Comvita 2025 Annual Shareholders' Meeting

Annual
Shareholders
Meeting
17 DECEMBER 2025

DISCLAIMER
IMPORTANT NOTICE
This presentation is given on behalf of Comvita Limited.
Information in this presentation:
•Should be read in conjunction with, and is subject to, Comvita’s Annual Reports, Interim Reports and market releases on NZX;
•Is from the audited Annual results for the year ended 30 June 2025;
•Includes non-GAAP financial measures such as Normalised EBIT (pre IFRS16). These measures do not have a standardised meaning prescribed by GAAP and
therefore may not be comparable to similar financial information presented by other entities. They should not be used in substitution for, or isolation of, Comvita’s
financial statements. We monitor these non-GAAP measures as key performance indicators, and we believe it assists investors in assessing the performance of the
core operations of our business.
•May contain projections or forward-looking statements about Comvita. Such forward-looking statements are based on current expectations and involve risks and
uncertainties. Comvita’s actual results or performance may differ materially from these statements;
•Includes statements relating to past performance, which should not be regarded as a reliable indicator of future performance;
•Is for general information purposes only, and does not constitute investment advice; and
•Is current at the date of this presentation, unless otherwise stated.
While all reasonable care has been taken in compiling this presentation, Comvita accepts no responsibility for any errors or omissions.
All currency amounts are in NZ dollars unless otherwise stated.

Karakia Timatanga
Opening Karakia
NIKKI REEDY
Customer Experience Manager, Comvita
Manawa mai te mauri nuku
Embrace the life force of the earth
Manawa mai te mauri rangi
Embrace the life force of the sky
Ko te mauri kai au
The life force I have gathered is powerful
He mauri tipua
And shatters all darkness
Ka pakaru mai te pō
Come great life force
Tau mai te mauri
Join it, gather it
Haumi e, hui e, taiki e!
It is done!

Bridget Coates
Chair Address

Director
Board of Directors
Bridget Coates
Independent Director, Chair
Micheal Sang
Independent Director,
Chair of Audit & Risk Committee
Zhu Guangping
Director
Yawen Yu
Director
Bob Major
Independent Director,
Chair of Safety & Performance
Committee

Hybrid Meeting
Procedures
SUBMITTING
QUESTIONS ONLINE
•Click 'Ask a Question' and enter
your shareholder or proxyholder
number.
ONLINE HELP​: Call the helpline on 0800 200 220
(or +64 9 375 5998 if you're outside NZ).

Formalities
•Notice of Meeting
•Quorum
•Proxies
•Annual Financial Statements

Agenda
•Introduction and formalities
•Chair address
•CEO address
•Voting on resolutions of the meeting
•Question and answer session
•General business

A Critical Inflectionin Comvita's Turnaround Story
Urgent action taken
onidentified improvement
areas. Significant progress
underway
•Fixed operating leverage –
Historical high-cost base
and weak balance sheet
meant over-exposed
during challenging market
conditions.
•Capital allocation – Series
of strategic investments
which did not meet
expected returns.
•Inventory management –
Caught holding excess
inventory in declining price
environment.
Last close:
$0.50
-
$1
$2
$3
$4
Jun-20Dec-20Jun-21Dec-21Jun-22Dec-22Jun-23Dec-23Jun-24Dec-24Jun-25Dec-25
Share price ($)
$14m
$5m
$26m
$26m
$63m
$53m
$86m
$80m
$82m
$62m
1H21FY211H22FY221H23FY231H24FY241H25FY25
Florenz scheme
process
Lender accommodations
sought, and urgent
action taken
Net debtShare price
Last reported
net debt
1.As at market close 9 December 2025
1

Reset Strategy Implemented
•$12.6m of cost reductions were implemented in FY25, with the full annualised savings built into the FY26 forecast. These
efficiencies provide a stronger foundation for improved profitability in FY26.
•Inventory reduced by $46.8m in FY25 compared to FY24.
•Net debt decreased by $17.4m in FY25 compared to FY24. Further deleveraging expected.
•Simplification and optimisation of distribution models and sales channels.
•Strengthened internal controls and reporting structures.
•Strengthened leadership capability.
Steps taken to date are deliveringprogress,
laying foundations for continued performance improvement

Recapitalisation Pathway Progressing
Recapitalisation process remains Board’s most criticalpriority
Support obtained from lenders to pursue
recapitalisation
•Accommodations reached with lending syndicate.
•Maturity extension of expiring banking facilities to 30 April
2026.
•Further covenant waivers granted for the 31 March 2026
testing date.
•New temporary financial covenant introduced related to
minimum EBIT for the 6 months to 31 December 2025.
•New capital of at least $25m to be required.
Constructive engagement underway with
supportive parties
•Board has a clear preference for an approach that
provides shareholders with the opportunity to support
the company while seeking to minimise dilution.
•Significant expressions of interest received.
•Board and management are now in detailed discussions
with several parties
•All pathways being assessed in line with the best
interestsof all shareholders and the lending syndicate
agreement.

Current Trading In
Line With Forecasts
•Continue to trade modestly ahead of forecast profitability on full year
basis.
•FY26 outlook for full year consistent with Independent Adviser’s
Report in Scheme Booklet published on 15 October 2025 - Normalised
EBIT (pre IFRS16)* of $13.5m.
•Continued inventory management is supporting further deleveraging.
•Guidance is subject to continued successful trading execution and
market conditions in rest of FY26.
•Further update will be provided as part of FY26 H1
reporting in February.
The Board remains confident in the company’s return to profitability in FY26.
Notes:
* Normalised EBIT (pre IFRS 16) is Earnings before interest and tax, normalised for Project Flourish and transformation expenses of $1.3m and before
applying NZIFRS16 Leases. This is a non-GAAP measure which was used by the independent valuer as part of the Scheme Booklet to assist
shareholders with understanding the underlying performance of Comvita.

Clear Board Priorities
1.Successful recapitalisation setting a sustainable capital
structure.
2.Continued focus on execution – capital discipline,
operational optimization and inventory management.
3.Refining strategies to build long-term operational resilience
deliver sustainable long-term growth.
4.Maintainingstrong governance oversight of disciplined
execution, costcontrol,and financial resilience, supporting
our high performing leadership team.
5.Rebuilding investor confidence through transparency,
consistent delivery, and improved returns.
6.Ongoing review of Board composition to ensure have right
competencies around the table.

A Strengthened Leadership Team
KARL GRADON
Chief Executive Officer
Joined Comvita in
August 2025.
Over two decades of
primaryindustry leadership
experience,includingMānukaa
nd dairysectors, working in
severalglobal roles in Latin
America,USA, Europe and
across Asia.
MANDY TOMKINS-
DANCEY
Chief Financial Officer
Joined Comvita in
October2025.
Executive positionsin
multinationals,NZX listed and
privatecompanies across
FMCG,pharmaceutical, and
healthsectors.

