Strong revenue and underlying earnings growth
BLIS Technologies Limited
399 Moray Place, Dunedin, New Zealand, 9016
blis.co.nz
info@blis.co.nz
21 May 2026
Strong revenue and underlying earnings growth
BLIS Technologies Limited (BLIS) is pleased to report strong revenue and underlying earnings growth
for the year ended 31 March 2026 (FY26). The financial year was marked by disciplined commercial
execution, meaningful progress on key strategic partnerships, and resolution of the significant
intellectual property matter that had carried over from FY25.
Revenue for FY26 was $14.7m, a 16% increase on FY25 ($12.6m). This was underpinned by strong
growth across our B2B ingredient and private label revenues, together with continued B2C
momentum, particularly in the New Zealand wholesale channel.
As detailed in the 1H26 commentary, FY26 earnings were impacted by a one-off supply chain cost
increase of $0.9m. After adjusting for this, FY26 underlying EBITDA was $1.8m, and a significant step
forward in realising the earnings potential of the business. Reported EBITDA for the year was $0.9m,
compared to $1.0m in FY25. Net profit after tax (NPAT) was $0.7m (FY25 $0.8m), with underlying
NPAT of $1.6m representing a 90% improvement on FY25.
BLIS maintains a strong balance sheet to support future growth and innovation. Cash and short-term
deposits at 31 March 2026 totalled $8.5m (FY25 $9.7m). This movement reflects the investment in
inventory during the period associated with the one-off supply chain cost.
INTELLECTUAL PROPERTY
The patent issue with Bluestone Pharma GmbH (BSP) and Lactosan GmbH & Co. KG was resolved in
July 2025, resulting in the relevant patent applications being jointly owned by BLIS and BSP,
providing certainty of access for BLIS and its licensees to this technology. As part of the settlement,
all claims between the parties were released.
BLIS and BSP also renegotiated a five-year extension to their existing supply agreement. This
provides commercial continuity and a strengthened foundation for the ongoing European ingredient
relationship.
Two new patents were granted during the year, further strengthening BLIS’ global intellectual
property position. The patents cover antiviral applications of Streptococcus salivarius K12 and
Streptococcus salivarius M18, as well as enhanced formulations combining BLIS probiotic strains with
specific prebiotic sugars. These grants validate BLIS’ R&D leadership and open new product
development opportunities in high-value global health markets.
STRATEGY UPDATE
The revised Technology Licence and Distribution Agreement with Probi AB announced in October
2025 represents a significant commercial milestone. The Agreement extends Probi’s exclusive rights
to BLIS K12® and BLIS M18® across the USA, Canada, and certain EMEA markets, and for the first
time introduces pet nutrition into Probi’s licensed territories. The burgeoning pet health market
represents a meaningful adjacency that we are well positioned to address through Probi’s
established commercial network.
BLIS Technologies Limited
399 Moray Place, Dunedin, New Zealand, 9016
blis.co.nz
info@blis.co.nz
Our China regulatory pathway for BLIS K12® and BLIS M18® continued to advance during the year. A
key clinical trial commenced in 2H26 and is expected to be complete in 1H27. This trial is central to
our China regulatory strategy and represents a material investment in future growth.
OUTLOOK
We enter FY27 with confidence. The combination of strengthened partnerships with our key
business partners and growing B2B momentum provides a solid commercial foundation. Demand for
science backed oral probiotics continues to grow, and BLIS is well placed to benefit from this. To
date, BLIS has suffered minimal economic loss from the uncertainty surrounding the conflict in the
Middle East and does not currently foresee any material change in this.
Our priorities for FY27 are to accelerate growth through continued focus on key markets and
execution of our joint business plans, to support China regulatory and clinical milestones, to advance
R&D and new product development and IP protection, and to utilise the BLIS brand refresh to
continue building consumer brand awareness across digital channels. We will maintain financial
discipline and focus on delivering sustainable, profitable growth.
Ends
For further information, please contact:
Scott Johnson
Chief Executive Officer
+64 21 488 831
About BLIS Technologies Ltd
Delivering proven health benefits through evidence-based, advanced probiotics
BLIS Technologies is an NZX-listed manufacturer of advanced probiotic strains that go beyond the gut.
Combining innovation with evidence-based research and the highest quality production controls enables
the delivery of probiotic solutions for specific health targets including throat health, halitosis (bad breath),
immune support, teeth and gum health and skin health. BLIS
®
products are sold throughout New Zealand
and in Asia, Europe and the USA. More information about BLIS Technologies Ltd can be found at
www.blis.co.nz.
Website: www.blis.co.nz
Instagram: @blisprobiotics #blisk12 #blism18 #blisq24
Facebook: @BLISProbiotics
---
Results announcement
Results for announcement to the market
Name of issuer BLIS Technologies Limited
Reporting Period 12 months to 31 March 2026
Previous Reporting Period 12 months to 31 March 2025
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$14,668 16%
Total Revenue $14,668 16%
Net profit/(loss) from
continuing operations
$692 (17%)
Total net profit/(loss) $692 (17%)
Interim/Final Dividend
Amount per Quoted Equity
Security
It is not proposed to pay a dividend for the 12 months to 31
March 2026.
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
$0.0088 $0.0082
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Please see attached result announcement for commentary on
the result.
Authority for this announcement
Name of person
authorised
to make this announcement
Richard Wingham
Contact person for this
announcement
Richard Wingham
Contact phone number +64 21 284 0446
Contact email address richard.wingham@blis.co.nz
Date of release through MAP
21/05/2026
Audited financial statements accompany this announcement.
---
PROBIOTICS
MADE TO MATTER
ANNUAL REPORT
FOR THE YEAR ENDED
31 MARCH 2026
1
BLIS TECHNOLOGIES LIMITED
CONTENTS
FY26 SUMMARY 2
CHAIR AND CEO REVIEW 3
ESG UPDATE 6
BOARD OF DIRECTORS 10
EXECUTIVE TEAM 12
STATEMENT OF CORPORATE GOVERNANCE 14
DIRECTORS’ INTERESTS 25
DIRECTORS’ RESPONSIBILITY STATEMENT 27
TREND STATEMENT 28
CONSOLIDATED STATEMENT
OF COMPREHENSIVE INCOME 30
CONSOLIDATED STATEMENT
OF CHANGES IN EQUITY 31
CONSOLIDATED BALANCE SHEET 32
CONSOLIDATED STATEMENT
OF CASH FLOWS 34
NOTES TO AND FORMING PART OF THE
CONSOLIDATED FINANCIAL STATEMENTS 35
ADDITIONAL STOCK EXCHANGE
INFORMATION 58
INDEPENDENT AUDITOR’S REPORT 60
COMPANY DIRECTORY 64
2
ANNUAL REPORT
UNDERLYING
EBITDA*
83%
on prior year
FY26
SUMMARY
FY26 REVENUE
BY CHANNEL
FY26 REVENUE
BY REGION
16.0
14.0
12.0
11.5
FY24FY25FY26
12.6
14.7
10.0
8.0
4.0
2.0
-
6.0
$m
REVENUE
16%
on prior year
1.2
1.0
0.8
0.4
0.2
-
0.6
$m
FY24FY25
FY26
0.8
1.0
0.9
EBITDA
8%
on prior year
2.0
1.5
1.0
0.5
(0.5)
(1.0)
-
(0.6)
$m
FY24FY25FY26
1.8
1.1
CASH GENERATED
FROM OPERATIONS
133%
on prior year
31%
30%
24%
15%
Asia Pacific
(excl. NZ)
EMEA
New Zealand
North America
32%
68%
B2B
B2C
PROGRESSION OF CHINA
REGULATORY PROJECT TO
EXAMINATION STAGE
CONFERENCES ATTENDED
OR PRESENTED AT
17
PUBLICATIONS RELATING
TO OUR STRAINS
20
NEW PATENTS GRANTED
2
* FY26 EBITDA adjusted for $0.9m of
one-off supply chain cost increase
during the year.
2.0
1.6
1.4
1.0
0.6
1.8
1.2
0.8
0.4
0.2
-
1.0
1.8
0.8
$m
FY24FY25FY26
3
BLIS TECHNOLOGIES LIMITED
CHAIR
AND CEO
REVIEW
4
ANNUAL REPORT
BLIS Technologies Limited (BLIS) is pleased to report strong revenue and
underlying earnings growth for the year ended 31 March 2026 (FY26). The
financial year was marked by disciplined commercial execution, meaningful
progress on key strategic partnerships, and resolution of the significant
intellectual property matter that had carried over from FY25.
FINANCIAL PERFORMANCE
Revenue for FY26 was $14.7m, a 16% increase on FY25
($12.6m). This was underpinned by strong growth
across our B2B ingredient and private label revenues,
together with continued B2C momentum, particularly
in the New Zealand wholesale channel.
As detailed in the 1H26 commentary, FY26 earnings
were impacted by a one-off supply chain cost increase
of $0.9m. After adjusting for this, FY26 underlying
EBITDA was $1.8m, and a significant step forward
in realising the earnings potential of the business.
Reported EBITDA for the year was $0.9m, compared
to $1.0m in FY25. Net profit after tax (NPAT) was
$0.7m (FY25 $0.8m), with underlying NPAT of $1.6m
representing a 90% improvement on FY25.
BLIS maintains a strong balance sheet to support
future growth and innovation. Cash and short-term
deposits at 31 March 2026 totalled $8.5m (FY25 $9.7m).
This movement re
flects the investment in inventory
during the period associated with the one-off supply
chain cost.
REVENUE CHANNELS AND MARKET
PERFORMANCE
Business to Business Revenue (B2B)
B2B revenue of $9.
9m, up 22% on FY25, represents
68% of total revenue, up from 64% in FY25. This
reflects a deliberate focus on building ingredient
volume through strategic partnerships and
geographic expansion.
Ingredient revenue was the primary driver of B2B
growth, at $7.3m, 17% up on FY25. EMEA ingredient
revenue benefited from strong orders into 1Q26
and shorter reorder cycles from a key European
customer. New customer launches and growing
adoption of BLIS K12
®
and BLIS M18
®
in oral health and
broader immunity applications also contributed. Asia
Pacific was up $0.9m on FY25 with a new customer
onboarded in South Korea in the second half of the
year. North America ingredient revenue was $1.1m,
$0.4m down on FY25 as Probi customers transitioned
from BLIS supplied ingredient to Probi manufactured
ingredient, resulting in an increase in royalty revenue.
Royalty revenue was $1.3m, up 17% on FY25, supported
by the ongoing commercialisation of licensed BLIS
strains through third party brands.
Private label revenue was $1.3
m, up 67% on FY25, with
growth underpinned by our Chinese business
partner’s expansion in the offline professional health
market. The sustained investment this partner has
made in health professional education is delivering
tangible results.
Business to Consumer Revenue (B2C)
B2C revenue for FY26 was $4.8m, up from $4.5m
in FY25. New Zealand wholesale was the standout
performer, with strong product ranging in domestic
pharmacy and a growing focus on dental SKUs that
are demonstrating high consumer repeat purchase
rates. Amazon US revenue grew by 5%, despite the
increased tariff, with advertising ef
ficiency improving
through refined targeting. The BLIS webstore also
delivered growth, as the shift toward direct-to-
consumer channels provides valuable insights into
buyer behaviour and supports loyalty initiatives.
Cross-border e-commerce (CBEC) revenue was
$0.3m, down from $0.6m in FY25, as BLIS supported
a pricing reset to align with new China partners and
a managed exit of smaller daigou resellers from the
market. Consumer sell through at the end market level
rema
ined positive and the activation of BLIS trademarks
in China is expected to improve brand protection and
reduce grey market disruption over time.
INTELLECTUAL PROPERTY
The patent issue with Bluestone Pharma GmbH (BSP)
and Lactosan GmbH & Co. KG was resolved in July
2025, resulting in the relevant patent applications
being jointly owned by BLIS and BSP, providing
certainty of access for BLIS and its licensees to this
technology. As part of the settlement, all claims
between the parties were released.
BLIS and BSP also renegotiated a
five-year extension
to their existing supply agreement. This provides
commercial continuity and a strengthened foundation
for the ongoing European ingredient relationship.
Two new patents were granted during the year,
further strengthening BLIS’ global intellectual
property position. The patents cover antiviral
applications of Streptococcus salivarius K12 and
Streptococcus salivarius M18, as well as enhanced
formulations combining BLIS probiotic strains with
specific prebiotic sugars.
5
BLIS TECHNOLOGIES LIMITED
These grants validate BLIS’ R&D leadership and open
new product development opportunities in high-value
global health markets.
STRATEGY UPDATE
The revised Technology Licence and Distribution
Agree
ment with Probi AB announced in October 2025
represents a significant commercial milestone. The
Agre ement ex tends Probi’s exclusive rights to BLIS K12
®
and BLIS M18
®
across the USA, Canada, and certain
EMEA markets, and for the first time introduces pet
nutri tion into Prob i’s licensed territor ies. Th e burgeoning
pet health market represents a meaningful adjacency
that we are well positioned to address through Probi’s
established commercial network.
Our China regulatory pathway for BLIS K12
®
and
BLIS M18
®
continued to advance during the year. A
key clinical trial commenced in 2H26 and is expected
to be complete in 1H27. This trial is central to our
China regulatory strategy and represents a material
investment in future growth.
ENVIRONMENTAL, SOCIAL AND
GOVERNANCE
BLIS progressed its B Corp certification journey during
FY26, submitting a B Impact Assessment and entering
the queue for B Lab evaluation. This certification
re
flects our commitment to maximising shareholder
returns while holding ourselves accountable to high
standards of social and environmental performance,
transparency, and accountability.
Our Scienc e te a
m maintained the MyGr een Lab highest
GREEN certification status, reflecting the ongoing
commitment to susta
inable laboratory practices. Health
and safety continues to be a priority across all three
sites, with a full external audit undertaken in FY26 and
recommended actions implemented. We are pleased
to report no lost time injuries (LTIs) during FY26,
extending our LTI-free record to seven years.
