Comvita Limited – Annual Report 2025

COMVITA LIMITED
ANNUAL REPORT 2025

CONTENTS
1. Chair and CEO Reports
6
2. About Comvita
12
3. What Matters Most
18
4. Financial Performance and Management
20
5. Our Markets and Channels
24
6. Our Brand and Products
34
7. Science and Quality Leadership
38
8. Sustainable Supply
42
9. Our People
46
10. Caring for Nature and Climate
50
11. Consolidated Financial Statements
54
12. Leadership and Governance
112
13. Appendices
128
Further Disclosures
129
GRI Content Index
135
14. Directory
148
1Annual Report | 2025

This report covers the financial year
of 1 July 2024 to 30 June 2025 and
includes Comvita Limited and all of our
subsidiaries, collectively referred to as
Comvita. Comvita’s head office is based
in Paengaroa, New Zealand.
Our Annual Report is designed to
provide our investors and wider
stakeholders with transparent and
clear information on our economic
and financial performance. We are
sharing the progress we have made
in addressing the challenges that
Comvita is currently facing, and how
we are setting the business up for the
future. We also consider our broader
social and environmental impacts
and performance, taking a double
materiality approach, and report in
accordance with the Global Reporting
Initiative (GRI).
Comvita is a climate-reporting entity
under the Financial Markets Conduct
Act 2013. This Annual Report should be
read in conjunction with the Comvita
Climate Statement 2025, which includes
information on our GHG inventory.
The scope of the reporting entity and
reporting period in the Annual Report
and the Climate Statement are
aligned with that used for Comvita’s
FY25 Financial Statements. Reporting
on Comvita’s interests in equity
ABOUT THIS REPORT
Welcome to Comvita’s
2025 Annual Report
accounted investees is included in the
GHG Inventory Report only. Comvita
publishes all of its reports on an
annual basis.
Our Financial Statements, included
within this Annual Report, and our
GHG Inventory Report have been
subject to assurance by KPMG. The
publication date for this Annual Report
is 18 September 2025.
For any questions or comments on
this Annual Report, please contact
investor.relations@comvita.com
COMVITA LIMITED ANNUAL
REPORT APPROVED BY:
For and on behalf of the Board of
Directors:
Bridget Coates
Chair
Michael Sang
Chair of Audit and Risk Committee
3Annual Report | 20252Annual Report | 2025

Results
Overview
NET PROFIT AFTER TAX – REPORTEDOPERATING COSTS
2023
$10m
2023
$124m
2024
($80m)
2024
$126m
2025
($105m)
2025
$114m
REVENUEINVENTORY
2023
$231m
2023
$137m
2024
$201m
2024
$136m
2025
$192m
2025
$89m
GROSS PROFITNET DEBT
2023
$134m
2023
($53m)
2024
$109m
2024
($80m)
2025
$83m
2025
($62m)
OPERATING CASH FLOWEMPLOYEE NET PROMOTER SCORE
/10
2023
$9m
2023
2.1
2024
$5m
2024
2.1
2025
$34m
2025
–1.1
FREE CASH FLOWTOTAL RECORDABLE INJURY
Frequency Rate (TRIFR)
2023
($17m)
2023
3.8
2024
($15m)
2024
2.7
2025
$25m
2025
0.7
CONSUMER NET PROMOTER SCORE
/10
NET GHG EMISSIONS
tCO ₂e
2023
8.0
2023
29,640
2024
7.8
2024
24,872
2025
7.8
2025
17,932
45Annual Report | 2025Annual Report | 2025

FY25 was a deeply challenging year for Comvita. Structural
pressure in the Mānuka honey sector intensified, operating
conditions worsened in several of our key export markets,
and the company faced the compounded impacts of trading
underperformance, financial constraints, and legacy issues.
1. Chair and
CEO Reports
The pressures facing Comvita are not new, but their
impact has become more acute. FY25 exposed the
full extent of external market pressures and internal
challenges. The Mānuka honey category has experienced
sustained oversupply, margin compression, weakening
consumer demand, and aggressive discounting across
both online and offline channels. This has placed strain
on the entire sector, with several participants under
financial pressure and wider industry consolidation
industry consolidation is gathering pace.
At the same time, Comvita continued to navigate its
own internal challenges. Over recent years, the company
made significant strategic investments to build scale,
strengthen the brand, and expand internationally.
Not all of these investments delivered to expectations.
Structural inefficiencies accumulated, including
a complex operating model, fragmented systems,
and underperforming business units. These issues
did not emerge overnight, they had been building
over a number of years. Additionally, in FY25,
the identification of accounting irregularities in
China highlighted further weaknesses in systems
and controls. In response, the Board initiated a
comprehensive review and implemented an action
plan to address these issues and prevent recurrence.
Collectively, these factors have contributed to a
sustained deterioration in profitability and financial
resilience, exposing the business to greater risk in
a tougher external environment.
We acknowledge the seriousness of this
situation and the disappointment it has
caused for many of our shareholders.
We weren’t fast enough to adjust – and those
same market dynamics have only intensified.
Limited financial headroom and capital
constraints have further restricted our
ability to respond at pace. As a result, our
FY25 performance was materially impacted,
including significant impairments.
CHAIR'S REPORT | BRIDGET COATES
Revenue was $192m, down 4.1% from $201m in FY24
as a result of weaker sales in Mainland China, partly
offset by gains in the USA and Rest of Asia markets.
Gross margin fell to 43%, compared with 54% in FY24,
driven by high-cost honey purchased in earlier years,
combined with price discounting in some markets.
Reset in motion
Urgent and decisive action was taken during the year
in the face of ongoing sector, financial and structural
issues, and this is delivering early signs of progress –
the restoration of free cash flow to positive, reduction
in net debt, and greater discipline in inventory and
cost management.
The reset has included:
Operating cash flow strengthened to $34m, up from
$5m in FY24
Inventory reduced by $47m since FY24, comprising
of $15m write off provision and a $32m reduction
in finished goods
A reduction in net debt of $17m over the past
12 months
$12.6m cost reductions implemented, with further
actions underway
The closure of underperforming and non-core
operations
Product rationalisation, supply chain simplification,
and restructured distribution models
A full restructure including headcount reduction
and a streamlined leadership team
Strengthening of internal controls and reporting
structures
A deliberate cultural reset to support sharper
execution and accountability
67Annual Report | 2025Annual Report | 2025

Amid this reset, it is important to acknowledge the
strength of Comvita’s global brand, our loyal customers,
and the quality of our team. These are valuable
foundations to build from.
Banking covenant update
At the end of FY25, we reached agreement with our
banking syndicate on revised covenants. This included
the waiver of two covenants that were previously at
risk and the introduction of a new EBIT covenant –
tested quarterly through to 31 December 2025.
As at 30 June 2025, the Group had drawn debt
facilities of $71.6m of a total group facility of $94m.
Of the $94m facility, $24m is due to be renewed in
January 2026 and $35m in March 2026. These revised
terms provide short-term stability, however, it is clear
from discussions with advisors and banks that a
longer-term recapitalisation solution is required.
The Directors consider the Group to be a going
concern. This assessment is based on current assets
exceeding liabilities by $52m, FY26 forecasts
showing sufficient cash to meet obligations as they
fall due, and an expected return to profitability –
subject to execution.
A strategic review and a path forward
While these actions have delivered early signs of
progress – including improved cash flow, reduced
debt, and leaner operations – these factors alone
are not sufficient to strengthen the balance sheet
or position the business for long-term sustainability.
A clear and decisive path forward is critical in the
best interests of all shareholders.
Against this backdrop, the Board, alongside its
advisors, initiated a review of all strategic options
to secure Comvita’s future. The review included
consideration of capital raising, refinancing, and
potential acquisition pathways.
Following this comprehensive review, the Board
signed a Scheme Implementation Agreement with
Florenz Ltd earlier this month at $0.80 per share.
The Scheme remains subject to shareholder and
court approval, an Independent Adviser’s Report,
and other customary conditions.
The Board supports the Florenz offer given the
premium to recent trading, the greater certainty
it provides in the face of sustained structural and
financial challenges, and the liquidity it offers in
a historically low-volume stock.
We recognise that for many shareholders this is
a difficult moment. However, the Board believes the
Scheme offers a clear and defined pathway to value
realisation – one that would be difficult to achieve
through other means given the execution risk,
capital constraints, and the prolonged timeframes
involved in a continued standalone strategy. However,
the final decision rests with our shareholders who will
determine the company’s path forward when they
vote on the Scheme at the Shareholder Meeting in
November. Further details are forthcoming.
Leadership transition
Leadership transition has also been a high priority
for the Board. We would like to acknowledge Brett
Hewlett for his service as Acting CEO in a highly
challenging environment and for his more than two
decades of contribution to Comvita. Brett undertook
many actions to address pressing issues and accelerate
the transformation of the company during his tenure
as Acting CEO, and for that the Board is very grateful.
We also acknowledge Nigel Greenwood, who stepped
down as Chief Financial Officer during the year.
In August 2025, we welcomed Karl Gradon as
Chief Executive Officer, bringing deep commercial
and leadership experience to help guide the company
through this critical period. The search for a permanent
CFO is well advanced.
On behalf of the Board, I want to thank
our team, our partners, and you – our
shareholders – for your ongoing support
during an extremely demanding period.
We do not underestimate the challenge ahead.
But the Board remains committed to delivering
a stable outcome for shareholders, and a
credible path forward for Comvita’s brand,
people, and our operations around the world.
9Annual Report | 20258Annual Report | 2025

Comvita has been too slow to adapt to shifting
sector dynamics and has lost margin and share
in key markets as a result. Innovation beyond “honey
in a jar” is critical to defend a premium positioning
and sustain value.
The ingredients to win are there – but we must move
fast, act with discipline, and make tougher choices.
I am here to ensure we face into these issues directly
and put the company on a firmer footing.
We are not starting from scratch. Comvita remains
the global number-one Mānuka honey brand, with
a differentiated value chain from forest to shelf.
We have trust, provenance, and product quality that
competitors cannot easily replicate. Our retail and
online presence across Asia is a real strength, with
premium positioning in health and gifting segments,
and differentiated science-led intellectual property
in bee and plant bioactives. What we are fixing is
how we operate – and how we perform.
FY25: Reset and results
FY25 marked the start of a hard reset. The company
had become structurally inefficient and financially
constrained. We exited non-core operations,
restructured leadership, simplified reporting lines,
rationalised product portfolios, and brought sharper
focus to regional execution. These changes were
difficult but necessary to restore financial discipline
and rebuild confidence. At the same time, we made
clear commercial progress.
CHIEF EXECUTIVE OFFICER'S REPORT | KARL GRADON
Taking action: FY26 and beyond
Doing what we say we will do is our highest priority.
This is not about a new plan – it’s about execution
and relentless follow-through. In the past, Comvita
invested ahead of traction and was overly optimistic.
That stops here. We must earn the right to grow by
getting the basics right.
Near-term priorities are clear:
Hold pricing integrity in premium segments and grow
share in lower UMF™ grades
Deliver further cost savings
Simplify leadership and continue to right-size
overheads
Return to profitability
Reduce net debt
Reset balance sheet
Looking further ahead, we will defend and grow
our number-one position in premium Mānuka
honey globally. We will increase distribution through
omni-channel capability, particularly online. We
will use our scalable Mānuka forests and apiary
operations for secure, cost-effective supply. And we
will target innovation and category expansion with
tighter commercial filters and better prioritisation.
At the heart of this journey is a renewed focus on
culture, trust, and our customers – ensuring Comvita
evolves into a stronger, more resilient business. We
have the best building blocks of anyone in the Mānuka
sector. My job is to align them for competitive
advantage – and ensure the entire organisation
executes with urgency and focus.
Comvita has a proud legacy. New Zealand
deserves a category-leading brand in this
sector. I see significant opportunity ahead –
and I am up for the challenge.
I want to acknowledge the passionate and talented
team at Comvita. Their resilience and belief in
our brand – even during difficult times – is a real
strength. What comes next will require discipline,
execution, and courage. There is a lot of work to do –
but the direction is clear.
China remains our most challenging market, with
weak sentiment and aggressive competition. FY25
sales declined 11% and profit fell 25% versus FY24.
However, our brand retained its leadership position
with more than 50% share. The commercial reset
in China is beginning to deliver – early signs of
recovery were evident in the fourth quarter of FY25,
particularly in premium UMF™, and new opportunities
are emerging via bulk retail and digital channels.
North America is Comvita’s key global growth market
and has returned to strong volume growth, with
sales up 10% and profit up 15% versus FY24. This
was driven by sharper planning and leadership in
the Natural Retail Channel, where we secured the
number-one brand position.
Australia and New Zealand saw a decline in sales
and profit versus FY24, largely due to softness in
traditional Daigou channels. However, our non-honey
product lines have stabilised and returned to growth,
supporting a more balanced category mix.
Rest of Asia delivered sales growth of 19% versus
FY24. Honey markets across the region are growing
steadily but competition remains high. We are
focusing on channel profitability and deeper retail
execution, with Singapore particularly well placed
for further growth.
Europe, Middle East and Africa sales declined
9% versus FY24 but the region has returned to
profitability. The transition to a distributor business
model in the UK and Europe is now complete and is
already delivering improved margins. New growth is
emerging in the Middle East through partnerships
with leading pharmacy chains and wellness retailers.
In FY25 Comvita:
Protected its leading brand position, remaining
number one in key markets including China, Hong
Kong, Korea, and Singapore
Signed a strategic agreement with the world’s largest
club retailer
Launched Lepteridine™ in the US with a gut health
position, which is driving incremental sales results
Transitioned to Shopify as a common e-commerce
platform
Moved to a distributor model in the UK and Europe
to lift profitability
Market context and regional
performance
Oversupply, economic uncertainty, and demand
fluctuations are reshaping the industry, with the
premium positioning under attack. Global category
growth remains modest at 1 to 3% per annum.
It has largely been survival mode for many players.
Discount brands with low barriers to entry continue
to price and procure opportunistically. Consolidation
is accelerating, with several distressed brands having
to make strategic decisions to remain viable. Despite
these dynamics, Comvita is holding ground in key
markets – and regaining momentum in others.
I joined Comvita as CEO in August 2025 with a clear mandate:
fix what’s broken, protect what’s strong, and improve
performance. Comvita has strong brand assets and global reach
– but operational complexity, uneven execution, and missed
opportunities have constrained value.
1011Annual Report | 2025Annual Report | 2025

Comvita’s purpose has always been to provide
natural products to improve the health of
the community. In 2025, as we celebrate our
50th birthday, this remains at the core of
who we are.
From humble beginnings, we are now a global
market leader, producing and marketing Mānuka
honey, propolis and olive leaf extract natural health
products. Our products are sold in China, USA, Hong
Kong, South Korea, Japan, Singapore, Malaysia,
Australia, New Zealand and other markets in Europe
and the Middle East.
Our activities and unique business model include:
Mānuka and olive forest development and
management; apiary management; research;
manufacture and distribution of our wellness products
globally; and selling to consumers directly and
through other customers. Our strengths across our
value chain have enabled Comvita and our brand to
become recognised and trusted by our customers and
consumers globally for our premium quality products.
The current market and industry conditions are
challenging. Fifty years of pioneering industry
development have taught us resilience – the
importance of adaptation and innovation, while
staying true to our core purpose and beliefs.
We know there is still more work to be done to
ensure the future sustainability of the business.
Our purpose-led premium brand remains as our core
strength to help support us through the challenges.
This is underpinned by:
1. Strong go-to-market distribution supported by our
omni-channel capability. Throughout Asia, Comvita’s
own store-in-store and standalone retail stores
provide direct consumer access and real-time
market feedback.
2. Diversified wellness product offering, including
functional foods, healthy snacking health care and
premium ingredient ranges. These ranges and a
strong innovation pipeline enable us to better satisfy
evolving customer needs.
3. Commitment to quality and science, which provides
customer assurance and trust. Our science-led
advantage, combined with rigorous testing and
quality standards, support our premium product
positioning and enable new product development and
category expansion.
4. Sustainable and cost-effective supply of high-
grade UMF™ Mānuka honey. Comvita is one of the
largest owners and operators of native Mānuka
forests, with our own unique cultivars. Our forests are
spread across the North Island of New Zealand.
5. Leading environment and social standards set out
in our Harmony Plan. Our global B Corp certification
recognises the high standards we set for ourselves.
This certification has been instrumental in securing
and retaining key customers in overseas markets.
Supply
We produce our own
ingredients and source
from trusted suppliers.
Our Mānuka forests,
apiaries and olive trees
enable us to deliver the
highest quality ingredients
cost effectively.
Ingredients
We only select the best
health and wellness
ingredients from
nature and carefully
tend, harvest and
optimise them to
enhance nature’s gifts.
Science
We use our expertise
in science to deeply
understand nature and
how it can enhance
our body’s own natural
health system.
Products
The strength of our
brand, diversified
product offering, and
innovation help deliver on
our purpose to nourish,
protect, restore and
revitalise our consumer’s
health and wellbeing.
Channels To Market
Our consumers
experience and
understand Comvita
through the selected
channels relevant to
their needs.
1. 2. 3. 4. 5.
Amid market volatility and structural change, Comvita
remains the global leader in Mānuka honey – with our leading
brand and products underpinned by science, innovation,
route-to-market, and consumer trust. 
2. About Comvita
A GLOBAL LEADER
COMVITA’S BUSINESS MODEL
1213Annual Report | 2025Annual Report | 2025

