Comvita 2023 Annual Shareholders’ Meeting

ANNUAL SHAREHOLDERS’ MEETING
4 O C TO B E R 2 0 23
PRESENTED BY:
Brett Hewlett, Chair
David Banfield, CEO
Poised
F O R T A K E-O F F

Mihi Whakatau

COMVITA ASM 2023
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 audited Annual results for the year
ended 30 June 2023.
•Includes non-GAAP financial measures including
but not limited to EBITDA, EBITDA after ERP,
NPAT after ERP and normalised Gross Profit.
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.
3

S E C T I O N
Chair Address
POISED FOR TAKE-OFF
4

COMVITA ASM 2023
Voting and Asking Questions
I M P O R T A N T –O N L I N E G U E S T S
5
Voting Card
Question box

COMVITA ASM 2023
6
Formalities
•Notice of Meeting
•Quorum
•Proxies
•Annual Financial Statements

S E C T I O N
Agenda
POISED FOR TAKE-OFF
7

COMVITA ASM 2023
8
Board of
Directors
I N T R O D U C T I O N S
K E E P I N G U S F O C U S E D
DIRECTOR,
CHAIR

HEADLINES
•Record revenue $234M
•+$25M and +12.1% vs PCP
•H2 revenue +17.4% vs PCP
•Gross profit 58.0%, normalised 59.5%* in line with plan
•Record brand investment $30.5M +$2.4M vs PCP
•$33.5M EBITDA after ERP**, +11.4%
•Normalised EBITDA*** 15.4% in line with plan
•Operating profit $24M +18.7%
•$13.1M NPAT after ERP +2.8%
•Final fully imputed dividend 3cps declared in line with
PCP
•Fully imputed 5.5cps for the full year in line with PCP
Record Sales
$234.2M
9
D E L I V E R I N G O N O U R P L A N
3CPS
DIVIDEND
In line with PCP
RECORD REVENUE
+12.1% vs PCP
$30.5M
MARKET INVESTMENT
+8.7% vs PCP
$33.5M
EBITDA after ERP, +$3.4M
+11.4% vs PCP
$13.1M
NPAT after ERP
+2.8% vs PCP
58.0%
GROSS PROFIT
-234 BPS vs PCP
Normalised 59.5%*
*Normalised Gross Profit excluding the stock write off from Cyclone Gabrielle.
** ERP Investment of $2.9M as detailed on page 15
***Normalised EBITDA excluding transformation and ERP
COMVITA ASM 2023

COMVITA ASM 2023
10
Our Cause
Working in harmony
with bees and nature in New Zealand
to heal and protect the world.
E reretau ana, e mahi ngātahi ana mātou ko ngā pi me te taiao
I Aotearoa, hei whakaora, hei manaaki āno I te Ao Tūroa.

COMVITA ASM 2023
ESG Leadership at Comvita
Key Focus Areas:
●GHG emissions
●Air and water pollution
●Biodiversity reporting
●Re-forestation
●Resource depletion (pollen and
nectar resources)
●Use of chemicals and pesticides
●Water efficiency
●Energy efficiency
●Sustainable packaging and
circularity
●Waste management
●Climate change preparedness
Key Focus Areas:
●Product quality and food safety
●Customer satisfaction
●Ethical procurement
●Data protection and privacy
●Human rights
●Child labour and modern slavery
●Health,Safety and Wellbeing
●Labour standards (including in our
Supply Chain)
●Pay equity (gender and ethnicity)
●Employee diversity and equitable
opportunity
●Employee engagement
●Community investment (1% of
EBITDA)
●Community relations,
including Māori Engagement
Key Focus Areas:
●Board composition (diversity and
independence)
●Compliance with regulations
●Anti-bribery and corruption
●Accounting and audit quality
●Global tax strategy
●Business ethics
●Lobbying
●Political contributions
●Speak-up policies and frameworks
●Integrated reporting
OUR
HARMONY PLAN
STRENGTHENING
OUR GLOBAL HIVE
ENVIRONMENTAL
GOVERNANCE
SOCIAL
* ESG definition aligned with global reporting
frameworks and Comvita Materiality Review
11

COMVITA ASM 2023
12
BCorp
S U S T A I N A B I L I T Y
C E R T I F I E D
Comvita achieved BCorp certification
•In September 2022 Comvita became the first NZX listed organisation to change
its constitution to reflect the importance of all stakeholders when making
investment and strategic decisions
•Thank you to all shareholders for supporting this change last year
•B Corp Certification is a designation that a business is meeting high standards
of verified performance, accountability, and transparency on a variety of
factors
•Comvita undertook this exercise for our NZ operation and our international
business
•B Corp is a natural amplification of our founding principles, our Harmony Plan
and our purpose
•We believe this will open upglobal distribution opportunities
•We are proud to have achieved this recognition –business as a force for
good

COMVITA ASM 2023
GHG Summary
F Y 2 3 G L O B A L
14
R E S U L T S
GREENHOUSE GAS EMISSIONS –GLOBAL tCO
2
eFY23
tCO
2
e
FY22
tCO
2
e
Difference
%
Total Gross Emissions (S1,2,3) 34,94432,0049%
Removals GHG Inventory -5,843-5,972-2%
Total Net GHG Inventory Emissions29,10226,03212%
ALL COMVITA OWNED AND/OR MANAGED REMOVALS
Other Removals –NZUs & Share of JVs-6,543-4911232%
Total Removals -12,386-6,46392%
Net GHG Position 22,55925,541-12%

COMVITA ASM 2023
Safety & Wellbeing
15
P E R F O R M A N C E V S P C P
L T I F R
+ 8 0 % v s F Y 2 2 ( 1 . 5 )
T R I F R
+ 1 9 % v s F Y 2 2 ( 3 . 2 )
I N D I V I D U A L W E L L B E I N G
C H E C K S C H I N A & N Z
+ 7 % v s F Y 2 2 ( 3 2 0 )
2.2
3.8
S A F E T Y C U L T U R E
M A T U R I T Y
+ 3 8 % v s F Y 2 2 ( 1 . 6 )
0.53
M V I F R
-4 1 % v s F Y 2 2 ( 0 . 9 )
2.7+19%
N E A R M I S S R E P O R T I N G
341
1 J U L Y 2 0 2 2 –3 0 J U N E 2 0 2 3

COMVITA ASM 2023
Team / Whānau
F Y 2 3 G L O B A L
16
559
GLOBAL FTE
(FULL TIME EQUIVALENT ROLES))
91%
GLOBAL TEAM ARE SHAREHOLDERS
(OR EQUIVALENT)
+21
GLOBAL eNPS
(EMPLOYEE NET PROMOTER SCORE)

COMVITA ASM 2023
17
Summary
▪Good result in a tough environment
▪Resilient and agile in our response to risks as they evolve
▪Cause led organisation
▪Well positioned responding well to the additional ESG and reporting
requirements expected of a sustainable global company
▪Ongoing evolution of the board to meet future needs
WE ARE POISED FOR TAKE-OFF

COMVITA ASM 2023
18
Leadership
Team
I N T R O D U C T I O N S
B U I L D I N G O U R B U S I N E S S