We continued to invest in people and culture through
t
he ‘Le ading at BLIS’ progr amme, ensuring BLIS re mains
a great place to work and that our people are equipped
to lead through growth.
BOARD CHANGES
FY2 6 saw Geoff Plunket stand down as Chair in October
2025 after just over four years in the role and retire as a
Director in March 2026 after eight years on the Board.
Ge
off’s leadership was instrumental in advancing BLIS’
strategic growth initiatives, strengthening governance,
a
nd positioning the Company for long-term success in
the global probiotics market. We thank Geoff sincerely
for his substantial contribution.
Dame Alison Stewart assumed the role of Chair in
October 2025, bringing significant scientific expertise
and seven years of BLIS board experience. Paul Munro
was appointed as an Independent Non-Executive
Director in March 2026. Paul brings extensive financial,
commercial, and governance experience from a wide
range of public and private entities, including his prior
role as CEO of Christchurch City Holdings Limited and
his current directorships of Scales Corporation Limited
and New Zealand King Salmon Investments Limited.
TEAM ACKNOWLEDGEMENT
August 2025 marked the 25th anniversary of BLIS,
celebrated with a cocktail event at the Dunedin
Museum attended by past and present employees and
key stakeholders who have supported the Company
over the past quarter century. A highlight of the
evening was hearing from Professor John Tagg, who
founded BLIS on the basis of his pioneering research
into oral probiotic strains. John remains on staff and
continues to contribute to BLIS’ scientific development.
We are grateful for his enduring contribution.
We extend our gratitude to the wider BLIS team for
their commitment and professionalism throughout the
year, and we thank our customers, business partners,
and shareholders for their continued support.
OUTLOOK
We enter FY27 with confidence. The combination
of strengthened partnerships with our key business
partners and growing B2B momentum provides a
solid commercial foundation. Demand for science-
backed oral probiotics continues to grow, and BLIS
is well placed to benefit from this. To date, BLIS has
suffered minimal economic loss from the uncertainty
surrounding the conflict in the Middle East and does
not currently foresee any material change in this.
Our priorities for FY27 are to accelerate growth
through continued focus on key markets and
execution of our joint business plans, to support China
regulatory and clinical milestones, to advance R&D
and new product development and IP protection, and
to utilise the BLIS brand refresh to continue building
consumer brand awareness across digital channels.
We will maintain financial discipline and focus on
delivering sustainable, profitable growth.
Alison Stewart Scott Johnson
Chair
Chief E
xecutive Officer
6
ANNUAL REPORT
* 2025 Engagement Survey
HEALTH & WELLBEING
of our team agree that
wellbeing is genuinely
prioritised*
93%
of our team say workplace
flexibility allows balance
between work and
personal life*
100%
ESG
UPDATE
At BLIS, it is our core purpose to
deliver innovation to consumers to
improve their health & wellbeing, and
we remain committed to doing this
in alignment with our Environmental,
Social and Governance (ESG) principles.
Our focus has been linked to the United
Nation’s Sustainable Development Goals,
and are grouped into four main areas
as follows:
Accessible to the world
OUR PURPOSE:
Being the best at developing
probiotic solutions for the
health and wellbeing of
global customers
Full external audit review
of H&S with ALL priority
recommendations addressed
within 4 months of the report
being published
7
BLIS TECHNOLOGIES LIMITED
ENVIRONMENTINNOVATION & RESEARCH
Revenue Growth (FY23–FY26)
44%
of our team have gone
through our internal ‘Leading
at BLIS’ program focusing
on leadership development,
with the other 47% lined up
in FY27
53%
Intern projects supported
in FY26
3
Actively support academic
research – currently
undertaking a collaboration
with University of Otago to
support a Masters Student
COMMUNITY
of employees paid the
living wage
100%
22%
of our team have more than
ten years tenure
My Green Lab
accredited commercial lab in
New Zealand and have been
re-certified 3 times since
1ST
of our team agree the
company lives the values
of caring for people,
place, and planet*
90%
of our team believe
BLIS demonstrates strong
environmental and social
commitments*
77%
of our team say sustainability
is integrated into daily
practices*
74%
We make an annual donation
to The Bowling Club, a local
social purpose eatery doing
great things in our community
Our Scientific Services Team
generated 3x white papers,
and 6x presentations –
including giving a speech
at Probiota Global
Created and implemented
a Supplier Code of Conduct
Completed a Value Chain
Analysis for our impact on
the environment
8
ANNUAL REPORT
DIVERSITY AND INCLUSION
At BLIS we recognise that diversity of thought, background and
experience strengthens decision making and supports sustainable
long term performance. Our team is committed to fostering an inclusive
culture where all people are respected, supported and able to contribute
fully. Our leaders are committed to embedding diversity and inclusion
into our people, culture and leadership practices.
The Board has adopted a Diversity and Inclusion (D&I) Policy that sets out our
commitment to equitable and inclusive practices across the organisation.
Measurable diversity and inclusion objectives have been established to
support this policy, with progress assessed by the Board against these
as part of its governance and performance oversight responsibilities.
of our team feel empowered
and authentic at work*
96%
‘Coffee with the Chiefs’ where
the Leadership Team go to a
specific site and sit for a cuppa
and an informal chat about
the business. Everyone has the
opportunity to ask questions
and engage with senior leaders
in a setting where they aren’t
being presented to – making it
more accessible and inclusive
for all.
12
Quarterly Updates – Our ‘town
hall’ (including our remote-
based team members) where
the Leadership Team presents
about the performance of the
quarter and celebrates and
recognises wins and successes
so that we can all learn about
other departments including
3 Quarterly Quizzes and
1 Midwinter Dinner to connect!
4
BBQ Breakfasts to foster
inclusion, reduce barriers to
communicating and bring
all departments together in
a more informal setting at
one site for a Brekkie Burger
at Birch St – cooked by the
Leadership Team.
6
of our team see Diversity
& Inclusion as a clear
organisational priority*
68%
* 2025 Engagement Survey
FY26 DIVERSITY &
INCLUSION OBJECTIVES
EVALUATION FROM BOARD AND
COMMENTARY ON PERFORMANCE (FY26)
Gender Representation
at Board Level
• Maintain a minimum
of 40% female
representation on
the Board.
• Maintain at least 40%
male representation
to ensure balance.
BLIS currently has
60% female and
40% male directors,
meeting the
minimum threshold
and demonstrating
strong gender
diversity at
governance level.
Gender Representation
in Senior Leadership
• Maintain at least 40%
female representation
across senior leadership
positions (CEO and
direct reports).
• Maintain at least 40%
male representation
to ensure balance.
50% of the senior
leadership team are
women and 50% are
male, exceeding the
stated measurable
objectives.
Overall Workforce
Gender Balance
• Maintain a minimum
of 40% female
representation in the
workforce.
• Maintain at least 40%
male representation
to ensure balance.
Female
representation across
the company is 41%
and 59% male, in
line with the stated
objectives.
D&I Policy
Implementation
• Conduct at least one
annual D&I awareness
activity or training for
all staff.
BLIS conducted a Diversity & Inclusion Survey driven
by the ESG Committee to gain an understanding of
the team and their cultural backgrounds as this was
not something we had recorded. The outcome of
the survey is to inform inclusion initiatives for FY27
and how we can share different cultures across
our sites – how people would like to learn and be
included. Several initiatives were run throughout
FY26 including Mental Health Awareness Week,
Māori Language Awareness Week, along with several
events to promote inclusiveness like monthly BBQ
breakfasts for the whole team, ‘Coffee with the Chief’
where teams get an informal opportunity to sit with
members of the Leadership Team for a chat and
Chinese New Year morning tea across sites.
40%
60%
Female
Male
59%
41%
Female
Male
59%
41%
Female
Male
50%50%
9
BLIS TECHNOLOGIES LIMITED
AN UPDATE ON B CORP
OUR GOAL IS:
To become a Certified B Corp
meeting the highest verified
standards of social and
environmental performance.
A B Corp certification is an
independent verification, that
when achieved, demonstrates
high social and environmental
performance and a legal
commitment by a Company to
consider all stakeholders. B Corp
accredited organisations are
creating a material positive impact
on society and the environment
through business and operations
considering stakeholder
interests including shareholders,
employees, suppliers, community
and the environment.
SO FAR, WE HAVE:
Shareholders voted to
amend our constitution to
solidify our commitment
to consider all stakeholders
and ensure we met
requirements to become
a B Corp
Submitted the B Impact
Assessment (BIA)
Made it into the verification
process, where we are
currently providing
additional information and
supporting documentation
around our BIA
THIS YEAR WE PLAN TO:
Successfully become an
accredited B Corp
Continue to use the B Corp
framework to inform areas
that we can continue to
grow and initiatives we can
undertake to improve our
impact on society and the
environment
10
ANNUAL REPORT
AMELIA (AIMEE)
MCCAMMON
Independent
non-executive Director
Chair of People and Performance
Committee and member of Audit
and Risk Committee
Aimee is Wellington based and
was appointed to the Board in
October 2021. Aimee is CEO of
Pic’s Peanut Butter. She is an
experienced strategist and brand
builder with deep knowledge of
consumer marketing. Her brand
experience spans an array of New
Zealand’s power brands including
Whittaker’s, Toyota, Lotto, Tourism
NZ and 42 Below.
Aimee was previously CEO of
entertainment, advertising and
technology company, Augusto
Group. Her career has spanned
roles as General Manager of
Peter Jackson’s Park Road Post
Production, senior management at
Assignment Group and Trade Me,
and many years with the Saatchi
& Saatchi network in Wellington,
Auckland and New York.
Aimee has a Bachelor of
Commerce from Auckland
University, and has completed
leadership training at Omnicom
University in Shanghai and
Harvard Business School. She is
on the Board of the New Zealand
Film Commission.
DAME ALISON STEWART
Chair, Independent
non-executive Director
Member of People and
Performance Committee
Alison is Christchurch based and
was appointed to the Board in
September 2018.
Alison brings to the Board
governance and commercial
research and development
experience within the international
biotechnology industry. Alison has
held key executive leadership roles
in New Zealand and US corporates
and understands the drivers for
successful commercialisation of
research. Alison is an experienced
research and innovation leader
with expertise in microbe-based
product development, patents,
IP protection, new product
pipeline and development of
strategic partnerships with large
international corporations.
Alison is a Distinguished Emeritus
Professor from Lincoln University,
New Zealand and was elected a
Companion of the NZ Order of
Merit in 2011 for her contributions
to biology. In 2025 she was elected
a Dame Companion (DNZM) of the
NZ Order of Merit, in recognition
for her significant career focused
on sustainable plant protection, soil
biology and plant biotechnology.
DR BARRY RICHARDSON
Independent
non-executive Director
Chair of Audit and Risk
Committee and member of
People and Performance
Committee
Barry is Dunedin based and was
appointed to the Board in July 2018.
He joined the NZ Dairy Board in
1985 after many years in research
and development to undertake
business development roles in
several joint venture companies.
In 1991, Barry joined Tatua Dairy
Co. Ltd to develop a milk biologics
business based on high value
milk ingredients and was later
also appointed GM, International
and Strategic Development. Barry
was appointed CEO at Westland
Milk Products Ltd in 2002, when
they chose to market their own
products following deregulation
of the dairy industry in late 2001.
After consulting to BLIS
Technologies in 2006 Barry was
appointed CEO in 2007 during the
transitional years through to 2016.
Barry has an M.Sc. (Hons) and
PhD from Massey University. He
is a Fellow of the NZ Institute of
Food Science and Technology and
received the JC Andrews award for
distinction in Food Science and
Technology in 2003.
BOARD OF
DIRECTORS
11
BLIS TECHNOLOGIES LIMITED
PAUL MUNRO
Independent
non-executive Director
Member of Audit and Risk
Committee
Paul was appointed to the Board
in March 2026. Paul has extensive
governance experience from a
wide range of public and private
entities. Prior to his governance
career, Paul spent 24 years with
Deloitte as a Corporate Finance
Partner, primarily working with
large corporates, leading projects
and M&A assignments.
Following his time with Deloitte,
Paul was CEO for Christchurch
City Holdings Limited. Paul is
currently a Director and ARC
Chair of Scales Corporation
Limited, and a Director and Chair
of the Audit, Finance, Risk and
Project Development Committee
at New Zealand King Salmon
Investments Limited. In addition
to these roles, Paul is currently on
the board of a number of private
companies, including Chair of
Orion New Zealand Limited,
Tait International Limited and
Cambridge Partners Limited.
ANITA JOHANSEN
Non-executive Director
Anita was appointed to the Board
in January 2024. Anita is the CEO
of Probi AB. Probi’s foundation
rests on science, leveraging state-
of-the-art R&D and manufacturing
expertise to create standout
probiotic products that offer proven
value. Anita is also currently serving
as an elected Board member of
the International Association of
Probiotics (IPA).
Anita earned her Master of
Pharmacy and her PhD degree
in Pharmaceutical Technology
from the Danish University of
Pharmaceutical Sciences, University
of Copenhagen. Throughout her
career she has been working with
product development and held
leadership positions in global
consumer healthcare companies,
such as Ferrosan, Pfizer Consumer
Healthcare, Novozymes, and USP
Zdrowie. Anita joined Probi in
April 2022 as the Vice President
of Research & Development,
and since April 2023 has been
the Chief Executive Officer of
Probi. Anita leads by creating and
leading effective high performing
teams and mentoring, inspiring
and growing new talent. Anita
is passionate about promoting
the advantages of good bacteria
by delivering customer relevant
innovations supported by science.
12
ANNUAL REPORT
EXECUTIVE
TEAM
SCOTT JOHNSON
Chief Executive Officer (CEO) | BCom (Econ), MBA, CMInstD
Appointed in January 2024, Scott is an experienced CEO with over 35 years of experience
in the consumer and health and wellness sectors both internationally and within
Australasia with businesses such as IBM, Frucor-Suntory and the GO Healthy Group.
RICHARD WINGHAM
Chief Financial Officer (CFO) | CA, BCom (Accounting), MInstD
Richard was appointed to the role of CFO for BLIS Technologies in November 2017.
