Comvita 2024 Annual Shareholders' Meeting

ANNUAL SHAREHOLDERS MEETING
30 OCTOBER 2024
PRESENTED BY:
Bridget Coates, Chair
Brett Hewlett, CEO
Agility in
unpredictable
times

Karakia

COMVITA ASM 2024
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 2024;
•Includes non-GAAP financial measures such as
Operating Profit/(Loss), Operating EBITDA 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; and
•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

Chair address
4

COMVITA ASM 2024
5
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

COMVITA ASM 2024
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
6
Voting Card
Question box

COMVITA ASM 2024
Formalities
•Notice of Meeting
•Quorum
•Proxies
•Annual Financial Statements
7

COMVITA ASM 2024
Financial summary
F Y 2 4
8
(12.7%) vs PCP
Revenue
$ 204.3 M
($26.1M) vs PCP
Reported EBITDA
pre-impairment
($ 4.5M)
($23.2M) vs PCP
Underlying EBITDA
$ 10.3M

Underlying NPAT
($ 9.3 M)
($88.5M) vs PCP
Reported NPAT
($ 77.4M)
($22.4M) vs PCP
Gross Margin
55%

* Reported EBITDA pre-Impairment is a non-GAAP financial measure calculated as earnings before interest, tax, depreciation, amortisation and impairment and does not have a standardised meaning prescribed by GAAP.
* Underlying EBITDA is also a non-GAAP financial measure under which EBITDA is adjusted for one-off matters, including non-cash impairment and one-off non-recurring costs.
(450bps) vs PCP

COMVITA ASM 2024
Financial summary
F Y 2 4
9
($1.7M) vs PCP
Inventory
$ 134.4M
+$26.3M vs PCP
Net Debt
$ 79.7M
Non-cash
Impairment (Pre-Tax)
$ 64.2M

Banking Covenants

Comvita announced to the market on 30 September 2024.
it’s banking syndicate agreed to waive Comvita's Q1 FY25 covenants.
The company remains in positive discussions with its banking syndicate to
revise its covenant structure for the balance of FY25.

COMVITA ASM 2024
Honey Market
F Y 2 4
H E A D L I N E S
•Revenue and associated gross profit in key markets were impacted by
−Macro economic slowdown in our biggest market
−Price competition in entry point segments of Mānuka honey
•Over supply from pre 2019 has created a glut of honey
•Exporters are discounting to clear inventory
•Business was planning for growth in FY24.
•High fixed cost model impacts Comvita subsidiaries net contribution
disproportionately
10

COMVITA ASM 2024
Challenge converting high margin to bottom line
CAGR 3.6%CAGR 12.0%CAGR 24.0%
N E E D T O R E V I E W O U R U N D E R L Y I N G F I X E D C O S T S T R U C T U R E
171 196 192 209 234 204
-
50
100
150
200
250
FY19 FY20 FY21 FY22 FY23 FY24
GROUP SALES
SALES FY19 – FY24
0%2%13%14%14%5%
0%
2%
4%
6%
8%
10%
12%
14%
16%
FY19 FY20 FY21 FY22 FY23 FY24
UDERLYING EBITDA AS % OF
SALES FY19 – FY24
37%
49%
54%
60%
59%
55%
0%
10%
20%
30%
40%
50%
60%
70%
FY19 FY20 FY21 FY22 FY23 FY24
GROSS MARGIN %
FY19 – FY24
* Underlying EBITDA is also a non-GAAP financial measure under which EBITDA is adjusted for one-off matters, including non-cash impairment and one-off non-recurring costs.
11

COMVITA ASM 2024
Sales trend in strategic areas
CAGR 3.6%CAGR 3.0%CAGR 14.4%
C O M P O U N D G R O W T H = A V E R A G E A N N U A L G R O W T H R A T E O V E R T I M E
171 196 192 209 234 204
-
50
100
150
200
250
FY19 FY20 FY21 FY22 FY23 FY24
GROUP SALES
SALES FY19 – FY24
77 79.0 93.1 96.9 109 90
-
20
40
60
80
100
120
FY19 FY20 FY21 FY22 FY23 FY24
GREATER CHINA
SALES FY19 – FY24
13 22 25 32 36 26
-
5
10
15
20
25
30
35
40
FY19 FY20 FY21 FY22 FY23 FY24
NORTH AMERICA
SALES FY19 – FY24
12

COMVITA ASM 2024
Sales impact
F Y 2 4
V S P C P
13
FY24
$ 26.1 M
(-$9.5M or 26.6% vs PCP)
(-$19.2M or 17.6% vs PCP)
•Mainland China sales -22.9% or -
$20M
•Impacted by partial cancelation of
key 12:12 and 6:18 shopping
festivals and broader honey market
sales vs PCP
•North America sales -$9.5M
•Loss of distribution with one major
customer -$11.3M vs PCP.
•Excluding above offline revenue
+19%
•Online revenue 49% of total +7% vs
PCP
FY23
$ 35.6 M
FY24
$ 89.8 M
FY23
$109.0 M
VS
VS
NORTH AMERICAGREATER CHINA

COMVITA ASM 2024
Our response
F Y 2 4
•Launched Good and Better product range
•Value range launched in China
•Enhanced consumer education on Comvita across Asia
•Regional NPD to drive trial, category excitement and relevance
•Premiumisation brand focus, leveraging science and forests
•$10-$15M cost out program to build agility in economic cycles
14

COMVITA ASM 2024
Climate & GHG summary
F Y 2 4 G L O B A L
R E S U L T S
GREENHOUSE GAS EMISSIONS – GLOBAL tCO
2
eFY24
tCO
2
e
FY23
tCO
2
e
Difference
%
Total Gross Emissions (S1,2,3)26,07934,944(25%)
Total Net GHG Inventory Emissions24,59129,102(16%)
Adjusted Net GHG Emissions including Comvita &
Other NZUs
10,42524,096(57%)
Emissions Intensity – Gross GHG Emissions KgCO
2
e
per NZD1 of revenue
0.1280.149(14%)
•Comvita published its first mandatory climate-related disclosures in its FY24 Climate Statement,
outlining its key climate-related risks and opportunities.
•Gross GHG emissions decreased due to less sales-related activity, optimising external honey
purchases, and supply chain efficiencies and improvements.
•Removals decreased to the registration of forests under the ETS – reducing removals in GHG
inventory but increasing NZ ETS NZUs generated.
15