Karl Gradon
CEO Address

Mandy Tomkins
Chief Financial Officer
Ben Duncan
Chief Operating Officer
Introducing Our Leadership Team
Erin Swanson
Head of Sustainability & Strategic Projects
Dr Jackie Evans
Chief Science Officer
Nikki Leske
Chief People & Culture Officer
Monica Yianakis
Chief Marketing Officer
Karl Gradon
Chief Executive Officer

A Clear Mandate for Change and Performance
OUR STRENGTHSDEVELOPMENT AREAS
•Brand strength and trust – Global #1 Mānuka honey
brand.
•Distribution reach - Including strong retail and omni-
channel presence in Asia.
•Scientific knowledge, product quality and
provenance that cannot be easily replicated.
•Our people - Global, capable, and passionate team,
critical to our future success.
•Increased focus and agility - Too slow to adapt to
shifting market and industry dynamics - losing
volume, share and margin.
•Reducing costs - Cost structure requires further
optimisation.
•Successful delivery - Weak execution of key
commercial objectives.
•Improving productivity - Lack of standard processes
and systems.
•Reducing silos – Improving prioritisation, alignment
and accountability globally.
Fix what’s broken, protect what’s strong,return to growth.

Delivering on FY26 Priorities
Hard decisions and disciplined execution are now delivering measurable results.
FY26 PRIORITIESPROGRESS
1.Return to profitability – Deliver against FY26 financial objectives.✓New sales strategies in SEA, China and USA.
✓Trading currently on track.
2.Reset balance sheet – Reduce net debt and support recapitalization.✓$17m debt reduction in FY25.
✓Continued inventory management.
✓Bank covenants extended and recapitalisation progressing.
3.Protect our brand – Premium positioning, innovation led and pricing
integrity.
✓Refreshed and rolled out our global brandbook.
✓Single innovation pipeline: locally led, globally enabled.
4.Grow volume - Regain volume and share in lower UMF grades and
clear excess inventory
✓Club-retail partnership.
✓Diversifying customer risk profile.
5.Strengthen leadership – Simplify and ensure right leadership
capability in place.
✓CFO and key leadership positions in place.
✓Further recruitment underway.
6.Optimise cost structure – Deliver further cost savings.✓FY25 right-sizing benefits flowing into FY26 forecast.
✓Continued optimization of existing platform.
7.Build high-performing culture – Strengthen focus, global alignment,
execution accountability and empower our leaders.
✓Clearer reporting lines, company priorities and individual
accountabilities. Improving staff engagement with further work
required.

Our Competitive Advantage
SUPERIOR SUPPLYBRAND STRENGTHDISTRIBUTION REACH
Plantations, apiaries, production, 3
rd

party manufacturers, logistics
Brand engagement, product range,
branded consumer channels,
innovation, ESG credentials
Markets, channels, customers
✓Superior Mānuka cultivars delivering
enhanced consumer benefits.
✓Balanced supply (internal apiaries vs.
external supply).
✓Geographical diversification of supply.
✓Highest quality scalable production.
✓Premium brand positioning.
✓Scientific knowledge.
✓Leading product innovation.
✓Direct-to-consumer channels.
✓Diversified product offering.
✓Global reach across 15+ markets.
✓Multi-channel presence.
✓Asian distribution depth.
✓Retail partnerships.

Greater China Stabilising
P R O G R E S SC H A L L E N G E SO P P O R T U N I T I E S
•Retained #1 brand position with
>50% market share.
•#1 in online sales. E-commerce
management transferred back to
Comvita direct control.
•Exited underperforming distribution
agreements
•Refitting key retail outlets and exited
poor performing locations
•Weaker demand profile in China and
Hong Kong.
•Oversupply, lower demand and
heighted competition, with
discounting pressuring margin.
•Commoditisation of lower UMF.
•Aggressive online competition
•Some indications of economic
recovery.
•Growth in premium UMF.
•Store footprint optimization.
•Volume opportunities in large scale
retail and online.
•Innovation outside honey in a jar.

Opportunities in North America
PROGRESSCHALLENGESOPPORTUNITIES
•Strong volume growth through club-
retail relationship, supporting flow
through of surplus inventory.
•Growth in Natural Retail channel,
securing #1 brand position.
•Improved e-commerce platform and
supporting processes and systems.
•Intensifying competition in Digital
channel (e-commerce)
•Education of end users in noisy
category.
•High growing Mānuka honey market
with relatively low household
penetration, leaving significant room
for growth.
•Other large format retail and
product format opportunities.
•Improve e-commerce capability and
performance.

ANZ, Rest of Asia and EMEA Mixed
PROGRESSCHALLENGESOPPORTUNITIES
•Singapore retail store, product and branding
optimisation (Comvita and HoneyWorld),
delivering increased growth and profitability.
•Singapore providing a gateway for growth in
rest of SEA.
•ANZ with profitable growth as Asian Health
(Daigou) channel recovers earlier than
expected.
•Switched to distributor business model in UK
and Europe, delivering increased margins
with lower cost base.
•Intensifying competition in
all markets.
•ANZ Asian Health (Daigou)
channel remains reliant on
full recovery in China.
•Retail store optimization.
•Expanding geographical distribution in SEA
through strategic partnerships.
•Middle East growth through partnerships
with leading pharmacy chains and wellness
retailers.
•Capitalising on increasing tourist traffic to
ANZ.
•ANZ margin improvement through pricing
alignment.

A Sharp Focus On Global Team Performance
FTE
453
vs 565 in FY24
eNPS
-0.4 Nov 2025
vs -1.1/10 in May 2025
TRIFR
0.7
vs 2.7 in FY24
Global team capability and performance critical to our success
•Strengthening global leadership experience and building great market facing teams.
•Relentless focus on execution and accountability.
•Signals of increasing staff engagement – but further work still to be done.
Health, safety and wellbeing continues to be a top priority
•No compromises in ensuring our teams return home safely every day.

