these financial statements.
18. SUPPLEMENTARY NON-GAAP INFORMATION - EBITDA
Earnings before interest, tax, depreciation, and amortisation (EBITDA) is a non-GAAP measure. We monitor this as a key performance
indicator and believe it assists investors in assessing the performance of the core operations of our business.
In thousands of New Zealand dollars
31 December 2022
Unaudited
31 December 2021
Unaudited
Profit before tax5,7895,864
Add back: net interest expenses2,0311,010
EBIT7,8206,874
Add back: depreciation and amortisation5,6105,210
EBITDA13,43012,084
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS

INTERIM 2023
N
O
.
18N
O
.
19
COMVITA.CO.NZ
Comvita Board Of Directors
Brett Donald Hewlett
Lucas (Luke) Nicholas Elias Bunt
Sarah Jane Kennedy
Bridget Coates
Robert Malcolm Major
Yawen Wu
Guangping Zhu
David Banfield

Comvita Limited
23 Wilson Road South, Paengaroa
Private Bag 1, Te Puke 3153
Bay of Plenty, New Zealand
Phone +64 7 533 1426
Fax +64 7 533 1118
Freephone 0800 504 959
Email investor-relations@comvita.com
www.comvita.co.nz
Westpac Banking Corporation
Level 8
16 Takutai Square
PO Box 934
Auckland 1142
S h a rp Tu d h o p e
Level 4
152 Devonport Road
Private Bag TG12021
Tauranga 3110
KPMG Tauranga
Level 2
247 Cameron Road
Tauranga 3140
Link Market Services Limited
Level 30
PwC Tower
15 Customs Street West
Auckland 1010
Comvita USA Inc.
506 Chapala Street
Santa Barbara,
CA 93101 | USA
Phone +1 855 449 2201
usacustomerservice@comvita.com
Comvita Food (China) Limited
2501 - 2502 No. 7018 Sunhope E-Metro,
Caitan Road, Futian District
Shenzhen | China
Phone +86 755 8366 1958
comvita@comvita.com.cn
Comvita UK Limited
2nd Floor, 47a High Street
Maidenhead, SL61JT
United Kingdom
Ph one +44 1628 779 460
info@comvita.co.uk
Comvita Europe B.V.
Bavincklaan 7 1183 AT
Amstelveen | Netherlands
Phone +31682065359
info.europe@comvita.com
Comvita New Zealand Limited
23 Wilson Road South | Paengaroa
Private Bag 1 | Te Puke 3153
Bay of Plenty | New Zealand
Phone +64 7 533 1426
Freephone 0800 504 959
info@comvita.com
Comvita HK Limited
Room 1320 – 1322 Leighton Centre
77 Leighton Road
Causeway Bay | Hong Kong
Phone +852 2562 2335
cs@comvita.com.hk
Comvita Korea Co Limited
18F Gwanghwamun Building,
149 Sejong-daero, Jongno-gu,
Seoul(03186) | Korea
Phone +82 2 2631 0041
service.korea@comvita.com
Comvita Australia Pty Limited
167 Eagle Street
Brisbane
Queensland 4000 | Australia
Freephone 1800 466 392
Customer Service 1300 653 436
info@comvita.com.au
Comvita Japan K.K.
Sangenjaya Horisho Bld 4F
1-12-39 Taishido, Setagaya-Ku
Tokyo 154-0004 | Japan
Phone +81 3 6805 4780
info@comvita-jpn.com
DIRECTORY
DIRECTORS
NEW ZEALAND
HONG KONG SAR
KOREA
UNITED KINGDOM
EUROPE
CHINA
NORTH AMERICA
JAPAN
AUSTRALIA
BANKERS
AUDITORS SHARE REGISTRY
SOLICITORS
REGISTERED
OFFICE
Directory
4

---

I N V E S TO RP RES E NTATI O N
H AL F Y EAR R ES U LT FY23
PRESENTEDBY:
DavidBanfield,CEO
NigelGreenwood,CFO
23 February 2023

C O M V I T A I N V E S T O R P R E S E N T A T I O N H A L F Y E A R R E S U L T F Y 2 3
Notice
I M P O R T A N T
This presentation is given on behalf
of Comvita Limited. Information in
this presentation:
•Should be read in conjunction with, and is
subject to, Comvita’s Annual Reports, Interim
Reports and market releases on NZX
•Is from the unaudited interim results for the six
months ended 31 December 2022
•Includes non-GAAP financial measures such as
adjusted and normalised EBITDA -after ERP
and net contribution. These measures do not
have a standardised meaning prescribed by
GAAP and therefore may not be comparable to
similar financial information presented by other
entities. They should not be used in substitution
for, or isolation of, Comvita’s audited financial
statements. We monitor these non-GAAP
measures as key performance indicators, and
we believe it assists investors in assessing the
performance of the core operations of our
business
•May contain projections or forward-looking
statements about Comvita. Such forward-
looking statements are based on current
expectations and involve risks and
uncertainties.Comvita’s actual results or
performance may differ materially from these
statements
•Includes statements relating to past
performance, which should not be regarded as
a reliable indicator of future performance
•Is for general information purposes only, and
does not constitute investment advice
•Is current at the date of this presentation,
unless otherwise stated
•While all reasonable care has been taken in
compiling this presentation, Comvita accepts no
responsibility for any errors or omissions
•All currency amounts are in NZ dollars unless
otherwise stated
2

