Comvita Interim result HY FY25 – Back to Basics

25 February 2025

Comvita Interim result HY FY25 – Back to Basics

Comvita Limited (NZX:CVT) today announced its interim result for the six months ending 31 December 2024 (HY
FY25). The results reflect a focus on getting the business back to basics and repositioning it to meet the current
market realities. The company continues to restructure, reduce costs and stabilise the business, with a particular
emphasis on net contribution and positive free cash flow.

Market conditions remain subdued, with China impacted by depressed consumer sentiment and aggressive
competitor price promotions. The business has regained some lost ground in North America, indicating a positive
trend despite the challenging environment.

Summary financials
• Revenue of $99.7M, down 5.3% on the same period last year (HY24 $105.3M, restated)
• China sales were $41.2M, $5.7M or 12.2% lower than pcp (HY24 $46.9M, restated)
• North America sales rose 12% to $14.6M, up $1.6M (HY24 $13M)
• Rest of Asia sales rose 14.9% to $22.1M, up $2.9M (HY24 $19.2M, restated)
• ANZ sales declined 19.4% to $15.5M (HY24 $19.3M), EMEA –8% at $2.0M (HY24 $2.2M)
• Gross margin declined by 930 BPS to 50.7% (HY24 60%, restated)
• OPEX was $56M, down 8.5% on last year (HY24 $61.2M, restated)
• NPAT was a loss of $6.5M (HY 24 -$2.5M, restated)
• Free Cash Flow improved to $2.0M for the period (HY24 -$25.9M, restated)
• Net Debt reduced to $81.6M (HY24 $85.8M, end June 24 $79.7M)
• Inventory was $120.8M, $23M or 16% lower than HY24 ($143.8M, restated)

Key points
• Gross margin in China remains stable and market share holding at c50% (remains #1 brand), and North
America regaining lost ground with a major customer win confirmed in January 2025.
• We remain in discussions with the banks regarding a future covenant structure. An update will be provided to
the market prior to end March 2025.
• Prior year adjustments have been made in FY23 and FY24 to address the accounting irregularities reported on
9 December 2024 and 10 February 2025, as well as a historical error in the calculation of the carrying value of
inventory and the under-accrual of license fees (both in FY24 only).
• Improvements to internal controls and changes to structure and reporting lines have been implemented.
• A complete restructure has simplified the business in EMEA, North America and China, including a headcount
reduction of four in the leadership team, 67 people overall, and a move from an eight-person to six-person
Board of Directors.
• On track to achieve annualised cost savings of between $10M to $15M.
• Despite a glut of cheap honey in the market, Comvita continues to reduce inventory and protect its premium
position and brand.
• The Mānuka Honey category is growing globally and new segments are evolving.

2
Financial Overview
Comvita achieved revenue of $99.7M for HY25, down 5.3% on the previous corresponding period, with continued
weaker, though stabilising, revenue in China, and gains in North America, South East Asia, Korea and Japan. Gross
margin declined to 50.7%, down 930 basis points (bps) on HY24, impacted by lower direct margin (-430 bps),
reduced manufacturing recoveries, a weaker apiary season and higher inventory provisions. Total operating
expenses for the half at $56.0M was $5.2M below the prior year, with marketing investment being the primary
contributor to this reduction ($4.6M). The benefits of the restructuring and associated cost reduction initiatives
will begin to flow through into second half performance and the FY26 performance will benefit from the full
annualised impact of these initiatives. Net Profit after Tax (NPAT) was a loss of $6.5M, compared to a loss of $2.5M
for the same period last year, restated. The NPAT loss of $6.5M included after tax $2.3M of net one-off costs.

Accounting irregularities
The company identified and reported to the market (9 December 2024 and 10 February 2025) that accounting
irregularities had occurred over the two previous financial years – FY24 and FY23. These irregularities over-stated
post-tax earnings by $1M in FY23 and $3M in FY24.

In late 2024, the Board became aware that certain sales recorded in FY23 and FY24 may have been misreported,
resulting in an overstatement in those financial years. Under the direction of the Board, a big 4 independent
accounting firm was engaged to undertake an independent review in addition to the company’s own review. Initial
findings confirmed that there were overstated sales recorded in China and the irregularities and impact of them
were reported to the market on 9 December 2024. The review was ongoing at that time, with investigations
continuing in China and Singapore. Further overstated sales were identified in Singapore, under-accrued sales
expenses in China and Singapore and a historical error in the carrying value of inventory. A further update was
provided to the market on 10 February 2025.

Banking and debt
Net debt at the half year was $81.6M (HY24 $85.8M) and inventory was $120.8M (HY24 $143.8M, restated). A
$4.2M debt reduction compared to the previous comparable period was driven by positive free cash flow
generation. Free cash flow was supported by a $8.3M reduction in debtors to $31M, through improved credit
terms and collections and a $23m reduction in inventory, reflecting a focus on selling through excess inventory.

As previously reported to the market, Comvita agreed a revised bank covenant package as at 31 December 2024,
and those bank covenants were met. The company’s current financial performance does not enable it to achieve
the current bank syndicate covenants, and Comvita remains in ongoing discussions with its bank syndicate. As
already indicated, without further covenant relief some Q3 and Q4 covenants (tested at 31 March 2025 and 30
June 2025, respectively) will not be met. A further market update will be provided in advance of the next covenant
test date of 31 March 2025.

“Our primary focus is on optimising net contribution from our market subsidiaries and on generating positive free
cash flow every month.” In the period September 2024 through to December 2024 the business produced $18M
free cash flow, said Mr Hewlett. “In terms of our operations, we are bringing greater focus to reducing our costs

3
per kg through optimised raw honey sourcing and procurement practices. So far we have confirmed cost-of-goods
savings of $6M.”

Market and Industry dynamics
Chief Executive Brett Hewlett said that Comvita, and the honey market more broadly, had been impacted by heavy
price discounting. “While our response to competition has required some discounting and promotional programs
of our own, which impacted margins, there have been some benefits with segmentation of the market opening up
the category to a wider consumer base. We are uniquely placed going forward to leverage our robust health and
wellness brand, reputation for launching innovative new products and our omnichannel capability,” he said.

Very large global retailers, both offline and online, also recognise the potential for Mānuka Honey and are willing
to partner with capable and reputable suppliers to explore opportunities. Comvita has regained lost territory with
a large club retailer customer in the US, following a global RFP process that looked closely at quality, security of
supply as well as sustainability and other ESG credentials.

“While industry wide surpluses of honey exist both in NZ and in-market, we expect a right-sizing of supply will
result in an unwinding of the glut over the next 1-2 years, resetting wholesale honey prices.”

Back to Basics - Repositioning the business for new reality.
The company has adopted a “Back to Basics” approach to re-size costs and operations to align with current market
realities. As we simplify the business, reset our strategy appropriately, and reorganise to operate more efficiently,
costs have reduced and the underlying performance is steadily improving.

While we have had to reduce staff, we have at the same time tried to better utilise the many talented people
across our group. We are tearing down silos, fostering a culture based on trust, transparency and collaboration.
This approach includes simplifying the organisation and implementing market-appropriate distribution models to
grow market share in both premium and everyday value segments.

Governance
Comvita Chair Bridget Coates said the misreporting in FY23 and FY24 was deeply regrettable, and the Board is
firmly focused on ensuring there are tightened controls, policies and procedures across the company, as well as on
its challenge responding to a rapidly changing market in recent years.

“We have implemented much stricter audit and risk controls, including strengthened financial leadership, and
delegation and approval requirements, and tighter ongoing monitoring and compliance policies and procedures,”
she said.

Ms Coates said the company was also working through a total restructure with a smaller, more accountable
management team with greater direct oversight in-market, as well as a slimmed-down board of directors.

“We continue our aggressive process of transformation, to tighten our product offerings, examining every part of
our company to optimise operations and supply chain, and reduce costs across the board.”

4

Ms Coates said a recruitment process for a new CEO is underway and we are making good progress.

The way forward
Mr Hewlett said that, despite a number of setbacks, and challenging market conditions, Comvita was working hard
to set itself up for a potential rebound in FY26.

“We have regained lost ground in North America, while stabilising declining sales in China retaining around 50%
market share in China,” he said. “Our retail presence across Asia protects our premium brand performance.”

“Our long term 50-year track record, while cyclical, shows steady and significant growth. We retain a balanced
product offering ranging across functional foods, healthy snacking and healthcare, and are the largest owners and
operators of Mānuka forests in the world,” he said.

