Half Year results

28 November 2025

Cooks Coffee Company Limited
("Cooks Coffee", or the "Company" or the "Group")
Cooks Coffee Company Limited
("Cooks Coffee", or the "Company" or the "Group")
“Continued growth and move into Group profit for the period”
Cooks Coffee Company (NZX:CCC; AQUIS:COOK), the international coffee focused café chain, announces its
results for the six months ended 30 September 2025.



Period Highlights

•
Group revenues increased by 111% to NZ$5.77m (2025: NZ$2.74m)

•
NZ$2.5m of this NZ$3.03m increase was from Company managed stores in Ireland where
there is a partnership in place with Dairygold.

• Thus, the like-for-like revenue was $3.27m with a 19.3% growth. There are now 4 stores
operating in this way.

• The new flagship location in Mallow opened in June 2025 and is now the second highest
sales store in the global system. We are delighted that it was selected in the final
grouping for stores in the prestigious national annual Retail Excellence Ireland Awards.
To achieve this distinction after only a few months operations is a testament to all
involved.
•
Group EBITDA excluding Depreciation, Amortisation and the Impairment loss for the period
was NZ$0.606m, compared with NZ$0.807m last year. The previous year contained a credit
adjustment of $166k if normalised the EBITDA is down 5% from the prior year.

•
Company Net Profit before tax from Continuing business was NZ$0.068m compared to a
Net Profit of NZ$0.53m last year.

•
Total store sales in the UK increased by 26.7% to NZ$33.2m as the development in suburban
areas and smaller market towns gained further momentum. Like for like sales in the UK were
up +3.5%.

•
Total sales in Ireland increased +27.4% to NZ$12.3m. Like for like sales in Ireland were up
+6.4%.

•
Overall store sales for UK & Ireland increased +26.9% to NZ$45.5m.

•
Operating stores at the end of September were 96 in UK & Ireland, up from 89 at the end of
March 2025.

• The first of the stores in partnership with Tesco in Ireland opened in Tullamore a town of
almost 16,000 population in County Offaly in Leinster Province.
• This opening brings total stores open between UK & Ireland to 100 as of preparing this
report.

•
During the period NZ$1.769m of debt reduction has occurred, with interest costs reducing
by NZ$66k compared to FY25.

Post Period Events

Group store sales for the eight-week period to 24
th
November have maintained the positive momentum seen over
the past six months with total store sales in the UK up 18.6% and in Ireland store sales up 29.8% compared to
the previous year with total sales for the core business up 21.8% for the 8-week period.

The Company remains dedicated to building the business based on ethical principles and community values.


Aiden Keegan, CEO of Cooks Coffee Company, commented: “The Board is pleased to report a strong period
of growth. This is testament to the hard work of all our franchisees, Regional Developers in the UK and strong
offering that we provide. The Group continues to open new stores in desirable locations in market towns and
suburbs plus new housing developments. We are also delighted with the new partnership arrangements with
TESCO & NEXT and the Group expects to deliver a robust set of numbers for the full year.”

Chairman’s Statement
The strong trading performance in the first half of the financial year built on last year’s momentum and has
continued into the second half. Given this continued momentum, the Directors expect second-half results to
exceed first-half performance, as certain one-off costs that affected the first half are not expected to recur.

The Company’s revenues are primarily derived from royalties tied to individual site sales. The Directors’ priority is
to support franchisees’ growth profitability and to maintain a robust pipeline of new stores in the UK and Ireland
to sustain ongoing expansion.
During the six-month period to the end of September 2025, the Company added a net nine franchised stores in
the UK and Ireland (14 openings and 5 closures). Further growth is expected in the second half, with eight
additional UK openings and four in Ireland planned, bringing the Group total to an anticipated 108 stores by the
end of March 2026.
Esquires UK & Ireland together recorded a systemwide weekly sales high of over NZ$2.0m in the week ended 2
November 2025. After a strong first half, the Directors are confident the business models remain well suited to
current consumer conditions, despite wider economic concerns. The Regional Development model’s expansion
across the UK will help accelerate network growth; the Company is actively seeking Regional Development
partners for Scotland and Northern Ireland.
Business Performance
Esquires Coffee United Kingdom
UK store numbers were 77 at the end of September 2025, up from 71 as of 31 March 2025. Sales from the
Esquires outlets for the six-month period were up 26.7% compared to the same period in FY25.
The Regional Developer model in the UK has proved to be a significant driver of store growth, especially in the
South & East of England.
During the six months the St Neots store was renovated with sales showing a gain of more than 22% for the first
three months of opening post renovation compared to prior year sales. This store in a delightful market town
shows the potential relating to continually being aware of changing consumer patterns.
As of January 2025, industry research company Allegra reported that the UK branded café market comprised of
11,456 stores with store sales of £6.1 billion which is projected to grow to £8.1 billion by 2030 at a compound
growth rate of 5.7%. Store numbers are projected to grow to 13,260 by 2030 at a compound growth rate of 3.0%.
Esquires share is currently 0.8% and we are planning for this to grow to 1.9% by 2030.
Esquires Ireland
The Irish business is experiencing strong growth driven by the addition of 3 of the company managed stores in
the Dairygold Superstores for the full period and with the 4
th
store opening in Mallow in June 2025.
This store has set new standards for the brand internationally and to be selected in the finals of Retail Excellence
Ireland for 2025 for such a new store is an achievement that we are very proud of.