Richard is a Chartered Accountant with over 30 years experience, including various
senior finance roles across the dairy FMCG, construction and health sectors. His skills
cross over manufacturing, project management, information technology and strategic
planning.
DR JOHN HALE
Chief Technology Officer (CTO) | PhD
John completed his PhD studying bacteriocins (BLIS) under the supervision of Professor
John Tagg at the Department of Microbiology and Immunology, University of Otago.
He carried out post- doctoral research at the University of British Columbia (Vancouver,
Canada) and Monash University School of Pharmacy (Melbourne, Australia) investigating
the modes of action of antimicrobial peptides. John joined BLIS Technologies in 2011
and leads the Scientific Services team. John is currently an elected member of the
International Probiotics Association (IPA) and BiotechNZ Council.
JENNIFER WALKER
Chief Revenue Officer (CRO) | BA, MBA
Jennifer joined BLIS Technologies in February 2022 having extensive global marketing
experience within consumer and wellness sectors in both start-ups and larger
corporates. Jennifer has a strong experience base across eCommerce, brand and retail
marketing, having worked for international brands such as PUMA and corporates
focused on the health and wellness sector.
ASHLEIGH CHILDS
Head of People, Culture and PMO | BCom (Hons) in Management
Ash joined the BLIS team in 2021 as People & Culture Manager, bringing over a decade
of experience in the People & Culture space within tourism, health, and education
industries. Ash’s leadership is defined by a strong commitment to creating and
developing people- centric practices that align with Company values.
MELISSA DRYSDALE
Head of Quality | BA
Bringing over two decades of extensive experience in Quality and Supply Chain
management, Melissa joined BLIS in 2015, following various Quality and Food
Safety related positions within renowned FMCG giants like Cadbury and Mondelez
International. A passionate advocate for systems enhancement and continuous
improvement, Melissa specialises in driving operational excellence, risk management,
and fostering a culture of quality throughout the organisation.
13
BLIS TECHNOLOGIES LIMITED
14
ANNUAL REPORT
STATEMENT
OF CORPORATE
GOVERNANCE
The Board and Management of BLIS Technologies Limited (BLIS, the Company)
are committed to ensuring that the Company maintains corporate governance
structures which ensure that the Company operates efficiently and effectively
and maintains the highest ethical standards.
This statement of Corporate Governance provides a
summary of the Company’s governance processes
and practices.
The Company’s Corporate Governance policies are
based on the principles set out in the NZX Corporate
Governance Code (NZX Code). This statement is
structured to follow the recommendations of the
NZX Code.
The Board’s view is that BLIS complies with
the corporate governance principles and
recommendations set out in the NZX Code. The Board
believes its governance structures are appropriate and
meet the Company’s strategic objectives.
The Company also complies with the corporate
governance requirements of the NZX Listing Rules.
The Board regularly reviews and assesses BLIS’
governance structures and processes to ensure that
they are consistent with best practice.
This Corporate Governance Statement has been
prepared in accordance with the NZX Code that was
published on 31 January 2025.
BLIS’ key corporate governance documents referred to
in this statement, including charters and policies, can
be found at www.blis.co.nz/investor-centre/charters-
policies (Investor Centre). The Board operates under
a set of guidelines set out in its Directors’ Operations
Manual to assist Directors and Management in carrying
out their duties and responsibilities. The Directors’
Operations Manual covers such matters as:
• Corporate governance matters;
• Role of the Board and composition of the Board;
• Director responsibilities;
• Appointment of, responsibilities of and
remuneration of a Chief Executive Officer;
• Confidentiality and the safeguarding of Company
information;
• Compliance with laws and regulations;
• Shareholder participation; and
• Code of conduct.
This Corporate Governance Statement was approved
by the Board on 20 May 2026.
PRINCIPLE 1 – CODE OF ETHICAL
BEHAVIOUR
“Directors should set high standards of ethical
behaviour, model this behaviour and hold
management accountable for these standards
being followed throughout the organisation.”
Code of Ethics
As part of the Board’s commitment to the highest
standard of conduct, the Company has adopted a
Code of Ethics (Code).
Every new Director and employee is provided with
a copy of the Code. The Code is also available at the
Investor Centre.
The procedure for advising the Company of a
suspected breach is set out in the Code of Ethics.
BLIS also has a Protected Disclosures (Whistleblower)
Policy that sets out the process that serves to
protect employees who raise allegations of serious
wrongdoing by the Company.
Conflicts of Interest
The Code of Ethics sets out the procedure to be
followed where Directors or employees are faced
with a conflict of interest. At all times, a Director must
be able to act in the interests of the organisation
as a whole and in accordance with all relevant laws
and regulations including the NZX Listing Rules.
The personal interests of the Director or employee
(as applicable) and their family must not be allowed
to prevail over those of the Company and its
shareholders generally.
15
BLIS TECHNOLOGIES LIMITED
Protected Disclosures (Whistleblower) Policy
The Protected Disclosures (Whistleblower) policy
provides information and guidelines to protect
employees from retaliatory action where they have
raised allegations of serious wrongdoing or reportable
conduct they honestly believe has been carried out
by any Director, employee, consultant, contractor or
third party.
The main way to make a report is through the Chair
of the Audit and Risk Committee.
No breaches of the Code of Ethics were identified
during FY26 and no matters were raised under the
Protected Disclosures (Whistleblower) Policy.
The Code of Ethics is subject to review by the Board
every two years.
Share Trading by the Company Directors and
Employees
The Board has implemented formal procedures to
handle trading in the Company’s equity securities
by Directors, employees, and contractors/secondees
of the Company. These are set out in BLIS’ Financial
Product Trading Policy which is available at the
Investor Centre. The policy requires that prior approval
is obtained in accordance with the approval process
and authorities specified in the policy before any
trading occurs by any directors or any specified
restricted persons. The policy provides that shares may
not be traded at any time by any individual holding
material information. The fundamental rule in the
policy is that insider trading is prohibited at all times.
The requirements of the policy are separate from, and
in addition to, the legal prohibitions on insider trading
in New Zealand.
PRINCIPLE 2 – BOARD COMPOSITION
& PERFORMANCE
“To ensure an effective Board, there should be
a balance of independence, skills, knowledge,
experience and perspectives.”
Responsibilities of the Board
The role of the Board is to act in the best interests
of the Company and to promote the interests of the
Company and its stakeholders. Directors are elected
by the shareholders to govern the Company. The
Board is the overall and final body of responsibility for
all decision making within the Company.
The Directors have a diverse range of expertise
and experience and are committed to using this
to benefit the Company. The Board is responsible
to shareholders for charting the direction of the
Company by participating in the setting of objectives,
strategy, and key policy areas. The Board is then
responsible for monitoring Management’s running
of the business to ensure implementation is in
accordance with the agreed framework. The Board
delegates the conduct of the day-to- day affairs of the
Company to the CEO within this framework.
The Board operates under a Directors’ Operations
Manual which sets out the roles and responsibilities
of the Board, and other matters as summarised on
page 14.
The primary responsibilities of the Board include:
• Ensuring that the Company’s purpose and goals
are clearly established, and with appropriate
strategies;
• Establishing policies for strengthening the
performance of the Company including ensuring
that Management is pro-actively seeking to
build the business through innovation, initiative,
technology, new products and the development of
its business capital;
• Monitoring the performance of Management,
including the review and monitoring of compliance
with delegated authorities, and of regulatory
compliance;
• Monitoring strategic, financial, social and
environmental performance;
• Overseeing the Company’s compliance with its
continuous disclosure requirements;
• Appointing the CEO, setting the terms of the
CEO’s employment contract, including position
description, reviewing succession planning
and where necessary, terminating the CEO’s
employment with the Company;
• Deciding on whatever steps are necessary to
protect the Company’s financial position and the
ability to meet its debts and other obligations
when they fall due, and ensuring that such steps
are taken;
• Ensuring that the Company’s financial statements
are true and fair and otherwise conform with law;
• Ensuring that information of sufficient content,
quality and timeliness, as the Board considers
necessary to enable it to discharge its duties, is
provided by Management;
• Ensuring that the Company adheres to high
standards of ethical and corporate behaviour;
• Ensuring that the Company has appropriate
management processes for defining risks and
analysing options to minimise, mitigate and
manage risks;
• Ensuring an appropriate capital structure such that
it supports the business strategy; and
• Ensuring that the Company communicates with its
shareholders and stakeholders in a timely manner.
The Board uses committees to address certain issues
that require detailed consideration by members of the
Board who have specialist knowledge and experience.
16
ANNUAL REPORT
The Board retains ultimate responsibility for the
functions of its committees and determines their
responsibilities.
The Board has a statutory obligation to reserve
responsibility for certain matters. It deals directly
with issues relating to the Company’s mission,
appointments to the Board, strategy, business and
financial plans.
The Directors appoint a Chair from amongst the
non- executive members. The Board supports the
separation of the role of Chair and CEO. The Chair’s
role is to provide leadership and to manage the Board
effectively. The Chair has responsibility for:
• Ensuring the integrity and effectiveness of the
governance process of the Board;
• Representing the Board to the shareholders;
• Maintaining regular dialogue with the CEO over
all operational matters; and
• For overseeing the annual work programme.
The Chief Executive Officer is not a Director.
The Board regularly meet without the CEO being
present and has a practice of holding Director-only
meetings either prior to or following each Board
meeting.
The Board receives reports from Management and
has access to all of the information necessary for it to
effectively discharge its duties.
Director Nomination and Appointment
The Board as a whole is involved with recommending
candidates to act as Directors to shareholders. When
considering candidates for nomination, the Board
will consider, amongst other things, the individual’s
experience, qualifications and skills in comparison
to the experience, qualifications and skills of other
Directors, whether that individual is “independent”
and whether that individual would be able to work
effectively with other Directors. A thorough check of
the candidate and their background is undertaken
and shareholders are provided with all material
information that is relevant to the decision on whether
to elect or re-elect a Director.
The Board has the ability to appoint an individual to
fill a casual vacancy on the Board until the Company’s
next Annual Shareholders’ Meeting.
The procedures for the appointment and removal of
Directors are governed by the Company’s constitution
and the NZX Listing Rules.
The Board has determined that based on the
Company’s current size and stage of development
that an optimal number of Directors is five. The
number may increase to six from time to time to allow
for Director succession.
Each year as part of the Board’s annual review process
the capability mix is assessed to evolve in line with
Company’s future development and international
growth plan requirements.
The Board has determined that to operate
effectively and to meet its responsibilities it requires
competencies in disciplines including executive
leadership and strategy, governance, biotechnology
IP development and protection, international sales
and marketing, international supply chain and quality
control, risk and compliance, finance and capital
markets.
The current mix of skills and experience is considered
appropriate for the responsibilities and requirements
of governing the Company. The Board looks to
strengthen its oversight of issues in all disciplines, as
required, via expert advice.
As at 31 March 2026, four of the five Directors on the
Board are independent. Director independence is
considered on a case-by-case basis (in accordance
with the NZX Listing Rules) and is monitored on an
ongoing basis.
Letter of Appointment
All new Directors enter into a written agreement
with the Company setting out the terms of their
appointment.
Board of Directors
Director profiles are shown at pages 10–11 of this
report. The profiles include information on the year
of appointment, skills, experience and background
of each Director.
As at 31 March 2026 the Board comprises five
Directors. Four are independent Directors and all are
non-executive members. Alison Stewart is the Chair
of BLIS and is an independent Director.
Barry Richardson is the Chair of the Audit and Risk
Committee. Aimee McCammon is the Chair of the
People and Performance Committee. Anita Johansen
and Paul Munro are also Directors.
The roles of Board Chair, Audit and Risk Committee
Chair and CEO are not held by the same person.
The Board determines annually on a case-by-case
basis who, in its view, are Independent Directors. The
Board will consider all relevant circumstances when
determining independence. Under the NZX Listing
Rules, a Director is “Independent” when they are
not an employee of the Company and do not have
a ‘Disqualifying Relationship’ (as defined in the NZX
Listing Rules).
The Company does not require Directors to hold
shares in the Company but actively encourages them
to do so. Directors’ share interests are disclosed at
pages 25–26.
17
BLIS TECHNOLOGIES LIMITED
The Board does not have a tenure policy however it
recognises that a regular refreshment programme
leads to the introduction of new perspectives, skills,
attributes and experience. Directors retire by rotation
in accordance with the NZX Listing Rules but are
eligible for re-election on retirement by rotation.
Director Period of Appointment
0–3
YEARS
3–9
YEARS
9+
YEARS
Number of Directors23-
Interest Register
The Board maintains an interest register for the
Company. Any Director who is interested in a
transaction with the Company must immediately
disclose to the Board the nature, monetary value and
extent of the interest.
A Director who is interested in a transaction may
attend and participate at a Board meeting at which
the transaction is discussed but may not be counted
in the quorum for that meeting or vote in respect of
the transaction, unless it is one in respect of which
Directors are expressly required by the Companies Act
1993 to sign a certificate.
Entries made in the interest register of the Company
for the year ended 31 March 2026 are included in the
Directors’ Interests section on pages 25–26.
Diversity
BLIS is committed to achieving a diverse and highly
inclusive workforce. BLIS is committed to growing and
improving on diversity and inclusion at all levels across
the business. The commitment is key to achieving
better business outcomes by leveraging the unique
experiences of people of diverse backgrounds, qualities
and contributions, driving innovation and creativity
through the inclusion of different perspectives,
and attracting talent and retaining a high calibre of
employees who share the BLIS values. A Diversity and
Inclusion Policy has been adopted by the Board and is
available at the Investor Centre.
The Board is responsible for approving the measurable
objectives developed by management and conducting
an annual assessment of this policy. The performance
against these objectives is detailed on page 8. The
gender composition of BLIS’ Directors, Executives and
workforce was as follows:
31 MARCH 202631 MARCH 2025
POSITIONFEMALEMALEFEMALEMALE
Director3 (60%)2 (40%)3 (60%)2 (40%)
Executives*3 (50%)3 (50%)3 (50%)3 (50%)
Employees**13 (41%)19 (59%)15 (45%)18 (55%)
* CEO and Executive team
** Includes Executives
Director Training
The Board ensures that there is appropriate training
available to all Directors to enable them to remain current
on how best to discharge their responsibilities and keep
up to date on changes and trends in areas relevant to
their work. Directors are regularly provided with industry
information and receive copies of appropriate Company
documents to enable them to perform their role.