The company’s restructure and ongoing cost-out programme, “Back to Basics” approach, and renewed focus on
the customer will help stabilise the business and strengthen net contribution and free cash flow over time.

Outlook
Comvita expects sales to remain broadly flat through to end of FY25. The key China market is expected to remain
soft for the balance of 2025. Meanwhile, the situation in Rest of Asia and North America is expected to continue to
steadily improve.

Margins have been under pressure, but Comvita expects current margins to remain stable for the rest of FY25,
underpinned by a steadily improving cost-of-goods situation. Downward pressure on margins will slowly ease as
Comvita works through existing higher cost inventory over FY25 and FY26. Industry wide reports are for a below
average honey harvest for the 24/25 season. Meanwhile, Comvita’s forests and apiary provide security of high-
quality supply over the longer term.

Comvita expects to steadily improve its cashflow position through H2 and into FY26 once the cost savings from the
restructure are fully realised. The company remains on track to deliver between $10M-$15M of cost out by the
end of FY25. A continued focus on cost, inventory reduction, and tighter, more prudent financial management has
enabled the business to right-size for prevailing marketing conditions while protecting its brand and premium
market position for when market conditions improve.

For more information, please contact:

Brett Hewlett | Comvita
Mobile: +64 21 740160
Email: Brett.hewlett@comvita.com

5
Appendix - Performance by market segment

Greater China
Revenue from the sales in China for HY25 was $41.2M, down $5.7M or 12.2% on pcp. Net contribution to profit
was $6.3M, down around $3M or 32.1%. The China market contributed 15.3% of profit (HY24 19.8%, restated). Key
drivers continued to be depressed consumer sentiment and aggressive competitor price promotions. This heavy
discounting particularly impacted market share at entry level, including in the Digital space, something Comvita is
working hard to address.

Notwithstanding these challenges, Comvita’s number one position (currently c50% share of the Mānuka honey
market) as a health and wellness brand remains secure, and gross margin is stable as the company seeks to
leverage its omni-channel capability across digital, retail, wholesale and distributor channels.

North America
Comvita regained lost ground in North America during the period winning a large, strategic customer. Revenue
from this region was up 12% compared to HY24 to $14.6M. Net contribution to profit rose 21.5% to $2.8M,
contributing 19.1% (HY24 17.6%). Highlights for the six months to December 31, 2024 included a refresh of the
brand value proposition and product position to suit North American market requirements. The company also
simplified its organisation structure for this market, including the use of shared resource. Growth was achieved in
both offline and online channels.

ANZ
Difficult market conditions continued in Australia and New Zealand with sales down $3.7M or 19.4%. Net
contribution to profit was down $2.9M or 46.7% to $3.3M. Overall contribution fell from 32.3% in HY 24 to 21.4%
for the period under review. Underlying domestic sales in this market stabilised. However, pricing and softened
demand in China challenges the cross-border value chain. Low-priced competition targeted entry points.

Rest of Asia
Sales revenue from the rest of Asia (excluding China) was up 14.9% or $2.9M to $22.1M (HY24 $19.2M, restated).
Net contribution was down 30% to $1.8M, representing 8.3% of profit (HY24 13.5%, restated) The Retail channel
helped hold up Comvita’s premium brand image, and the company demonstrated strength on Omni-channel and
regional product innovation.

EMEA sales decreased $0.2M or -8% to $2M, contributing a loss of $1.1M. This market featured a switch to a
distributor business model. It continues to have a softer outlook but with the potential to improve to a positive
contribution to profit looking forward.

ENDS.

6
Background information

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 400+ 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.

---

COMVITA.CO.NZ
2025
I
Our
Results
INTERIM FINANCIAL STATEMENTS 2025
NGA TAUĀKI PŪTEA HAURUA-A-TAU

COMVITA.CO.NZ
INTERIM FINANCIAL STATEMENTS / NGA TAUĀKI PŪTEA HAURUA-A-TAU
II
2025
SECTION 1SECTION 2
Directors’ declaration 03Interim Income Statement 04
Interim Statement of Comprehensive Income 05
Interim Statement of Changes in Equity 06
Interim Statement of Financial Position 07
Interim Statement of Cash Flows 08
INTERIM STATEMENTS
01. Segments 10
02. Other income 10
03. Operating cash flow 11
04. Earnings per share 12
05. Borrowings 12
06. Cash & cash equivalents 13
07. Finance income & expenses 13
08. Inventory 13
09. Sundry receivables 14
10. Investments 14
11. Assets held for sale 16
12. Derivatives 16
SECTION 3
13. Share schemes 16
14. Related parties 17
15. Group entities 18
16. Commitments 18
17. Prior period restatements 19
NOTES TO THE FINANCIAL STATEMENTS
CONTENTS
INTERIM FINANCIAL STATEMENTS / NGA TAUĀKI PŪTEA HAURUA-A-TAU

COMVITA.CO.NZ
2025
3
The Directors are pleased to present the interim financial statements of Comvita
Limited for the six months ended 31 December 2024.
The interim report is unaudited and was authorised for issue by the Directors on
24 February 2025.
For and on behalf of the Board of Directors:

Bridget Coates Michael Sang
24 February 2025 24 February 2025
DIRECTORS DECLARATION
INTERIM FINANCIAL STATEMENTS / NGA TAUĀKI PŪTEA HAURUA-A-TAU

COMVITA.CO.NZ
INTERIM FINANCIAL STATEMENTS / NGA TAUĀKI PŪTEA HAURUA-A-TAU
4
For the six months ended
In thousands of New Zealand dollars
Note
31 December 2024
Unaudited
31 December 2023
Unaudited
Restated
1
Revenue99,713105,289
Cost of sales(49,177)(42,074)
Gross profit50,53663,215
Other income21,8352,666
Marketing expenses(9,402)(13,977)
Selling and distribution expenses(30,366)(29,703)
Administrative and other operating expenses(16,002)(15,959)
Software development expenses (1,795)(3,360)
Operating profit before financing costs(5,194)2,882
Finance income71,011182
Finance expenses7(4,431)(5,747)
Net finance expenses (3,420)(5,565)
Impairment and other assets write-downs11(399)-
Impairment of loan to equity accounted investee-(136)
Share of loss of equity accounted investees10-(547)
(Loss)/profit before income tax(9,013)(3,366)
Income tax benefit/(expense)2,531911
(Loss)/profit for the period(6,482)(2,455)
Earnings per share:
Basic earnings per share (NZ cents)4(9.21)(3.50)
Diluted earnings per share (NZ cents)4(9.21)(3.50)
The notes on pages 9 to 21 are an integral part of these financial statements
1
Interim income statement for the six months ended 31 December 2023 has been restated.
Please see the ‘basis of preparation’ section and note 17 of these interim financial statements for further details.
INTERIM INCOME STATEMENT

COMVITA.CO.NZ
2025
5
INTERIM STATEMENT OF COMPREHENSIVE INCOME
For the six months ended
In thousands of New Zealand dollars
31 December 2024
Unaudited
31 December 2023
Unaudited
Restated
1
(Loss)/profit for the period(6,482)(2,455)
Items that are or may be reclassified subsequently to the income statement
Foreign currency translation differences for foreign operations 3,873(1,549)
Foreign currency translation differences for equity accounted investees-(284)
Effective portion of changes in fair value of cash flow hedges(3,244)3,916
Foreign investor tax credits-51
Income tax on these items 519(825)
Income and expenses recognised directly in other comprehensive income1,1481,309
Total comprehensive (loss)/income for the period(5,334)(1,146)
The notes on pages 9 to 21 are an integral part of these financial statements
1
Interim statement of comprehensive income for the six months ended 31 December 2023 has been restated.
Please see the ‘basis of preparation’ section and note 17 of these interim financial statements for further details.

