Bank covenant update

31 March 2025
Bank covenant update

Comvita Limited (NZX:CVT) provides an update on its Q3 FY25 covenants.

Comvita confirms that it has agreed with its bank syndicate revised Q3 FY25 covenants (to be tested as
at 31 March 2025). This includes the waiver of the two covenants that Comvita previously considered
would not be met when tested and introduces an EBIT covenant for the 9 months ended 31 March 2025.

As we have previously stated, we do not consider that our present covenant structure is appropriate in
the current circumstances. Without further relief or amendment of our covenant structure, our
covenants following the 31 March 2025 test date would not be met (to be tested again in Q4 as at 30
June 2025). Comvita remains in discussions with its bank syndicate to determine longer term covenant
structure acceptable to both the bank syndicate and the company. We expect those discussions to
continue as we progress through the balance of the financial year.

Bridget Coates
Board Chair

ENDS.

For more information, please contact:
Bridget Coates| Comvita
Mobile: +64 27 714 0591
Email: Bridget.coates@comvita.com

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.