The first store in the Tesco partnership opened in Tullamore on 19
th
November as per above. We expect a further
4 by the end of January 2026. Store numbers at the date of the report are 21 which is up from 18 as at the end of
March 2025.
According to Allegra, the Irish branded café market is reported to have 768 stores as at March 2025 and is
projected to grow at 2.4% CAGR to 2030 when the numbers of branded stores are estimated to be 866. The
Esquires current share of stores is 2.5% and the Company is planning to increase this to 40 stores or 4.6% by
March 2030.

International

A master franchise agreement was signed with Sterling Coffee Houses to develop the Esquires brand for India in
May 2025, and we expect the first stores to be open before the end of the financial year.

Store sales in Portugal where Esquires has two stores in Porto are slightly down on last year whilst in Pakistan
the 8
th
outlet is in construction and due to open before the new year compared to the 6 at the same time last year.

Saudi Arabian sales are in line with last year’s levels with store numbers now at 3 outlets with the Airport store
being the busiest in the Esquires global network in terms of transaction numbers.
Overall international store numbers were 14 at the report date.

ESG
The Board has established a formal ESG Committee, chaired by Elena Garside and comprising Directors and
Senior Management. The Committee provides structured governance and oversight of the Company's ESG
priorities, ensuring accountability and measurable progress.
Key ESG initiatives currently in place include:
• Carbon-neutral sourcing: The Company maintained its partnership with one of the world’s first carbon-
neutral roasteries, certified to the Carbon Neutral Gold Standard.
• Ethical coffee standards: All coffee supplied across the portfolio remained 100% Fairtrade and organic,
supporting ethical and environmentally responsible supply chains.
• Waste reduction: The rollout of eco-friendly refillable cup programmes continued, offering customers
discounts to reduce single-use waste.
• Sustainable packaging: All takeaway packaging including cups, lids, paper bags and serviettes
remained 100% recyclable. Further reductions in plastics were achieved using biodegradable straws,
paper-based plates and wooden cutlery.
• Cleaner operations: Increased adoption of Bio Ferma plant-based cleaning products reduced reliance
on chemical-based alternatives and supported safer in-store environments.
• Digitalisation: Additional digital menu screens were installed, significantly cutting paper usage across
the business.
• Community impact: Stores continued to serve as local community hubs, supporting charitable
partnerships, mental-wellbeing initiatives and a range of local programmes.

The ESG Committee will continue to review progress, enhance data collection and guide the Company’s evolving
sustainability strategy ahead of the next reporting period.

Corporate - Transition to UK
The Company is continuing its planned transition to relocate the business to the UK where the largest market in
the business operates. This will improve efficient working practices and focus the business on its growth strategy
in the core markets of UK and Ireland. Share trading liquidity in the UK is still low, and transaction numbers are
small but growing albeit from a small base. The key focus is on building the business so that the improved
performance will drive interest from the investor community.
Summary and Outlook
The prospects for the Company for the remainder of the financial year and beyond are encouraging as the trading
momentum has continued and store sales trends have been very positive. There is a solid pipeline of new stores
in both core markets of UK & Ireland.
The Cooks Coffee model being operated by Esquires is based on a locally focused franchised network and is very
scalable in a capital light manner. With the focus on core markets, we believe that we have critical mass with an
ability to grow rapidly in exciting growth markets.
The target of having 300 stores in the UK and Ireland by 2034 remains, and the solid base being established in
these core markets will enable expansion in other attractive markets and provide the base for potential value
enhancing opportunities that will add to shareholder value.