COMVITA.CO.NZ
INTERIM FINANCIAL STATEMENTS / NGA TAUĀKI PŪTEA HAURUA-A-TAU
6
For the six months ended 31 December 2024
In thousands of New Zealand dollars
Share
capital
Foreign
currency
translation
reserve
Hedging
reserve
Retained
earnings
Total
Balance at 1 July 2023 as previously reported199,351(2,656)(584)43,209239,320
Restatement of comparatives (note 17)---(865)(865)
Balance at 1 July 2023 restated199,351(2,656)(584)42,344238,455
Total comprehensive income for the period
(Loss)/profit for the period
---(2,456)(2,456)
Other comprehensive income (net of tax)
Foreign investor tax credits received---5151
Foreign currency translation differences for EAI-(284)--(284)
Foreign currency translation differences for foreign operations-(1,277)--(1,277)
Effective portion of changes in fair value of cash flow hedges--2,820
-2,820
Total other comprehensive income for the period-(1,561)2,820511,310
Total comprehensive income for the period-(1,561)2,820(2,405)
(1,146)
Transactions with owners, recorded directly in equity
Share based payments---515515
Dividends paid---(2,172)(2,172)
Total transactions with owners---(1,657)(1,657)
Balance at 31 December 2023199,351(4,217)2,23638,282235,652
Balance at 1 July 2024 as previously reported199,351(3,191)607(36,137)160,630
Restatement of comparatives (note 17)-9-(3,894)(3,885)
Balance at 1 July 2024199,351(3,182)607(40,031)156,745
Total comprehensive income for the period
(Loss)/profit for the period ---
(6,482)(6,482)
Other comprehensive income (net of tax)
Foreign currency translation differences for foreign operations-
3,485
-
-3,485
Effective portion of changes in fair value of cash flow hedges
--(2,336)-(2,336)
Total other comprehensive income for the period
-3,485(2,336)-1,149
Total comprehensive income for the period
-3,485(2,336)(6,482)(5,333)
Transactions with owners, recorded directly in equity
Share based payments---(22)(22)
Total transactions with owners
---(22)(22)
Balance at 31 December 2024
199,351303(1,729)(46,535)151,390
The notes on pages 9 to 21 are an integral part of these financial statements
INTERIM STATEMENT OF CHANGES IN EQUITY

COMVITA.CO.NZ
2025
7
1
Interim statement of financial position for the six months ended 31 December 2023 and the year end 30 June 2024 has been
restated. Please see the ‘basis of preparation’ section and note 17 of these interim financial statements for further details.
As at December 2024 December 2023 June 2024
In thousands of New Zealand dollars
NoteUnauditedUnaudited
Restated
1
Unaudited
Restated
1
Assets`
Property, plant and equipment67,99575,85172,034
Intangible assets and goodwill7,45851,9477,352
Right of use assets20,08919,77120,226
Biological assets4,8114,4314,806
Investments
10
-12,822-
Loans to equity accounted investees
10
-5,242-
Derivatives
12
--866
Deferred tax asset11,2204,7799,890
Sundry receivables
9
7482,835450
Total non-current assets112,321177,678115,624
Inventory
8
120,808143,786135,816
Trade receivables31,01739,29428,597
Sundry receivables
9
12,39313,47315,222
Cash and cash equivalents
6
13,59112,9108,156
Derivatives12-3,127-
Tax receivable2,405908268
Assets held for sale2,756--
Total current assets182,970213,498188,059
Total assets295,291391,176303,683
Equity
Issued capital199,351199,351199,351
Retained earnings(46,537)38,282(40,022)
Reserves
(1,426)(1,981)(2,584)
Total equity151,388235,652156,745
Liabilities
Loans and borrowings
5
57,83998,726-
Trade and other payables276295296
Lease liability16,14116,44415,834
Deferred tax liability5691,353572
Total non-current liabilities74,825116,81816,702
Loans and borrowings
5
37,324-87,863
Trade and other payables23,30532,58035,894
Lease liability5,5714,4255,725
Tax payable5001,701754
Derivatives
12
2,378--
Total current liabilities69,07838,706130,236
Total liabilities143,903155,524146,938
Total equity and liabilities295,291391,176303,683
INTERIM STATEMENT OF FINANCIAL POSITION
The notes on pages 9 to 21 are an integral part of these financial statements

COMVITA.CO.NZ
INTERIM FINANCIAL STATEMENTS / NGA TAUĀKI PŪTEA HAURUA-A-TAU
8
INTERIM STATEMENT OF CASH FLOWS
For the six months ended
In thousands of New Zealand dollars
Notes
31 December 2024
Unaudited
31 December 2023
Unaudited
Receipts from customers98,61697,467
Receipts from insurance proceeds1,7255,741
Receipts from RDTI claim906-
Receipts from sale of carbon credits 551-
Payments to suppliers and employees(91,445)(107,926)
Taxation paid(509)(1,392)
Net cash flows from operating activities39,844(6,110)
Investment in equity accounted investees -(2,482)
Loans to equity accounted investees-(136)
Acquisition of Honeyworld(3,106) (7,294)
Interest from related parties-21
Payment for the purchase of property, plant and equipment(2,004)(5,584)
Receipt from disposal of property, plant and equipment667-
Payment for the purchase of intangibles(6)(1,713)
Net cash flows from investing activities(4,449) (17,188)
Repayment of lease liabilities(3,385)(2,570)
Proceeds from loans and borrowings7,30033,786
Payment of dividends-(2,172)
Interest received779
Interest paid(4,431)(4,159)
Net cash flows from financing activities(439)24,894
Net increase in cash and cash equivalents4,9561,596
Cash and cash equivalents at the beginning of the period 8,15611,554
Effect of exchange rate fluctuations on cash held479(240)
Cash and cash equivalents at the end of the period13,59112,910
Represented as:
Cash and cash equivalents613,59112,910
Total13,59112,910
The notes on pages 9 to 21 are an integral part of these financial statements

COMVITA.CO.NZ
2025
9
ACCOUNTING ENTITY
Comvita Limited (the “Company”) is a Company
domiciled in New Zealand, and registered under the
Companies Act 1993 and listed on the New Zealand
Stock Exchange (“NZX”). The Company is an issuer in
terms of the Financial Reporting Act 2013 and Financial
Markets Conduct Act 2013. The condensed interim
financial statements of the Group for the six months
ended 31 December 2024 comprise the Company and its
subsidiaries (together referred to as the “Group”) and
the Group’s interest in equity accounted investees.
The principal activity of the Group is apiary and
forest ownership and management; and research,
manufacturing and distributing of Mānuka honey, bee
products and olive leaf products.
BASIS OF PREPARATION
Statement of compliance
The Company is a FMC reporting entity for the purposes
of the Financial Reporting Act 2013 and under Part
7 of the Financial Markets Conduct Act 2013. These
Financial Statements comply with these Acts and have
been prepared in accordance with the New Zealand
Equivalents to International Financial Reporting
Standards as appropriate for profit-oriented entities.
The condensed interim financial statements were
approved by the Board of Directors on 24 February 2025.
Basis of measurement
The financial statements have been prepared on the
historical cost basis except for financial instruments,
financial instruments designated as fair value through
other comprehensive income, and biological assets
which are measured at fair value. Fair values have
been determined for measurement and/or disclosure
purposes on the same basis as those applied by the
Group in the financial statements as at and for the year
ended 30 June 2024.
Functional and presentation currency
These financial statements are presented in New
Zealand dollars ($), which is the Company’s functional
currency. Amounts have been rounded to the nearest
thousand.
Use of estimates and judgements
The preparation of condensed interim financial
statements in accordance with NZ IAS 34 Interim
Financial Reporting requires judgements, estimates and
assumptions that affect the application of accounting
policies and the reported amounts of assets, liabilities,
income and expenses. Actual results may differ from
these estimates.
In preparing these condensed interim financial
statements, the significant judgements in applying
the Group's accounting policies and the key sources of
estimation uncertainty were the same as those applied
to the financial statements as at and for the year ended
30 June 2024.
GOING CONCERN
It is the conclusion of the Directors that the Group will
continue to operate as a going concern and the financial
statements have been prepared on that basis. The
Group recorded a net loss of $6,482,000 for the period
ended 31 December 2024.

