Me Today announces six-month results to 31 December 2025

1

25 February 2026
Me Today Ltd announces six-month results to 31 December 2025
• Results for the six months ended 31 December 2025 shows revenue of
$2.55m and a loss from continuing operations of $902k
• Net loss is a reduction of 39% on the net loss of $1.48m in the six
months in the prior year
• Me Today gross revenue from continuing operations grows 21% from
$2.69m to $3.25m for the half year
• Me Today forecasts gross revenue to exceed $6.5m for the full year
ended 30 June 2026
• Strong international growth opportunities
• New product launches and growth in the local NZ market
• Positive working capital of $5m at 31 December 2025
Me Today Limited (NZX: MEE) has released its unaudited Group results for the six months ended
31 December 2025.
Results show Me Today and agency revenue from continuing operations of $2.55m, an increase of
19% compared to $2.15m for the six months ended 31 December 2024, and a loss after tax of $902k
from continuing operations, a reduction of 39% on the loss of $1.48m in the first six months in the
year prior.
The total Group net profit for the period was $3.22m, this included a gain of $4.1m on the disposal
of the King Honey business. King Honey was placed into receivership on 27 July 2025. The
receivership has had a positive impact on the balance sheet of the Me Today Group. The liabilities
relating to King Honey exceeded the carrying value of assets by $4.1m creating a gain on disposal
which has now been reflected in these half year financial statements. Me Today was ring fenced
from the King Honey debt security group meaning that after the receivership the net liabilities of
King Honey Limited were no longer the responsibility of the Me Today Group.
At 31 December 2025 the balance sheet of Me Today has positive working capital $5.0m which
provides support for the brand as the Group increases sales and expands into new markets.
The Me Today brand and the agency business recorded revenue before marketing costs paid to a
customer of $3.25m which is growth of 21% on HY24. The costs of marketing services provided by
customers were $698k an increase on HY24 where these costs were $542k.
The net loss for the brand and agency business was $277k, which is an improvement of 67% on the
loss of $844k in HY24.
In addition to the brand and agency business the Group incurred head office and listed company
costs of $625k for HY25 which was slightly down on costs of $632k in HY24.

2

Brand strategy and forecast for the full year ending 30 June 2026
The business continues to focus on growing revenue and reducing costs where possible,
acknowledging that investment is still required in the brand and the distribution network. For the
FY26 financial year the business is expecting full year gross revenue to exceed $6.5m and the
operating EBITDA loss to be less than $1.7m.

The strategy for Me Today is to focus on growth through:
• Continuing to gain market share in New Zealand.
• Evolving the product offering and bringing new products to market.
• Maximizing and leveraging the China licensing arrangement.
• Developing existing international opportunities in the US, Japan, the UAE and Ireland
• Developing a new distribution partner for SE Asia
• Investing in brand marketing

New Zealand
The home market of New Zealand continues to be an important focus for the Group. The Me Today
brand is listed in some of New Zealand's largest retailers such as Chemist Warehouse, Woolworths,
Unichem & Life Pharmacies, Bargain Chemist, Independent Pharmacies and Health 2000 stores. Me
Today is also available online at trusted sites, such as: Health Post, Pharmacy Direct and at
www.metoday.com.
Me Today continues to grow in the New Zealand market. The growth has come from expanded shelf
presence in our biggest retail partner. As a result of the increase in sales, we have negotiated a
further increase in space. We are currently launching our new planogram with the shelf space
increasing to six shelves during March. Given the current performance of the brand, we believe that
this will deliver a further lift in sales. At the same time, we are investing further in store and
increasing our promotional display space.
Our scan data in New Zealand continues to perform well with retail sales increasing 132% in the 12
months to 18 February 2026 on the previous 12 month period.
Evolving the product offering and bringing new products to market
The Me Today product offering sits across the following four categories:
• Supplements
• Skincare
• Manuka Honey
• Potent Herbal Liquids
We continue to evolve the product range, and we believe there is still a lot of room to grow and take
advantage of changing trends in the marketplace. The brand recognises the importance of a
product-lead strategy with the consumer now more than ever looking for new, efficacious and
trending ingredients, which provide a unique point of difference.
The 2025 calendar year saw the launch of 17 new products with the launch of the Me Today Potent
Herbal range of liquid supplements and new supplements in varying formats across capsules, resin
and a liquid spray for stress support.

3

In February 2026 Me Today launched three new targeted supplements — High Dose NMN 250, Slim
Biotic Complex and Black Seed Oil — expanding the Company’s premium wellness portfolio. The
products address key consumer demand areas including cellular energy, metabolic health and
immune support, and reflect Me Today’s continued focus on science-backed, high-quality
formulations aligned to global wellness trends.
We have further strengthened our women’s wellness portfolio with the launch of four new
functional powder blends: Belly Bliss, Choc N Chill, Blood Sugar Sync and Blood Sugar & Cycle Sync.
These innovations address key consumer demand areas including digestive health, stress and sleep
support, blood sugar balance and hormonal wellbeing. This marks Me Today’s first entry into great-
tasting powdered supplements, delivering both immediate sensory appeal and tangible health
benefits in every serve.
We have received very good feedback on the new products from our retail partners and look
forward to seeing the results as the products roll out into store during February and March.
We are also developing further products in powders which we hope to launch into the New Zealand
market in the second quarter of the 2026 calendar year. We will share further updates as the launch
timeline for these is finalized.
Me Today China brand Licensing Agreement
As advised previously, Me Today signed a full suite of commercials agreements with a large Chinese
sports nutrition company. The licence agreements provide for payment of a licensing fee to Me
Today over a period of 10 years based on revenue earned in Greater China by the licensor. The
agreements also allow for the licensor to progressively acquire up to 50% of the greater China
trademark should they achieve certain revenue targets.
During FY25 our partner achieved revenue targets contained within the commercial agreements and
gave notice to acquire a 20% ownership in the Me Today China trademark per those agreements. On
the basis of internal reporting we believe they have achieved revenue targets to provide us with a
notice to further increase their shareholding in the Me Today China trademark. We will continue
discussions with them post Chinese New Year to understand timings to receive the new shareholding
notice.
The licence fee is payable by the licensor as a percentage of revenue. The next reporting period for
the revenue finishes on 31 March 2026, where a fee will be payable on the sales of Me Today
product in China. The licence fee estimated as payable by the licensor in the nine months to 31
December 2025 is NZD $640k.
The arrangement is an exciting partnership for the Me Today brand which, as well as creating new
revenue and increasing global brand visibility, is also helping to access new product development
concepts. The focus in China includes promoting Me Today across the Chinese TikTok platform,
Douyin and now expanding further into other online platforms and direct to consumer sales models.
The reach of distribution not only focuses on Tier 1 and Tier 2 cities in China, it expands further into
Tier 3, 4 & 5 cities providing access to a large number of consumers.
USA
The USA market focuses on both offline and online channels. Investment continues in the Online
space with work ongoing with our digital agency assisting in developing the strategy to grow sales.

