Savor 2025 Annual Meeting materials

Annual
Shareholders
Meeting
30 September 2025

Welcome
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Agenda
– Welcome
– Chairman’s Address
– CEO’s Address
– Formal Business
– Questions
– Close
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Board of Directors
Lucien Law
Chief Executive Officer
Paul Robinson
Executive Chair
Louise Alexander
Director
Bhupen Master
Director
Over the past twelve years, Lucien has spearheaded a
new wave in Auckland hospitality, overseeing the creation
of New Zealand’s largest group of premium restaurants
and bars.
His projects include award-winning modern Japanese
restaurants Azabu and Ebisu, as well as one of New
Zealand’s busiest venues, Bivacco.
Before venturing into hospitality, Lucien was an
internationally acclaimed advertising creative, achieving
campaign success across various disciplines such as
TV, press, posters, and viral media. Lucien’s experiences
were shaped by his tenure in some of the world’s leading
creative departments during their most internationally
successful periods, including Mother London (2000
Campaign Agency of the Year) and Saatchi & Saatchi
London (2001 Cannes Agency of the Year).
Upon returning to New Zealand, Lucien founded the
successful independent communications agency Shine.
Over the next six years, Shine secured some of New
Zealand’s most prestigious accounts, including Hyundai,
Spark, Lion Nathan, RaboBank, and Fonterra, among
others. In 2011, NBR named Shine the agency of the year.
Paul Robinson has twenty five years of experience in
structured finance in London and New York.
In London, Paul worked across the range of capital
markets endeavours, delivering increased profitability via
bespoke solutions utilising financial engineering, legal, tax
and accounting expertise.
In 2008, Paul moved to New York to take lead
responsibility for structuring and originating strategic
debt and equity capital markets funding.
In 2019, Paul returned to New Zealand to raise a family
and take an active role in Savor Group where he has been
a long term shareholder. Paul reverse listed Savor Group
onto the NZX and divested the historical loss making
business. Paul currently acts as Executive Chairman of the
Group.
Louise is a senior HR practitioner and people leader
and leads her own HR consultancy, People Synergistics,
and is the Head of Operations and BD at FrontTier, a
Leadership Development business. Louise recently
departed as the HR Director for Bell Gully, a role which
she held from 2015 to June 2024. Louise developed and
led Bell Gully’s HR strategy over that time, focusing on
communication, diversity and culture, and supporting
and developing people through the talent management
program. Louise has a passion for the not for profit sector,
with both management and governance roles in various
organisations throughout her career.
Louise brings a critical skillset to Savor, where the
success of the Group is driven by its teams in the venues.
Bhupen has spent his extensive career working with some
of the top financial institutions worldwide. Bhupen was
most recently an Executive Director of Goldman Sachs
with extensive experience in global markets covering
institutional investors and was instrumental in leading
numerous capital raisings during his time.
Prior to this, Bhupen spent over 20 years working in New
Zealand, Australia and the United Kingdom for Credit
Suisse, Merrill Lynch and Deustche Bank. Bhupen’s
extensive experience in the capital markets and strategic
transactions strengthens the Board’s diverse skills and
experience, and are essential to assist in guiding the
Group as it continues on its growth trajectory.
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Chairman’s Address
Paul Robinson
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FY26 Trading Update
RevenueAprilMayJuneJulyAugTo t a l% change
Last Year4,785,0004,580,0004,100,0003,600,0004,200,00021,265,000
This Year4,020,0004,500,0003,600,0003,650,0004,210,00019,980,000-6%
(YTD Aug)FY26FY25% change
EBITDA1,480,0001,510,000-2%
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Historical performance improvements
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2022202320242025%
Revenue30.5m52.4m61.8m56.6m85.60% ↑
Venue wages41.60% 43.40% 41.30% 40.40% -2.90% ↓
Head Count592535502443-25.20% ↓
COGS29.30% 30.70% 29.20% 28.80% -1.70% ↓
Head Office wages / revenue*4.80% 3.50% 3.10% 3.50% -26.60% ↓
*Before fixed overhead cost out
EBITDA extraction rate9.80% 10.00% 14.20% 13.00% 32.70% ↑
Net Debt12.1m11.9m9.1m7.2m-68.10% ↓
Operating Cash Flows3.0m6.1m6.4m7.1 m136.70% ↑
Free Cash Flows-2.1m-1.9m-0.5m2.4m
Incremental savings: 2025 - 2023
Venue wages-2.90% 1,552
COGS-1.70% 1,005
2,558*
*Annual EBITDA lift resulting from cost savings, based on 2023 revenue