S E C T I O N
CEO Address
POISED FOR TAKE-OFF
19

COMVITA ASM 2023
c$50MEBITDA2025 (20%)
T A R G E T I N G
20
P U R P O S E + V A L U E SO U R M I S S I O N T O 2 0 2 5C O M V I T A 5 0 : 2 0 2 5
Working in harmony with bees and nature in NewZealand
to heal and protect the world
We all lead Connected
We Love to Learn Kaitiakitanga
“To deliver world-leading standards for our team, our consumers, our
shareholders and our planet, contributing to a world where bees and
people can thrive in harmony.
Reinvest cash to lead industry growth and consolidation and in the
process drive higher standards for our consumers”
60 : 15 : 20
Minimum 60% GP
15% Marketing to Sales ratio
20% EBITDA target
1. Stabilise performance2. Transform organisation3. Long-term resilience and growth
50% digital salesTargeting c$50M EBITDA by 2025Minimum 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
Return on capital employed – 500 basis points above weighted averagecost of capital
Comvita total shareholder returns aboveNZX50 median
Consumer and employee Net Promoter Score >+7
Build a China market business capable of delivering 10 years of 10% compound annual growth rate
Break through in North America toprovideportfolio balance
Digital channels to deliver >50% of total sales
All market segments growing (mid single-digit compound annual growth rate) andprofitable
KPIS FY25ALIGNED FOCUS – DELIVER BY FY25
STRATEGIC PILLARS / OUR UNRELENTING FOCUS
Comvita as a premium natural health and
wellness 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

COMVITA ASM 2023
Focus & Progress
C L A R I T Y O F
T O 2 0 2 5
21

Comvita
OUR
CORE
RANGE
Mānuka
honey in a
pot
SEASONA
L
SUPPORT
Immunity
support for
cough, cold
and flu
ON-THE-
GO
Wellbeing at
its most
convenient
HEALTHY
SNACKIN
G
Healthy
alternatives
to boost your
energy
HONEY+
and
PROPOLIS
+
Powerful
ingredient
combinations
TOPICAL
TREATME
NT
Including
skin care,
medi-honey.
CARDIAC
SUPPORT
Olive Life
QUALITY INGREDIENT
AND BRAND PARTNER
COMVITA ASM 2023

COMVITA ASM 2023
23
Harmony
P L A N

COMVITA ASM 2023

COMVITA ASM 2023
25
Record Sales FY23
O N T R A C K 2 0 2 5
•Strong revenue growth
•Revenue +$25.3M or +12.1% vs PCP
•All segments showed double digit revenue growth
•Greater China revenue over $100M for the first time
•Growing share in key markets
•Ecommerce share 41.7% of total sales +19%vs PCP
•Gross margin in line with plan
•Reported 58.0% due to impact of Cyclone Gabrielle inventory write off
•Normalised margin 59.5% in line with plan
•Record investment in our brand supporting strong revenue growth
•Brand investment $30.5M +$2.4M vs PCP
•EBITDA after ERP $33.5M +11.4% in line with plan
•Operating profit $24M +18.7% vs PCP
•Net debt $53.4M, inventory $136M +3% vs PCP
•Inventory and net debt reduced by $10M in H2
•Fully imputed final dividend 3.0 cps in line with PCP

COMVITA ASM 2023
( 30 J une 2023 v s 30 J une
2022)
Revenue
P E R F O R M A N C E v s . P C P
R E P O R T E D C U R R E N C Y
26
GR EATER C H IN A
$109.0M
2022 : $96.9m
+12.5%
N OR TH A MER ICA
$35.6M
2022 : $31.8m
+12.0%
R EST OF A SIA
$31.8M
2022 : $27.3m
+16.2%
A U STR ALIA + N Z
$40.8M
2022 : $34.7m
+17.5%
EMEA
$5.9M
2022 : $5.1m
+14.4%
MA R K ET SEGMENTS
+17.4%
FY23 H2 GROWTH

COMVITA ASM 2023
27
Business Model
Proving
Successful

COMVITA ASM 2023
28
GREATER CHINA
Collagen drink was awarded by ISEEWARD as Silver NPof 2022

COMVITA ASM 2023
29
GREATER CHINA

COMVITA ASM 2023
30
Building
Momentum
P O I S E D F O R T A K E-O F F

COMVITA ASM 2023
Growth
T O T A L
A D D R E S S A B L E
M A R K E T
M A N U K A
C A T E G O R Y
H O U S E H O L D
P E N E T R A T I O N
<1%
C O M V I T A
L I F E T I M E V A L U E
G R O W T H
2022
US$9BN
US$15BN
+335%
>3%
G L O B A L H O N E Y M A R K E T
BASE
LINE
2030
O P P O R T U N I T Y
E X C I T I N G F U T U R E

S E C T I O N
Securing Long-Term
Quality Supply
POISED FOR TAKE-OFF
32

COMVITA ASM 2023
33
NZ Landowners
N A T I V E F O R E S T P A R T N E R S H I P S W I T H
A T S C A L E
Purpose: To establish a Comvita managed forest footprint at scale of high
performing Mānukawhich will:
▪Improve honey quality
▪Reduce cost of production
▪Ensure a secure supply
Comvita manages New Zealand’s largest native forest:
▪7500 hectares planted to date
▪> 8M Mānukaseedlings established (Comvita breeding program)
Comvita Apiaries manage 17K –20K hives

COMVITA ASM 2023
Our Supply
Model
34
O U R C O M P E T I T I V E A D V A N T A G E
H I G H E S T
Q U A L I T Y
C O N S U M E R
B E S T
P A R T N E R F O R
B E E S
L O W E S T
C O S T *
B E S T
P A R T N E R F O R
L A N D O W N E R S
M O S T
S U S T A I N A B L E
O P E R A T O R
* F O R D E L I V E R E D Q U A L I T Y
B E S T H E A L T H
& S A F E T Y

COMVITA ASM 2023
Long Term Supply
▪Harvest model proven 4
th
consecutive time since launched in 2020
▪Continued investment in forests
▪Targeting 20,000 hectares by 2030
▪FY23 total forest to 7,500 hectares
▪Highest quality honey, lowest relative cost
▪40.60.20 model proven again in FY23
−40% improvement in yield
−60% improvement in quality of yield
−20% reduction in cost per hive
▪In discussions with external partners to fund forest expansion

COMVITA ASM 2023
Mānuka Forest Supply
F Y 2 2 – F Y 2 5
FY22FY23FY24 (forecast)
Forest supply as percentage of CVT Apiaries Total3.60%4.30%10.98%
Total Forest Hectares in Productive Status518ha753ha1461ha

COMVITA ASM 2023
37
Kaitiakitanga
O U R L A N D M A N A G E M E N T P R O G R A M
Mānukais a native species that supports the creation of a diverse habitat to allow our native flora and
fauna to thrive while also healing our land.
We have developed a framework which monitors the benefits of our Mānukaforests, specifically:
•Our carbon sequestration rates
•Waterway improvements
•Land stability improvements
•Biodiversity Research
•Predator control

S E C T I O N
Clinical Trials Aid
Comvita
Differentiation
POISED FOR TAKE-OFF
38

Comvita Invests More in
Science and Research
than the Rest of the Industry
Combined

Nature doesn’t hide its intelligence
–wejust need the wisdom to see it

W O R L D-L E A D I N G G A S T R O E N T E R O L O G I S T S A N D H E A L T H R E S E A R C H E R S
Science
I N T E R N A T I O N A L
A D V I S O R Y B O A R D
COMVITA ASM 2023

42
Differentiates
C O M V I T A I P
44
C O M V I T A P A T E N T S
G R A N T E D
21
A D D I T I O N A L
P A T E N T S PE N D I N G
+
U S F R O M T H E R E S T