C O M V I T A I N V E S T O R P R E S E N T A T I O N H A L F Y E A R R E S U L T F Y 2 3
Cyclone Gabrielle
3
•Our thoughts are with everyone across New Zealand impacted by Cyclone Gabrielle and especially our team in the Hawkes Bay region. Earlier this week our CEO
and Chief Operations Officer (COO) visited our team and facility in Hawkes Bay to assess the impact of Cyclone Gabrielle firsthand. We are pleased to report that all
ofthe team are safe and well and that we have been able to put in place accommodation and support for our team and their families
•Our priority is ensuring the ongoing safety of our team and putting in place immediate and specific support for the Hawkes Bay team, as a number have been
evacuated from their homes after suffering from significant flooding
•The level of destruction in the area can only be described as catastrophic and we recognisethat it will take some time to fully understand the extent of the impact for
all those effected. We are currently working on plans to support the wider Hawkes Bay community and will update as those plans are finalised
•Our own facility has suffered extensive damage and our working hypothesis is that the site will be written off in its entirety. Naturally, we have full insurance cover in
place and are working closely with our insurers to get an assessment completed so that we can start the process of cleaning up our site
•From an operational perspective as previously advised, we have moved extraction to one of our other facilities and apart fromthe significant disruption in Hawkes Bay,
we do not expect any material impact to our daily operations

C O M V I T A I N V E S T O R P R E S E N T A T I O N H A L F Y E A R R E S U L T F Y 2 3
Mainland China market re-opening
4
•Market reopened on December 5th 2022
•A number of team members contracted Covid though experienced mild symptoms and are all well and back at work post Chinese NewYear (CNY)
•Strong demand in all channels following re-opening however c$1-2M unfulfilled orders due to courier company drivers being impacted by Covid
•Retail sales (own stores and traditional retail) December +46%
•Strong sales performance alsoexperienced in December though Australia and New Zealand (ANZ) and Hong Kong SAR (HK)
•January 2023 -performance has continued despite earlier CNY this year(CNY Feb 1st in PCP)
Speaking after the luxury group LVMH reported their results, Bernard Arnault, Chairman and Chief Executive Officer of LVMH, said the signals from China were positive
so far. “I’m quietly confident that the Chinese leaders being very shrewd, they will surely take advantage of the period that is starting to revitalize Chinese growth. If this is
the case –and we’ve seen signs of it in January –then we have every reason to be confident, even optimistic, about the Chinesemarket’, he said.
This sentiment is shared by Comvita

C O M V I T A I N V E S T O R P R E S E N T A T I O N H A L F Y E A R R E S U L T F Y 2 3
5
Gaining market share in key markets
and extending our global leadership
Six
Consecutive reporting periods
delivering double-digit earnings growth
in line or ahead of guidance
Record revenue +$7.2M
vs PCP or +7%
Greater China+9%
North America +20%
Record gross profit (GP)
61.9% +530bps
On track to deliver 2025 GP targets
Fully imputed interim
dividend of 2.5cps
In line with dividend in PCP
EPS +20% vs PCP
$63.3M net debt
primarily inventory
Net debt +$37M vs PCP
due to investment in inventory
negative operating cashflow resolved
Operating profit $11.6M
EBITDA $13.4M
and NPAT $4.2M
Operating profit +61% vs PCP
EBITDA +11% vs PCP
Nmlsd EBITDA after ERP +16% vs PCP
NPAT +19.4% vs PCP
$15.5M brand
investment (13.8%)
Brand investment increased by $2.2M
or 17% to 13.8% of sales
Strong and resilient performance
D E L I V E R E D D E S P I T E M A T E R I A L F X H E A D W I N D
H Y 2 3
Record revenue
$112M +7%
Number one
global brand leader

C O M V I T A I N V E S T O R P R E S E N T A T I O N H A L F Y E A R R E S U L T F Y 2 3
Financial
6
K E Y R E S U L T S
I N C O M E S T A T E M E N T
*EBITDA, sales variable and transformation are non-GAAP measures. We monitor these
as key performance indicators and believe they assist investors in assessing the
performance of the core operations of our business.
** Costs of $593K associated with the ERP implementation project have been normalised
For the six months ended
NZD 000s
31 December
2022
31 December
2021Variance $Variance %
Revenue112,130104,9427,1886.8%
Gross profit69,38059,4009,98016.8%
Gross profit %61.9%56.6%5.3%5.3%
Marketing15,51013,277(2,233)(16.8%)
Sales variable*11,73411,355(379)(3.3%)
Transformation*2,155691(1,464)(211.9%)
Other expenses29,05427,689(1,365)(4.9%)
Operating expenses58,45353,012(5,441)(10.3%)
Operating profit11,5657,1894,37660.9%
EBITDA*13,43012,0841,34611.1%
Normalised EBITDA** –after ERP
14,02312,0841,939
15.9%
Net profit after Tax (NPAT)4,1653,48967619.4%
•Record revenue of $112M +7% vs PCP
•Digital share of revenue 39% at accretive margins
•Record gross profit $69.4M +17% vs PCP +530bps
•Record brand investment $15.5M with marketing investment,
13.8% of revenue from 12.7% last year
•Transformation investment $2.2M +212% or +$1.5M
•Record operating profit $11.6M +61% vs PCP
•Record EBITDA* $13.4M +11% vs PCP
•Normalised EBITDA** after ERP +16% vs PCP
•Record NPAT $4.2M +19% vs PCP
•Negative FX impact of $3.5M included in this result