COMVITA ASM 2024
Global whanau and safety & wellbeing
P E R F O R M A N C E V S P C P
L T I F R
↓-59%v s F Y 2 3 ( 2 . 7 )
T R I F R
↓-28%v s F Y 2 3 ( 3 . 8 )
L I V I N G W A G E M E T F O R
NZ-B A S E D E M P L O Y E E S
+21
2.7
E M P L O Y E E P R O M O T E R
S C O R E
= 0v s F Y 2 3 ( + 2 1 )
65%
O F O U R G L O B A L
T E A M I S F E M A L E
1.1
4.6pts
S A F E T Y M A T U R I T Y
S C O R E
↑+105%v s F Y 2 3 ( 2 . 2 4 )
100%
1 J U L Y 2 0 2 3 – 3 0 J U N E 2 0 2 4
16

COMVITA ASM 2024
A more positive future
•The Mānuka market remains challenging, and pressure could
persist for a couple of years
•We are closely reviewing every aspect of our business across the
world, as we position ourselves to meet the current market
•Strategic agility and a tight focus on costs are our primary focus
through this next period
•Our global customers believe strongly in the potential of Mānuka
honey and are investing accordingly
•Comvita remains the market leader : we are well positioned to
benefit from attractive medium and long-term demand drivers
17
A S M 2 0 2 4
I N S U M M A R Y

CEO address
18

COMVITA ASM 2024
19
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

COMVITA ASM 2024
Observations
F Y 2 4
•Deep global uncertainty resulting in frugal purchasing behaviour
•Localised luxury brands in China gaining momentum
•Consumer placing greater importance on quality and unique style
•Chinese (global) consumers are travelling again
•Opportunities for growth in Health & Wellness are compelling
•The NZ Honey industry is in deep crisis for survival
•We need to change – reset, refocus
20

COMVITA ASM 2024
Near-term focus on agility
K E Y I N I T I A T I V E S F O R F Y 2 5 O F R E S E T A N D R E F O C U S
21
QUARTER ONE : JULY-SEPT
QUARTER TWO : OCT-DEC
QUARTER THREE : JAN-MARCH
QUARTER FOUR : APRIL-JUNE
•Fully assess competitive threat – avoid a
race to the bottom
•Double down on cost out / freeze on capex
•Restructure/Refocus to market realities
•Half Year results announcement
•New product launches - Differentiated Premium
Vs Value
•Honey purchase plan reset matching demand
•Reduce Debt
•Realise full benefit of cost-out
•Position to rebound into FY26
•Strategic reset – Supply & Demand
•Inventory into cash
•Non-strategic asset sales
•Gain sales velocity into peak season

COMVITA ASM 2024
Near-term focus on agility
K E Y I N I T I A T I V E S F O R F Y 2 5 O F R E S E T A N D R E F C O U S
22
QUARTER ONE : JULY-SEPT
QUARTER TWO : OCT-DEC
QUARTER THREE : JAN-MARCH
QUARTER FOUR : APRIL-JUNE
•Fully assess competitive threat – avoid a
race to the bottom
•Double down on cost out / freeze on capex
•Restructure/Refocus to market realities
•Half Year results announcement
•New product launches - Differentiated Premium
Vs Value
•Honey purchase plan reset matching demand
•Reduce Debt
•Realise full benefit of cost-out
•Position to rebound into FY26
•Strategic reset – Supply & Demand
•Inventory into cash
•Non-strategic asset sales
•Gain sales velocity into peak season

COMVITA ASM 2024
Near-term focus on agility
K E Y I N I T I A T I V E S F O R F Y 2 5 O F R E S E T A N D R E F C O U S
23
QUARTER ONE : JULY-SEPT
QUARTER TWO : OCT-DEC
QUARTER THREE : JAN-MARCH
QUARTER FOUR : APRIL-JUNE
•Fully assess competitive threat – avoid a
race to the bottom
•Double down on cost out / freeze on capex
•Restructure/Refocus to market realities
•Half Year results announcement
•New product launches - Differentiated Premium
Vs Value
•Honey purchase plan reset matching demand
•Reduce Debt
•Realise full benefit of cost-out
•Position to rebound into FY26
•Strategic reset – Supply & Demand
•Inventory into cash
•Non-strategic asset sales
•Gain sales velocity into peak season

COMVITA ASM 2024
Near-term focus on agility
K E Y I N I T I A T I V E S F O R F Y 2 5 O F R E S E T A N D R E F C O U S
24
QUARTER ONE : JULY-SEPT
QUARTER TWO : OCT-DEC
QUARTER THREE : JAN-MARCH
QUARTER FOUR : APRIL-JUNE
•Fully assess competitive threat – avoid a
race to the bottom
•Double down on cost out / freeze on capex
•Restructure/Refocus to market realities
•Half Year results announcement
•New product launches - Differentiated Premium
Vs Value
•Honey purchase plan reset matching demand
•Reduce Debt
•Realise full benefit of cost-out
•Position to rebound into FY26
•Strategic reset – Supply & Demand
•Inventory into cash
•Non-strategic asset sales
•Gain sales velocity into peak season

COMVITA ASM 2024
Progress on legacy issues
K E Y I N I T I A T I V E S F O R F Y 2 5 O F R E S E T A N D R E F C O U S
25
CHINA MARKET DEMAND
LOST DISTRIBUTION IN US
HONEY SUPPLY GLUT
HIGH INVENTORY AND DEBT
•Avoiding a race to the bottom in our most premium
market – holding a line!
•Leveraging off Premium brand pedigree, retail
footprint and local new product innovation –
positioned for price points and occasion
•Price fighting value offers where appropriate
•Pressing industry regulator on maintaining quality
standards
•Roll out of Good, Better, Best to help manage
volume/prices as industry leader
•Simplifying operations – optimise to cost/kg
•Dispose of non-strategic assets. Pause on long
term investments e.g. planting
•Inventory into cash
•Simplify structure – optimise for bottom line
•Looking to regain lost distribution with
value/volume opportunities
•Fastest growing sell-out brand in Natural &
Grocery combined (SPIN data)
•New Product - local innovation

COMVITA ASM 2024
Innovation and GTM capability
W E C O N T I N U E T O L E A D T H E W AY W I T H P R E M I U M O F F E R F O R T H E C AT E G O R Y ...
26
UMF29+ MĀNUKA HONEY
UMF25+ MĀNUKA HONEYP F L 6 0 B E E P R O P O L I SGINSENG MĀNUKA