The Company has obtained waivers in advance of both
September 2024 and December 2024 covenant testing
dates for the Interest Cover Ratio and Net Core Debt
Leverage Ratio covenants. These waivers ensure there
is not an event of default under the terms of the facility
agreements. The Company is currently forecasting
to breach future covenants which, unless waived or
renegotiated, could result in the acceleration of the
repayment obligations of the Company’s borrowings
of $95,500,000. Further, as at 31 December 2024 the
working capital facility of the Group’s bank borrowings
of $37,500,000 will mature in July 2025 and will require
refinancing.
The Company is in ongoing discussions with its lenders
to obtain waivers or amendments to the facility
covenants. While the Company believes that it will reach
a satisfactory resolution with its lenders, it cannot be
guaranteed that such waivers or amendments will be
obtained. In the event that the Company is unable to
renegotiate the terms of its financing or obtain the
necessary waivers, there is uncertainty regarding its
ability to continue as a going concern.
The Directors have carefully considered the ability of
the Group to meet its liabilities as they fall due and
continue to operate as a going concern for at least the
next 12 months from the date the financial statements
are authorised for issue. In reaching their conclusion the
Directors have considered the following factors:
• Current assets exceed current liabilities by
$114,640,000.
• Cash flow forecasts have been prepared for the
12 months following the date at which the Board
adopted these financial statements taking account
of the approved FY25 and FY26 Forecast and have
concluded that the Group will generate sufficient cash
flows to meet its liabilities as they fall due;
• The FY25 budget and forecasts for the following 4
years have been completed and the outlook is a return
to profitability;
• The Directors have made due enquiry into the
appropriateness of the assumptions underlying the
budget and forecasts; and
• The Company remains in constructive discussions
with the Bank Syndicate in relation to negotiating
its facility and covenant package. At this time
the Directors believe the Company can meet the
requirements of the Bank Syndicate to achieve
ongoing support. The Bank Syndicate borrowing
facility is $114,000,000 of which $18,500,000 was
undrawn as at 31 December 2024.
SIGNIFICANT ACCOUNTING POLICIES
These condensed interim financial statements do not
include all the information and disclosures required in
the annual financial statements.
The condensed interim financial statements
have been prepared using the same accounting policies,
and should be read in conjunction with,
the annual financial statements for the year
ended 30 June 2024.
STANDARDS, AMENDMENTS AND
INTERPRETATIONS ADOPTED DURING
THE YEAR
There are no new or amended standards that are issued,
but not yet effective, that are expected to have a
material impact to the Group.
NOTES TO THE CONDENSED
INTERIM FINANCIAL STATEMENTS

COMVITA.CO.NZ
INTERIM FINANCIAL STATEMENTS / NGA TAUĀKI PŪTEA HAURUA-A-TAU
10
02. OTHER INCOME
For the six months ended
In thousands of New Zealand dollars
31 December 2024
Unaudited
31 December 2023
Unaudited
Sale of carbon credits551-
Insurance proceeds recieved6722,328
Net gain on disposal of PP&E99-
Government grants425300
Other8838
Total other income1,8352,666
In September 2024, the Group received the final insurance proceeds of $1,725,000 for its Cyclone Gabrielle claim, which
was $672,000 more than accrued at 30 June 2024.
01. SEGMENTS
The Group has five key geographic segments as set out below:
Greater China: Revenue and related costs of our China and Hong Kong markets
ANZ: Revenue and related costs of our Australia and New Zealand markets
Rest of Asia: Revenue and related costs of our Asian markets excluding Greater China
North America: Revenue and related costs of our North America market
EMEA: Revenue and related costs of our Europe, Middle East and Africa markets
For the six months to 31 December 2024 and 31 December 2023 unaudited
In thousands of New Zealand dollars
Greater ChinaANZRest of Asia
North
AmericaEMEA
Total
reportable
segments
Other
segmentsTotal
20242023
1
2024202320242023
1
2024202320242023202420232024202320242023
1
Contribution
Segments
Revenue41,19046,93115,51119,25522,07519,21314,59213,0291,9852,15995,353100,5874,3604,70299,713105,289
Contribution6,3099,2893,3126,2161,8222,6002,7912,298(1,112) (36)13,12220,36786514113,98720,508
Non attributable (other corporate expenses)(21,415)(20,428)
Financial income and expenses (note 7)(3,420)
(5,565)
Other income1,8352.666
Share of loss of equity accounted investees (note 10a)-(547)
Net (Loss)/profit before tax(9,013)(3,366)
1
The segments for the six months ended 31 December 2023 has been restated. Please see the ‘basis of
preparation’ section and note 17 of these interim financial statements for further details.
Figures in the tables reflect information regularly reported to the Chief Executive Officer (CEO) on those key
segments. Segment results that are reported to the CEO include costs directly attributable to a segment as well
as those that can be allocated on a reasonable basis. Unallocated items comprise mainly head office expenses.
Segment information is presented in the financial statements in respect of the Group’s contribution segments
which are the primary basis of decision making. The contribution segment reporting format reflects the Group’s
management and internal reporting structure.
Performance is measured based on contribution which is a measure of profitability that the segment contributes
to the Group. Contribution is used to measure performance as management believes that such information is
most relevant in evaluating the results of certain segments. Inter-segment pricing is determined on an arms-
length basis.
PERFORMANCE

COMVITA.CO.NZ
2025
11
03. OPERATING CASH FLOW
Reconciliation of the profit for the period with the net cash from operating activities
In thousands of New Zealand dollars
Note31 December 2024
Unaudited
31 December 2023
Unaudited
(Loss)/profit for the period
Adjustments for:
(6,482)(2,455)
Depreciation5,9755,144
Amortisation1771,115
Share based payments(22)515
Impairment399136
Share of losses of equity accounted investees10a-547
Profit adjusted for non-cash items475,002
Items related to investing and financing activities:
Interest - net4,3273,977
Acquisition of Honeyworld - inventory-2,529
Acquisition of Honeyworld – deferred/contingent consideration3,106(5,420)
Net loss/(gain) on disposal of property, plant & equipment(99)120
Change in trade payables203452
Movement in working capital items:
Change in inventories15,008(6,448)
Change in trade receivables(2,420)(2,668)
Change in sundry debtors and prepayments2,5591,064
Change in trade and other payables(12,638)(1,402)
Change in tax receivable (2,391)(1,157)
Change in deferred tax(1,333)(293)
Movement in working capital items from foreign translation reserve3,165 (930)
Other movements:
Movement of deferred tax in equity519(825)
Foreign investor tax credits-51
Foreign currency reserve(209)(162)
Net cash from operating activities9,844(6,110)

COMVITA.CO.NZ
INTERIM FINANCIAL STATEMENTS / NGA TAUĀKI PŪTEA HAURUA-A-TAU
12
04. EARNINGS PER SHARE
31 December 2024
Unaudited
31 December 2023
Unaudited
Restated
In thousands of shares
Weighted average number of ordinary shares at the end of the period70,27070,057
Basic earnings per share (NZ cents)(9.21)(3.50)
Weighted average number of diluted shares at the end of the period70,34970,879
Diluted earnings per share (NZ cents)(9.21)(3.50)
05. BORROWINGS
Terms of borrowings
In thousands of New Zealand
dollars
FacilityCurrencyNominal
Interest
rate
MaturityCarrying
Amount
Unaudited
Carrying
Amount
Unaudited
Carrying
Amount
Audited
Westpac NZ/ANZ:
31
December
2024
31
December
2023
30
June
2024
Revolving credit facility 44,000NZD6.91%July 202537,50035,20030,300
Revolving credit facility 35,000NZD7.02% March 202635,00035,00035,000
Revolving credit facility 35,000NZD7.22%March 202523,00029,00023,000
Westpac NZ:
Overdraft facility NZD 1,000NZD---
Deferred finance costs(337)(474)(437)
Total borrowings – non-current57,83998,726-
Total borrowings – current37,324-87,863
Covenants and security
The Group obtained a waiver from certain financial covenants at 30 September and 31 December 2024. The Group was
compliant with the revised covenant package at 31 December 2024. There is uncertainty in relation to the Group’s ability
to meet future covenants, please refer to Going Concern note under the basis of Preparation note on page 9.
The $114 million syndicated facility with Westpac New Zealand Limited and ANZ is secured by way of a General Security
Agreement over assets of Comvita Limited, Comvita New Zealand Limited, Comvita Holdings Pty Limited, Comvita
Australia Pty Limited and Comvita UK Limited.

COMVITA.CO.NZ
2025
13
06. CASH AND CASH EQUIVALENTS
In thousands of New Zealand dollars
31 December 202431 December 202330 June 2024
UnauditedUnauditedAudited
Cash13,59112,9108,156
Less debt - non-current(57,839)(98,726)-
Less debt - current(37,324)-(87,863)
Net debt(81,572)(85,816)(79,707)
Cash and cash equivalents comprise cash balances and demand deposits. Bank overdrafts that are repayable on
demand, and form an integral part of the Group’s cash management, are included as a component of cash and cash
equivalents for the purpose of the statement of cash flows.
07. FINANCE INCOME AND EXPENSES
In thousands of New Zealand dollars
31 December 2024
Unaudited
31 December 2023
Unaudited
Interest income104182
Net foreign exchange gain907-
Finance income1,011182
Interest expense on financial liabilities measured at amortised cost(4,431)(4,213)
Net foreign exchange loss-(1,534)
Finance expenses(4,431)(5,747)
Net finance expenses(3,420)(5,565)
08. INVENTORY
In thousands of New Zealand dollars
31 December 2024
Unaudited
31 December 2023
Unaudited
Restated
30 June 2024
Unaudited
Restated
Raw materials64,93568,89265,929
Work in progress1,3774,5142,620
Finished goods54,49670,38067,267
Total inventory120,808143,786135,816

Inventory written down during the period ended 31 December 2024 has been recognised within cost of goods sold -
$685,000 (31 December 2023: $252,000).

