CVT Delivers First-Half Priorities as Turnaround Continues

23 February 2026

Comvita Delivers First-Half Priorities as Turnaround Continues

Comvita Limited (NZX: CVT) today announces its results for the six months ended 31 December 2025. The period
reflects delivery against first-half priorities, a return to profitability, positive operating cash flow and improved
operating performance, with the Company’s turnaround continuing.

Financial Highlights (1H26 vs 1H25)
• Revenue: $118.0m, up 18.3%
• Operating expenses: $49.7m, down 13.6%
• Normalised EBIT
1
: $10.0m, up $10.7m
• NPAT: $4.6m, up $11.1m
• Operating cash flow
1
: $20.8m, up $10.9m
• Free cash flow
1
: $16.4m, up $14.4m
• Net debt
1
: $48.7m, reduced $32.9m
• Inventory: $68.3m, reduced $52.5m

Operational Progress
• New sales strategies implemented across SEA, China and the USA.
• Inventory normalising through disciplined procurement.
• Premium positioning maintained with focused innovation and new product delivery.
• Club-retail partnership outperforming sell-through expectations.
• Channel and customer mix continuing to diversify.
• Improved accountability, risk management and discipline across the global organisation.

Comvita Chair, Bridget Coates, said the first half reflected clear progress in stabilising the business while
recognising the work still ahead.

“We delivered against our first-half priorities, returning to profitability, generating positive operating cash flow,
and continuing to reduce inventory and net debt.”

“Operational discipline is strengthening, leadership capability is being rebuilt, and the Company is executing with
consistency. These are important foundations, but the turnaround is not yet complete.”

Ms Coates said recapitalisation remains the Board’s highest priority. “The process is progressing to plan, with the
Board focused on its core objectives – certainty, equitable participation for all eligible shareholders and minimising
dilution.”

“The Board has confirmed credible expressions of interest from both existing and prospective investors to support
and potentially underwrite the capital raise, including interest from an offshore strategic investor. The Board is
carefully assessing these options alongside continued constructive engagement with our lenders regarding
extension of banking facilities from April 2026 subject to the recapitalisation.”


1
Normalised EBIT, Free cashflow and Net Debt are Non-GAAP financial measures. Refer to Comvita FY26 Interim Results
Presentation for disclosure of normalisations. We monitor these non-GAAP measures as key performance indicators, in
assessing the performance of the core operations of our business.

She confirmed that full-year performance remains in line with normalised EBIT guidance of approximately $14.3
million (normalised EBIT pre IFRS 16 $13.5M), subject to trading execution and market conditions.

Chief Executive Officer, Karl Gradon, said the Company is operating with greater discipline and execution clarity.
“We are maintaining a rigorous focus on operating fundamentals - cost control, inventory management and
disciplined capital allocation.”

“At the same time, we are strengthening the drivers of long-term value - brand and innovation differentiation,
digital and direct-to-consumer capability, and major retail and strategic partnerships. The result of this work is
evident in our first-half performance.”

Mr Gradon said the Company is executing the turnaround while positioning for the next phase of category
development.

“As we continue to stabilise and strengthen the business, the Mānuka honey category continues to evolve – and
while this does present challenges, the long-term opportunity remains significant. Capturing that opportunity
requires innovation, diversification and clear differentiation.

“The work underway today is building strong foundations - not only to support sustainable growth, but to position
Comvita to lead this next phase of category development.

“I would like to acknowledge the strength of our leadership team and the dedication of all our global team, whose
focus and commitment have been central to the progress achieved over the past six months.”

Financial Performance
Revenue increased to $118.0 million, driven primarily by strong volume and sell-through in the US club-retail
wholesale channel, improving overhead recoveries and supporting profitability. This offset sales challenges in the
US club-retail digital channel and ANZ market, with other markets broadly stable overall.

Operating expenses reduced 13.6% to $49.7 million, reflecting continued cost discipline and benefits from FY25
cost-out initiatives. Transaction-related costs of $1.4 million were included in the first-half result. Normalised EBIT
improved to $10.0 million, reflecting improved operating leverage and portfolio diversification. NPAT was $4.6
million, representing a material improvement year-on-year.

Balance Sheet and Cash Flow
Balance sheet strength improved during the period, supported by disciplined working capital management and
improved operating performance.

Operating cash flow of $20.8 million reflected improved earnings quality and cash conversion. Inventory
normalisation generated $22.5 million of cash inflow and materially improved the cash conversion cycle. Net debt
reduced by $13.7 million to $48.7 million (June 2025 vs. December 2025), ahead of expectations. Further working
capital improvements are not expected to the same level in the second half.

Banking Facilities
Constructive discussions continue with the Company’s lending syndicate regarding the extension of banking
facilities beyond April 2026, subject to completion of the recapitalisation plan. The Board thanks its banking
partners for their continued support.

Recapitalisation Process Update
The recapitalisation process is progressing to plan, with the Board focused on achieving its core objectives,
including ensuring certainty, participation for all eligible shareholders and minimising shareholder dilution.

The Board has confirmed credible expressions of interest from both existing and prospective investors to support
and potentially underwrite the capital raise. Expressions of interest have been at pricing levels above the current
market price.
2


This includes interest from an offshore strategic investor in the food and beverage sector to underwrite a capital
raising at a share price of $0.80 per share and a level materially above the minimum $25 million required to
position the company appropriately, providing the Company with increased financial flexibility.

If that option were progressed, the ultimate shareholding of the strategic investor would be determined by
participation of existing shareholders in the capital raise and may require shareholder approval and Overseas
Investment Office consent.

The Board is carefully assessing these options alongside continued constructive engagement with the Company’s
lenders regarding the potential extension of banking facilities.