From humble beginnings
In 1975, two beekeepers, Claude Stratford and Alan
Bougen, joined forces to co-found Comvita. They were
generations apart but united by a shared purpose
and a simple belief: that nature has the answers and
food is the best medicine. From humble beginnings
in small-town, rural New Zealand, they set out to
harness the healing power of nature, laying the
foundations for what would become a global natural
health brand 50 years on.
Pioneering the Mānuka honey industry
Over the decades, Comvita has had a foundational
role in developing the global Mānuka honey industry.
We were instrumental in unlocking the science
behind Mānuka’s unique properties, championing
research, and helping establish the UMF™ quality
mark to build global trust in New Zealand Mānuka.
From those early breakthroughs, we have grown
from a local producer into the world’s leading Mānuka
honey brand, exporting to over 15 countries around
the world.
“Comvita has always been about purpose and people, and
the belief that business can be a force for good in the world.
It’s incredible to see how far we’ve come, without ever losing
sight of our core values.”
– Alan Bougen, Comvita Co-founder
Celebrating 50 years of natural health
This year we celebrated our 50th anniversary with
an open day at our headquarters in Paengaroa.
The event brought together a wide range of guests,
including Comvita alumni, long-standing partners,
shareholders, local community, iwi representatives
and key stakeholders from the business, science,
and apiculture sectors. It was both a celebration
of Comvita’s rich history and a forward-looking
showcase of our ongoing commitment to product
quality, innovation, sustainability and the community.
The journey continues...
Our story has been one of leadership, resilience,
and continuous adaptation. Over 50 years, we’ve
navigated changing markets, evolving consumer
needs, and new global challenges, while always
staying anchored to our purpose that was set by
Claude and Alan half a century ago – to work in
harmony with nature to inspire, enable and empower
people to live well, naturally. We’re proud of our
pioneering legacy, but we know that the journey
doesn’t stop here. Our brand will continue adapting
to changing market dynamics.
50 YEARS OF WELLNESS
A Golden Milestone
1415Annual Report | 2025Annual Report | 2025

We’re proud of our
pioneering legacy,
but we know that the
journey doesn’t stop
here. We need to
continue adapting to
changing dynamics.
17Annual Report | 202516Annual Report | 2025

Comvita takes a double materiality approach to
materiality, considering both what matters most to
our business and what matters most to our investors,
customers and other stakeholders. Our process for
determining and reporting on material topics aligns
with the Global Reporting Initiative (GRI) Standards.
We recognise the need to adapt and be dynamic
with what is material. The material topics and the
management of these topics needs to align with
current stakeholder priorities and ensure we continue
to create value.
Comvita is committed to transparently reporting
on the material impacts of our business activities
and how we manage these.
Every year we review our material topics, considering
stakeholder perspectives, external environment
conditions, and risk factors. When assessing the
material topics, we overlay them against our value
chain, looking at the scope, scale and likelihood
of impacts on our stakeholders and the business.
This year, we also concentrated on rationalising
our material topics to the most critical areas to
ensure focus.
Our material topics for FY25 are detailed below along
with the relevant section where they are addressed
in this Annual Report. Further details on the
identification and management of material topics
can be found in Our Material Impacts (pg.129).
Material topics
Sustainable financial performance
Anti-corruption (and financial controls)
Consumer loyalty and trust
Product quality
Mānuka honey industry and policy leadership
Bee health and wellbeing
Ethical supply chain (respect for human rights)
Workforce culture and engagement
Workforce health, safety and wellbeing
Climate change resilience and management
Ecosystem restoration and services
Packaging circularity
Annual report section
Financial Performance and Management
Our Markets and Channels
Our Brand and Innovation
Science and Quality Leadership
Sustainable Supply
Our People
Caring for Nature and Climate

3. What Matters Most
MATERIALITY
1819Annual Report | 2025Annual Report | 2025

Reported revenue for the period was $192.4m,
a decrease of $8.3m or 4.1% on the prior year.
The reduction was driven primarily by a Greater
China decrease of $9.5m and an ANZ decrease
of $4.9m. This was partly offset by growth in
Rest of Asia of $6.8m.
Reported gross profit margin was 43% (50.8%
pre-inventory provisions), compared to prior years
54.3%. This reflects the impact of a more competitive
pricing environment, with competitors engaging in
heavy discounting across key markets.
FY25 was another challenging year. Our results reflect ongoing
financial pressure and persistent headwinds across both
external markets and our internal operations. We continue
to navigate continued pressure in the Mānuka honey sector,
with oversupply, pricing volatility, and softer consumer
demand weighing heavily on margins. Limited financial
headroom and capital constraints restricted our ability to
respond at pace, which had a considerable impact on our
FY25 performance, including significant impairments.
In line with poor trading conditions, marketing
investment decreased to $17.5m in FY25, down from
$24.3m in FY24, a decrease of $6.8m and 9.1% of
revenue compared to 12.1% in FY24. Other operating
expenses decreased by $4.6m, driven by a focus on
cost reduction. Overall, total operating expenses
reduced by $11.4m to $114.4m in FY25.
Underlying net profit (loss) before tax1 was –$21.9m,
a 1.2% greater loss compared to FY24.
4. Financial Performance
and Management
FINANCIAL REVIEW
No dividend is to be paid for FY25.
1
Underlying NPBT is a Non-GAAP financial measure. We monitor these non-GAAP measures as key performance
indicators, in assessing the performance of the core operations of our business.
NZ$K
Revenue200,683
108,880
125,757
(21,647)
(80,417)
5,334
(14,594)
(79,700)
135,816
231,448
134,264
123,687
11,839
10,196
8,858
(16,851)
(53,386)
137,339
192,428
82,700
114,400
(21,904)
(104,759)
34,136
25,277
(62,400)
89,043
Gross Margin
Operating Expenses
Reported Net Profit (Loss) After Tax
Operating Cash Flow
Free Cash Flow
Net Debt
Inventory
Underlying Net Profit (Loss) Before Tax1
FY23FY24FY25
Summary financials
2021Annual Report | 2025Annual Report | 2025

Debt position
Net debt was reduced by $17.4m,
and now sits at $62.4m compared
to $79.7m at the end of FY24. This
was achieved through:
• Positive free cash flow of $25.3m
before interest expenses
• Focus on reducing inventory.
• Tight controls on capital
expenditure.
• Realised surplus assets.
Bank facilities
New covenants were agreed
with our bank syndicate out to 31
December 2025, are to be tested
quarterly, and include waiver
of two covenants previously at
risk and the introduction of an
earnings before interest and tax
(EBIT) covenant.
We also agreed the extension of
working capital banking facility
repayment, with a reduction in the
facility from $44m to $24m.
Inventory
Inventory was reduced by $46.8m
in FY25 and now sits at $89.0m
compared to $135.8m at the end
of FY24. This was the result of:
• Reduction in inventory of $31.7m,
predominately finished goods.
• Inventory provision of $15.1m.
FINANCIAL GOVERNANCE AND CONTROLS
FINANCIAL POSITION
NZ$K
NZ$K
Fixed assets – Forests & Apiary
Inventory provision(15,064)
(20,943)
–
(3,400)
(3,522)
(8,982)
(15,733)
(7,196)
–
(109)
(962)
(53,925)
–
–
–
(42,932)
(12,169)
(1,531)
(4,158)
(64,190)
Right of use assets – Forests & Apiary
Fair value adjustment biological assets
Other fixed assets
Inventory provisions increased by $15.1m driven by aged propolis and finished goods in market being surplus to
demand forecasts and aged Mānuka honey raw materials with some non-compliant quality markers intended
to be converted into finished goods at a net realisable value less than carrying value.
Biological assets decreased by $3.5m driven by fair value adjustment for Bees ($2.9m) and Olive Leaf ($0.6m).
There has been a decrease in the fair value of bees due to the current challenges of the Mānuka honey industry,
which includes over supply. The 30 June 2025 fair value is reflective of local New Zealand market prices.
Loans to investees
Medibee guarantee
Total impairment pre-tax
Intangible assets
Investments
FY24
FY24
FY25
FY25
Operating cash flow was positive $34.1m compared
to $5.3m in FY24. This was primarily due to a
reduction in inventory of $31.7m prior to provisions.
This resulted in a strong free cash flow recovery,
delivering a positive cashflow of $25.3m compared
Comvita experienced two instances where accounting
irregularities were identified during FY25 for our
China and Singapore entities. These resulted in
adjustments in our FY23 and FY24 reported results as
set out in the Comvita Financial Statements FY25*
and appropriate disciplinary action.
Following these instances, a comprehensive internal
investigation and external review was conducted to
assess global operations for any actual or potential
risks of further accounting irregularities or other
financial abuses or inappropriate activities. No
further accounting irregularities were identified
during this process or during the FY25 year-end
financial audit by KPMG.
All board members, employees and relevant
contractors and consultants are required to sign off
Comvita’s Code of Ethics annually to ensure they
understand the need to act legally, maintain high
ethical standards and act with honesty and integrity.
The Board last did this in November 2024, and all
global staff signed it in February 2025. This formal
During the period, Comvita identified impairments
related to financial assets. We also identified
impairment indicators for our non-financial
assets. We have undertaken an assessment of the
recoverable amounts of our cash generating units and
non-financial assets. This assessment was supported
OPERATING CASHFLOWS
IMPAIRMENT
to –$14.6m in FY24. This was also supported by the
realisation of surplus assets and reduced net capital
expenditure. We are continuing an ongoing focus on
tight cash management.
acknowledgement is supported by a mandatory
compliance training programme, which is being rolled
out to all global staff. The first Ethics at Comvita
module has been completed by 91% of staff. We are
also in the process of rolling out our Supplier Code of
Conduct to significant suppliers, which requires the
supplier to be responsible and ethical in their business
practices and comply with generally accepted
accounting practice.
In addition to building awareness and training,
to review and improve our financial governance,
we have:
1. Changed finance reporting lines so that all staff
report to central Finance function, to improve
process consistency, transparency and accountability.
2. Engaged an external advisor to implement an
internal control uplift programme and recommend
a future internal audit functional approach.
* Refer pages 94-97.
by an independent valuation completed in accordance
with Advisory Engagement Standard 2 and a fair
value assessment based on the signed Scheme
Implementation Agreement with Florenz. As a result
of this assessment, various impairments have been
recognised and are summarised in the following table.
Inventory & other provisions
2223Annual Report | 2025Annual Report | 2025

Comvita’s leading market positioning is built on our
tailored distribution approach in our global markets
– ensuring we are accessible to our consumers while
optimising profitability in different markets and
channels. Comvita is recognised globally by many
major retailers as a category leader.
Our strong omni-channel capability in our
Asian key markets, namely China, Hong
Kong, Singapore and Korea, across leading
retail and digital channels enables us to
deliver an integrated and more engaging
brand experience.
This builds consumer loyalty and trust. Comvita
has more than 230 branded retail outlets across Asia.
These retail outlets, and our own digital platforms,
provide agility to respond to changing consumer
needs and rapid go-to-market capability for
new products.
The current market environment remains challenging,
particularly in China. Comvita is navigating pricing
pressure from low-cost competitors, while seeking to
protect value through price and channel management
and product innovation. Maintaining Mānuka honey’s
price positioning is not only important for Comvita,
but also for preserving the value of the Mānuka honey
category generally and the integrity of New Zealand
brands longer-term. Industry financial challenges are
Faced with a challenging market environment, Comvita is
focused on optimising and leveraging its strong distribution
assets, product leadership, position and customer loyalty
across Asia and our other global markets.
likely to drive industry consolidation, which
would enhance pricing power, improve supply
chain scale and efficiency, and support sustainable
future investment.
While pricing pressure remains most acute in
Mainland China, Comvita has delivered a return
to growth in North America, Singapore, Korea
and Japan. The rate of decline in China has slowed
with Comvita regaining market share. Our Australia
and New Zealand (ANZ) segment performance
remains subdued due to Daigou and cross-border
channels being impacted by the slower China
demand. Our ANZ channels outside these have
grown in FY25 by 2.5%.
While we acknowledge the work still to be done,
and are cautious in our short-term expectations,
we remain positive about the long-term prospects
for premium health products in China, the world’s
second largest economy.
5. Our Markets
and Channels
BUILDING LOYALTY AND TRUST
2425Annual Report | 2025Annual Report | 2025

North America
$29m
Other
$9m
Wholesale
Distributor
DigitalHealth Care
Ingredients
Other
Retail

Partners
Functional

Foods
Retail

Comvita
Sales

Platform
Sales

Purpose
EMEA
$3m
Global Sales
$192m
ANZ
$31m
Rest Of Asia
$43m
China
$77m
MARKET & CHANNELS DATA
Our Mānuka honey and brand leadership,
along with our distribution, scientific
knowledge, and consumer trust will
underpin our longer-term success.
27Annual Report | 202526Annual Report | 2025

The Mainland China downturn resulted from two
external factors – an economic slowdown reducing
demand and a NZ Mānuka honey oversupply causing
pricing erosion. Internal operational challenges
impacted Comvita’s market position.
Our China reset, including a review of distribution
arrangements and internal organisational
restructuring, has begun yielding results, with FY25
Q4 showing improved market share and sales.
Hong Kong has been delivering consistent
performance through retail optimisation.
Segment highlights for FY25 included:
• Maintaining market leadership and improving
market share: Mainland China greater than 55%
and Hong Kong greater than 65%.
• Strong growth in premium UMF™ categories despite
general soft demand.
• Category growth driven by successful regional
innovation.
• Hong Kong premium retail expansion with opening
of new concept store at Hong Kong Citygate.
• Mainland China ongoing digital channel growth,
which should continue into FY26.
The Mānuka category continues to grow in the
U.S., though it is becoming increasingly crowded
and competitive. Pricing on Amazon, the largest
Mānuka channel in the market, creates a challenging
environment to maintain a premium positioning.
We are onboarding a new Amazon channel partner,
while building out other channels with a focus on
key customers that serve our target demographic
consumers. With a solid foundation in the Natural
Retail Channel now built, we have an opportunity
to grow brand leadership there, as well as expand
further into the larger grocery channel in the future.
Greater ChinaNorth America
FY25 presented significant challenges for Comvita in Greater
China, with Mainland China experiencing sales and profit
declines, while Hong Kong maintained steady performance
with improved margins.
Comvita had a strong performance in North America in FY25,
growing distribution and consumer demand in core Mānuka
honey products. Led by continued triple digit growth in the
Natural Retail channel, we have positive indicators of brand
health and momentum to build upon in FY26.
As part of our reset in FY25, we have rationalised our
product range, focusing predominantly on Mānuka
honey and Mānuka honey lozenges. Further, to
streamline e-commerce operations and improve our
consumer experience, we transitioned to the Shopify
e-commerce platform late in FY25.
In the offline retail channel, as reported by SPINS
(which excludes Whole Foods Market and Trader
Joe’s), Comvita grew 102% in Natural, 14% in MULO
(Conventional Grocery), for a combined +80%. During
FY25 we also became the number one Mānuka brand
in the Natural Retail Channel, as reported by SPINS.
This was largely due to gaining placement at Sprouts
Farmer’s Market, one of the largest and fastest-
growing natural and organic grocery retailers in the
U.S., currently with over 450 stores in 24 states.
We have simplified cost structures and improved
operating efficiencies in the market. This, in
combination with growing distribution and a focus on
building consumer demand in our core channels, should
drive improved performance in FY26 and beyond.
Science is a core pillar for Comvita and the proprietary
intellectual property relating to gut health support from
Lepteridine™ is unique to us. This year we began testing
this health proposition in a major US retailer to validate
the concept, and early results have been encouraging.
Greater China
Reported currency basis
NZ$000NZ$000
North America
Reported currency basis
SalesSales
Net contributionNet contribution
Net contribution %Net contribution %
FY24FY24
86,64926,135
15,4584,657
17.8%17.8%
FY23FY23
106,25835,608
25,6578,868
24.1%24.9%
FY22FY22
96,92431,793
22,9588,414
23.7%26.5%
FY21FY21
93,07624,735
19,9084,733
21.4%19.1%
FY25FY25
77,19628,744
11,6185,367
15.0%18.7%
Looking forward:
1. Address legacy challenges around ageing inventory and distributor management.
2. Accelerate growth in digital channels.
3. Continue focus on operational improvements in Hong Kong retail outlets.
Looking forward:
1. Increase distribution in key channels.
2. Invest in digital marketing to build awareness and sales.
3. Accelerate sales growth through Lepteridine™.
2829Annual Report | 2025Annual Report | 2025

