Savor Interim Results and Trading Update

NZX Release

Savor 2026 Half Year Results


26 November 2025

Savor Limited (NZX: SVR) (“Savor”, “the Company”, or with its subsidiaries “the Group”), New
Zealand’s premier hospitality group, today provides an update on the start of summer trading and
presents its results for the six month period ended 30 September 2025.

Highlights:

• Savor’s revenue for the period was $24.0m, a 6% decline on the prior period, as the Group’s
approachable premium positioning continued to deliver value for customers in a period of
pressure on discretionary spending.

• Savor’s operating earnings for the period were $1.9m, a reduction of 3% compared to the prior
period, and represents an improved net extraction rate by 0.2% compared to the prior period.

• Savor recorded a net loss after tax of $1.1m compared to a loss of $1.1m in the prior period.

The market continues to be challenging, with the pressures of high inflation, increasing operating costs,
and more cautious consumer spending. Despite this, the Group has remained resolute in its
determination to protect margins and drive cost-out initiatives to reduce the impact on the bottom
line.

The contraction in operating earnings for the period relative to the contraction in revenue is testament
to this, as the reduction in Group overheads and operating costs has led to significant efficiencies and
improvements in profitability.


Trading update

Trading through the winter months has varied, however, momentum has continued to build
throughout the spring period, buoyed by a successful second year of the Savor Food Festival and the
return of major events to the central city. The resilience of the Group through the year to date
provides a good base to maximise returns through the significant summer trading period.

Subsequent to publishing these results the Group agreed new arrangements with key suppliers,
resulting in cash payments of $1.0m to be received prior to calendar year end.

These longstanding partnerships with suppliers are central to the Group’s offerings, and to be able to
renew these underscores the strength of our brands despite the challenging market conditions.

*Operating earnings means reported earnings before interest, tax, depreciation, impairment, amortisation and restructuring
costs, as reported in the Group’s Statement of Comprehensive Income.

-ENDS-

Investor Enquiries
Tim Peat
CFO, Savor
Email: tim@savor.co.nz


About Savor
Savor, established in 2011, is one of New Zealand’s largest hospitality businesses with 18 iconic
venues in Auckland, including Amano, two Azabu’s, Ebisu, Bivacco and Non Solo Pizza, each with its
own unique concept, culture and offering. Savor opened its two latest venues, Bar Ziti and Flush
Golf in September 2025 in the Britomart precinct. Savor has a reputation for originality, the quality
of its products and the high standard of service that is consistent across the company portfolio.

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Interim financial statements
for the period ended 30 September 2025
LIMITED

In this report
01
Director's Report
02
Consolidated Statement
of Comprehensive Income
03
Consolidated Statement
of Movements in Equity
04
Consolidated Balance Sheet
05
Consolidated Statement
of Cash Flows
06
Notes to the Financial Statements
09
Corporate Directory

DIRECTOR'S REPORT
The Board of Directors has pleasure
in presenting the interim financial
statements for Savor Limited for the
period ended 30 September 2025.
The interim financial statements presented
are signed for and on behalf of the Board
of Directors and were authorised for issue
on 26 November 2025.
Paul Robinson
Executive Chair
Bhupen Master
Director
1
Savor Group 2026 Interim Financial Statements

Notes
Six months
Sept 2025
$000's
Unaudited
Six months
Sept 2024
$000's
Unaudited
Year ended
March 2025
$000's
Audited
Revenue23,958 25,400 56,643
Expenses:
Direct costs(6,888)(7,402)(16,288)
Employee costs(11,615)(12,059)(25,072)
Marketing costs(185)(307)(579)
Utilities and operational expenses(2,321)(2,448)(5,215)
Other expenses(1,057)(1,226)(2,222)
1,892 1,958 7,267
Depreciation and amortisation(2,039)(2,389)(4,732)
Restructuring costs3(557)(368)(2,514)
Interest expense(607)(705)(1,465)
Loss before income tax(1,311)(1,504)(1,444)
Taxation benefit248 401 232
Loss attributable to the shareholders(1,063)(1,103)(1,212)
Other comprehensive income and expenses- - -
Total comprehensive loss(1,063)(1,103)(1,212)
Basic and diluted losses per share (cents)(1.4)(1.4)(1.6)
Weighted average number of shares outstanding
(thousands of shares)
Basic and diluted 76,781 77,585 77,402
The accompanying notes form part of and are to be read in conjunction with these interim financial statements.
Consolidated Statement of
Comprehensive Income
For the six months ended 30 September 2025
2
Savor Group 2026 Interim Financial Statements
Financial Statements