The Board will keep shareholders informed in line with continuous disclosure obligations. Current timing for the
recapitalisation is aligned with the April 2026 banking facility expiry.

Outlook
Full-year guidance remains unchanged, with normalised EBIT expected to be approximately $14.3 million
(normalised EBIT pre IFRS 16 $13.5M) and remains subject to trading execution and market conditions.

While the first half delivered a strong result, the Company remains mindful of the key value drivers and challenges
still to come which will influence the full-year outcome. These factors are being closely monitored and actively
managed, including:
• Headwinds from ANZ and FX. Continued solid performance across other markets is currently offsetting
these pressures.
• Key commercial partner in North America - sell-through in line with forecasts.
• Manuka honey season – currently in line with expectations.
• Lunar New Year – managing for maximum profitability (not just revenue) with results not yet known.

Second-half performance is expected to reflect normal seasonal patterns.

ENDS

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

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

2
Comvita Limited share price as at close of business 20 February 2026 was $0.61.

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

---

Interim Financial
Statements
COMVITA LIMITED
FOR THE SIX MONTHS ENDED 31 DECEMBER 2025

CONTENTS
1. Directors’ Declaration3
2. Interim Statements
Interim Income Statement4
Interim Statement of Comprehensive Income5
Interim Statement of Changes in Equity6
Interim Statement of Financial Position7
Interim Statement of Cash Flows8
3. Notes to the Interim Financial Statements 9
01. Segments11
08. Inventory14
02. Other Income1109. Sundry Receivables14
03. Operating Cash Flow12
10. Derivatives14
04. Earnings Per Share1211. Share Schemes14
05. Tax1312. Related Parties15
06. Borrowings1313. Group Entities16
07. Finance Income & Expenses1314. Commitments16
2
COMVITA.CO.NZ
Interim Financial Statements 2026

The Directors present the interim financial
statements of Comvita Limited for the
six months ended 31 December 2025.
The interim report is unaudited and was
authorised for issue by the Directors on
20 February 2026.
COMVITA LIMITED FINANCIAL STATEMENTS
APPROVED BY:
For and on behalf of the Board of Directors:
Bridget Coates
Chair


Michael Sang
Chair of Audit and Risk Committee
Directors’
Declaration
3
Interim Financial Statements 2026
COMVITA.CO.NZ

FOR THE SIX MONTHS ENDED
In thousands of New Zealand dollarsNote
31 December 2025
Unaudited
31 December 2024
Unaudited
Revenue117,97199,713
Cost of sales(61,028)(49,177)
Gross profit56,94350,536
Other income24571,835
Marketing expenses(8,624)(9,402)
Selling and distribution expenses(27,853)(30,366)
Administrative and other operating expenses*(12,157)(16,002)
Software development expenses(1,076)(1,795)
Operating profit/(loss) before financing costs7,690(5,194)
Finance income751,011
Finance expenses7(3,193)(4,431)
Net finance expenses (3,188)(3,420)
Impairment and other asset write-downs (228)(399)
Profit/(loss) before income tax4,274(9,013)
Income tax benefit/(expense)3162,531
Profit/(loss) for the period4,590(6,482)
Earnings per share:
Basic earnings per share (NZ cents)46.51(9.21)
Diluted earnings per share (NZ cents)46.50(9.21)
The notes on pages 9 to 16 are an integral part of these financial statements.
Interim
Income Statement
* Included in this amount in 2025 is $1,435,000 of transaction costs related to the SIA process.
4
COMVITA.CO.NZ
Interim Financial Statements 2026

FOR THE SIX MONTHS ENDED
In thousands of New Zealand dollars
31 December 2025
Unaudited
31 December 2024
Unaudited
Profit/(loss) for the period4,590(6,482)
Items that are or may be reclassified subsequently to the income
statement
Foreign currency translation differences for foreign operations2,8573,873
Effective portion of changes in fair value of cash flow hedges(4,447)(3,244)
Income tax on these items382519
Income and expense recognised directly in other comprehensive
income
(1,208)1,148
Total comprehensive income/(loss) for the period 3,382(5,334)
Interim Statement
of Comprehensive Income
The notes on pages 9 to 16 are an integral part of these financial statements.
5
COMVITA.CO.NZ
Interim Financial Statements 2026

FOR THE SIX MONTHS ENDED 31 DECEMBER 2025
In thousands of New Zealand dollars
Share
capital
Foreign
currency
translation
reserve
Hedging
reserve
Retained
earningsTotal
Balance at 1 July 2024199,351(3,182)607 (40,031)156,745
Total comprehensive income for the period
(Loss)/profit for the period–––(6,482)(6,482)
Other comprehensive income (net of tax)
Foreign currency translation differences for foreign operations–3,485––3,485
Effective portion of changes in fair value of cash flow hedges––(2,336)–(2,336)
Total other comprehensive income for the period–3,485(2,336)–1,149
Total comprehensive income for the period–3,485(2,336)(6,482)(5,333)
Transactions with owners, recorded directly in equity
Share based payments–––(22)(22)
Total transactions with owners–––(22)(22)
Balance at 31 December 2024199,351303(1,729)(46,535)151,390
Balance at 1 July 2025199,351(2,041)2,318(144,730)54,898
Total comprehensive income for the period
Profit for the period–––4,5904,590
Other comprehensive income (net of tax)
Foreign currency translation differences for foreign operations–1,993––1,993
Effective portion of changes in fair value of cash flow hedges––(3,201)–(3,201)
Total other comprehensive income for the period–1,993(3,201)–(1,208)
Total comprehensive income for the period–1,993(3,201)4,5903,382
Transactions with owners, recorded directly in equity
Share based payments–––5858
Total transactions with owners–––5858
Balance at 31 December 2025199,351(48)(883)(140,082)58,338
Interim Statement
of Changes in Equity
The notes on pages 9 to 16 are an integral part of these financial statements.
6
COMVITA.CO.NZ
Interim Financial Statements 2026