Mandy Tomkins-
Dancey
Chief Financial Officer

Revenue Growth and Operational Improvements
Driving Progress
•Revenue and margin growth
•Strong global revenue growth, supported by club-
retail volumes.
•Gross margin improvement on track: improvements
in China distribution margin, Costco volume
efficiency, and FOREX tailwinds.
•Operational excellence
•Continued cost control, with prior-year actions
delivering benefits.
•Inventory reduction programme ahead of schedule.
OLD
NEW
FORECAST
0
100
200
300
400
500
600
0
20
40
60
80
100
120
140
160
JUN'24SEPT'24DEC'24MAR'24JUN'25SEPT'25
PRODUCTION THOUGHPUT (Units)
INVENTORY NZDm
INVENTORY & PRODUCTION THROUGHPUT
TOTAL INVENTORYPRODUCTION THROUGHPUT

Positioned for Sustainable Growth
•Key business metrics improving, with further
work to do.
•Scaleable business model.
•Ongoing programme of uplifting financial
controls.
•Ongoing focus on operational improvements
to increase efficiency and competitiveness.
•Disciplined reduction in debt levels.
Notes:
* Normalised EBIT (pre IFRS 16) is Earnings before interest and tax, normalised for Project Flourish and transformation expenses of $1.3m and before
applying NZIFRS16 Leases. This is a non-GAAP measure which was used by the independent valuer as part of the Scheme Booklet to assist
shareholders with understanding the underlying performance of Comvita.
KEY PERFORMANCE
INDICATORS
VS BUDGET
HY26
VS BUDGET
FY26
Sales
Gross Profit
Gross Profit %
EBIT pre IFRS16*
Days Inventory on Hand (DOH)
Net Debt

CONTINUE BUILDING A WORLD-
LEADING HEALTH & WELLNESS BRAND
WIN IN MĀNUKA
Our Strategy to Win and Build Long-Term Value
Strategic ImperativesOur EnablersOur Goals
1.Grow volume in lower UMF®.
2.Winning brand differentiation
and innovation.
3.Win in USA.
4.Optimise existing platform.
•Highly capable, connected,
enabled, and accountable global
team.
•Consumer insights and scientific
knowledge.
•Digital marketing and
ecommerce excellence.
•Common systems, tools and
processes.
•Commercial discipline and
rigour.
✓Strong and consistent
shareholder returns
✓Robust balance sheet
✓Sustainable operating profits
(EBITDA >20% sales)
✓Consumer affinity and love
✓High performing global team –
Employee NPS
Strategic Framework
Objectives
12

Head of Southeast Asia and Middle East
Rommel Irwan

SEA - A High-Potential Consumer Market
•Population – 700 million.
•GDP – Combined GDP of Singapore, Malaysia,
Indonesia, Thailand and
Vietnam USD 3.13 trillion.
•Immunity, family health and natural wellness
over-indexed with SEA consumers.
•Income growth rapid with expanding middle
class. Willing to pay premium price for
premium, authenticity and quality.
•Heavy digital engagement -
High e-commerce adoption and mobile-first
behaviour. Strong direct-to-consumer
potential.
•Premium, science-backed products
experiencing rising demand.
Will look for A BETTER image

Unlocking Growth in SEA
Strategic growth region
•SEA one of Comvita’s fastest growing regions.
•Increasing demand for premium natural wellness.
Singapore – gateway for regional growth
•Contributes ~85% of revenue and most profitable market.
•Influences brand awareness and engagement across the entire region.
Acts as gateway for supply chain logistics and regulatory expertise,
enabling regional expansion.
Opportunities beyond Singapore
•Significant opportunities for growth with the right focus.
•Large markets which are still under-penetrated, with multi-channel
opportunities.
COMVITA STORE-IN-STORE WITHIN GUARDIAN HEALTH & BEAUTY,
IMM SINGAPORE

Growth & Challenges in
Singapore
Comvita’s footprint
•Acquired HoneyWorld in July 2023.
•15 stores across Singapore.
•Distribution across >1,500 premium pharmacies, Singapore Airlines
and digital channels .
What acquisition enabled
•Immediate scale in Singapore’s honey category.
•Retail network platform for building Comvita brand.
•Increased leverage with other major customers.
•Access to loyal HoneyWorld customer base.
Challenges
•Fragmented store network with mixed performance.
•SKU proliferation and complexity.
•Different and competing brand identities.
•Over-reliance on discounting.
COMVITA’S HONEYWORLD STORE IN TAKASHIMAYA DEPARTMENT STORE,
SINGAPORE

Focused Action Driving Improved Performance
•Reviewing store network.
•Enhancing brand proposition through
localised campaigns and innovation.
•Expanding distribution network.
•FY26 delivering sales momentum and
stable profitability.

Growth in
Southeast Asia
[Video]

Formal Business

Reports and Financial
Statements

Resolutions
Ordinary Resolutions
•Appointment and Remuneration of Auditors (Resolution 1)
1. “That the meeting record the re-appointment of KPMG as the auditors of the
Company for the current financial year ending 30 June 2026 pursuant to
section 207T of the Companies Act 1993 and authorise the Board to fix
KPMG’s remuneration.”
•Director’s Elections (Resolutions 2 to 3)
2. “That Bob Major, who retires by rotation and is eligible
for re-election, be re-elected as a Director of the Company.”
3. “That Greg Barclay, who has been nominated by an Equity Security holder,
be elected as a Director of the Company.”

Voting Instructions and Asking Questions
ONLINE HELP​: Call the helpline on 0800 200 220 (or +64 9 375 5998 if you're outside NZ).
•In person voting
•Mark your voting
paper “For”,“Against”or“Abstain.”
•Your voting paper will be
collected from you.
•Online Voting
•Click 'Get a Voting Card' and enter
shareholder or proxyholder number.
•Select 'For','Against' or 'Abstain' on the
voting card and click 'Submit Vote’.
•To change your vote, select 'Edit Card'.

Resolution One
Appointment and Remuneration of Auditors
To consider and if thought fit to pass, the following ordinary resolution:
“That the meeting record the re-appointment of KPMG as the auditors
of the Company for the current financial year ending 30 June 2026
pursuant to section 207T of the Companies Act 1993 and authorise the
Board to fix KPMG’s remuneration.”

Director’s Election – Bob Major
To consider and if thought fit to pass, the following ordinary resolution:
“That Bob Major, who retires by rotation and is eligible for re-election,
be re-elected as a Director of the Company.”
Resolution Two

Director’s Election – Bob Major
Bob Major has spent most of his career in various roles within the New Zealand dairy
industry, working for Fonterra, the New Zealand Dairy Board & the New Zealand Dairy
Research Institute. He has held global leadership roles for Fonterra in strategy, mergers
& acquisitions, ingredients sales and marketing and innovation.
He has held regional leadership roles in the Middle East, Hong Kong and China,and was
on the senior leadership team of both the New Zealand Dairy Board and Fonterra. Bob
is Chair of Gibbs Holdings (Nelson) Ltd & Armer Group Advisory Board. He is also a
director of BioVittoria & Dairy Holdings Limited. He is a member of the Oriens Capital
Investment Committee. Bob is a past Chair of The Mud House Wine Group and has
been a director of Westland Milk Products, Sealord Group, Kiwirail and Barker Fruit
Processors.
Bob is a Chartered Fellow of the New Zealand Institute of Directors and joined the
Comvita Board in September 2019 and is Chair of the Safety and Performance
Committee, and a member of the Audit and Risk Committee.