A healthy mix of domestic channels and categories
has remained core to our ANZ strategy to win at
home, with our retail locations in Auckland and
own Comvita website delivering brand experiences,
supported by offline presence in Pharmacy, Natural
Health, Tourism, and Grocery channels.
Whilst growth in Mānuka honey was challenging
due to heightened competitive pressure, strong
performance from non-honey products offset this
decline and enabled growth in our local channels.
Olive Leaf Extract, Lozenges and Winter Wellness
categories all grew in FY25 compared to FY24.
Continued weakened demand in China, pricing
pressures, and working through excess and aging
inventory, adversely impacted our Asian Health
business. We anticipate seeing a modest recovery
in this channel from the second half of FY26
and beyond.
A key highlight for FY25 was the performance
and achievements through our Tourism channel,
including sales through Auckland airport, which
grew by over 28%.
Korea delivered 9.6% growth in sales and 14.3%
growth in net contribution in FY25 versus FY24. This
growth is supported by a balanced channel strategy,
centred around our own retail presence and digital
platform enabling superior consumer experience and
engagement. Direct-to-consumer channels deliver
75% of our Korean revenue. These channels are
complemented by television home shopping, duty-free
customers and retail partners.
Japan sales growth of 47.3% in FY25 was driven
through television home shopping opportunities.
There are opportunities to improve profitability
by better optimising our channels and product mix,
including a focus on higher-UMF™ offerings. During
the year we launched our first Comvita-owned
retail store in Japan, delivering a superior consumer
brand experience.
Southeast Asia, including Singapore, delivered 17%
sales growth in FY25, reflecting strong momentum
across multiple channels. While the region recorded
a negative net contribution during the year, we
have taken decisive steps to reset the business for
sustainable profitability. In Singapore, we advanced
our dual-brand strategy (Comvita and HoneyWorld)
and continued to review our retail store network
to optimise performance. At the same time, we are
strengthening partnerships with leading retail and
pharmacy groups in Malaysia and across Southeast
Asia to unlock new growth opportunities.
Australia & Aotearoa
New Zealand
Rest of Asia
Our ANZ market continues to be impacted by weakened
China consumer demand, with a fall in Asian Health/Daigou
channels of –32%. Sales in other channels grew +2.5%.
Korea, Japan, Singapore and Malaysia delivered sales growth
in FY25, with opportunities for improving future profitability
through retail channel optimisation in Singapore and Japan.
Looking forward:
1. Grow brand engagement and affinity.
2. Win in Pharmacy channel.
3. Increase innovation pipeline.
Looking forward:
1. Optimise channel network across Singapore and other markets.
2. Strengthen brand positioning with focus on high UMF® products.
3. Utilise innovation to tap into new consumption occasions.
Australia and New Zealand
Reported currency basis
Korea, Japan, Singapore, Southeast Asia
Reported currency basis
SalesSales
Net contributionNet contribution
Net contribution %Net contribution %
FY24FY24
36,37836,572
10,310 1,806
28.3%4.9%
FY23FY23
40,77031,771
11,5738,291
28.4%26.1%
FY22FY22
34,69627,337
11,2116,585
32.3%24.1%
FY21FY21
32,44425,346
10,2186,367
31.5%25.1%
FY25FY25
31,49143,349
6,957907
22.1%2.1%
NZ$000NZ$000
3031Annual Report | 2025Annual Report | 2025

FY25 was a year of transformation in the EMEA region,
with a significant restructure of the United Kingdom
and Europe business model to return to profitability.
With ongoing challenges to maintain a profitable
business model in the region, our United Kingdom
and Europe entities were closed and moved to a
distributor model in April, setting up for profitable
growth in FY26 and beyond. With immediate focus
on embedding the new model and returning to profit
with operational excellence, we will then strive to
drive growth, expanding distribution through our
distributor partnership capabilities.
Our Middle East performance in FY25 was a reset
year, focused on identifying the right partners and
making the right investments to build a sustainable
presence in priority markets such as the United
Arab Emirates, Saudi Arabia and Qatar. With this
foundation, we are well-positioned to grow through
partnerships with leading pharmacy chains and
wellness retailers, supported by the necessary
regulatory groundwork.
Europe, Middle East
& Africa
FY25 was a year of transformation in the EMEA region, with
a significant restructure of the United Kingdom and Europe
business model to return to profitability.
Looking forward :
1. Embed new operating model and distributor partnerships.
2. Grow direct digital sales.
Sales
Net contribution
Net contribution %
FY24
3,628
(921)
–25.4%
FY23
5,862
604
10.3%
FY22
5,124
83
1.6%
FY21
5,060
35
0.7%
FY25
3,304
360
10.9%
Europe, Middle East and Africa
Reported currency basis
NZ$000
3233Annual Report | 2025Annual Report | 2025

Our continued focus on building loyalty and trust
is reflected in the strength of our brand and the
feedback from our consumers. Our pillars that
support this loyalty and trust include industry-leading
science, superior product quality, a strong focus on
consumer understanding, and world class customer
engagement and service, including our online Royal
Treatment programme. We continue to focus
heavily on all consumer feedback and improving
our Consumer Net Promoter Score (NPS).
Comvita’s premium positioning globally is shown
through how we turn up in market across our brand
touch points. The first of these touch points is our
During FY25, we have continued to support our leading global
brand position and world-class innovation in-market, whilst
also improving our cost-competitiveness and implementing
key platforms for future growth.
industry coverage. Across FY25, both the NZ Food
and Grocery Council and NZ Story ran stories
celebrating our world-leading brand. We also
strengthened our brand positioning through
partnerships with other premium food and hospitality
brands globally including ‘Lucullus’ in Hong Kong,
‘Intercontinental’ in Singapore, and ‘The Grove’
in New Zealand.
Our retail outlets are a key brand touch point.
We continue to focus on evolving these to deliver
superior retail experiences for our consumers. A great
example of this is the recent opening of our refreshed
outlet in Hong Kong Citygate.
Overall8.0
7.4
N/A
7.7
9.0
7.8
7.9
7.3
8.5
7.5
7.8
8.2
8.4
7.6
7.1
North America
Australia
UK
New Zealand
FY25 year-to-date (last reading taken in February 2025).
FY23FY24FY25
Consumer net promoter scores
/10
6. Our Brand
and Products
LEADING GLOBAL BRAND
3435Annual Report | 2025Annual Report | 2025

“The most delicious honey I have ever tasted!
No exaggeration! My usual brands of raw
unrefined American (non-Manuka) honey
are excellent and cost quite a bit less. But
I seriously never knew any honey could
taste this good until I peeled the seal off this
Comvita Manuka Honey and licked the half-
teaspoonful that was clinging to that seal.”
– US customer
Diversified product offering
and innovation
Comvita supports its wellness proposition with
a diversified product offering to meet different
consumer needs and price points, which positions
us well to drive value and capitalise on future growth
in the health and wellness segment in our markets.
Our portfolio includes products Premium and
Everyday offerings across:
1. High function foods including Mānuka Honey
and Honey.
2. Healthcare including Propolis, Olive and Winter
Wellness.
During FY25, as part of our reset with a cost reduction
and value reengineering focus, we identified multiple
opportunities to remove cost from our products by
removing elements that are not of value to consumers,
These included, for example, unnecessary printing
inside boxes and gold foil in our packaging. These
specific initiatives reduced costs and also reduced our
environmental impact. Cost out remains an ongoing
focus, especially in our Everyday products, so that
we can compete more effectively in market.
Leading category product innovation is critical
to ensuring value in the future. In FY25, our
innovation was built around the following strategies,
strengthening our product range and reinforcing
our global brand positioning:
1. Increasing premium high-quality offerings for
consumers – for example, launch UMF™ 29+ and
UMF™ 20+ Twin Pack for Costco.com.
2. Pioneering category innovation for increased usage
occasions – for example, global launch of 100%
Mānuka Honey Drops and Asian launch of
Glowing Collagen.
3. Enhancing key product offerings to improve
product positioning and consumer experience – for
example, our Lozenge range moving to recyclable
pouches with new artwork and flavours, as well
as an improvement in our UMF™ 25+ packaging.
4. Accelerate the global roll out of Lepteridine™ to
differentiate Comvita from mass brands through
our proprietary science.
Digital growth
Comvita supports its wellness proposition with In
FY25, we moved our standard Comvita ecommerce
platform from our own bespoke platform to Shopify.
Utilising this off-the-shelf leading platform enables
us to better focus on positioning ourselves as a
leading global wellness company. We are looking
to transition and align more markets around our
Shopify platform in the future. A common global and
collaborative approach will deliver cost efficiencies,
enable us to create a stronger back-end support
platform, and improve consumer service and insights.
Looking forward :
1. Strengthen our leading brand foundation through
deeper consumer insights, tighter brand guidelines
and a focus on brand execution in-market.
2. Increase product innovation that evolves our core
offerings, reduces costs, and/or drives growth in
adjacent categories.
3. Optimise our new ecommerce platform for
improved consumer engagement and efficiencies.
4. Differentiate our premium products with improved
health positioning.
“Thank you for creating more than just
honey – you’ve given us a natural wellness
solution that feels like a gift rather than
a chore. In our home, Comvita will always
be remembered as ‘the golden honey that
made feeling good taste sweet’.”
– US customer
3637Annual Report | 2025Annual Report | 2025

Over 50 years of healing, led by science
While FY25 was a year of constrained research
spending, we continued our science programmes
to deliver a sustainable competitive advantage
for Comvita and prove the health benefits of
our products.
In FY25 our research programmes focussed
on digestive health and antimicrobial resistance
to deliver long term growth.
Lepteridine™ – backed by science to
support gut health
This year, in collaboration with the University of
Otago, we advanced the analyses of our landmark
SOOTHE Clinical Trial, which demonstrated that the
consumption of Lepteridine™ standardised Mānuka
honey helped improve symptoms and quality of life
in people with functional dyspepsia suffering from
stomach pain and heartburn.
This research supports our ability to make
substantiated health claims in key markets, and
combined with our robust proprietary position for
Lepteridine™, builds a strong foundation for gut
health product launches and long-term opportunities
in this growth market. Indeed, FY25 saw our first
Lepteridine™ Supports Gut Health SKU launched
in Sprouts in the USA delivering over USD100,000
of incremental sales in just 3 months.
Highest quality in the industry
Comvita continues to lead the industry in the highest
standards of food safety and quality. We retained
BRC AA+ certification, the highest possible standard,
and hold 29 independent food safety and quality
certifications globally including Glyphosate Free,
Halal, Kosher and Non-GMO certification.
We undertake more laboratory testing on our honey
than any other company, with more than 34 quality
tests on every batch ensuring every jar meets our
exacting quality standards for taste, texture, purity,
potency, and efficacy. Unlike other Mānuka honey,
companies Comvita guarantees the UMF™ potency
of our honey for its entire shelf life.
There were no instances of non-compliance with
food safety regulations this year. While not a non-
compliance, we did issue a proactive voluntary
product recall of new Manuka + Mushroom honey
SKUs, soft launched into one retailer in the USA,
as they did not meet our exacting quality standards.
Independent certifications (#)23
23
4
0
25
22
3
0
29
15
2
0
External audits (#)
Non-compliance with regulations
Customer complaints per 100,000 units sold
FY23FY24FY25
Product quality
Our long-term vision to inspire, enable and empower millions
around the world to live well naturally is powered by our
commitment to science, enabling us to hold a premium market
position that is underpinned by a strong patent portfolio and
world-class research partnerships.
7. Science and Quality
Leadership
INSPIRE, ENABLE AND EMPOWER
3839Annual Report | 2025Annual Report | 2025

Intellectual property
Our science is strategically protected. Following
a strategic review in FY25, we have streamlined
our global patent portfolio. This year saw two new
patents granted and we allowed three to lapse
that were close to expiry or had limited commercial
value to us. In total, we now have 35 granted patents
with further patents pending in multiple markets
around the world. We successfully defended key
patents relating to Lepteridine™, reinforcing our
proprietary advantage.
Looking forward:
1. Supply chain innovation to drive operational efficiencies to become the lowest cost producer while
maintaining quality standards.
2. Extend our compelling science proof points and intellectual property protection to support differentiating
new product development and ingredient offerings.
3. Advocate to ensure higher quality standards through Unique Manuka Factor™ Honey Association (UMFHA)
strategy (or alternative).
In total, we now have 35 granted patents with further patents
pending in multiple markets around the world. We successfully
defended key patents relating to Lepteridine™, reinforcing
our proprietary advantage.
Mānuka honey industry leadership
As the global market leader in Mānuka honey,
Comvita takes an active role in developing
industry policies, strategy, and priorities through
our membership and involvement in key industry
organisations such as the Unique Manuka Factor™
Honey Association (UMFHA) and Apiculture
New Zealand. We are particularly focused on lifting
industry quality standards, and protecting Mānuka
as a taonga (treasure) from Aotearoa New Zealand.
4041Annual Report | 2025Annual Report | 2025

As part of our reset during FY25, we reduced costs
and improved cashflow:
• We reviewed apiary operations and consolidated
branches from five to three to drive efficiencies.
We have reviewed our value chain and put in
place initiatives to reduce waste. In total, we have
delivered $7.1m of Cost of Goods Sold initiatives.
• Our total inventory reduced by $47m to $89m at
the end of FY25.
COST OUT AND OPERATIONAL IMPROVEMENTS
2
Average cost per hive excluding land use payments.
3
Variation calculated by calculating percentage difference between current year’s average kilograms per hive (yield) compared to 10 years
average yield from FY15 to FY24 (baseline) based on Comvita’s internal records.
Cost of goods sold savings delivered (NZDm)
$136
–
$608
–27%
10%
$136
–
$635
35%
10%
$89
$7.1
$575
52%
8.5%
Total inventory value (NZDm)
Percentage variation in hive yield (average kg per hive)3
Average cost per hive2
Winter beehive losses
FY23FY24FY25
Sustainable supply metrics
Our FY25 focus has been on reducing costs and inventory,
while improving processes to enable cost-effective and
sustainable supply moving forward.
• We implemented a more structured external
honey procurement approach to better manage
the negative financial impacts of honey pricing
fluctuations over time.
• We are refining our global sales and operations
planning processes, leveraging improvements
from our own apiary management, procurement,
and formulation processes, and supported by
greater global team collaboration. This will enable
us to reduce lead times to market and finished
goods inventory levels, while not compromising
delivery performance.
Sustainable honey supply
Since 2017, Comvita has planted over 6,300 hectares
of Mānuka forests, over 15 sites and utilising our
own unique cultivars. These plantings are on land
managed or owned by Comvita, and are spread
across the central North Island and Wairarapa
regions of NZ.
These forests are forecasted to provide approximately
50% of our demand requirements by 2030, and at
a significant cost advantage. Our planting, and the
scale and geographical diversification of our forests
and our own apiary operations, helps ensure security
of supply, particularly for higher UMF™ honey. The
forests also act as carbon sinks and deliver positive
nature-related impacts.
In FY25:
• Our maturing Mānuka forests produced 86 tonnes
of high grade UMF™ honey, and are key to delivering
ongoing apiary productivity improvements including
increased hive yields, higher UMF™ average grades
and reduction in cost per hive.
• Our apiary team managed over 25,000 hive
deployments, partnering with 90 different
landowners to harvest and extract more than
600 tonnes of high-grade honey.
Having scale and access to honey of different grades
internally and externally supports us optimising our
cost structure across both the volume and more
premium ends of the market.
8. Sustainable Supply
OUR OPERATIONS
4243Annual Report | 2025Annual Report | 2025