Free Cash Flows Improvement 2025-2027
*Reported FY25 total cash flow of $2.4m included a number of non-recurring transactions, including debt refinancing, landlord incentive received,
capital expenditure and the receipt of supplier loans. These have been removed from the above to ensure a like for like comparison.
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CEO’s Address
Lucien Law

o p e n e d
26 September 2025
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–We’ve created two venues that work together but can stand alone
— a premium golf simulator club alongside a true bar-restaurant.
Each is strong enough to thrive on its own, but together they create
something unique in the city.
–Our edge is hospitality. Anyone can install simulators, but few can
deliver the food, drink, and service that sets Savor apart. That’s what
elevates Flush beyond the standard golf venue.
–The location is critical. By placing this in the heart of Britomart —
Auckland’s premium dining destination, and arguably New Zealand’s
— we have access to a customer base suburban operators simply
can’t reach.
–There’s also a clear gap in the market. Britomart today has fine
dining at one end and pubs at the other. Bar Ziti sits right in the
middle — approachable, vibrant, and designed to fill that space in the
country’s top hospitality precinct.
–Not another sports bar – Bar Ziti is atmosphere-driven and stylish, a
place people will choose even if they never swing a club. Think of it
like a great bar that happens to have pool tables — you’d go for the
food, drinks, and vibe first, and maybe play a game along the way.
The Concept –
Bar Ziti & Flush Golf
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–Laneway transformation – lush planting and outdoor tables
create a vibrant, welcoming setting, with the bar opening
directly to the street for a true city buzz.
–The perfect Peroni after work – a natural meeting spot for
city workers, with groups spilling into the lane for drinks and
shared plates.
–Flexible for every occasion – from quick CBD lunches to
casual date nights, pre- and post-Spark Arena visits, or
weekends in the heart of Britomart.
–A striking focal point – the pizza oven serving straight out
to the laneway draws people in and anchors the space with
energy and theatre.
–Service Mode – QR code ordering gives customers speed
and control, while reducing labour costs and allowing staff to
focus on hospitality rather than transactions.
Bar Ziti – Laneway Dining
in Britomart
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URBAN GOLF, REIMAGINED
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–An exciting evolution for Savor — blending our
proven hospitality model with fast-growing
“social entertainment” concepts.
–Unlocks new revenue streams beyond
traditional dining, tapping into leisure, sport,
and events.
–Underpinned by efficiency: venues designed
around lower wage models, tech-driven
service, and maximised customer throughput.
–Creates spaces that are social, sticky, and
scalable — not just places to dine, but to stay,
play, and return.
–Golf is the fastest-growing participation
sport globally, with millions of new players
post-COVID.
–Shift toward younger audiences, driven by
entertainment-led formats (Topgolf, Five Iron,
indoor sims).
–Social, casual golf experiences are
resonating with new demographics —
women, younger professionals, families
— not just traditional golfers.
–Auckland lacks a premium, urban golf-
hospitality hub — a clear market gap.
–Powered by world-leading Trackman
simulator technology, delivering hyper-
realistic play on over 300 iconic courses.
–Flexible for both serious golfers (coaching,
practice, leagues) and casual groups
(corporates, social nights, families).
–Integrated with Savor hospitality: a Britomart
clubhouse paired with Bar Ziti laneway dining
& drinks.
–Positioned to lead New Zealand’s entry
into the global “competitive socialising”
movement.
Hospitality + EntertainmentThe Growth of GolfFlush Golf — Our Answer