C O M V I T A I N V E S T O R P R E S E N T A T I O N H A L F Y E A R R E S U L T F Y 2 3
Momentum continues to build
7
•Gross profit increased +94% to $69.4M from
$35.8M in December 2019. CAGR of 25%
•Operating profit increase of 210% from Dec 2019
•EBITDA increase of 252% to $13.4M from Dec
2019
•Marketing investment increase of 76% from 2019.
CAGR 21%
35.8
48.5
59.4
69.4
-
20.0
40.0
60.0
80.0
NZD (millions)
Gross profit
For the 6 months ending
Dec-2019Dec-2020Dec-2021Dec-2022
-10.5
5.2
7.2
11.6
-15.0
-10.0
-5.0
-
5.0
10.0
15.0
NZD (millions)
Operating profit
For the 6 months ending
Dec-2019Dec-2020Dec-2021Dec-2022
-8.8
10.6
12.1
13.4
-10.0
-5.0
-
5.0
10.0
15.0
NZD (millions)
EBITDA
For the 6 months ending
Dec-2019Dec-2020Dec-2021Dec-2022
8.8
11.0
13.3
15.5
-
5.0
10.0
15.0
20.0
NZD (millions)
Marketing investment
For the 6 months ending
Dec-2019Dec-2020Dec-2021Dec-2022

S E C T I O N
2025 plan on track
c$50M EBITDA
8
1

C O M V I T A I N V E S T O R P R E S E N T A T I O N H A L F Y E A R R E S U L T F Y 2 3
9
T O 2 0 2 5
F O C U S S E D
Clarity of focus and progress

C O M V I T A I N V E S T O R P R E S E N T A T I O N H A L F Y E A R R E S U L T F Y 2 3
10
6 0 : 1 5 : 2 0
15% marketing investment
to sales ratio
20% EBITDA
leverage
ratio target 1–1.5
•Targeting a minimum of 60% GP
•GP improved to 62% with this result
•Full year expected at c59%
Minimum 60% gross profit
•Planning to invest 15% in long term brand building activity
•H1 FY23 marketing investment 13.8%
•Targeting a 20% EBITDA margin by 2025
•H1FY23 normalised EBITDA after ERP up 16% vs PCP
Our business model

11
Targeting
$50M (20%)
EBITDA
2025
50%
digital sales
Targeting
$50M EBITDA
by 2025
Minimum
60% gross
profit
15% marketing
investment to sales
ratio
20% EBITDA
leverage ratio
target 1–1.5
COMVITA 2025
Carbon-neutral 2025 and science-based targetsfor
GHG reduction
Build a China market business capable
of delivering 10 years of 10% compound annual
growth rate
Return on capital employed
–500 basis points above weighted averagecost of
capital
Break through in North America toprovideportfolio
balance
Comvita total shareholder returns aboveNZX50
median
Digital channels
to deliver >50% of total sales
Consumer and employee
Net Promoter Score >+7
All market segments growing
(mid single-digit compound annual
growth rate) andprofitable
STRATEGICPILLARS/OURUNRELENTINGFOCUS
KPI SFY25
ALIGNEDFOCUS–DELIVERB YFY25
Comvita as
a premium
fast-moving
consumer goods
lifestyle brand
World-class digital
engagement
and experience
Data as a
competitive
advantage
Science
and
quality
Organisational
simplification and
efficiency
Becoming a
sustainable, world-
class organisation
Working in Harmony with bees and nature in New Zealand, to heal and protect the World.
E reretauana, e mahi ngātahiana mātouko ngāpi me tetaiaoI Aotearoa, heiwhakaora, heimanaakiānoI teAoTūroa.
O U R V A L U E S / Ō M Ā T O U UA R A T A N G A
We all lead
Mātekatoae ārahi
Togetherness
Kotahitanga
We love to learn
Ngākaunuiana ki teako
Kaitiakitanga
Guardianship and
Protection
O U R P U R P O S E / T Ā M Ā T O U A R O N G A
C O M V I T A I N V E S T O R P R E S E N T A T I O N H A L F Y E A R R E S U L T F Y 2 3

HEADLINES
•Strong margin improvement +530bps vs PCP to 61.9%
•13.8% marketing investment +120bps vs PCP
•12.0% EDITDA +50bps vs PCP
•14% adjusted EBITDA when removing all transformation costs
•Fully imputed interimdividend2.5cps, in line with PCP
•Targeting carbon neutral 2025 and net positive 2030
•Net debt increased to $63.3M vs $26.3M in PCP
•Inventory –$146M –forecasting inline with PCP at year end
•Debtors due to strong performance in November and December
•Negative operating cashflow ($20.7M)
•Due to inventory build and seasonality
•Fixed with enhanced supply model
•10% reduction in TRIFR
12
O N T R A C K T O D E L I V E R O N O U R P L A N
( R A T I O S )
61.9%
GROSS PROFIT
+530BPS
MARKETING TO
SALES RATIO
EBITDA* % OF SALES +50BPS
14% ADJUSTED EBITDA*
$63.3M
NET DEBT UP $37MVS PCP
INVENTORY $146M, UP $34M VS
PCP
13.8%
12.0%
10%
60:15:20 plan 2025
FULLY IMPUTED
DIVIDEND DECLARED
2.5CPS
REDUCTION IN TOTAL
RECORDABLE INJURY
FREQUENCY RATE (TRIFR)
*EBITDA is a non-GAAP measures. We monitor these as key performance indicators
and believe they assist investors in assessing the performance of the core operations of
our business.
C O M V I T A I N V E S T O R P R E S E N T A T I O N H A L F Y E A R R E S U L T F Y 2 3