Increasing customer requirements and
audit demands mean we must be proactive
in managing the risk that our suppliers
and business partners may engage in
discriminatory and exploitative employment
practices, as well as minimising any negative
environmental impacts.
During FY25:
• Our winter hive losses were 8.5%, compared to the
industry average of 10.8%.
• We continued with our best-practice hive and
bee welfare management, as enshrined in our
Bee Welfare Code. Internally and with our honey
suppliers, we also seek to minimise the use of
chemicals such as glyphosate.
• We progressed our responsible and effective
varroa management in line with best-practice
guidance, while researching innovative organic
miticide treatments and varroa-resistant strains to
incorporate in our queen bee breeding programme.
• We increased our production of “feed” honey to
reduce the need for supplementary sugar feed for
our bees during winter when natural food sources
are not available. This reduces our reliance on sugar
cane production, which may have detrimental
environmental impacts.
Bees are crucial pollinators, delivering
ecosystem services and food security benefits.
At Comvita, we acknowledge the importance
of bees to our business and work to educate
on the importance of bees and support the
growth of bee populations.
BEE HEALTH AND WELLBEINGETHICAL AND SUSTAINABLE SUPPLY
Comvita’s most salient human rights risks were
identified as ensuring the reasonable remuneration of
workers and safe and reasonable working conditions
in the following areas:
1. Supply of sugar (growers and workers).
2. External manufacturing and packaging
manufacture from China, Thailand and other
Asian markets.
3. International shipping and warehousing.
Looking forward:
1. Ongoing focus on cost reduction through honey supply and production efficiencies.
2. Enhance sales and operations planning process to enable reduced inventory levels.
3. Extending our supplier due diligence and standards to support high quality, ethical and sustainable procurement.
Our human rights saliency assessment involved the following steps:
Developed risk
assessment
framework to
assess likelihood
and severity risks
Identified
all business
activities within
value chain.
Collated published
information about
each activity in
relevant location.
Reviewed
activities with
staff and external
stakeholders.
Completed
assessment to
score and prioritise
different risks.
1. 2. 3. 4. 5.
During FY25:
• We published our Human Rights Policy.
• We completed a human rights saliency assessment
identifying, assessing and prioritising human rights
risks across our supply chain.
• We started to roll out supplier pre-screening and
implement our supplier code of conduct as part of
our contracts with key suppliers.
Comvita seeks, and has publicly committed, to do business
in a way which treats all people with dignity and respects their
human rights.
Comvita recognises the invaluable partnership we share with
bees and is committed to promoting positive bee welfare
outcomes.
4445Annual Report | 2025Annual Report | 2025

As part of the changes during the year, we have
implemented new processes and governance
frameworks, made difficult decisions about what
to prioritise, and importantly, opened our ears wide
to genuinely understand the perspectives and needs
of our global team.
Our recent employee engagement survey results
reflected the challenges, uncertainty and pressures
felt by many of our team, with our engagement
score declining from +2.1 to –1.1. Positively, 93% of
our global team chose to participate in the survey,
with increased feedback and comments, showing
that despite the drop in score, our team truly cares
and feels comfortable sharing even difficult feedback
with us.
As part of our wider business reset, we have taken
decisive action in relation to our global workforce.
Our restructure has been focused on cost reduction,
simplification and accountability. We are also working
Elevating health, safety and wellbeing
Our health and safety performance is driven by
our people, who are empowered to speak up, take
initiative, and contribute to a safe work environment.
Over the past year, we’ve recorded an 80% year-on-
year reduction in injuries, the lowest TRIFR and LTIFR
rates in our reportable history and a 20% increase
in proactive safety reports, including a 47% rise in
hazard identification.
Our safety maturity has advanced significantly over
the past three years, from a score of 25% in FY23,
to a score of over 75% in FY25 collectively across
all operations. These gains reflect a deep cultural
transformation built on clearer systems, psychological
safety, and a no-blame philosophy. Our Learning
Teams and leadership coaching have reinforced
this shift, creating space for open dialogue, shared
learning, and continuous improvement. Safety is now
a collective behaviour, not a top-down directive.
During FY25 we have undertaken extensive restructuring
efforts to better position the company to increase efficiency,
build collaboration and set Comvita up for sustainable growth
in future.
on aligning functional excellence across the business
and improving communication channels across
geographies and between functions to foster greater
collaboration and clarity.
A common global employee lifecycle experience and
improved people data management are important
to drive efficiencies and provide deeper insights into
our employee experience and engagement. This data-
driven approach will help us better tailor activities
to support our people more effectively.
During FY25, we commenced the roll out of a
mandatory compliance training programme for all
staff globally to ensure they better understand and
can support our policies around ethical business
conduct. Our goal in FY26 is to achieve a minimum
of 90% participation in all compliance training and
to increase comfort with whistleblowing, raising
reported confidence levels from 80% to greater
than 90%.
In FY25, we also made major strides in integrating
wellbeing into our health and safety strategy,
including the rollout of psychosocial risk assessments
across key sites. This broader approach recognises
that a truly safe workplace supports both physical
and mental wellbeing.
With no notifiable or major severity events in FY25,
and a massive reduction in injuries, we are seeing the
tangible impact of a culture where safety is actively
lived. While we’re proud of the progress, we know
there’s more to do. Our focus remains on continually
strengthening the basics, deepening engagement,
and building long-term value through a workplace
where every person feels safe, supported, and heard.
9. Our People
AT OUR CORE
BUILDING AN ENGAGED AND PRODUCTIVE GLOBAL TEAM
4647Annual Report | 2025Annual Report | 2025

As part of our ongoing effort to cultivate an inclusive
workplace, we actively sought feedback from our
teams on how to enhance our diversity, equity, and
inclusion (DEI) initiatives. The response was clear –
there is a strong desire to maintain a holistic focus
on rewarding performance and ensuring that everyone
is treated fairly and with respect.
OUR COMMITMENT TO FAIRNESS AND INCLUSION
It shows that we’re not only making gains in the right
focus areas, but doing it in a way that includes and
empowers our staff at every level.
By embedding engagement into our safety culture,
we’re building trust, strengthening our reputation,
and creating long-term value for our people, our
partners, and our shareholders. This is a major
milestone for Comvita – and a clear signal that we
are serious about doing things right.
Every member of the Comvita team is here by choice,
and with an average tenure of 5.8 years, we are
honoured to have many who remain committed even
through challenging times.
Our staff signal clearly that they choose Comvita
as an employer because of the opportunity to work
alongside exceptional colleagues and a deep belief
in our purpose and the quality of our products.
Global Full-Time Equivalent Roles565
2.1
5.7
13%
5.42
2.7 6
3:1
1.1 6
0.13 6
0
82%
559
2.1
4.3
15%
2.2
3.85
3:2
2.7 5
0.53 5
0
NA
454
–1.1
5.8
8.3%
6.13
0.7 7
3:1
0.2 7
0.267
0
76%
Employee Net Promoter Score
Global Length of Service (Average Years)
Global Employee Turnover ((%, voluntary)
Safety Maturity Score (Points)
TRIFR
4
Health & Safety Lead: Lag
LTIFR
8
MVIFR
9
Work-Related Ill Health
4
Total recordable injury frequency rate (TRIFR) is used to measure
recordable work-related injuries
5
FY23 total hours worked 1,164,000.
6
FY24 total hours worked 1,175,000.
7
FY25 total hours worked 1,078,000.
8
Lost-time injury frequency rate (LTIFR) is used to represent high
consequence injuries and includes all lost-time injuries, not injuries
defined by recovery time.
9
Motor vehicle injury frequency rate (MVIFR) is a specific metric
created by Comvita given the nature of our hazards and for our
reporting requirements. Rates have been calculated based on
200,000 hours worked.
Global Employees Feel Comvita is Inclusive
of People of All Backgrounds
FY23FY24FY25
Employee engagement and wellbeing
The New Zealand
Workplace Health and
Safety Awards – 2025
Winner Engagement
Comvita is leading the way in New Zealand
when it comes to workplace engagement,
and winning the National Safeguard Health
and Safety Award for Engagement in FY25 is
powerful proof of this. This award is not just
a trophy. It is national recognition that our
people are genuinely involved in shaping a
safer, more connected workplace.
4849Annual Report | 2025Annual Report | 2025

Comvita’s business model is inherently nature and
climate sensitive. We are constantly adapting to
the changing natural environment to optimise our
trees and bees, and produce the premium products
Comvita is known for globally.
To help ensure future business resilience and growth,
we are preparing for and adapting to the physical
impacts of climate change. We are also preparing
for the changing expectations of our customers,
investors, employees and other stakeholders as the
world navigates climate change and recognises the
need to transition to a low-emissions economy.
In FY25, Comvita built on the climate-related risk and
opportunity assessment work previously completed,
and focussed on the transition plan aspects of our
strategy, while being cognisant of current financial
challenges. The transition planning aspects within our
current strategy can be summarised as:
1. Preserve sustainable supply of Mānuka and
other honey.
2. Enhance supply chain resilience.
3. Increase brand recognition and trust as a leader
in sustainability.
4. Achieve carbon reduction in line with science.
Working in harmony with nature to inspire, enable and
empower people to live healthy lives is central to Comvita’s
purpose. High environmental standards are important for the
planet and community health, and also increasingly expected
by our global customers and market regulators.
Our climate action and other sustainability
credentials, including our B Corp certification, are
increasingly becoming must-haves to access major
global customers. Further details on this and other
aspects of our climate change adaptation and
management are included within our FY25 Climate
Statement.
As part of our climate change management,
Comvita measures the GHG emissions produced
directly and indirectly by our business activities.
Our FY25 Comvita GHG Inventory Report has been
prepared in accordance with the relevant GHG
Protocols and is subject to limited assurance by
KPMG. FY25 total gross GHG emissions were 19,434,
a 26% reduction versus FY24, and a 40% reduction
versus our FY22 baseline.
Total Gross Emissions all scopes
(excluding optional
10
and biogenic)
26,380
(1,508)
24,872
(3,673)
(10,396)(13,750)
10,804(691)
0.1310.101
35,41532,492
(5,775)(4,244)
29,64028,248
(743)(497)
(2,601)(1,622)
26,29726,130
0.1530.156
19,434
(1,502)
17,932
(4,874)
Net Biogenic Removals
Net GHG emissions (excluding optional)
Comvita-Owned NZ ETS NZUs
11
Enabled NZ ETS NZUs
12
Adjusted net GHG emissions including
Comvita and other NZUs
Emissions Intensity – gross GHG
emissions kgCO₂e per NZD of revenue
FY23FY22FY24FY25
Global GHG emissions tCO₂e
10. Caring for Nature
and Climate
CLIMATE CHANGE RESILIENCE AND MANAGEMENT
10
Optional reporting includes S3C6 Business Travel -hotel stays and S3C7 Employee commuting working from home. Optional reporting must
not be included in science-based GHG reduction targets, so is separated from the main categories.
11
Estimated annual NZUs accrued to Comvita from Comvita-owned land and other landowners.
12
Estimated annual NZUs accrued to other landowners from Comvita plantings.
5051Annual Report | 2025Annual Report | 2025

PACKAGING CIRCULARITY
Comvita uses plastic pots for many of its products,
which could result in environmental pollution from
plastic microfibres, and increased general waste
if any of our product packaging is not disposed of
responsibly after use. The use of virgin materials
and supplier packaging production may also cause
negative environmental impacts.
We are focused on improving the circularity of our
honey pots and other finished goods packaging.
During FY25, Comvita continued with its bespoke
science-based Ecological Impact Monitoring Tool
to measure and track the changes in ecological
health and environmental indicators in one of our
planted forests as a pilot. This tool was developed in
conjunction with Plant and Food Research, following
the original scientific study, and with the aim of
providing holistic and robust science-based data
to validate nature-related impacts from Comvita’s
Mānuka forest planting. We are looking to expand
the pilot as funding allows, doing as much internally
as possible.
Comvita works with landowners and invests in
predator trapping to protect our trees, and by
association, improves natural ecosystems. In line with
our Harmony Plan, Comvita continued its partnership
with Save the Kiwi this year, supporting the growth
of kiwi populations.
Looking forward:
1. Implementation of FY26 transition plan initiatives, including external validation of our GHG science-based
reduction targets and carbon reduction activity.
2. Improving the recyclability of our lozenge wrap and sachet packaging.
Growing Mānuka forests not only supports the cost-
effective and ongoing supply of premium UMF™
honey. These forests sequester carbon and we
commenced the NZ Emissions Trading Scheme (ETS)
ECOSYSTEM RESTORATION AND SERVICES
Total (tonnes)
Cumulative hectares planted
Material volume
Annual hectares planted
584
1,254
293
6,491
111,084
290
95
10.9
0.36
653
72
340
5,237
95,481
313
92
9.9
NA
310
136
132
6,628
131,228
178
95
8.5
0.38
Non-renewable (tonnes)
Cumulative carbon removals since forest
establishment (tCO₂)
15
Renewable (tonnes)
Recoverable outputs produced (%)
13, 14
Recycled input materials used (%)
13
Material Circularity Index (MCI) score (%)
14
13 Recoverable, recyclable or reusable.
14 All packaging purchased directly by Comvita.
15
Cumulative removals and estimated NZUs accrued to Comvita and other landowners from Comvita plantings and managed forests.
FY23
FY23
FY24
FY24
FY25
FY25
Regeneration
In FY25:
1. We maintained our percentage of recoverable
packaging (recyclable, reusable and compostable)
at 95%.
2. Our Material Circularity Index (MCI) baseline
increased from 0.36 in FY24 to 0.38 in FY25.
3. Improvements were achieved through transitioning
recyclable lozenge pouch packaging across full
range.
registration process for three of our own forests
during FY25. Collectively, our plantings and owned
land have now sequestered 131,228 tCO₂ since 2017.
Our forests also increase nectar supplies for other pollinators,
enhance natural ecosystems, and improve native and other
biodiversity, soil health, water quality, and flood resilience.
A scientific study on Comvita’s forests validated the
improvements in biodiversity and freshwater health.
Through this partnership, Save the Kiwi is helping
us pilot a predator trapping project in one of our
forests and supporting our staff to monitor changes
in the local kiwi population. Our long-term aspiration
vision is to be able to create safe habitats for kiwi
and other native NZ species in our Mānuka forests,
safeguarding our natural taonga (treasures) for
future generations.
We also maintained our partnership with Garden to
Table, donating honey to schools, running education
sessions, and providing staff-made seed balls to help
schools create increased bee-friendly habitats. This
partnership aligns perfectly with our purpose to work
in harmony with nature, while supporting bees and
positive health outcomes for our tamariki in NZ.
5253Annual Report | 2025Annual Report | 2025

1. Directors’ Declaration 56
2. Consolidated Statements
Consolidated Income Statement 57
Consolidated Statement of Comprehensive Income
58
Consolidated
Statement of Changes in Equity 59
Consolidated Statement of
Financial Position 60
Consolidated Statement of
Cash Flows 61
3. Notes to The Financial Statements 62
Performance Funding
01
Segments 64 08 Capital and reserves 70
02
Revenue 65 09 Earnings per share 71
03
Other income 65 10 Borrowings 71
04
Operating cash flow 66 11 Finance income & expenses 72
05
Expenses 67
06
Personnel expenses 67
07 Tax 68
Working Capital Assets
12 I
nventory 72 16 Property, plant & equipment 74
13
Trade receivables 73 17 Right of use assets and leases 76
14
Sundry receivables 73 18 Intangible assets 77
15
Trade and other payables 73 19 Impairment testing 79
20 Biological assets 85
21
Investments 86
Financial Risks Other Disclosures
22
Market risk 87 26 Share schemes 91
23
Liquidity risk 88 27 Related parties 92
24
Credit risk 89 28 Group entities 93
25 Financial instruments 90 29 Commitments 93
30 Prior period restatements 94

31 Subsequent events 97
4. Audit Report 98
5. Statutory Information 105
CONTENTS
11. Consolidated
Financial Statements
5455Annual Report | 2025Annual Report | 2025