Director’s Election – Greg Barclay
To consider and if thought fit to pass, the following ordinary resolution:
“That Greg Barclay, who has been nominated by an Equity Security
holder, be elected as a Director of the Company.”
Resolution Three

Director’s Election – Greg Barclay
Greg is a founding partner of Claymore Partners, a specialist legal and commercial
advisory firm, and a governance professional with extensive experience across
the commercial, legal and sports sectors.
Hehas recently become a Director of NZX listed Rakon Ltd and previously served
as Chair for NZX and ASX listed Smartpay Holdings Limited.
Greg is also a director of several private companies including international trading
company Pacific Forest Products and leading New Zealand environmental
consultancy Boffa Miskell.
He is also a current director of New Zealand Rugby and a past Chair of both New
Zealand Cricket and the Dubai based International Cricket Council. He is a
barrister and solicitor of the High Court of New Zealand and a Chartered Member
of the New Zealand Institute of Directors. Greg holds a LLB from the University of
Canterbury and a post-graduate DipBus from the University of Auckland.

Voting – Proxies Received
ResolutionForAgainstProxy Discretion
Appointment and remuneration of auditors
29,001,9492,020,218862,887
90.96%6.34%2.71%
Re-election of Bob Major
16,573,65215,095,074889,251
50.91%46.36%2.73%
Election of Greg Barclay
13,524,13717,428,6431,604,856
41.54%53.53%4.93%

General Business
and Q&A Session

Brett Hewlett – 20 Years of
Service
•20-year contribution to Comvita.
•Served three times as CEO.
•Comvita Director from 2017 and Chair 2020-2024.
•Key milestones:
•2007 - Acquired KiwiBee, OLA, Medihoney.
•2012 - Established Comvita Innovation Ltd.
•2014 – Established Comvita USA.
•2016 – First Mānuka plantings.
•Drove Comvita’s fully integrated model and science focus, a key global differentiator.

Acknowledgement -
Zhu Guangping
•Over six years of dedicated service on the Comvita Board.
•Pioneer of Comvita’s entry into China, establishing first retail stores and national
distribution network.
•Opened Comvita’s first China store in 2004, laying the foundation for one of our
most important international markets.
•Comvita acquired 51% of this China business in 2017 and full ownership in 2018.

Meeting Close

Karakia Whakamutunga
Closing Karakia
Ka wehe atu tatou
We are departing
I raro te Rangimarie
Peacefully
Te harikoa
Joyfully
Me te manawanui
Resolute
Haumi e, hui e, taiki e!
We are united, progressing forward!

---

1

COMVITA ANNUAL SHAREHOLDERS MEETING
17 December 2025
Papamoa Surf Club / Online

HOLDING SLIDE 1 – TITLE PAGE
Annual Shareholders Meeting Welcome

CHAIR ADDRESS
Bridget Coates

Kia ora koutou katoa, good afternoon, and thank you for joining us today, here at the
Papamoa Surf Club and online.

I am Bridget Coates, Chair of the Comvita Board.

I would like to ask Nikki Reedy, Comvita’s Customer Experience Manager, to come
forward and open this meeting with a karakia.

SLIDE 3 – OPENING KARAKIA

SLIDE 4 – CHAIR ADDRESS
I’d like to warmly welcome you to the 2025 Annual Shareholders Meeting, and my
second meeting as Chair.

The Board and I are pleased to be having this meeting here today in the Bay of Plenty,
where Comvita has its roots and where so many of our people live and work.

Before we start, some housekeeping. For those in the room, can I please ask you to put
your phone on silent.

Toilet facilities are located near the entrance you came through and to the left. If a fire
alarm goes off, main fire exits are marked by the green running man to the left and right,
please exit and convene on the grass area out front of the venue. Please follow other
directions from the team.

SLIDE 5 – BOARD OF DIRECTORS
Comvita’s Directors include Mike Sang, Chair of our Audit and Risk Committee, Bob
Major, Chair of our Safety and Performance Committee, Yawen Wu, a representative of
China Resources and Guangping Zhu, also our major shareholder.

I am today joined by my fellow Directors, Mike and Bob, and by members of our senior
leadership team, including our Chief Executive, Karl Gradon, and our recently appointed
Chief Financial Officer, Mandy Tomkins-Dancey. Yawen Wu and Mr Zhu have provided
their apologies. Alfred Luk is attending online from China on behalf of Yawen.

I’d also like to welcome Glenn Keaney from KPMG, Comvita’s auditor and Andrew
Matthews from Simpson Grierson, Comvita’s legal advisor, who join us here today, and

2

to the team from our share registrar, MUFG Pension and Market Services. MUFG will
help conduct the voting on the formal business later in the meeting and also act as
scrutineer.

SLIDE 6 – HYBRID MEETING PROCEDURES
Today’s meeting is a hybrid meeting, which is being held both in-person and online
through MUFG’s online meeting platform. We will use some slides during the meeting.
The Chair’s and CEO’s addresses, and the slides, have been posted on the NZX and on
comvita.co.nz under the Investor section prior to this meeting.

For those of you attending the meeting virtually, if you would like to submit a question,
the Q&A is open during the course of the meeting, so please feel free to submit
questions throughout the meeting and these will be addressed in the Q&A session.
Click on the ‘Ask a Question’ box either at the top or bottom of the webpage and enter
your shareholder or proxyholder number to validate yourself. Type your question and
click submit. I would encourage you to submit your questions as early as possible.

If we receive multiple questions on one topic, these may be amalgamated together. Any
questions not answered in time may receive an email response after the meeting.

Voting today will be conducted by way of a poll.

If you are eligible to vote at this meeting, and you are joining us online, you can vote at
any time during the meeting by clicking ‘Get a voting card’ and enter your shareholder or
proxyholder number. After completing your selection, click ‘Submit vote’ at the bottom
of the electronic voting card. You can change your vote up until the time voting closes.

More information on how to vote online is contained in the Virtual Meeting Guide
available on the platform, or alternatively you can call the helpline on 0800 200 220.

If you are an eligible shareholder or proxy attending in person, you should have received
a voting card when you registered. When it’s time to vote, please tick the relevant box to
indicate whether you are voting for, against or abstaining from the resolution. If you do
not have a voting card and are eligible to vote or you have any questions, please make
your way to the registration desk outside of the room.

SLIDE 7 – FORMALITIES
The Company Secretary has confirmed to me that the Notice of Meeting has been sent
to shareholders and other persons entitled to receive it.

The financial statements for year ending 30 June 2025, and the Auditors Report for the
period are available under the Investor Centre on our website. The Financial
Statements were made available on our website on 29 August, on the same date as we
announced our annual results, while our Annual Report was made available on the 18
September.

3

Hard copies are available either through MUFG Pension & Market Services, or by
contacting our Customer Experience Team on 0800 504 959.

I have been told that we have a quorum, and given the time is now past 2pm, I now
declare this Annual Shareholders Meeting officially open.

Proxies have been appointed for the purposes of this meeting in respect of
approximately 32 million shares, representing over 45% of the total number of shares.

SLIDE 8 - AGENDA
Now to the agenda for today’s meeting.

Over recent months, shareholders have received a significant amount of information
about the company through the Scheme process and related disclosures.