Innovating to make Premium more accessible
U M F 2 5 + L U X U R Y G I F T
E-C O M G I F T B O XK A G I F T B O XU M F 2 0 + G I F T B O X
C N Y G I F T B O X
MID-A U T U M N G I F T B O X
L O O O O O O N G C A M P A I G N
G I F T
C N Y P R G I F T B O X
27

COMVITA ASM 2024
Innovation and GTM capability
I N N O V A T I N G T O M A K E P R E M I U M M O R E R E L E V A N T T O L O C A L S
28
C O L L A G E N H O N E Y
N I G H T R E J U V E N A T I N G
H O N E Y
P R O B I O T I C S H O N E Y
100% P u r e L o z e n g e s
U M F 1 5 + S N A P P A C K

Innovation and GTM capability
A T T H E S A M E T I M E P R I C E F I G H T I N G A N D V A L U E O F F E R S W H E R E A P P R O P R I A T E
UMF5+ MĀNUKA
H O N E Y
SAM’S CLUB
G I F T B O X
SAM’S CLUB
M U L T I F L O R A L H O N E Y
S Q U E E Z Y
H O N E Y
SAM’S CLUB MĀNUKA
H O N E Y
C L O V E R H O N E Y
R E W A R E W A H O N E Y
K I D S H O N E Y
29

Retail is in our DNA

Progress on legacy issues
K E Y I N I T I A T I V E S F O R F Y 2 5 O F R E S E T A N D R E F C O U S
31
CHINA MARKET DEMAND
LOST DISTRIBUTION IN US
HONEY SUPPLY GLUT
HIGH INVENTORY AND DEBT
•Avoiding a race to the bottom in our most premium
market – holding a line!
•Leveraging off Premium brand pedigree, retail
footprint and local new product innovation –
positioned for price points and occasion
•Price fighting value offers where appropriate
•Pressing industry regulator on maintaining quality
standards
•Roll out of Good, Better, Best to help manage
volume/prices as industry leader
•Simplifying operations – optimise to cost/kg
•Dispose of non-strategic assets. Pause on long
term investments e.g. planting
•Inventory into cash
•Simplify structure – optimise for bottom line
•Looking to regain lost distribution with
value/volume opportunities
•Fastest growing sell-out brand in Natural &
Grocery combined (SPIN data)
•New Product - local innovation

COMVITA ASM 2024
Innovation and GTM capability
I N N O V A T I N G T O M E E T U S C O N S U M E R N E E D S
32

COMVITA ASM 2024
Innovation and GTM capability
T H E R E A L U S O P P O R T U N I T I E S P R O B A B L Y L A Y O U T S I D E O F T H E H O N E Y C A T E G O R Y
33

COMVITA ASM 2024
Progress on legacy issues
K E Y I N I T I A T I V E S F O R F Y 2 5 O F R E S E T A N D R E F C O U S
34
CHINA MARKET DEMAND
LOST DISTRIBUTION IN US
HONEY SUPPLY GLUT
HIGH INVENTORY AND DEBT
•Avoiding a race to the bottom in our most premium
market – holding a line!
•Leveraging off Premium brand pedigree, retail
footprint and local new product innovation –
positioned for price points and occasion
•Price fighting value offers where appropriate
•Pressing industry regulator on maintaining quality
standards
•Roll out of Good, Better, Best to help manage
volume/prices as industry leader
•Simplifying operations – optimise to cost/kg
•Dispose of non-strategic assets. Pause on long
term investments e.g. planting
•Inventory into cash
•Simplify structure – optimise for bottom line
•Looking to regain lost distribution with
value/volume opportunities
•Fastest growing sell-out brand in Natural &
Grocery combined (SPIN data)
•New Product - local innovation

COMVITA ASM 2024
Progress on legacy issues
K E Y I N I T I A T I V E S F O R F Y 2 5 O F R E S E T A N D R E F C O U S
35
CHINA MARKET DEMAND
LOST DISTRIBUTION IN US
HONEY SUPPLY GLUT
HIGH INVENTORY AND DEBT
•Avoiding a race to the bottom in our most premium
market – holding a line!
•Leveraging off Premium brand pedigree, retail
footprint and local new product innovation –
positioned for price points and occasion
•Price fighting value offers where appropriate
•Pressing industry regulator on maintaining quality
standards
•Roll out of Good, Better, Best to help manage
volume/prices as industry leader
•Simplifying operations – optimise to cost/kg
•Dispose of non-strategic assets. Pause on long
term investments e.g. planting
•Inventory into cash
•Simplify structure – optimise for bottom line
•Looking to regain lost distribution with
value/volume opportunities
•Fastest growing sell-out brand in Natural &
Grocery combined (SPIN data)
•New Product - local innovation

COMVITA ASM 2024
Summary
F Y 2 4
•Trading environment remains tough with pricing pressures on core
Mānuka Honey likely to continue for several years
•FY25 will be year of survival, reset and refocus
•We remain the industry leader - we must act to protect and build on the
consumer value proposition for NZ Mānuka Honey
•The size of the prize is compelling for all stakeholders
•Comvita well positioned as near/long-term beneficiary
36

Platform
for
long-term
growth
37

COMVITA ASM 2024
Long-term performance
R E V E N U E
T W E N T Y Y E A R T R A C K R E C O R D : F Y 0 5 T O F Y 2 4
38
31395271858296104115153185156178171196192209234204
0
50
100
150
200
250
Dec'05Dec'06Mar'08 (*)Mar'09Mar'10Mar'11Mar'12Mar'13Mar'14Mar'15Jun'16 (*)Jun'17Jun'18Jun'19Jun'20Jun'21Jun'22Jun'23Jun'24
Revenue
2010-2014
Rev +$30M
2005-2009
Rev +$40M
2015-2019
Rev + $18M
2020-2024
Rev +$8M
* Normalised to a 12 month trading year.