The Directors present the financial statements
of Comvita Limited for the year ended 30 June
2025. The report is audited and was authorised
for issue by the Directors on 28 August 2025.
COMVITA LIMITED FINANCIAL STATEMENTS
APPROVED BY:
For and on behalf of the Board of Directors:
Bridget Coates
Chair
Michael Sang
Chair of Audit and Risk Committee
FOR THE YEAR ENDED
In thousands of New Zealand dollars
Note
30
30 June 2025
30 June 2024
Restated
Revenue2192,428200,683
Cost of sales(109,728)(91,803)
Gross profit82,700108,880
Other income32,7145,251
Marketing expenses(17,535)(24,331)
Selling and distribution expenses(61,195)(59,281)
Administration and other operating expenses5(32,920)(34,900)
Software development expenses(2,750)(7,245)
Operating loss before financing costs(28,986)(11,626)
Finance income11133347
Finance expenses11(8,116)(9,800)
Net finance expenses (7,983)(9,453)
Share of loss of equity accounted associates–(904)
Fair value movement in biological assets20(3,522)336
Impairment and other assets write-downs 19(53,925)(64,190)
Loss before income tax(94,416)(85,837)
Income tax benefit/(expense)7(10,343)5,420
Loss for the year(104,759) (80,417)
Earnings per share:
Basic earnings per share (NZ cents)9(148.76)(114.65)
Diluted earnings per share (NZ cents)9(148.76)(114.65)
The notes on pages 62 to 97 are an integral part of these financial statements
Directors’
Declaration
SECTION ONE:
Consolidated
Income Statement
SECTION TWO:
57Annual Report | 2025Annual Report | 202556

FOR THE YEAR ENDED 30 JUNE 2025
In thousands of New Zealand dollars
Share
capital
Foreign
currency
translation
reserve
Hedging
reserve
Retained
earningsTotal
Balance at 30 June 2023 as previously reported199,351(2,656)(584)43,209239,320
Restatement of comparatives(865)(865)
Balance at 30 June 2023 restated199,351(2,656)(584)42,344238,455
Total comprehensive income for the year
Loss for the year –––(80,417)(80,417)
Other comprehensive income (net of tax)
Foreign currency translation differences for equity
accounted investees
–(18)––(18)
Foreign currency translation differences for foreign
operations
–(509)––(509)
Foreign investor tax credits–––6868
Effective portion of changes in fair value of
cash flow hedges
––1,191–1,191
Total other comprehensive income–(527)1,19168732
Total comprehensive income for the year–(527)1,191(80,349)(79,685)
Transactions with owners,
recorded directly in equity
Share based payments–––871871
Dividends paid–––(2,897)(2,897)
Total transactions with owners–––(2,026)(2,026)
Restated balance at 30 June 2024199,351(3,183)607(40,031)156,745
Total comprehensive income for the year
Loss for the year–––(104,759)(104,759)
Other comprehensive income (net of tax)
Foreign currency translation differences for foreign
operations
–1,141––1,141
Effective portion of changes in fair value
of cash flow hedges
––1,711–1,711
Total other comprehensive income–1,1411,711–2,852
Total comprehensive income for the year–1,1411,711(104,759)(101,907)
Transactions with owners,
recorded directly in equity

Share based payments–––6060
Total transactions with owners–––6060
Balance at 30 June 2025199,351(2,041)2,318(144,730)54,898
The notes on pages 62 to 97 are an integral part of these financial statementsThe notes on pages 62 to 97 are an integral part of these financial statements
FOR THE YEAR ENDED
In thousands of New Zealand dollars
Note
30
30 June 2025
30 June 2024
Restated
Loss after tax(104,759)(80,417)
Items that are or may be reclassified subsequently to the income
statement
Foreign currency translation differences for foreign operations 1,447(727)
Foreign currency translation differences for equity accounted
investees
–(18)
Effective portion of changes in fair value of cash flow hedges2,3771,655
Foreign investor tax credits–67
Income tax on these items7(972)(245)
Income and expenses recognised directly in other comprehensive income2,852732
Total comprehensive loss(101,907)(79,685)
Consolidated Statement of
Changes in Equity
Statement of
Comprehensive Income
5859Annual Report | 2025Annual Report | 2025

FOR THE YEAR ENDED 30 JUNE 2025
In thousands of New Zealand dollars
Note
20252024
Receipts from customers200,213205,334
Receipts from insurance proceeds3
1,7256,512
Receipts from RDTI claim
906–
Receipts from sale of carbon credits
551 –
Payments to suppliers and employees
(168,043)(204,132)
Taxation paid
(1,216)(2,380)
Net cash flows from operating activities434,1365,334
Investment in equity accounted investees
–(2,482)
Proceeds from disposal of investment
–8
Proceeds from disposal of equity accounted investee
–1,932
Loans to equity accounted investees
(383)3,857
Interest from related parties
–28
Payment for the purchase of property, plant and equipment
(3,245)(7,494)
Payment for the purchase of biological assets
–(30)
Receipt for the disposal of property, plant and equipment
5,079–
Acquisition of HoneyWorld – settlement of deferred consideration
(3,106)(7,294)
Payment for the purchase of intangibles
(9)(2,179)
Net cash flows from investing activities(1,664)(13,654)
Repayment of lease liabilities
(7,195)(6,274)
(Repayment of)/proceeds from loans and borrowings
(16,508)22,923
Payment of dividends
–(2,896)
Interest received
8025
Interest paid
(8,023)(8,733)
Net cash flows from financing activities(31,646)5,045
Net increase in cash and cash equivalents826(3,276)
Cash and cash equivalents at the beginning of the year8,15611,554
Effect of exchange rate fluctuations on cash held19(122)
Cash and cash equivalents at the end of the year9,0018,156
Represented as:
Cash and cash equivalents9,0018,156
Total9,0018,156
The notes on pages 62 to 97 are an integral part of these financial statements
AS AT 30 JUNE 2025
In thousands of New Zealand dollars
Note
30
20252024
Restated
2023
Restated
Assets
Property, plant and equipment
16
28,65672,03472,873
Intangible assets and goodwill
18
–7,35241,754
Right of use assets and leases
17
9,86820,22614,407
Biological assets
20
1,2744,8064,437
Investments––10,234
Loans to equity accounted investees––6,058
Derivatives
22
1,30086648
Deferred tax asset
7
–9,8904,642
Sundry receivable
14
814450450
Total non-current assets41,912115,624154,903
Inventory
12
89,043135,816137,339
Trade receivables
13
21,74628,59736,626
Sundry receivables
14
9,70115,22216,904
Derivatives
22
1,943––
Cash and cash equivalents9,0018,15611,554
Tax receivable71268145
Total current assets131,435188,059202,568
Total assets173,347303,683357,471
Equity
Issued capital199,351199,351199,351
Retained earnings(144,730)(40,031)42,344
Reserves277(2,575)(3,240)
Total equity54,898156,745238,455
Liabilities
Loans and borrowings
10
23,912–64,940
Trade and other payables
15
376296288
Lease liability14,75615,83411,972
Deferred tax liability
7
25721,509
Total non-current liabilities39,04616,70278,709
Loans and borrowings
10
47,44387,863–
Trade and other payables
15
25,22835,89433,989
Lease liability5,5915,7253,386
Tax payable
7
1,1417542,095
Derivatives––837
Total current liabilities79,403130,23640,307
Total liabilities118,449146,938119,016
Total equity and liabilities173,347303,683357,471
The notes on pages 62 to 97 are an integral part of these financial statements
Consolidated Statement of
Cash Flows
Consolidated Statement of
Financial Position
6061Annual Report | 2025Annual Report | 2025

GOING CONCERN
It is the conclusion of the Directors that the Group is
a going concern and will continue in operation for the
foreseeable future and the financial statements have
been prepared on that basis.
The Group recognised a net loss after tax of $104.8m
for the year ended 30 June 2025 (FY24: $80.4m). This
includes impairment charges of $53.9m (FY24: $64.2m),
reflecting the write-down of the Group’s assets to their
recoverable amounts (refer to Note 19).
In recent years, significant capital was invested in
brand equity, distribution reach, supply security and
scientific credibility to position the business for growth.
A number of these investments did not meet their
objectives or deliver expected returns, and market
growth has not materialised at the anticipated pace.
This along with pressure from structural changes in
the Mānuka honey sector, softer market conditions
and oversupply have further reduced profitability.
Inventory levels and costs were elevated in recent years
anticipating growth, which added to margin pressure
and contributed to the FY25 result. This has resulted in
elevated debt levels, bank covenant breaches and the
requirement to recapitalise the business.
As at 30 June 2025, the Group had drawn debt facilities
of $71.6m of a total group facility of $94m. Of the
$94m facility, $24m is due to be renewed in January
2026 and $35m in March 2026 (refer to Note 10).
Prior to balance date the Group had agreed with its
bank syndicate revised covenants including:
• the waiver of the Interest Cover Ratio and Net Core
Debt Leverage Ratio covenants for the quarter ended
30 September 2025 and half year ended 31 December
2025 that Comvita previously considered would not
be met;
• the introduction of an EBIT covenant for the quarter
ended 30 June 2025, 30 September 2025 and half
year ended 31 December 2025; and
• the introduction of Maximum Capital Expenditure
and Maximum Lease Expense covenants for the year
ended 30 June 2025 and 30 June 2026.
Beyond the 31 December 2025 covenant test date,
the Group is forecasting to breach the Interest Cover
Ratio and Net Core Debt Leverage Ratio covenants
which, unless waived or renegotiated, could result in
the acceleration of the repayment obligations of the
Group’s borrowings, including any additional amounts
borrowed under the remaining undrawn facilities. As
outlined below, the Group has taken mitigating actions
to meet the targets and conditions requested by its
bank syndicate, which provide the Directors comfort
that a satisfactory resolution will be reached with the
bank syndicate, however this cannot be guaranteed.
The mitigating actions taken by the Group to respond
to its operational and liquidity challenges include
cutting costs, simplifying the business where possible,
implementing a new inventory procurement process
which have led to generating positive free cash flows in
FY25 of $25.4m, reduction in debt of $17.4m since FY24
and a budgeted return to profitability in FY26 including
further debt reduction.
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 $52.0m as
at 30 June 2025;
• Cash flow forecasts for the 12 months following
the approval of these financial statements have
been prepared, incorporating the FY26 budget and
forecast, and indicate sufficient cash flows to meet
obligations as they fall due;
• The FY26 budget has been completed and the
outlook is a return to profitability, albeit subject to
execution risk;
• The Directors have made due enquiry of
Management into the appropriateness of the
assumptions underlying the budget and forecasts
and approved the FY26 budget; and
• On 18 August 2025, the Group entered into a Scheme
Implementation Arrangement with Florenz Holdings
Limited (‘Florenz’) under which Florenz has agreed
to acquire all the shares of Comvita for $0.80 per
share in cash, subject to shareholder and High Court
approval and other customary conditions being met
(refer to Note 32). If this proceeds it will trigger a
review event in the banking arrangements with the
bank syndicate; that could result in the acceleration
of the repayment obligations of the Groups
borrowings however, the Directors note that Florenz
has agreed a standstill on enforcement action with
the Group’s banking syndicate subject to conditions
being met. The Directors believe that Florenz will
bring the capital strength and scale needed to
operate the Group in the current environment
and consider the Scheme a credible and probable
outcome that would materially strengthen the
Group’s access to funding and reduce execution risk
associated with alternative funding strategies.
Accordingly, the financial statements have been
prepared on a going concern basis. However, the above
events and conditions indicate the existence of material
uncertainties that may cast significant doubt on the
Group’s ability to continue as a going concern in the
event the Scheme is not implemented, and alternative
funding cannot be secured. If these are not achieved,
the Group may be unable to realise its assets and
discharge its liabilities in the normal course of business.
The financial statements do not include any
adjustments that may be required should the Group be
unable to continue as a going concern.
SIGNIFICANT ACCOUNTING POLICIES
Accounting policies, accounting estimates and
judgements that summarise the measurement basis
used and are relevant to the understanding of the
financial statements are provided throughout the
accompanying notes are designated by a shaded area.
STANDARDS, AMENDMENTS AND
INTERPRETATIONS ADOPTED DURING THE YEAR
The following are amended standards that are
issued, but not yet effective. Management is currently
assessing the impact on future financial statements:
– Classification of Financial Assets (Amendments
to NZ IFRS 9 and NZ IFRS 7)
– Presentation and Disclosure in Financial Statements
issued (NZ IFRS18).
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 financial
statements of the Group for the year ended 30 June
2025 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; 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 and International Financial
Reporting Standards as appropriate for profit-
oriented entities.
The financial statements were approved by the Board
of Directors on 28 August 2025.
Basis of measurement
The financial statements have been prepared on the
historical cost basis except for financial instruments
designated as fair value through other comprehensive
income and biological assets which are measured at
fair value.
The methods used to measure fair values are
discussed further in the respective notes.
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 the financial statements
requires management to make judgements,
estimates and assumptions that affect the
application of accounting policies and the reported
amounts of assets, liabilities, income and expenses.
Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed
on an ongoing basis. Revisions to accounting
estimates are recognised in the reporting period
in which the estimate is revised and in any future
periods affected.
Key sources of estimation uncertainty are included
in the individual notes in the financial statements:
• Going Concern (Page 63)
• Recoverability of deferred tax assets (note 7)
• Carrying value of inventory (note 12)
• Impairment and measurement of recoverability
of cash generating units (note 19)
• Valuation of biological assets (note 20)
Notes to the Financial
Statements
SECTION THREE:
6263Annual Report | 2025Annual Report | 2025

02. Revenue
The Group generates revenue primarily from the sale of Mānuka honey, other bee products, and olive leaf products
to its customers (wholesale, retail and digital customers). Sales of products are recognised when control of the goods
has transferred to the customer, usually when the goods are delivered. For wholesale sales, control passes according
to individual contract terms.
All sales are net of returns and allowances, trade discounts and volume rebates.
Payment terms vary across customers and regions; however, these are generally payable within 3 months.
03. Other Income
In thousands of New Zealand dollars
Note30 June 202530 June 2024
Insurance proceeds received6722,060
Government grants
183690
Gain on disposal of equity accounted investee
–1,377
HoneyWorld contingent consideration release15
1,0891,020
Government subsidies
2221
Sale of carbon credits
551–
Other
19783
Total other income
2,7145,251
Government grants
Government grants primarily relate to the New Zealand Research and Development Tax Incentive scheme (RDTI), but
also includes other government grants. The RDTI scheme provides a tax credit on eligible R&D expenditure. The RDTI
scheme includes both core R&D expenditure, as well as other expenses that support R&D, and is recorded as non-
taxable income.
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 Asia 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 year ended 30 June
In thousands of New Zealand dollars
Greater ChinaANZRest of Asia
North
AmericaEMEA
Total
reportable
segments
Other
segmentsTotal
2025202420252024202520242025202420252024202520242025202420252024
Revenue
77,19686,64931,49136,37843,34936,57228,74426,1353,3043,628184,084189,3628,344
11,322
192,428200,684
Contribution
11,61815,4586,95710,3108691,806 5,3674,657360(921)25,17131,3101,7382,08026,90933,389
Impairment
expense
(210)(30,648)
––
(4,852)(4,699)––
––
(5,060)(35,347)
–
(68)(5,060)(35,415)
Non attributable (other corporate expenses)
(62,131)(49,930)
Impairment expense – non attributable (note 19)
(48,865)(28,775)
Other income (note 3)
2,7145,251
Financial income and expenses (note 11)
(7,983)(9,453)
Share of loss of equity accounted investees–
(904)
Net loss before tax
(94,416)
(85,837)
Geographical information
30 June 202530 June 2024
In thousands of New Zealand dollars
Revenue
Non-current
assets
Revenue
Non-current
assets
Greater China77,196 4,217 86,6484,507
Australia19,740 1,406 20,913 9,859
New Zealand11,876 33,793 15,834 90,320
Rest of Asia43,349 2,497 36,572 7,799
North America 35,264 –35,429 439
EMEA3,304 – 3,628 40
Other Countries1,699 – 1,6592,660
Total192,428 41,913200,683 115,624
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. Geographical information differs from the Contribution Segments as it is based on the origin of the
sale or location of the assets and is not reflective of how it is reported to the CEO.
Contribution Segments
Performance
6465Annual Report | 2025Annual Report | 2025