As at
In thousands of New Zealand dollarsNote
December 2025
Unaudited
December 2024
Unaudited
June 2025
Audited
Assets
Property, plant and equipment 28,673 67,99528,656
Intangible assets and goodwill947,458–
Right of use assets8,75220,0899,868
Biological assets1,2744,8111,274
Deferred tax asset1,48111,220–
Derivatives10––1,300
Sundry receivables964748814
Total non-current assets40,338112,32141,912
Inventory868,338120,80889,043
Trade receivables33,26731,01721,746
Sundry receivables911,83712,3939,701
Cash and cash equivalents10,26213,5919,001
Tax receivable3242,405 1
Derivatives10––1,943
Assets held for sale–2,756–
Total current assets124,028182,970131,435
Total assets164,366295,291173,347
Equity
Issued capital199,351199,351199,351
Retained earnings(140,082)(46,537)(144,730)
Reserves(931)(1,426)277
Total equity58,338151,38854,898
Liabilities
Loans and borrowings622,97157,83923,912
Trade and other payables595276376
Lease liability13,43816,14114,756
Deferred tax liability 135692
Derivatives 10253846–
Total non-current liabilities37,27075,67139,046
Loans and borrowings635,96837,32447,443
Trade and other payables25,05123,30525,228
Lease liability5,5795,5715,591
Tax payable1,2085001,141
Derivatives109521,532–
Total current liabilities68,75868,23279,403
Total liabilities106,028143,903118,449
Total equity and liabilities164,366295,291173,347
Interim Statement
of Financial Position
The notes on pages 9 to 16 are an integral part of these financial statements.
7
COMVITA.CO.NZ
Interim Financial Statements 2026

FOR THE SIX MONTHS ENDED
In thousands of New Zealand dollarsNote
31 December 2025
Unaudited
31 December 2024
Unaudited
Receipts from customers107,69998,616
Receipts from insurance proceeds–1,725
Receipts from RDTI claim –906
Receipts from sale of carbon credits–551
Payments to suppliers and employees(85,909)(91,445)
Taxation paid(1,040)(509)
Net cash flows from operating activities320,7509,844
Acquisition of Honeyworld–(3,106)
Payment for the purchase of property, plant and equipment(488)(2,004)
Proceeds from disposal of investment – Caravan250–
Loans to equity accounted investees (228)–
Loan proceeds from related parties 61–
Receipt from disposal of property, plant and equipment–667
Payment for the purchase of intangibles(97)(6)
Net cash flows from investing activities(502)(4,449)
Repayment of lease liabilities(3,808)(3,385)
(Repayment)/proceeds from loans and borrowings(12,417)7,300
Interest received577
Interest paid(3,040)(4,431)
Net cash flows from financing activities(19,260)(439)
Net increase in cash and cash equivalents9884,956
Cash and cash equivalents at the beginning of the period9,0018,156
Effect of exchange rate fluctuations on cash held273479
Cash and cash equivalents at the end of the period10,26213,591
Represented as:
Cash and cash equivalents10,26213,591
Total10,26213,591
Interim Statement
of Cash Flows
The notes on pages 9 to 16 are an integral part of these financial statements.
8
COMVITA.CO.NZ
Interim Financial Statements 2026

Comvita Limited (the “Company”) is a Company domiciled
in New Zealand, and registered under the Companies
Act 1993 and listed on the New Zealand Stock Exchange
(“NZX”). The Company is an issuer in terms of the Financial
Reporting Act 2013 and Financial Markets Conduct Act
2013. The interim financial statements of the Group for
the six months ended 31 December 2025 comprise the
Company and its subsidiaries (together referred to as the
“Group”) and the Group’s interest in equity accounted
investees. The principal activity of the Group is apiary
and forest ownership and management; and research,
manufacturing and distributing of Mānuka honey, bee
products and olive leaf products.
BASIS OF PREPARATION
Statement of compliance
The Company is a FMC reporting entity for the purposes
of the Financial Reporting Act 2013 and under part 7 of
the Financial Markets Conduct Act 2013. These financial
statements comply with these Acts and have been
prepared in accordance with the New Zealand Equivalents
to International Financial Reporting Standards and
International Financial Reporting Standards as appropriate
for profit-oriented entities.
The interim financial statements were approved by the
Board of Directors on 20 February 2026.
Basis of measurement
The financial statements have been prepared on the
historical cost basis except for financial instruments
designated as fair value through other comprehensive
income and biological assets which are measured at fair
value. Fair values have been determined for measurement
and/or disclosure purposes on the same basis as those
applied by the Group in the financial statements as at
and for the year ended 30 June 2025.
Functional and presentation currency
These financial statements are presented in New Zealand
dollars ($), which is the Company’s functional currency.
Amounts have been rounded to the nearest thousand.
Use of estimates and judgements
The preparation of interim financial statements in
accordance with NZ IAS 34 Interim Financial Reporting
requires management to make judgements, estimates
and assumptions that affect the application of accounting
policies and the reported amounts of assets, liabilities,
income and expenses. Actual results may differ from
these estimates.
In preparing these interim financial statements, the
significant judgements made by management in applying
the Group's accounting policies and the key sources of
estimation uncertainty were the same as those applied to
the financial statements as at and for the year ended
30 June 2025.
GOING CONCERN
It is the conclusion of the Directors that the Group is
a going concern and will continue in operation for the
foreseeable future and the financial statements have been
prepared on that basis.
The Group recognised a profit of $4.6m for the six
months ended 31 December 2025. Inventory has decreased
by $20.7m from $89.0m at 30 June 2025 to $68.3m
at 31 December 2025.
As at 31 December 2025, the Group had drawn debt
facilities of $59.1m of a total group facility of $89m
(30 June 2025: $71.6m of a total group facility of $94m).
An amendment and waiver letter in respect of the
syndicated facility agreement with lending partners was
signed on 11 December 2025 which included the extension
of the maturities of the Company’s two expiring banking
facilities through to 30 April 2026, and the granting of
further covenant waivers for the 31 March 2026 testing
date. The Company also agreed to a temporary covenant
related to minimum EBIT for the six months ending 31
December 2025 which has been met, along with staged
facility reductions through to the end of March, which
are achievable.
The Directors have carefully considered the ability of the
Group to meet its liabilities as they fall due and continue
to operate as a going concern for at least the next 12 months
from the date the financial statements are authorised
for issue. In reaching their conclusion, the Directors have
considered the following factors:
• Current assets exceed current liabilities by $55.3m
as at 31 December 2025;
• Cash flow forecasts for the 12 months following the
approval of these financial statements have been
prepared and indicate sufficient cash flows to meet
obligations as they fall due;
• The Group has returned to profitability for the six months
ended 31 December 2025 and the strategic forecast is for
that to continue, albeit subject to execution risk;
• The Directors have made due enquiry of Management
into the appropriateness of the assumptions underlying
the strategic forecast; and
• The Comvita Board and Management team are
progressing the Company's recapitalisation pathway.
This workstream is on track to meet its milestones.
Accordingly, the financial statements have been prepared
on a going concern basis. However, the above events and
conditions indicate the existence of material uncertainties
that may cast significant doubt on the Group’s ability to
continue as a going concern in the event the capital raise
is not successful and alternate funding cannot be secured.
If these are not achieved, the Group may be unable to
realise its assets and discharge its liabilities in the normal
course of business. The financial statements do not include
any adjustments that may be required should the Group
be unable to continue as a going concern.
Notes to the Interim
Financial Statements
9
COMVITA.CO.NZ
Interim Financial Statements 2026