Because of that level of detail, this meeting is an opportunity to provide an update on
the areas of focus that we know are most important to our shareholders.

The Board is firmly focused on the future of the company - on stabilisation,
recapitalisation, returning to sustainable profitability and rebuilding long-term
shareholder value.

That is where our time, energy and attention are directed – and those are the parameters
of today's meeting.

My address this afternoon will therefore focus on progress against the strategic reset,
the recapitalisation pathway, our current trading position, and the Board’s priorities for
the period ahead.

I’ll then introduce you to our leadership team who will provide an operational and
financial update, an overview of the dynamics in each of our core markets and share
with you our refined strategy and new growth initiatives underway.

This will include an update from Rommel Irwan, our Head of Market in Southeast Asia
and the Middle East. It’s great to have him here in New Zealand with our shareholders
today.

We will then conduct the formal business of the meeting – discussion of the annual
report and financial statements, consideration of the ordinary resolutions relating to
approval of the remuneration of the company’s auditors and director elections, before
finishing with general business.

There will be an opportunity for questions in relation each of these items of business,
and we would ask you to hold your questions until the appropriate time.

4

SLIDE 9 - A CRITICAL INFLECTION IN COMVITA’S TURNAROUND STORY
Before we turn to the reset strategy, the recapitalisation process and current trading
performance, I would like to thank shareholders for their engagement and continued
belief in this very special business and brand.

It has been a sustained period of challenge for Comvita.

We recognise the impact that has had on you as shareholders, and we appreciate the
constructive dialogue many of you have maintained with us throughout this period.

The company is at a critical inflection point. Over the long term, Comvita has delivered
revenue growth, with the natural variability expected in an agricultural business.

However, that revenue growth has not translated into acceptable or consistent profit.

And despite the strength of our brand and its market leading position, the business has
not fully captured the opportunities available to it in terms of market share, price
realisation or operating performance.

Closing the gap between growth and sustainable returns, which has persisted over
many years, required decisive action by the Board.

Two years ago, in the face of increasing debt and prolonged underperformance, the
Board commenced a comprehensive strategic review of the underlying issues that were
constraining performance and placing unsustainable pressure on the balance sheet.

Three core areas of improvement were identified:

1. Capital allocation: The company had made a number of strategic investments that
did not meet return expectations. In several cases, capital was committed without
sufficient commercial rigour or market insight, resulting in outcomes that did not
deliver value for shareholders.

2. Inventory management: Forecasting and market insight were not sufficiently
robust, and the company entered a period of declining prices while holding excess
inventory. This created an unacceptable inventory build-up, tied up capital and
placed pressure on margins.

3. Fixed operating leverage and balance sheet exposure: The company carried a
historically high-cost base and an over leveraged balance sheet. When market
conditions weakened, particularly in China, this left earnings and liquidity exposed
and ultimately required covenant waivers from our banking syndicate.

Alongside these financial and structural pressures, the sector was changing at pace,
and the company was not positioned to keep up.

5

A reset strategy was implemented with urgency, and we are pleased with the progress
that is being delivered.

SLIDE 11 - RESET STRATEGY IMPLEMENTED
Although the operating environment remains challenging, the company made
significant progress through FY25 and into FY26 in strengthening its underlying position.

• Inventory reduced by $46.8 million in FY25 compared to FY24.
• While inventory reduced by $46.8 million in FY25 compared to FY24, we are still
seeing our cost per kilogram of raw honey at elevated levels.
• $12.6m of cost reductions delivered in FY25, with the full annualised savings built
into the FY26 forecast.
• Net debt reduced by $17.4 million in FY25 compared to FY24, with further
deleveraging expected through to 31 December.
• Distribution models and sales channels simplified.
• Internal controls and reporting structures strengthened.
• Leadership capability strengthened across the business.

The actions taken to date have delivered meaningful progress.

They have laid the foundations for continued performance improvement, a more
resilient platform for FY26 and a stronger base for recapitalisation and recovery.

SLIDE 12 – RECAPITALISATION PATHWAY PROGRESSING
I will turn now to the recapitalisation process, which remains the most critical focus for
the Board.

While the reset programme is delivering tangible results, this is not and will not be
enough on its own to place the company into a sustainable financial position.

As shareholders are aware, the Board completed an extensive assessment of the
capital options available to Comvita, supported by our independent advisers.

Based on the company’s position at that time, and a share price in the range of 47 to 52
cents, it was the Board’s responsibility to put the 80 cent all cash proposal from Florenz
in front of shareholders for consideration.

Taking this step also enabled us to secure continued support from our banking
syndicate to progress the reset while that proposal was being considered.

Shareholders reached different conclusions on that proposal. Many saw it as an
attractive option in the circumstances, based on their liquidity needs and risk
preferences.

Others, including many long-standing supporters of the company, formed a different
view. We respect all of those perspectives.

6

While more than half of the votes cast were in favour, the Scheme did not meet the
statutory thresholds required for approval.

Importantly, the work undertaken through that period, alongside continued progress
across the strategic reset, has strengthened the platform for the company’s next steps.

The Independent Adviser’s Report provided shareholders with a comprehensive and
transparent assessment of Comvita’s position and outlook, and it remains a valuable
reference point as we move forward.

A significant amount of analysis was completed as part of the Board’s strategic review,
and a broad set of capital options was explored. This groundwork has enabled the
recapitalisation process now underway to progress with greater clarity and pace.

As announced on the NZX on Friday 12 December, we are pleased to have reached
agreement with our lending syndicate to support this recapitalisation process, including
extensions to banking facilities that were due to mature in January and March.

These facilities have now been extended to April 2026, and lenders have provided
additional covenant accommodations through to the 31 March 2026 testing date. These
steps provide the time required to progress this work.

We remain in close and constructive engagement with our lending partners.
Stability has been central to reaching this point. The progress we are now making -
operationally and with our lenders - has been achieved through sustained effort and
disciplined execution over a very difficult period.

That stability remains critical - for our people, for our partners, and for our banking
syndicate, whose continued support is fundamental to the company’s future.

The Board has a clear preference for a recapitalisation approach that seeks to provide
existing shareholders an opportunity to support the company, while also seeking to
minimise dilution.

Since the Scheme vote, we have received significant expressions of interest from both
existing shareholders and new parties. This has expanded the range of potential options
available to the company.

The Board and management are now engaged in detailed discussions with several
parties as we work through the structure of the recapitalisation.

This includes options for placements above current market price.

These discussions are continuing and remain subject to further evaluation, with no
certainty as to outcome at this stage.

7

With regard to timing, we anticipate investors will want to understand the first-half
trading prior to participating in any capital raise process.

The final outcome will depend on continued trading performance and the completion of
these discussions. All work is being progressed through a disciplined, structured and
well-governed process with the objective of maximising the outcome for all
shareholders.