05. Expenses
Administration and other operating expenses
The following items of expenditure are included in administrative expenses:
In thousands of New Zealand dollars
30 June 2025
30 June 2024
Auditors’ remuneration:
KPMG for audit of the financial statements
1,043497
KPMG for other assurance services – GHG inventory emissions
56 75
KPMG for non-assurance services – global mobility
2218
Total
1,121590
Other operating expenses:
Subsidiaries audit fees – other firms
7267
Doubtful debts provision/(recovered)
467(72)
Bad debts written off
2768
Net loss on disposal of property, plant, and equipment
237113
Change in fair value of contingent consideration
–164
Directors’ fees
603605
Directors – other expenses
1818
Other legal and professional expenses
1,236612
Research and development
The Group considers expenditure to be research and development if it meets the definition according to the New
Zealand RDTI scheme. This expenditure is included within cost of goods sold and operating expenses and recognised
in the income statement in the year that it is incurred.
06. Personnel expenses
In thousands of New Zealand dollarsNote30 June 202530 June 2024
Wages and salaries44,33346,047
Restructure costs
3,599568
KiwiSaver – employer contribution
830880
Movement in long-service leave provision
798
Equity settled share-based payment transactions28
661,038
Total personnel expenses
48,90748,541
04. Operating Cash Flow
Reconciliation of the profit for the year with the net cash from operating activities
In thousands of New Zealand dollars
Note30 June 202530 June 2024
Loss after tax(104,759)(80,417)
Adjustments for:
Depreciation
11,83811,568
Amortisation
4562,287
Impairment19
53,92664,190
Share based payments
661,039
Fair value movement of financial asset – share loans27
1,473136
Fair value movement in biological assets 20
3,522(336)
Share of losses equity accounted investees
–904
Deferred tax in equity
(979)(852)
Loss adjusted for non-cash items
(34,457)(1,481)
Items related to investing and financing activities:
Acquisition of HoneyWorld – working capital items
–(1,745)
Disposal of equity accounted investee
–(1,377)
Interest – net
7,8908,385
Net loss on disposal of property, plant & equipment
237113
Change in other payables
2,454590
Movement in working capital items:
Change in inventories
46,7731,523
Change in trade receivables
6,8518,029
Change in sundry debtors and prepayments
3,7371,358
Change in trade and other payables
(10,914)2,302
Change in employee benefits
328(4,547)
Change in tax payable
654(1,464)
Change in deferred tax
9,320(6,185)
Change in working capital items from foreign currency
translation reserve
1,366(223)
Other movements:
Foreign investor tax credits
–67
Foreign currency reserve
(103)(1)
Net cash from operating activities
34,1365,344
6667Annual Report | 2025Annual Report | 2025

In addition, no deferred tax assets have been recognised in respect of certain intangible assets ($575,503) and
capital losses in Australia ($3,228,472) or losses on acquisition in the UK ($2,430,523).
The total net tax losses available to the Group is $14,584,809 (including recognised losses of $3,387,961 and
unrecognised losses of $11,196,848).
Income tax expense comprises current and deferred tax. Income tax expense is recognised in the income statement
except to the extent that it relates to items recognised in other comprehensive income, in which case it is recognised
in equity.
Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively
enacted at the reporting date, and any adjustment to tax payable in respect of previous periods.
Deferred tax is recognised using the balance sheet method, providing for temporary differences between the
carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation
purposes. Deferred tax is measured at the tax rates that are expected to be applied to the temporary differences
when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date.
A deferred tax asset is recognised to the extent that it is probable that future taxable profits will be available
against which the temporary difference can be utilised. Deferred tax assets are reviewed at each reporting date and
are reduced to the extent that it is no longer probable that the related tax benefit will be realised.
07. Tax (continued)07. Tax
Tax expense
In thousands of New Zealand dollars30 June 202530 June 2024
Loss for the year(104,759)(80,417)
Total income tax expense/(benefit)
10,343(5,420)
Net loss before tax
(94,416)(85,837)
Tax at 28% NZ company tax rate
(26,436)(24,034)
Tax effect of overseas income
141387
Non-deductible or non-assessable items
16,36717,885
Deferred tax on impaired assets
–(3,775)
Deferred tax not recognised or derecognised
1
19,3371,976
Foreign tax credit written-off
728344
Removal of tax depreciation on commercial buildings
–1,717
Others
20679
Total income tax expense
10,343(5,420)
Tax expense/(benefit) is represented by:
Current tax
1,9901,137
Deferred tax
8,353(6,557)
Total income tax expense
10,343(5,420)
Imputation credits available
4,5774,577
Deferred tax
In thousands of
New Zealand dollars
As at
30 June
2025
Recognised
directly in
profit or
loss
Recognised
in other
comprehensive
income
Recognised
directly in
equity
As at
30 June
2024
Property, plant & equipment
(5,011)
(840)––
(4,171)
Intangible and biological assets
591
(3,484)––
4,075
Inventory
459
(2,498)––
2,957
Provisions and accruals
1,242
662––
580
Derivatives
(909)
–(666)–
(243)
Other items
290
(162)(306)6
752
Investments
(51)
(889)––
838
Tax losses
3,387
(1,142)––
4,529
Net tax assets/(liabilities)
(2)
(8,353)(972)6
9,317
1
During the reporting period, the Group reassessed the recoverability of deferred tax assets. As a result, the net
deferred tax asset by jurisdiction has not been recognised or in some instances derecognised creating an expense of
$19,337,261. This decision was primarily driven by a recent history of operating losses and uncertainty regarding the
Group’s ability to generate sufficient future taxable profits to support the recognition of these assets. Given these
circumstances, the recognition criteria under IAS 12 Income Taxes are no longer met, and the deferred tax assets
have been derecognised accordingly.
6869Annual Report | 2025Annual Report | 2025

09. Earnings per Share
In thousands of shares 30 June 202530 June 2024
Weighted average number of ordinary shares at the end of the year70,42170,141
Basic earnings per share (NZ cents)(148.76)(114.65)
In thousands of shares
Weighted average number of diluted shares at end of the year70,69670,988
Diluted earnings per share (NZ cents)(148.76)(114.65)
The Group presents basic and diluted earnings per share (“EPS”) data for its ordinary shares. Basic EPS is calculated
by dividing the profit or loss attributable to ordinary shareholders of the Company by the weighted average number
of ordinary shares outstanding during the year. Diluted EPS is determined by adjusting the profit or loss attributable
to ordinary shareholders and the weighted average number of ordinary shares outstanding for the effects of all
dilutive potential ordinary shares, which comprise share entitlements granted to employees.
10. Borrowings
Terms of borrowings
In thousands of New Zealand dollars
Facility
Local
Currency
CurrencyNominal
Interest
rate
MaturityCarrying
Amount
Carrying
Amount
Westpac NZ/ANZ:
20252024
Revolving credit facility24,000NZD6.85%January 202612,60030,300
Revolving credit facility35,000NZD6.14%March 202635,00035,000
Revolving credit facility 35,000NZD6.34%March 202724,00023,000
Westpac NZ:
Overdraft facility1,000NZD––––
Deferred finance costs(245)(437)
Total borrowings – non-current23,912–
Total borrowings – current47,44387,863
The Group has a NZD 1 million overdraft facility for general corporate purposes including managing it’s liquidity risk
(note 23).
Covenants and security
The Group obtained a waiver from certain financial covenants at 30 September 2024, 31 December 2024, 31
March 2025 and 30 June 2025. The Group was compliant with the revised covenant package as at 30 June 2025,
accordingly, the Westpac NZ/ANZ revolving credit facility with a maturity of March 2027 is classified as non-current
as at 30 June 2025 because the Group has an existing right to defer settlement for a period at least 12 months after
the reporting period. 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 63.
The NZD 94 million syndicated facility with Westpac New Zealand Limited and ANZ is secured by way of a General
Security Agreement over the assets of: Comvita Limited, Comvita New Zealand Limited, Comvita Holdings Pty
Limited, Comvita Australia Pty Limited and Comvita UK Limited. In addition, there are first ranking mortgages held
over all real property owned (being land) in New Zealand.
Borrowings are recognised initially at fair value less financing costs and subsequently at amortised cost using the
effective interest rate method. Fees paid on the establishment of loan facilities are included as part of
the carrying amount of the loans and borrowings and are amortised over the maturity period of the loan.
08. Capital and Reserves
Ordinary and partly paid redeemable share capital
Ordinary shares issued are fully paid and have no par value. The holders of ordinary shares are entitled to receive
dividends and are entitled to one vote per share at meetings of the Company. All ordinary shares rank equally with
regard to the Group's residual assets.
In thousands of sharesNote30 June 202530 June 2024
On issue at beginning of the year
70,22569,893
Share issue – employee share schemes28
267332
Ordinary shares on issue at end of the year
70,49270,225
Treasury Stock
In thousands of shares30 June 202530 June 2024
Treasury stock at beginning of the year169492
Issued – employee share schemes(169)(323)
Total treasury stock at end of the year–169
Capital management
The Group’s capital includes share capital, reserves and retained earnings. The Board’s policy is to maintain a strong
capital base so as to maintain investor, creditor and market confidence and to sustain future development of the
business. The Board of Directors monitors the geographic spread of shareholders, as well as the return on capital.
Public share offerings and private offerings are made, where applicable. This and acquisitions are key to ensuring the
future development of the business.
The Board has an Employee Share Scheme, a Leader Share Purchase and a Performance Share Rights Scheme
to ensure that the leadership team and staff incentives are aligned with shareholders’ interests. Other than the
banking requirements, neither the Company nor any of its subsidiaries are subject to externally imposed capital
requirements.
Distributions
No distributions or dividends have been paid during the year ended 30 June 2025.
Funding
7071Annual Report | 2025Annual Report | 2025

13. Trade Receivables
In thousands of New Zealand dollars30 June 202530 June 2024
Gross receivable22,30128,693
Provision for doubtful and impaired receivables(555)(96)
Total trade receivables21,74628,597
The status of trade receivables at the reporting date is as follows:
In thousands of New Zealand dollars
Gross
receivable
30 June 2025
Gross
receivable
30 June 2024
Not past due19,26725,336
Past due 0-30 days2,1751,156
Past due 31-60 days8041,331
>61 days55870
Provision for doubtful and impaired receivables(555)(96)
Total21,74628,597
14. Sundry Receivables
In thousands of New Zealand dollarsNote30 June 202530 June 2024
Loan receivable – Key management personnel 274952,279
Prepayments 5,6237,238
Research development tax incentive receivable 1,8102,533
Insurance proceeds receivable –828
Other receivables1,7732,344
Total sundry receivables – current9,70115,222
Loan receivable – Key management personnel27814450
Total sundry receivables – non-current 814450
15. Trade and Other Payables
In thousands of New Zealand dollarsNote30 June 202530 June 2024
Trade creditors6,03511,058
Accruals11,59314,142
Employee benefits2,7022,454
Medibee guarantee214,8464,158
HoneyWorld acquisition – deferred payable–3,028
HoneyWorld contingent consideration 3–1,020
Director fee accruals5234
Trade and other payables – current25,22835,894
Employee benefits376296
Trade and other payables – non current376296
11. Finance Income and Expenses
In thousands of New Zealand dollars 30 June 202530 June 2024
Interest income133347
Finance income133347
Interest expense on financial liabilities measured at amortised cost(8,023)(8,733)
Net foreign exchange loss(93)(1,067)
Finance expenses(8,116)(9,800)
Net finance expenses(7,983)(9,453)
Interest expense on borrowings, bank and facility fees and transaction costs are recognised in the income statement
over the period of the borrowings, using the effective interest rate method. Interest expense on lease obligations are
also recognised in the interest expense above in accordance with NZ IFRS 16.
12. Inventory
In thousands of New Zealand dollars
30 June 202530 June 2024
Restated
Raw materials54,39866,254
Work in progress3,8902,620
Finished goods46,96568,087
Net realisable value provision(16,210)(1,145)
Total inventory89,043135,816
There has been a significant increase in inventory provisions which has been recognised within cost of goods sold in
the current year primarily due to the following reasons:
• Aged propolis and finished goods in market being surplus to demand forecasts
• Aged Mānuka honey raw materials with some non-compliant quality markers intended to be converted into finished
goods at a net realisable value less than carrying value
Inventory disposed of and written off during the year has been recognised within cost of goods sold – $1,036,000
(2024:$790,000).
Inventories are measured at the lower of cost and net realisable value. The cost of inventories is based on the
weighted average principle, and includes expenditure incurred in acquiring the inventories and bringing them to
their existing location and condition. In the case of manufactured inventories and work in progress, cost includes an
appropriate share of production overheads based on normal operating capacity. Net realisable value is the estimated
selling price in the ordinary course of business, less the estimated costs of completion and selling expenses. Any net
realisable value provision required is recognised within cost of goods sold.
Honey created by biological assets (bees, note 20) is transferred to inventory at fair value, by reference to market
prices for honey.
7273Annual Report | 2025Annual Report | 2025
Working Capital

Depreciation
Depreciation is recognised in the income statement on a straight-line basis over the estimated useful life of each
part of an item of property, plant and equipment. Land is not depreciated. Depreciation is allocated to cost of sales,
marketing expenses, selling and distribution expenses, and administrative and other operating expenses.
The estimated useful life for the current and comparative periods are as follows:
• Buildings up to 50 years
• Plant and machinery 2 – 20 years
• Vehicles 4 – 15 years
• Office equipment, furniture and fittings 2 – 15 years
• Bearer plants 20 – 100 years
• Mānuka Forest 15 – 22 years
Depreciation methods, useful life and residual values are reassessed at the reporting date.
Recognition and measurement
Items of property, plant and equipment are measured at cost less accumulated depreciation and impairment
losses.
Cost includes expenditures that are directly attributable to the acquisition of the asset. The cost of self-
constructed assets includes the cost of materials and direct labour, any other costs directly attributable to bringing
the asset to a working condition for its intended use, and the costs of dismantling and removing the items and
restoring the site on which they are located. Purchased software that is integral to the functionality of the related
equipment is capitalised as part of that equipment.
When parts of an item of property, plant and equipment have different useful lives, they are accounted for as
separate items (major components) of property, plant and equipment.
Subsequent expenditure
The cost of replacing part of an item of property, plant and equipment is recognised in the carrying amount of the
item if it is probable that the future economic benefits embodied within the part will flow to the Group and its cost
can be measured reliably. The costs of the day-to-day servicing of property, plant and equipment are recognised in
the income statement as incurred.
Impairment
Property, plant and equipment is reviewed for indicators of impairment at each reporting date, and an impairment
loss is recognised in the income statement if the carrying amount of an asset exceeds its recoverable amount.
16. Property, Plant and Equipment (continued) 16. Property, Plant and Equipment
In thousands of
New Zealand dollars
LandBuildingsPlant &
machinery
VehiclesBearer
plants
Office
equipment,
furniture &
fittings
Capital

WIP
Total
Cost
Balance at 30 June 202315,33528,55631,0372,7017,7439,30715,691110,370
Additions/transfers1,9168832,364734,261428(2,412)7,513
Impairment (note 19)––––––(2,500)(2,500)
Disposals–(55)(389)(150)–(566)87(1,073)
Effect of movements in
exchange rates
10915––(7)–27
Balance at 30 June 202417,26129,39333,0272,62412,0049,16210,866114,337
Additions/transfers15879164–1,4627449313,538
Impairment (note 19)–––––– (11,050)(11,050)
Disposals(2,251)(1,129)(1,731)(325)(1,485)(386)–(7,307)
Capitalisations
––––––(1,462)(1,462)
IFRS 16 Leases
––––––712712
Effect of movements in
exchange rates
(36)(25)(53)11(97)473(150)
Balance at 30 June 202515,13228,31831,4072,31011,8849,567–98,618
Accumulated depreciation
Balance at 30 June 2023 –(9,751)(18,218)(1,972)(725)(6,831)–(37,497)
Depreciation –(1,218)(2,179)(184)(310)(999)–(4,890)
Impairment (note 19)––(900)––––(900)
Disposals–40246150–554–990
Effect of movements in
exchange rates
–(4)(1)(1)(1)2–(5)
Balance at 30 June 2024–(10,933)(21,052)(2,007)(1,036)(7,274)–(42,302)
Depreciation –(1,106)(1,779)(24)(418)(724)–(4,051)
Impairment (note 19)–(4,362)(9,568)(383)(9,766)(1,553)–(25,632)
Disposals–6111,11212513212–1,992
Effect of movements in
exchange rates
–2137(8)10(29)–31
Balance at 30 June 2025–(15,769)(31,250)(2,297)(11,078)(9,568)–(69,962)
Carrying amount
At 30 June 202315,33518,80512,8197297,0182,47615,69172,873
At 30 June 202417,26118,46011,97561710,9681,88810,86672,034
At 30 June 202515,13212,54915713806––28,656
Assets
7475Annual Report | 2025Annual Report | 2025