COMVITA ASM 2023
43
Scientific
M O R E
B R E A K T H R O U G H S
Comvita Lepteridine®
▪Unique natural compound found in Mānuka nectar and honey
▪Low molecular weight, drug-like structure
▪Multiple clinically relevant biological targets
▪Highly heat stable and in gastric and intestinal simulation model
▪Inhibits a key biological pathway associated with inflammatory digestive
disorders
•Patent protected

COMVITA ASM 2023
44
Clinical Trials
E X T E N D E D A D V A N T A G E
SOOTHE: Mānukahoney for digestive health
▪$1.4M investment over 2 years: $900K HVN grant
▪Proprietary treatment: Comvita Lepteridine® patented Mānukahoney
▪Unique To Comvita
▪Dunedin and Christchurch sites
▪Ethics approved and recruitment ongoing
▪Results expected in FY24
C O N N E C T I N G
C O N S U M E R S T O T H E
H E A L I N G P O W E R O F
N AT U R E

COMVITA ASM 2023
46
Clinical Trials
E X T E N D E D A D V A N T A G E
P E N D I N G
I M M U N I T YA T O P I C
D E R M A T I T I S
C A R D I O M E T A B O L I C
H E A L T H
A N T I M I C R O B I A L
R E S I S T A N C E

COMVITA ASM 2023
48
Biodiversity
A F O R C E F O R G O O D
R E G E N E R A T I O N
Newresearch shows significant biodiversity and ecological improvement with our
MānukaForest planting.
Environmental improvements include:
1.Invertebrate density and diversity
2.Native bird and bat activity
3.Fresh water health and clarity
A five-year old Comvita Mānukaforest supports comparable ecological system
health, to a regenerated mature forest (30+ Years)
We are hugely encouraged by these findings, and have extended our
biodiversity monitoring protocols across more Comvita native forests.
H E A L I N G W I T H
N AT U R E

S E C T I O N
Brand
Transformation
POISED FOR TAKE-OFF
49

COMVITA ASM 2023
Ideal She
C O M V I T A
T A R G E T C O N S U M E R
Strengthening our connection :
•30-50'swell-educated females
living in big cities
•Seeking a healthy natural way to
maximiselife and energy
•Looking for authentic brands, to
help her become an “ideal she” –
i.e, a person full of vitality with a
healthy / natural lifestyle
•Collaborating with brands she
loves
•Shares her ‘secrets’ through
social channels
•Creating special moments of
connection; like the Comvita
mooncake

Consumer
T H E E V O L U T I O N O F C O M V I T A
P R E M I U M L I F E S T Y L E
COMVITA ASM 2023

Multiple Touch Points
T H E E V O L U T I O N O F C O M V I T A
P R E M I U M L I F E S T Y L E
C O M V I T A
W E L L N E S S L A B
A u c k l a n d , N Z
H A Y M A R K E T –
P H O E N I X B E A U T Y
Syd n e y, A U
K O R E A N A I R
S o u t h K o r e a
C A T H A Y P A C I F I C
H o n g K o n g S A R
COMVITA ASM 2023

S E C T I O N
Retail Excellence
POISED FOR TAKE-OFF
54
ANDY CHEN, DEPUTY CEO & REGIONAL CEO APAC

COMVITA ASM 2023
5555
Hong Kong
MĀNUKA RETAIL PIONEER
S I N C E 2 0 0 1

COMVITA ASM 2023
56
Shenzhen
56

COMVITA ASM 2023
57
Guangzhou

COMVITA ASM 2023
58
Shanghai

COMVITA ASM 2023
59
Beijing and Tianjin

COMVITA ASM 2023
60
Hainan

COMVITA ASM 2023
61
HoneyWorld™
A C Q U I S I T I O N
•On 4 July 2023, we were delight to welcome HoneyWorld™, the largest honey
retailer in Singapore, into our Group
•Strategic deployment of capital in growth segment
•HoneyWorld™was founded in 1997 by Pearline Goh
•Operates 18 outlets in the Singapore market
•Pearline Goh will become part of the Comvita whanau
•Accelerates Comvita growth and reach in key regional market, extends CVT
growth and market share across APAC as a whole
•Singapore Mānukashare c50%
•Utilisesretail knowhow from stores in HK SAR and Korea
•Closer to consumer
•Able to accelerate online sales using Comvita’s existing capability
•Purchase price SG$8.5M (NZ$10M) plus inventory SG$2.1M (NZD$2.6M), debt
funded
•Revenue SG$13M (NZ$15M) forecasted in FY24
•Accretive immediately, ROCE 25%

COMVITA ASM 2023
62
Singapore

COMVITA ASM 2023
63
Singapore

COMVITA ASM 2023
64
Retail-tainment

COMVITA ASM 2023
65
Premiumisation

COMVITA ASM 2023
66
Seoul
66

COMVITA ASM 2023
67
Seoul
67

COMVITA ASM 2023
68
Sydney
68

COMVITA ASM 2023
69
Sydney
69

COMVITA ASM 2023
70
Auckland

Winning
Proposition
Retail excellence across multiple regional hubs, to:
▪Create a network of multi million-dollar retail shops, as our global best
practice and investment ROI benchmark
▪Connect our online and offline footprints seamlessly,impactfully
▪Continually reinforce our brand equity among peer markets by connecting
with our consumers either at home or on the road
▪Constantly build the bar higher and sustain our absolute market leadership
position
▪Accelerate our premiumisationjourney, without distraction from price
cutters.
Seoul
Tokyo
SH
HK
SGP
Sydney
AKL
MLB
SZ/GZ
BJ/TJ
B U I L D I N G O U T O U R
COMVITA ASM 2023

COMVITA ASM 2023
72
With Comvita
R E S P O N S I B L E L I VING

COMVITA ASM 2023
7373
Test & Learn Continues
E V O L U T I O N O F C O M V I T A
T H E F U T U R E O F R E T A I L & R E S P O N S I B L E L I V I N G

74
WeChat Store
D I R E C T T O C O N S U M E R
P O I S E D F O R T A K E-O F F
COMVITA ASM 2023

Digital + Data
W O R L D C L A S S
E N G A G E M E N T A N D E X P E R I E N C E

COMVITA ASM 2023
76
E-Commerce
G R O W I N G O U R
A D V A N T A G E
Strongest digital earnings and share of revenue in Comvita history
•Digital share globally 41.7%
•$97.7M digital sales globally at accretive margins
•Three-year revenue CAGR +26.7%
•For every 10% increase in digital share, total revenue group gross profit
increases by +100 bps
COMVITA ASM 2023

Growing Affinity
E V O L U T I O N O F C O M V I T A
FREQUENCY AND RETENTION
COMVITA ASM 2023

Consumer Experience
E V O L U T I O N O F C O M V I T A
D I G I T A L & I M M E R S I V E
COMVITA ASM 2023

When we give nature the time to thrive,
unbelievable things happen.