We will continue to update shareholders in line with our continuous disclosure
obligations.

I want to acknowledge the constructive approaches received from both existing
shareholders and potential new shareholders - who have expressed interest in
supporting the recapitalisation process. This reflects a strong belief in Comvita and its
potential under the right capital structure.

SLIDE 13 – CURRENT TRADING IN LINE WITH FORECASTS
Turning now to current trading.

In line with the market update released on 23 October, Comvita continues to trade
ahead of forecast.

Our FY26 full year earnings outlook remains consistent with that presented in the
Independent Adviser’s Report included in the Scheme Booklet. These forecasts
included normalised EBIT before IFRS 16 of $13.5 million.

Normalised EBIT (pre IFRS 16) is Earnings before interest and tax, normalised for Project
Flourish and transformation expenses of $1.3m and before applying NZIFRS16
Leases. This is a non-GAAP measure which was used by the independent valuer as part
of the Scheme Booklet to assist shareholders with understanding the underlying
performance of Comvita.

Continued inventory management is supporting further deleveraging.

Based on current trading, the Board remains confident in the company’s return to
profitability in FY26. This guidance remains subject to successful trading execution and
market conditions across the balance of the year, where earnings are weighted toward
major sales events.

Karl and Mandy will speak shortly to the operational drivers behind this performance.

SLIDE 14 – CLEAR BOARD PRIORITIES
The Board’s priorities for the period ahead are clear.

• Successful recapitalisation, establishing a sustainable capital structure and
lending arrangements. We are pleased with the progress being made.

8

• Continued focus on execution, including capital discipline, operational
optimisation and inventory management.

• Refining strategies that build long term operational resilience, improve
competitiveness and support sustainable growth.

• Empowering our capable and high performing leadership team to deliver our
strategy.

• Maintaining strong governance oversight of disciplined execution, cost control and
financial resilience.

• Rebuilding investor confidence through transparency, consistent delivery and
improved returns.

A further priority for the Board is enhancing the Board to ensure the availability of the
capability and experience required to deliver the next phase of Comvita’s recovery.

Over the coming year, the Board will continue to strengthen the depth and breadth of
competencies most relevant to the complex and evolving environment we are operating
in, including FMCG brand experience in key global markets and operational excellence.

As part of this process, we have a strong list of candidates under active assessment,
and the company’s improving performance allows us to accelerate these conversations
and move decisively.

SLIDE 15 – A STRENGTHENED LEADERSHIP TEAM
Closing and leadership handover

Before I close, I want to speak directly to the new leadership of the company, because it
is one of the most important drivers of Comvita’s improved position and future
performance.

A central focus of the reset has been ensuring that Comvita has the capability, clarity
and leadership strength required for the environment we are operating in.

Karl, our CEO, brings deep sector understanding, commercial discipline and a decisive
approach to execution. He has stepped into the role at a pivotal moment and has
already brought a level of focus, pace and alignment that is making a meaningful
difference.

Mandy, our new CFO, brings strong financial expertise, capital markets experience and
the proven ability to navigate complex financial settings. Her leadership is essential as
we progress the recapitalisation process and strengthen the financial foundations of the
business.

9

Together, they lead a highly capable and aligned executive team. They are the right
leaders for this moment, and they are the right leaders for the next phase. Their
experience, judgement and ability to operate under pressure give the Board significant
confidence in our next steps.

The challenges we face are real - but so is the progress being made, and so are the
opportunities ahead. With this leadership team now in place, Comvita is better
positioned to compete, to execute and to grow again.

10

CEO ADDRESS
Karl Gradon

SLIDE 15 – CEO ADDRESS
It is a pleasure to be standing here today, a little over four months into the role, to share
the progress we are making to turn this business around.

My focus has been on understanding the realities of the business, setting clear priorities
and performance expectations, and ensuring our global teams are aligned behind them.

I have made five trips across China, Singapore and the United States, meeting with
teams, partners and customers. With more of our people based offshore than in New
Zealand, being in market and listening to their insights is essential.

Many hard decisions and early progress had already been made before I joined
Comvita.

This business is in a very different place than we were a year ago - and even since June.

My key observation is that we were trying to do too much. We needed to sharpen our
commercial focus and strengthen our execution through improved capability and
accountability.

We have not embarked on a wide range of new initiatives yet. Instead, we have
deliberately stopped doing things that were not adding value and have become far more
focused on moving forward at pace, with clear measures of traction.

What is clear to me is that a business does not find itself in this position overnight. It
reflects decisions and circumstances that have accumulated over many years.

Looking forward is how we win again. Ongoing noise, speculation or distraction does not
serve the long-term interests of the company.

I want to acknowledge the Board for stepping up, facing the challenges, and maintaining
their commitment through what has been an exceptionally demanding period for the
company.

I also want to recognise our global teams for their unwavering focus, hard work and
commitment to delivering against our FY26 objectives.

We have now engaged dedicated specialist resource to support the refinancing
process, so that our core leadership team can remain focused on running and
improving the business.

Given our trading history, I also want to express my appreciation to our banking partners
for giving us time to address our balance sheet issues, and to you, our shareholders, for
your continued belief in Comvita.

11


SLIDE 16 - INTRODUCING OUR LEADERSHIP TEAM
A priority area has been ensuring we have a stable and capable leadership team to help
navigate our current situation and reset the business for growth.

Joining Mandy and I on the Leadership Team are Doctor Jackie Evans, Chief Science
Officer and Ben Duncan, Chief Operating Officer.

Monica Yanakis has continued in her role as Chief Marketing Officer.

Nikki Leske has been appointed as our Chief People and Culture Officer, and Erin
Swanson continues in her role as Head of Sustainability and Strategic Projects.

It’s wonderful to have such a talented and globally experienced team supporting the
business as we move forward.

SLIDE 17 – A CLEAR MANDATE FOR CHANGE AND PERFORMANCE
I want to repeat the key points I made at our Investor Presentation in August, on the day
of our FY25 results announcement.

The leadership team and I have a very clear mandate. We need to fix what is not working
at Comvita, protect what is strong, and lift performance.

We must not lose sight of our strengths. Comvita is the global number one Mānuka
brand, and we have the most extensive distribution reach in the category, particularly
across Asia.

Our scientific capability, product quality and provenance set us apart, and as I have
already noted, we have a fantastic team.

Our challenges are now well understood. We have not adapted fast enough to shifts in
market and industry dynamics, and this has impacted both our competitive position
and our financial performance.

Bridget has highlighted the historical cost base and the need for continued operational
improvements to increase efficiency and competitiveness.

We also need to improve our execution, strengthen productivity through standardised
processes and systems, and sharpen the global focus and alignment of our teams.

SLIDE 18 – DELIVERING ON FY26 PRIORITIES
The results are what will improve and maintain the support and trust of our
shareholders.

We still have a lot of work ahead of us, but disciplined execution is now translating into
measurable results.