SIGNIFICANT ACCOUNTING POLICIES
These interim financial statements do not include all the
information and disclosures required in the annual financial
statements. The interim financial statements have been
prepared using the same accounting policies, and should be
read in conjunction with, the annual financial statements
for the year ended 30 June 2025.
STANDARDS, AMENDMENTS AND INTERPRETATIONS
ADOPTED DURING THE YEAR
There are no new or amended standards that are issued,
but not yet effective, that are expected to have a material
impact on the Group.
NOTES TO THE INTERIM FINANCIAL STATEMENTS
10
COMVITA.CO.NZ
Interim Financial Statements 2026

01. Segments
The Group has five key geographic segments as set out below:
Greater China: Revenue and related costs of our China and Hong Kong markets
ANZ: Revenue and related costs of our Australia and New Zealand markets
Rest of Asia: Revenue and related costs of our Asia markets excluding Greater China
North America: Revenue and related costs of our North America market
EMEA: Revenue and related costs of our Europe, Middle East and Africa markets
For the six months to 31 December 2025 and 31 December 2024 unaudited
In thousands of New Zealand dollars
Greater ChinaANZRest of AsiaNorth AmericaEMEA
Total reportable
segments
Other
segmentsTotal
2025202420252024202520242025202420252024202520242025202420252024
Contribution
Segments
Revenue
37,41741,19014,74315,51124,19422,07539,63214,5921,3401,985117,32695,3536454,360117,97199,713
Contribution
6,0646,3093,4643,3123,4111,8223,8382,791453(1,112)17,23013,12210086517,33013,987
Non attributable (other corporate expenses)
(10,324)(21,544)
Financial income and expenses (note 7)
(3,188)(3,420)
Other income (note 2)
4571,835
Net profit/(loss) before tax
4,274(9,013)
Figures in the tables reflect information regularly reported to the Chief Executive Officer (CEO) on those key segments.
Segment results that are reported to the CEO include costs directly attributable to a segment as well as those that can
be allocated on a reasonable basis. Unallocated items comprise mainly head office expenses.
Segment information is presented in the financial statements in respect of the Group’s contribution segments which
are the primary basis of decision making. The contribution segment reporting format reflects the Group’s management
and internal reporting structure.
Performance is measured based on contribution, which is a measure of profitability that the segment contributes to
the Group. Contribution is used to measure performance as management believes that such information is most relevant
in evaluating the results of certain segments. Inter-segment pricing is determined on an arms-length basis.
02. Other Income
In thousands of New Zealand dollars31 December 202531 December 2024
Gain on disposal of investment – Caravan 250–
Government grants
200425
Miscellaneous income
7–
Sales of carbon credits
–551
Insurance proceeds received
–672
Net gain on disposal of PP&E
–99
Other
–88
Total other income
4571,835
NOTES TO THE INTERIM FINANCIAL STATEMENTS
11
COMVITA.CO.NZ
Interim Financial Statements 2026