COMVITA ASM 2023
83
Guidance and Summary
•FY23 record revenue $234M +12% vs PCP
•Momentum building, H2 revenue +17% vs PCP
•FY23 earnings in line with plan and guidance
•Growing share in key markets
•FY24 forecasting double digit EBITDA growth
•Positive operating cashflow H1 and H2
•Revenue and earnings growth weighted to H2
•Lepteridine™clinical trial results
•Launch of Caravan Honey
•Full year of HoneyWorld™
•On track to deliver FY25 plan of c$50M EBITDA (20%)
•Global honey market that’s forecast to grow by 67% or US$6BN by 2030
•Global consumer trends targeting premium natural health and wellness solutions
POISED FOR TAKE-OFF

S E C T I O N
Resolutions
P O I S E D F O R T A K E-O F F

COMVITA ASM 2023
Resolutions
Formalities
-Reports and Financial Statements
Ordinary Resolutions
-Appointment and Remuneration of Auditors (Resolution 1)
1. “That the meeting record the re-appointment of KPMG as the auditors of the Company for
the current financial year ending 30 June 2024 pursuant to section 207T of the Companies Act
1993, andauthorisethe Board to fix KPMG’s remuneration.”
-Director’s Elections (Resolutions 2 –4)
2. "That Brett Hewlett, who retires by rotation and is eligible for re-election, be re-elected as
aDirector of the Company.”
3. “That Julia Hoare (appointed by the Board as a director with effect from 1 March 2023), be
elected as a Director by Shareholders.”
4. “That Michael Sang be elected as a Director by Shareholders.”

COMVITA ASM 2023
Voting and Asking Questions
I M P O R T A N T –O N L I N E G U E S T S
86
Voting Card
Question box

COMVITA ASM 2023
87
Resolution 1
Appointment and Remuneration of Auditors
To consider, and if thought fit to pass, the following ordinary resolution:
“That the meeting record the re-appointment of KPMG as the auditors of the Company for the current financial
year ending 30 June 2024 pursuant to section 207T of the Companies Act 1993 and authorisethe Board to fix
KPMG’s remuneration.”

COMVITA ASM 2023
88
Resolution 2
Director’s Election –Brett Hewlett
To consider, and if thought fit to pass, the following ordinary resolution:
“That Brett Hewlett, who retires by rotation and is eligible for re-election, be re-elected as a Director of the
Company.”

COMVITA ASM 2023
89
Resolution 2
Director’s Election –Brett Hewlett
Brett is a professional director and consultant. He is a non-executive Director and the Chair of Comvita Ltd
(NZX:CVT), and an Independent Director of Quayside Holdings Ltd (ending 31 October 2023). From 2005-2015
Brett was the Chief Executive Officer of Comvita. Prior to Comvita, he held a number ofsenior roles with global
packaging firm Tetra Pak. Other former Governance and Advisory board roles include Chair of BluelabHoldings
Ltd., Chair of Priority One, Derma Sciences Inc. (DSCI:Nasdaq), SeaDragon(SEA:NZX), Enterprise Angels,
NZTE’s Better by Design Advisory Board and Member of the Callaghan Innovation Stakeholder Advisory
Group. Brett has a Bachelor of Food Technology from Massey University, and a Masters of Business
Administration from the International Institute for Management Development, Switzerland. He has also
completed advanced management programmesat Stanford University and the Massachusetts Institute of
Technology’s Sloan School of Management. Brett is a Member of the Institute of Directors. He joined the
Comvita board in May 2017 and is a member of both the Safety and Performance Committee and the Audit and
Risk Committee.

COMVITA ASM 2023
90
Resolution 3
Director’s Election –Julia Hoare
To consider, and if thought fit to pass, the following ordinary resolution:
“That Julia Hoare (appointed by the Board as a director with effect from 1 March 2023), be elected as a
Director by Shareholders.”

COMVITA ASM 2023
91
Resolution 3
Director’s Election –Julia Hoare
Julia is a professional independent director. She is Chair of Port of Tauranga Limited, Director and Chair of the
Audit & Risk Committees of Auckland International Airport Limited and Meridian Energy Limited, and a member
of the Chapter Zero New Zealand Steering Committee. Julia is also the immediate past Chair and President of
the Institute of Directors. Julia was a partner at PwC for 20 years and is a Fellow of the Institute of Chartered
Accountants and a Chartered Fellow of the Institute of Directors. Julia joined the Comvita Board in March 2023
and is a member of the Audit & Risk Committee.

COMVITA ASM 2023
92
Resolution 4
Director’s Election –Michael Sang
To consider, and if thought fit to pass, the following ordinary resolution:
“That Michael Sang be elected as a Director by Shareholders.”

COMVITA ASM 2023
93
Resolution 4
Director’s Election –Michael Sang
Mike is a professional independent Director. He is Director and Chair of Audit & Risk Committees for Orion NZ,
BRANZ and Government Super Fund. Mike has over 20 years’ experience with a finance background and a
career in a variety of sectors including roles as CEO of Ngai Tahu Holdings and CFO of PGG Wrightson. Mike
is a Chartered Member of the IOD and a Chartered Accountant with CAANZ.

COMVITA ASM 2023
96
Voting – Proxies Received
RESOLUTIONFORAGAINSTPROXY
DISCRETION
APPOINTMENT & REMUNERATION OF
AUDITORS
28,996,878
(98.25%)
166,496
(0.56%)
351,081
(1.19%)
RE-ELECTION OF BRETT HEWLETT
29,177,151
(98.79%)
7,119
(0.02%)
351,081
(1.19%)
ELECTION OF JULIA HOARE
29,110,616
(98.57%)
71,054
(0.24%)
351,081
(1.19%)
ELECTION OF MICHAEL SANG
29,172,444
(98.78%)
8,501
(0.03%)
351,081
(1.19%)

S E C T I O N
Q + A

COMVITA ASM 2023
Farewell & Thanks
Sarah Kennedy
&
Luke Bunt

Mihi Whakatau

Poised
F O R T A K E-O F F
F Y 2 3 A N N U A L R E V I E W

---

COMVITA LIMITED – ANNUAL SHAREHOLDERS’ MEETING
Wednesday 4 October

OPENING MIHI WHAKATAU: Wetini Paul

CHAIR ADDRESS
BY BRETT HEWLETT

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Kia ora, Tena koutou, tena koutou, tena koutou katoa.
Morena and welcome to Comvita’s Annual Shareholders Meeting.
My name is Brett Hewlett and I am the chair of the Comvita board.

Today’s meeting is being conducted both in person and online.
We are very pleased to welcome those of you participating online through the virtual meeting platform
provided by our share registrar, Link Market Services. I’ll provide you with further instructions as we
progress through the meeting, but if you encounter any issues, please refer to the virtual meeting online
portal guide or you can phone the helpline on 0800 200 220.

For those of you here in attendance, I firstly have a few points of housekeeping to cover off with you:
Can I ask that you please put your mobile phone on silent.
Toilet facilities are located near the entrance you came through and to the left.
If a fire alarm goes off, main fire exits are marked by the running green man to the left and right, please exit
and convene on the grass area out front of the venue. Please follow other directions from the team.

I would like to welcome here today my fellow Directors and members of the Executive team who I will
introduce shortly.

I’d like to welcome Trevor Newland from KPMG, our Companies auditor, who joins us online and to the team
from our share registrar, Link Market Services. They will help conduct the voting on the formal business
later in the meeting and also act as scrutineer.
During this annual meeting anyone in the room or online will be able to ask questions and vote. I encourage
you to do so.

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For those of you online, you can send through your questions at any time through the online portal by
clicking the “Ask a question” button within the virtual meeting platform, select the item of business, type in
your question and click Submit. I would encourage you to do so as early as possible as this will allow us to
answer these questions at the appropriate time of the meeting.

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The Company Secretary has confirmed to me that the Notice of Meeting has been sent to shareholders and
other persons entitled to receive it.

I have been advised that there is a quorum present and so I declare the meeting open

Proxies have been appointed for the purposes of this meeting in respect of approximately 29.5M shares,
representing over 42% of the total number of shares. My fellow directors and I intend to vote all
discretionary proxies we have received in favour of the Resolutions as set out in the Notice of Meeting.