Notes
Share capital
$000's
Accumulated
losses
$000's
Share-based
payments reserve
$000's
Total equity
$000's
Total equity at 1 April 202460,000 (41,390)151 18,761
Total comprehensive loss for the period - (1,103) - (1,103)
Total equity at 30 September 2023
(unaudited)
56,004 (41,848)151 17,658
Total equity at 1 April 202460,000 (41,390)151 18,761
Total comprehensive loss for the period - (1,212) - (1,212)
Issue of new shares(166) - - (166)
Total equity at 31 March 2025 (audited)59,834 (42,602)151 17,383
Total equity at 1 April 202559,834 (42,602)151 17,383
Total comprehensive loss for the period - (1,063) - (1,063)
Issue of new shares - - - -
Total equity at 30 September 2025
(unaudited)
59,834 (43,665)151 16,320
The accompanying notes form part of and are to be read in conjunction with these interim financial statements.
Consolidated Statement of
Movements in Equity
For the six months ended 30 September 2025
3
Savor Group 2026 Interim Financial Statements
Financial Statements

Notes
Sept 2025
$000's
Unaudited
Sept 2024
$000's
Unaudited
March 2025
$000's
Audited
Assets
Current assets:
Trade and other financial receivables518 582 395
Inventories795 912 863
Current tax asset295 426 221
Total current assets1,608 1,920 3,265
Non-current assets:
Property, plant and equipment10,673 11,925 9,691
Intangible assets5 21,021 21,105 20,832
Right of use asset12,934 14,271 14,343
Deferred tax asset3,701 3,488 3,518
Total non-current assets48,329 50,789 48,384
Total assets49,937 52,709 51,649
Liabilities
Current liabilities:
Bank overdraft2,193 1,064 -
Trade and other payables5,871 7,396 7,163
Current tax liability - - -
Lease liability3,080 3,223 3,019
Borrowings1,000 1,000 1,000
Total current liabilities12,144 12,683 11,182
Non-current liabilities:
Trade and other payables1,147 830 818
Lease liability12,826 13,037 14,266
Borrowings7,500 8,501 8,000
Total non-current liabilities21,473 22,368 23,084
Total liabilities33,617 35,051 34,266
Equity
Share capital59,834 60,000 59,834
Reserves(43,514)(42,342)(42,451)
Total equity 16,320 17,658 17,383
Total liabilities and equity49,937 52,709 51,649
The accompanying notes form part of and are to be read in conjunction with these interim financial statements.
Consolidated
Balance Sheet
As at 30 September 2025
4
Savor Group 2026 Interim Financial Statements
Financial Statements

Six months
Sept 2025
$000's
Unaudited
Six months
Sept 2024
$000's
Unaudited
Year ended
March 2025
$000's
Audited
Cash flow from operating activities
Receipts from customers24,086 25,243 56,835
Payments to suppliers, employees and other(23,265)(23,508)(49,738)
Net cash from operating activities821 1,735 7,097
Cash flow from investing activities
Purchase of property, plant and equipment and intangible assets(1,829)(1,001)(1,116)
Payments for venue development costs(425)(115)(189)
Net cash used in investing activities(2,254)(1,116)(1,305)
Cash flow from financing activities
Interest paid(607)(705)(1,465)
Borrowings drawn down- 10,000 10,000
Repayment of borrowings(500)(9,384)(10,269)
Lease liability principal repayment(1,439)(1,541)(3,053)
Lease incentive received- - 1,000
Supplier loan funds received- 600 600
Repurchase of shares- - (166)
Net cash from financing activities(2,546)(1,030)(3,353)
Net movement in cash held(3,979)(411)2,439
Add: opening cash1,786 (653)(653)
Closing cash(2,193)(1,064)1,786
The accompanying notes form part of and are to be read in conjunction with these interim financial statements.
Consolidated Statement
of Cash Flows
As at 30 September 2025
5
Savor Group 2026 Interim Financial Statements
Financial Statements