The Board also ensures that new Directors are
appropriately introduced to Management and the
business.
Board Performance Evaluation
The Board regularly assesses its effectiveness in
carrying out its functions and responsibilities. The Chair
of the Board leads the review which considers the
performance of the Board as a whole, and of each of the
Board Committees, against their respective charters. The
Chair, on behalf of the Board, is responsible for assessing
the performance and contribution of individual
Directors. The assessment is undertaken annually.
PRINCIPLE 3 – BOARD COMMITTEES
“The Board should use committees where this
will enhance its effectiveness in key areas, while
still retaining board responsibility.”
Board Committees
The Board has two formally constituted committees
– the Audit and Risk Committee and the People and
Performance Committee. Committee membership is
reviewed annually.
Each Committee has a written charter that is
approved by the Board and sets out its mandate.
The charters are reviewed annually with any proposed
changes recommended to the Board for approval.
Each Committee has an agreed annual work
programme that sets out matters to be addressed over
the following twelve month period. The Committees
each review their performance on an annual basis
against the Committee charter and work programme
and report their findings to the Board.
Attendance at Meetings
The table below sets out Director attendance at Board
and Committee meetings during the year ended
31 March 2026.
BOARD
AUDIT AND RISK
COMMITTEE
G Plunket (retired 1 March 2026)77
A McCammon87
Dr B Richardson87
A Johansen7-
Dame A Stewart7-
P Munro (appointed 1 March 2026)--
18
ANNUAL REPORT
Audit and Risk Committee
The Board has overall responsibility for the Company’s
system of internal financial control, risk management,
for liaising with the Company’s external auditors,
and for ensuring the integrity of the Company’s
financial reporting. The Board constantly monitors the
operational and financial aspects of the Company’s
activities and has established procedures and policies
that are designed to provide effective internal
financial control. Annual budgets and business plans
are prepared and agreed by the Board. Monthly
management accounts are prepared by Management
and reviewed by the Board throughout the year to
monitor performance against budget.
The Board has established an Audit and Risk
Committee to assist the Board in discharging its
responsibilities relative to financial reporting, related
regulatory conformance and liaising with the external
auditors. The terms of reference for the Audit and Risk
Committee are set out in its charter which is available
in the Investor Centre.
The Audit and Risk Committee is appointed by the
Board and must comprise three Directors, the majority
of whom are to be independent. The Chair of Audit
and Risk Committee must be an Independent Director
and not the Chair of the Board. The current members
of the Audit and Risk Committee are Barry Richardson
(Chair), Aimee McCammon and Paul Munro. All
members are independent Directors.
The Board considers the recommendations of the
Audit and Risk Committee and advice of external
auditors and other external advisors on the operational
and financial risks that the Company faces. The Board
ensures that recommendations made by the Audit and
Risk Committee, external auditors and other external
advisers are investigated and, where considered
necessary, action is taken to ensure that the Company
has an appropriate internal control environment in
place to manage the key risks identified.
In addition, the Board investigates ways of
enhancing existing risk management strategies,
including appropriate segregation of duties and the
employment and training of suitably qualified and
experienced personnel.
Given the size of the Company, an internal audit
function is not considered necessary.
The Audit and Risk Committee met on 7 occasions
during FY26. The agenda items for each meeting
generally relate to financial governance, external
financial reporting, external audit, internal control
review, risk management, compliance, and insurance.
Meeting Attendance
The CEO and CFO will normally be invited to attend
the meetings.
People and Performance Committee
The Board has established a People and Performance
Committee which has responsibility for, amongst
other things, setting the remuneration policy for the
CEO, CFO, CTO, CRO, Head of Quality and Head of
People, Culture and PMO (the Executive).
The terms of reference for this committee are set out
in its charter which is available in the Investor Centre.
The People and Performance Committee is appointed
by the Board and must comprise three Directors, the
majority of whom are to be independent. The Chair of
the Board may serve on the committee. Members of
the People and Performance Committee are currently,
Aimee McCammon (Chair), Dame Alison Stewart
and Barry Richardson. All committee members are
independent Directors.
Management attends People and Performance
Committee meetings by invitation, as and when
appropriate and necessary.
The Board ensures that the recommendations made
by the People and Performance Committee are
considered and acted on accordingly.
Nomination Committee
Given the size and composition of the Board, the
Directors believe that there are no significant benefits
in delegating matters in relation to Board nominations
and all appointments are managed by the whole
Board.
Disclosure Committee
The Board has established a Disclosure Committee
to oversee the Company’s compliance with
its continuous disclosure requirements under
New Zealand law and the NZX Listing Rules.
The Disclosure Committee comprises the Board
Chair, Chair of the Audit and Risk Committee, Chief
Executive Officer and Chief Financial Officer and
operates under the Company’s Market Disclosure
and Communications Policy (a copy is available in the
Investor Centre).
Committees
The Board has no Committees other than an Audit
and Risk Committee, People and Performance
Committee and Disclosure Committee.
Takeover Protocols
The Board has adopted a set of protocols to be
followed in the event of a takeover offer being made.
In the event of a takeover offer, a committee of
Independent Directors would be formed and would
have responsibility for managing the takeover in
accordance with the Board protocols and applicable
laws, including the New Zealand Takeovers Code.
19
BLIS TECHNOLOGIES LIMITED
PRINCIPLE 4 – REPORTING AND
DISCLOSURE
“The Board should demand integrity in
financial and non-financial reporting, and in the
timeliness and balance of corporate disclosure.”
Shareholder Communications and Market Disclosure
The Board is committed to keeping the financial
products markets informed of material information
relating to the Company and its shares and promoting
investor confidence by ensuring that trading of its
equity securities takes place in an efficient, well-
informed market at all times.
The Company has in place a Market Disclosure and
Communications Policy designed to ensure this
occurs. The policy includes procedures intended to
ensure that:
• The Company complies with its continuous
disclosure obligations; and
• Timely, accurate and complete information is
provided to all shareholders and other market
participants.
The policy also outlines mandatory requirements
and responsibilities in relation to the identification,
reporting, review and disclosure of material
information relevant to the Company.
Accountability for compliance with disclosure
obligations is the responsibility of the CEO and CFO.
The CFO has been designated as the Disclosure
Officer and has overall management responsibility for
ensuring all material information is lodged with NZX.
This policy is available at the Investor Centre.
All non-promotional information intended to be made
public, whether or not it is believed to be material
information, must be reviewed by the Disclosure
Committee (comprising the Chair, Chair of the Audit
and Risk Committee, CEO and CFO) prior to release.
The Disclosure Committee also refers certain decisions
to the Board.
Directors consider at each Board meeting (and
otherwise as and when needed) whether there is any
material information which should be disclosed to
the market.
Governance Policies and Charters
Key corporate governance documents, including
charters and policies, can be found at the Investor
Centre: www.blis.co.nz/investor-centre/charters-policies.
Financial and Non-Financial Reporting
BLIS is committed to ensuring integrity and timeliness
in its financial reporting and in providing information
to the market and shareholders which reflects a
considered view on its present and future prospects.
The Audit and Risk Committee oversees the
quality and integrity of external financial reporting,
including the accuracy, completeness, balance and
timeliness of financial statements. It reviews the
Company’s full and half-year financial statements
and makes recommendations to the Board
concerning accounting policies, areas of judgement,
compliance with accounting standards, NZX and legal
requirements, and the results of the external audit.
All matters required to be addressed and for which
the Audit and Risk Committee has responsibility were
addressed during FY26.
BLIS has published its full and half-year financial
statements prepared in accordance with relevant
financial standards. The full year financial statements
for FY26 are set out on pages 30–57. The CEO and
CFO have confirmed in writing to the Board that
the Company’s external financial reports present
a true and fair view in all material aspects. These
representations are given on the basis that a sound
system of internal controls and risk management is
operating effectively in all material respects in relation
to financial reporting.
In addition to releasing the full and half-year results
BLIS provides an update on financial and non-financial
performance for the first and third quarters. Revenue
and EBITDA for the quarter and year to date, general
commentary on market conditions and an update on
guidance may be given.
The Board does not believe that the Company has
any material exposure to economic, environmental
or social sustainability risks that are not appropriately
managed. The material risks which may impact the
Company’s ability to achieve its strategic objectives
and secure its future financial prospects, are managed
through the strategic planning process.
Work continues on suitable sustainability-reporting
framework. The project involves preparing a series of
financial and non-financial targets for reporting on
regularly. An overview of the Company’s sustainability
programme is set out on pages 6–9.
PRINCIPLE 5 – REMUNERATION
“The remuneration of Directors and Executives
should be transparent, fair and reasonable.”
Remuneration Report
The People and Performance Committee is
responsible for making recommendations to the
Board on remuneration policies and packages for
Directors as well as the Executives.
The Company’s remuneration philosophy is aimed
at attracting, retaining and motivating employees
of the highest quality at all levels of the organisation.
20
ANNUAL REPORT
It is based on practical, guiding principles and a
framework that provides consistency, fairness and
transparency while having regard to the risk appetite
of the Company and alignment to its long-term
strategic goals.
All remuneration packages are reviewed annually in
the context of individual and Company performance,
market movements and expert advice.
Non-executive Directors
The structure of non-executive Director remuneration
is separate and distinct from the remuneration of the
CEO and other executives.
The Board seeks to set aggregate remuneration for
non-executive Directors at a level which provides
the Company with the ability to attract and retain
Directors of the highest calibre, whilst incurring a
cost which is acceptable to shareholders.
No remuneration is payable to Directors unless
it is approved by the Company’s shareholders, or
permitted under the NZX Listing Rules in the event
of an increase in the total number of Directors.
The NZX Listing Rules specify that shareholders can
approve a per Director remuneration amount or an
aggregate Directors’ fee pool. The Board has adopted
a remuneration pool approach, as referred to in NZX
Guidance Note – Governance. Shareholders approved
an aggregate remuneration pool for non-executive
Directors of $309,000 per annum in August 2020.
Within the fee pool available, the Board reviews its
fees annually to ensure the Company’s non-executive
Directors are fairly remunerated for their services,
recognising the level of skill and experience required
to fulfil the role, and to enable the Company to attract
and retain talented non- executive Directors. The
process involves benchmarking against a group of
peer companies.
In addition, the Board reviews the People and
Performance Committee structure and appropriate
level of resourcing required to make an on-going
contribution to long term value creation. Non-
executive Directors have no entitlement to any
performance- based remuneration or participation
in any share-based incentive schemes.
Each non-executive Director is entitled to a fee
for services as a Director of the Company and an
additional fee is also paid to the Chair, and members
of the Board Committees to recognise the additional
time commitment required for that role. All Directors
are entitled to be reimbursed for reasonable costs
associated with carrying out their duties.
For the period 1 April 2025 to 31 March 2026 the
allocation of the fee pool was as follows:
BOARD
AUDIT
AND RISK
COMMITTEE
PEOPLE AND
PERFORMANCE
COMMITTEE
Chair$85,000$10,000$7,000
Member$48,800$7,000$3,000
Fees payable to the non-executive Directors of the
Company for the period 1 April 2025 to 31 March 2026
were as follows:
BOARD
AUDIT
AND RISK
COMMITTEE
PEOPLE
AND PER-
FORMANCE
COMMITTEETOTAL
G Plunket64,4178331,125 $66,375
A McCammon48,8007,0004,833 $60,633
Dr B Richardson48,80010,000250 $59,050
Dr A Stewart65,500-3,792 $69,292
A Johansen48,800--$48,800
P Munro3,883583-$4,466
Remuneration of the CEO and Employees
The Company is committed to providing a
remuneration framework that promotes a high-
performance culture and aligns rewards to the
creation of sustainable value for shareholders. The
underlying principle is to reward employees for
Company and business unit performance against
targets set by reference to appropriate benchmarks
and key performance indicators and to:
• Align their interests with those of shareholders;
and
• Ensure total remuneration is competitive by
market standards.
Total remuneration is made up of fixed remuneration,
a short term incentive (STI) and a long term incentive
(LTI).
Fixed remuneration includes all benefits, allowances
and deductions.
The STI and LTI performance incentives are “at-risk”
and are directly linked to both the performance of the
Company and to each individual’s performance while
promoting the Company’s long-term success.
The total remuneration earned by the Executive is set
out in note 5 to the financial statements.
(i) Fixed Annual Remuneration
Remuneration levels are reviewed annually to ensure
that they are appropriate for the responsibility,
qualifications and experience of the Executives and
are competitive with the market.
21
BLIS TECHNOLOGIES LIMITED
The Executives receive their fixed annual
remuneration in cash and a limited range of
prescribed fringe benefits such as superannuation,
travel contribution and low interest loan. The total
employment cost of any remuneration package,
including fringe benefit tax, is taken into account
in determining an employee’s fixed annual
remuneration.
For the financial year ended 31 March 2026, the CEO
received $505,595 (2025: $383,223) in fixed annual
remuneration.
(ii) Variable Remuneration – STI Scheme
The objective of the STI Scheme is to link the
achievement of the annual financial and operational
targets with the remuneration received by the
Executives charged with meeting those targets. The
total potential remuneration under the STI Scheme
is set with a maximum of 30% for the CEO and 20%
for other Executives of fixed annual remuneration so
as to provide sufficient incentive to the Executive to
achieve the targets such that the cost of the Company
is flexible and in line with the trading outcome for
the year.
Actual STI Scheme payments granted to the CEO and
each nominated Executive depend on the extent to
which specific targets, set at the beginning of each
year, are met. The targets may include a weighted
combination of Company, Departmental, Financial
and Non-Financial.
In determining the amount to be allocated the Board
considers the performance against the targets.