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Themed Events & Watch Parties
Masters Night, Ryder Cup live
screenings, All Blacks vs Wallabies
watch-and-play events.
Driving Engagement Through Events & Promotions
Weekly Leagues
Ongoing competitive play for
individuals and teams with
leaderboards and finals.
Family Sessions
Affordable packages for parents and
kids to play together.
Virtual Tournaments
Trackman-powered comps across
global courses with prizes.
Events
From Casual to Full Takeovers –
Flexible packages from small group
bookings, birthdays, and team outings
through to large-scale corporate
events or full-venue hire.
After Dark / Night Golf Club
Late-night play with music,
drinks, & specials from 8pm
onwards.
Seasonal Promotions
Christmas, Father’s Day, or
long-weekend specials to drive
traffic in peak moments.
Breakfast Club / Morning Hit
Early-bird deals with coffee
and Amano pastry for
pre-work golfers.
Loyalty Perks & Socials
Exclusive events and rewards
for members and repeat
guests.
Corporate Leagues
Register your office or client team,
network while competing for bragging
rights.
Junior Clinics
& Holiday Camps
School holiday programs, first-
time golfer clinics, and skill-
building fun for kids and teens.
Ladies’ Days & Nights
Social, welcoming formats with
discounted play, coaching clinics, and
drinks specials.
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–Last year we launched the first ever Savor Food Festival –
our first group-wide promotion. The goal was simple: provide
value-driven dining opportunities during a period of cost-of-
living pressure, while rewarding loyal guests and attracting
new ones.
–The Festival was also designed to energise the quieter winter
months and build momentum into the busier summer season,
ensuring our venues remained vibrant year-round.
–The response exceeded expectations. By week four we had
reversed a winter decline in visitor numbers and delivered
year-on-year growth across the Group.
–Importantly, average customer spend held steady — proving
that while the Festival created value, it didn’t dilute the
strength of our venues or their positioning.
Creating Value in
Challenging Times
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–With that success, the question was never if we’d do it again,
but how we’d build on it.
–This year, we’ve expanded the Festival’s reach: more events,
more venues participating, and a deeper programme of
experiences.
–We’ve also been able to refine the model — taking learnings
from last year on menu design, timing, and marketing, and
making it sharper.
–Already, we’re seeing strong early traction — with key events
selling out, waitlists in place, and over a thousand guests each
week booking Festival menus.
–For us, the Festival has become more than a promotion. It’s a
new seasonal fixture that both strengthens customer loyalty
and sets the Group up for a stronger summer.
Building on Year
One Success
COLIN FASSNIDGE
JK.14 WINES
BROKE BOY TACO
MITCH ORR
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–This year we shifted from a primarily ticketed approach to
a broader focus on everyday value offerings, supported by
more than 80 events across the programme. The change has
proven successful, with strong engagement across all venues.
–Once again, this was made possible through strong supplier
partnerships — including Asahi, LVMH, Campari, Allpress,
Constellation Wines and many of our other valued wine
partners — whose financial contributions ensured the Festival
remained cost-neutral for the business.
–Key headline events sold out within a week of launch, with
waitlists in place across the Festival — reinforcing the demand
and excitement it generates.
Scaling Up with
Supplier Support
WET JACKET WINES
WAGYU DELUXE WITH ROBERT MONDAVI
CLOUDY BAY RAW & ROAST FEAST
SUNTORY SIP & SAVOR
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Over 20,000
pints of Peroni
& Asahi served
1,900
$35 Lunch Deal
uptake
+44% YoY
Over
200,000
guests