The development in India is an exciting opportunity for the company, and we expect the first outlets to be opened
before the end of the financial year. We are working actively to grow on the base of business in the Middle East,
but the focus remains on UK & Ireland.

Given the solid pipeline of new stores, the Company expects that we will continue to grow the number of Esquires
outlets operating in UK & Ireland by the end of March 2026 to 108. With the Company now firmly back into growth
and encouraged by current trading we remain confident about the prospects of the Group and view the future with
optimism.


Keith Jackson
Executive Chairperson
Note: The Company’s reporting currency is New Zealand Dollars (“$”)

Enquiries:

Cooks Coffee Company Limited +64 21 702 509 (New Zealand)
Keith Jackson (Executive Chairman) keith.jackson@cookscoffeecompany.com

+44 (0) 20 3934 6630 (UK)

ukinvestorrelations@cookscoffeecompany.com



IFC Advisory Limited (Financial PR & IR) +44 (0) 20 3934 6630
Tim Metcalfe, Graham Herring, Florence Chandler

cookscoffee@investor-focus.co.uk



Allenby Capital Limited +44 (0) 20 3328 5656
Tony Quirke, Amrit Nahal

Unaudited Consolidated Statement of Profit or Loss and Other Comprehensive
Income
For the six months ended 30 September 2025


30 September


30 September
2025 2024
Notes $’000 $’000
Continuing operations
Revenue 5,596 2,579
Grant and other income 170 163
Raw materials and consumables used (836) (22)
Depreciation and amortisation (228) (11)
Impairment loss on receivables (60) (72)
Net foreign exchange (losses)/gains 3 (19)
Employee costs (2,228) (976)
Other expenses (2,099) (918)
Operating profit 318 724
Interest Income 795 765
Finance Costs on leases (921) (765)
Finance costs on loans (124) (190)

Profit before income tax 68 534
Income tax (expense)/credit - -
Profit for the period from continuing
operations
68 534
Net profit/(loss) for the period from discontinued
operations
(219) -
Net profit for the period attributable to
shareholders
(151) 534
Other comprehensive income
Items that may be subsequently reclassified to
profit or loss

Change in foreign currency translation reserve 104 23
Total comprehensive profit/(loss) for the
period attributable to shareholders
(47)

557


Total comprehensive income/(loss) for the
period attributable to Shareholders of the
parent arises from:

- Continuing operations 172 557
- Discontinued operations (219) -
(47) 557

Profit/(loss) per share:
Basic and diluted profit/(loss) per share (New
Zealand Cents) from continuing and discontinued
operations:
3 (0.24) 0.87
Basic and diluted profit/(loss) per share (New
Zealand Cents) from continuing operations:
3 0.11 0.87
Basic and diluted profit/(loss) per share (New
Zealand Cents) from discontinued operations:
3 (0.37) -

The attached notes form part of and are to be read in conjunction with these financial statements.

Unaudited Condensed Interim Statement of Change in Equity
For the six months ended 30 September 2025


Attributable to Equity holders of the Company
Share Capital Foreign
Currency
Translation
Reserve
Share Based
Payment
Reserve
Accumulated
Profit/(Loss)
Total Equity
Notes $’000 $’000 $’000 $’000 $’000
Balance at 1 April 2024 58,845 2,068 - (64,914) (4,001)
Comprehensive income/(loss) for the year
Gain/(Loss) for the year - - - 813 813
Other comprehensive income
Items that may be subsequently reclassified to profit or loss:
Change in foreign currency translation reserve - (232) - - (232)
Total comprehensive income/(loss) for the year - (232) - 813 581
Transactions with owners of the Company
Issue of ordinary shares 529 - - - 529
Change in share-based payment reserve - - - -
Total contributions by owners of the Company 529 - - - 529

Balance at 31 March 2025 59,374 1,836 - (64,101) (2,891)
Balance at 1 April 2025

Comprehensive income/(loss) for the period
Gain/(Loss) for the period - - - (151) (151)
Other comprehensive income
Items that may be subsequently reclassified to profit or loss:
Change in foreign currency translation reserve - 104 - - 104
Total comprehensive income/(loss) for the period - 104 - (151) (47)

Transactions with owners of the Company
Issue of ordinary shares 220 - - - 220

The attached notes form part of and are to be read in conjunction with these financial statements.
Total contributions by owners of the Company 220 - - - 220