For the financial year ended 31 March 2026 there were
six nominated executives in the STI scheme (31 March
2025: six).
STI Scheme payments relating to the financial year
ended 31 March 2026 are delivered as a taxable cash
bonus and are payable on completion of the annual
audited financial statements. The total accrual for
FY26 for all nominated executives in the STI Scheme is
$359,020. (FY25: $357,000). The actual amount paid for
FY26 was $324,437 (FY25: $168,414).
In addition to the STI Scheme, the Board reserves the
ability to pay ad hoc bonus payments to any employee,
again directly related with the trading outcome.
(iii) Variable Remuneration – LTI Scheme
The objective of the LTI Scheme is to align the
Executive with shareholder interests over the longer
term, and provide a longer term employee retention
benefit.
The Company did not grant performance share rights
(PSRs) to the Executive in the 2026 financial year. The
previous PSR issue occurred on 10 September 2021.
Details of the performance criteria are detailed in
note 5 to the financial statements.
CEO Remuneration
SALARY
TAXABLE
BENEFITS
*
STITOTAL
FY26369,57635,579100,440505,595
FY25348,65434,569-383,223
* Includes the value of benefits including superannuation,
travel and low interest loan.
Total remuneration paid is fixed remuneration and
any STI Scheme payment physically received during
the year.
Performance based payments are paid in the
following year.
The CEO’s STI scheme payment for FY26 comprises
several financial and non-financial performance
measures. Overall, the STI is set at 30% of fixed
remuneration. A breakdown of the STI components
follows:
PERFORMANCE MEASURESPERCENT ACHIEVED
60% based on financial revenue
and profitability targets FY25
98% Achieved
40% based on non-financial
targets FY25
92% Achieved
Employee Remuneration
The number of employees of the Company (including
former employees) who received remuneration and
other benefits in excess of $100,000 in the period
1 April 2025 to 31 March 2026 are shown below:
NUMBER OF EMPLOYEES
REMUNERATION BANDINGFY26FY25
100,001–110,0001-
110,001–120,00011
120,001–130,00033
130,001–140,00013
140,001–150,0001-
150,001–160,000-1
160,001-170,0001-
170,001–180,00011
180,001-190,0001-
250,001–260,000-1
270,001–280,00012
290,000–300,0001-
300,001–310,0001-
380,001–390,000-1
500,000–510,0001-
22
ANNUAL REPORT
PRINCIPLE 6 – RISK MANAGEMENT
“Directors should have a sound understanding
of the material risks faced by the issuer and how
to manage them. The Board should regularly
verify that the issuer has appropriate processes
that identify and manage potential and
material risks.”
Risk Management Framework
BLIS operates in an environment that contains
operational and strategic risks. Risks are actively
managed to ensure BLIS operates a safe workplace
and is able to sustain the achievement of its business
objectives while at the same time accepting an
appropriate level of commercial risk that is consistent
with desired profitability.
The Board is responsible for ensuring that key
business and financial risks are identified, and that
appropriate controls and procedures are in place to
effectively manage those risks.
The Audit and Risk Committee has overall
responsibility for ensuring that Company’s risk
management framework is appropriate and that risks
are identified, considered and managed.
A Risk Management Policy provides guidance on the
Board’s approach to risk management. The objectives
of the Risk Management Policy are:
• To allow BLIS to pursue opportunities that involve
risk in an informed manner, so as to meet the
expectations of stakeholders;
• To enable full and due consideration to be given
to the balance of risk and reward in pursuing the
achievement of BLIS’ business objectives;
• To apply risk management practices to enhance
strategic, tactical and operational decision making;
and
• To ensure that BLIS operates in a sustainable manner.
The policy is available at the Investor Centre.
Insurance
In managing the Company’s business risks, the Board
approves and monitors policy and procedures in areas
such as treasury management, financial performance,
taxation and delegated authorities. BLIS has insurance
policies in place covering most areas where risk to its
assets and business can be insured at a reasonable cost.
Product Quality and Safety
Ensuring the safety and quality of our products is a key
priority. We establish processes that effectively manage
risk and drive continuous improvement in product
quality throughout the product production cycle.
We have introduced proactive quality control
mechanisms within our manufacturing operations.
Through the use of data collection and statistical
analysis, we are improving the control of our
manufacturing processes, with the aim of being able to
intervene and correct a process prior to product quality
being compromised. This approach is providing further
assurance that our customers receive high quality
products that are safe and effective.
Health, Safety and Wellbeing
Overall responsibility for health and safety, specifically for
setting of high-level strategy and policy, resides with the
Board which is committed to continuous improvement
and progressively higher standards of work health and
safety for the benefit of all employees and others who
work in, use or visit the Company’s workplace.
The principles of the health and safety framework are to:
• Understand and comply with all applicable health
and safety legislation, codes of practice, safe
operating procedures and regulations;
• Establish objectives and management systems
consistent with health and safety best practice;
• Use systems and processes that are fit-for-
purpose, reflecting size and nature of the work
environment(s) the activities undertaken there,
and the potential risk posed to workers and others
who use or visit those environments; and
• Ensure all officers and workers engage in creating
a positive workplace safety culture to fully support
health, safety and wellbeing initiatives.
The Executive are responsible for implementation of
the health and safety framework and will:
• Determine and implement business and action
plans to give effect to Board strategy;
• Provide, support and maintain health and
safety management systems ensuring safety
requirements are met at all times;
• Acquire and maintain good understanding of
health, safety and wellbeing matters;
• Be responsible and accountable for health and
safety compliance;
• Promote and role-model high workplace health,
safety and wellbeing standards - identifying and
managing all risks and hazards; and
• Ensure business objectives are complimentary to
health, safety and wellbeing objectives.
Management reports to the Board include the following
lead and lag indicators – H&S Committee minutes
including good news stories, achievements and
training activities, outcomes of regular H&S site checks,
hazard assessments/ commissioning of equipment (if/
when applicable), bi monthly reporting of: incidents &
accidents (including near miss incidents) safe days on
site, days to close actions following an investigation (to
ensure efficient responses), attendance at H&S training
& committee meetings. Wellbeing metrics are also
reported through the employee engagement survey.
No lost time injuries, injuries resulting in workers
being unable to perform normal duties at next shift,
have occurred over the last seven years.
23
BLIS TECHNOLOGIES LIMITED
Material Business Risks Mitigation
After completing the risk management processes outlined above, the following key business and financial risks
have been identified.
AREAPRINCIPAL RISKSTRATEGIES TO MITIGATE
Product quality
and customer
safety
Product liability and risks
associated with selling
health supplements and
conducting clinical trials.
Our compliance and regulatory systems monitor our compliance with
applicable laws and regulations.
Our production facility operates under a Food Control Plan and is
subject to audit by the FDA.
Comprehensive product, contamination and clinical trial insurance
cover is maintained. We work with our suppliers and contract
manufacturers to actively monitor the quality of their supplied materials.
Market accessLoss of regulatory approval
to market and sell BLIS
products in certain countries.
BLIS has robust regulatory affairs processes as well as a quality
management system that ensures compliance with applicable
regulatory requirements. This includes engaging regulatory experts
for advice covering different geographical areas to ensure that the
Company has the right expertise for market and customer needs.
Health
and safety
Failure to manage the health,
safety and wellbeing of the
Company’s people in the
workplace leads to work
related injuries.
The Company contracts an independent accredited Workplace Health
and Safety expert to support internal practices and processes. This
includes an annual review. Ongoing work is performed to engage
employees in the development of good working practices and develop
risk management plans to improve safety.
Health, safety and wellbeing metrics are reported regularly to the Board.
Intellectual
Property
Intellectual property rights
held by the Company do not
provide adequate protection
against infringement and
competition.
Our patent portfolio is complemented by trademarks, trade secrets
and specialist know how.
Extensive “freedom to operate” searches are undertaken before we
make our IP applications to ensure that they do not infringe any other
IP and are protectable. Competitor IP filings and registration are actively
monitored.
BLIS engages IP specialists to assist in the management, monitoring
and enforcement of our intellectual property rights.
Business
continuity
Loss of continuity and
quality of supply due to an
interruption in production.
We actively work to maintain appropriate inventory levels of raw
material and finished products to minimise the impacts of any
interruption of supply.
Technology and know-how for future production of both BLIS K12™
and BLIS M18™ is being transferred to an offshore fermentation
supplier to provide future alternative ingredient supply options in the
event of a failure at our New Zealand based supplier.
Cyber security
and data
protection
Cyber attack attempts to
breach the IT environment
that limit its availability or
causes a data breach could
disrupt operations.
A cyber security roadmap is in place that focuses on improving controls
and mitigations in a number of areas of cyber security. Specialized
third parties to assist with monitoring, classification and restriction
of access to sensitive information, conducting cyber security audits,
implementing more sophisticated cyber tracking and monitoring tools.
On-going activity to improve cyber awareness to ensure that employees
are a key part of cyber defence.
Competitor
activity
Increasing demand for
probiotics may see greater
pricing competition from
established and new
competitors. Competition
may also come from other
products with similar
health benefits.
The Company’s market position is based on a reputation for quality and
scientific support for our unique strains. Innovation and development
complement this market position.
We are focused on building a strong and loyal customer base with
recurrent purchasing through an excellent customer experience.
Key individuals
and employees
The Company is unable
to retain its key staff, thus
losing significant knowledge
and expertise, and is unable
to hire employees with the
required skills.
BLIS attaches great importance on wellbeing for all employees.
By implementing a healthy, inclusive, and stimulating corporate
culture, BLIS protects its brand as an employer.
BLIS regularly conducts employee surveys where improvement proposals
in the workplace are addressed. Succession planning and personal
development plans are completed and monitored on a regular basis.
24
ANNUAL REPORT
PRINCIPLE 7 – AUDITORS
“The Board should ensure the quality and
independence of the external audit process.”
External Auditor
Oversight of the Company’s external audit
arrangements to safeguard the integrity of financial
reporting is the responsibility of the Audit and Risk
Committee.
BLIS maintains an Auditor Independence Policy
to ensure that audit independence is maintained,
both in fact and appearance. The quality of the audit
opinion is considered to be paramount. Accordingly,
any compromises to auditor objectivity and
independence that are considered to exist require
appropriate safeguards to eliminate or reduce the
risk of compromise to an acceptable level.
BLIS has adopted the following requirements in
relation to auditor independence:
• the BLIS auditor is required to comply with relevant
independence requirements promulgated by the
Financial Markets Authority and other governing
bodies;
• the Audit and Risk Committee must approve the
appointment of the auditor to provide any non-
audit services to the Company;
• the auditor is required to report to the Audit and
Risk Committee annually on matters pertaining to
their independence; and
• the external auditor attends the Company’s annual
meeting each year to answer questions from
shareholders in relation to the audit.
Internal Audit
The Company does not have a formal internal audit
function, however it does have internal processes and
controls that are considered to be appropriate for the
size and complexity of the organisation. The Audit
and Risk Committee carefully considers the auditor’s
management report which lists its key findings and
recommendations about significant matters arising
from the audit.
PRINCIPLE 8 – SHAREHOLDER
RELATIONS
“The Board should respect the rights of
shareholders and foster relationships with
shareholders that encourage them to engage
with the issuer.”
Shareholder Rights and Relations
The Company is committed to regularly
communicating with shareholders and other
stakeholders in a timely, accurate and clear manner
with respect to both procedural matters and major
issues affecting the Company.
To achieve this, the Company communicates through
a range of forums and publications. Annual reports,
NZX releases, governance policies and charters, and
a variety of corporate information is available at the
Investor Centre.
Each shareholder is entitled to receive a hard copy of
each annual report on request.
Documents relating to Annual Shareholders’ Meetings
are available at the Investor Centre.
Annual Shareholders’ Meetings to date have been
held at a venue in Dunedin, reflecting the head
office location for the Company, as well as being live
streamed to shareholders joining online.
The speeches and slides are lodged with NZX at
the commencement of the meeting. Shareholders
may raise matters for discussion at the Annual
Shareholders’ Meeting either in person or by emailing
the Company with a question to be asked.
Electronic Communications
Shareholders have the option of receiving their
communications electronically. Contact details for
the Company’s head office are available on the BLIS
website.
Major Decisions
The Directors’ commitment to timely and balanced
disclosure is set out in its Market Disclosure and
Communications Policy. The commitments include
advising shareholders on any major decisions. Where
voting on a matter is required, the Board encourages
investors to attend the meeting or to send in a proxy
vote. Online voting is made available for Annual
Shareholders’ Meetings.
Equity Issues
In the event of a capital raising, the Board will carefully
consider and, where practical, will favour an offer of
shares to existing shareholders on a pro-rata basis and
on no less favourable terms before offering shares to
other investors.
Dividend Policy
Under the current strategy of full reinvestment into
growth and pipeline development, no dividend has
been declared.
Notice of Meeting
The Notice of Meeting will be lodged with NZX at least
20 working days prior to the Annual Shareholders’
Meeting and will be available in the Investor Centre.
25
BLIS TECHNOLOGIES LIMITED
DIRECTORS’
INTERESTS
DIRECTORS’ SHAREHOLDINGS
The following table sets out, for the purposes of the disclosures required under Listing Rule 3.7.1 (d) of the NZX
Listing Rules, the relevant interests of Directors and associated persons of the Directors in equity securities of the
Company as at 31 March 2026:
NAME OF DIRECTORNUMBER OF EQUITY SECURITIES IN WHICH A RELEVANT INTEREST IS HELD BY A DIRECTOR
A McCammon--
Dr B RichardsonOrdinary shares17,903,625(a)
Dame A StewartOrdinary shares350,000(b)
A JohansenNon-beneficial interest in ordinary shares166,148,034(c)
P Munro--
Note that particular shareholdings can appear under more than one Director.
(a) The number of equity securities in which Dr B Richardson holds a relevant interest includes 17,903,625
ordinary shares held by Dr B Richardson and Mrs JV Richardson.
(b) The number of equity securities in which Dame A Stewart holds a relevant interest includes 350,000 ordinary
shares held by Custodial Services Limited.