COMVITA.CO.NZ
INTERIM FINANCIAL STATEMENTS / NGA TAUĀKI PŪTEA HAURUA-A-TAU
14
10. INVESTMENTS
In thousands of New Zealand dollars
Note31 December 2024
Unaudited
31 December 2023
Unaudited
30 June 2024
Audited
Equity accounted investees-12,814-
Investment in unlisted shares-8-
Total investments10 a)-12,822-
Investments in equity accounted investees comprises:
Country of
Incorporation
Ownership
Interest Held
Balance
Date
Principal
Activity
Medibee Pty Limited “Medibee”
Australia50%30 June Apiary
Apiter S.A “Apiter”Uruguay32% 31 July
Manufacturing, selling
and distribution
Caravan Honey Company
"Caravan Honey"
U.S.A43.8%31 December
Development and
commercialisation
of products
09. SUNDRY RECEIVABLES
In thousands of New Zealand dollars
Note31 December 2024
Unaudited
31 December 2023
Unaudited
30 June 2024
Audited
Prepayments 8,2037,7117,238
Loan receivable – key management personnel141,342-2,279
Insurance proceeds receivable -1,707828
Other receivables2,8484,0554,877
Total sundry receivables - current12,39313,47315,222
Loan receivable – key management personnel147482,835450
Total sundry receivables - non-current7482,835450

COMVITA.CO.NZ
2025
15
a) Carrying value of investment in equity accounted investees
In thousands of New Zealand dollars
31 December 2024
Unaudited
31 December 2023
Unaudited
30 June 2024
Audited
Balance at 1 July
-10,226
10,226
Additional investment (Apiter)
-3,4203,420
Disposal (Makino)
--(555)
Share of losses
-(547)(904)
Foreign exchange movements
-(284)(18)
Impairment
--(12,169)
Closing balance
-12,814-
b) Loans to equity accounted investees
In thousands of New Zealand dollars
31 December 2024
Unaudited
31 December 2023
Unaudited
30 June 2024
Audited
Loan and interest receivable
Makino
-4,053-
Apiter
-1,189-
Total
-5,242-
The investments in Caravan and Apiter, including the shareholder loan to Apiter were impaired to zero at 30 June 2024.
All loans to equity accounted investees are repayable at the discretion of shareholders.
31 December 2024
Unaudited
Interest Rate31 December 2023
Unaudited
Interest Rate
c) Accrued interest
Makino
--1157.56%
Apiter
--193.5%
Total
--134
Transactions with equity accounted investees
In thousands of New Zealand dollars
Sale of goods and servicesPurchases of goods and services
Transaction valueBalance due fromTransaction valueBalance owing to
31 December 2024
Apiter -
---
31 December 2023
Makino 108
-763197
Apiter -
32--
10. INVESTMENTS (CONTINUED)

COMVITA.CO.NZ
INTERIM FINANCIAL STATEMENTS / NGA TAUĀKI PŪTEA HAURUA-A-TAU
16
12. DERIVATIVES

In thousands of New Zealand dollars
31 December 2024
Unaudited
31 December 2023
Unaudited
30 June 2024
Audited
Interest rate swaps asset/(liability)
-18-
Forward exchange contracts asset/(liability)
(2,378)3,109866
Total(2,378)3,127866
13. SHARE SCHEMES
a) Leader Share Purchase and Loan Scheme
In 2021 Comvita Limited established a Leader Share Purchase & Loan scheme (“LSPLS”) to retain key employees and
materially align the interests of participants with those of shareholders, by making loans available to eligible employees
for the acquisition of fully paid ordinary shares in Comvita.
31 December 2024
Unaudited
31 December 2023
Unaudited
Participants in the LSPLS78
Number of shares held696,077738,012
% of share capital0.99%1.05%
b) Performance Share Rights Scheme
Comvita Limited has a Performance Share Rights (PSR’s) Scheme to incentivise Executives. Upon vesting of the PSR’s,
shares will be transferred from treasury stock or new shares will be issued in the capital of the Company on the terms
and conditions described in the Comvita Limited Performance Share Rights Scheme. Share based payment expenses are
recognised over the vesting period of these PSRs.
In thousands
31 December 2024
Unaudited
31 December 2023
Unaudited
Number of entitlementsNumber of entitlements
Entitlements outstanding at beginning of period – July845872
Entitlements granted 63372
Entitlements cancelled(532)(22)
Shares vested(255)(323)
Entitlements outstanding at end of year
121899
c) Employee Share Scheme
In September 2022 the Company established an Employee Share Scheme called the Comvita Exempt Employee Share
Scheme (“CEES Scheme"). The CEES Scheme is designed to allow employees to share in the future of the Company.
There are 129 (December 2023: 156) employees in the CEES Scheme and the number of shares held is 50,400
(December 2023: 56,700).
11. ASSET HELD FOR SALE
On 20 December 2024 The Group executed a conditional sale and purchase agreement to sell one of its olive farms in
Australia. The expected proceeds from this sale are $2,756,000 resulting in a loss on sale of $399,000. These assets have
been classified as held for sale at 31 December 2024 and have been written down to net realisable value at that date,
resulting in an impairment expense of $399,000.

COMVITA.CO.NZ
2025
17
14. RELATED PARTIES
Transactions with Leadership Team and Directors
In thousands of New Zealand dollars
31 December 2024
Unaudited
31 December 2023
Unaudited
Short term employee benefits2,6171,920
Termination benefits748-
Share based payments (22)515
Total3,3432,435
Leadership Team loans:
In thousands of New Zealand dollars
31 December 2024
Unaudited
31 December 2023
Unaudited
Current
Loans to Leadership Team –
Leader Share Purchase & Loan scheme
1,342-
Total1,342-
Non-Current
Loan to Ex CEO649992
Loans to Leadership Team –
Leader Share Purchase & Loan scheme
991,843
Total7482,835
During the period modifications have been made to some share loan agreements where commitments have been
made to partially forgive debt. As a result, the loans have been modified downwards by $664,000 creating an expense.
Directors and other Leadership Team personnel of the Company control 1.53% (30 June 2024: 2.4%, 31 December 2023:
2.8%) of the voting shares of the Company.

INTERIM FINANCIAL STATEMENTS / NGA TAUĀKI PŪTEA HAURUA-A-TAU
18
15. GROUP ENTITIES
The Group comprises of the Company and the following entities:
Subsidiaries
Country of
Incorporation
Ownership
Interest Held
Comvita New Zealand Limited New Zealand100%
Bee & Herbal New Zealand Limited New Zealand100%
Comvita Share Scheme Trustee Limited New ZealandManagement control
Comvita USA, Inc USA100%
Comvita Japan K.K Japan100%
Comvita Korea Co Limited Korea100%
Comvita Food (China) Limited China100%
Comvita Food (Hainan) Co. Ltd China100%
Comvita China Limited Hong Kong100%
Comvita Holdings HK Limited Hong Kong100%
Comvita HK Limited Hong Kong100%
Comvita Malaysia Sdn BhdMalaysia100%
Comvita Singapore Pte LimitedSingapore100%
Comvita Holdings Pty Limited Australia100%
Comvita Australia Pty Limited Australia100%
Olive Products Australia Pty Limited Australia100%
Comvita IP Pty Limited Australia100%
Comvita Health Pty Limited Australia100%
Medihoney Pty Limited Australia100%
Medihoney (Europe) Limited United Kingdom100%
Comvita Holdings UK Limited United Kingdom100%
Comvita UK Limited United Kingdom100%
New Zealand Natural Foods Limited United Kingdom100%
Comvita Europe BV Netherlands100%
All Group subsidiaries have a 30 June balance date, except for Comvita Food (China) Limited and Comvita Food (Hainan) Co.
Ltd, which have a 31 December balance date due to local requirements.
16. COMMITMENTS
At period end the Group was committed to $2.1 million of capital expenditure (31 December 2023: $2.8million over 1 year)
which will be paid over the next two years. The commitments relate to Mānuka forest costs and other capital projects.