The financial statements for year ending 30 June 2023, and the Auditors report for the period are available
under the Investor Centre on our website. The Annual Report was made available on our website on the
22nd of August, on the same date as we announced our annual results. Hard copies are available either
through Link Market Services, or by contacting our Customer Experience Team on 0800 504 959.

We are very proud of our Annual Report. It is a comprehensive document with something for all
stakeholders. Very pleased to confirm that our FY22 integrated annual report has been awarded Best
International Annual Report and the world's best non-traditional annual report at this year’s global ARC
awards (the Oscars of the annual reporting world).

I’d like to thank shareholders for their level of participation in today’s meeting. It’s such a pleasure to be
able to return to holding these meetings in-person whilst still maintaining the inclusiveness and
convenience of virtual meetings as we also live stream todays ASM.

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After my short address covering the performance highlights of our last fiscal year, I will hand you over to
our CEO, David Banfield who will take you on a deeper look into Comvita’s operations, our strategies, how
we are engaging with multi-stakeholder communities and lastly provide some insights on our future
ambitions.

We will then complete the formal business of the meeting including the resolutions.
We will then take questions before finishing with general business which will include a thank you message
for our departing Directors.


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Let me start with an introduction to my fellow Board members.
Bridget Coates, Julia Hoare, Bob Major, David Banfield.
Also, online with us today, we have Mr Guangping Zhu dialing in from Shenzhen, China, and we have Alfred
Luk (Yawen’s alternate Director) from China Resources based in Hong Kong.
Apologies have been received from Yawen Wu (China Resources) and also Alan and Lynda Bougen.
Perhaps a bit strangely for him we have Luke Bunt as shareholder and guest attending today’s meeting.

We have made several changes to the Board over this last year. In March we said farewell to Sarah Kennedy
after 7 years. She is succeeded in her role as Chair of the Safety and Performance Committee by Director
Bob Major.

At the end of September Luke Bunt officially signed off after 9 years on the Comvita board. Luke's role as
Chair of Audit & Risk is taken up by Director Julia Hoare who joined the board in March this year and stands
for election today by you, our shareholders.

We will take the opportunity at the end of todays meeting to officially thank both Sarah and Luke.

After serving for over a year on the Audit & Risk Committee and, upon Julia's appointment in March, Bridget
Coates has moved on to the Safety and Performance Committee. Her breadth of experience in governance
of sustainability and climate change related matters is proving invaluable.

Worth mentioning is that for the calendar year 2022 we also had a young emerging Director, Jerome join
us. It is our intention to appoint another emerging Director in the 2024 calendar year.

Later today we will be introducing you to our newly appointed Director, Michael Sang who also stands for
election today. Mike's governance career is still relatively new but he has over 20 years corporate
experience including as CEO of Ngai Tahu Group Holdings and CFO of PGG Wrightsons where he has
developed a strategic growth mindset across a variety of primary industry sectors (including apiary and
forest development) and managing multi-stakeholder interests including Tangata Whenua. Unfortunately,
Mike is unable to be with us today due to a previous family commitment.

The board are committed to a process of continuous review and succession planning when it comes to the
selection and appointment of new directors. We take a forward looking view on matching Director skills and
board culture with the evolving needs of the business.

I am proud to be serving on the board of Comvita with such a capable and wise team of Governance
professionals. Comvita comes with its fair share of challenges and complexity. I want to thank my fellow
Directors for their loyalty and ongoing commitment to the cause.

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Now, to Company performance. The global wellness industry has experienced strong growth in recent
years, with consumers increasingly seeking natural solutions to help build their immunity. The impact of
Covid has accelerated this trend and the industry is showing resilience through the global economic
slowdown. Comvita’s product offering of high Quality Mānuka Honey, Propolis and Olive Leaf extract
coupled with our premium brand positioning positions us nicely to take advantage of growth in the Health
and Wellness sector.

2023 has been somewhat of a watershed year for Comvita. We had to demonstrate that even while
operating under the dark clouds of a global recession and lagging economic recovery that we could
continue to build momentum and that our focused strategy to drive demand for our premium brand
positioning was paying off. The board are extremely pleased to see that Comvita has been able to increase
market share and grow top and bottom line in all our markets where many companies are going backwards
or even failing all together.

Company performance in the second half was especially impressive. We finished the year with a record
$234m of group Revenue, up 12% on the prior year. Whilst recovery was slow in our biggest market China,
we grew 12.5% surpassing the milestone of $100m of Revenue in that market for the first time. Comvita’s
performance in the China market and in fact all the APAC Region continues to impress. This is testament to
the commitment and agility shown by our teams across the region. It also provides confidence that
increasing the level of investment into brand and marketing to more than $30m, especially during the tough
times, is the right thing to do.

Operating Profit of $24m was up 18.7% on the prior year. EBITDA (after ERP) of $33.5M was up 11.4% on the
prior year.

Our Net Debt position at the close of the year was $57M. The cost to service that debt has weighed on our
net earnings result compared to the prior year given prevailing interest rates. We are confident that the
strongly positive cashflow trends we saw in the second half of the year will continue and that we will be able
to reduce our net debt position over time.

Reported NPAT of $11.1M, or $13.1M after ERP, on the surface indicates a relatively flat year on our net
earnings. However, underlying trends on net earnings growth remain strong driven by high gross margin
and revenue growth. We are still working our way through a number of investments in business

transformation initiatives including a comprehensive upgrade to our ERP system. We also had one-off
impacts from stock right-offs related to cyclone Gabriel and material negative forex adjustments. We
remain on track with our plan to realise our objective of $50M EBITDA and an NPAT of over $20M in FY25.

That confidence in underlying trends enabled the board to announce a final fully imputed dividend of 3cps,
bringing the total dividend for the full year to 5.5cps, in line with last year.

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At Comvita, Directors take responsibility to act as guardians of the founding principles and our Cause in a
sustainable way for the benefit of all our stakeholders. We take seriously our environmental, social, and
governance responsibilities, and we act accordingly. In so doing, we will make balanced choices for
investment; balanced choices in how we spend our time and resources; and balanced choices in terms of
how we think about success.

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Our Harmony Plan is both a roadmap and a commitment to perpetuate positive impact for people, bees
and the planet. For us it captures our determination to leave the world in a better place. We celebrated a
number of material Harmony Plan outcomes throughout the last year;
 We signed a partnership agreement with Ole (one of China’s largest premium supermarket chains)
premised on a shared commitment to long-term ESG initiatives and outcomes
 Under our 1% EBITDA commitment, we donated more than $300,000 to a multitude of community
initiatives in NZ, Australia, United States, Korea and Africa.
 91% of the global Comvita team are now shareholders
 We launched a Bee Welfare Code across all Comvita apiary branches. More than 44 million bees
were rescued from extermination and,
 We launched our Time to Heal programme for our global team with 1,008 employee hours
volunteered in support of environmental and community causes.

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Comvita was founded with long-term views around balancing purpose and profit. Becoming a certified B
Corp company is in line with those founding principles, and we are truly proud of this achievement. This
was made possible when at our ASM in September last year Comvita became the first NZX listed
organisation to change its constitution to reflect the importance of all stakeholders when making
investment and strategic decisions. This was a requirement for our B Corp certification. Thank you to all
shareholders for supporting this change.