1. BASIS OF PRESENTATION
Savor Limited (‘the Parent’ or ‘Company’) and its
subsidiaries (together ‘the Group’) operate in the
hospitality sector, operating a number of premium
restaurants and bars. The address of its registered office is
c/o Generator, Level 10, 11 Britomart Place, Auckland, New
Zealand 1010.
The condensed consolidated interim financial statements
presented are those of Savor Limited and its subsidiaries
(the "Group"). Savor Limited is a company domiciled in New
Zealand, registered under the Companies Act 1993 and
is a Financial Markets Conduct Act 2013 reporting entity.
These interim financial statements have been prepared in
accordance with Generally Accepted Accounting Practice
in New Zealand (NZ GAAP) and the requirements of the
Financial Markets Conduct Act 2013. For the purposes
of complying with NZ GAAP the Group is a for-profit
entity. The condensed consolidated financial statements
of the Group comply with New Zealand Equivalents to
International Financial Reporting Standards (NZ IFRS).
They also comply with International Financial Reporting
Standards (IFRS). The interim financial statements are
presented in New Zealand dollars. They comply with NZ
IAS 34 Interim Financial Reporting and should be read
in conjunction with the 31 March 2025 annual report
available on the Group website at www.savor.co.nz.
The accounting policies used to prepare these interim
financial statements are consistent with the preparation of
the Group's latest annual report.
2. KEY ESTIMATES AND JUDGEMENTS
The Group has undertaken a number of key estimates and
judgements when preparing these financial statements,
the details of which are outlined in this note. These
judgements have been formed using historical information
and comparatives where available, and management's best
judgement where there is no appropriate comparison. The
Group continues to review all significant estimates along
with the assumptions used and recognises any adjustments
to these in the period in which a change occurs. The key
estimates and judgements are disclosed in the Group's
most recent annual report.
3. RESTRUCTURING AND OTHER COSTS
Restructuring and other costs occur outside the normal
course of operating the venues on a day to day basis, and
are unrelated to the Group's trading operations. These
have been separated out on the face of the Statement
of Comprehensive Income to allow the reader of these
financial statements to understand the day to day
operations for the year without the impact of these items.
These items typically include the impairment or disposal of
assets, variable rent costs under NZ IFRS 16, costs related to
restructuring or M&A activity, venue development or other
costs that are unrelated to the Group's day to day trading
operations.
Six months
Sept 2025
$000's
Six months
Sept 2024
$000's
Year ended
March 2025
$000's
Acquisition costs (50) (60)(127)
Restructuring costs(55)(114)(288)
Gain/(loss) on
disposal of fixed
assets
8 - (1,823)
Venue development
expenses
(425) (115)(189)
Other costs (35) (79)(87)
(557)(368)(1,395)
4. INTANGIBLE ASSET IMPAIRMENT
The Group performed its annual impairment testing of
goodwill at 31 March 2025. Management has reconsidered
the assumptions of the impairment tests in light of the
results for the six months and are satisfied that there is
no indication of an impairment that would require a more
comprehensive impairment assessment at this time.
Notes to the Interim Financial Statements
6
Savor Group 2026 Interim Financial Statements
Financial Statements