COMVITA.CO.NZ
2025
19
17. PRIOR PERIOD RESTATEMENTS
In December 2024 historical accounting irregularities were identified related to sales and accounts receivable
balances in Comvita Food (China) Limited. Similar irregularities were subsequently identified in Comvita Singapore.
This related to overstated sales, along with under-accrual of sales expenses. Following a comprehensive review,
restatement of the financial statements for the years ended 30 June 2023 and 30 June 2024 is required with
adjustments in both the China and Singapore subsidiaries for accounting irregularities and associated expenses.
In addition, as part of the half year reporting process for 31 December 2024, it was identified that there was an
historical error in the calculation of the carrying value of inventory, where an adjustment to recognise inventory at
cost was overstated. The financial statements for the year ended 30 June 2024 have therefore been restated to
reduce inventory by $1,259,000 to correct this error. Note the error was not considered material at 31 December
2023, therefore those interim accounts have not been restated to correct this error.

The following tables summarise the impacts on the Group’s consolidated financial statements.
.
For the six months ended
In thousands of New Zealand dollars
As previously
reported
31 December 2023
Unaudited
Adjustments
Sales & sales
expenses

As restated
31 December 2023
Unaudited
Revenue103,3651,924105,289
Cost of sales(41,189)(885)(42,074)
Gross profit62,1761,03963,215
Selling and distribution expenses(29,472)(231)(29,703)
(Loss)/profit before income tax(4,174)808(3,366)
Income tax benefit/(expense)979(68)911
(Loss)/profit for the period(3,195)740(2,455)
Earnings per share:
Basic earnings per share (NZ cents)(4.56)
(3.50)
Diluted earnings per share (NZ cents)(4.51)
(3.50)
INTERIM INCOME STATEMENT - DECEMBER 2023 RESTATED

COMVITA.CO.NZ
INTERIM FINANCIAL STATEMENTS / NGA TAUĀKI PŪTEA HAURUA-A-TAU
20
INCOME STATEMENT – JUNE 2024 RESTATED
INTERIM STATEMENT OF FINANCIAL POSITION – DECEMBER 2023 RESTATED
As at31 December 2023 Adjustments31 December 2023
In thousands of New Zealand dollars
NoteUnauditedSales & sales
expenses
Unaudited
Assets
Inventory
8
143,405381143,786
Trade receivables40,145(851)39,294
Tax receivable771137908
Total current assets216,666(333)216,333
Total assets391,480(304)391,176
Equity
Retained earnings38,408(116)38,282
Reserves
(1,968)
(13)(1,981)
Total equity235,791(139)235,652
Liabilities
Trade and other payables32,682(102)32,580
Tax payable1,764(63)1,701
Total current liabilities38,871(165)38,706
Total liabilities155,689(165)155,524
Total equity and liabilities391,480(304)391,176
As previously reported As restated
17. PRIOR PERIOD RESTATEMENTS (CONTINUED)
For the year ended
In thousands of New Zealand dollars

30 June 2024
Audited
Adjustments
Sales & sales
expenses
Adjustments
Inventory
As restated
30 June 2024
Unaudited
Revenue204,341(3,658)-200,683
Cost of sales(91,952)1,408(1,259)(91,803)
Gross profit112,389(2,250)(1,259)108,880
Selling and distribution expenses
(58,842)(439)-(59,281)
(Loss)/profit before income tax
(81,889)(2,689)(1,259)(85,837)
Income tax benefit/(expense)
4,5015663535,420
(Loss)/profit for the period
(77,388)(2,123)(906)(80,417)
Earnings per share:
Basic earnings per share (NZ cents)(110.33)
(114.98)
Diluted earnings per share (NZ cents)(110.33)
(114.98)
As previously reported

COMVITA.CO.NZ
2025
21
STATEMENT OF FINANCIAL POSITION – JUNE 2023 RESTATED
STATEMENT OF FINANCIAL POSITION – JUNE 2024 RESTATED
As at

June 2024
Audited

Adjustments

FY23 Sales &
sales expenses

Adjustments

FY 24 Sales &
sales expenses

Adjustments

FY24 Inventory
June 2024
Unaudited
In thousands of New Zealand dollars
Note
Assets
Inventory
8
134,4181,2511,406(1,259)135,816
Trade receivables35,030(2,747)(3,686)- 28,597
Tax receivable8010484- 268
Total current assets192,906(942)(2,646)(1,259)188,059
Total assets307,858(1,295)(1,621)(1,259)303,683
Equity
Retained earnings(36,137)(865)(4,642)1,612(40,032)
Reserves
(2,584)-9-(2,575)
Total equity160,630(865)(4,632)1,612156,745
Liabilities
Trade and other payables35,822(330) 402-35,894
Tax payable1,116(100)91(353)754
Total current liabilities130,526(430)493(353)130,237
Total liabilities147,228(430)493(353)146,938
Total equity and liabilities307,858(1,295)(4,139)1,259303,683
As previously reported
As restated
17. PRIOR PERIOD RESTATEMENTS (CONTINUED)
As at June 2023 AdjustmentsJune 2023
In thousands of New Zealand dollars
AuditedSales & sales
expenses
Unaudited
Assets
Inventory136,0881,251137,339
Trade receivables39,373(2,747) 36,626
Tax receivable41104 145
Total current assets203,960(942)203,018
Total assets358,766(1,295)357,471
Equity
Retained earnings 43,209(865)42,344
Reserves
(3,240)-(3,240)
Total equity239,320(865)238,455
Liabilities
Trade and other payables34,319 (330) 33,989
Tax payable2,195(100)2,095
Total current liabilities40,737(430)40,307
Total liabilities119,446(430)119,016
Total equity and liabilities358,766(1,295)357,471
As previously reported As restated

INTERIM FINANCIAL STATEMENTS / NGA TAUĀKI PŪTEA HAURUA-A-TAU
22
COMVITA.CO.NZ
INTERIM FINANCIAL STATEMENTS /
NGA TAUĀKI PŪTEA HAURUA-A-TAU

---

I N VESTO RPRESEN TATI ON
H ALFYEARR ESU LTS F Y 2 5
PRESENTED BY:
Brett Hewlett, CEO
NigelGreenwood, CFO
25 February 2025
Back
to basics

C OM VI TA I N VEST OR PR ESE NT A T IO N H A LF YEA R R ESU LT F Y25
Notice
IMPORTANT
This presentation is given on behalf of Comvita
Limited. Information in this presentation:
•Should be read in conjunction with, and is subject
to, Comvita’s Annual Reports, Interim Reports
and market releases on NZX;
•Is from the unaudited interim results for the six
months ended 31 December 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 unaudited interim 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.
2

C OM VI TA I N VEST OR PR ESE NT A T IO N HA L F Y EA R R ESU L T F Y25
Summary
B a c k t o b a s i c s
3
•Market / industry remains challenging
•Back to basics – repositioning business for new reality
•Culture reset – Trust and transparency, tighter controls
•Stabilisation of business with focus on NC and FCF
•Improving operational efficiencies
•Market Outlook steadily improving into FY26

C OM VI TA I N VEST OR PR ESE NT A T IO N HA L F Y EA R R ESU L T F Y25
Revenue
$99.7 M
Gross ProfitNPAT
Operating Cash
Flow
Free Cash Flow
Inventory
Net Debt
4
(5.3%) vs PCP*
$50.5 M
(20.1%) vs PCP*
($6.5 M)
(164%) vs PCP*
$81.6 M
$85.8M in PCP* &
$79.7M end June 24*
$120.8 M
($23M) vs PCP*
$2.0 M
+$27.9M vs PCP*
$9.8 M
+$16M vs PCP*
Opex
$56.0 M
(8.5%) vs PCP*
Performancestabilising
Cash flow improving as we refine our operations
* PCP & June 24 Restated