COMVITA ASM 2024
Platform for long-term competitive advantage
39
Competitive advantage through global IP including Clinical research in health benefits: digestive
health, metabolic health, skin health, immunity and heart health
New product development (premium and value segments) supporting natural health and wellness
Driving velocity (rate of sale) with boots-on-ground in key growth markets
Investment in scaled supply capacity (manufacturing, laboratory, IT systems)largely behind us
Native forests provide supply security and long-term cost and quality competitive advantage
Audit Ready for Quality, ESG and Sustainability protocols demanded by global retailers
We have a truly unique and authentic heritage and NZ provenance story spanning 50 years

COMVITA ASM 2024
Platform for long-term competitive advantage
40
Competitive advantage through global IP including Clinical research in health benefits: digestive
health, metabolic health, skin health, immunity and heart health
New product development (premium and value segments) supporting natural health and wellness
Driving velocity (rate of sale) with boots-on-ground in key growth markets
Investment in scaled supply capacity (manufacturing, laboratory, IT systems)largely behind us
Native forests provide supply security and long-term cost and quality competitive advantage
Audit Ready for Quality, ESG and Sustainability protocols demanded by global retailers
We have a truly unique and authentic heritage and NZ provenance story spanning 50 years

COMVITA ASM 2024
Platform for long-term competitive advantage
41
Competitive advantage through global IP including Clinical research in health benefits: digestive
health, metabolic health, skin health, immunity and heart health
New product development (premium and value segments) supporting natural health and wellness
Driving velocity (rate of sale) with boots-on-ground in key growth markets
Investment in scaled supply capacity (manufacturing, laboratory, IT systems)largely behind us
Native forests provide supply security and long-term cost and quality competitive advantage
Audit Ready for Quality, ESG and Sustainability protocols demanded by global retailers
We have a truly unique and authentic heritage and NZ provenance story spanning 50 years

COMVITA ASM 2024
Pioneering history, pioneering future
42
P R O U D O F O U R
01.
Innovative category founders
Claude Stratford (65) & Alan Bougen (25)
May 1975
Value-add, bee product innovators
Consumer branded exporters
ESG from the beginning
02.
Embracing the science of
nature
Comvita Laboratories established 1975
Bio-discovery work on Mānuka honey,
Propolis and Olive Leaf Extract
Collaborative networks with international
universities
03.
Quality focussed
Primary founder of UMFHA
Created UMF triple test– for industry
1
st
China national standards used by CIQ
Blue Hat registration for Propolis in China

04.
Retail is in our DNA
First Comvita store, Paengaroa 1975
HK SAR 2001, China 2004, Sth Korea 2010,
Singapore 2023
O2O strength and agility

07.
20 years in China
Premium brand, established through Retail
presence in HK SAR & China
2004, launched in mainland China in
partnership with Mr Zhu
c200 shop in shops China

06.
Category leaders
Price leaders for over 20 years
Mānuka breeding and forest programme
1
st
to market value-add Mānuka products
Long term category marketing investment
05.
Going global
From distributors to owned subsidiaries
Japan/UK/Australia c2005/2006
HK SAR 2007, South Korea 2010, US 2014,
China 2019
Currently 450 FTEs based offshore
Medihoney woundcare FDA approved medical
devices
Medical grade honey supply chain
Created benchmark quality standards
08.
Medihoney

50 years of
Comvita
Innovative category founders
Claude Stratford (65) & Alan Bougen (25)
May 1975
Value-add, bee product innovators
Consumer branded exporters
ESG from the beginning

Resolutions
44

COMVITA ASM 2024
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 2025 pursuant to section 207T of the Companies Act 1993, and
authorise the Board to fix KPMG’s remuneration.”
-Director’s Elections (Resolutions 2 – 4)
2. “That Bridget Coates, who retires by rotation and is eligible for re-election, be re-elected as a Director
of the Company.”
3. “That Yawen Wu, who retires by rotation and is eligible for re-election, be re-elected as a Director of
the Company.”
4. “That Lucas Bunt (appointed by the Board as a director with effect from 1 September 2024), be
elected as a Director by Shareholders.”
45

COMVITA ASM 2024
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
46
Voting Card
Question box

COMVITA ASM 2024
47
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 2025 pursuant to section 207T of the Companies Act 1993, and authorise the Board to fix
KPMG’s remuneration.”

COMVITA ASM 2024
48
Resolution 2
Director’s Election – Bridget Coates
To consider, and if thought fit to pass, the following ordinary resolution:
“That Bridget Coates, who retires by rotation and is eligible for re-election, be re-elected as a Director of the
Company.”

COMVITA ASM 2024
49
Resolution 2
Director’s Election – Bridget Coates
Bridget is Chair of Toitū Tahua: Centre for Sustainable Finance and Chair of Koi Tu (a think tank, based at the
University of Auckland). She is also Director of Yealands Wine Group, Northern Rescue Helicopter Ltd,
American Chamber of Commerce and MyFarm Kiwifruit Investment Fund and Director and Trustee of Mindful
Money, a charity with a focus on encouraging responsible investment. She has been a Governor of the NZ
Superannuation Fund and a Director of the Reserve Bank of New Zealand. Bridget has also been a Director of
public companies, Sky City Limited and Fisher & Paykel Appliances Holdings Limited, and a Director of Tegel
Group Holdings Ltd. She was formerly CEO of Carter Holt Harvey Plastic Products and Director of Research
for CS First Boston NZ Ltd as well as being a Member of the University of Auckland Council. Bridget joined the
Comvita Board as an Independent Director on 1 October 2021, appointed Chair on 31 August 2024, and is a
member of the Safety & Performance Committee and Audit & Risk Committee.

COMVITA ASM 2024
50
Resolution 3
Director’s Election – Yawen Wu
To consider, and if thought fit to pass, the following ordinary resolution:
“That Yawen Wu, who retires by rotation and is eligible for re-election, be re-elected as a Director of the
Company.”

COMVITA ASM 2024
51
Resolution 3
Director’s Election – Yawen Wu
Ms Wu joined China Resources in April 2012 as Business Director of Strategy Department of China Resources
(Holdings) Limited, and she joined China Resources Enterprise (CRE) as head of Asset Management Division
in July 2021. Ms Wu also works as CEO of China Resources Verlinvest Health Investment Co, Ltd since 2019.
Ms Wu previously leads international M&A transactions and post-investment management at CR group level,
and she has over ten-years’ experience in investment, strategic planning and management with industries
across consumer goods, healthcare and real estate. Ms Wu is currently a member of the board of directors and
a member of a few board sub-committees of companies including Oatly Group AB (OTLY.US) and a number of
domestic companies that CR group has invested in mainland China. Ms Wu holds a Master of Science degree
in International Business from University of Nottingham in the United Kingdom. Yawen joined the Comvita
Board on 13 September 2021.