5. SEGMENTAL INFORMATION
Segmental information is presented in respect of the
Group’s industry segments as all of the Group's operations
are in New Zealand.
Six months
Sept 2025
$000's
Six months
Sept 2024
$000's
Year ended
March 2025
$000's
Revenue
Hospitality 23,958 25,400 56,643
Corporate - - -
Total 23,958 25,400 56,643
EBITDA*
Hospitality 3,328 3,464 10,246
Corporate (1,436) (1,506) (2,979)
Total 1,892 1,958 7,267
* EBITDA means earnings before interest, tax, depreciation, amortisation,
and restructuring and other costs as disclosed in the Statement of
Comprehensive Income.
Depreciation and amortisation
Hospitality 2,039 2,389 4,732
Corporate - - -
Total 2,039 2,389 4,732
Capital expenditure
Hospitality 1,829 1,001 1,116
Corporate - - -
Total 1,829 1,001 1,116
Non-current assets
Hospitality 48,329 47,300 48,384
Corporate - - -
Total 48,329 47,300 48,384
6. RECONCILIATION OF NET EARNINGS
TO NET CASH FROM OPERATING
ACTIVITIES
Six months
Sept 2025
$000's
Six months
Sept 2024
$000's
Year ended
March 2025
$000's
Net loss after tax(1,063)(1,103)(1,212)
Add back:
Interest paid607 705 1,465
Venue development
costs expensed
425 115 189
Add/(Less) non-cash items:
Taxation (benefit)/
expense
(248)(401)(232)
Depreciation and
amortisation
2,0392,3894,732
Supplier loan income
recognised
(184)(206)(379)
(Gain)/loss on disposal
of fixed assets
(8) - 1,823
Movements in working capital:
Trade and other
receivables
128 (156)89
Inventories67 (18)32
Trade and other payables(942)410 590
Net cash from operating
activities
821 1,735 7,097
7
Savor Group 2026 Interim Financial Statements
Financial Statements

Financial Statements
8
Savor Group 2026 Interim Financial Statements

Corporate
Directory
DIRECTORS
Paul Robinson
Executive Chair
Lucien Law
Executive Director & CEO
Louise Alexander
Independent Director
Bhupen Master
Independent Director
FINANCIAL CALENDAR
Interim results announced: November
End of financial year: 31 March
Annual Report published: May
REGISTERED OFFICE AND
ADDRESS FOR SERVICE
Level 4, Seafarers Building, 114 Quay
Street, Auckland, 1010, New Zealand
contact@savor.co.nz
AUDITOR
EY
BANKER
ANZ
LAWYERS
Chapman Tripp
COMPANY PUBLICATIONS
The Company informs investors of
the Group’s business and operations
by publishing an Annual Report and
regular trading updates.
SHARE REGISTER AND
SHAREHOLDER ENQUIRIES
Shareholders with enquiries about
transactions or changes of address
should contact the share register.
MUFG Corporate Markets
Level 30, PwC Tower, 15 Customs
Street West, Auckland, PO Box 91976,
Auckland 1142
Phone: +64 9 375 5998
Fax: +64 9 375 5990
Other questions should be directed to
the Company at the registered address.
9
Savor Group 2026 Interim Financial Statements
Corporate Directory

New Zealand's premier hospitality group
GROUP

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Results Announcement
(for Equity Security issuer)



Results for announcement to the market
Name of issuer Savor Limited
Reporting Period 6 months to 30 September 2025
Previous Reporting Period 6 months to 30 September 2024
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$23,958 (5.7%)
Total Revenue $23,958 (5.7%)
Net profit/(loss) from continuing
operations
$(1,063) 3.6%
Total net profit/(loss) $(1,063) 3.6%
Interim Dividend
Amount per Quoted Equity Security Not Applicable
Imputed amount per Quoted Equity
Security
Not Applicable
Record Date Not Applicable
Dividend Payment Date Not Applicable

Current period Prior comparable period
Net tangible assets per Quoted
Equity Security
$(0.11) $(0.09)
A brief explanation of any of the
figures above necessary to enable
the figures to be understood

Authority for this announcement
Name of person authorised to make
this announcement
Tim Peat
Contact person for this
announcement
Tim Peat
Contact phone number +64 21 049 7442
Contact email address
tim@savor.co.nz
Date of release through MAP 26/11/2025

Unaudited financial statements accompany this announcement.