S E C T I O N
Delivering
environmental and
social impact
13
2

C O M V I T A I N V E S T O R P R E S E N T A T I O N H A L F Y E A R R E S U L T F Y 2 3
Climate action
•Inaugural ‘Interim Report’ Scope 1 and 2
inventory developed to support carbon
reduction strategy.
•63T metal drums recycled.
•Packaging recyclability improved to 91%
•50%+ increase in energy derived from solar
Harmony Plan highlights
Bee welfare & advocacy
•246 hives rescued during 2022, resulting in
the saving of over 12.3 million bees.
•Comvita Bee Welfare Code rolled out
internally and to be incorporated in supply
agreements.
•Expansion of wasp trapping through
Hawkes Bay and Central Plateau.
•Seeds for Bees initiative celebrating launch
of the Harmony Plan with 1000 Pollinator
seed packs given away.
2
3
Native forests & biodiversity
•883K native trees planted, making
cumulative total of 7.1M hectares rewilded
•MānukaPlanting Biodiversity Research
Study confirms biodiversity improvements
from forest plantings aligned with native
bush after 5 years.
Community impact
•91% Whānau ownership with our Comvita
employees asshareholder programme(or
equivalent).
•‘Time To Heal’employee volunteer
programmelaunched.
•Over $95,000 of support donated YTD to our
Harmony partners and community.
•Saving the Wild WOMEN initiative
4
1
14

Using Bees and
Beekeeping to support
people and wildlife in
Kenya, training local Masai
tribe how to keep bees for
sustenance and funding
education for Masai women
Carlos Zevallos, Head of
Apiculture Development NZ,
providing on-the-ground Apiary
training in Kenya
15

C O M V I T A I N V E S T O R P R E S E N T A T I O N H A L F Y E A R R E S U L T F Y 2 3
16
-10% vsFY22 (3.2)
TRIFR
1.5
2.9
Safety and
wellbeing
P E R F O R M A N C E V S P C P
INDIVIDUAL W ELLBEING
CHECKS NZ
+35%
REPORTAB LE INJURIES
1
LTIFR
•TRIFR = Total Recordable Injuries, per 200,000 hours worked globally (some assumptions apply)
•LTIFR = Lost Time Injuries, per 200,000 hours worked globally (some assumptions apply)
•MVIFR = Motor Vehicles incidents per 200,000 km’s travelled.
1J U L Y 2022 –
3 1 D E C E M B E R 2 0 2 2
+14.8%
FY22 +4%
NEAR MISS
REPORTING
MVIFR
FY22 NEW
-2%
FY22 –41%
Flat on FY22
FY22 0.9+10%

C O M V I T A I N V E S T O R P R E S E N T A T I O N H A L F Y E A R R E S U L T F Y 2 3
Whānau
17
G L O B A L
A V E R A G E E M P L O Y E E
Y E A R S O F S E R V I C E
G L O B A L L Y
F U L L T I M E E Q U I V A L E N T
R O L E S I N O U R G L O B A L
WHĀNAU
A P P R E N T I C E P R O M O T I O N
F Y 2 3 N E W
73%
W O M E N I N L E A D E R S H I P
R O L E S
37%
552
40%
O F R O L E S A R E F I L L E D B Y
I N T E R N A L T A L E N T
F Y 2 2 25%
62%
5+
O F O U R G L O B A L T E A M
I S F E M A L E

C O M V I T A I N V E S T O R P R E S E N T A T I O N H A L F Y E A R R E S U L T F Y 2 3
Climate action performance
S U S T A I N A B I L I T Y F Y 2 3 H A L F Y E A R
774T CO
2
e
GHG H1 INVENTORY SCOPES 1 & 2
2022 H1: 652 T CO2e
+19%
4,748T CO
2
e
CARBON REMOVALS FROM
MĀNUKA FORESTS H1
2022 H1: 3,013 T CO
2
e
+54%
55,591T CO
2
e
CARBON STOCKS SINCE MĀNUKA
FOREST ESTABLISHMENT
2022 END OF YEAR: 35,840 T CO
2
e
+55%
12,299kWh
ELECTRICITY GENERATED FROM
SOLAR PANELS
2022 8,120 kWh
+51%
91%
PACKAGING RECYCLABLE,
RESUSABLE OR COMPOSTABLE
2022 89%
+2%
80T
WASTE DIVERTED FROM LANDFILL
2022 FULL YEAR: 91T

S E C T I O N
Half year results
FY23
19
3

HEADLINES
•Record operating profit $11.6M +4.4M and +61% vs PCP
•Record EBITDA $13.4M +1.3M and +11% vs PCP
•Record NPAT $4.2M +19% vs PCP
•Record revenue $112M +7% vs PCP
•Record GP $69.4M +530bps vs PCP
•Record investment in brand of $15.5M +$2.2M vs PCP
•Transformation investment $2.2M +$1.5M vs PCP (due to finish end FY24)
•Performance delivered despite China market retail disruption until early
December
•Double-digit top and bottom-line growth:
•North America
•Digital (D2C and marketplace) now 38.8% of sales +580bps
•Double-digit bottom-line growth:
•Greater China
•ANZ
•$15.5M investment in our brand enabling us to tell our founding story to
consumers around the world
•Gaining market sharein key markets
•Performance delivered despite negative FX $3.5M and interest charge due
to elevated debt +$1M vs PCP
Strong performance
20
D E L I V E R I N G O N O U R P L A N
$13.4M
REPORTED EBITDA+$1.3M
+11% vs PCP
$11.6M
OPERATING PROFIT +$4.4M
+61% VS PCP
$4.2M
REPORTED NPAT
+19% vs PCP
$112M
RECORD REVENUE
+7% vs PCP
$69.4M
GROSS PROFIT
+$10.0M or 17% vs PCP
$15.5M
MARKETING
INVESTMENT +17%
( N U M B E R S )
C O M V I T A I N V E S T O R P R E S E N T A T I O N H A L F Y E A R R E S U L T F Y 2 3