Visited during the 9-week Festival.
A 25% YoY
increase
Feasts sold at
Bivacco & NSP
11%
$210k in a
single day
$8.5k
12,000
8,000
Cocktails sold
Over
Over
55%
vs pre-Festival
period
+13% covers
Additional revenue
each week for Ebisu
Festival Menus
Sold (steady YoY)
Up from 4,800
increase in
house wine
sales
GUEST NUMBERS UP
FATHER’S DAY
OKI NO SATURDAYS

WAGYU DELUXE
DINNER
ONE NIGHT ONLY OCT 1ST
BIVACCO FEAST. ENDLESS PLATES.
EVERY SUNDAY.
COLIN
FASSNIDGE
ONE NIGHT ONLY SEPT 24







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–Since the merger in 2019, the Board has always wanted to find
a way to thank and reward our long-standing shareholders
through our venues.
–For much of that time, our focus had to be on the
fundamentals: navigating COVID and its lasting impacts, and
ensuring the business stayed strong.
–With the relative successes of the past year and the Group in
a stronger position that it has been since Covid, we can now
deliver on this commitment.
–I’m pleased to announce the introduction of Dynamic
Shareholder Discounts, launching in the first quarter of 2026.
Shareholder Discounts
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–Each quarter, a new set of venues will be part of the
discount programme—keeping the offer fresh and giving
you different ways to enjoy our portfolio.
–Shareholders will receive a direct email each quarter
with details of the venues and dates.
–Simply book as usual, and when you arrive, show the
email to our team and your discount will be applied.
–If your email is current with your MUFG shareholding,
there’s nothing further you need to do—we’ll send the
updates directly.
–On one level, this is a discount. But more importantly,
it’s our way of recognising your ongoing support—an
invitation to experience the very best of Savor, season
by season, across our venues.
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URBAN GOLF, REIMAGINED
MONDAY - FRIDAYMONDAY - SUNDAYMONDAY - SUNDAY
50% OFF
SIM BOOKINGS
15%
DISCOUNT
10%
DISCOUNT
MISSION BAY & PONSONBY

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Formalities
– Election of Paul Robinson
– Election of Lucien Law
– Auditor Remuneration

Resolution 1
That Paul Robinson, who
retires by rotation and has
offered himself for re-election,
be re-elected as a Director of
Savor Limited.
Paul Robinson was appointed to the Board in April 2019 and was last re-elected
by shareholders in August 2022 so therefore offers himself for re-election by
shareholders at the 2025 Annual Meeting. Paul is currently Chair of the Board
and a member of the Audit & Risk and People & Culture Committees.
Paul Robinson has twenty years’ experience in structured finance and strategy.
From 1999 Paul spent nine years originating structured trades based in London
and in 2008 Paul transferred to New York. In 2018 Paul and his family moved
back to New Zealand to enjoy life here and to take an active role in Savor Group
where he had a long term shareholding.
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Resolution 2
That Lucien Law, who retires
by rotation and has offered
himself for re-election, be
re-elected as a Director of
Savor Limited.
Lucien Law was appointed to the Board in April 2019, was last re-elected by
shareholders in August 2022 so therefore offers himself for re-election by
shareholders at the 2025 Annual Meeting. Lucien is currently a member of the
People & Culture Committee.
Over the past twelve years, Lucien has led a new wave in Auckland hospitality,
overseeing the building of a group of brands that have had a significant impact on
the city’s dining and entertainment scene.
His projects include award-winning modern Japanese restaurants Azabu and Ebisu,
contemporary New Zealand brasserie Ostro, along with Fukoku, Las Vegas Club and
Mission Bay Pavilion. One of his most ambitious developments is Seafarers, spanning
several floors in the historic Seafarers building at Auckland’s Britomart.
Prior to his involvement in hospitality, Lucien founded highly successful independent
communications agency Shine, which has worked with brands including Spark,
Hyundai, Fonterra and Lion Breweries.
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Resolution 3
To authorise the Directors to
fix the auditors’ remuneration.
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Questions
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Thank you for attending our
Annual Shareholders Meeting
30 September 2025

Important Notice and Disclaimer
Disclaimer
This presentation has been prepared by Savor Limited (NZ company number 3979219, NZX ticker SVR (the “Company”).
Information
This presentation contains summary information about the Company and its activities which is current as at the date of this presentation. The information in
this presentation is of a general nature and does not purport to be complete nor does it contain all the information which a prospective investor may require in
evaluating a possible investment in the Company or that would be required in a product disclosure statement under the FMCA. The historical information in this
presentation is, or is based upon, information that has been released to NZX Limited (“NZX”). This presentation should be read in conjunction with the Company’s
annual report, market releases and other periodic and continuous disclosure announcements, which are available at www.nzx.com.
Not financial product advice
This presentation is for information purposes only and is not financial or investment advice or a recommendation to acquire the Company’s securities, and has
been prepared without taking into account the objectives, financial situation or needs of prospective investors. Before making an investment decision, prospective
investors should consider the appropriateness of the information having regard to their own objectives, financial situation and needs and consult a financial adviser,
solicitor, accountant or other professional adviser if necessary.
Past performance
Any past performance information given in this presentation is given for illustrative purposes only and should not be relied upon as (and is not) an indication of
future performance. No representations or warranties are made as to the accuracy or completeness of such information.
Future performance
This presentation includes certain “forward-looking statements” about the Company and the environment in which the Company operate, such as indications of,
and guidance on, future earnings and financial position and performance. Forward-looking information is inherently uncertain and subject to contingencies outside
of the Company’s control, and no assurance can be given that actual outcomes or performance will not materially differ from the forward-looking statements.
31ANNUAL SHAREHOLDERS MEETINGSAVOR LIMITED