C OM VI TA I N VEST OR PR ESE NT A T IO N HA L F Y EA R R ESU L T F Y25
Accounting irregularities
5
Financial Restatements Prior Year Adjustments
▪Information identified in late 2024 regarding reliability of some sales and accounts
receivable balances in FY23/24 led to internal review by Comvita and independent
external review by Big4 accounting firm.
▪Reviews identified that balances were overstated and required adjustment.
Additional under-accruals of expenses related to prior periods also identified.
▪Market update (9 Dec 2024): Disclosed accounting irregularities in China
subsidiary.Likely impact of $1M NPAT in both FY23 and FY24, with review ongoing.
▪Market update (10 Feb 2025): Additional irregularities identified of $2M NPAT in
FY24. Total impact therefore $1M NPAT in FY23 and $3M in FY24.
▪Accountability measures have been implemented and are ongoing.
▪Tightened controls, procedures, policies.
▪Changes to the China organisation structure and reporting lines.
FY-2024
FOR THE YEAR ENDED
30 June
2024
Sales and
Sales
Expenses
Inventory
30 June
2024
NZD 000'sReportedAdj.Adj.Restated
Revenue
204,341(3,658)- 200,683
Gross Profit
112,389(2,250)(1,259)108,880
Gross Profit %*
55.0%54.3%
Sales Variable
27,096 (439)- 26,657
Operating Profit
(81,889)(2,689)(1,259)(85,837)
Reported NPAT
(77,388)(2,123)(906)(80,417)
FY-2023
FOR THE YEAR ENDED
30 June
2023
Sales and
Sales
Expenses
Inventory
30 June
2023
NZD 000'sReportedAdj.Adj.Restated
Revenue
234,195(2,747)231,448
Gross Profit
135,760(1,496)134,264
Gross Profit %
58.0%58.0%
Sales Variable
25,654 (330)25,324
Operating Profit
23,920 (1,167)22,753
Reported NPAT
11,062 (865)10,197

C OM VI TA I N VEST OR PR ESE NT A T IO N H A LF YEA R R ESU LT F Y25
Update on Bank Discussions
Discussions remain ongoing with our Bank Syndicate
•Our current financial performance does not enable us to achieve our current Bank
Syndicate covenants
•We agreed a revised bank covenant structure for 31 December 2024 with all revised
covenants being met
•Without further covenant relief certain of our Q3 (test date 31 March 2025) and Q4
(test date 30 June 2025) covenants will not be met
•We remain in ongoing discussions with our bank syndicate
•A further market update will be provided in advance of the next covenant test date of
31 March 2025
6

Market and
Industry
HY25
7

C OM VI TA I N VEST OR PR ESE NT A T IO N H A LF YEA R R ESU LT F Y25
8
Industry dynamics
Honey production fell 56% between 2020 and 2023

C OM VI TA I N VEST OR PR ESE NT A T IO N H A LF YEA R R ESU LT F Y25
Industry dynamics
A crisis for some and an opportunity for others
•Industry regulation and oversight is proceeding with a merger of the
three existing industry bodies
•Unsustainable "price-dumping" taking place to move industry-wide
surpluses of raw honey andfinished goodsin-market
•Right sizing of supply will see a steady unwind of the glut over the next
1-2 years resetting wholesale honey prices
•Security of supply, quality-assurance and credible ESG now minimum
requirements to participate for exporters
•Security of supply from quality land and forest resources remains the
economic sustainability KSF for apiary businesses and brands
9
Source: M PI Export Data
0
100
200
300
400
500
600
Jan'21
May'21
Sep'21
Jan'22
May'22
Sep'22
Jan'23
May'23
Sep'23
jan'24
May'24
Sep'24
Export Value MAT (m) - Total for all
countries
Manuka MultiManuka Mono UMF
Non ManukaTotal

C OM VI TA I N VEST OR PR ESE NT A T IO N H A LF YEA R R ESU LT F Y25
Market dynamics
The Category continues to grow and evolve
10
• Cautious consumer sentiment in China appears to have stabilised but remains soft
• Heavy price discounting by new entrant Manuka brands continues
• The Manuka Honey category is growing globally
• Category is segmenting into every-day value, super-premium, healthy snacking, healthcare and personal
care products
• Large global warehouse clubs and super discounters see big opportunities in the Manuka honey category
• Large Digital platforms enable rapid easy entry growth, but often not profitably for brand owners?
• Premium offline retailers are evolving at pace offering omni-channel exceptional shopping and emotional
experiences

Segment
Performance
HY25
11

C OM VI TA I N VEST OR PR ESE NT A T IO N HA L F Y EA R R ESU L T F Y25
G RE AT E R C H INA
NZD 000s
1H25 1H24
Restated
Variance
Vs.
Pcp
Sales41,19046,931(5,741)(12.2%)
Net Contribution6,3099,289(2,980)(32.1%)
Net Contribution %15.3%19.8%(4.5%)
•Depressed consumer sentiment andaggressive competitor price
promotions impacting revenue
•Economic outlook remains soft – positive onlong-term prospects
•Gross margin stable as we leverage our omni-channel capability
•#1 premium health & wellness brand position remains safe
•Regional NPD to increase category reach and relevance
•Simplifying and streamlining organisation structure
•Tighter internal controls with finance Greater China reporting directly to Group
CFO
12
48 48 52 47 41
-
10
20
30
40
50
60
HY-21 HY-22 HY-23 HY-24 HY-25
NZD$000
GREATER CHINA SALES - HALF YEAR
11 11 13 9 6
-
2
4
6
8
10
12
14
16
HY-21 HY-22 HY-23 HY-24 HY-25
NZD$'000
GREATER CHINA CONTRIBUTION - HALF YEAR

C OM VI TA I N VEST OR PR ESE NT A T IO N HA L F Y EA R R ESU L T F Y25
NZD 000s1H251H24Variance
Vs.
pcp
Sales14,59213,0291,56312.0%
Net Contribution2,7912,29849321.5%
Net Contribution %19.1%17.6%1.5%
N O R T H A M E R I C A
•Category growing and evolving
•Continued growth in both offline & online channels
•Total revenue up 12% vs PCP
•Regaining market share
•Confirmed return of lost territory with largest club retailer
•Differentiated brand value proposition and product positioning to suit
North America consumer requirements
•Simplified organisation structure and focused distribution
model
13
NO RT H AM E RIC A
12 17 21 13 15
-
5
10
15
20
25
HY-21 HY-22 HY-23 HY-24 HY-25
NZD$'000
N. AMERICA SALES HALF YEAR
3 5 7 2 3
-
1
2
3
4
5
6
7
8
HY-21 HY-22 HY-23 HY-24 HY-25
NZD$'000
N. AMERICA CONTRIBUTION HALF YEAR

C OM VI TA I N VEST OR PR ESE NT A T IO N HA L F Y EA R R ESU L T F Y25
A US TR AL I A + NE W ZE A LA N D
14
NZD 000s1H25
1H24
Restated
Variance
Vs.
pcp
Rest of Asia
Sales22,07519,2132,86214.9%
Net Contribution1,8222,600(778)(29.9%)
Net Contribution %8.3%13.5%(5.2%)
ANZ
Sales15,51119,255(3,744)(19.4%)
Net Contribution3,3126,216(2,904)(46.7%)
Net Contribution %21.4%32.3%(10.9%)
EMEA
Sales1,9852,159(174)(8.0%)
Net Contribution(1,112)(36)(1,076)(2,989%)
Net Contribution %(56.0%)(1.7%)(54,3%)
Rest of Asia sales +$2.9M or 14.9%
•Challenging environment with heavy competitor discounting
•Strength in Omni-channel and regional product innovation
•Retail holding up premium brand image
ANZ sales decreased -$3.7M or -19.4%
•Low priced competition targeting entry points
•Pricing and softened demand in China challenging x-border/daigou
•Underlying domestic sales stabilised and returning to growth
EMEA sales decreased -$0.2M or -8.0%
•Switch to distributor business model
•Softer outlook but with +ve net contribution
RE ST O F W OR LD

Back to basics
HY25
15

C OM VI TA I N VEST OR PR ESE NT A T IO N H A LF YEA R R ESU LT F Y25
Back to Basics
R e p o s i t i o n i n g t h e b u s i n e s s f o r n e w r e a l i t y
•Culture reset – trust and transparency, tighter controls
•Focus ongrowing Net Contribution and Cashflow
•Radically simplified organisation;
✓Scaled-back senior LT by 4: 2x Regional CEOs, BDM, CTO
✓Closed UK and EU subsidiaries, changed to distributor model
✓Reduced overall headcount by 67 ($4.5M for FY25)
✓Board size reduced from 8 to 6

•Operational efficiency and sharper procurement to draw focus to cost/kg;
✓Confirmed costof goods savings of $6M for FY25

•Competing in both the Premium and Every-day value segmentsto grow market share and move
inventory –reaffirming our #1 position
•We are setting ourselves up for a strong rebound in FY26 under new leadership
16