B Corp certification is an internationally recognised designation that a business is meeting high standards of
verified performance, accountability, and transparency across a spectrum of ESG factors. It is my firm belief
that it will become increasingly difficult to gain access to discerning European and Asian markets if your
organisation does not have sustainability accreditation such as B Corp. Furthermore, international capital
markets are placing a value premium on entities that carry a B Corp accreditation.

Thank you to the team at Comvita for their diligence and tenacity in pursuit of this significant achievement.

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B Corp Video.

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The tragic events of Cyclone Gabrielle and other major weather events around the world have bought
climate change into devastating focus. Comvita recognises the criticality of long-term environmental

readiness and risk mitigation for the future of our business and our planet. We remain committed to being
carbon neutral by 2025, and we are setting near and long-term science-based carbon reduction targets.

We have completed our second global GHG inventory, capturing end-to-end business activities across our
global value chain. This extensive process has been audited by Deloitte against ISO 14064 GHG protocols.
We passed our second audit with flying colours. Details can be viewed in our annual report.

Our FY23 climate action performance has been assessed as follows;
 Our global greenhouse gas inventory showed a 9% increase in gross emissions compared to last
year. The rate of increase is at less intensity than our sales growth of 12% showing an overall
improvement in ratios. It does, however, highlight areas for focus in the future.
 The total estimated removals through sequestration from all Comvita forests increased by over
90% last year. However, a number of those forests have been now registered under the Emission
Trading Scheme (ETS) requiring them to be excluded – it seems that you cannot have your cake
and eat it too! On a like for like basis our GHG removals position is therefore 12% improvement vs
what we achieved last year.
 92% of our packaging is recyclable, reusable and/or compostable, up from 89% last year. We
diverted 171 tonnes of waste from landfill, with 60% been recycled.
 We are in the foundation stages of our sustainable procurement journey. Last year we put in place
a Sustainable Procurement Policy and a Supplier Code of Conduct as well as developed a
significant supplier pre-screening framework.

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Comvita is committed to ensuring health and safety is integrated into daily operations. Ultimately, we are
empowering all Comvita people to be safety leaders in the workplace to ensure all return home safe and
well every day.

It has been very pleasing to see the sharp reduction in the number of Motor Vehicle accidents over the year
as this has been a critical risk issue associated with the seasonal work by apiarists. We have also seen a
welcome increase in near miss reporting and a jump in the safety culture maturity index two significant lead
indicators of workplace Health and Safety culture.





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Our unique business model includes positioning teams in our core markets. Our team now totals 559 (or 630 if
you include the team members that joined us following our recent acquisition in Singapore). 60% of those are
based in seven markets outside NZ.

As we approach the milestone of our 50th year, we are writing the next chapter for Comvita. For Comvita to be
at our best, we need to create an environment that enables our team to perform. Creating an aspirational,
inclusive and connected workplace where our team can thrive is crucial to engagement and performance. We
are encouraged that our net promoter score from the team increased to 21 during this period. But recognise we
have got more work to do.

One of the great challenges of all corporations today is attraction and retention of talent. The board have been
extremely supportive of the managements multiple initiatives to stay at the top of the game in the increasingly

competitive world of “talent”. That includes providing a pathway to making team members shareholders. Our
shareholders should feel very comforted by the lineup of leaders and talented teams that we have at Comvita.

On behalf of the Board and our Shareholders I want to thank everyone at Comvita for their commitment and
loyalty to our cause. Congratulations on another great year for the Company.

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I’d like to summarise the year with the following:
 Good result in a tough environment
 Resilient and agile in our response to risks as they evolve
 Cause led organisation
 Well positioned and responding well to the additional ESG and reporting requirements expected of
a sustainable global company
 Ongoing evolution of the board to meet future needs
 We are poised for take-off

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Before handing over to David, I’d like to introduce you to the members of our leadership team including and
thanks them and David.
David Banfield, our Chief Executive Officer
Nigel Greenwood, our Chief Financial Officer
Andy Chen – Deputy CEO & Regional Chief Executive Officer for Asia-Pacific.
Holly Brown, Chief Digital and Marketing Officer
Dr Jackie Evans, our Chief Science Officer
and our moderator who will be reading out our online questions
for today

Kirsty Dent – Acting Chief Purpose and Transformation Officer.
Tracy Brown – Chief Operations Officer
Adrian Barr – Chief Business Development Officer
Chris France – Chief Technology Officer and
Jessica Sanders – Executive Assistant

I will now hand you over to our CEO, David Banfield.

CHIEF EXECUTIVE OFFICER’S ADDRESS
BY DAVID BANFIELD

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Tena koutou, tena koutou, tena koutau katoa,
Nau mai, Haere mai

Good morning ladies and gentlemen, fellow shareholders, I am delighted to also welcome you to this year’s ASM
and to also welcome the majority of the Global Comvita team joining as shareholders.
It’s particularly nice to see a number of you in person at today’s hybrid meeting and to welcome those of you
joining digitally.

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Back in 2020 I shared with you our plan to deliver $50M EBITDA by 2025, the year that we turn 50 as a business.
I shared our purpose, I shared our business model, 60:15:20 – 60% minimum GP, 15% marketing to sales and a
20% EBITDA target and I shared our plan to stabilize performance, transform the organisation and build long-
term resilience and growth.
I am delighted and proud that we have now delivered three and a half years of consecutive results in line with
our plan and remain on track to deliver our $50M EBITDA target in 2025.

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I also shared our arotahi (focus) to put the consumer at the heart of our thinking and our intention to double
down in line with our primacy of market focus. I shared how our unique vertically integrated business model
differentiated us from our competition and how I felt that this was a significant differentiator vs “exporters”. I
shared our plan to become a global leader in ESG along with the three-part plan that I mentioned earlier. I also
shared stages of organisational development that we entitled ‘Crawl’, ‘Walk’, ‘Run’ and what this would mean for
long-term development at Comvita. Finally, I shared our intention to become carbon neutral in 2025 and net
positive by 2030. I’m delighted with the progress we are making on all aspects of this plan and have included an
updated traffic light system (red, amber, green) to show where we are ahead and where we have more work to
do. We are unashamedly focused on creating a true performance culture , and I would like to thank the whole
team for the huge effort that has gone in to delivering performance at Comvita, creating connection to our
purpose and with consumers around the world and building our own legacy during this exciting chapter.

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We remain focused on product categories that will enable and facilitate the natural health and wellness
transformation that we are aiming to deliver at Comvita. We have some really exciting product categories and
are developing new areas that will further differentiate Comvita from the competition and open up new and
highly targeted usage occasions. Though it should be noted that these areas are absolutely aligned to our focus
on bee products and Olive leaf.

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Our Harmony Plan captures our absolute focus and intention to leave the world in a better place. I am delighted
by the reaction that we get to this plan from consumers, team members and governments around the world.

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Our plan starts with our determination to advocate for and protect bees through education, action and
awareness around the world. As I will share shortly, our Mānuka forests are a wonderful example of the virtuous
business model whereby the more successful we are the more native Mānuka we plant, in fact we are committed
to planting one tree per pot of honey sold. We are also committed to ensuring that we understand the impact

on biodiversity of our forests and again I’m delighted to share the positive impact we have seen. We aim to be a
global leader in ESG targeting to be carbon neutral by 2025 and carbon positive by 2030. Finally, we are proud
to invest 1% of our annual profits into causes that support our social and environmental goals.