Balance at 30 September 2025 59,594 1,940 - (64,252) (2,718)

Unaudited Condensed Interim Statement of Financial Position
For the six months ended 30 September 2025

30 September 31 March
2025 2025
Notes $’000 $’000
Assets
Current Assets
Cash and cash equivalents 833 2,686
Trade and other receivables 2,222 1,604
Lease receivables 4,274 4,072
Other current assets 753 696
Current Assets 8,082
9,058

Non-Current Assets
Property, plant and equipment 843 415
Right-of-use assets 2,531 2,449
Lease receivables 20,255 21,624
Intangible assets 2,831 2.831
Other non-current financial assets 15 15
Black Goo JV Investments 13 13
Non-Current Assets 26,488 27,347

Total Assets 34,570 36,405

Liabilities
Current Liabilities
Trade and other payables 4,261 3,334
Deferred Revenue 488 614
Lease liabilities 4,720 4,422
Borrowing - 881
Bank Loans - 148
Current Liabilities 9,469 9,399

Non-Current Liabilities
Deferred Revenue 2,086 2,198
Lease liabilities 22,474 23,885
Borrowings - 900
Bank Loans 2,567 2,407
Other Liabilities 692 507
Non-Current Liabilities 27,819 29,897

Total Liabilities 37,288 39,296

Net Assets/(Liabilities) (2,718)
(2,891)

Equity
Share capital 4 59,594 59,374
Accumulated losses (64,252) (64,101)
Foreign currency translation reserve 1,940 1,836
Total Equity (2,718)
(2,891)

Net tangible assets per share (New Zealand
Cents)
(8.68) (9.06)

The attached notes form part of and are to be read in conjunction with these financial statements.

The attached notes form part of and are to be read in conjunction with these financial statements.


Unaudited Condensed Interim Statement of Cash Flows
For the six months ended 30 September 2025

30-Sept 31-Mar
2025 2025
Notes $'000 $'000
Operating activities
Cash was provided from:
Receipts from customers
4,800
5,736
Dividend Received
-
163
Cash was applied to:
Interest cost (124) (386)
Payments to suppliers (2,187) (3,267)
Payments to employees (2,135) (2,520)
Discontinued operations (219) -
Net cash provided from/(applied to) operating activities 135 (274)

Investing activities
Cash was provided from:
Disposal of property, plant and equipment - -
Cash was applied to:
Purchase of property, plant and equipment (512) (366)
Acquisition of intangible assets - -
Principal elements of lease receipts 2,029 564
Discontinued operations - -
Net cash provided from/(applied to) investing activities 1,517 198

Financing activities
Cash was provided from:
Proceeds from borrowings 325 2,554
Proceeds from share issue 220 478
Cash was applied to:
Principal elements of lease payments (2,121) (573)
Repayment of borrowings (1,871) (940)
Net cash provided from/(applied to) financing activities (3,447) 1,519

Net increase/(decrease) in cash and cash equivalents
held (1,795) 1,443
Cash & cash equivalents at beginning of the year 2,686 1,174
Effect of exchange rate changes on foreign currency
balances
(58) 69
Cash & cash equivalents at end of the year 833 2,686

Composition of cash and cash equivalents:
Bank balances 833 2,686

Unaudited Condensed Interim Statement of Cash Flows
For the six months ended 30 September 2025

The following is a reconciliation between profit after taxation for the period shown in the statement of
comprehensive income and net cash flows applied to operating activities from continuing operations.

30 September 31 March
2025 2025
$’000 $’000


Profit/(Loss) after tax
(151) 813


Add non-cash items:

Depreciation and amortisation
228 117
Impairment loss on receivables
60 106
Net foreign exchange gains/(losses)
(3) 14
Lease interest on right of use asset
126 78
Release of director fee accrual
- 166
Joint venture share of profits excluding actual dividends
received
1 (13)


Add/(Less) movements in assets/liabilities:
(126) (1,555)


Net cash flow applied to operating activities
135 (274)

The attached notes form part of and are to be read in conjunction with these financial statements.

Notes to and forming part of the Unaudited Interim Financial Statements
For the six months ended 30 September 2025



The Group’s reportable segments are business units deriving Royalties, Product Sales, Franchise Fees
and New Store Construction Revenue from Franchisees in geographical locations.