COMVITA ASM 2024
52

COMVITA ASM 2024
53
Resolution 4
Director’s Election – Lucas (Luke) Bunt
To consider, and if thought fit to pass, the following ordinary resolution:
“That Lucas Bunt (appointed by the Board as a director with effect from 1 September 2024), be elected as a
Director by Shareholders.”

COMVITA ASM 2024
54
Resolution 4
Director’s Election – Luke Bunt
Luke is a professional director and small business mentor, Luke has over 30 years’ experience in
manufacturing, wholesaling and retailing in both durable goods and FMCG and has considerable experience in
financial services and property. He has held senior executive positions in a number of well-known New Zealand
corporates, both public and private. This includes ten years with The Warehouse Group where he was Chief
Financial Officer and Head of Property, and 10 years with the DB Group where he was Group General Manager
Finance and Planning. Luke was previously on the Comvita Board from July 2014 through to September 2023.
He re-joined the Comvita Boad in September 2024 and is a member of Audit & Risk Committee and Safety &
Performance Committee.

COMVITA ASM 2024
55
Voting – proxies received
RESOLUTIONFORAGAINSTPROXY
DISCRETION
APPOINTMENT & REMUNERATION OF
AUDITORS
22,947,997
90.63%
2,005,299
7.92%
368,516
1.46%
RE-ELECTION OF BRIDGET COATES
24,525,656
97.78%
188,359
0.75%
368,516
1.47%
RE-ELECTION OF YAWEN WU
24,505,077
97.88%
161,769
0.65%
368,716
1.47%
ELECTION OF LUCAS BUNT
24,683,315
97.48%
269,781
1.07%
368,716
1.46%

Q + A
56

Karakia

C O M V I TA .C O M

---

COMVITA LIMITED – ANNUAL SHAREHOLDERS’ MEETING
Wednesday 30 October 2024

OPENING KARAKIA

CHAIR ADDRESS
By Bridget Coates

NEXT SLIDE
Kia ora koutou katoa : good morning and welcome to the Comvita Annual Shareholders meeting.
Very pleased to see so many of you here as we celebrate our 50th year of business.

I am Bridget Coates, recently appointed Chair of Comvita, I am pleased to chair my first ASM today.

Our theme today is Agility in Turbulent Times. Certainly, a pertinent description of the global
business environment we face and an apt description of our response to that environment. Our
presentation today will focus heavily on the following two themes – the status of our global market
and our response to those circumstances.

It has now been four months since the end of the financial year. Markets remain difficult but there
are signs of a return to a more stable trading environment.

Sales are tracking at a similar level to last year. Margins remain under significant pressure as we face
continued competitive intensity.

In the four months, our company has begun an aggressive process of transformation, and we are
now well into that change process. but this is not likely to have an impact until the second half of
this financial year. You will hear more from Brett on the various mitigation programmes we have put
in place.

Some clear changes in consumer preferences are emerging in our categories globally and we must
respond with creativity, agility and flexibility to meet those developments. As a consequence, our
experienced market facing teams are reshaping all our product ranges, our value propositions, our
pricing and market positioning, and completely rethinking our channels to market globally.

We have already found many opportunities to improve our customer value propositions while
tightening up our cost to serve, hence increasing our profitability.

Every part of our company locally and globally is being examined as we seek to tighten up our
product offerings to our consumers, optimize our operations and supply chain, and reduce costs
across the board.

Brett Hewlett, our CEO, will provide much more colour on progress we are making on those changes
shortly.

With that introduction, I will move into my presentation.

NEXT SLIDE
As you know, you will see some new faces on both the Board and management team today. On the
Board, David Banfield has now left the company and Brett Hewlett has stepped into the CEO role in
David’s place. Luke Bunt has rejoined the Board, formerly our Chair of Audit. We now have a small
but extremely experienced and effective Board, which is well capable of meeting the “turbulent
times” which we are facing.

Moving across the top of the slide : Bridget Coates Chair, Bob Major, chair of Safety and
Performance Committee, Guangping Zhu our major shareholder, Yawen Wu representing China
Resources, and across the bottom Mike Sang, Chair of Audit and Risk Committee, and Luke Bunt.

I welcome Mike and Bob who are here with us today. Luke has injured his back and so unable to
attend and Yawen and Mr Zhu will be attending on line from China.

NEXT SLIDE
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, MUFG Corporate Markets. 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’d like to welcome Glen Keaney from KPMG, our Companies auditor and Andrew Matthews from
Simpson Grierson, our companies legal advisors, who joins us here today and to the team from our
share registrar, MUFG Corporate Markets. 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.

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.

NEXT SLIDE
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 25.3M
shares, representing over 36% 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 2024, and the Auditors report for the period are
available under the Investor Centre on our website. The Financial Statements were made available
on our website on 29 August, on the same date as we announced our annual results, while our
Annual Report was made available on the 27 September. Hard copies are available either through
MUFG Corporate Markets, 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.

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.

After my short address covering the performance highlights of our last fiscal year, I will hand you
over to our Acting CEO, Brett Hewlett 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.

NEXT SLIDE
You have received our Annual Report which describes clearly the difficult conditions we faced last
year. We will pass relatively quickly over the historical information at this meeting since it is well
known to you.

Our revenue suffered from the macro-economic downturn in China which affected consumer
demand, especially for higher margin products, as well as from some changes in consumer
preferences. Meanwhile, due to an over-supply of available inventory, our industry competitors
were willing to dump product at low margins in both the US and China.

As you will be aware, China frequently experiences rapid changes in trading conditions without
warning, and this was the case here. That said, we were too slow to recognize and respond to these
market changes which intensified through the year and are still very prevalent today.

Our profitability was significantly impacted, with EBITDA falling $26.1m vs PCP and NPAT significantly
down also.

NEXT SLIDE
We examined our balance sheet in detail as part of our end of year processes and took impairment
charges covering a wide range of assets which no longer hold the value previously ascribed to them.
The carrying value of a number of our growth investments were no longer appropriate given
changing market circumstances, and such exposures are being further reduced this year as we
continue to optimize our balance sheet.

Our inventory remained stubbornly high as sales levels slowed faster than we had anticipated and
this impacted our net debt levels, which, while lower than the PCP, was still higher than we had
planned.