Important Notice and Disclaimer
Non-GAAP financial information
Certain financial information included in this presentation is non-GAAP financial information. This non-GAAP financial information is not audited, and caution
should be exercised as other companies may calculate these measures differently. The non-GAAP financial information includes pro forma financial information to
which certain adjustments have been made. Savor Limited’s financial information has been prepared in accordance with Generally Accepted Accounting Practice.
It complies with the New Zealand Equivalents to International Financial Reporting Standards (NZ IFRS) and other applicable Financial Reporting Standards, as
appropriate for profit oriented entities. Savor’s financial statements also comply with International Financial Reporting Standards (IFRS).
Distribution of presentation
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a breach by the Company of any law. The distribution of this presentation in other jurisdictions outside New Zealand or Australia may be restricted by law, and
persons into whose possession this presentation comes should observe any such restrictions. Any failure to comply with such restrictions may violate applicable
securities laws. See the “Foreign Selling Restrictions” section of this presentation. None of the Company, any person named in this presentation or any of their
affiliates accept or shall have any liability to any person in relation to the distribution or possession of this presentation from or in any jurisdiction.
Currency
All currency amounts in this presentation are in NZ dollars unless stated otherwise.
Disclaimer: To the maximum extent permitted by law, the Company and their respective affiliates, related bodies corporate, directors, officers, partners, employees,
agents and advisers disclaim all liability and responsibility (whether in tort (including negligence) or otherwise) for any direct or indirect loss or damage which may
be suffered by any person through use of or reliance on anything contained in, or omitted from, this presentation.
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---

Savor 2025 – ASM, 30 Sept, 10:00am MUFG

Paul Robinson – Executive Chairman
Good morning, ladies and gentlemen, welcome to Savor Group’s Annual Meeting. It is my
pleasure to address you again as Chairman.
Market Context and Resilience
This has been yet another challenging year for the hospitality sector. Across New Zealand, and
particularly here in Auckland, we have seen further pressures of inflation, rising operating costs,
and more cautious consumer spending.
Many operators have struggled, and some well-known venues have closed their doors. To
provide some context, it has been reported that over 2,500 hospitality venues have closed,
representing a 19% increase year on year.

It is worth emphasising that Savor’s approachable-premium positioning continues to serve us
well. We are delivering value to customers at a time when discretionary spending is under
pressure, while also protecting margins for shareholders. This balance is what sets us apart in
the current environment and I think it is clear we have navigated this situation better than most
of our peers.
Trading Update
Our Year-to-date trading through August has Group revenue down 6% on the prior year which in
of itself is a reasonable result. However, more importantly, our EBITDA is down only 2% over the
same period.
This bottom-line resilience reflects the hard work that has gone into our cost-out initiatives and
our determination to protect margins.
The table illustrates how uneven trading has been this year, but nevertheless the group is
showing clear momentum coming into spring.
Furthermore, with the new golf site open last week, the Seafarers losses not repeating, and the
cost out initiatives still feeding through we expect the full year results to be considerably better
than FY25.
Historical Financial Comparison
Looking at the Key financial indicators over the last four years you can to apricate the progress
that has been made with venue-level wages are now running at 40.4% of revenue, compared to
41.3% in the prior year and down from their peak of 43.4%.

Our cost of goods sold are below 30% at 28.8%, down from 29.2% in the prior year and 30.7% in
the year before that.
Headcount has reduced from a peak of 592 staff to 443, reflecting careful management of
rostering and driving venue level efficiencies, all without compromising our standards of service.
The head office cost improvements are continuing with $650k removed so far this calendar year
and a further $400k still to come that will further boost the bottom line considerably.
The venue level efficiency gains have underpinned a circa $2.5m improvement in profitability
which together with the head-office cost out program is on track to add another $1m in savings
in 2025, resulting in a $3.4m improvement over the 4 years irrespective of the prevailing
economic environment.