The New Zealand segment represents the head office operation for the Group. The franchise coffee
store business, operating under the Esquires brand, covers the New Zealand Global Franchise trading
entity and all regions owned by third party Master Franchisees; and the UK and Ireland franchising
business segment owned directly by the Group.

There was discontinued operations in the six months ended 30 September 2025, due to 3 store closures
in the amount of $219k; consisting of bad debts in the amount of $151k and legal fees $68k.

Segment information for the reporting period is as follows:

Continuing Operations
30 September 2025
Global
Franchising
& Retail
UK & IRE
Franchising
New
Zealand

Managed
Cafes Total

$’000 $’000 $’000 $’000 $’000
Global operational splits

Revenue 41 3,056 - 2,499 5,596
Grant and other income - 170 - - 170
Raw materials and consumables used - (35) - (801) (836)
Depreciation and amortisation - (60) - (168) (228)
Impairment loss on receivables - (35) (25) - (60)
Net foreign exchange (losses)/gains (1) 3 1 - 3
Employee costs - (1,066) (44) (1,118) (2,228)
Other expenses (15) (898) (786) (400) (2,099)
Operating profit/(loss) 25 1,135 (854) 12 318
Interest income - 795 - - 795
Finance costs on leases - (795) - (126) (921)
Finance costs on loans - (11) (110) (3) (124)
Profit/(loss) before income tax 25 1,124 (964) (117) 68
Income tax (expense)/credit - - - - -
Profit/(loss) for the period from continuing
operations
25 1,124 (964) (117) 68

Non-current assets

Intangible assets 42 1,308 1,481 - 2,831
Property, plant and equipment - 466 - 377 843

Discontinued
Operations
30 September 2025
UK
Franchising

$’000
Global operational splits

Revenue -
Grant and other income -
Raw materials and consumables used -
Depreciation and amortisation -
Impairment loss on receivables (151)
Net foreign exchange (losses)/gains -
Employee costs -
Other expenses (68)
Operating profit/(loss) (219)
Interest income -
Finance costs on leases -
Finance costs on loans -
Profit/(loss) before income tax (219)
Income tax (expense)/credit -
Profit/(loss) for the period from continuing operations (219)

Non-current assets

Intangible assets -
Property, plant and equipment -




Continuing Operations
30 September 2024 Global
franchising
& retail
UK & IRE
franchising
New
Zealand
Total
$’000 $’000 $’000 $’000
Global operational splits
Revenue 99 2,480 - 2,579
Grant and other income 10 153 - 163
Raw materials and consumables used - (22) - (22)
Depreciation and amortisation - (11) - (11)
Impairment loss on receivables (41) (31) - (72)
Net foreign exchange (losses)/gains (3) - (16) (19)
Employee costs - (807) (169) (976)
Other expenses - (534) (384) (918)
Operating profit/(loss) 65 1,228 (569) 724
Interest income - 765 - 765
Finance costs - (788) (167) (955)
Profit/(loss) before income tax 65 1,205 (736) 534
Income tax (expense)/credit - - - -
Profit/(loss) for the period from
continuing operations
65 1,205 (736) 534

Non-current assets
Intangible assets 42 1,308 1,481 2,831
Property, plant and equipment - 91 1 92

1. General information

Cooks Coffee Company Limited (“Company” or “Parent”), together with its subsidiaries (the “Group”)
operate in the food and beverage industry.

The Company is a limited liability company incorporated and domiciled in New Zealand and is listed
on the NZX Main Market board of the New Zealand stock exchange.

Statutory base
The Company is registered under the Companies Act 1993 and is an FMC reporting entity under
part 7 of the Financial Markets Conduct Act 2013.
Reporting framework
The unaudited interim financial statements have been prepared in accordance with New Zealand
Generally Accepted Accounting Practice (NZ GAAP). They comply with New Zealand equivalents to
International Financial Reporting Standards (“IFRS”) and other applicable New Zealand Reporting
Standards as appropriate for profit-oriented entities. The financial statements comply with IFRS.
These policies have been consistently applied to all periods presented, unless otherwise noted.

These financial statements for the six months ended 30 September 2025 have been prepared in
accordance with NZ IAS 34, Interim Financial Reporting and should be read in conjunction with the
financial statements published in the Annual Report for the year ended 31 March 2025. They also
comply with the International Accounting Standard 34 interim Financial Reporting (IAS 34).