C O M V I T A I N V E S T O R P R E S E N T A T I O N H A L F Y E A R R E S U L T F Y 2 3
Profit
G R O S S
+ $ 1 0 M
Gross profit improved $10.0M from focus growth markets, Mānukahoney, digital channel and productivity gains.
•Focus growth markets: Strong performance in North America with Greater China maintaining growth, despite Covid
lockdown headwinds
•Strong growth in monofloralMānukahoney
•Digital channel share growth +580bps to 39% of total sales from 33% last year at accretive margins
−Every 10% increase in digital share improves group GP by +100bps
•Continuing productivity gains in our manufacturing process leading to lower cost of sales
GP BRIDGE Dec 2022 vs Dec 2021
21
*Digital growth includes premium honey growth

C O M V I T A I N V E S T O R P R E S E N T A T I O N H A L F Y E A R R E S U L T F Y 2 3
Foreign exchange
22
•WeakerNZD caused an H1 FX loss of $3.5M, of which
$2.2M was realised in relation to hedging
•There was $1.2M of unrealised translation losses
•Adjusting for FX impacts, H1 EBITDA at $16.3M
2
or
+35% vs PCP
•Additional future hedging cover has been placed at
favourable rates to effectively manage future currency
risk
13.4
16.3
2.2
1.2
(0.6)
EBITDA (reported)Spot exchange rate
effect
Realised FX lossUnrealised FX lossEBITDA (FX
adjusted)
EBITDA FX adjusted
2
(NZ$’m)
FY23
FY24
FY25
FY26
USD Forward Cover %
82%
62%
39%
12%
USD Forward Cover Rate
0.66
0.64
0.61
0.58
CNY Forward Cover %
88%
62%
23%
0%
CNY Forward Cover Rate
4.45
4.36
4.07
0.00
Foreign Exchange Hedging Position
FX Rates
Six months ended 31-Dec2021202220212022
NZD/USD0.70 0.61 0.71 0.65
NZD/CNY4.49 4.25 4.44 4.16
Avg. daily spot rateAvg. conversion rate
37%
23%
10%
30%
Revenue by currency
1
CNYUSDNZDOther
1.H1 FY23
2.Non-GAAP and prepared on the basis ofrestating the income statement using PCP foreign exchange rates and removing the FX loss incurred.

C O M V I T A I N V E S T O R P R E S E N T A T I O N H A L F Y E A R R E S U L T F Y 2 3
Financial
23
K E Y R E S U L T S
B A L A N C E S H E E T
•Net debt increased by $38M since 30 June 22. Due to operating
cash outflows of $20.7M, investing activities (capital expenditure)
of $11.9M and dividend payments of $2.2M
•Operating cash outflows of $20.7M primarily due to:
−Inventory up $13.7M (refer next slide)
−Debtors up $7.5M (higher sales, particularly in November and
December)
•Investing activities includes capital expenditure of $11.9M
•Forecast inventory to be in line with PCP at full year end
•Second half will have positive operating cash flows with new
supply model enabling ongoing positive operating cashflows
•EPS increase +20% to 6cps
As at
NZD 000s
31 December
2022
Unaudited
31 December
2021
Unaudited
30 June
2022
Audited
Net debt63,27926,29625,544
Operating cashflow(20,734)(4,856)2,830
Inventory145,844111,776132,157
EPS6 cps5 cps18.2 cps
Weighted average shares on issue69,80270,14970,087

C O M V I T A I N V E S T O R P R E S E N T A T I O N H A L F Y E A R R E S U L T F Y 2 3
Inventory
24
P R O F I L E
•Inventory increased by $13.7M vs 30 June 22
•Raw materials increased by $12.4M related to prior
commitments associated with expired and no
longer renewed supplier contracts
•Finished goods increased by $2.8M as we continue
to ensure we have sufficient inventory to mitigate
supply chain disruptions and meet market demand
•Forecasting year end inventory FY23 (subject to
sales) c$135M
As at
NZD 000s
31 December
2022
Unaudited
31 December
2021
Unaudited
30 June
2022
Audited
Raw materials89,00670,25376,611
Work in progress4,0113,4265,511
Finished goods52,82738,09750,035
Total inventory145,844111,776132,157

C O M V I T A I N V E S T O R P R E S E N T A T I O N H A L F Y E A R R E S U L T F Y 2 3
Supply &
demand
25
B A L A N C I N G
Ongoing optimisationof inventory and supply strategy since 2020
Stage one
•Harvest breakeven contribution model launched in 2020 and proven in 2021 and 2022
•Historical supply model 30.60.10
−30% from own supply and JVs, 60% from supply partner group, 10% from open market
•For supply partner group we recognisedan inability to price purchases according to consumer
demand and volumes were ‘as produced’
−Imbalance in inventory and outside direct control
Stage two
•2021 started exiting some long-term supply contracts
Stage three
•December 2022 all supply partner contracts ended though an intention to continue working together
based on market demands
Stage four
•New supply model began in 2023
•2023 supply model relaunched linking supply and price directly to demand
•New model means our only commitment on volume through own supply and JVs (c30% of total
supply)

C O M V I T A I N V E S T O R P R E S E N T A T I O N H A L F Y E A R R E S U L T F Y 2 3
New
supply
model
26
B A L A N C I N G
So what?
•Still forecasting year end inventory materially flat vs PCP c$135M*
•For FY24 we will see a material reduction in inventory* and associated benefit to cashflow
•For FY25 we will see a further material reduction in inventory in line with our 2025 plan of inventory at
c$85M* and associated benefit to cashflow
•Expectation of positive operating cashflow in H2 FY23, FY24 and FY25
Sowhat about our partners?
•We will continue to partner with our long-term suppliers but based on demand
•We will continue to purchase needed inventory based on market demand and pricing
•We will share some demand signals ahead of season to enable us to target crop in line with demand
* subject to sales