18. Intangible Assets
In thousands of
New Zealand dollars
GoodwillIntellectual
property and other
intangible assets
Software
Total
Cost
Balance at 30 June 202327,43217,47611,20256,110
Additions4,6995,16285210,713
Disposals––(2)(2)
Impairment (note 19)––(1,308)(1,308)
Effect of movements in exchange rates34–337
Balance at 30 June 202432,16522,63910,74765,550
Additions–183 122 305
Disposals––(150) (150)
Impairment (note 19)–(4,800)(7)(4,807)
Effect of movements in exchange rates130451 (4) 577
Balance at 30 June 202532,29518,472 10,708 61,475
Accumulated amortisation
Balance at 30 June 2023–(9,293)(5,064)(14,357)
Amortisation–(1,485)(999)(2,484)
Disposals––22
Impairment (note 19)(32,176)(5,016)(4,189)(41,370)
(Effect of movements in exchange rates –12(1)11
Balance at 30 June 2024(32,176)(15,782) (10,251) (58,198)
Amortisation–(512)(167) (680)
Amortisation on disposal–17374
Impairment (note 19)–(2,021)(362) (2,383)
Effect of movements in exchange rates(130)(158)(1)(287)
Balance at 30 June 2025(32,295)(18,472)(10,709) (61,475)
Carrying amount
At 30 June 202327,4328,1846,13841,754
At 30 June 2024–6,8574957,352
At 30 June 2025––––
17. Right of use Assets and Leases
The Group leases warehouses, retail stores, administration premises, vehicles, and land used for hive placements
referred to as Mānuka forests in the table below.
In thousands of New Zealand dollars
BuildingsVehicles
Mānuka
forests
Total
Balance at 30 June 20234,4873,5126,40814,407
Additions4,0167043,2047,924
Modifications4,828321334,993
Depreciation(4,411)(982)(489)(5,882)
Disposals(758)(365)(93)(1,216)
Balance at 30 June 20248,1622,9019,16320,226
Additions2,501200–2,701
Modifications3,4621437904,395
Impairment (note 19)(459)–(8,523)(8,982)
Depreciation(5,730)(1,255)(370)(7,355)
Disposals(387)(26)(704)(1,117)
Balance at 30 June 20257,5491,9633569,868
Amounts recognised in the statement of comprehensive income
In thousands of New Zealand dollars30 June 202530 June 2024
Interest on lease liabilities891955
Variable lease payments not included
in the measurement of lease liabilities2,4936,126
Expenses relating to short-term leases388622
Expenses relating to leases of low-value assets,
excluding short-term leases of low-value assets1426
Lease liabilities
As at 30 June 2025, the weighted average rate applied was 7.3% (2024: 7.3%). Total cash outflow for right of use
leases for the year ended 30 June 2025 was $8.1 million (2024: $7.4m).
Maturity analysis – contractual undiscounted cash flow
Non-cancellable lease rentals are payable as follows:
In thousands of New Zealand dollars30 June 202530 June 2024
Less than one year6,6847,080
Between one and five years8,93610,376
Greater than five years
7,4156,523
Total23,03523,979
The Group assesses at lease commencement whether it is reasonably certain to exercise extension options where
included in the contract, and where it is reasonably certain, the extension period has been included in the lease
liability calculation.
7677Annual Report | 2025Annual Report | 2025

19. Impairment Testing
Impairment expense summary
During the period, the Group identified impairments related to financial assets. The Group also identified
impairment indicators for its non-financial assets and the Group has undertaken an assessment of the recoverable
amounts of its CGU's and non-financial assets. This assessment was supported by an independent valuation
completed in accordance with Advisory Engagement Standard 2 and a fair value assessment based on a signed
Scheme Implementation Agreement refer to note 32. As a result of this assessment, various impairments have been
recognised and are summarised as follows:
In thousands of New Zealand dollarsNote30 June 202530 June 2024
Financial assets
Loan to equity accounted investee – Apiter(8)1,259
Loan to equity accounted investee – Medibee21117272
Medibee guarantee impairment219624,158
Non-financial assets
Investment in equity accounted investee – Apiter–7,918
Investment in equity accounted investee – Caravan Honey–4,251
Software –5,497
Software in prepayments–255
Greater China CGU
Goodwill–25,632
China distribution network asset – other intangible assets–5,015
Property plant and equipment16202–
Intangible assets188–
Southeast Asia CGU
Brand184,472–
Property, plant and equipment16300–
Intangible assets1878–
Goodwill –4,699
Olive CGU
Property, plant and equipment161,013–
Bearer plants163,857–
Apiary CGU
Goodwill–1,766
Property, plant and equipment164,031900
Mānuka forest assets – capital work in progress1611,0032,500
Mānuka forest assets165,909–
Right of use assets – buildings17459–
Right of use assets – Mānuka Forest178,523–
Other CGU
Property, plant and equipment1610,361–
Intangible assets182,638–
Goodwill –68
Total53,92564,190
Amortisation
Amortisation is recognised in the income statement on a straight-line basis over the estimated useful lives of
intangible assets, other than goodwill, from the date that they are available for use. Amortisation is allocated
to cost of sales, marketing expenses, selling and distribution expenses, and administrative and other operating
expenses.
The estimated useful life for the current and comparative periods are as follows:
• Intellectual property and other intangible assets 3 – 20 years
• Capitalised development costs 2 – 5 years
• Software 2 – 10 years
The estimation of useful lives of intangible assets such as distribution networks have been based on historical
experience. The useful lives are reviewed at least once per year and adjustments to useful lives are made when
considered necessary.
Subsequent expenditure
Subsequent expenditure is capitalised only when it increases the future economic benefits embodied in the specific
asset to which it relates. All other expenditure, including expenditure on internally generated goodwill and brands,
is recognised in the income statement when incurred.
Goodwill
Goodwill that arises on the acquisition of subsidiaries and other business combinations is presented within
intangible assets. Goodwill is measured at cost less accumulated impairment losses.
18. Intangible Assets (continued)
7879Annual Report | 2025Annual Report | 2025

South East Asia CGU:
The recoverable amount of the South East Asia CGU has been determined on a value in use basis using a discounted
cash flow approach. Projections are based on the budget and value in use forecasts approved by the Board of
Directors.
Key assumptions:
30 June 202530 June 2024
Annual revenue growth3.0% to 5.8%4.0% to 10.2%
Post tax discount rate
17.5%18.0%
Terminal growth rate
2.0%2.0%
Value in Use recoverable amount:
30 June 202530 June 2024
In thousands of New Zealand dollars
Recoverable amount
5,0394,200
Sensitivity to changes in key assumptions
30 June 202530 June 2024
In thousands of New Zealand dollars
The recoverable amount was more / (less)
than the carrying value by
(8,852)(4,700)
If projected earnings before interest and tax (“EBIT”)
is reduced by 10% each year, the recoverable amount
would be more / (less) than the carrying value by
(9,425)(5,300)
The post-tax discount rate for the recoverable value to match the
carrying value
8.8%10.7%
19. Impairment Testing (continued)
Greater China and South East Asia CGUs
The Greater China and South East Asia CGUs have been impacted by a down-turn in consumer demand in Asian
markets, particularly China, that is expected to result in a period of low growth and increased pressure to grow sales
volume. This has resulted in an impairment of remaining Intangible and Fixed Assets $210,000 and $4,850,000
respectively. The South East Asia CGUs impairment includes the remaining Brand asset $4,472,000 from the July
2023 acquisition of the HoneyWorld business in Singapore.
Greater China CGU:
The recoverable amount of the Greater China CGU containing goodwill has been determined on a value in use basis
using a discounted cash flow approach. Projections are based on the budget and value in use forecasts approved by
the Board of Directors.
Key assumptions:
30 June 202530 June 2024
Annual revenue growth rate(4.0%) to 3.7%(8.2%) to 1.9%
Post tax discount rate 10.3%8.5%
Terminal growth rate2.0%2.0%
Value in use recoverable amount:
30 June 202530 June 2024
In thousands of New Zealand dollars
Recoverable amount8,00033,600
Sensitivity to changes in key assumptions
30 June 202530 June 2024
In thousands of New Zealand dollars
The recoverable amount was more / (less) than the carrying
value by
(18,298)(30,600)
If projected earnings before interest and tax (“EBIT”) is reduced
by 10% each year, the recoverable amount would be more / (less)
than the carrying value by
(20,748)(36,300)
The post-tax discount rate for the recoverable value to match the
carrying value
<0.0%5.0%
19. Impairment Testing (continued)
8081Annual Report | 2025Annual Report | 2025

Apiary CGU:
There is currently excess supply over demand for Mānuka Honey, which has put downwards pressure on Mānuka
Honey pricing. This has impacted the revenue stream for this CGU in the short term and resulted in a plant &
machinery impairment of $4,031,000, a Mānuka Forest asset impairment of $16,912,000, and a Leased Assets
impairment of $8,982,000 for the Group's hive placements and supply agreements.
The recoverable amount of the Apiary CGU has been determined on a value in use basis using a discounted cash flow
approach. Projections are based on the budget and value in use forecasts approved by the Board of Directors.
Key assumptions:
30 June 202530 June 2024
Annual revenue growth(8.7%) to 27.8%(8.7%) to 30.2%
Post tax discount rate
11.1%10.8%
Terminal growth rate
2.0%2.0%
Value in Use recoverable amount:
30 June 202530 June 2024
In thousands of New Zealand dollars
Recoverable amount40231,400
Sensitivity to changes in key assumptions
30 June 202530 June 2024
In thousands of New Zealand dollars
The recoverable amount was more / (less)
than the carrying value by
(29,621)(5,200)
If projected earnings before interest and tax (“EBIT”) is reduced
by 10% each year, the recoverable amount would be more / (less)
than the carrying value by
(29,826)(9,800)
The post-tax discount rate for the recoverable value to match the
carrying value
<0.0%9.9%
19. Impairment Testing (continued)19. Impairment Testing (continued)
Olive CGU:
In the current reported period management reviewed its identifiable CGUs and determined sufficient information
was available and the criteria was satisfied for the operations of the Olive category from production through to sales
to be assessed as a separate CGU. The Olive CGU was previously a part of Other CGU in 2024. Demand for Olive
products has not increased sufficiently in markets outside of Australia to support the level of invested assets in its
operations as such an impairment to Bearer Plants (Olive trees) of $3,857,000 and Property, plant & Equipment of
$1,013,000 was made in 2025.
The recoverable amount of the Olive CGU has been determined on a value in use basis using a discounted cash flow
approach. Projections are based on the budget and value in use forecasts approved by the Board of Directors.
Key assumptions:
30 June 202530 June 2024
Annual revenue growth3.0% to 21.4%–
Post tax discount rate
11.0%–
Terminal growth rate
2.0%–
Value in Use recoverable amount:
30 June 202530 June 2024
In thousands of New Zealand dollars
Recoverable amount1,205–
Sensitivity to changes in key assumptions
30 June 202530 June 2024
In thousands of New Zealand dollars
The recoverable amount was more / (less)
than the carrying value by
(7,058)–
If projected earnings before interest and tax (“EBIT”)
is reduced by 10% each year, the recoverable amount
would be more / (less) than the carrying value by
(7,162)–
The post-tax discount rate for the recoverable value to match the
carrying value
2.5%–
8283Annual Report | 2025Annual Report | 2025

20. Biological Assets
In thousands of New Zealand dollars30 June 202530 June 2024
Bees1,2744,206
Olive leaf–600
Total biological assets1,2744,806
Bees
In thousands of New Zealand dollars
30 June 202530 June 2024
Balance at beginning of the year4,2063,854
Change in fair value(2,854)697
Net movement in operational hives(78)(345)
Balance at the end of the year1,2744,206
Number of operational hives
30 June 202530 June 2024
Balance at beginning of the year17,21818,865
Net movement in operational hives(1,235)(1,647)
Balance at the end of the year15,98317,218
Value per hive$63$210
There has been a decrease in the fair value of bees due to the current challenges of the Mānuka honey industry, which
includes over supply. The 30 June 2025 fair value is reflective of local New Zealand market prices.
Biological assets comprise bees and olive leaf, and are measured at fair value less costs to sell. Fair value of biological
assets is determined annually and is recognised in the income statement.
The fair value of bees is determined by reviewing the operational hives in use and applying a combination of
observable market prices and industry guidance. These inputs are classified as Level 2 under the fair value hierarchy.
The fair value of olive leaf has been assessed under the income approach, which is classified as a Level 3 valuation
under the fair value hierarchy.
The Group is exposed to some risks related to owning bees and olive leaf, primarily the risk of damage from climatic
changes and diseases. The Group has processes in place aimed at monitoring and mitigating those risks.
Other CGU:
The Other CGU comprising of remaining market and production operations not covered in specified CGUs had an
impairment of $14,070,000. While the recoverable amount for this CGU exceeded its carrying value there were
impairments allocated to it from the other CGUs that had impairments higher than Intangibles and Fixed Assets
available for impairment. These were Greater China ($18,088,000), South East Asia ($3,999,000), and Olive
($2,188,000). The total impairment for this CGU was allocated to Software $362,000, Trademarks & IP $2,276,000,
Property, Plant & Equipment $10,361,000, Loan to equity accounted investees $109,000 and Medibee guarantee
$962,000.
The recoverable amount of the Other CGU has been determined on a value in use basis using a discounted cash flow
approach. Projections are based on the budget and value in use forecasts approved by the Board of Directors.
Key assumptions:
30 June 202530 June 2024
Annual revenue growth2.8% to 6.8%4.5% to 7.5%
Post tax discount rate
9.7%9.7%
Terminal growth rate
2.0%2.0%
Value in Use recoverable amount:
30 June 202530 June 2024
In thousands of New Zealand dollars
Recoverable amount39,70489,003
Sensitivity to changes in key assumptions
30 June 202530 June 2024
In thousands of New Zealand dollars
The recoverable amount was more / (less)
than the carrying value by
8,000(19,288)
If projected earnings before interest and tax (“EBIT”)
is reduced by 10% each year, the recoverable amount
would be more / (less) than the carrying value by
(7,456)(30,173)
The post-tax discount rate for the recoverable value to match the
carrying value
10.5%8.8%
A Cash Generating Unit (“CGU”) is the smallest identifiable asset group that generates cash flows that are largely
independent from other assets and groups. Impairment reviews are performed by management annually to assess
the carrying values of the CGUs containing goodwill. The recoverable amount of a CGU is determined based on value
in use calculations. In assessing the value in use, the estimated future cash flows for a five-year period are discounted
to their present value using a post-tax discount rate that reflect current market assessments of the time value of
money and risks specific to that asset. An impairment is recognised when the recoverable amount is less than the
carrying value.
19. Impairment testing (continued)
8485Annual Report | 2025Annual Report | 2025

The Group is exposed to market, liquidity, and credit risks. The Group’s financial risk management system mitigates
exposure to these risks by ensuring that material risks are identified, the financial impact is understood, and tools
and limits are in place to manage exposures. Written policies provide the framework for the Group’s financial risk
management system
22. Market Risk
Foreign exchange risk
The Group is exposed to movements in foreign exchange rates through its receipts and payments that are
denominated in a currency other than the New Zealand Dollar. The currencies in which transactions are primarily
denominated are Chinese Yuan, United States Dollars, Australian Dollars, Hong Kong Dollars, Japanese Yen, Euros,
and British Pounds.
The Group manages this risk using a mix of forward foreign exchange contracts, collars and options to fix future cash
flow receipts in New Zealand dollars. At any point in time the Group hedges between 40% to 100% of its estimated
net foreign currency receipts expected to be received over the following 12 months, and between 0% to 50% in
respect of 12-to-24-month net foreign currency receipts.
As at reporting date the Group had the following foreign exchange contracts outstanding:
In thousands of New Zealand dollarsNote30 June 202530 June 2024
Forward exchange contracts – asset – current1,943–
Forward exchange contracts – asset – non-current1,300866
Total forward exchange contracts – asset3,243866
The Group’s exposure to foreign currency risk at the reporting date was as follows:
In thousands of New Zealand dollars
30 June 2025RMBAUDGBPHKDUSDOther
Trade receivables6,6724,005–7183,51912,237
Trade and other payables(641)(1,261)(34)(1,116)(1,436)(467)
Gross statement of financial position exposure6,0312,744(34)(398)2,08311,770
Forward exchange contracts – nominal amount7,97043,8026,8974,81147,586221
30 June 2024RMBAUDGBPHKDUSDOther
Trade receivables14,5073,4372694505,1404,673
Trade and other payables(2,849)(1,704)(325)(1,470)(1,815)(5,340)
Gross statement of financial position exposure11,6581,733(56)(1,020)3,325(667)
Forward exchange contracts – nominal amount22,8577,9885197,45929,238881
Financial Risks
21. Investments
A joint venture is an arrangement in which the Group has joint control, whereby the Group has rights to the net
assets of the arrangements, rather than the rights to its assets and obligations for its liabilities. Associates are those
entities in which the Group has significant influence, but it does not have control or joint control over the financial
and operating policies. Associates and joint ventures are accounted for using the equity method (equity accounted
investments). The income statement includes the Group’s share of the income and expenses of equity accounted
investments.
Investments in equity accounted investees comprises:
Country of
Incorporation
Ownership
Interest
Held
Balance
Date
Principal
Activity
Apiter S.A “Apiter”Uruguay32%31 July
Manufacturing, selling
and distribution
Caravan Honey Company
"Caravan Honey"
U.S.A45%31 December
Development and
commercialisation of products
Medibee Apiaries Pty Limited
“Medibee”
Australia50%30 June Apiary
Medibee
Medibee Apiaries has a funding arrangement with HSBC and Comvita has signed a several guarantee for its share
of the loan facility, which is AUD $4,700,000 at balance date.
During the year, Comvita advanced Medibee an additional $383,000 – $266,000 of this advance was accrued and
impaired at 30 June 2024, and the remaining balance of $117,000 was impaired this year. The guarantee has been
valued at 30 June 2025 using the expected credit loss method and an impairment expense of $962,000 has been
recognised.
Loans to equity accounted investees
At 30 June 2025, all loans with equity accounted investees were impaired to zero.
The loans receivable at 30 June 2025 (pre-impairment) can be summarised as follows:
Apiter: $1,297,000 (2024: $1,259,000)
MediBee: $3,087,000 (2024: $2,704,000)
All loans to equity accounted investees are repayable at the discretion of shareholders.
Transactions with equity accounted investees
There has been no transactions with equity accounted investees during the year except for the Medibee working
capital advances disclosed above.
8687Annual Report | 2025Annual Report | 2025

