Savor to commence dividend payments, trading update

NZX Release

Savor agrees leverage terms to commence dividend payments,
provides trading update

3 March 2026

Savor Limited (NZX: SVR) (“Savor”, “the Company”, or with its subsidiaries “the Group”), New
Zealand’s premier hospitality group, today provides an update on trading and advises it has reached
agreement with its banking partner on dividend payments.

Highlights:

• Savor has formal approval to commence dividend payments in the next financial year. ANZ has
stress tested the Group’s target leverage forecast and has agreed this will be reached by the
end of the 2026 calendar year.

• When the Group’s gross leverage hits the expected ratio of 1.5 times, the bank has agreed
Savor can pay a dividend of 2 cents per share in January 2027.

• Savor’s bank borrowings will be $7.5m by the end of April 2026 (March 2025: $9m) down from
a peak of $14.6m in 2021.

• Savor’s net leverage is expected to hit an all time low of 0.65 times in the last quarter of this
year.

• Continued cost out initiatives and debt repayments will lead to improved cash flow throughout
the year, which is expected to result in the Group not utilising its overdraft facilities. The Group
will consider reducing this facility in the future.

• Trading levels have recovered relative to the prior year as the year has progressed, with the
peak summer period improving by 3% compared to the prior year.

• Savor expects revenue for the financial year ending 31 March 2026 to be $55 - 56m, with
operating earnings* of $7 - 8m.

• Savor’s continued cost control and higher quality earnings trajectory will result in forecast
annual operating earnings* of $9 – 10m in 2027.

Capital Management
Savor is pleased to announce that it has obtained approval from its banking partner, ANZ, to
commence the payment of dividends this financial year.
The Board and Management have continued their focus of a consistent reduction in debt over recent
years, which, combined with the improvement in earnings performance and the transition to venues
with higher quality earnings (both relative to revenue and capital investment requirements), has led to
the improvement in leverage.

The Group will repay $0.75m of borrowings by April 2026, after which term debt will be $7.5m. This is a
significant reduction from peak debt levels of $14.6m in 2021.
The Board consider the Group’s borrowing will then be at a sustainable level to maintain gross leverage
of less than 1.5 times. With net leverage of approximately 0.65 times, the Group’s focus will now shift
to maintaining a dividend return to its shareholders and building its cash position.
This marks a substantial turning point in the Group’s capital management strategy, which the Board
and Management are very pleased to be able to achieve and look forward to continuing this new phase
for the Group.
The Group will continue to seek out growth opportunities provided they present high value, low capital
cost returns.

Trading update
The Group has seen revenue performance improve month to month compared to the prior year. This,
combined with the hard earned cost reductions over the previous years, has led to significant
improvements in the Group’s forecasted earnings. Savor expects operating earnings* for the 2027
financial year to be $9 - $10m.

Year End Guidance
The Group currently expects revenue for the year ending 31 March 2026 to be in the range of $55 - 56
million (2025: $54.9m^) and operating earnings* for the same period to be in the range of $7.0 - $8.0m
(2025: $7.2m).


*Operating earnings means reported earnings before interest, tax, depreciation, impairment, amortisation, restructuring
costs, and other one-off costs, as reported in the Group’s Statement of Comprehensive Income.
^Excluding the discontinued Seafarers business.

-ENDS-


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


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