The offline business in the USA is Manuka honey focused with partnerships in the grocery and
consumer retail channels, the change in business model for Manuka honey making it easier to access

4

these channels. The channel, however, is price sensitive. During the six months there was some
uncertainty as to whether Me Today Manuka Honey would be part of the customers core range. A
review was completed and ranging has now been confirmed. Purchases from the customer were
lower while the review was being completed and created a reduction in period on period sales to the
US. So far this calendar year we have received orders totaling NZD $430k for delivery in February
and March. We have also received an ongoing forecast which will be subject to us securing Manuka
honey at the right grade and quantity.

Japan
We have an established partner in the Me Today brand across Manuka honey, Skincare and
Supplements. We have been building the sales channel with our Japanese partner and trialing new
format opportunities. Our partner secured an opportunity to list Me Today in a large retail chain
during 2025. We have received follow-up orders of our offering of multi floral Manuka infused with
specific ingredients. We are working with our partner to understand the support they need to
further grow the market in 2026.

Ireland
In Ireland we have secured extended ranging with Chemist Warehouse across our Supplement and
Skincare range. We have products in market and are selling on shelves. We are expanding the range
in quarter two of the calendar year. When the roll out is complete we will have 30 products in store.
Chemist Warehouse currently has 16 stores in Ireland and are looking to expand this footprint
further. We will monitor sell out and discuss the in-market investment plan with Chemist Warehouse
ongoing.

SE Asia
We have an opportunity to launch Me Today products in SE Asia and we are in discussion with a local
distributor. We are working through the registration requirements for the market with the
distributor and we are considering a launch into Singapore and Malaysia during 2026 and then into
Thailand and Vietnam in 2027.

We will update further as discussions progress.

The Me Today board, management and staff are excited about the opportunities for the brand and
look forward to continuing the growth of the brand footprint both in New Zealand and
internationally. We would like to also thank our shareholders for their ongoing support.


For further information, please contact:

Grant Baker
Chairman, Me Today Limited
021 729 800

Stephen Sinclair
CEO, Me Today Limited
021 330 053
stephen@metoday.com

---

Me Today Limited


Unaudited Condensed Interim
Consolidated Financial Statements


For the six months ended 31 December 2025

Me Today Limited
Unaudited Condensed Interim Consolidated Financial Statements
For the six months ended 31 December 2025



2
Contents


Page
Consolidated Statement of Profit or Loss and Other Comprehensive
Income
3
Consolidated Statement of Changes in Equity 4
Consolidated Statement of Financial Position 5
Consolidated Statement of Cash Flows 6
Condensed Notes to the Interim Consolidated Financial Statements 7
Company Directory 20

Me Today Limited
Consolidated Statement of Profit or Loss and Other Comprehensive
Income
For the six months ended 31 December 2025


* restated. Refer note 2.2

These interim financial statements have not been audited, nor reviewed by the auditor. The accompanying notes form
part of these interim financial statements and should be read in conjunction with them.
3


6 mths ended
6 mths ended
31 Dec 2025
31 Dec 2024
Note
(unaudited)
(unaudited) *
NZ$000
NZ$000
Continuing operations
Revenue
4
2,554
2,151
Changes in inventories of finished goods and work in progress
(1,426)
(1,240)
Selling and marketing expenses
(862)
(1,020)
Distribution expenses
(243)
(313)
Administrative and other operating expenses
(862)
(999)
Finance income
8
42
Finance expenses
5
(71)
(97)
Loss before income tax
(902)
(1,476)
Income tax (expense)/benefit
-
-
Loss for the period from continuing operations
(902)
(1,476)
Discontinued operations
Profit/(loss) from discontinued operations
13
4,121
(957)
Profit/(loss) for the period
3,219
(2,433)
Other comprehensive income
Items that may be reclassified subsequently to profit or loss
Exchange differences on translation of foreign operations
1
98
Total comprehensive income/(loss) for the period
3,220
(2,335)
Profit/(loss) for the period attributable to:
Owners of the Company
3,219
(2,433)
Non-controlling interests
-
-
3,219
(2,433)
Total comprehensive income/(loss) for the period attributable to:
Owners of the Company
3,220
(2,335)
Non-controlling interests
-
-
3,220
(2,335)
Earnings/(loss) per share:
Basic and diluted earnings/(loss) per share (NZ$)
From continuing operations
7
(0.014)
(0.027)
From continuing and discontinued operations
7
0.048
(0.045)

Me Today Limited
Consolidated Statement of Changes in Equity
For the six months ended 31 December 2025



These interim financial statements have not been audited, nor reviewed by the auditor. The accompanying notes form
part of these interim financial statements and should be read in conjunction with them.
4