As we advised the market on 30th September, we have been in discussions with our bank syndicate
to agree an appropriate covenant structure for FY25, and those discussions continue at this time, as
our present covenant structure is not appropriate in the current circumstances.

If that discussion is not successful, our present covenants would be breached as at December 2024.

Discussions with our banks are ongoing. Our banks have been very supportive to date and we are
very grateful to them for their support.

We will update the market in due course when we have agreed a revised covenant structure for the
remainder of the fiscal year FY25.

Meanwhile, as you will hear today, we will continue to deleverage through our many debt and cost
reduction initiatives, including inventory management, and through generating positive operating
cashflow across all of our global markets.

NEXT SLIDE
The underlying drivers of our financial situation last year are outlined on this slide. Macro factors
(China slowdown in consumer good consumption) and industry specific factors (local oversupply and
competitive intensity) combined to create downward pressure on our revenue line and pressure on
our margins.

NEXT SLIDE
The next few slides explain these changes in more detail and, in each case, point to the remedial
actions which we are taking.

As you can see on this bar graph, our sales and gross margins fell but maintained reasonable levels
while EBITDA fell sharply as our cost structure proved to be insufficiently variable and was unable to
quickly respond to the intensifying competition and changes in trading conditions.

It will take some time for the industry to right-size supply and demand, and it’s crucial that we lead
the way on these changes.

NEXT SLIDE
Sales impact was felt fairly evenly across our main markets but in all cases the drivers were slightly
different and our responses now need to be more nuanced depending on the relevant market
situation as you can see on this slide.

NEXT SLIDE
As you know, shopping festivals are an important part of Comvita’s year in China with a chance to
offer gift packages and other innovative products to catch shopper attention.

In North America, the loss of a significant customer hit our top line. But other parts of the US market
went well for us. Our direct online revenue grew well (+49% vs PCP). And excluding the one
significant customer, our channel sales were up +19%.

A week or so ago, I was up in the USA with Brett, reviewing the market with our local team. What
was particularly notable for me was the substantial potential for growth in our business there. It is

clear to us that our premium, health and wellbeing Mānuka product line has a strong resonance with
prevailing consumer trends in the US.

Nevertheless, we also found numerous opportunities for improvement. Firstly we need a greater
focus on productivity in market, secondly improvements in our channel strategies, thirdly a full
revision of our price and value propositions, and fourthly the development of innovative product
formats which catch the attention of new consumers.

NEXT SLIDE
As you would expect, different market situations require different responses and we are conscious
that one strategy does not fit all our global customers and consumers.

In China, while we continue to focus on our premium products, we have also been concentrating on
developing a wider range of choices using a “Good Better Best” framework, with more emphasis on
entry level products and on educating the consumer, since household penetration is still very low.

Throughout Asia, we operate our own retail outlets. This gives us a substantial advantage over our
competitors. It means that we have immediate access to the consumer so that we can trial different
innovative product formats and different price offerings and learn from consumer responses in real
time. Our fast-growing online presence in the US also gives us the same immediate market
intelligence as we trial product and packaging innovations.

I want to be clear that the headwinds continue and will do so for some time. However, your team at
Comvita are working with real determination to make sure we are ‘match fit’ for every market
challenge and opportunity going forward.

NEXT SLIDE
Before I pass over to Brett, a few words on our Climate report which you will also have seen.
Comvita published its first climate-related disclosures in its FY24 Climate Statement, outlining our key
climate-related risks and opportunities.

Gross GHG emissions decreased 25% due to less sales-related activity, optimising external honey
purchases, and supply chain efficiencies and improvements. Emissions Intensity reduced also – Gross
GHG Emissions which is KgCO2e per NZD1 of revenue by 14%.

Removals decreased due to the registration of forests under the ETS – reducing removals in GHG
inventory but increasing the NZ ETS NZUs generated.

All good progress. Our focus this year is very much on developing our climate transition plan,
working on our nature-based and ecological impact and biodiversity monitoring and reporting, and
moving to a SBTi measurement base. We will maintain our BCorp accreditation and continue to
refine and improve our measurement and reporting from 2024.

Our customers are increasingly asking us for validation of our sustainable and ethical procurement
practices in managing our human rights policies, climate footprint, environmental stewardship and
circularity, and our nature and biodiversity impacts.

We are very proud of our first report but as always will continue to work to improve the information
in the report and to improve our efforts in this area.

NEXT SLIDE
In FY24, Comvita made significant strides in Health & Safety, including a 28% reduction in the Total
Recordable Injury Frequency Rate (TRIFR) and a 59% drop in the Lost Time Injury Frequency Rate
(LTIFR).

A major highlight was having our internal Safety Maturity results externally verified by SafePlus, a
WorkSafe-endorsed assessment, placing Comvita at a "Performing" level, with some elements
already trending toward "Leading." Our aim is to reach "Leading" status through continuous
improvements.
We also maintained our commitment to fair wages, with 100% of NZ-based employees earning a
living wage, while gender diversity efforts are reflected in 65% of our global team being female.

Finally, while the Employee Net Promoter Score remained stable at +21, signalling strong and
sustained employee engagement, we will continue to emphasize initiatives that support engagement
as we navigate near term focus on agility.

Collectively, these results affirm Comvita’s dedication to fostering a safe, inclusive, and progressively
thriving work environment.

NEXT SLIDE
In summary we are responding with honesty and determination to our market challenges. We are
examining every aspect of our business with a laser focus to ensure we optimize every part of our
supply chain from the forest to the kitchen table. We know that we must both reduce costs and
ensure our products meet or exceed consumer expectations in each of our markets.

Despite the short-term challenges, the long term opportunity has not changed. We know that the
Mānuka honey story remains very attractive to our global consumers. This has been once again
confirmed by our many conversations with our long-standing retail partners worldwide. They speak
unequivocally of the unique value of our product for today’s consumers. And they are backing up this
confidence with spend, investing significantly in the future growth of our category. We are gratified
and encouraged by their considerable support.

Comvita is the market leader in our industry. Our strategic agility will ensure we are a major
beneficiary of a return to growth as demand drivers improve and supply conditions normalize. But in
the meantime, we are focused and ready for the near-term challenges ahead of us.

I now pass over to Brett Hewlett, our CEO.