03. Operating Cash Flow
Reconciliation of the profit for the period with the net cash from operating activities
In thousands of New Zealand dollars
December 2025
Unaudited
December 2024
Unaudited
Profit/(loss) for the period4,590(6,482)
Adjustments for:
Depreciation
4,1545,975
Amortisation
3177
Share based payments
58(22)
Impairment
228399
Profit adjusted for non-cash items
9,03347
Items related to investing and financing activities:
Interest – net
3,0354,327
Disposal of investment – Caravan
(250)–
Acquisition of Honeyworld – deferred/contingent consideration
–3,106
Net loss on disposal of property, plant & equipment
–(99)
Change in trade payables
3203
Movement in working capital items:
Change in inventories
20,70515,008
Change in trade receivables
(11,521)(2,420)
Change in sundry debtors and prepayments
(1,446)2,559
Change in trade and other payables
42(12,638)
Change in tax payable
(256)(2,391)
Change in deferred tax
(1,470)(1,333)
Change in working capital items from foreign currency translation
reserve
2,0183,165
Other movements:
Movement of deferred tax in equity
381519
Foreign currency reserve
476(209)
Net cash from operating activities
20,7509,844
04. Earnings Per Share
In thousands of shares
31 December 2025
Unaudited
31 December 2024
Unaudited
Weighted average number of ordinary shares at the end of the period70,52670,270
Basic earnings per share (NZ cents)
6.51(9.21)
In thousands of shares
Weighted average number of diluted shares at the end of the period70,59270,349
Diluted earnings per share (NZ cents)
6.50(9.21)
NOTES TO THE INTERIM FINANCIAL STATEMENTS
12
COMVITA.CO.NZ
Interim Financial Statements 2026

05. Tax
The Group has recorded a profit before tax of $4.3m for the half year ended 31 December 2025, with a corresponding tax
benefit of $0.3m. The tax benefit primarily arises from the re-recognition of New Zealand deferred tax assets that were
derecognised in FY25.
Based on the half-year performance and current profit forecasts, management has reassessed the recoverability
of deferred tax assets relating to New Zealand tax losses carried forward and determined that partial re-recognition
of $2.3m is appropriate at 31 December 2025, as it is probable that sufficient taxable profits will be available in the
New Zealand tax jurisdiction to utilise the tax losses carried forward.
06. Borrowings
TERMS OF BORROWINGS
In thousands of New Zealand dollarsFacilityCurrency
Nominal
Interest
rate Maturity
Carrying
Amount
31 December
2025
Carrying
Amount
31 December
2024
Carrying
Amount
30 June
2025
Westpac NZ/ANZ:
Revolving credit facility
24,000NZD6.05%April 20267,10037,50012,600
Revolving credit facility
35,000NZD5.37%April 202629,00035,00035,000
Revolving credit facility
30,000NZD5.57%March 202723,00023,00024,000
Westpac NZ:
Overdraft facility NZD – Westpac NZ
1,000NZD–––
Deferred finance costs
(161)(337)(245)
Total borrowings
58,939 95,16371,355
Total borrowings – non-current
22,971 57,83923,912
Total borrowings – current
35,96837,32447,443
COVENANTS AND SECURITY
An amendment and waiver letter in respect of the syndicated facility agreement with lending partners was signed on
11 December 2025 which included the extension of the maturities of the Company’s two expiring banking facilities through
to 30 April 2026, and the granting of further covenant waivers for the 31 March 2026 testing date. The Company also
agreed to a temporary covenant related to minimum EBIT for the six months ending 31 December 2025 which has been
met, along with staged facility reductions through to the end of March 2026. Please refer to Going Concern note under
the Basis of Preparation note on page 9.
The $89 million syndicated facility with Westpac New Zealand Limited and ANZ is secured by way of a General Security
Agreement over assets of Comvita Limited, Comvita New Zealand Limited, Comvita Holdings Pty Limited, Comvita
Australia Pty Limited and Comvita UK Limited.
07. Finance Income and Expenses
In thousands of New Zealand dollars
31 December 2025
Unaudited
31 December 2024
Unaudited
Interest income5 104
Net foreign exchange gain
– 907
Finance income
51,011
Interest expense on financial liabilities measured at amortised cost
(3,040)(4,431)
Net foreign exchange loss
(153)–
Finance expenses
(3,193)(4,431)
Net finance expenses
(3,188)(3,420)
NOTES TO THE INTERIM FINANCIAL STATEMENTS
13
COMVITA.CO.NZ
Interim Financial Statements 2026

08. Inventory
In thousands of New Zealand dollars
31 December 2025
Unaudited
31 December 2024
Unaudited
30 June 2025
Audited
Raw materials34,27565,54054,398
Work in progress
5,4951,3773,890
Finished goods
39,72755,94146,965
Net realisable value provision
(11,159)(2,050)(16,210)
Total inventory
68,338120,80889,043
Inventory written down during the period ended 31 December 2025 has been recognised within cost of goods sold
amounting to $2,043,000 (31 December 2024: $685,000).
09. Sundry Receivables
In thousands of New Zealand dollarsNote
31 December 2025
Unaudited
31 December 2024
Unaudited
30 June 2025
Audited
Prepayments7,8008,2035,623
Loan receivable – Key Management Personnel12
7751,342495
RDTI receivable
2,0112,0521,810
Other receivables
1,2517961,773
Total sundry receivables – current
11,83712,3939,701
Loan receivable – Key Management Personnel12
64748814
Total sundry receivables – non-current64748814
10. Derivatives
In thousands of New Zealand dollars
31 December 2025
Unaudited
31 December 2024
Unaudited
30 June 2025
Audited
Forward exchange contracts – asset – current ––1,943
Forward exchange contracts – asset – non-current
––1,300
Forward exchange contracts – liability – current
(952)(1,532)–
Forward exchange contracts – liability – non-current
(253)(846)–
Total forward exchange contracts (liability)/asset
(1,205)(2,378)3,243
11. Share Schemes
LEADER SHARE PURCHASE & LOAN SCHEME
In 2021 Comvita Limited established a Leader Share Purchase & Loan scheme (“LSPLS”) to retain key employees and
materially align the interests of participants with those of shareholders, by making loans available to eligible employees
for the acquisition of fully paid ordinary shares in Comvita. This scheme has been discontinued.
December 2025
Unaudited
December 2024
Unaudited
Employees in the LSPLS67
Number of shares held
– LSPLS Scheme
599,303696,077
– Ex CEO subscription and loan agreement
212,876212,876
% of share capital
1.15%1.29%
NOTES TO THE INTERIM FINANCIAL STATEMENTS
14
COMVITA.CO.NZ
Interim Financial Statements 2026