Share
Accumulated
Foreign
currency
translation
Attributable
to owners of
Non-
controlling
Total
capital
losses
reserve
the Company
interests
equity
NZ$000
NZ$000
NZ$000
NZ$000
NZ$000
NZ$000
At 1 July 2024 (audited)
55,333
(51,655)
(72)
3,606
-
3,606
Total comprehensive income
Loss for the period
-
(2,433)
-
(2,433)
-
(2,433)
Other comprehensive income
-
-
98
98
-
98
At 31 December 2024 (unaudited)
55,333
(54,088)
26
1,271
-
1,271
At 1 July 2025 (audited)
55,333
(57,671)
(5)
(2,343)
-
(2,343)
Total comprehensive income
Gain for the period
-
3,219
-
3,219
-
3,219
Other comprehensive income
-
-
1
1
-
1
Transactions with owners
Shares issued during the period
2,337
-
-
2,337
-
2,337
Less: share issue costs
(159)
-
-
(159)
-
(159)
At 31 December 2025 (unaudited)
57,511
(54,452)
(4)
3,055
-
3,055

Me Today Limited
Consolidated Statement of Financial Position
As at 31 December 2025


These interim financial statements have not been audited, nor reviewed by the auditor. The accompanying notes form
part of these interim financial statements and should be read in conjunction with them.
5


These financial statements were approved by the Board on 25 February 2026.
Signed on behalf of the Board by:



Grant Baker Stephen Sinclair
31 Dec 2025
30 Jun 2025
Note
(unaudited)
(audited)
NZ$000
NZ$000
ASSETS
Current assets
Cash and cash equivalents
2,226
1,259
Trade and other receivables
1,596
1,794
Inventory
8
2,435
11,192
Taxation receivable
56
47
Total current assets
6,313
14,292
Non-current assets
Property, plant and equipment
9
29
654
Right-of-use assets
10
-
83
Intangible assets
246
171
Total non-current assets
275
908
Total assets
6,588
15,200
LIABILITIES
Current liabilities
Trade and other payables
1,283
1,683
Lease liabilities
-
63
Borrowings
11
-
15,760
Total current liabilities
1,283
17,506
Non-current liabilities
Lease liabilities
-
37
Borrowings
11
2,250
-
Total non-current liabilities
2,250
37
Total liabilities
3,533
17,543
Net assets
3,055
(2,343)
EQUITY
Share capital
12.1
57,511
55,333
Accumulated losses
(54,452)
(57,671)
Foreign currency translation reserve
(4)
(5)
Equity attributable to owners of the Company
3,055
(2,343)
Non-controlling interests
-
-
Total equity
3,055
(2,343)

Me Today Limited
Consolidated Statement of Cash Flows
For the six months ended 31 December 2025



These interim financial statements have not been audited, nor reviewed by the auditor. The accompanying notes form
part of these interim financial statements and should be read in conjunction with them.
6
6 mths ended6 mths ended
31 Dec 202531 Dec 2024
Note(unaudited)(unaudited)
NZ$000 NZ$000
Cash flows from operating activities
Cash used in continuing operations
Receipts from customers3,1912,778
Payments to suppliers and employees(4,137)(4,284)
Interest received843
Income tax (paid)/refunded(9)(21)
Cash used in discontinued operations
Receipts from customers1161,529
Payments to suppliers and employees(168)(1,092)
Net cash used in operating activities16(999)(1,047)
Cash flows from investing activities
Cash used in continuing operations
Payments for intangibles(76)(22)
Payments for property, plant and equipment(13)(9)
Cash from discontinued operations
Proceeds from sale of property, plant and equipment-13
Proceeds from sale of assets held for sale-77
Net cash (used in)/from investing activities(89)59
Cash flows from financing activities
Cash from continuing operations
Proceeds from issue of share capital2,338-
Share capital issue costs(159)-
Proceeds from bank borrowings2,250139
Repayment of principal on borrowings(2,250)-
Interest paid on borrowings(71)(97)
Payment of lease liabilities-(44)
Interest paid on lease liabilities-(3)
Cash used in discontinued operations
Proceeds from bank borrowings-12
Repayment of principal on borrowings(47)-
Interest paid on borrowings-(227)
Payment of lease liabilities(6)(95)
Interest paid on lease liabilities-(5)
Net cash flows from/(used in) financing activities
2,055(220)
Net increase/(decrease) in cash and cash equivalents
967(1,208)
Cash and cash equivalents at the beginning of the period
1,2592,837
Effect of foreign exchange rates
-98
Cash and cash equivalents at the end of the period
2,2261,727

Me Today Limited
Condensed Notes to the Interim Consolidated Financial Statements
For the six months ended 31 December 2025