C O M V I T A I N V E S T O R P R E S E N T A T I O N H A L F Y E A R R E S U L T F Y 2 3
Harvest update
27
2023
•Too early to give fulsome update on harvest performance
•Harvest has been severely impacted by weather events we have all experienced across Dec, Jan and Feb
•Initial flowering had been delayed by around 4 weeks
•Expect to understand quality and volume of harvest around April
•Initial expectations of harvest being around 300 -350 tonnes (subject to the impact of Cyclone Gabrielle)
•Breakeven harvest modelled on 400 tonnes

C O M V I T A I N V E S T O R P R E S E N T A T I O N H A L F Y E A R R E S U L T F Y 2 3
Capital
28
Continued investment in our Mānukaforest strategy
•The substantive benefits of our investments in forests
are expected to deliver from FY27 onwards. Includes
$4.0M land purchase
•Further investment into manufacturing process
improvements to improve productivity and increase
capacity
•Investment in digital channel (D2C) to drive revenue
growth
As at
NZD 000s
31 December
2022
Unaudited
31 December
2021
Unaudited
Mānuka forest land purchase and development6,9281,882
Manufacturing process improvements750894
Digital transformation1,7411,555
Other2,4341,582
Total PPE additions11,8535,913
E X P E N D I T U R E

C O M V I T A I N V E S T O R P R E S E N T A T I O N H A L F Y E A R R E S U L T F Y 2 3
Upgrading
our ERP
system
29
•Our internal digital transformation program is now focused on updating our ERP
system, redefining internal inefficient processes and refreshing master data
•This project will run until June 2024 and is designed to give up to date scalable
internal systems and processes and significantly increase reporting capability
•Due to changes in accounting guidance (SaaS means the assets aren’t owned)
these costs will be expensed until June 2024. In line with market practice, these
will be normalised in our result and guidance

C O M V I T A I N V E S T O R P R E S E N T A T I O N H A L F Y E A R R E S U L T F Y 2 3
Dividend
30
I N T E R I M
•Fully imputed interim dividend of 2.5cps
−Record date of 7
th
April 2023 and payment date of 28
th
April 2023
•Inline with PCP

S E C T I O N
Enhancing scientific
understanding
31
6

C O M V I T A I N V E S T O R P R E S E N T A T I O N H A L F Y E A R R E S U L T F Y 2 3
Science and IP
32
F U R T H E R I N V E S T M E N T I N
C O M V I T A L A B O R A T O R I E S E s t .
1974
10
$1.3M
+9%
vs. PCP
Industry leading in clinical
trials
Mānukahoney for digestivehealth
enrollmentcommenced
(HVN National Science Challenge grant awarded: $875K)
Investment in
science and research
Consumer health, supply and process improvements, new product
development, quality and compliance
$1.7M
World-leading
quality
14 independent auditsand certifications
completedin H1
Retained BRC “AA”, IANZ, MPI RecognisedLab, MPI Transitional Facility
#1
Industry leading
lab testingstandards
190,249 lab resultsin H1 FY23
(H1 FY22: 174,380)
More scientific patents in
FY23
1 patent granted, 1 patent accepted,
10 new patents filed (1 patent family)
Total patents
45 patents granted (11 patent families)
74 patentsfiled (14 Families)
45

S E C T I O N
Market segments:
Growing share in focus
markets
33
7

C O M V I T A I N V E S T O R P R E S E N T A T I O N H A L F Y E A R R E S U L T F Y 2 3
Headlines
34
M A R K E T
MARKET HEADLINES
•Record revenue and margin
−Revenue $112M +7%
−Gross profit 61.9% +530bps
•Greater China +9% revenue, net contribution $13.1M +15%
−Very strong performance in Hong Kong SAR (top and bottom-line), est$1-2M from
China consumers
•Mainland China sales +3%, net contribution $10M +2%
−Strong digital sales (c60% of total)
−Retail sales highly disrupted due to Covid
−Increased market share +5 ppts (greater than 2-10 combined)
−Increased investment in brand for future growth $300K to 15.8% of sales
•North America revenue +20%, net contribution $7M +40%
•ANZ revenue flat (major headwind Asian Health), net contribution +24%
•Top and bottom-line growth in Rest of Asia
•EMEA remains subscale, good progress outside UK

C O M V I T A I N V E S T O R P R E S E N T A T I O N H A L F Y E A R R E S U L T F Y 2 3
35
Net contribution is a non-GAAP measure. We monitor this as a key performance indicator and believe it
assists investors in assessing the performance of the core operations of our business. Reported figures
using actual translation FX rates in each period.
GREATER CHINA
ON A REPORTED CURRENCY BASIS –FOR 6 MONTHS ENDED DEC 22
•Revenue +9% despite material Covid headwinds across the region
−Mainland China +3% revenue growth despite stringent Covid measures
−Domestic e-commerce +13% to offset cross border e-commerce and retail disruption
−Very strong performance in Hong Kong SAR –run rate now above pre-pandemic performance
•Increased market share +500bps to 13%
•Increased brand investment ($450K vs PCP) momentum building for post Covid take-off
•Net contribution $13M +15% vs PCP and to 25% of sales +100bps vs PCP
NZD 000s
This year
Dec 22
Last year
Dec 21
Vs.
last year
Vs.
Last year %
Sales
51,91647,7404,1769%
Net contribution
13,06611,3491,71715%
Net contribution %
25%24%

C O M V I T A I N V E S T O R P R E S E N T A T I O N H A L F Y E A R R E S U L T F Y 2 3
36
MAINLAND CHINA
ON A REPORTED CURRENCY BASIS –FOR 6 MONTHS ENDED DEC 22
•Sales revenue +3% under the challenging market environment caused by strict covid control policies:
−Offline direct retail -5% with a strong sales recovery in December
−Key account +24% from strategic customer onboard and new customers engaged at SH CIIE
•Strategic marketing investment (+$300K at 16% of sales)
−Higher e-commerce performance marketing spend to drive additional growth
−Further reinforce Comvita brand power to continually gain market share as the absolute leader
•Net contribution $10.2M +2%
NZD 000s
This year
Dec 22
Last year
Dec 21
Vs.
last year
Vs.
Last year %
Sales
41,26139,9841,2773%
Net contribution
10,19210,0161762%
Net contribution %
25%25%
Net contribution is a non-GAAP measure. We monitor this as a key performance indicator and believe it
assists investors in assessing the performance of the core operations of our business. Reported figures
using actual translation FX rates in each period.