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In FY23 we reported record sales of $234M, an increase of $25.3M or +12% vs PCP. All our segments showed
double-digit revenue growth, with greater China reporting revenue of over $100M for the first time. Our gross
margin was in line with our plan, and we invested a record of $30M in our brand. Our EBITDA after ERP costs was
$33.5M, +11.4% again, in line with our plan. Our net debt finished the year at $53.4M with inventory at $136M,
whilst inventory and net debt reduced in H2 we are targeting further reductions in both by 2025.

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Looking at our segments, Greater China delivered revenue of $109M, +12.5% vs PCP, North America delivered
$35.6M, +12% vs PCP, Rest of Asia $31.8M +16% vs PCP, ANZ delivered $40.8M +17.5% vs PCP and EMEA $5.9M
+14% vs PCP. Second half growth across all market segments was +17.4% vs PCP.

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Our business model continues to prove successful with a combination of high-quality people on the ground and
investment in our brand helping us increase share. In Hong Kong SAR we grew our share to 75%, in Mainland
China and Korea to 60%, Rest of Asia to 25%, ANZ to 46% and finally North America to 25%.

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In the recent 6.18 (18 June) festival in China we were number 1 on T-Mall, number 1 on T-Mall Supermarkets (with
a 69% share), number 1 on T-Mall global in the candy segment, with propolis lozenges up by 110%. We were
number 1 on JD, Tik-Tok and Hema with the latter improved by 82% YOY. We were also delighted that our
collagen drink was awarded a silver new product of 2022 in the ISEE awards.

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I was proud to represent Comvita on the recent successful Prime Ministers trade mission to China. I was
particularly proud to sign an MOU with one of our large trading partners, Olé (the largest premium wellness
retailer in China) and was particularly pleased that they want to develop category plans with us in line with the
principles that we share in our Harmony Plan.

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We feel real momentum in our business and onscreen you can see how we have grown our revenue from $171M
to $234M in 2023. E-commerce share of total sales from 23% to 42%, Greater China revenue from $77M to $109M,
gross profit from 37% to 60% and our EBITDA after our investment in ERP, from loss making to $34M.

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We are incredibly excited about our opportunity to deliver significant long-term growth. The total addressable
market for honey is forecast to increase from $9 to $15BN USD. We currently have household penetration of less
than 1% in our active markets and yet we know when we get distribution and activation right we can deliver
household penetration of over 3% as we see in Hong Kong. And finally, we know as consumers become more
engaged in our brand through our direct-to-consumer business we can grow lifetime value by over 300%.

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Given the exciting long-term growth opportunities, it is important that we secure long-term quality supply and
have a business model that enables us to weather events outside our direct control.

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We continue to partner with New Zealand landowners with the aim to establish Comvita managed forests around
Aotearoa New Zealand, increasing the quality of honey, reducing cost of production, and ensuring secure supply.

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Our supply model targets highest quality product, with the lowest relative cost and positions us as the most
sustainable operator in our sector, with us also aspiring to be the best partner for landowners focusing on health
and safety and bees.

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Our harvest model was proven successful again in FY23 for the fourth consecutive period. We are targeting to
deliver 20K hectares of forests by 2030 and again, our forest hypothesis was proven in FY23 (forest model, 40%
improvement in yield, 60% improvement in quality of yield and 20% reduction in cost per hive). We are in active
discussions with external partners to fund and accelerate our forest expansion.

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You can see on the slide how the share of supply from our Mānuka forest increases from 3.6% in FY22 to a more
significant 11% forecast in FY24. This will continue to grow as percentage of our total supply, meaning higher
quality, with lower relative cost.

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As you know Mānuka is a native species that supports the creation of a diverse habitat that in return allows our
native flora and fauna to thrive. We have developed a framework which monitors our sequestration rates,
waterway and land stability improvements and removes predators. We believe, that this makes us a better long-
term partner.

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We are absolutely focused on understanding the science of nature, uncovering the secrets that nature offers and
putting these secrets into products that help heal and protect the world and enable Comvita to be truly
differentiated vs our competition.

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For nearly 50 years we have been at the forefront of world leading expertise in Mānuka honey. We invest more
in science and research than the rest of the industry combined.

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We believe that nature doesn’t hide its intelligence we just need the wisdom and sometimes patience to see it.

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We have put together a world leading panel of gastroenterologist and health researchers to help guide our
thinking and understanding, including experts from Australia, NZ, America, HK SAR and the UK.

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We are determined to ensure that with our inventive discovery, we protect IP with patents to give Comvita long-
term competitive advantage. We have 44 patents granted currently and have an additional 21 patents pending.

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At our stakeholder day back in May this year. We shared the discovery of Comvita Lepteridine™ a unique natural
compound found in Mānuka nectar and honey. We believe this offers multiple clinically relevant health benefits.
It’s highly heat stable and also stable in gastric and intestinal simulation. It inhibits a key biological pathway
within inflammatory digestive orders and importantly it’s patent protected.

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Our clinical trial in partnership with HVN is underway and we look forward to sharing the results in late December
or H1 2024.

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We thought you’d like to hear some words from Professor Richard Gearry and Nicole Roy who are leading this
research with Comvita.

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We are part of a clinical trial looking at the effect of a healthy NZ diet including Mānuka honey on metabolic
health, Propolis for immunity, Mānuka honey for a-topic dermatitis and finally the impact of Comvita Mānuka
honey on antibiotic resistance.

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I now handover to Dr Jonathan Cox to share some of the work we are doing together.

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And finally, I’m also pleased to share our first biodiversity and ecological improvement results. Our findings
included that we benefited invertebrate density and diversity, native bird and bat activity and freshwater health
and clarity. Five-year Comvita Mānuka forest supports comparable, ecological system health to a regenerated
mature forest of over 30 years old.

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Our business model is designed to ensure that as we become more successful, we are able to invest more to tell
our incredible founding story of Comvita and our ongoing transformation into a global leader in premium natural
health and wellness solutions. Our investment in marketing and brand building in FY23 is the equivalent of the
top seven/ eight brands annual turnover. We see this as another virtuous model whereby the more successful
we are, the more we share the magic of Comvita Mānuka honey with discerning consumers around the world
and increase household penetration or total addressable market further. This in turn means the more we invest
in planting trees for long-term quality supply.

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Our target consumer is female, 30-50, seeking healthy natural ways to maximise life and energy. We call her our
‘ideal she’.

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We engage and interact with our ‘ideal she’ at targeted events around the world. Here you can see Times Square,
NY Fashion Week, Auckland Marathon and through super premium activation moments.

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Our progress and brand profile is best evidenced by two specific events both related to CIIE in 2022. Behind me
you can see our stand at this most prestigious of events – I hope you’re as proud of this execution as we are.
Secondly, the local Government near our office were asked to recommend three international brands who they
felt were exemplars, they chose BMW, Anheuser Busch and Comvita. Again, a fantastic accolade for the work
being done by the team .

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We aim to ensure our ‘ideal she’ is able to interact with us in high quality experiential environments, at moments
where she is able to give herself some time. In the images you can see our Wellness Lab, our Haymarket
execution and partnerships with Korean air and Cathay Pacific.

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Andy and I both share a background in retail and as such share a passion for world class execution. I’ll now
handover to Andy to share our story across APAC.

ANDY CHEN, DEPUTY CEO & REGIONAL CEO APAC

As Daivd mentioned, Comvita has lots of unique advantages as the category leader and our Retail Excellence is
another one. We have the biggest and strongest team on ground among the whole industry and they are
effectively telling our stories to our local consumers for emotional engagement.