7
1. General information
Me Today Limited (‘Me Today’ or ‘the Company’) is a limited liability company incorporated and domiciled
in New Zealand.
The condensed interim consolidated financial statements are for Me Today and its subsidiaries (together
‘the Group’). Me Today is the legal holding company for the Group. Details of subsidiary companies and
their principal activities are set out in note 14.
2. Basis of preparation
These unaudited condensed interim consolidated financial statements have been prepared in accordance
with New Zealand Generally Accepted Accounting Practice (‘NZ GAAP’), with New Zealand Equivalent to
International Accounting Standard 34: Interim Financial Reporting (‘NZ IAS 34’), with International
Accounting Standard 34: Interim Financial Reporting (‘IAS 34’), and with the requirements on the NZX
Main Board Listing Rules.
Me Today Limited is a company registered under the Companies Act 1993 and an FMC reporting entity
under the Financial Markets Conduct Act 2013. The Company is listed on the NZX Main Board.
The condensed interim consolidated financial statements do not include all of the notes of the type
normally included in an annual financial report. Accordingly, this report should be read in conjunction with
the financial statements included in the annual report for the year ended 30 June 2025 which have been
prepared in accordance with New Zealand equivalents to International Financial Reporting Standards (‘NZ
IFRS’) and IFRS
®
Accounting Standards.
The condensed interim consolidated financial statements are presented in New Zealand dollars which is
the Company’s functional and Group’s presentation currency, rounded to the nearest thousand dollars.
The condensed interim consolidated financial statements are unaudited. The comparative information as
at 30 June 2025 is audited. Where comparative information as at 30 June 2025 has been re-presented
(refer note 2.2), this re-presented comparative information has not been audited.
2.1. Basis of measurement
The condensed interim consolidated financial statements have been prepared on a historical cost basis.
2.2. Re-presentation of comparative information
On 27 July 2025 the directors of King Honey Holdings Limited and King Honey Limited (‘King Honey’),
both wholly-owned subsidiaries of Me Today, requested that the Bank of New Zealand appoint receivers
and managers over the assets of each subsidiary (note 13). The financial results of the King Honey group
are separately disclosed in these financial statements as discontinued operations as a result of King
Honey being placed into receivership. In accordance with the requirements of NZ IFRS 5 Non-Current
Assets Held for Sale and Discontinued Operations, comparative information for these operations have
also been re-presented separately as discontinued operations.
2.3. Going concern
The interim consolidated financial statements have been prepared on a going concern basis, which
assumes that the Group has the intention and ability to continue its operations for the foreseeable future.
The Group incurred an after-tax loss from continuing operations of $0.9 million in the 6 months to
31 December 2025 (6 months to 31 December 2024: $1.5 million loss from continuing operations). The
Group’s net cash outflows from the continuing operations’ operating activities during the 6 months was
$0.9 million (6 months to 31 December 2024: $1.5 million net cash outflow).
At the reporting date the Group had working capital of $5.0 million (30 June 2025: negative working capital
of $3.2 million) and net assets of $3.1 million (30 June 2025: net liabilities of $2.3 million). At 31 December
2025 the Group had a bank loan of $2.25 million (30 June 2025: the Group had fully drawn down $2.7

Me Today Limited
Condensed Notes to the Interim Consolidated Financial Statements
For the six months ended 31 December 2025


8
million of its bank overdraft facility, had bank loans of $7.3 million and a subordinated note payable of $5.8
million).
As disclosed in the 2025 Annual Report, Me Today Limited is removed from the debt security group
security arrangements of the King Honey group which has been placed into receivership (note 13), and
has no obligations in relation to the debts of the King Honey group.
Notwithstanding the ongoing performance of the business, the Directors are satisfied that based on their
review of the Group’s current financial forecasts, the continued support of the BNZ and with the available
cash resources, that, during the 12 months after the date of signing these consolidated financial
statements, there will be adequate cash available to meet the financial obligations of the Group as they
arise. In forming this view the Directors have also considered the Company’s current capital structure,
including the issued Series 1 and Series 2 warrants (note 12.2) and the potential to access future capital
investment.
The Directors acknowledge that whilst the Group continues to build commercial relationships with new and
existing customers future looking forecasts are inherently uncertain. The Directors consider the Group’s
current cash balances, provide it with sufficient headroom should it be required if sales or cash forecasts
are not achieved.
For this reason, the Board considers the adoption of the going concern basis in preparing the consolidated
financial statements for the 6 months ended 31 December 2025 to be appropriate. The Board has reached
this conclusion having regard to circumstances which it considers likely to affect the Group during the
period of at least one year from the date of approval of these consolidated financial statements, and to
circumstances which it considers will occur after that date which will affect the validity of the going concern
basis.
3. Changes in Accounting Policies
There have been no changes in the material accounting policies and methods of computation used in
preparing the condensed interim consolidated financial statements compared to those used in preparing
the audited consolidated financial statements for the 12 months ended 30 June 2025. For details of the
accounting policies for the 12 months ended 30 June 2025 please refer to the 2025 Annual Report.

4. Revenue from continuing operations

The details above disaggregate the Group's revenue from contracts with customers into primary markets,
and major product and service lines.

6 mths ended
6 mths ended
31 Dec 2025
31 Dec 2024
(unaudited)
(unaudited)
NZ$000
NZ$000
2,596
2,211
Less marketing services provided by customers
(698)
(542)
Revenue from sale of health and wellbeing products
1,898
1,669
Revenue from licence fees
370
175
Revenue from agency services
286
307
Total revenue
2,554
2,151
Revenue from sale of health and wellbeing products before marketing
services provided by customers

Me Today Limited
Condensed Notes to the Interim Consolidated Financial Statements
For the six months ended 31 December 2025


9
Revenue from continuing operations was generated from the following geographical regions.

Revenue disclosed in the table above is allocated geographically based upon the customer’s location. In
previous periods revenue was allocated geographically based upon the jurisdiction in which the revenue is
recognised for taxation purposes. The comparative information has been updated to align to the current
disclosure allocation.
5. Expenses
The loss from continuing operations includes the following expenses.




6 mths ended
6 mths ended
31 Dec 2025
31 Dec 2024
(unaudited)
(unaudited)
NZ$000
NZ$000
1,435
840
USA
551
802
China
401
248
Rest of the world
167
261
Total revenue
2,554
2,151
New Zealand
6 mths ended6 mths ended
Note31 Dec 202531 Dec 2024
(unaudited)(unaudited)
NZ$000 NZ$000
Salaries(765)(817)
Employer Kiwisaver contributions(21)(21)
Directors' fees(38)(50)
Depreciation and amortisations:
Depreciation of property, plant and equipment(6)(7)
Depreciation of right of use assets(6)(43)
(12)(50)
Finance expenses:
Interest on lease liabilities-(2)
Interest on borrowings(71)(95)
(71)(97)

Me Today Limited
Condensed Notes to the Interim Consolidated Financial Statements
For the six months ended 31 December 2025


10
6. Segment information
The Group:
• produces, sells, and markets health and wellbeing products, and licenses the Me Today brand (‘Me
Today brand’ segment);
• acts as an agent on behalf of other health and wellbeing suppliers (‘Agency services’ segment); and
• prior to the receivership of King Honey (note 13), produced premium manuka honey (‘King Honey’
segment). The King Honey segment is disclosed as a discontinued operation.
Head office expenses include management salaries and costs related to the NZX listing.