CHIEF EXECUTIVE OFFICER’S ADDRESS
BY Brett Hewlett

NEXT SLIDE
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.
I want to thank Bridget Coates for stepping up to the role of Chair of our Board during this challenging
time in the Company’s long history. I would also like to acknowledge the tremendous collegial support
that the whole board have been providing to me and the management team through this period of
transition, reset and refocus.

NEXT SLIDE
It is my privilege to introduce you to the Leadership Team;

Andy Chen – Deputy CEO & Regional CEO for Asia-Pacific.
Holly Brown, Regional CEO for North America & Europe, Middle East and Africa
Nigel Greenwood, our Chief Financial Officer
Dr Jackie Evans, our Chief Science Officer
Terry Chen – Chief Supply Chain Officer
Adrian Barr – Chief Business Development Officer
Monica Yianakis – Chief Digital and Marketing Officer
Tania Van Paddenburg – Chief Purpose and Transformation Officer.
Chris France – Chief Technology Officer and
Jessica Sanders – Executive Assistant

I want to thank the members of the LT and the rest of the team at Comvita for their tireless efforts
through what has been a very tough past 12 months.

NEXT SLIDE
Upon my return to the role of CEO at the beginning of September I immediately went deeply into the
business to listen, learn and understand. I have travelled to China, HK, Singapore and the US as well as
spent time out in the field with beekeepers and landowners. So much has changed and yet perhaps
refreshingly there is much that can be recognized and is still relevant from my earlier period as CEO. Next
week I will be back in China then go to Korea and Japan.

At a high level these are my observations so far;

Across all markets, without exception, we are witnessing a slowing of demand. Luxury or premium brands
have been most materially impacted as consumers are tending to trade down, looking for bargains or
more frugal offerings.

In China consumers are spending less on luxury and are gravitating toward domestic brands or opting for
more sustainable, personalized, and culturally relevant products. Chinese consumers have an increasingly
discerning appetite for quality and unique style – local brands are doing this well and often better than
imported brands by showing luxury/premium in more culturally aligned ways. Chinese are also travelling
again and now spend about 40% of their luxury budget outside of China.

The US is now the largest market for the export of NZ Mānuka Honey. It is also the cheapest. Pressure on
margins is intense. There is no clear category leader. US consumers have become confused by the mixed
and often conflicting messages on the value proposition for Mānuka Honey. The market is screaming out
for a differentiated offering. Health & Wellness opportunities in NA are especially compelling.

Back home, The NZ honey industry is in a crisis. As we have seen too often in this country, the primary
producers of NZ are pressed through deep feast-to-famine economic cycles. Current prices and volumes
deployed by too many Mānuka Honey producers, exporters and labels (we cannot refer to these as
brands) just cannot be sustained. I fear it will take several years for the industry to reset and stabilise.

The most important observation I have made in these early days has been recognition that we need to
change. In recent times we have allowed ourselves to become unnecessarily complicated and have
become complacent to the moves by our competitors. Whilst Comvita remains the industry leader, and is
best placed to be the primary beneficiary of the changes and emerging situation, we must now act with
speed and agility. I want to now take you through my work program

NEXT SLIDE
QUARTER ONE:
Sales through the first quarter are tracking in line with prior year. However, our margin has come under
pressure and that is hurting our bottom line. For the past 20+ years Comvita has pursued a price leadership
position for the category in all key markets. We do not want to lead or participate in a race-to-the-bottom,
so have been carefully testing price/volume elasticity of our core range and also learning from the recent
launch of a number of price-fighting and value opportunities.

We have frozen capital expenditure plans where possible (e.g. Forest Planting) and have made good
progress on our $10-$15m annualized cost-out initiatives communicated at the time of our results
announcement.

We aim to significantly simplify our business in line with current market realities. We are in the process
of making further changes to our structure to bring a sharper focus to strategic growth opportunities and
lower cost-to-serve operating and distribution models.

QUARTER TWO:
October has shown us some green shoots with consumers responding positively to our various marketing
initiatives. Management and Board are undertaking a strategic reset aimed to boost revenue generation
and make further cost reduction initiatives.

Purchases of raw materials in the first half have also been significantly curtailed in line with current
demand and focus has shifted instead to clearing existing inventory converting to cash.

We are moving on clearing several non-strategic assets, although we would not anticipate these to settle
until early in the New Year.

Learnings from the first quarter have informed us on our tactical approach to the peak promotional season
that runs from mid October through February; mainly, 11:11, Black Friday, 12:12, Xmas, and Chinese NY.
We can continue to adjust and amend our promotional programme in real time through our digital
delivery channels.

QUARTER 3:
By mid February we look forward to sharing with you our progress on all fronts when we present our Half
Year results announcement.

We will be assessing results from Q2 promotions and adjusting plans into Chinese New Year. We have
several new product launches scheduled for the first quarter both in the Premium and Value
differentiated segments as we build out our Good, Better, Best profile in market.

By the end of Q3 we will have line-of-site on this seasons honey harvest from Comvita owned apiaries
which is targeted to provide circa 30% of our total annualized volumes. This will inform our purchasing
strategy for third party sourcing of honey for the balance of the calendar year.

QUARTER 4:
In the final quarter we will be focused on realizing the full benefit of our cost out initiatives, cash receipts
from peak season sales, reducing debt and setting ourselves up well for the rebound in FY26. We would
hope to announce the appointment of a new CEO by the end of Q4.

As we work through our annual plan we also need to deal head-on with prevailing legacy issues.

NEXT SLIDE
CHINA MARKET DEMAND: This year marks not only 50 years since the inception of Comvita, but also 20
years in the China market. Actually, almost 30 years if we include our first presence in HK.

I want to acknowledge the incredible job that our team in China and across all of the APAC countries have
been doing over this past year and more building on this incredible legacy of premiumization of the
Comvita brand.

Premium: We continue to lead the way with premium offers in the category

Innovation: while innovating to make premium more culturally relevant to locals

Value: and at the same time price fighting and value offers where appropriate

Retail: and we will go where they go by steadily increasing our presence in tourism and duty free locations
across APAC

NEXT SLIDE
It was well noted that we lost regional distribution last year in the US, purely from pricing pressure. We
are working hard to regain ground here and have gained traction in the offline and online Natural and
Grocery channels.

NEW SLIDE:
In the US we are also innovating to lift the category into a more NA consumer appropriate offering.