12

Building on the progress made in FY25, we are on track to deliver against our FY26
priorities.

Mandy will speak in more detail about our financial performance and outlook, but
revenue and profit are currently on target, supported by more assertive sales strategies
and significant volume gains through a new club-retail partnership.

Gross margin recovery is on track, with our gross margin percentage, excluding club-
retail, significantly higher than previous years. We are also actively diversifying our
customer risk profile.

We are making progress in strengthening brand consistency and innovation, and in
improving global alignment around commercial priorities.

While substantial cost savings and efficiency improvements have already flowed into
the FY26 forecast, we know there is still further work to do to lift competitiveness and
operational discipline.

Our historically high inventory levels have been an Achilles Heel for several seasons. We
are now moving into a more balanced position.

The sell-down has required sustained effort over an extended period, while maintaining
margin protection and brand integrity.

Looking ahead, disciplined capital deployment will remain a core focus, particularly as
we continue to manage inventory settings and support the balance sheet.

SLIDE 19 – OUR COMPETITIVE ADVANTAGE
A key factor in my decision to join Comvita was the strength of our value chain. In my
view, there is no stronger value chain in the sector – from superior supply, to brand
strength, to the depth and reach of our distribution.

This is why we will win.

Where we must continue to improve is in fully leveraging those competitive advantages
and executing consistently to win in market.

On the supply side, our superior Mānuka cultivars - developed over many years and
planted across our owned and managed forests - are now over-indexing in producing
the higher-quality, higher-efficacy Mānuka honey that consumers are increasingly
seeking.

Our supply risk is mitigated through geographic diversification and a balanced mix of
internal and external supply. And our production facility at Paengaroa, supported by our
onsite laboratory, ensures we deliver the highest-quality, most-tested honey in the
market.

13

We often reference our position as the global number one Mānuka brand - but what
matters is how that shows up for consumers. Our premium brand positioning across
Eastern and Western markets is underpinned by scientific research that validates
efficacy.

Our own retail and direct-to-consumer channels deepen consumer understanding,
insights and engagement. And our broad product portfolio, backed by leading
innovation and multi-channel distribution - particularly across Asia - positions us to
meet the needs of consumers wherever they are.

From 2022 to 2025, our total global distribution points, excluding UK and Europe, grew
from approximately 2,400 to 7,900. Comvita branded standalone stores and store-in-
stores in Asia grew from 169 stores to 202 stores, or 20%. We continue to look at how
we optimise our own store network, considering the branding role and profitability of
different stores.

SLIDE 20 – GREATER CHINA STABILISING
We are seeing some early signs of stabilisation in China. However, this is a region where
we expect recovery to be slow and uneven.

Importantly, Comvita has retained its number one brand position and remains the
leader in online sales. Key priorities have been delivered, including bringing ecommerce
management back under direct Comvita control and exiting underperforming
distribution agreements.

Oversupply, softer demand and heightened competition, particularly in lower UMF™
grades and digital channels, continue to pressure volume and margin.

However, we see meaningful opportunities to stabilise and improve performance in this
region. These include volume potential in large scale retail and online channels, growth
in premium UMF™, and innovation beyond honey in a jar.

SLIDE 21 – OPPORTUNITIES IN NORTH AMERICA
North America is the fastest growing Mānuka honey market and a must win market for
Comvita. The volume growth delivered through our new club-retail partnership has
delivered multiple benefits, and we have also seen good growth in the Natural Retail
Channel. We have simplified our product range and business model and are now much
more focused on commercial outcomes.

We have more work to do with the intensifying competition in online channels such as
Amazon, where we need to lift our capability and performance and cut through the
noise. There are also opportunities with other large format retailers and in new product
formats. Diversifying our customer base and accelerating our penetration in online
retail remains our key priority. Investing into education in North America with our
science led innovation is one of our key initiatives.

14

SLIDE 22 – ANZ, REST OF ASIA AND EMEA MIXED
Across Australia, New Zealand, Southeast Asia, Europe, the UK and the Middle East, we
are seeing a mixed picture, with intensifying competition a consistent theme.

Rommel will speak shortly to the strong progress in Singapore and broader Southeast
Asia, where retail optimisation and brand work are driving growth and opening pathways
into the wider region.

In ANZ, performance is improving, supported by an earlier than expected recovery in the
Asian Health, or Daigou, channel. We are also starting to see positive signs from
tourism, though spending patterns remain well below pre-COVID levels.

In the UK and Europe, the transition to a distributor model is now delivering the
expected margin benefits as the cost base reduces.

Across these markets, key opportunities include expanding distribution in Southeast
Asia and the Middle East, optimising the Singapore store footprint, and improving ANZ
margins through global pricing alignment.

SLIDE 23 – A SHARP FOCUS ON GLOBAL TEAM PERFORMANCE
Having a capable and high-performing global team is critical to enable Comvita’s future
success. I have already mentioned our focus on building depth in our leadership team,
and we are also working to ensure we have great consumer and customer facing teams
in our global markets.

I am pleased to share that despite all our uncertainties, challenges and distractions, we
have seen an improvement in our employee Net Promoter Score since May 2025. We
know we have significantly more work to do in this area.

We want all of our team to return home safely every day. This is an unwavering priority
and commitment to our team globally, from apiaries to our store promoters.

During FY25 we delivered significant improvements in our key health and safety metrics,
including recognition at the New Zealand Workplace Health and Safety Awards in 2025,
winning the Engagement category.

As you can see, our Total Recorded Injury Frequency Rate is significantly lower than last
year, showing fruits from the team’s efforts.

SLIDE 24 - WOMEN’S PROBIOTICS
While we had been previously doing too much and we are focussing our efforts more
acutely, that does not mean shying away from new product development where we see
a clear place to win.

Innovation is going to be critical to our future success, and I would like to share with you
two examples of exciting new products that have recently launched in our global
markets.

15


I know many of our female consumers are excited by this great tasting product with
provides feminine health support powered by cranberry, targeted probiotics and UMF™
10+ honey. This product has been launched in selected Asian markets.

SLIDE 25 – MANAWAIMAI FIRST HARVEST UMF™ 29+
I’m also really excited to share with you a new offering at the premium end of the
market, showcasing our superior supply model, craftsmanship and leadership. The
honey for this product is sourced exclusively from our own Mānuka cultivars planted on
Manawaimai Station. It retails for over NZ$1,588 a jar. Last week, one customer
purchased five jars at once from our Wellness Lab in Auckland.

As I said at the start of my address, our combined premium branding, science base and
genuine provenance story is better than any other player in the market. This is why we
will win.

SLIDE 26 – MANDY TOMKINS-DANCEY, CHIEF FINANCIAL OFFICER

Karl – It gives me great pleasure to now handover to Mandy Tomkins-Dancey, Comvita’s
new CFO.