2. Changes in significant accounting policies

Except as described below, the accounting policies applied by the Group in these consolidated
interim financial statements are the same as those applied by the Group in its consolidated financial
statements for the year ended 31 March 2025. The Group has not applied any standards,
amendments and interpretations that are not yet effective.


3. Profit/(loss) per share

Basic profit/(loss) per share is calculated by dividing the profit/(loss) attributable to ordinary
shareholders of the Company by the weighted average number of ordinary shares outstanding for
the period.

Diluted profit/(loss) per share is determined by dividing the profit/(loss) attributable to ordinary
shareholders and the weighted average number of shares outstanding for the effects of any dilutive
potential ordinary shares.

Net tangible assets per share is determined by dividing the net asset value of the Group, adjusted
by the intangible assets, and the number of shares issued at the end of the period.

The weighted average numbers of shares are calculated below:

30 September
2025
31 March 2025

Weighted average ordinary shares issued 64,902,698 62,517,827
Weighted average potentially dilutive options issued - -
Basic and diluted profit/(loss) per share (New Zealand
Cents) from continuing and discontinued operations:
(0.24) 1.30
Basic and diluted profit/(loss) per share (New Zealand
Cents) from continuing operations:
0.11 1.30
Basic and diluted profit/(loss) per share (New Zealand
Cents) from discontinued operations:
(0.37) -
Net tangible assets per share (New Zealand Cents) (8.68) (9.06)


4. Share Capital

The share capital of Cooks Global Foods Limited consists of issued ordinary shares, each share
representing one vote at the company’s shareholder meetings. The par value is nil (2024: nil). All
shares are equally eligible to receive dividends and the repayment of capital.

Movement of share capital 30 September 2025 31 March 2025
Number of Shares issued: No. of Shares No. of Shares
Ordinary shares opening balance 64,738,670 60,002,448
Ordinary shares issued 1,680,672 4,736,222
Total ordinary shares authorised at end of
period
66,419,342 64,738,670

Movements of share capital 30 September 2025 31 March 2025
Value of Shares issued: $’000 $’000
Ordinary shares opening balance 59,374 58,845
Ordinary shares issued less share issue expenses 220 529
Total ordinary shares authorised at period end 59,594 59,374


The company now has 66,377,342 quoted shares and 42,000 non-voting shares on issue at 30
September 2025. During the year 1,680,672 shares were issued on 21 July 2025 at a value of
$111,265. An additional 686,887 shares were also transferred from the CCC Employee Share Trust
at a value of $108,600.

At 30 September 2025, $nil of the ordinary share capital is unpaid (31 March 2025: $nil).

5. Related party transactions

The Group’s related parties include the directors and senior management personnel of the Group,
and any associated parties as described below.

Unless otherwise stated, none of the transactions incorporate special terms and conditions and no
guarantees were given or received.

Keith Jackson is a director of Cooks Investment Holdings Limited, Jackson & Associates Limited,
Arana Holdings Limited, Weihai Station Limited and a trustee of Nikau Trust.
Michael Ambrose is a director of Ashville Consultancy Limited, Fiord Lobster Company Limited,
Senior Move Managers Limited, Australia Quota Holdings GP Limited, Australian Lobster Company
(GP) Limited, Deltop Holdings Limited, FLC Trustee Limited, Lobster Management GP Limited, New
Zealand Dairy Goats Limited.
Peihuan Wang is a director of Jiajiayue Holding Group Limited and Weihai Station Limited.
Elena Garside is a director of Garside & Garside Ltd.
Aiden Keegan is a director of Esquires Coffee UK Limited.

Gareth Lloyd-Jones is a director of Argentine Steak House, Buenasado (Reading), High Road
Restaurant Group, The Small & Friendly Pub Co, Taga Restaurant, The Arnold Foundation for Rugby
School.
Gordon Robinson is a director of Sterling BAPC Ltd,
KCR Residential REIT PLC and Falconedge
PLC.

Transactions with related parties
30 September 31 March
2025 2025
$’000 $’000
Purchases of goods and services
Purchase of management services 120 260

Interest paid to related parties 63 233

Other transactions
Subscriptions for new ordinary shares - 50


Balances outstanding with related parties
30 September 31 March
2025 2025
$’000 $’000
Outstanding balances arising from purchases of goods
and services

Entities controlled by key management personnel 896 818

Loans to related parties
Beginning of the year 1,779 1,952
Loans advanced - -
Loans repaid (1,717) (11)
Net foreign exchange effects - 6
Loan converted to shares - (50)
Interest charged 4 233
Interest paid (63) (351)
Balance end of period 3 1,779




Director transactions
30 September 31 March
2025 2025
$’000 $’000
Directors’ fees 138 197
Salaries, wages and contractor payments 576 1,154
Share based payments 24 -
738 1,351


6. Capital Commitments, Contingent Liabilities

There were no capital commitments as at 30 September 2025 (31 March 2025: $nil).