11. Share Schemes (continued)
PERFORMANCE SHARE RIGHTS SCHEME
Comvita Limited has a Performance Share Rights (PSR’s) Scheme to incentivise Executives. Upon vesting of the PSR’s,
shares will be transferred from treasury stock or new shares will be issued in the capital of the Company on the terms
and conditions described in the Comvita Limited Performance Share Rights Scheme. Share based payment expenses
are recognised over the vesting period of these PSR's.
In thousands
December 2025
Unaudited
December 2024
Unaudited
Entitlements outstanding at beginning of period – July109845
Entitlements granted
–63
Entitlements cancelled
(21)(532)
Shares vested
(69)(255)
Entitlements outstanding at end of period
19121
12. Related Parties
TRANSACTIONS WITH LEADERSHIP TEAM AND DIRECTORS
In thousands of New Zealand dollars
December 2025
Unaudited
December 2024
Unaudited
Short term employee benefits
1,5062,617
Restructuring expense
–748
Termination benefits
286–
Post employment benefits
253–
Share based payments
58(22)
Total
2,1033,343
Leadership Team Loans:
In thousands of New Zealand dollars
December 2025
Unaudited
December 2024
Unaudited
Current
Loan to Leadership Team – Leader Share Purchase & Loan Scheme
1791,342
Ex CEO subscription and loan agreement
596–
Total
7751,342
Non-current
Loan to Leadership Team – Leader Share Purchase & Loan Scheme
6499
Ex CEO subscription and loan agreement
–649
Total
64748
Directors and other Leadership Team personnel of the Company control 0.28% (30 June 2025: 1.0%, 31 December 2024:
1.53%) of the voting shares of the Company.
NOTES TO THE INTERIM FINANCIAL STATEMENTS
15
COMVITA.CO.NZ
Interim Financial Statements 2026

13. Group Entities
The Group comprises of the Company and the following entities:
SubsidiariesCountry of IncorporationOwnership Interest Held
Comvita New Zealand LimitedNew Zealand100%
Bee & Herbal New Zealand Limited New Zealand 100%
Comvita Share Scheme Trustee Limited New Zealand Management control
Comvita USA, IncUSA100%
Comvita Japan K.KJapan100%
Comvita Korea Co LimitedKorea100%
Comvita Food (China) LimitedChina100%
Comvita Food (Hainan) Co. Ltd*China100%
Comvita China Limited Hong Kong 100%
Comvita Holdings HK Limited Hong Kong 100%
Comvita HK Limited Hong Kong 100%
Comvita Malaysia Sdn BhdMalaysia 100%
Comvita Singapore Pte LimitedSingapore 100%
Comvita Holdings Pty Limited Australia 100%
Comvita Australia Pty Limited Australia 100%
Olive Products Australia Pty Limited Australia 100%
Comvita IP Pty Limited Australia 100%
Medihoney Pty Limited Australia 100%
Medihoney (Europe) Limited United Kingdom 100%
Comvita Holdings UK Limited United Kingdom 100%
Comvita UK Limited United Kingdom 100%
New Zealand Natural Foods Limited United Kingdom 100%
* Comvita Foods (Hainan) Co. Ltd was deregistered on 12 August 2025.
All Group subsidiaries have a 30 June balance date, except for Comvita Food (China) Limited and Comvita Food (Hainan)
Co. Ltd, which have a 31 December balance date due to local requirements.
14. Commitments
Except for the lease commitments disclosed in the right of use assets note in the year end 30 June 2025 Financial
Statements, the Group has no other significant commitments as at 31 December 2025.
NOTES TO THE INTERIM FINANCIAL STATEMENTS
16
COMVITA.CO.NZ
Interim Financial Statements 2026

WWW.COMVITA.CO.NZ
INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 DECEMBER 2025

---

Investor
Presentation
Presented by:
Bridget Coates, Board Chair
Karl Gradon, CEO
Mandy Tomkins-Dancey, CFO
FY26 Interim Results
February 2026

FY25 RESULTS PRESENTATION
DISCLAIMER
IMPORTANT NOTICE
2
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 unaudited interim results for the six months ended 31 Dec 2025;
•Includes non-GAAP financial measures such as Normalised EBIT, EBITDA, Net Contribution, Free Cash Flow and Net Debt. 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 unaudited interim 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.

Bridget Coates
Board Chair
Performance &
Financial Overview

Agenda
•Performance and Financial Overview
•Recapitalisation Update
•Market and Operational Update
•Financial Performance (FY26 Interim Financial Results)
•Strategic Priorities
•Q&A Session

H1 FY26 Delivered, Turnaround Continuing
•Delivered against H1 expectations
•Profitable first half and positive operating cash flow.
•Debt reduced.
•Full-year performance tracking in line with previous guidance - EBIT forecast of$14.3M (normalised
EBIT pre IFRS 16 $13.5M).
•Foundations strengthening
•Leadership capability largely in place, with remaining key roles progressing toward completion.
•Strategy clarified with greater focus, simplification and execution discipline.
•Focus on higher-growth regions supporting resilience.
•Capital structure being addressed constructively, with supportive lender engagement.
•Tangible progress, significant work remains
•The business is stabilising.
•Further work required to fully restore financial strength and sustainable performance.