C O M V I T A I N V E S T O R P R E S E N T A T I O N H A L F Y E A R R E S U L T F Y 2 3
37
NORTH AMERICA
ON A REPORTED CURRENCY BASIS –FOR 6 MONTHS ENDED DEC 22
NZD 000s
This year
Dec 22
Last year
Dec 21
Vs.
last year
Vs.
Last year %
Sales
20,69917,1783,52120%
Net contribution
6,9774,9791,99840%
Net contribution %
34%29%
Net contribution is a non-GAAP measure. We monitor this as a key performance indicator and believe it
assists investors in assessing the performance of the core operations of our business. Reported figures
using actual translation FX rates in each period.
•Revenue up 20% in world's largest Mānukahoney market by volume
•Net contribution up 40% (some benefit timing related)
•Double-digit growth on Comvita.com
•Continued growth and market share gains in natural retail channel, nearly doubling YOY revenues
•Investing in building our foundation for future growth, including growing brand, team, expanding product line,
while driving e-commerce and wholesale growth
•Net contribution +500bps

C O M V I T A I N V E S T O R P R E S E N T A T I O N H A L F Y E A R R E S U L T F Y 2 3
38
REST OF ASIA
ON A REPORTED CURRENCY BASIS –FOR 6 MONTHS ENDED DEC 22
•Total sales +2%
•Japan stabilising(top and bottom-line) –now starting to build
•High single digit growth in Korea
•Net contribution +8% vs PCP ($3.3M) and increased by 200bps
•Significant new contract signed with regional customer, year two revenue target $5-7M (2024)
NZD 000s
This year
Dec 22
Last year
Dec 21
Vs.
last year
Vs.
Last year %
Sales
12,92512,6982272%
Net contribution
3,3143,0752398%
Net contribution %
26%24%
Net contribution is a non-GAAP measure. We monitor this as a key performance indicator and believe it
assists investors in assessing the performance of the core operations of our business. Reported figures
using actual translation FX rates in each period.

C O M V I T A I N V E S T O R P R E S E N T A T I O N H A L F Y E A R R E S U L T F Y 2 3
39
AUSTRALIA & NEW ZEALAND
ON A REPORTED CURRENCY BASIS –FOR 6 MONTHS ENDED DEC 22
•ANZ segment revenue flat vs PCP
•Very strong growth from domestic, which offset Asian Health headwinds due to China DaigouCovid
disruptions
•Strong domestic growth from all channels and focus categories
•Grow market share with the biggest segment customer as clear #1 Mānukahoney brand
•Net contribution increased by +24% vs PCP and +700bps to 35% of sales
NZD 000s
This year
Dec 22
Last year
Dec 21
Vs.
last year
Vs.
Last year %
Sales
18,07418,061130%
Net contribution
6,3265,0991,22724%
Net contribution %
35%28%
Net contribution is a non-GAAP measure. We monitor this as a key performance indicator and believe it
assists investors in assessing the performance of the core operations of our business. Reported figures
using actual translation FX rates in each period.

C O M V I T A I N V E S T O R P R E S E N T A T I O N H A L F Y E A R R E S U L T F Y 2 3
40
EUROPE, MIDDLE EAST & AFRICA (EMEA)
ON A REPORTED CURRENCY BASIS –FOR 6 MONTHS ENDED DEC 22
•Revenue -13%, direct to consumer revenue +24%
•FYF remains with double-digit top-line growth
•Segment remains breakeven though significantly subscale
•New distribution agreed for H2 which will be positive for segment
•Net contribution-96% ($195K)
NZD 000s
This year
Dec 22
Last year
Dec 21
Vs.
last year
Vs.
Last year %
Sales
2,5302,900(370)(13%)
Net contribution
7202(195)(96%)
Net contribution %
0%7%
Net contribution is a non-GAAP measure. We monitor this as a key performance indicator and believe it
assists investors in assessing the performance of the core operations of our business. Reported figures
using actual translation FX rates in each period.

HEADLINES
•Strongest digital earnings and share of revenue in the history of
Comvita, with digital share of net group revenue to 38.8% +580bps vs
PCP
•$42.8M digital sales globally +15% vs PCP at accretive margins
+230bps
•Direct to consumer sales +23% vs PCP
•Growing customer base profitably, despite challenging climate
and rising acquisition costs
•Record D2C AOV and conversion rates on Comvita.com during
2022 Black Friday campaign
•NPS score of 9.2 vs target of 9.0 for first year of platform launch
E-commerce to be 50% of sales
41
$42.8M
RECORD REVENUE
+15%
9.2NPS
FY23 TARGET
>9.0
+230BPS
ACCRETIVE GROSS MARGIN
+230BPS vs PCP
+9.9%
DIRECT TO CONSUMER
AOV GROWTH vs PCP
38.8%
DIGITAL MARKETING
INVESTMENT +22%
$6.8M
DIGITAL SHARE OF TOTAL
REVENUE +580BPS vs PCP
O N T R A C K F O R
B Y F Y 2 5
C O M V I T A I N V E S T O R P R E S E N T A T I O N H A L F Y E A R R E S U L T F Y 2 3