(c) The non-beneficially held shares of A Johansen are in her capacity as CEO of Probi AB, a substantial product
holder of the Company.
DIRECTOR’S SHARE DEALINGS
No Directors (or associated entities in which the Directors have relevant interests) acquired or disposed of equity
securities in the Company or its subsidiary, BLIS Functional Foods Limited (together the ‘Group’) during the year
ended 31 March 2026 as entered in the interests register of the Company.
26
ANNUAL REPORT
DISCLOSURES OF INTEREST BY DIRECTORS
NAME OF DIRECTORORGANISATIONACTIVE INTERESTS
A McCammonPic’s Peanut Butter (Picot Productions Limited)Chief Executive/Shareholder/Director
Scarborough Wright Trustee LimitedDirector
New Zealand Film CommissionNon-Executive Director
Dr B RichardsonCertusBio LimitedDirector/Shareholder
Zircon Services LimitedDirector/Shareholder
Otago Classic Spares LimitedDirector/Shareholder
Dame A StewartArable Food Industry CouncilExecutive Committee Member
MBIE Tissue Culture PartnershipChair Governance Group
NZ Environmental Protection AuthorityDirector
Vegetable Research & InnovationGovernance Group Member
Cellora LimitedChair
A JohansenProbi ABChief Executive
International Probiotics AssociationDirector
P MunroElectricity Ashburton LimitedDirector
McKenzie Balfour & Associates LimitedDirector
Lynn River Holdings LimitedDirector
Orion New Zealand LimitedDirector
Cambridge Partners LimitedDirector
Southern Eye Specialists LimitedDirector
Tait International LimitedDirector
New Zealand King Salmon Investments Limited
& wholly owned subsidiaries
Director
API Council (Payments NZ Limited)Independent Member
Scales Corporation LimitedDirector
USE OF COMPANY INFORMATION
There were no notices from Directors regarding the use of Company information.
INDEMNITIES AND INSURANCE
Pursuant to s162 of the Companies Act 1993 and the Company’s Constitution, the Company has entered into
deeds of access, insurance and indemnity, with the Directors of the Group to indemnify them to the maximum
extent permitted by law, against all liabilities which they may incur in the performance of their duties as
Directors of any Company within the Group. Insurance cover extends to Directors and officers for the expenses of
defending legal proceedings and the cost of damages incurred. Specifically excluded are proven criminal liability
and fines and penalties other than those pecuniary penalties which are legally insurable. In accordance with
commercial practice, the insurance contract prohibits further disclosure of the terms of the policy. All Directors
who voted in favour of authorising the insurance certified that in their opinion, the cost of the insurance is fair to
the Company.
DONATIONS
There were $250 donations made by the Company during the year ended 31 March 2026 (2025: Nil).
27
BLIS TECHNOLOGIES LIMITED
DIRECTORS’
RESPONSIBILITY
STATEMENT
The Directors of BLIS Technologies Limited are pleased to present
to shareholders the financial statements for the Group for the year
ended 31 March 2026.
The Directors are responsible for presenting financial
statements in accordance with New Zealand law
and generally accepted accounting practice, which
fairly presents the financial position of the Group as
at 31 March 2026 and the results of its operations and
cash flows for the year ended on that date.
The Directors consider the financial statements of the
Group have been prepared using accounting policies
which have been consistently applied and supported
by reasonable judgements and estimates and that all
relevant financial reporting and accounting standards
have been followed.
The Directors believe that proper accounting records
have been kept which enable with reasonable
accuracy, the determination of the financial position
of the Group and facilitate compliance of the financial
statements with the Financial Reporting Act 2013 and
the Financial Markets Conduct Act 2013.
The Directors consider that they have taken adequate
steps to safeguard the assets of the Group, and to
prevent and detect fraud and other irregularities.
Internal control procedures are also considered to be
sufficient to provide a reasonable assurance as to the
integrity and reliability of the financial statements.
The Financial Statements are signed on behalf of the Board by:
Alison Stewart
Chair
20 May 2026
Barry Richardson
Director
20 May 2026
28
ANNUAL REPORT
TREND
STATEMENT
FY19FY20FY21FY22FY23FY24FY25FY26
Revenue ($m) 8.2 10.6 10.6 8.9 10.2 11.5 12.6 14.7
Revenue growth (%)55%29%0%(16%)15%13%10%16%
EBITDA ($m)
1
0.9 2.1 1.0 (2.1)(0.6) 0.8 1.0 0.9
EBITDA margin (%)11%20%9%(24%)(6%)7%8%6%
Net profit (loss) after
tax (NPAT) ($m) 0.4 1.6 0.6 (2.7)(1.4) 0.6 0.8 0.7
Cash and
investments ($m) 0.9 3.2 2.1 8.5 8.3 8.5 9.7 8.5
Shareholders equity
($m) 3.4 5.1 5.7 12.1 10.8 11.5 12.3 13.0
Total assets ($m) 5.2 7.1 7.8 14.1 12.8 13.0 14.3 15.0
Current liabilities
($m) 1.7 1.6 1.8 1.5 1.6 1.2 1.6 1.7
NTA ($m)
2
2.9 4.3 3.5 10.0 9.4 10.0 10.6 11.3
Cash generated
from operations ($m)(0.6) 3.2 0.6 (2.3) 0.1 1.1 1.8 (0.6)
Number of shares
on issue (000’s)
1,107,654
1,107,654
1,107,654
1,273,802
1,273,802
1,279,302
1,279,302
1,279,302
Cash conversion
ratio
3
(63%)151%60%112%(17%)132%178%(64%)
ROE (%)
4
11%32%10%(22%)(13%)6%7%5%
ROA (%)
5
9%26%8%(25%)(13%)2%3%3%
1 EBITDA, calculated as Earnings before interest, tax, depreciation, amortisation and impairment
2 Net Tangible Assets, calculated as Net Assets less right of use assets and finite life intangible assets
3 Calculated as cash generated from operations divided by EBITDA
4 Return on Equity, calculated as net profit after tax divided by closing shareholders equity
5 Return on Assets, calculated as net profit after tax divided by total assets
29
BLIS TECHNOLOGIES LIMITED
FINANCIAL
STATEMENTS
2026
30
ANNUAL REPORT
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the year ended 31 March 2026
NOTES
2026
$’000
2025
$’000
REVENUES
Revenue2 (a)14,66812,644
Other income2 (b)308450
Total revenue and other income14,97613,094
EXPENSES
Distribution expenses294294
Marketing expenses1,6351,535
Occupancy expenses183137
Employee benefits4,1314,107
Raw materials and consumables4,1342,556
Operating expenses3,8073,548
Finance expenses3826
Total expenses2 (c)14,22212,203
SURPLUS BEFORE TAX754891
Income tax expense36253
SURPLUS FOR THE PERIOD692838
Other comprehensive income--
TOTAL COMPREHENSIVE INCOME692838
Earnings per share:
Basic (cents per ordinary share)150.050.07
Diluted (cents per ordinary share)150.050.07
The above consolidated statements should be read in conjunction with the accompanying notes on pages 35 to 57.
31
BLIS TECHNOLOGIES LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the year ended 31 March 2026
NOTES
SHARE
CAPITAL
$’000
RETAINED
EARNINGS/
(DEFICIT)
$’000
SHARE BASED
PAYMENT
EQUITY
RESERVE
$’000
TOTAL
ATTRIBUTABLE
TO GROUP
$’000
Opening equity – 1 April 202446,649(35,241)8011,488
Surplus for the year-838-838
Other comprehensive income----
Total comprehensive income-838-838
Equity contributions and distributions
CEO share option equity reserve16,17----
Employee performance rights plan reserve16--(4)(4)
--(4)(4)
CLOSING EQUITY – 31 MARCH 202546,649(34,403)7612,322
Opening equity – 1 April 202546,649(34,403)7612,322
Surplus for the year-692-692
Other comprehensive income----
Total comprehensive income-692-692
Equity contributions and distributions
CEO share option equity reserve16,1740-(13)27
Employee performance rights plan reserve16----
40-(13)27
CLOSING EQUITY – 31 MARCH 202646,689(33,711)6313,041
The above consolidated statements should be read in conjunction with the accompanying notes on pages 35 to 57.
32
ANNUAL REPORT
CONSOLIDATED BALANCE SHEET
As at 31 March 2026
NOTES
2026
$’000
2025
$’000
ASSETS
CURRENT ASSETS
Cash and cash equivalents 64,0054,206
Short term deposits64,5005,450
Trade and other receivables72,0511,066
Prepayments477406
Inventory81,590728
NZX Bond6-75
Income tax receivable31678
Total current assets12,63912,009
NON CURRENT ASSETS
NZX Bond675-
Property, plant and equipment9505513
Finite life intangible assets 101,3501,263
Right-of-use assets11399511
Deferred tax asset--
Total non current assets2,3292,287
TOTAL ASSETS14,96814,296
Continued overleaf / >>
The above consolidated statements should be read in conjunction with the accompanying notes on pages 35 to 57.
33
BLIS TECHNOLOGIES LIMITED
CONSOLIDATED BALANCE SHEET CONTINUED
As at 31 March 2026
NOTES
2026
$’000
2025
$’000
LIABILITIES
LESS CURRENT LIABILITIES
Trade and other payables 121,4791,378
Current borrowings 13--
Lease liabilities 11183168
Foreign exchange contracts 22 (e)97
Total current liabilities1,6711,553
NON CURRENT LIABILITIES
Lease liabilities 11256421
Total non current liabilities256421
TOTAL LIABILITIES1,9271,974
NET ASSETS13,04112,322
OWNERS EQUITY
Share capital 1546,68946,649
Retained earnings / (deficits)(33,711)(34,403)
Share based payment equity reserves 166376
TOTAL EQUITY13,04112,322
These financial statements have been authorised for issue on 20 May 2026.
Alison Stewart Barry Richardson
Chair Director
The above consolidated statements should be read in conjunction with the accompanying notes on pages 35 to 57.
34
ANNUAL REPORT
CONSOLIDATED STATEMENT OF CASH FLOWS
For the year ended 31 March 2026
NOTES
2026
$’000
2025
$’000
CASH FLOWS FROM OPERATING ACTIVITIES
Cash was provided from / (applied to):
Receipts from customers13,74512,911
Interest received336334
Payments to suppliers and employees(14,642)(11,425)
Finance costs(34)(26)
Net cash inflow (outflow) from operating activities 21(595)1,794
CASH FLOWS FROM INVESTING ACTIVITIES
Cash was provided from / (applied to):
Proceeds from short term deposits950-
Purchase of short term deposits-(1,200)
Purchase of intangible assets 10(374)(346)
Purchase of property, plant and equipment 9(125)(137)
Net cash inflow (outflow) from investing activities451(1,683)
CASH FLOWS FROM FINANCING ACTIVITIES
Cash was provided from / (applied to):
Repayment of lease liabilities 11(175)(217)
Repayment of CEO loan1728
Net cash outflow from financing activities(147)(217)
Net decrease in cash held(291)(106)
Add cash and cash equivalents at start of period4,2064,272
Foreign exchange differences9040
BALANCE AT END OF PERIOD4,0054,206
COMPRISED OF:
Cash and cash equivalents64,0054,206
4,0054,206
The above consolidated statements should be read in conjunction with the accompanying notes on pages 35 to 57.
35
BLIS TECHNOLOGIES LIMITED
NOTES TO AND FORMING
PART OF THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
1. BASIS OF REPORTING
Reporting Entity
The consolidated financial statements presented are
those of BLIS Technologies Limited (the “Company”)
and its subsidiary BLIS Functional Foods Limited
(the “Group”).
The Group’s principal activity is developing healthcare
products based on strains of bacteria that produce
bacteriocin activity for sale in New Zealand and
overseas.
Statutory Base
The Company is a profit-oriented entity, domiciled
in New Zealand, registered under the Companies
Act 1993 and listed on the New Zealand Stock
Exchange. The Company is an FMC reporting entity
under the Financial Markets Conduct Act 2013. The
financial statements have been prepared in line with
the requirements of these Acts and the Financial
Reporting Act 2013.
Basis of Preparation
The financial statements have been prepared in
accordance with New Zealand Generally Accepted
Accounting Practice (“NZ GAAP”). They comply with
the New Zealand Equivalents to IFRS Accounting
Standards (“NZ IFRS”) and other applicable financial
reporting standards as appropriate for profit-oriented
entities. The financial statements comply with IFRS
Accounting Standards (“IFRS”).
The Financial Statements were authorised for issue by
the Board of Directors on 20 May 2026.
Basis of Measurement
The financial statements have been prepared on the
historical cost basis, except for the derivative financial
instruments that are measured at fair value at the end
of each reporting period as explained in the relevant
accounting policies.
Historical cost is based on the fair values of the
consideration given in exchange for assets.
Accounting policies are selected and applied in a
manner which ensures that the resulting financial
information satisfies the concepts of relevance and
reliability, thereby ensuring that the substance of the
underlying transactions or other events is reported.
Unless otherwise stated the accounting policies
set out below have been applied in preparing the
consolidated financial statements for the year ended
31 March 2026 and 31 March 2025.
The financial statements are presented in thousands
of New Zealand dollars. The New Zealand dollar is the
Group’s functional currency.
Critical Judgements, Estimates and Assumptions
In the application of NZ IFRS, the Directors are
required to make judgements, estimates and
assumptions about carrying values of assets and
liabilities that are not readily apparent from other
sources. The estimates and associated assumptions
are based on historical experience and various other
factors that are believed to be reasonable under the
circumstance, the results of which form the basis of
making the judgements. Actual results may differ
from these estimates.
The estimates and underlying assumptions are
reviewed on an ongoing basis. Revisions to accounting
estimates are recognised in the period in which the
estimate is revised if the revision affects only that
period or in the period of the revision and future
periods if the revision affects both current and
future periods.