24. Credit Risk
The Group’s exposure to credit risk is mainly influenced by its trade debtors and banking counterparties in the normal
course of business. To minimise credit risk exposure, the Group reviews each new customer for credit worthiness
and investments and derivatives are only entered into with reputable institutions. At balance date, the Group’s bank
accounts were held with banks with acceptable credit ratings determined by recognised credit agencies. The Group’s
policy is to provide financial guarantees only to subsidiaries and equity accounted investees.
The majority of revenue is generated from retailers and consumers and there is some geographical concentration of
credit risk in China. In order to determine which customers are classified as having payment difficulties, the Group
applies a mix of duration and frequency of default. Aging trade receivables are reviewed monthly by management.
The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit
risk for trade receivables at the reporting date by geographic region was:
In thousands of New Zealand dollars
30 June 202530 June 2024
Australia4,4674,457
China7,1619,404
New Zealand3,0007,508
United States2,8822,592
EMEA–357
Hong Kong718554
South East Asia2,0062,104
Other regions1,5121,621
Total21,74628,597
Trade receivables are initially recognised at fair value and subsequently measured at amortised cost using the
effective interest method and adjusted for credit impairment losses.
The Group assesses on a forward-looking basis the expected credit losses associated with its trade receivables. The
Group applies the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be recognised
from initial recognition of the receivables. In assessing credit losses on trade receivables the Group considers both
quantitative and qualitative inputs. Quantitative data includes past collection rates, industry statistics, ageing of
receivables, and trading outlook. Qualitative inputs include past trading history with the Group.
22. Market Risk (continued)
Interest rate risk
The Group has fixed and floating rate debt and is exposed to movements in interest rates. For fixed rate debt the
exposure is to falling interest rates as the Group could have secured that debt at lower rates, while for floating rate
debt there is uncertainty of future cash interest payments.
Sensitivity analysis
In managing interest rate risks the Group aims to reduce the impact of short-term fluctuations on the Group’s
earnings. Over the longer-term, however, permanent changes in interest rates will have an impact on profit. At
30 June 2025 it is estimated that a general increase of one percentage point in interest rates would decrease the
Group’s profit before income tax by approximately $907,000 (30 June 2024: $963,000)
23. Liquidity Risk
Liquidity risk is the risk of having insufficient liquid assets to pay the Group's debts as they fall due. The Group
manages the risk by monitoring forecast cash flows and holding sufficient undrawn bank facilities to meet the
Group's needs. Please refer to Going Concern note under the Basis of Preparation note on page 63 for further detail.
The contractual maturity of the Group's funding is as follows:
In thousands of New Zealand dollars
Contractual
cash flows
less than
1 year
1-2 years
30 June 2025
Borrowings(76,315)(51,202)(25,113)
Trade and other payables(25,604)(25,604)–
Derivatives – inflow80,74453,37927,365
Derivatives – outflow(77,501)(51,436)(26,065)
Total(98,676)(74,863)(23,813)
In thousands of New Zealand dollars
Contractual
cash flows
less than
1 year
1-2 years2-5 years
30 June 2024
Borrowings(99,885)(6,605)(68,988)(24,292)
Trade and other payables(36,118)(36,118)––
Derivatives – inflow70,59451,39419,200–
Derivatives – outflow(69,727)(50,906)(18,821)–
Total(135,136)(42,235)(68,609)(24,292)
8889Annual Report | 2025Annual Report | 2025

26. Share Schemes
a) Leader Share Purchase & 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.
30 June 202530 June 2024
Participants in the LSPLS77
Number of shares held696,077696,077
% of share capital 0.99%0.99%
More details on these loans are in note 27 related parties.
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 PSR's.
In thousands
30 June 2025
Number of
entitlements
30 June 2024
Number of
entitlements
Entitlements on issue
Entitlements outstanding at beginning of year – July845872
Entitlements granted 63372
Entitlements cancelled(532)(76)
Shares vested(267)(323)
Entitlements outstanding at end of year109845
c) Employee Share Scheme

In 2022 the Company established a new Employee Share Scheme called the Comvita Exempt Employee Share
Scheme (“CEES Scheme"). The CEES Scheme is designed to allow employees to share in the future of the
Company.
There are 117 (June 2024:150) employees in the CEES Scheme and the number of shares held is 49,455 (June
2024: 56,385).
Share-based payment transactions
A valuation of each employee scheme is performed at grant date either using the Monte Carlo model or the share
price at grant date, less the present value of estimated dividend payments during the period. A share based payment
is recognised over the vesting period of the PSR as an employee expense, with a corresponding increase in equity.
The amount recognised as an expense is adjusted to reflect the actual number of share entitlements that vest.
Other Disclosures
25. Financial Instruments
The Group classifies its financial assets and liabilities into two categories:
• those to be measured at amortised cost
• those to be measured a fair value (either through profit and loss (FVPL) or through comprehensive income (FVOCI)
Non-derivative financial assets and liabilities
Non-derivative financial instruments comprise investments in equity securities, trade and other receivables, cash and
cash equivalents, loans and borrowings, and trade and other payables.
Non-derivative financial instruments are recognised initially at fair value plus, for instruments not at FVPL, any
directly attributable transaction costs. A financial instrument is recognised if the Group becomes a party to the
contractual provisions of the instrument. Financial assets are derecognised if the Group’s contractual rights to the
cash flows from the financial assets expire or if the Group transfers the financial asset to another party without
retaining control or substantially all risks and rewards of the asset.
Non-derivative financial assets and liabilities are measured initially at fair value plus directly attributable transaction
costs and subsequently measured at amortised cost and subject to regular review for impairment.
Derivative financial assets and liabilities
The Group uses derivative financial instruments to hedge its exposure to foreign exchange and interest rate risks
arising from operational, financing and investment activities. In accordance with its treasury policy, the Group does
not hold or issue derivative financial instruments for trading purposes.
Derivative financial instruments are recognised initially at fair value and transaction costs are expensed immediately.
Subsequent to initial recognition, derivative financial instruments are stated at fair value in the balance sheet. The
gain or loss on remeasurement to fair value is recognised immediately in the income statement.
Changes in the fair value of the derivative hedging instrument designated as a cash flow hedge are recognised in
other comprehensive income and presented in equity in the hedging reserve to the extent that the hedge is effective.
The derivative financial instruments have been valued using a discounted cash flow valuation methodology. All
financial instruments held by the Group and measured at fair value are classified as level 2 under the fair value
measurement hierarchy.
9091Annual Report | 2025Annual Report | 2025

28. Group Entities
The Group comprises of the Company and the following entities:
Subsidiaries
Country of
Incorporation
Ownership
Interest Held
Comvita New Zealand LimitedNew Zealand100%
Bee & Herbal New Zealand LimitedNew Zealand100%
Comvita Landowner Share Scheme Trustee Limited New Zealand100%
Comvita Share Scheme Trustee LimitedNew ZealandManagement control
Comvita USA, Inc USA100%
Comvita Japan K.KJapan100%
Comvita Korea Co Limited Korea100%
Comvita Food (China) LimitedChina100%
Comvita Food (Hainan) Co. Ltd
1
China100%
Comvita China LimitedHong Kong100%
Comvita Holdings HK LimitedHong Kong100%
Comvita HK LimitedHong Kong100%
Comvita Malaysia Sdn BhdMalaysia100%
Comvita Singapore Pte LimitedSingapore100%
Comvita Holdings Pty LimitedAustralia100%
Comvita Australia Pty Limited Australia100%
Olive Products Australia Pty Limited Australia100%
Comvita IP Pty LimitedAustralia100%
Medihoney Pty LimitedAustralia100%
Medihoney (Europe) LimitedUnited Kingdom100%
Comvita Holdings UK LimitedUnited Kingdom100%
Comvita UK LimitedUnited Kingdom100%
New Zealand Natural Foods LimitedUnited Kingdom100%
Comvita Europe B.V
2
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.
1
Comvita Food (Hainan) Co Ltd was deregistered 12 August 2025
2
Comvita Europe B.V was deregistered 30 June 2025
29. Commitments
Except for the lease commitments disclosed in the Right-of-Use Assets note, the Group has no other significant
commitments as at 30 June 2025.
27. Related Parties
Transactions with Leadership Team and Directors
Leadership Team and Director compensation comprised:
In thousands of New Zealand dollars
30 June 202530 June 2024
Director fees 603605
Short term employee benefits4,3283,756
KiwiSaver employer contribution132165
Post employment benefits195–
Termination benefits1,961–
Share based payments 661,039
Total7,2855,565
Leadership Team loans:
In thousands of New Zealand dollars
30 June 202530 June 2024
Loan to key management personnel – non-current 814450
Loan to key management personnel – current4952,279
Total1,3092,729
Loans to key management personnel include employees that have been determined as key management personnel
previously and currently. During the period, modifications have been made to share loans agreements where
commitments have been made to partially forgive debt and repayment dates have been extended. As a result, the
loans have been valued downwards by $1,473,000, creating an expense recognised in short term employee benefits
and termination benefits.
At 30 June 2025 Directors and other Leadership Team personnel of the Company control 1.0% (2024: 2.4%) of the
voting shares of the Company.
9293Annual Report | 2025Annual Report | 2025

Statement of financial position – restated 30 June 2023
In thousands of New Zealand dollars
30 June 2023
previously
reported
Restatement
one
Reclassifications*30 June 2023
restated
Assets
Audited
Property, plant and equipment72,873––72,873
Intangible assets and goodwill41,754––41,754
Right of use assets14,407––14,407
Biological assets4,437––4,437
Investments10,234––10,234
Loans to equity accounted investees 6,058––6,058
Derivatives48––48
Deferred tax asset4,54597–4,642
Sundry receivables––450450
Total non-current assets154,35697450154,903
Inventory136,0881,251–137,339
Trade receivables39,373(2,747)–36,626
Sundry receivables17,354–(450)16,904
Cash and cash equivalents11,554––11,554
Tax receivable41104–145
Total current assets204,410(1,392)(450)202,568
Total assets358,766(1,295)–357,471
Equity
Issued capital199,351––199,351
Retained earnings43,209 (865)–42,344
Reserves(3,240)––(3,240)
Total equity239,320(865)–238,455
Liabilities
Loans and borrowings64,940––64,940
Trade and other payables288––288
Lease liability11,972––11,972
Deferred tax liability1,509––1,509
Total non-current liabilities78,709––78,709
Trade and other payables34,319(330)–33,989
Lease liabilities3,386––3,386
Tax payable2,195(100)–2,095
Derivatives837––837
Total current liabilities40,737(430)–40,307
Total liabilities119,446(430)–119,016
Total equity and liabilities358,766(1,295)–357,471
*This does not relate to restatement it is a prior year reclassification for disclosure purposes
30. Prior Period Restatements (continued) 30. Prior Period Restatements
Restatement one
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 and accounts receivable, along with under-accrual of sales expenses and liabilities.
This restatement also impacted cost of sales, inventory and tax. 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.
Restatement two
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 to correct this error.
The following tables summarise the impacts on the Group’s consolidated financial statements.
9495Annual Report | 2025Annual Report | 2025

Income Statement – restated June 2024
FOR YEAR ENDED
In thousands of New Zealand dollars
30 June 2024
previously
reported
Restatement
one Sales
and sales
expenses
Restatement
two
Inventory
Reclassification*30 June
2024
restated
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
Other income5,587––(336)5,251
Marketing expenses(24,331)–––(24,331)
Selling and distribution expenses(58,842)(439)––(59,281)
Administrative and other
operating expenses
(34,900)–––(34,900)
Software development expenses(7,245)–––(7,245)
Operating loss before financing costs(7,342)(2,689)(1,259)(336)(11,626)
Finance income347–––347
Finance expenses(9,800)–––(9,800)
Net finance expenses(9,453)–(9,453)
Share of loss of equity
accounted associates(904)–––(904)
Fair value movement in
biological assets
–––336336
Impairment and other asset
write-downs
(64,190)–––(64,190)
Loss before income tax(81,889)(2,689)(1,259)–(85,837)
Income tax benefit4,501566353–5,420
Loss after tax(77,388)(2,123)(906)–(80,417)
There is no material impact on the Group's basic or diluted earnings per share and no impact on the Consolidated Statement
of Cash Flow
*This does not relate to restatement it is a prior year reclassification for disclosure purposes
31. Subsequent Event
On 17 August 2025, Comvita Limited entered into a Scheme Implementation Agreement (SIA) with Florenz Holdings Limited,
under which Florenz proposes to acquire 100% of the ordinary shares in Comvita by way of a Scheme of Arrangement
under Part 15 of the Companies Act 1993. The Scheme remains subject to shareholder and court approvals, as well as other
customary conditions.
Although this event occurred after the balance sheet date, management compared the offer price against the Value in Use
calculations at 30 June 2025 and concluded that the Value in Use was reasonable, refer to note 19.
30. Prior Period Restatements (continued)
Statement of financial position – restated 30 June 2024
In thousands of New Zealand dollars
30 June 2024
previously
reported
Restatement
one
FY 23 sales
and sales
expenses
Restatement
one
FY 24 sales
and sales
expenses
Restatement
two
FY24
Inventory
30 June 2024
restated
Assets
Property, plant and equipment72,034–––72,034
Intangible assets and goodwill7,352–––7,352
Right of use assets20,226–––20,226
Biological assets 4,806

–

–

–
4,806
Derivatives866–––866
Deferred tax asset9,21897575–9,890
Sundry receivable450–––450
Total non-current assets114,95297575–115,624
Inventory134,4181,2511,406(1,259)135,816
Trade receivables35,030(2,747)(3,686)–28,597
Sundry receivables15,222–––15,222
Cash and cash equivalents8,156–––8,156
Tax receivable8010484–268
Total current assets192,906(1,392)(2,196)(1,259)188,059
Total assets307,858(1,295)(1,621)(1,259)303,683
Equity
Issued capital199,351–––199,351
Retained earnings(36,137)(865) (2,123)(906)(40,031)
Reserves(2,584)–9–(2,574)
Total equity160,630(865)(2,114)(906)156,745
Liabilities
Loans and borrowings

–
–––

–
Trade and other payables296–––296
Lease liability15,834–––15,834
Deferred tax liability572–––572
Total non-current liabilities16,70216,702
Loans and borrowings87,863–––87,863
Trade and other payables35,822(330)402–35,894
Lease liabilities5,725–––5,725
Tax payable1,116(100)91(353)754
Total current liabilities130,526(430)493(353)130,236
Total liabilities147,228(430)493(353)146,938
Total equity and liabilities307,858(1,295)(1,621)(1,259)303,683
30. Prior Period Restatements (continued)
9697Annual Report | 2025Annual Report | 2025