Me TodayAgencyKingHeadTotal
brandservicesHoneyoffice
NZ$000 NZ$000 NZ$000 NZ$000 NZ$000
2,966286--3,252
(698)---(698)
Total external revenue2,268286--2,554
Total inter-segment revenue-----
Total revenue2,268286--2,554
EBITDA from continuing operations(259)(16)-(552)(827)
Finance income---88
Finance expenses---(71)(71)
Depreciation and amortisations(2)--(10)(12)
Loss before income tax(261)(16)-(625)(902)
Income tax expense-----
Loss from continuing operations(261)(16)-(625)(902)
Discontinued operations
Loss from discontinued operations--(22)-(22)
Gain on King Honey receivership--4,143-4,143
Profit/(loss) for the period(261)(16)4,121(625)3,219
6 months to 31 December 2025
Revenue before marketing services provided by
customers
Less marketing services provided by customers
Me TodayAgencyKingHeadTotal
brandservicesHoneyoffice
NZ$000 NZ$000 NZ$000 NZ$000 NZ$000
2,386307--2,693
(542)---(542)
Total external revenue1,844307--2,151
Total inter-segment revenue-----
Total revenue1,844307--2,151
EBITDA from continuing operations(805)(36)-(530)(1,371)
Finance income---4242
Finance expenses---(97)(97)
Depreciation and amortisations(2)(1)-(47)(50)
Net loss before taxation(807)(37)-(632)(1,476)
Income tax expense-----
Loss from continuing operations(807)(37)-(632)(1,476)
Discontinued operations
Loss from discontinued activities--(957)-(957)
Profit/(loss) for the period(807)(37)(957)(632)(2,433)
6 month ended 31 December 2024
Revenue before marketing services provided by
customers
Less marketing services provided by customers

Me Today Limited
Condensed Notes to the Interim Consolidated Financial Statements
For the six months ended 31 December 2025


11


The Group has identified its operating segments based on the internal reports reviewed and used by the
Chief Operating Decision Maker (‘CODM’), being the Board of Directors, in assessing the Group’s
performance and in determining the allocation of resources.
6.1. Seasonal and cyclical influences
There are no seasonal or cyclical influences on operations.
7. Earnings per share

The 95.52 million warrants on issue at the reporting date (note 12.2) were not considered to be dilutive
due to the Group’s net loss from continuing operations (31 December 2024: none).

Me Today
Agency
King
Head
Total
brand
services
Honey
office
NZ$000
NZ$000
NZ$000
NZ$000
NZ$000
Segment assets
4,597
230
-
1,761
6,588
Segment liabilities
791
245
-
2,497
3,533
Me Today
Agency
King
Head
Total
brand
services
Honey
office
NZ$000
NZ$000
NZ$000
NZ$000
NZ$000
Segment assets
3,705
304
9,999
1,192
15,200
Segment liabilities
610
216
14,078
2,639
17,543
As at 30 June 2025
As at 31 December 2025
6 mths ended6 mths ended
31 Dec 202531 Dec 2024
(unaudited)(unaudited)
Basic and diluted earnings/(loss) per share from:
Continuing operations (NZ$)(0.014)(0.027)
Discontinued operations (NZ$)0.062(0.018)
Continuing and discontinued operations (NZ$)0.048(0.045)
Loss from continuing operations (NZ$000)(902)(1,476)
Profit/(loss) from discontinued operations (NZ$000)4,121(957)
Profit/(loss) after tax from continuing and discontinued operations (NZ$000)3,219(2,433)
66,40354,320
The profit/(loss) and weighted average number of ordinary shares used in the calculation of earnings
per share are as follows:
Weighted average number of ordinary shares used in the calculation of
basic and diluted earnings per share ('000)

Me Today Limited
Condensed Notes to the Interim Consolidated Financial Statements
For the six months ended 31 December 2025


12
8. Inventory

$9.0 million of inventory was held by King Honey when it was placed into receivership on 27 July 2025
(note 13).
9. Property, plant and equipment


31 Dec 2025
30 Jun 2025
(unaudited)
(audited)
NZ$000
NZ$000
Finished goods
1,787
1,906
Raw materials
229
8,732
Packaging materials
419
554
2,435
11,192
NZ$000
NZ$000
NZ$000
NZ$000
NZ$000
Cost:
At 1 July 2024
2,069


162


198


367


2,796


Additions
-


-


4


-


4


Transferred from assets held for sale
-


164


-


-


164


Disposals
(3)


(9)


-


(367)


(379)


At 30 June 2025
2,066


317


202


-


2,585


Additions
12


-


1


-


13


King Honey receivership (note 13)
(2,048)


(317)


(71)


-


(2,436)


At 31 December 2025
30


-


132


-


162


Accumulated depreciation:
At 1 July 2024
(826)


(50)


(160)


(123)


(1,159)


Depreciation expense
(201)


(26)


(16)


(24)


(267)


Impairment
(655)


-


-


-


(655)


Disposals
1


2


-


147


150


At 30 June 2025
(1,681)


(74)


(176)


-


(1,931)


Depreciation expense
(1)


-


(5)


-


(6)


King Honey receivership (note 13)
1,668


74


62


-


1,804


At 31 December 2025
(14)


-


(119)


-


(133)


Carrying amount:
At 31 December 2025
16


-


13


-


29


At 30 June 2025
385


243


26


-


654


At 1 July 2024
1,243


112


38


244


1,637


Plant &
equipment
Office
equipment
& furniture
Leasehold
improvements
Total
Vehicles

Me Today Limited
Condensed Notes to the Interim Consolidated Financial Statements
For the six months ended 31 December 2025


13
10. Right-of-use assets

11. Borrowings

The Group has borrowings of $2.25 million with the Bank of New Zealand (‘BNZ’) (30 June 2025: $9.96
million with the BNZ and a subordinated note payable to the Jarvis Trust of $5.8 million).