There were no changes in capital commitments, contingent liabilities and contingent assets that
would require disclosure for the six months ended 30 September 2025 (31 March 2025: $nil).

7. Going Concern

The Group reported a comprehensive Loss of $(47,000) (2024: $557,000) for the six-month period
to 30 September 2025.

Operating net cash inflow for the six-month period to 30 September 2025 was $135,000. For the
twelve-month period ended 31 March 2025 the net cash outflow for continuing operations was
$(274,000).

As at 30 September 2025 the Group has reported Net Liabilities of $(2,718,000) (at 31 March 2025:
$(2,891,000) and current liabilities exceed current assets by an amount of $1,387,000 (at 31 March
2025: $341,000).

The ability of the Group to pay its debts as they fall due and to realise their assets and extinguish
their liabilities in the normal course of business at the amounts stated in the consolidated financial
statements and to continue trading has been considered by the Directors in the adoption of the going
concern assumption during the preparation of these financial statements

The Directors forecast that the Group can manage its cash flow requirements at levels appropriate
to meet its cash commitments for the foreseeable future being a period of at least 12 months from
the date of authorisation of these consolidated financial statements. In reaching this conclusion, the
Directors have considered the achievability of the plans and assumptions underlying those
forecasts. The key assumptions include:
• Opening multiple new stores in the United Kingdom in FY26, with a net nine new sites opened
in the first half of the year, and a further eight sites confirmed for the second half of the year.
• Based on the company’s current performances the average store sales in the UK are
GBP£400,000 and the income that the Group derives per store in the first full year of trading
is £20,000.
• The group is currently marketing the Regional Development rights for Scotland and Northern
Ireland and expects to sell both regions in FY26.
• As of January 2025, industry specialists Allegra reported that the UK branded café market
comprised of 11,456 stores with store sales of £6.1 billion which is projected to grow to £8.1
billion by 2030 at a compound growth rate of 5.7%. Store numbers are projected to grow to
13,260 by 2030 at a compound growth rate of 3.0%.

The Directors have reasonable expectation that the Group has sufficient headroom in its cash
resources to allow the Group to continue to operate for the foreseeable future or alternatively it can
manage its working capital requirements to create additional required headroom.
Whilst the Directors acknowledge that there are capital raising, credit, exchange and liquidity risks
in the global economic market in which the Group operates. They note the Group has a track record
of obtaining financial support from cornerstone investors and related parties and, where necessary,
negotiating the deferment of debt repayments.
After considering all available information, the Directors have concluded that there are reasonable
grounds to believe that the forecasts and plans are achievable, the Group will be able to pay its
debts as and when they become due and payable, there is sufficient headroom in available cash
resources, and the basis of preparation of the financial report on a going concern basis is
appropriate.
Should the Group be unable to continue as a going concern it may be required to realise its assets
and discharge its liabilities other than in the normal course of business and at amounts different to
those stated in the consolidated financial statements. The consolidated financial statements do not
include any adjustments relating to the recoverability and classification of asset carrying amounts or
the amount of liabilities that might result should the Group be unable to continue as a going concern
and meets its debts as and when they fall due.

---

Results announcement
(for Equity Security issuer)
Updated as at March 2025

Results for announcement to the market
Name of issuer Cooks Coffee Company Limited
Reporting Period 6 months to 30.09.2025
Previous Reporting Period 12 months to 31.03.2025
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$5,766 111%
Total Revenue $5,766 111%
Net profit/(loss) from
continuing operations
$68 (87)%
Total net profit/(loss) $(47) (108)%
Interim/Final Dividend
Amount per Quoted Equity
Security
No dividend declared
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 (in
dollars and cents per
security)
$(8.68) $(9.06)
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Refer to the attached document
Authority for this announcement
Name of person

authorised
to make this announcement
Keith Jackson
Contact person for this
announcement
Keith Jackson
Contact phone number +64 21 702 509
Contact email address keith.jackson@cookscoffeecompany.com
Date of release through MAP

28/11/2025

Unaudited financial statements accompany this announcement.