S E C T I O N
Summary
42
8

43
Summary
Guidance
•Forecasting double-digit growth of normalised EBITDA
−ERP investment to be normalised (estc$3M)
•Assuming a return to strong growth in China in H2
•Profitable top and bottom-line growth in focus growth markets, channels and categories
•E-commerce share greater than 40%
•Softening of GP in H2 to support growth initiatives
•Transformation investment $3.5M (excluding ERP investment above)
•Inventory to be flat vs PCP at full year at c$135M
•H2 positive operating cashflow
Targeting $50M EBITDA 2025
F Y 2 3
C O M V I T A I N V E S T O R P R E S E N T A T I O N H A L F Y E A R R E S U L T F Y 2 3
43

44
Summary
Summary
•Record revenue of $112M +7.0%
−Growing market share in focus growth markets
•Record margin of 61.9% +530bps
•Record investment in our brand for future growth $15.5M +2.2M vs PCP
•Record operatingprofit $11.6M +61% vs PCP
•Record EBITDA of $13.4M +11% vs PCP
•Record NPAT $4.2M +19%
•20% EPS growth
•Fully imputed dividend 2.5cps
Exciting future
•Guidance maintained for FY23*
•On track to deliver our 2025 plan of c$50M EBITDA
•Clinical trial underway –results expected in Q4 2023
•New talent backed skincare range with Caravan to be launched in H1 FY24
•TAM globally forecast to grow by over US$6BN (+67%) by 2031
*After normalising for ERP upgrade
C O M V I T A I N V E S T O R P R E S E N T A T I O N H A L F Y E A R R E S U L T F Y 2 3
44

S E C T I O N
Q & A
9

THANKYOUCO M V I TA.CO M

---

Template
Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)
Updated as at 17 October 2019


Results for announcement to the market
Name of issuer Comvita Limited
Reporting Period Six months to 31 December 2022
Previous Reporting Period Six months to 31 December 2021
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$112,130 7%
Total Revenue $112,130 7%
Net profit/(loss) from
continuing operations
$4,165 19%
Total net profit/(loss) $4,165 19%
Interim/Final Dividend
Amount per Quoted Equity
Security
The Board of Directors propose to pay a interim dividend of 2.5
cents per share.
Imputed amount per Quoted
Equity Security
2.5 cents per share
Record Date 7 April 2023
Dividend Payment Date 28 April 2023
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$2.70 $2.54
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Please refer to profit announcement and attachments for
commentary.
Authority for this announcement
Name of person

authorised
to make this announcement
David Banfield, CEO
Contact person for this
announcement
David Banfield, CEO
Contact phone number +64 21 041 5630
Contact email address david.banfield@comvita.com
Date of release through MAP

23 February 2023

Unaudited financial statements and the investor presentation accompany this announcement.

---

Template
Distribution Notice

Updated as at 18 December 2019



Please note: all cash amounts in this form should be provided to 8 decimal places

Section 1: Issuer information
Name of issuer Comvita Limited
Financial product name/description ORDINARY SHARES
NZX ticker code CVT
ISIN (If unknown, check on NZX
website)

NZCVTE0001S7

Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year Quarterly
Half Year X Special
DRP applies
Record date 07/04/2023
Ex-Date (one business day before the
Record Date)
06/04/2023
Payment date (and allotment date for
DRP)
28/04/2023
Total monies associated with the
distribution
1

$ 1,747,000
Source of distribution (for example,
retained earnings)
RETAINED EARNINGS
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution
2
$0.03472222
Gross taxable amount
3
$0.03472222
Total cash distribution
4
$0.02500000
Excluded amount (applicable to listed
PIEs)
N/A
Supplementary distribution amount $0.00441176

Section 3: Imputation credits and Resident Withholding Tax
5

Is the distribution imputed Fully imputed - YES

1
Continuous issuers should indicate that this is based on the number of units on issue at the date of the form
2
“Gross distribution” is the total cash distribution plus the amount of imputation credits, per financial product, before the deduction of
Resident Withholding Tax (RWT).
3
“Gross taxable amount” is the gross distribution minus any excluded income.
4
“Total cash distribution” is the cash distribution excluding imputation credits, per financial product, before the deduction of RWT.
This should include any excluded amounts, where applicable to listed PIEs.
5
The imputation credits plus the RWT amount is 33% of the gross taxable amount for the purposes of this form. If the distribution is
fully imputed the imputation credits will be 28% of the gross taxable amount with remaining 5% being RWT. This does not constitute
advice as to whether or not RWT needs to be withheld.

If fully or partially imputed, please
state imputation rate as % applied
6

28%
Imputation tax credits per financial
product
$0.00972222

Resident Withholding Tax per
financial product
$0.00173611

Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)
N/A
Start date and end date for
determining market price for DRP

Date strike price to be announced (if
not available at this time)

Specify source of financial products to
be issued under DRP programme
(new issue or to be bought on market)

DRP strike price per financial product

Last date to submit a participation
notice for this distribution in
accordance with DRP participation
terms

Section 5: Authority for this announcement
Name of person

authorised to make
this announcement
Nigel Greenwood
Contact person for this
announcement
Nigel Greenwood
Contact phone number 027 238 9522
Contact email address Nigel.greenwood@comvita.com
Date of release through MAP

23/02/2023





6
Calculated as (imputation credits/gross taxable amount) x 100. Fully imputed dividends will be 28% as a % rate applied.