36
ANNUAL REPORT
Judgements made by the Directors in the application
of NZ IFRS that have significant effects on the financial
statements and estimates with a significant risk of
material adjustments in the next year include:
• Tax Losses – The recognition of a deferred tax asset
arising from prior year tax losses and temporary
differences is dependent on generating future
taxable profits. No deferred tax asset has been
recognised in relation to the tax losses as at
31 March 2026 but this position will be reviewed
in future periods as the Group demonstrates a
consistent track record of profitable results. The
Group’s ability to utilise tax losses is explained in
note 3.
Material Accounting Policies
The principal accounting policies applied in the
preparation and presentation of the financial
statements are set out below or in the notes with the
item to which they relate, where policies are specific
to certain transactions or balances.
These policies have been consistently applied unless
otherwise stated.
Basis of Consolidation
The Group financial statements incorporate the
financial statements of the Company and all entities
controlled by the Company (its subsidiaries) that
comprise the Group, being BLIS Technologies Limited
(the parent entity) and its subsidiary BLIS Functional
Foods Limited. Control is obtained when the Company
has power over the investee, is exposed to or has
rights to variable returns from its investment, and has
the ability to use its power to affect returns. Consistent
accounting policies are employed in the preparation
and presentation of the group financial statements.
The results of subsidiaries acquired or disposed of
during the year are included in the Consolidated
Statement of Comprehensive Income from the
effective date of acquisition or up to the effective date
of disposal, as appropriate.
Where necessary, adjustments are made to the
financial statements of subsidiaries to bring their
accounting policies into line with those used by
the Group.
All intra-group transactions, balances, income and
expenses are eliminated in full on consolidation.
Foreign Exchange
In the course of normal trading activities, the
Group undertakes transactions denominated in
foreign currencies, hence exposures to exchange
rate fluctuations arise. Transactions in currencies
other than the New Zealand dollar are recognised
at the rate of exchange prevailing on the dates of
the transactions. Trade and other receivables, trade
and other payables, the Canadian Dollar (CAD)
denominated bank account, the Euro denominated
bank account and the United States Dollar (USD)
denominated bank account balances are translated
at the exchange rates prevailing at the end of
each reporting period as sourced from the Bank of
New Zealand. Exchange differences are recognised in
the statement of comprehensive income in the period
in which they occur.
Goods and Services Tax (GST)
All items in the balance sheet are stated exclusive of
GST, with the exception of receivables and payables,
which include GST. All items in the statement of
comprehensive income are stated exclusive of GST.
The GST component of cash flows arising from
investing and financing activities which is recoverable
from, or payable to, the taxation authority is classified
as operating cash flows.
New and revised NZ IFRS Accounting Standards
and Interpretations Issued but not yet adopted
All mandatory new and revised standards and
interpretations have been adopted in the current year.
At the date of authorisation of these financial
statements, certain new standards and interpretations
to existing standards have been published but are
not yet effective. The Group expects to adopt these
when they become mandatory. Of these, the following
standard has been assessed as relevant to the Group:
• NZ IFRS 18 (Presentation and Disclosure
in Financial Statements) – introduces new
requirements including a change in the structure
of the profit and loss, management defined
performance measures being included in a
note to the financial statements, and enhanced
aggregation/disaggregation clarification. The
new standard amends the classification in the
statement of cash flows.
The Group has not assessed the impact of this
standard but it is expected that it will impact the
presentation of the financial statements.
No others are expected to materially impact the
Group’s financial statements.
37
BLIS TECHNOLOGIES LIMITED
2. SURPLUS FROM OPERATIONS
Policy
Revenue is recognised from the following major
sources:
• Sale of goods;
• License fee and royalties and
• Interest income and grants.
Revenue is measured at the fair value of the
consideration the Group expects to be entitled to in
accordance with customer contracts and excludes
amounts collected on behalf of third parties.
Sale of Goods
The Group sells ingredients and finished goods to
manufacturer, wholesale and online customers. In
addition to product sales, the Group provides sales
training and support to its customers. The Group has
determined that the sales training and support is not
a distinct performance obligation.
In addition to selling products to customers, the
Group also arranges delivery of the products to its
customers. The Group is an agent in the performance
of the delivery service and the allocated revenue is
recognised net of costs.
Revenue from the sale of goods is recognised when
the Group has transferred control of the goods to
the customer, which is usually when the goods
are delivered. For manufacturers and wholesale
customers, control passes according to individual
contract terms. One of the Group’s major customers
has entered into a consignment arrangement. Sales
to this customer, are not recognised until the sale is
made to the end customer.
Rebates
The Group provides rebates to certain customers
based on the quantity of products purchased during
the period. All sales to these customers are net of
returns, allowances, trade discounts and volume
rebates. To estimate the variable consideration for the
expected rebates, the Group applies the expected
value method and a refund liability is recognised for
the expected rebates.
License fee and royalties
Licensing fee and royalty revenue is recognised
as the underlying sales and usage occurs and the
performance obligation to the license fee and royalty
has been satisfied.
Contract liabilities
Revenue is recognised when all associated obligations
have been met. Where consideration has been
received but the associated obligations have not been
met, for instance goods have not yet been provided, it
will be recognised as a contract liability on the balance
sheet.
Grant Income
Grant income is recognised when the Group has
met all of the requirements established by the grant.
Grant income that is receivable as compensation
for expenses or losses already incurred or for the
purpose of giving immediate financial support to the
entity with no future required costs are recognised as
revenue of the period in which it becomes receivable.
Interest Income
Interest income is accrued on a time basis, by
reference to the principal outstanding and the
effective interest rate applicable, which is the rate
that exactly discounts estimated future cash receipts
through the expected life of the financial asset to that
asset’s net carrying amount.
(a) Revenue
2026
$’000
2025
$’000
Revenue consists of the following items:
Point in time recognition:
Sale of goods – domestic sales
Finished goods2,2242,172
Ingredients-73
License fee and royalties1717
Sale of goods – export sales
Finished goods3,8913,184
Ingredients7,2896,132
License fee and royalties1,2471,066
14,66812,644
38
ANNUAL REPORT
The above revenue for the 12 months ended 31 March 2025 has been reclassified to align with current period
customer location. The Sale of Goods – domestic sales finished goods revenue is $2,172k (previously $1,942k) and
Sale of Goods – export sales finished goods revenue is $3,184k (previously $3,414k), reflecting a reclassification
of $230k.
(b) Other Income
2026
$’000
2025
$’000
Grant income4122
Interest income263428
Other income4-
308450
(c) Expenses
2026
$’000
2025
$’000
This includes the following specific expenses:
Amortisation of finite life intangible assets (note 10)197181
Depreciation of property, plant and equipment (note 9)133125
Depreciation of right of use assets (note 11)133263
Director’s fees309307
Employee performance rights (note 16)-(4)
CEO share option expense (note 16, 17)--
(Gain)/loss on fair value of derivatives2(22)
Short term lease payments163
Other operating expenses2,7232,269
Post-employment benefits108110
Provision for inventory write-off (note 8)15123
Research and development expense311425
FX loss4527
Loss on disposal of intangible assets9026
3. INCOME TAXES
Policy
Current tax
Current tax is calculated by reference to the amount of income taxes payable or recoverable in respect of the
taxable profit or tax loss for the period. It is calculated using tax rates and tax laws that have been enacted or
substantively enacted by reporting date. Current tax for current and prior periods is recognised as a liability
(or asset) to the extent it is unpaid (or refundable).
Deferred tax
Deferred tax is accounted for using the comprehensive balance sheet liability method in respect of temporary
differences arising from differences between the carrying amount of assets and liabilities in the financial
statements and the corresponding tax base of those items.
In principle, deferred tax liabilities are recognised for all taxable temporary differences. Deferred tax assets
are recognised to the extent that it is probable that sufficient taxable amounts will be available against which
deductible temporary differences or unused tax losses and tax offsets can be utilised.
39
BLIS TECHNOLOGIES LIMITED
However, deferred tax assets and liabilities are not recognised if the temporary differences giving rise to them
arise from the initial recognition of assets and liabilities (other than as a result of a business combination) which
affects neither taxable income nor accounting profit, and initial recognition of an asset or liability that at the time
of the transaction does not give rise to equal taxable and deductible temporary differences.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period when the
liability is settled, or the asset is realised based on tax rates that have been enacted or substantively enacted at
reporting date.
Deferred tax is charged or credited in the statement of comprehensive income, except when it relates to items
charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.
(a) Income tax recognised in profit or loss
The prima facie income tax expense on pre-tax accounting profit reconciles to the income tax expense in the
financial statements as follows:
2026
$’000
2025
$’000
Net surplus before tax754891
Income tax expense calculated at 28%211250
Non-deductible items7936
Temporary differences excluding tax losses not recognised2331
Tax losses utilised(313)(317)
Foreign withholding tax forfeited6253
Income tax expense6253
(b) Income tax recognised directly in equity
There was no current or deferred tax charged/ (credited) directly to equity during the period.
(c) Deferred tax balances
2026
OPENING
BALANCE
$’000
CHARGED
TO INCOME
$’000
CLOSING
BALANCE
$’000
Gross deferred tax assets
Employee entitlements 159 12 171
Provisions, prepayments and inventory 136 40 175
Leases 22 (11) 11
Property, plant and equipment 75 (13) 62
Tax losses 4,379 314 4,065
Total deferred tax assets 4,771 342 4,485
Gross deferred tax liabilities
Intangible assets(124) (50) (175)
Total deferred tax liabilities(124)(50) (175)
Net deferred tax asset before recognition adjustment 4,647 291 4,310
Deferred tax asset not recognised (4,647) (291) (4,310)
Net recognised deferred tax - - -
The Group has an unrecognised deferred tax asset of $4,309,975 (2025: $4,646,667). The unrecognised deferred
tax asset arises in relation to temporary differences of $244,944 (2025: $267,751) and gross tax losses of $14,517,968
(2025: $15,638,985) with a tax effect of $4,065,031 (2025: $4,378,916). The tax losses may be able to be carried forward
and offset against future taxable income (subject to meeting the requirements of the Income Tax Act 2007).
40
ANNUAL REPORT
2025
OPENING
BALANCE
$’000
CHARGED
TO INCOME
$’000
CLOSING
BALANCE
$’000
Gross deferred tax assets
Employee entitlements 117 42 159
Provisions, prepayments and inventory 137 (2) 136
Leases 9 13 22
Property, plant and equipment 97 (22) 75
Tax losses 4,698 319 4,379
Total deferred tax assets 5,058 351 4,771
Gross deferred tax liabilities
Intangible assets(69) (56) (124)
Total deferred tax liabilities(69) (56) (124)
Net deferred tax asset before recognition adjustment 4,989 296 4,647
Deferred tax asset not recognised (4,989) (296) (4,647)
Net recognised deferred tax - - -
(d) Imputation credit account
2026
$’000
2025
$’000
Balance at beginning of year78-
RWT paid1678
RWT refunded(78)-
Balance at end of year1678
4. REMUNERATION OF AUDITORS
2026
$’000
2025
$’000
Audit and review of the financial statements
Audit of the annual financial statements121117
The auditor of BLIS Technologies Limited is Deloitte Limited.
5. KEY MANAGEMENT PERSONNEL COMPENSATION
2026
$’000
2025
$’000
Short term employee benefits1,6161,592
Long term employee benefits4742
Share based payments-3
1,6631,637
41
BLIS TECHNOLOGIES LIMITED
Equity settled share based payments
The fair value (at grant date) of performance share rights plan (PSRs) granted to the CEO and certain other
senior management, is recognised in profit or loss within the Consolidated Statement of Comprehensive Income
over the vesting period with a corresponding increase in the share based payment reserve. The estimate of the
number of PSRs for which non market based conditions are expected to be satisfied is revised at each reporting
date, with any cumulative catch-up adjustment recognised in profit or loss. When any PSRs are exercised, the
amount in the share based equity payment reserve relating to those instruments is transferred to share capital
as consideration of one option per share. When any PSRs are cancelled, the amount in the share based payment
reserve relating to those PSRs is also transferred to retained earnings.
Employee share based compensation
From 21 December 2020, the Company granted PSRs to certain members of its senior leadership and senior
management teams under the 2020 and 2021 Performance Share Rights Plan. There were no Employee share
based schemes prior to December 2020.
i) Performance share rights plan
Under the 2020 and 2021 Performance Share Rights Plan, one share right gives the employee the potential
to exercise a share right for an ordinary share in the Company. Performance share rights will only become
exercisable if the Company meets certain market-based and performance based requirements set by the Board
in respect of its share price and net profit, and the continuous employment of the relevant holder.
The plan is a three year scheme, with the potential rights to fully vest on the third anniversary of the grant date if
the following criteria are met:
• 50% of the Performance rights shall vest on the Vesting Date subject to the average market price of the shares
of the Company from the Grant Date to the Vesting Date increase by 15% per annum.
• 50% of the Performance rights shall vest on the Vesting date subject to the Company achieving 15%
compound annual growth rate (CAGR) for net profit from 31 March of the most recent balance date at grant
date to the Vesting Date; and
• The holder of the Performance Rights is continuously employed by the Company during the period from the
Grant Date to the Vesting Date.
Measurement
The fair value of the PSRs was determined using the Black Scholes option pricing model to value the 50%
performance rights which vest on achieving 15% CAGR for net profit being non market conditions and a Monte
Carlo simulation valuation methodology for the 50% performance rights with market based vesting conditions.
The compensation of the key management personnel of the entity, is set out below:
Movements in the number of PSRs outstanding and their exercise prices are as follows:
20262025
Number of options outstanding
As at beginning of the year-1,681,000
Granted during the year--
Exercised during the year--
Lapsed during the year-(1,681,000)
As at end of the year--
Exercisable at year end--
Number of employees--
Weighted average exercise price--
Weighted average remaining contractual life (months)--
There were no options outstanding at 31 March 2026 (2025: Nil). The weighted average exercise price for options
lapsed during the year was nil as no options lapsed (2025: $0.07).
ii) CEO Share based payment and issue of shares to the CEO
The Company entered into a Subscription agreement and issued shares to the CEO, Scott Johnson, on 22 March
2024. Further information is included within Note 17.
42
ANNUAL REPORT
6. CASH AND CASH EQUIVALENTS, SHORT-TERM DEPOSITS AND NZX BOND
Policy
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand, demand deposits, and other short-term highly liquid
investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of
changes in value. Cash and short-term deposits are initially recognised at fair value and subsequently measured
at amortised cost using the effective interest method.