COMVITA INVESTOR PRESENTATION HALF YEAR RESULT FY25
REVENUE
$118.0 M
OPERATING
EXPENSES
NORMALISED EBIT
NPAT
INVENTORYNET DEBTFREE CASH FLOW
OPERATING
CASH FLOW
18.3% vs PCP
$49.7 M
(13.6%) vs PCP
$ 10M
$10.7M vs PCP
$4.6 M
$11.1M vs PCP
$20.8 M
$10.9M vs PCP
$16.4 M
$14.4M vs PCP
$48.7 M
($32.9M) vs PCP
$68.3 M
($52.5M) vs PCP
Performance Highlights
Normalised EBIT, Free cash flow (FCF) and Net debt are non-GAAP measures. We monitor these as key performance indicators and believe they assist investors in assessing the performance of the core operations
of our business.

Recapitalisation Process Advancing
Recapitalisation process remains the Board’s most critical priority to deliver by April 2026
•Banking Facilities
•Constructive engagement ongoing with lending syndicate regarding extension beyond April 2026, subject to
recapitalisation.
•Board acknowledges continued support of banking partners.
•Recapitalisation Process
•Progressing to plan. Board focused on core objectives: certainty,equitable shareholder participationandminimising
dilution.
•Credible expressions of interest received fromexisting and new investorsto support and potentially underwrite the raise.
•Interest received atpricing above current market level.
•Includes potential participation from anoffshore strategic food and beverage investor to underwrite a capital raising at a
share price of $0.80 per shareand a level materially above the ~$25M minimum. Final strategic investor shareholding
would be dependent onexisting shareholder participation and may requireshareholder and OIO approval.
•Options under active assessment alongside continued lender engagement.

Karl Gradon
CEO
Operational &
Market Update

Execution Progress Against FY26Priorities
FY26 PRIORITIESPROGRESS
1.Return to profitability
✓On track to deliver full year normalised EBIT forecast.
✓New sales strategies implemented in SEA, China and USA.
2.Capital structure and balance sheet
✓Debt reduced to $48.7M at HY26 (from $62.4M at end of FY25).
✓Inventory normalised through disciplined procurement.
✓Recapitalisation and refinancing progressing.
3.Brand and product strength
✓Premium positioning maintained with focused innovation pipeline.
✓Global brand framework strengthening.
✓Continued delivery of locally-relevant innovation.
4.Volume and channel execution
✓Club-retail partnership outperforming sell-through expectations.
✓Customer and channel mix continuing to diversify.
5.Leadershipcapability
✓CFO, COO, and CP&CO in place.
✓Further recruitment underway.
6.Optimised cost structure✓Ongoing cost control with FY25 right-sizing benefits flowing into FY26.
7.Build high-performance culture
✓Stronger alignment, accountability and execution discipline across the
global team.
✓Improved risk management

Greater China: Challenging But On Track
Progress:
•Maintained #1 brand position with >50% market share.
•Maintained #1 in online sales.
•Locally-led innovation delivering results.
Challenges:
•Continued softer consumer demand.
•Ongoing commoditisation of lower UMF grades.
Focus:
•Volume opportunities in large scale retail and online.
•Store footprint optimisation.
•Growth in premium UMF and expansion into new
formats and claims.
GREATER CHINA
HY22HY23HY24HY25HY26
Sales NZ$M
47.751.946.941.237.4
Net Contribution NZ$M
11.313.19.36.36.1
Net Contribution %
23.8%25.2%19.8%15.3%16.2%

North America: Strong Growth Opportunity
Progress:
•Strong volume growth and sell-through from club-
retail relationship, supportingreduction of surplus
inventory and operational efficiencies.
•Growth in Natural Retail channel.
Challenges:
•Aggressive e-commerce competition.
•Need to build broader consumer awareness.
Focus:
•Building awareness and penetration in this high
growth market.
•Expansionacross retail channels and product
formats.
•Continued improvement in e-commerce
performance.
NORTH AMERICA
HY22HY23HY24HY25HY26
Sales NZ$M
17.220.713.014.639.6
Net Contribution NZ$M
5.07.02.32.83.8
Net Contribution %
29.0%33.7%17.6%19.1%9.7%

Other Markets: Performance Improving
Progress:
•Singapore retail optimisation supporting improved performance and
acting as a gateway for further Southeast Asia growth.
•Cost reduction initiatives improving profitability across markets.
Challenges:
•Intensifying competition.
•ANZ Asian Health channel performance linked to pace of China recovery.
Focus:
•Continued retail store optimisation.
•Targeted geographic expansion through strategic partners.
•Leveraging increasing international tourism activity.
REST OF ASIA
HY22HY23HY24HY25HY26
Sales NZ$M
12.712.919.222.124.2
Net Contribution NZ$M
3.13.32.61.83.4
Net Contribution %
24.2%25.6%13.5%8.3%14.1%
ANZ
HY22HY23HY24HY25HY26
Sales NZ$M
18.118.119.315.514.7
Net Contribution NZ$M
5.16.36.23.33.5
Net Contribution %
28.2%35.0%32.3%21.4%23.5%

Innovation For Differentiation and Growth ...

•Innovation engaging new
consumers with new flavours of
Pure Mānuka Honey Lozenges
•Lozenges are a strategically
importantrecruitment product,
introducing new consumers to the
Comvita brand across multiple
markets.
•Two new flavours launched
targeting Asian consumer
preferences -Mānuka with
YuzuandMānuka with Ginger.
•FY26 sales forecast to grow>60% vs
FY25, supporting category
penetration and portfolio
diversification.

•Locally relevant innovation
leveraging gifting occasions
•Gift boxes and supporting design
material launched across
relevant global markets targeting
Lunar New Year.