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Our premium retail journey started in HK from 2001 with local giants and authentic channels. After two decades’
learning, we have successfully premiumised CVT brand and solidified our footprint across Greater China region
with both flawless execution and industry-inspiring space productivity, which helped us to knock open doors
everywhere.

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Our huge success in HK attracted resourceful partners on mainland side and Mr. Zhu opened our first retail shop
in Shenzhen back in 2004, activating our premiumisation journey across wider region. After nearly two decades’
pioneering efforts, Comvita has now opened over a hundred retail outlets to engage millions of consumers across
total China.

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Then our success in Shenzhen quickly gained good locations in Guangzhou, another mega city with nearly 20m
people. And our talented team won over many hearts again with the impressive modern retail execution.

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We then opened more retail outlets in Shanghai, the commercial hub of China with nearly 30m people and our
retail model continually evolved with the sophisticated consumers in this city with a nickname of Magic City. It's
all the nuances that really matter.

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Beijing, the Imperial City of China of course is also very important for our retail success. And our huge success in
Beijing has overflowed into the sister city Tianjin as well, another city of nearly 20M people. When you look at
this remarkable retail execution that dwarfed everyone in both quality and scale, you will understand why the
PM delegation to Beijing was amazed and particularly stopped to study on Comvita success there.

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Many are talking about BJ’s strategy to develop Hainan Island into a world class Free Trade Port and as the
Mānuka pioneer, certainly we have already made our moves faster than others again, in both tourism shopping
and local retail.

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Our retail successes in Greater China and Korea gave us confidence & experience to conquer the world faster
and better, and you may have heard of our latest news in Singapore, another regional powerhouse with both
money and talents pouring in. Comvita always acts proactively and strategically as the absolute market leader

and our Comvita stories quickly engaged local consumers and local business partners like Honey World who
admired Comvita’s science & quality abilities and also the worthy purpose. After the marriage with Honey World,
Comvita Singapore is now operating 18 retail outlets and a number of pop-up stores seasonally, gaining market
share of over 50% now.

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The integration is going really well under our perfect formula of 1+1=3. The retail abilities from both sides are
making us really strong in Singapore now.

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In parallel, our retail success have also lined up lots of high quality partners like local pharmacies who love us
enough to tailor-make shelves for us, display our products on end cap, side kick and cross-merchandising. And
this brings back inspiration to our own and our other retail partners’ retail excellence as a truly global Mānuka
brand.

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Comvita’s retail expertise further extends into retail-tainment to make sure our consumers and their loved ones
are both cared for. Such emotional engagement further reinforces our consumer loyalty and brand affinity.

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Echoing Daivd's premiumisation message earlier, we have doubled down our efforts to further premiumise
Comvita brand for ‘Ideal SHE’, our major target consumers. This is now effectively supporting our unique formula
of 60:15:20 and also reinforcing our brand equity across global markets, especially in Asia Pacific region.

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South Korea is def a very important economy body in APAC region and we have a very talented team based in
Seoul, to engage hundreds of thousands discerning consumers there with our industry pioneering retail model
to quickly establish Mānuka Honey market. With our further investment since 2020, we are now operating a
number of premium retail outlets across Korea to make our brand sticky and aspirational with local consumers.

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Our talented team have extended our retail expertise into broader areas for absolute winning positioning and
also premiumisation. Even the non-retail giants like Grand Hyatt Seoul are now using a bit of our premium retail
ability to inspire their customers with a tasty and healthy Hi Tea.

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By now some may ask how about ANZ market and yes, our Win at Home strategy includes retail excellence as
well. Last year, we engaged a customer with retail ability in Sydney to open our first SIS in the fully packed
Haymarket. Their strong retail execution together with Comvita Asian markets’ best practices are now driving
heavy traffic into the shop.

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Haymarket store success is now gaining more and more retail space at prime locations across Sydney. And even
the airport retail operator is now convinced with our brand potential and retail excellence and removed a
number of competitor products to give us one of the best retail spaces at Sydney International Airport.

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In our home market New Zealand, we pioneered travel retail in the Mānuka industry and our Auckland airport
footprint is the earliest and strongest, with impactful displays on both sides of the main isle connecting the
security gates and boarding gates..

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By now you may have realised our global strategy underpinning all these retail successes – building a winning
proposition across APAC region.

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While we are optimising our daily operations and building our winning proposition, Comvita team have already
forged ahead to upgrade our retail under the Responsible Living concept to further differentiate us from the rest.

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Our existing retail excellence and Premium FMCG transformation has drawn attention from more and more like-
minded business partners. And we will continue to test and learn proactively for the future, as the
absolute market leader.

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Our retail excellence constantly lays a solid foundation for us and another unique advantage of Comvita will help
us amplify that with our WeChat store and associated consumer insight. Let's hear it more from David on
Comvita's digital abilities.

DAVID BANFIELD, CEO RESUMES

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Understanding our consumers’ needs and purchase habits is crucial for long-term, profitable growth. We like to
think of this in three ways, 1 – building household penetration, 2 – frequency of use, 3 – activities that drive brand
affinity and loyalty. We believe that data is key to us delivering moments that matter for our ‘ideal she’ and this
is why we shared our FY25 target to deliver 50% of our total revenue from e-commerce.

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In FY23 we delivered our strongest digital earnings and share of revenue. With e-commerce accounting for just
under 42% of our revenue, or $98M at accretive margins. Our three-year revenue CAGR is 26.7%.

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We ask consumers to join our movement to create a world where bees and people thrive in harmony.
Here you can see how our ‘ideal she’ program, designed to recognize and reward long-term brand loyalty.

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In FY21 we recognized the opportunity that would come through the emergence of the metaverse and created
our very own virtual wellness lab. This lab is designed to bring functionality, information and services to our
consumers as we deliver an unparalleled experience.

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Here you can see how we bring together our philosophical beliefs, our virtual reach and our sensory experience
designed to deliver harmony as we launched our special reserve honey recently. Here’s a short video of how that
experience comes together.

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I hope you enjoy this Video about how we create an integrated experience.

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We believe that as we give nature the time to thrive, incredible things will happen.

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FY23 record revenue $234M +12% vs PCP
 Momentum building, H2 revenue +17% vs PCP
 FY23 earnings in line with plan and guidance
 Growing share in key markets
 FY24 forecasting double digit EBITDA growth
 Positive operating cashflow H1 and H2
 Revenue and earnings growth weighted to H2
 We are excited by our Lepteridine™ clinical trial results
 Launch of Caravan Honey range
 Full year of HoneyWorld™
 Looking forward we remain On track to deliver FY25 plan of c$50M EBITDA (20%)
 Operating in a Global honey market that’s forecast to grow by 67% or US$6BN by 2030 with consumer
trends strong growth in premium natural health and wellness solutions

Ultimately , WE BELIEVE WE ARE POISED FOR TAKE-OFF
Before I hand back to Brett, I’d like to thank Brett and the Board for their support and challenge and the whole
of the Comvita team for their huge commitment and focus on us writing an incredible chapter together to add
to Comvita’s rich history . As Sir James Henare said, when asked what’s the most important thing in the world.
He replied ‘He tangata, he tangata, he tangata’ / ‘It’s the people, it’s the people, it’s the people’.
Kia ora.

CHAIR RESUMES FOR RESOLUTIONS, GENERAL BUSINESS & Q&A

END.

For further information contact: 
Kelly Bennett, One Plus One Communications 
Mobile: +64 21 380 035 
Email: kelly.bennett@oneplusonegroup.co.nz 
 
 
Background information Comvita 
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 600+ 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.