Comvita announces key leadership appointments

21 November 2025

Comvita announces key leadership appointments

Comvita Limited (NZX: CVT) today announces key permanent leadership appointments and
provides a company update to shareholders.

Permanent leadership appointments
Mandy Tomkins-Dancey has been appointed to the role of permanent Chief Financial Officer (CFO)
following her brief period as Interim CFO. Mandy brings deep experience across financial
leadership and commercial management in complex operating environments. She will continue to
play a central role in advancing Comvita’s financial reset and supporting improved performance
across the business.

Comvita is also pleased to confirm the permanent appointments of Ben Duncan to the role of Chief
Operating Officer and Nikki Leske to the role of Chief People and Culture Officer. These
appointments lay a strong base as Comvita continues to progress its operational reset.

Company update
Following the conclusion of the Florenz Scheme Process, the Board wishes to provide shareholders
with a company update ahead of the Annual Shareholders Meeting on 17 December 2025.

In line with the trading update provided to the market on 23 October 2025, Comvita continues to
trade modestly ahead of budget.

Comvita's FY26 outlook remains consistent with that presented in the Independent Adviser's
Report in the Scheme Booklet released to shareholders on 15 October 2025: FY26 revenue of
$212.6 million, normalised EBIT (pre IFRS 16) of $13.5 million and a forecast net profit after tax of
approximately $6.4 million.
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Based on current trading, the Board remains confident in the company’s return to profitability in
FY26, in line with previously communicated expectations. This outlook is subject to successful
trading execution and market conditions across the balance of the financial year, noting that
earnings are weighted toward major sales events in the coming quarters.

The business continues to deliver tangible progress against its strategic reset through improved
performance, reduced costs and simplified operations.

Industry inventories continue to normalise, with signs of excess stock clearing through the sector.
Within Comvita, tighter inventory management has significantly reduced total inventory holdings,
which are now below $85 million at the end of October 2025, down from $135.8 million at the end
of FY24.

Comvita is also accelerating the delivery of its global innovation programme. Recent launches
across key wellness categories (Digestive Health, Eyecare and Immunity), as well as premium


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The key assumptions and sensitivities underpinning this outlook are set out in the Scheme Booklet which can
be read here.

launches in seasonal gifting ranges and higher UMF® products are supporting category
diversification in core markets.

Recapitalisation process
Following the conclusion of the Florenz Scheme process, the Board continues to advance the
recapitalisation process at pace with a range of options being explored. Constructive discussions
with the company’s banking partners are continuing.

The Company will provide a further update to shareholders as details are confirmed, in line with its
continuous disclosure obligations.

Comvita Chair, Bridget Coates, said the appointments mark another critical step forward in
strengthening Comvita’s foundations. “We have an experienced leadership team in place with the
right capabilities to continue driving the reset forward and build on the strong brand position in
key markets."

“Momentum across the reset programme, alongside solid first quarter trading is providing us with
a stronger and more stable platform for the recapitalisation pathway that is being progressed.”

Comvita CEO, Karl Gradon, said this is a period of action and focus for the entire organisation.

“While the Board progresses the recapitalisation process, the business continues to focus on
returning to profit and growth. Our mandate as a leadership team is clear: Lift performance,
strengthen Comvita each day, deliver for our customers and rebuild confidence through results."

“We have a sector leading brand and a strong global footprint backed by a committed, world class
team. That foundation gives us confidence as we navigate the period ahead.”

Annual Shareholders Meeting
The Board looks forward to meeting with shareholders at Comvita’s Annual Shareholders Meeting
on 17 December 2025 at the Papamoa Surf Club, with an online option also available. The meeting
will commence at 2.00pm.

At the ASM shareholders will receive a comprehensive update on the company’s strategy, key
markets, new growth initiatives and the pathway ahead as Comvita strengthens its capital position.
Shareholders will have the opportunity to engage directly with CEO Karl Gradon, the Board, and
the wider leadership team at this meeting.

ENDS

For further information:
Bridget Coates | Comvita
bridget.coates@comvita.com

Media contact
Kate Walsh
021 858 619
kate@katewalsh.co.nz

Background information
Comvita (NZX:CVT) was founded in 1974/5, with a purpose to heal and protect the world through the natural
power of the hive. With a team of 400+ people globally, united with more than 1.6 billion bees, we are the
global market leader in Mānuka honey and bee consumer goods. Seeking to understand, but never to alter,
we test and verify all our bee-product ingredients are of the highest quality in our own government-
recognised and accredited laboratory. We are growing scientific knowledge on Mānuka trees, the many
benefits of Mānuka honey and propolis and bee welfare. We have planted millions of native trees, improving
our natural ecosystems and biodiversity, and mitigating climate change in conjunction with our focus on
carbon emissions reduction, while helping ensure the supply of high quality Mānuka honey. In 2023 Comvita
was certified B Corp, a global community of like-minded companies that strive to balance profit with
purpose, seeking to use business as a force for good. Comvita has operations in Australia, China, North
America, Southeast Asia, and Europe – and of course, Aotearoa New Zealand, where our bees are thriving.