Premises
Hive
placements
Total
NZ$000
NZ$000
NZ$000
Cost:
At 1 July 2024
1,254


708


1,962


Disposals
(121)


(217)


(338)


At 30 June 2025
1,133


491


1,624


Additions
-


-


-


King Honey receivership (note 13)
(732)


(491)


(1,223)


At 31 December 2025
401


-


401


Accumulated amortisation:
At 1 July 2024
(941)


(708)


(1,649)


Depreciation expense
(231)


-


(231)


Impairment of right-of-use assets
122


217


339


At 30 June 2025
(1,050)


(491)


(1,541)


Depreciation expense
(6)


-


(6)


King Honey receivership (note 13)
655


491


1,146


At 31 December 2025
(401)


-


(401)


Carrying amount:
At 31 December 2025
-


-


-


At 30 June 2025
83


-


83


At 1 July 2024
313


-


313


31 Dec 2025
30 Jun 2025
(unaudited)
(audited)
NZ$000
NZ$000
Secured borrowings at amortised cost
Banks overdraft
-
2,676
Banks loans
2,250
7,284
Subordinated note
-
5,800
2,250
15,760
Current
-
15,760
Non-current
2,250
-
2,250
15,760

Me Today Limited
Condensed Notes to the Interim Consolidated Financial Statements
For the six months ended 31 December 2025


14
11.1. Bank borrowing facilities


At 31 December 2025 the Group had borrowed $2.25 million through a customised average rate loan
facility (‘CARL’), The facility is for a term of 3 years maturing on 15 September 2028. The facility has a
floating interest rate which, at 31 December 2025, was 5.78% per annum. The facility is secured by a first
ranking general security agreement over all present and acquired property of Me Today Limited, Me
Today NZ Limited and The Good Brand Company Limited and by unlimited intercompany guarantees
between those companies.
The Group’s bank facilities at 30 June 2025 were as follows:
- Me Today Limited borrowed $2.25 million through a CARL facility. The facility was for a term of 2 years
maturing on 20 March 2026. Payments were interest only during the term. At 30 June 2025 the interest
rate on this facility was 8.9% per annum. The facility is secured by:
o a first ranking general security agreement over all present and acquired property of Me Today
Limited, Me Today NZ Limited and The Good Brand Company Limited and by unlimited
intercompany guarantees between those companies; and
o $2 million of the facility was secured by guarantees from King Honey Holdings Limited and King
Honey Limited.
- King Honey Holdings Limited borrowed $0.9 million through a CARL facility. The facility was for a term
of 5 years maturing on 29 June 2026. Repayments were interest only until 30 June 2025 with quarterly
repayments of $250,000 due thereafter. The interest rate on this facility at 30 June 2025 was 9.1% per
annum. The facility was secured by a first ranking general security agreement over all present and
acquired property of King Honey Holdings Limited and an unlimited intercompany guarantee from King
Honey Limited.
Responsibility for the repayment of this borrowing facility was transferred to the receiver of King Honey
Holdings Limited on 27 July 2025 (note 13).
- King Honey Holdings Limited borrowed $4.1 million through a Business First Term Loan facility. The
facility was for a term of 5 years maturing on 29 June 2026. Repayments during the term were interest
only. The interest rate on this facility at 30 June 2025 was 2.3% per annum. The facility was secured by
a first ranking general security agreement over all present and acquired property of King Honey
Holdings Limited and an unlimited intercompany guarantee from King Honey Limited.
Responsibility for the repayment of this borrowing facility was transferred to the receiver of King Honey
Holdings Limited on 27 July 2025 (note 13).
- King Honey Holdings Limited had entered into a $2.5 million overdraft facility. The facility was to reduce
to $1.5 million by $250,000 increments per quarter commencing 31 December 2024. The term was on
demand, subject to annual review. The interest rate on this facility at 30 June 2025 was 7.29% per
annum. The facility was secured by a first ranking general security agreement over all present and
acquired property of King Honey Holdings Limited and an unlimited intercompany guarantee from King
Honey Limited.
31 Dec 2025
30 Jun 2025
(unaudited)
(audited)
NZ$000
NZ$000
Bank overdraft
Opening balance
2,676
2,486
Net draw down on overdraft facility
(48)
190
Receivership of King Honey (note 13)
(2,628)
-
-
2,676
Bank loans
Opening balance
7,284
7,284
Repayment of bank loan
(2,250)
-
Proceeds from bank loan
2,250
-
Receivership of King Honey (note 13)
(5,034)
-
2,250
7,284

Me Today Limited
Condensed Notes to the Interim Consolidated Financial Statements
For the six months ended 31 December 2025


15
Responsibility for the repayment of this borrowing facility was transferred to the receiver of King Honey
Holdings Limited on 27 July 2025 (note 13).
- At 30 June 2025 while the Group was in discussions with the BNZ regarding new funding terms the
bank borrowings were repayable on demand.
11.2. Subordinated note