Quality of Earnings and Growth Outlook
The Board and Management have reviewed the portfolio carefully, ensuring capital is directed
to the highest quality opportunities. The early exit from the Seafarers Building (saving $0.975m
annually) and the swap into the new Britomart site delivers lower fixed costs, improved
profitability, and upgraded assets without incremental borrowings.
The Britomart site (Bar Zeti) and golf venue (Flush) which have been funded from third party
deals are both incremental to the FY26 budget and are expected to deliver meaningful earnings
uplift. The Britomart site alone is expected to generate $3–$4m in annual revenue, with EBITDA
margins after lease costs of over 20%.

The Board will continue to analyze the portfolio of assets looking to opportunistically recycling
capital into stronger, higher-margin opportunities.

Forward Looking Cashflows
Turning to the cash flow waterfall (see attached), free cash flows are forecast to rise from a net
of $1.2m (or circa $2.4m with Seafarers and the NSP closure added back) in FY25 to over $3m in
FY26, and rising to over $5m in FY27. It is important to note these results are driven from
actions either already taken or in process so are not contingent on future decisions.

Finally, it is worth noting the Group also retains $30m of gross tax losses (approx. $8.5m cash
value), providing tax cover for an estimated four years.

Cost-Out Discipline and Culture
What underpins all of these results is a culture of discipline across the organisation. Our
executive team has continued to focus on the daily details that matter—adjusting rosters in real
time, rethinking supplier relationships, streamlining procurement, and working closely with
chefs and venue managers to maintain both quality and efficiency.
Despite all of these of these efforts we the Executive and the Board are extremely disappointed
with the flagging share price. I am pleased to report we have adopted a dividend payment policy
and believe all things being equal, will be in a position to pay dividends in the next financial year.
I do want to take a moment to explain that we run this business, without an executive
management team to speak of. We manage the business ourselves in-house, keeping
professional service costs to a minimum. Normalising to historical observed revenue, head
office wages are currently well under 3%.
Nevertheless, given this prolonged economic down-turn, as with Covid - Lucien and I have
volunteered to take a substantial reduction in salaries starting October 1. Furthermore, the
Board has volunteered to reduce its total compensation by half until such time as a dividend has
been delivered and the share price has recovered.
We hope you agree we are completely committed to making this business a commercial success
for all shareholders.
Closing
In closing, I want to thank our staff for their dedication, our management team for their
disciplined execution, and our shareholders for their continued support.

This has not been an easy year for hospitality in New Zealand, but Savor has once again proven
its strength. We remain confident that our brands, our people, and our focus on cost discipline
will ensure we continue to outperform the market and deliver long-term value.

I now hand you over to Lucien our CEO, t hank you.

Lucien Law - CEO
Thank you Paul, and good morning everyone.
It’s no secret that the past year has been a tough one for hospitality. Across New Zealand,
household spending is under real pressure, with costs outpacing disposable income. Retail sales
volumes are down more than 2% year-on-year, and consumer confidence has remained
stubbornly low — meaning more households are pessimistic than optimistic.
For our sector, the result has been a challenging trading environment, particularly in Auckland
where most of our venues sit. Sales growth here has been virtually flat — just 0.4% in some
quarters — while tourism hubs like Queenstown and Nelson have seen double-digit gains.
“And yet, in this environment, Savor has remained resilient — it hasn’t been easy, but we’ve
protected our margins and continued to invest in the future.”
I believe that resilience comes down to a few key factors.
First, brand strength. Venues like Amano, Ebisu, Azabu and Bivacco remain some of the most
recognised names in Auckland dining. When customers are choosing more carefully where to
spend, they come to brands they know will deliver.
Second, our positioning. We’ve built Savor around an approachable-premium offer. Even as
households cut back in other areas, dining with us feels worth it.
Third, discipline. We’ve kept a tight hold on costs and pushed for efficiencies, but always
without compromising the experience.
And finally, innovation. We’ve kept investing when others have pulled back — whether it’s new
venues like Flush and Bar Ziti, or initiatives like the Savor Food Festival that continue to set us
apart.
Momentum Returning
While winter has been challenging, we are now beginning to see encouraging signs across the
Group. There’s a noticeable lift as we’ve moved into spring, with more energy in the city and
stronger demand in our venues compared to the quieter months just gone.
Father’s Day was a good example. We welcomed over 2,500 guests across our venues — up 13%
on last year. It shows that even in a climate where households are careful with their spending,
customers are still choosing to celebrate at Savor venues.
So while trading remains tough, momentum is returning — and there are clear reasons to be
optimistic.
Today I’ll be talking in more detail about some of the drivers of that momentum: our new
Britomart openings, Bar Ziti and Flush Golf; the second year of the Savor Food Festival and the