C OM VI TA I N VEST OR PR ESE NT A T IO N H A LF YEA R R ESU LT F Y25
Way forward
O u r u n d e r l y i n g c o r e a t t r i b u t e s s e t s u s a p a r t
17
•Strong Brand – inpremium categories:
✓#1 in China, HK, Singapore and S. Korea
✓on track to #1 in North America
•Our omni-channel capability including SIS/SAS retail across
Asia upholds our Premium brand performance
•Diversified product offering spanning Functional foods & healthy snacking,
Healthcare and premium Ingredients
•Commitment to Science and Innovation provides customer assurance
•Forests: We own and operate large scale Manuka forests planted with unique
cultivars
•We have 50 years of experience
* FY24 Restated
43%
18%
18%
13%
6%
2%
FY24 Sales Split by Segment
Greater China
ANZ
Rest of Asia
North America
Other
EMEA
36%
25%
15%
12%
7%
5%
FY24 Sales Split by Channel
Digital
Retail Comvita
Retail Partners
Other
Wholesale
Distributor
71%
24%
5%
FY24 Sales Split by Product Type
Functional Foods
Health Care
Ingredients

C OM VI TA I N VEST OR PR ESE NT A T IO N H A LF YEA R R ESU LT F Y25
Long-term performance
50-y e a r t r a c k r e c o r d
18
31395271858296104115153185156178171196192209232201
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
2020-2024
Rev +$5M
2015-2019
Rev +$18M
2010-2014
Rev +$30M
2005-2009
Rev +$50M
•Normalised to 12 months
•FY24 & FY23 restated

Financials
HY25
19

C OM VI TA I N VEST OR PR ESE NT A T IO N H A LF YEA R R ESU LT F Y25
Income statement
•Total Revenue: $99.7m down $5.6M (-5.3%) on PCP In the last 3
months we have seen revenue stabilizing YOY
•Gross Profit Declined: Impacted by lower direct margin, reduced
manufacturing recoveries, weaker apiary season, higher inventory
provisions.
•Marketing Investment: More targeted spend focused on channels
delivering the most NC.
•Sales Expenses: Increased to 15% of sales (from 13% in PCP) due
to channel mix shifts.
•ERP costs at $1.8m down $1.6m on PCP as we carefully manage
our investment in this project.
•Restructuring costs at $2.1m are up $1.1m on PCP. Associated
with the significant reduction in head count.
•Other operating expense decreased by $1.5M (5%), compared to
PCP, with cost reductions having a greater savings impact in the
second half of FY25.
•Reported NPAT Loss: -$6.5M
20
For the 6 Months ended
NZD 000s
31 Dec
2024
Unaudited
31 Dec
2023
Unaudited
Restated
Variance
$
Variance
%
Revenue 99,713105,289(5,576)(5.3%)
Gross Profit %50.7%60.0%(9.3%)(15.5%)
Marketing9,40213,977(4,575)(32.7%)
Sales Variable14,99313,7431,2509.1%
ERP & Restructuring3,9424,372(430)(9.8%)
Other Operating expenses27,63529,095(1,460)(5.0%)
Total Operating expenses55,97261,187(5,215)(8.5%)
Net Profit After Tax (NPAT)(6,482)(2,455)(4,027)164.0%

C OM VI TA I N VEST OR PR ESE NT A T IO N H A LF YEA R R ESU LT F Y25
Cashflow
The cash flow position has significantly improved compared to
prior year due to disciplined financial management with:
•Net Operating Cash inflow, at $9.8M an improvement of
$16.0M on PCP primarily due to the $15M reduction in
inventories
•Investing activities down $12.7M on PCP.
−Only investment being deferred HoneyWorld settlement
payment of $3.1M
− Capital expenditure tightly controlled at $2.0m. $3.6M
lower than PCP.
•Positive Free Cash Flow – a $27.9M improvement on PCP.
•Interest expense in line with PCP, expected to reduce as
debt paid down and benefit of lower OCR.
As at
NZD 000s
31 Dec
2024
Unaudited
31 Dec
2023
Unaudited
Restated
Variance
$
Net Operating Cash flow9,844(6,110) 15,954
Investing Activities(4,449)(17,188)(12,739)
Free Cash Flow2,010(25,868)27,878
Interest expense(4,431)(4,159)272
21

C OM VI TA I N VEST OR PR ESE NT A T IO N H A LF YEA R R ESU LT F Y25
•Net debt $81.6M, a $1.9M increase on FY2024, due to initial losses
incurred, deferred HoneyWorld settlement and annual site payments
to landowners all occurring in Q1 creating a headwind. Net debt has
decreased by $16.5m over Q2.
•Debtors of $31M, reflecting a $2.4M increase on FY2024 due to
very strong sales performance December 24.
•Creditors stand at $23.3M, reflecting a $12.6M decrease from
FY2024 due to a decrease in honey purchases, site payments and
the deferred HoneyWorld settlement.
•Inventory of $120.8M down -$15M on FY2024 primarily in finished
goods as we focus on selling through excess inventory
As at
NZD 000s
31 Dec
2024
Unaudited
30 June
2024
Unaudited
Restated
Variance
$
31 Dec
2023
Unaudited
Restated
Net Debt81,57279,707 1,86585,816
Debtors 31,01728,5972,42039,294
Creditors23,30535,894(12,589)32,580
Inventory120,808135,816(15,008)143,786
22
Key Balance Sheet Items

C OM VI TA I N VEST OR PR ESE NT A T IO N H A LF YEA R R ESU LT F Y25
As at
NZD 000s
31 Dec
2024
Unaudited
30 June
2024
Unaudited
Restated
Variance
$
Variance
%
31 Dec
2023
Unaudited
Restated
Finished Goods 54,49667,267(12,771)(19.0%)70,380
Honey WIP 1,3772,620(1,243)(47.4%)4,514
Raw Materials64,93565,929(994)(1.5%)68,892
Total Inventory 120,808135,816(15,008)(11.1%)143,786
23
Total Inventory declined $15M (-11.1%) vs June 24, reflecting
effective inventory management and strategic stock
optimisation.
•Finished Goods: Decreased by $12.7M (-19%), primarily
due to, demand-driven inventory controls and a focus on
reducing excess stock levels.
•Honey WIP: Declined by $1.2m (-47.4%), improved
efficiency in honey processing.
•Raw Materials: Reduced by $1M (-1.5%), while honey
procurement has been managed to essential levels, lower
production levels combined with accumulated apiary
function costs in inventory have kept raw material inventory
substantially unchanged since June 24.
Inventory

Summary
24

C OM VI TA I N VEST OR PR ESE NT A T IO N H A LF YEA R R ESU LT F Y25
Outlook
25
•Flat Sales overall through to end of FY25
•China market expected to remain soft for balance of 2025
•Steadily improving situation in Rest of Asia and North America
•Margin to remain stable
•Margin headwinds continue as we work through current inventory
•Steadily improving cashflow position
•Full benefit of restructure falls into FY26
•2024/2025 industry honey harvest below average
•Comvita forests & apiary provide security of high-quality supply

C OM VI TA I N VEST OR PR ESE NT A T IO N HA L F Y EA R R ESU L T F Y25
Summary
B a c k t o b a s i c s
26
•Market / industry remains challenging
•Back to basics – repositioning business for new reality
•Culture reset – Trust and transparency, tighter controls
•Stabilisation of business with focus on NC and FCF
•Improving operational efficiencies
•Market Outlook steadily improving into FY26

Q + A
27

C O MV ITA . CO M

---

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


Results for announcement to the market
Name of issuer Comvita Limited
Reporting Period Six months to 31 December 2024
Previous Reporting Period Six months to 31 December 2023
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$99,713 (5%)
Total Revenue $99,713 (5%)
Net profit/(loss) from
continuing operations
$(6,482) (164%)
Total net profit/(loss) $(6,482) (164%)
Interim/Final Dividend
Amount per Quoted Equity
Security
It is not proposed to pay a dividend
Imputed amount per Quoted
Equity Security
Not applicable
Record Date Not applicable
Dividend Payment Date Not applicable
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$1.89 $2.57 (restated)
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Please refer to profit announcement and attachments for
commentary.
Authority for this announcement
Name of person

authorised
to make this announcement
Brett Hewlett, Acting CEO
Contact person for this
announcement
Brett Hewlett, Acting CEO
Contact phone number +64 21 740 160
Contact email address Brett.hewlett@comvita.com
Date of release through MAP

25 February 2025

Unaudited financial statements and the investor presentation accompany this announcement.