Mandy - It’s a pleasure to be here today and to update on our FY26 financial
performance, and the tangible progress we are making as we continue to reset and
strengthen the business

SLIDE 27 – REVENUE GROWTH AND OPERATIONAL IMPROVEMENTS DRIVING
PROGRESS
As you’ve heard already today, the key underlying drivers of our business performance
are improving. Revenue and gross profit are ahead of expectations so far this year, and
expected to remain on track with our full year guidance. This result has been supported
by positive changes to our distributor arrangements in China and favourable currency
movements.

Our gross margin recovery is on track. Our gross margin percentage is currently just
under our target -reasonable given the strong club-retail volumes we are seeing. We do
note that the club-retail contract is profitable. And these volumes have also allowed us
to accelerate our inventory-reduction programme.

The chart to the right clearly shows the favourable impact of this club-retail volume on
both our inventory levels and the increased production throughput in our plants, which
is driving lower marginal costs.

SLIDE 28 – POSITIONED FOR SUSTAINABLE GROWTH
Having been in the role since October, what gives me confidence in our future is the
progress that has already been made and the clarity of execution priorities in place to
drive sustainable profitability. Most key financial metrics are on or ahead of target.

16

Combined with our quality production assets, we have a scalable business model that
requires very limited growth capex to generate good returns.

I’m encouraged by a Comvita team who have their eyes open to the challenges, have the
capability to deliver the strategy, and have done what they said they would do, and at
pace. They have strengthened internal controls, delivered improved profitability,
reduced working capital, been disciplined in investment choices, and applied the
resulting free cash flow to reduce debt.

As highlighted in our recent NZX announcement regarding our agreement with lending
partners, our banking facilities will reduce by $16 million by the end of March. We are
comfortable with this reduction.

There is much more to do. Both in lifting our performance and materially strengthening
our debt position.

You’ve heard Karl and Bridget speak to the challenges. But overall, the early signs of
momentum are encouraging. We are well positioned to build on them. I’m proud to be
part of this team taking Comvita forward.

SLIDE 29 – OUR STRAGEGY TO WIN AND BUILD LONG-TERM VALUE
[KARL]

The team and I are firmly focused on moving forward at pace to deliver.

Before I finish, I wanted to share an overview of our key strategic imperatives for the
medium to longer-term.

In the shorter-term, our objectives are simple – we need to win in Mānuka honey.

The longer-term and bigger opportunity is if we can build a world-leading health and
wellness brand, centred around Mānuka, and extending our offerings around immunity,
gut health and wound care.

I want to be clear - we are taking accountability for delivering improved, strong and
consistent shareholder returns across market cycles.

Critical objectives include strengthening our balance sheet and delivering sustainable
operating models.

Our key strategic imperatives for the next three years are clear:

1. Grow volume, particularly in lower UMF™ categories through market diversification,
distribution extension and customer and business partnerships. Industry
consolidation may also provide further opportunities.

17

2. Clearly differentiate our brand and products from our competitors through the
consumer benefits we deliver.

3. USA is a key market for us – we are focused on both online and offline growth,
alongside diversification.

4. We need to optimise our business models and cost structures to compete
effectively, maintain our value proposition and deliver profitable growth.

Critical to the successful delivery of these strategies will be our capable team, our
consumer and scientific understanding, our digital marketing capability, and having
globally aligned process and systems.

And most importantly, we need to ensure all of our decisions and activities are
managed with strong commercial discipline and rigour, to avoid the mistakes of the past
and to support prioritisation and focus.

This is my commitment to you.

SLIDE 30 – ROMMEL IRWAN, HEAD OF SOUTHEAST ASIA AND MIDDLE
EAST

Karl – As well as sharing information on how we are resetting the business for future
growth, we also wanted to give our shareholders a chance to understand in more detail
how we are driving improved performance on the ground in our key markets.

I’m absolutely delighted to have Rommel Irwan here today to talk to you all. Rommel
heads up our Southeast Asian and Middle East markets. He is a key member of our
global leadership team, and is helping lead Southeast Asia’s improved performance and
drive the future success of Comvita.

Rommel is a pharmacist by training and previously led one of Malaysia’s largest
pharmacy chains. He has over 20 years’ experience building successful FMCG and
wellness brands across Southeast Asia. I’d now like to hand over to Rommel to share
with you his insights into Singapore and our broader exciting Southeast Asia market.

Rommel – Thank you for the opportunity today to share how Comvita is showing up and
positioning itself in Singapore and Southeast Asia, one of Comvita’s fastest growing
markets.

SLIDE 31 – SEA – A HIGH-POTENTIAL CONSUMER MARKET
Southeast Asia, including Singapore, Malaysia, Indonesia and Vietnam, represents a
huge market opportunity for Comvita, with many largely untapped markets. The region
has one of the youngest populations (< 40 yrs old), digital savvy and fastest growing GDP
globally.

18

Southeast Asia consumers are particularly concerned about immunity, family health
and natural wellness, and the growing middle class is increasingly looking for premium
science-backed products. They are also strong digital platform users. All of which
represent significant opportunities for Comvita to leverage.

SLIDE 32 - UNLOCKING GROWTH IN SEA
Southeast Asia is a strategic growth region for Comvita. Singapore currently is our
largest market and is a gateway, the base and the key influencer market for expansion
into the rest of the region, including Middle East. Many of these markets are still under-
penetrated by Mānuka honey.

SLIDE 33 – GROWTH & CHALLENGES IN SINGAPORE
For many years, Comvita has been trying to get traction in Singapore.

To support our strategy for growth in this region, we acquired HoneyWorld in July 2023.
We now have 15 stores across Singapore, including our flagship store at TANGS
Orchard, which has recently been refurbished.

Our distribution extends across premium pharmacies, travel retail and various digital
channels.

The HoneyWorld acquisition gave us immediate scale in Singapore’s honey category,
securing over 50% market share. The retail network provided a platform to build brand
visibility and engagement, increased leverage with other major customers and provided
access to an extensive consumer database.

However, the acquisition has also proved challenging and has not performed upfront as
expected. Many stores were not profitable.

In addition, competing brands, and over-reliance on discounting to drive sales have
impacted brand equity.

SLIDE 34 – FOCUSED ACTION DRIVING IMPROVED PERFORMANCE
Since taking over HoneyWorld, we have remained focused on turning the Singapore
market around and increasing profitability.

We are working on reviewing the store network to set up the optimal number and
location of stores to ensure profitability in the long term.

There is ongoing work enhancing our brand proposition through leveraging our global
assets with localised campaigns and products, including new innovations.

We continue to expand our distribution network in Singapore and broader Southeast
Asia across pharmacies, travel retail and other new channels.

And most importantly, we are building sales momentum and delivering stable
profitability in this financial year.

19


I’d now like play a short video to share some highlights of the fantastic work the team is
doing on the ground in Singapore.

SLIDE 35 – GROWTH IN SOUTHEAST ASIA
[Video]

ENDS