results so far; and the launch of a shareholder discount programme designed to reward your
ongoing support.
Flush & Bar Ziti — A New Kind of Precinct
Flush Golf and Bar Ziti were designed side by side, but with distinct personalities. Together they
create a new kind of precinct in the heart of Britomart — blending premium social sport with
approachable dining and drinks.
The thinking is simple: each venue stands strongly on its own, but when combined, they amplify
one another. Flush draws golfers, corporates, and groups looking for an experience. Bar Ziti
complements that with a vibrant laneway bar and dining offer — just as appealing for a quick
CBD lunch as it is for a core dinner occasion, whether that’s colleagues, clients, or a lively group
night out.
It’s this balance — connected yet independent — that makes the concept so powerful. Guests
don’t need to play golf to enjoy Bar Ziti, but together the two venues broaden our audience and
strengthen our position in Britomart.

Bar Ziti – Laneway Dining in Britomart
Bar Ziti brings something new to Britomart. The laneway is transformed into a vibrant,
welcoming space — with outdoor tables and a strong sense of city buzz. The bar opens directly
onto the street, making it feel open, lively, and connected.
It’s designed around after-work culture — a natural meeting spot for the city’s workforce, where
sharing a Peroni and some plates as the street comes alive feels effortless.
But it’s also flexible. Whether it’s a quick CBD lunch, a casual date night, a pre- or post-Spark
Arena stop, or a relaxed weekend gathering, Bar Ziti fits comfortably across all of those
occasions.
In terms of positioning, we see it sitting neatly between our high-end casual venues and the
pubs in the area — offering approachable quality in a space that feels both easy and elevated.
The service model reflects that. Casual and seamless, with QR code ordering that gives
customers speed and control, while also reducing labour costs and allowing our team to focus
on atmosphere and genuine hospitality.
Introducing Flush Golf
“Flush marks a really exciting next step for us as a business. We’ve built Savor on the strength of
hospitality, but this is the first time we’re combining it with entertainment at scale. It’s an
opportunity to extend what we do best — creating vibrant spaces for people to come together

— and underpin it with models that are leaner, more efficient, and built for the future. That
means lower wage costs, better customer flow, and venues that deliver stronger returns.
At the same time, the timing is right. Golf has exploded worldwide since COVID, not just with
traditional players but with new audiences coming in — younger people, women, and groups
who see it as a social activity. Entertainment-led formats like Topgolf have proven there’s real
demand for this shift. People want golf to be fun, flexible, and accessible — and that’s a big gap
in the Auckland market.
Flush is our answer to that. We’ve partnered with Trackman, the global leader in simulator
technology, to deliver the most realistic golf experience available anywhere. Players can choose
from hundreds of iconic courses, compete in leagues, or just enjoy a casual night out. Serious
golfers can train or get coaching, while corporates, families, and friends can use it as a social
experience.
“Flush isn’t just a venue — We believe its a platform for growth, bringing hospitality and
entertainment together in a way that’s new to Auckland.

FESTIVAL 2025
“Last year we launched the very first Savor Food Festival — the first time we’d ever done a
group-wide promotion. The goal was simple: to give our customers more value during a time of
real cost-of -living pressure, while rewarding our loyal guests and attracting new ones.
It was also designed to energise the quieter winter months and build momentum into summer.
And it worked. By week four we had completely reversed a winter decline and were delivering
year-on-year growth across the Group. Importantly, average spend held steady — so we proved
that creating value doesn’t have to dilute brand strength.”
Success in year one made the decision easy — the challenge was how to build on it.
This year we’ve expanded the Festival: more events, more venues, and a deeper programme of
experiences. We’ve also sharpened the model, refining menus, timing, and marketing.
The early signs have been very positive — key events selling out, waitlists and more than a
thousand guests every week booking Festival menus. What’s clear is that this has become more
than a promotion — it’s now a seasonal fixture that strengthens loyalty and sets us up for a
stronger summer.”