12. Share capital
12.1. Ordinary shares issued

On 6 November 2025 Me Today issued 36,421,993 new fully paid ordinary shares under a pro rata rights
issue, including oversubscriptions to that rights issue, at an issue price of $0.06 per share.
On 6 November 2025 Me Today issued 3,780,217 new fully paid ordinary shares to directors and
employees at an issue price of $0.06 per share. 2,109,375 of these shares were issued to independent
directors to settle a portion of directors fees payable. The remaining 1,670,842 of these ordinary shares
were issued to employees.
All ordinary shares on issue are fully paid and rank equally with one vote attached to each share.
12.2. Warrants
On 10 November 2025 Me Today made a bonus warrant issue of two series of warrants whereby all
shareholders in Me Today were issued (on the ratio of 1 warrant for every 2 shares held on 7 November
2025):
(a) warrants exercisable between 1 October 2026 and 30 October 2026 at an exercise price of 6 cents
per share (‘Series 1’ warrants); and
(b) warrants exercisable between 1 October 2027 and 29 October 2027 at an exercise price of 6 cents
per share (‘Series 2 warrants’).
On 10 November 2025 the Company issued:
- 47,261,238 Series 1 warrants; and
- 47,261,238 Series 2 warrants.
No consideration was payable for the warrants and so, no value is attributed to them in these financial
statements.
31 Dec 202530 Jun 2025
(unaudited)(audited)
NZ$000 NZ$000
Opening balance5,8005,600
Interest on borrowings-200
Receivership of King Honey (note 13)(5,800)-
-5,800
No. of shares
'000
Number of ordinary shares:
At 1 July 2024
54,320
Ordinary shares issued during the period
-
At 30 June 2025
54,320
Ordinary shares issued during the period
40,202
At 31 December 2025
94,522

Me Today Limited
Condensed Notes to the Interim Consolidated Financial Statements
For the six months ended 31 December 2025


16
The warrants give the holder the right to purchase an ordinary share per warrant. Cash consideration of
$0.06 per share is payable in full on exercise of the warrants.
Series 1 warrants are able to be converted/exercised to ordinary shares from 1 October 2026 up to the
expiry date of 5pm on 30 October 2026 by notice in writing and payment of the required exercise price.
Series 2 warrants are able to be converted/exercised to ordinary shares from 1 October 2027 up to the
expiry date of 5pm on 29 October 2027 by notice in writing and payment of the required exercise price.
New ordinary shares issued upon exercise of the warrants will rank equally with the ordinary shares
already on issue.
The warrants are quoted on the NZX Main Board.
13. Discontinued operations
13.1. Receivership and liquidation of subsidiaries
On 27 July 2025 the directors of King Honey Holdings Limited and King Honey Limited, both wholly-owned
subsidiaries of Me Today, requested that the Bank of New Zealand appoint receivers and managers over
the assets of each subsidiary. Simultaneously, the directors appointed liquidators.
The decision to appoint receivers was made due to ongoing trading challenges in the manuka honey
sector, and the subsidiaries’ inability to secure a viable funding solution with key lenders or to conclude a
transaction to sell the King Honey business.
In 2024 the King Honey business was ring-fenced from the Me Today Group through an agreement with
the Group’s lenders to remove Me Today from the King Honey debt security group. As a result, Me Today
has no financial obligations in relation to the debts of King Honey Holdings Limited or King Honey Limited.
Following the receivership on 27 July 2025, the King Honey net liabilities are no longer the responsibility of
the Group and as a result a $4.1 million gain on receivership of King Honey Holdings Limited and King
Honey Limited has been recognised.
The net liabilities disposed of through the receivership and liquidation are shown below.


27 Jul 2025
NZ$000
Net liabilities disposed of:
Cash48
Receivables60
Inventory9,028
Property, plant and equipment632
Right-of-use assets77
Trade and other payables(385)
Lease Liabilities(93)
Bank overdraft(2,676)
Bank loans(5,034)
Subordinated note(5,800)
Net liabilities disposed of:(4,143)
Gain on receivership4,143
Total consideration-

Me Today Limited
Condensed Notes to the Interim Consolidated Financial Statements
For the six months ended 31 December 2025


17
13.2. Discontinued operations - financial performance
The financial performance information for the discontinued operations is set out below.

14. Subsidiaries



14.1. Acquisition of Pure Manuka NZ Limited
Pure Manuka NZ Limited was a subsidiary of King Honey Limited at the time King Honey Limited was
placed in receivership.
On 22 October 2025 Me Today acquired Pure Manuka NZ Limited from King Honey Limited (in
receivership and in liquidation). Pure Manuka NZ Limited is non trading and owns the Superlife™ Manuka
Honey brand. As Pure Manuka NZ Limited is not a business the purchase has been recognised as an
asset acquisition.
6 mths ended
6 mths ended
31 Dec 2025
31 Dec 2024
(unaudited)
(unaudited)
NZ$000
NZ$000
Revenue
64
1,915
Expenses
(86)
(2,872)
Loss before income tax
(22)
(957)
Attributable income tax expense
-
-
Loss after tax from discontinued operations
(22)
(957)
Gain on receivership of subsidiaries (note 13.1)
4,143
-
Profit/(loss) from discontinued operations attributable to owners of the Company
4,121
(957)
NamePrincipal activity
Dec-25Jun-25
Subsidiaries:
The Good Brand Company LimitedSale of health & wellbeing products100%100%
Me Today NZ LimitedProduction & sale of health & wellbeing products100%100%
Today LimitedNon-trading entity100%100%
Me Today EU LimitedSale of health & wellbeing products100%100%
Me Today UK Group LimitedSale of health & wellbeing products100%100%
Me Today USA Inc.Sale of health, wellbeing and honey products100%100%
Me Today China LimitedBrand owner80%80%
Me Today AU Pty LimitedNon-trading entity100%100%
Pure Manuka NZ LimitedBrand owner100%100%
King Honey Holdings LimitedInvestment in King Honey Limited-%100%
King Honey LimitedSale of manuka honey products-%100%
Manuka Wellness LimitedNon-trading entity-%100%
Bee Plus Manuka NZ LimitedNon-trading entity-%100%
King Honey Health Products LimitedNon-trading entity-%100%
Other investments:
Bee Plus New Zealand LimitedBrand owner, non-trading
-%
15%
Equity holding