Mandy Tomkins-Dancey
CFO
Financial
Performance

Delivered H1 Financial Objectives
•Solid half-year performance
•Strong US club-retail performance drove
improved volume, sales, profitability, and
supported overhead recovery.
•Club-retail growth offset challenges in USA
digital channels and ANZ market.
•Performance across other markets largely
balanced overall result.
•Disciplined cost control delivering
•Continued cost management, with FY25 cost-
out benefits flowing through, notwithstanding
transaction costs being included in the HY26
result.
•EBIT stabilised, reflecting the diversification
benefits of the US club-retail channel.
North America
Normalised
* $1.4m Transaction Costs
* $1.5m ERP & Transformation Costs
* ($0.3m) Gain on disposal of investment
Overhead recoveries,
primarily from North
America volumes and
inventory ageing
provision release.

•Improved cash conversion
•Earnings-to-cash conversion strengthened, with cash
conversion cycle reduced from 484 days (Dec-24) to 239
days (Dec-25).
•Inventory normalisation delivered ahead of plan,
generating $22.5M cash inflow.
•Further working capital improvements not expected.
•Balance sheet strengthening
•Higher operating profit combined with strong cash
conversion reduced net debt by $13.7M from June 2025
to $48.7M at 31 December 2025, ahead of expectations.
Achieved Target Working Capital Position
26.3
63.3
85.8
81.6
62.4
48.7
-
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
90.0
100.0
H1-FY22H1-FY23H1-FY24H1-FY25FY25H1-FY26
Net Debt NZ$M
111.8
145.8
143.8
120.8
89.0
68.3
-
20.0
40.0
60.0
80.0
100.0
120.0
140.0
160.0
H1-FY22H1-FY23H1-FY24H1-FY25FY25H1-FY26
Inventory NZ$M

On Track for Full Year
•Full-year guidance unchanged: normalised EBIT forecast remains $14.3M in line with
previous guidance (normalised EBIT pre IFRS 16 $13.5M).
•Key value drivers and challenges for H2:
•Headwinds from ANZ and FX, with continued solid performance across other markets currently offsetting these
pressures.
•Key commercial partner in North America – sell-through in line with forecasts.
•Mānuka honey season – currently in line with expectations.
•Lunar New Year – managing for maximum profitability (not just revenue) with results not yet known.
•H2 performance reflects normal seasonal patterns.
•Continued operational efficiency opportunities within core business to be realised.
•Focus on disciplined execution and delivery across key value drivers.
•Strengthening the platform for sustainable future growth, underpinned by a scalable business model and
improving operational discipline.

Karl Gradon
CEO
Strategy and Key
Priorities

Category dynamics
•Geographic shift continuing: North America largest market, growing+89%from
$74M (2020) to $140M (2025), offsetting a-39%decline in Greater China.
•Category expanding globally: Mānuka honey export value reached a new high in
2025, surpassing the previous 2020 peak and up on 2024.
•Volume-led growth: Export volume increased+21%from 9,500T (2020) to
11,500T (2025), while average FOB value declined-16%from $47/kg to $39/kg.
Category Shift Creates Significant Opportunity
Source:
https://www.linkedin.com/feed/update/urn:li:activity:742421060862088
3969/ and StatsNZ Infoshare
Capturing - and leading - this opportunity requires market and channel
diversification, category innovation, clear brand differentiation, and
disciplined execution.

Our Strategy to Win and Build Long-Term Value
CONTINUE BUILDING A WORLD-LEADING
HEALTH & WELLNESS BRAND
WIN IN MĀNUKA
Strategic ImperativesOur EnablersOur Goals
1.Grow volume - lower UMF,
targeted customer/
channel/market expansion.
2.Winning brand differentiation
and innovation – new formats
and science.
3.Win in USA – digital and natural
retail.
4.Optimise existing platforms –
retail network, supply chain and
cost structure.
•Capable, connected, and
accountable global team.
•Data, consumer insights, and
scientific evidence.
•Digital marketing and e-commerce
excellence.
•Optimised systems, tools and
processes.
•Commercial discipline and rigour.
✓Strong and consistent
shareholder returns
✓Robust and resilient balance
sheet
✓Sustainable operating profits
(EBITDA >20% sales)
✓Consumer affinity and trust
✓High performing global team –
Employee NPS
Strategic Framework
Objectives
12

Immediate Execution Priorities
Fixing what’s broken. Protecting what’s strong. Delivering with discipline.
•Disciplined capital allocation and operational focus: supporting cash generation and balance sheet stability.
•Executing across core value drivers:
1.Brand and innovation differentiation.
2.Digital and e-commerce channels.
3.Major club-retail and strategic customer partnerships.
•Strengthening the core platform: supply chain, cost base and operating model.
•Experienced and stable leadership team: driving consistent delivery across a globally aligned organisation.
•Delivering FY26 in line with guidance while continuing to rebuild for long-term performance and resilience.

FY25 RESULTS PRESENTATION
.
24
Questions

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Template
Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)
Updated as at March 2025


Results for announcement to the market
Name of issuer Comvita Limited
Reporting Period Six months to 31 December 2025
Previous Reporting Period Six months to 31 December 2024
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$117,971 18.3%
Total Revenue $117,971 18.3%
Net profit/(loss) from
continuing operations
$4,590 170.8%
Total net profit/(loss) $4,590 170.8%
Interim/Final Dividend
Amount per Quoted Equity
Security
It is not proposed to pay a dividend
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)
$0.80 $1.89
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Please refer to results announcement and attachments for
commentary.
Authority for this announcement
Name of person

authorised
to make this announcement
Karl Gradon, CEO
Contact person for this
announcement
Karl Gradon, CEO
Contact phone number +64 21 312 990
Contact email address Karl.gradon@comvita.com
Date of release through MAP

23 February 2026

Unaudited financial statements and the investor presentation accompany this announcement.