“This year we broadened the focus. Instead of relying mainly on ticketed events, we built a
programme of over 80 events supported by everyday value offers. That shift has driven
engagement right across the portfolio.

And we couldn’t have done it without our supplier partners — Asahi, LVMH, Campari, Allpress,
Constellation and others — whose contribution made it possible to run the Festival without
impacting our bottom line.
The demand has been pleasing. Key events sold out within a week of launch and the numbers
speak for themselves: over 200,000 guests across nine weeks, beverage sales up strongly, and
food uplift right across the Group.
The Festival has proven its value as both a customer and a commercial driver.”

Shareholder discounts
“Since we merged back in 2019, the Board has always talked about finding a way to properly
thank and reward our shareholders. For much of that time, the reality was that our focus had to
be on navigating COVID and its long tail of impacts.
But the position we’re in now is the strongest we’ve been since that period. With the successes
of the past year, we finally have the opportunity to deliver on that promise.
So I’m very pleased to announce the launch of our new Dynamic Shareholder Discounts, which
will begin in the first quarter of 2026.”
“The idea is simple but powerful. Each quarter, we’ll rotate the venues included in the
programme — so the offer always feels fresh and gives you a reason to explore different parts of
the portfolio.
You’ll receive a direct email with all the details — the venues, the dates, and the discount. Just
book as you normally would, and when you arrive, show the email to our team. The discount
will be applied on the spot.
If your email is up to date with your MUFG shareholding, there’s nothing else you need to do —
we’ll take care of the rest.
Yes, it’s a discount. But more importantly, it’s our way of recognising the support you’ve given
us, and inviting you to experience the very best of Savor, season by season.”

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Shareholder Q&A Response – Related Party Transactions

A shareholder question was received in relation to the two businesses that were sold into
the Group post reverse listing – being the Oji business and the Mission Bay venue. I would
like to address this directly and for the benefit of all shareholders.

When Savor completed its reverse listing into Moa, Oji and Mission Bay were initially left
outside the transaction at the request of Moa. This was because Oji’s grab-and-go concept
had no alcohol component, and Mission Bay at that time was loss-making. New
shareholders joining the register were clear, however, that there should be no “orphans”
left outside of the listed Group. Within the following year, Oji and Mission Bay were
therefore acquired by Savor.

Oji was acquired in July 2021 for $1.2m, plus leases and other liabilities, net of fixed asset
recovery totalling $1.564m. This was used by the vendors to repay the set-up costs of the
business. Over four years, Oji generated more than $14m in sales, despite having to operate
its large format Commercial Bay sites during the height of Covid restrictions.
While EBITDA was broadly breakeven, this was intentional to test if Oji could out compete
the market leader at a similar price point. The business model was designed as a low-
margin, high-market-share strategy, with Phase 2 automation earmarked to deliver future
margin uplift. After consultation with major shareholders, the Group has since chosen to
pivot away from smaller operations, not invest in the automation project and focus on
higher-return large format venues.
Regardless Savor will retain the brand value and commercial learnings associated with this
grab-and-go business.

Mission Bay was acquired in October 2022 for $600k, equal to the written down book value
of the net assets. Since then, it has been a clear success story – delivering $17.6m of revenue
and $4.6m of EBITDA to the Group over four years, and it remains a strongly performing
venue in our portfolio.

Taken together, these two businesses have contributed an estimated net present value of
approximately $3.5m to the Group (without including a Terminal Value for Mission Bay).
Mission Bay continues to deliver considerable profits and will remain an important part of
our business going forward.

In summary:
- The acquisitions were undertaken transparently and at fair value.
- They aligned with shareholder requests to ensure no related party “orphans” were left
outside the listed entity.
- Together, they have produced tangible returns and have delivered meaningful shareholder
value.