Me Today Limited
Condensed Notes to the Interim Consolidated Financial Statements
For the six months ended 31 December 2025


18
15. Related parties
15.1. Directors
During the period the directors of the Company were Grant Baker (Chairman), Hannah Barrett, Roger
Gower, Michael Kerr, Stephen Sinclair and Antony Vriens.
15.2. Key management personnel compensation
Key management personnel compensation is set out below. The key management personnel are all the
directors of the Company.
Directors were paid directors’ fees of $37,500 in the 6 months to 31 December 2025 (6 months to
31 December 2024: $50,000).
On 6 November 2025, the Company issued the following fully paid ordinary shares at $0.06 per share to
the independent directors to settle $126,562 of directors’ fees payable:
• 703,125 issued to Hannah Barrett
• 703,125 issued to Roger Gower
• 703,125 issued to Antony Vriens
$18,750 was payable to the independent directors at 31 December 2025 and is to be settled through the
issue of shares in the Company (30 June 2025: $108,000 to be settled through the issue of shares).
During the period a company owned by Stephen Sinclair received $62,500 in consulting fees (6 months to
31 December 2024: $62,500).
Michael Kerr received total remuneration of $125,234 (6 months to 31 December 2024: $141,667).
15.3. Related party transactions
The Company issued the following fully paid ordinary shares at $0.06 per share to directors or their related
entities, as part of the 6 November 2025 rights issue to shareholders:
• 16,666,667 issued to Baker Investment Trust No 2 of which Grant Baker is a trustee;
• 8,333,333 issued to Sinclair Investment Trust of which Stephen Sinclair is a trustee; and
• 300,000 issued to Antony Vriens.
The Company issued the following warrants to directors or their related entities, as part of the
10 November 2025 issue of warrants to all shareholders (note 12.2):
• 20,271,833 Series 1 warrants and 20,271,833 Series 2 warrants issued to Baker Investment Trust No
2 of which Grant Baker is a trustee;
• 9,475,153 Series 1 warrants and 9,475,153 Series 2 warrants issued to Sinclair Investment Trust of
which Stephen Sinclair is a trustee;
• 863.585 Series 1 warrants and 863.585 Series 2 warrants issued to M & N Kerr Holdings Limited of
which Michael Kerr is a director and shareholder;
• 776,735 Series 1 warrants and 776,735 Series 2 warrants issued to Antony Vriens;
• 452,377 Series 1 warrants and 452,377 Series 2 warrants issued to Roger Gower;
• 448,814 Series 1 warrants and 448,814 Series 2 warrants issued to Hannah Barrett; and
• 16,667 Series 1 warrants and 16,667 Series 2 warrants issued to BB Promotions Limited of which
Hannah Barret is a shareholder.

Me Today Limited
Condensed Notes to the Interim Consolidated Financial Statements
For the six months ended 31 December 2025


19
16. Reconciliation of loss after taxation with cash flow from operating activities

17. Contingent liabilities
There are no contingent liabilities as at 31 December 2025 (30 June 2025: nil).
18. Commitments
There were no capital commitments at 31 December 2025 (30 June 2025: nil).
19. Events subsequent to reporting date
There have been no material events subsequent to the reporting date that require adjustment to or
disclosure in the consolidated financial statements.

6 mths ended
6 mths ended
31 Dec 2025
31 Dec 2024
(unaudited)
(unaudited)
NZ$000
NZ$000
Profit/(loss) after taxation
3,219
(2,433)
Adjustments for:
Depreciation and amortisation
12
249
Interest on lease liabilities
-
8
Interest on borrowings
71
424
Gain on King Honey receivership (note 13)
(4,143)
-
Movement in deferred tax
-
2
Movements in working capital
(Increase) / decrease in trade and other receivables
198
(106)
(Increase) / decrease in inventory
8,757
1,062
(Increase) / decrease in taxation receivable
(9)
(23)
Increase / (decrease) in trade and other payables
(401)
(230)
Movement in working capital on King Honey receivership
(8,703)
-
Net cash outflows from operating activities
(999)
(1,047)

Me Today Limited
Company Directory
As at 31 December 2025



20
Registered Office
Level 1, 25 Broadway
Newmarket
Auckland 1141
New Zealand

Postal Address
PO Box 109047
Newmarket
Auckland 1023

Bankers
BNZ
BNZ Place
80 Queen Street
Auckland 1010
New Zealand

Lawyers
Chapman Tripp
Level 34, PwC Tower
15 Customs Street West
Auckland 1010
New Zealand

Auditor
BDO Auckland
4 Graham Street
Auckland
New Zealand

Share Registry
Computershare Investor Services Limited
Level 2, 159 Hurstmere Road
Takapuna
Auckland

PO Box 92119
Auckland 1142

---

Unaudited results announcement for the 6 months ended 31 December 2025

Results for announcement to the market
Name of issuer Me Today Limited
Reporting Period 6 months to 31 December 2025
Previous Reporting Period 6 months to 31 December 2024
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$2,554 18.7%
Total Revenue $2,554 18.7%
Net profit/(loss) from
continuing operations
$(902) 38.9%
Total net profit/(loss) $3,219 232.3%
Interim/Final Dividend
Amount per Quoted Equity
Security
The Company does not propose to pay a dividend at this time
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
As at 31 December 2025
$0.0297
As at 30 June 2025
$(0.0463)
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Refer to the unaudited financial statements and press release
that accompany this announcement.
Authority for this announcement
Name of person

authorised
to make this announcement
Stephen Sinclair
Contact person for this
announcement
Stephen Sinclair
Contact phone number 021 330 053
Contact email address stephen@metoday.com
Date of release through MAP

25 February 2026

Unaudited financial statements accompany this announcement.