NEW SLIDE
We aim to lead the category into a Health & Wellness positioning that is more appropriate and defendable
for the future. The full potential in this broader Health & Wellness space dwarfs the current Manuka
Honey category opportunity.

NEW SLIDE
From a peak of c1m hives in 2019 supply of Mānuka Honey was pushed way beyond realistic underlying
demand. Beekeepers have scaled back to c500k hives today and production is declined 56% since 2020.
In value terms export of Mānuka Honey remains relatively stable at c$420m p.a. and may be growing
again. However, we believe that the glut of MH may take several years to work through.

The poor quality sold by many brands is of concern. A recent survey by industry regulator the UMFHA
showed an alarming number of non-compliance to agreed honey standards for UMF honey. Tests on
Comvita’s products came back 100% compliant.

The surpluses will provide both challenges with market quality and pricing but also some short to near
term opportunities for Comvita. We believe we can manage this by blending honeys from varied sources
to match demand across differentiated market segments; e.g. Good, Better, Best profile offers.

We do see a move back into supply constraints towards the end of this economic cycle which will create
further volatility in raw material pricing. Comvita is focused on optimizing its own apiary operation around
our owned forestry operations and with key strategic landowners on geographically diverse locations
around NZ. We are here for the long term and continue to plan ahead to match supply with demand in
more strategic and sustainable ways.

NEW SLIDE
We have a number of non-strategic assets including land holdings that we are looking to exit from by the
end of Q3. We have placed on pause any capex projects including long term planting programmes and
slowed down others (e.g. ERP).

We remain on target to reduce our inventory and converting this into cash but in a responsible way that
is not damaging our brand integrity or long term position.

We are also on target with our cost out initiatives although see most of the benefit falling in the second
half. As we look to further simplify and optimize our business to suit current realities we will be able to
identify other areas to optimize for bottom line growth and greater FCF.
Overall, we remain on track to have reduced debt to targeted levels by the end of FY25.

NEXT SLIDE
The current trading environment remains tough with pricing pressures on core products likely to continue
for several years.

FY25 will be a year of survival, reset and refocus for Comvita. We are currently trading in line with PCP but
are experiencing pressure on margins.

We remain the industry leader – As the leader, we must act to protect and build on the consumer value
proposition for Manuka Honey. The size of the prize for success is compelling for all stakeholders. Comvita
is well positioned as near and long term primary beneficiary.

NEXT SLIDE
When I first joined the company as the inaugural CEO late in 2005 we had a burgeoning export business
based in Paengaroa, little to no in-market presence beyond distributors, and no supply capacity i.e. we
relied on third party suppliers for everything.

Over the next 20 years we moved to develop a highly sophisticated vertically integrated value add
success story built upon the shoulders of our inspiring founding fathers, Claude Stratford and Alan
Bougen.

We have never shied from investing for the long term and have shown real courage and resilience
through some incredibly tough times. We have survived and thrived through the GFC in 2008, a failed
hostile takeover in 2011, a decade long supply constrained period of “honey wars” (how ironic),
followed by a collapse of the lucrative daigou grey channel in 2017, and a merger of our China
distributor business in 2018, then most recently we survived and thrived through the Covid years 2020-
2022. We have a platform that will see us survive and thrive for the next 20 years and perhaps even the
next 50.

NEXT SLIDE
We are a Health & Wellness company. We have always taken an interest in understanding the science of
nature since our humble beginnings. We have evolved a competitive advantage through global IP
including clinical research in health benefits. We have fostered a pipeline of new product development
supporting natural health and wellness positioning. We have GTM capability with boots-on-the-ground in
key growth markets.

NEXT SLIDE
Comvita’s recent clinical trial delivered meaningful outcomes that provide us with a platform to re-
invigorate the Manuka Honey category, in the same way that Comvita’s Medihoney woundcare
technology invigorated the category in the last decade.

NEXT SLIDE
We are more than just honey in a jar. Our options are a plenty. We will be guided by our consumers when
choosing which options to pursue.

NEXT SLIDE
Investment in recent years to modernize our manufacturing facilities, laboratory and IT Systems is a sunk
cost that sets us up to expand more than 3x current throughput, with enhanced efficiencies and agility.

We are audit ready for GMP quality, sustainability and ESG protocols demanded by our global retailers
and trade partners. I was witness to one such audit just last week. A surprise audit for Costco shows at
our door without warning, spends three days on site and left with another AA+ rating achieved. We have
at least 12 such audits every year.

Our native forests provide supply security, quality assurity, as well as long term sustainable cost
advantages.

NEXT SLIDE
Our investment in plant breeding and native Manuka propagation started more than 10 years ago. Large
scale planting started just five years ago. Today we have more than 6000 ha of Manuka forests under
direct control by Comvita. On the long term the honey sourced from our own forests will come to
represent around 40% of our total volume requirements. That still leaves flexibility to acquire the balance
of 60% from the spot market.

NEXT SLIDE
Probably the greatest competitive advantage, certainly our greatest point of difference, is derived from
our unique and authentic heritage and NZ provenance story spanning 50 years.

NEXT SLIDE
A proud pioneering history and a proud pioneering future

NEXT SLIDE
In 2025 we celebrate 50 years. Acknowledge Alan Bougen and family present here today. Alan will be
joining me on my next trip to Asia and will be assisting the team in exploring the risks and opportunities
as we reset, refocus to set us up for the next 50 years.

I will now hand you back to Bridget who will take us through Resolutions.

CHAIR RESUMES FOR RESOLUTIONS, GENERAL BUSINESS & Q&A

END.

For further information contact:
Jessica Sanders | Comvita
Mobile: +61 448 303 839
Email: Jessica.sanders@comvita.com

Background information Comvita
Comvita (NZX:CVT) was founded in 1974/5, 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 scientific knowledge on Mānuka trees, the many
benefits of Mānuka honey and propolis and bee welfare. We have planted millions of native trees,
improving our natural ecosystems and biodiversity, and mitigating climate change in conjunction with our
focus on carbon emissions reduction, while helping ensure the supply of high quality Mānuka honey. In
2023 Comvita was certified B Corp, a global community of like-minded companies that strive to balance
profit with purpose, seeking to use business as a force for good. Comvita has operations in Australia, China,
North America, Southeast Asia, and Europe – and of course, Aotearoa New Zealand, where our bees are
thriving.