Short term Deposits
Short term deposits includes investments with Bank of New Zealand, with periods ranging up to 365 days.
NZX Bond
A deposit is held at Bank of New Zealand as security for a bond issued to the NZX. These funds do not represent
operating cash reserves.
2026
$’000
2025
$’000
Cash and cash equivalents4,0054,206
Short-term deposits4,5005,450
8,5059,656
NZX bond7575
7. TRADE AND OTHER RECEIVABLES
Policy
Trade and other receivables
Trade and other receivables are initially recognised at fair value and subsequently measured at amortised cost
using the effective interest method, less any provision for expected credit losses.
The Group applies the simplified approach to measuring expected credit losses which uses a lifetime expected
credit loss allowance.
The measurement of expected credit losses is a function of the probability of default, loss given default and the
exposure at default.
The expected credit losses on trade receivables are estimated using a provision matrix by reference to past
default experience of the debtor and an analysis of the debtor’s current financial position, adjusted for factors
that are specific to the debtors, general economic conditions of the industry in which the debtors operate and an
assessment of both the current as well as the forecast direction of conditions at the reporting date.
The allowance recognised is measured as the difference between the asset’s carrying amount and the present
value of estimated future cash flows discounted at the effective interest rate computed at initial recognition.
2026
$’000
2025
$’000
Trade receivables2,0281,057
Allowance for expected credit losses (note 22 g)--
GST receivable239
2,0511,066
Trade receivables and other receivables are non-interest bearing and receipt is normally on 30 to 60 day terms.
Therefore, the carrying value of trade debtors and other receivables approximates its fair value.
43
BLIS TECHNOLOGIES LIMITED
8. INVENTORY
Policy
Inventories are stated at the lower of cost and net realisable value. Cost is determined using average cost. Net
realisable value represents the estimated selling price less all estimated costs of completion and costs to be
incurred in marketing, selling and distribution.
2026
$’000
2025
$’000
Raw materials1,187446
Finished goods544353
Provision for write-off(141)(71)
1,590728
During the year $150,981 (2025: $22,816) was recognised as an expense in respect of write-downs to inventory to
net realisable value.
9. PROPERTY, PLANT AND EQUIPMENT
Policy
All items of Property, Plant and Equipment are stated at cost less accumulated depreciation, and impairment.
Cost includes expenditure that is directly attributable to the acquisition of the item. In the event that settlement
of all or part of a purchase consideration is deferred, cost is determined by discounting the amounts payable in
the future to their present value as at the date of acquisition.
Depreciation is provided on property, plant and equipment. Depreciation is calculated on a straight-line basis so
as to write off the net cost of the asset over its expected useful life to its estimated residual value. The following
estimates of useful lives are used in the calculation of depreciation:
Leasehold improvements 3–10 years
Furniture and fittings 3–15 years
Plant and equipment 2–18 years
2026
COST
1 APRIL
2025
$’000
ADDITIONS/
TRANSFERS
$’000
DISPOSALS
$’000
COST
31 MARCH
2026
$’000
ACCUMULATED
DEPRECIATION
1 APRIL 2025
$’000
DEPRECIATION
EXPENSE
$’000
ACCUMULATED
DEPRECIATION
REVERSED ON
DISPOSAL
$’000
ACCUMULATED
DEPRECIATION
31 MARCH 2026
$’000
BOOK VALUE
31 MARCH
2026
$’000
Leasehold
improvements366--366(336)(2)-(338)28
Furniture
and fittings1934-197(168)(19)-(187)10
Plant and
equipment1,607121(15) 1,713(1,149)(112)15(1,246)467
2,166125(15) 2,276(1,653)(133)15(1,771)505
2025
COST
1 APRIL
2024
$’000
ADDITIONS/
TRANSFERS
$’000
DISPOSALS
$’000
COST
31 MARCH
2025
$’000
ACCUMULATED
DEPRECIATION
1 APRIL 2024
$’000
DEPRECIATION
EXPENSE
$’000
ACCUMULATED
DEPRECIATION
REVERSED ON
DISPOSAL
$’000
ACCUMULATED
DEPRECIATION
31 MARCH 2025
$’000
BOOK VALUE
31 MARCH
2025
$’000
Leasehold
improvements366--366(333)(3)-(336)30
Furniture
and fittings18217(6)193(155)(19)6(168)25
Plant and
equipment1,876120(389)1,607(1,434)(103)388(1,149)458
2,424137(395)2,166(1,922)(125)394(1,653)513
44
ANNUAL REPORT
10. FINITE LIFE INTANGIBLE ASSETS
Policy
Intangible assets acquired separately are reported at
cost less accumulated amortisation and accumulated
impairment losses. Amortisation is recognised on
a straight-line basis over their estimated useful
lives. The estimated useful lives, residual values and
amortisation method are reviewed at the end of each
reporting period, with the effect of any changes in
estimate being accounted for on a prospective basis.
Intellectual Property
The cost of intellectual property (patents and
trademarks) is written off until such time as it
becomes clear that future economic benefits
attributable to that expenditure will flow to the
Group and there is sufficient evidence to support the
probability of the expenditure generating sufficient
future economic benefits.
Intellectual property including patents, trademarks
and licenses are considered finite life intangibles and
are recorded at cost less accumulated amortisation
and impairment. Amortisation is charged on a
straight-line basis over the estimated useful life of the
intangible asset being 10 to 20 years. The estimated
useful life and amortisation method is reviewed at the
end of each annual reporting period.
IT, Website Development and Software
Following the initial investment, which is recorded at
cost and amortised over 3 years, the cost of further
website development is expensed as incurred.
Internally generated Intangible Assets –
Capitalised Product Development Expenditure
Expenditure on research activities is recognised as an
expense in the period in which it is incurred.
An internally generated intangible asset arising from
development (or from the development phase of an
internal project) is recognised if, and only if, all of the
following have been demonstrated:
• the technical feasibility of completing the
intangible asset so that it will be available for use
or sale;
• the intention to complete the intangible asset and
use or sell it;
• the ability to use or sell the intangible asset;
• how the intangible asset will generate probable
future economic benefits;
• the availability of adequate technical, financial and
other resources to complete the development and
to use or sell the intangible asset; and
• the ability to measure reliably the expenditure
attributable to the intangible asset during its
development.
The amount initially recognised for internally
generated intangible assets is the sum of the
expenditure incurred from the date when the
intangible asset first meets the recognition criteria
listed above. Where no internally generated intangible
asset can be recognised, development expenditure
is charged to profit or loss in the period in which it
is incurred.
Subsequent to initial recognition, internally
generated intangible assets are reported at cost
less accumulated amortisation and accumulated
impairment losses, on the same basis as intangible
assets acquired separately. The useful life of internally
generated intangible assets is 8 years.
Impairment of Assets
At each balance sheet date, the Group reviews the
carrying amounts of its assets to determine whether
there is any indication that those assets have suffered
an impairment loss. If any such indication exists, the
recoverable amount of the asset is estimated in order
to determine the extent of the impairment loss (if any).
Where the asset does not generate cash flows that are
independent from other assets, the Group estimates
the recoverable amount of the cash-generating unit to
which the asset belongs.
The recoverable amount is the higher of fair value less
costs to sell and value in use. In assessing value in use,
the estimated future cash flows are discounted to
their present value using a pre-tax discount rate that
reflects current market assessments of the time value
of money and the risks specific to the asset for which
the estimates of future cash flows have not been
adjusted.
If the recoverable amount of an asset (cash-
generating unit) is estimated to be less than its
carrying amount, the carrying amount of the asset
(cash-generating unit) is reduced to its recoverable
amount. An impairment loss is recognised in profit or
loss immediately.
Where an impairment loss subsequently reverses, the
carrying amount of the asset (cash-generating unit)
is increased to the revised estimate of its recoverable
amount, but only to the extent that the increased
carrying amount does not exceed the carrying
amount that would have been determined had no
impairment loss been recognised for the asset (cash-
generating unit) in prior years.
45
BLIS TECHNOLOGIES LIMITED
2026
TRADE
MARKS
$’000
PATENTS
$’000
CAPITALISED
DEVELOPMENT
$’000
IT, WEBSITE
DEVELOPMENT
AND SOFTWARE
$’000
TOTAL
$’000
Gross carrying amount
Balance at 1 April 20255591,6274,1034006,689
Additions118256--374
Disposals(41)(59)--(100)
Balance at 31 March 20266361,8244,1034006,963
Accumulated amortisation and impairment
Balance at 1 April 20251631,0933,7713995,426
Amortisation expense5848901197
Disposals(4)(6)--(10)
Balance at 31 March 20262171,1353,8614005,613
Net book value at 31 March 2026419689242-1,350
2025
TRADE
MARKS
$’000
PATENTS
$’000
CAPITALISED
DEVELOPMENT
$’000
IT, WEBSITE
DEVELOPMENT
AND SOFTWARE
$’000
TOTAL
$’000
Gross carrying amount
Balance at 1 April 20244271,4254,1214006,373
Additions144202--346
Disposals(12)-(18)-(30)
Balance at 31 March 20255591,6274,1034006,689
Accumulated amortisation and impairment
Balance at 1 April 20241231,0553,6763975,251
Amortisation expense4638952181
Disposals(6)---(6)
Balance at 31 March 20251631,0933,7713995,426
Net book value at 31 March 20253965343321 1,263
Trademarks are amortised over their estimate useful lives, which is on average 10 years.
Patents are amortised over their estimated useful lives, which is on average 20 years.
The amortisation period for development costs incurred on the Group’s K12, M18 and Q24 product development
is 8 years.
The amortisation period for the development costs incurred on the Group’s IT, website and software development
is 3 years.
No impairment losses have been recorded in the current year (2025: Nil).
Capitalised product development expenditure relates to costs incurred in relation to the development of
ingredient, intermediate and food products containing BLIS, and the associated regulatory approval processes.
Impairment test for Intangible Assets
The Group reviewed the carrying amounts of its assets at balance date and assessed there was no indication
that the assets have suffered an impairment loss and therefore an assessment of the recoverable amount of the
assets was not required.
46
ANNUAL REPORT
11. LEASES
Policy
The Group as a lessee
The Group leases certain property, plant and equipment. The Group recognises a right-of-use asset and a
corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term
leases and leases of low value assets where the Group recognises the lease payments as an other operating
expense on a straight-line basis over the term of the lease.
Lease Liabilities
Lease liabilities are initially measured at the present value of the lease payments that are not paid at the
commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined,
the Group uses its incremental borrowing rate (IBR).
Lease payments included in the measurement of the lease liability comprise:
• Fixed lease payments, less any lease incentives;
• Variable lease payments that depend on an index or rate, initially measured using the index or rate at the
commencement date;
• The exercise price of purchase options, if the lessee is reasonably certain to exercise the options; and
• Payments of penalties for terminating the lease, if the lease term reflects the exercise of an option to
terminate the lease.
Lease liabilities are presented as a separate line in the balance sheet and are subsequently measured by
increasing the carrying amount to reflect interest on the lease (using the effective interest method) and reducing
the carrying amount to reflect the lease payments made.
The Group remeasures the lease liability if:
• The lease term has changed or there is a change in the assessment of exercise of a purchase option, in which
case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate;
• Lease payments changing due to changes in an index or rate, in which case the lease liability is remeasured
by discounting the revised lease payments using the initial discount rate; or
• A lease contract is modified and the lease modification is not accounted for as a separate lease, in which case
the lease liability is remeasured by discounting the revised lease payments using a revised discount rate.
ROU assets
ROU assets comprise of the initial measurement of the corresponding lease liability, lease payments made at
or before the commencement date and any initial direct costs. They are subsequently measured at cost less
accumulated depreciation and impairment losses.
Wherever the Group incurs an obligation for costs to dismantle and remove a leased asset, restore the site on
which it is located or restore the underlying asset to the condition required by the terms and conditions of the
lease, a provision is recognised and measured under NZ IAS 37. The costs are included in the related ROU asset,
unless those costs are incurred to produce inventories.
ROU assets are depreciated over the shorter period of lease term and useful life of the underlying asset. The
estimated useful lives of ROU assets are determined on the same basis as similar owned assets within property,
plant and equipment. Depreciation starts at the commencement date of the lease.
ROU assets are presented as a separate line in the balance sheet.
The Group applies NZ IAS 36 to determine whether a ROU asset is impaired and accounts for any identified loss
under the same policy adopted for property, plant and equipment.
Variable rents that do not depend on an index or rate are not included in the measurement of the lease
liability and ROU asset. The related payments are recognised as an expense in the period in which the event or
condition that triggers those payments occurs and are included in other operating expenses in the statement of
comprehensive income.
47
BLIS TECHNOLOGIES LIMITED
Right-of-use assets
2026
PROPERTIES
$’000
OFFICE
EQUIPMENT
$’000
TOTAL
$’000
As at 1 April 2025511-511
Additions21-21
Depreciation expense(133)-(133)
Net book value as at 31 March 2026399-399
2025
PROPERTIES
$’000
OFFICE
EQUIPMENT
$’000
TOTAL
$’000
As at 1 April 202434711358
Additions416-416
Depreciation expense(252)(11)(263)
Net book value as at 31 March 2025511-511
Lease Liabilities – Maturity Analysis
2026
$’000
2025
$’000
Less than one year183168
Between one and five years256421
More than five years--
439589
Current183168
Non-current256421
Total439589
The Group leases various properties and office equipment under non-cancellable leases expiring within one to
five years. The leases have varying terms and have no option to purchase in respect to the leased equipment in
the financial year ended 31 March 2026.
20262025
Amounts recognised in consolidated statement of comprehensive income:
Depreciation of right-of-use assets133263
Interest expense on lease liabilities3826
Expense relating to short-term leases163
The total cash outflow for leases in 2026 was $205,704 (2025: $240,907).
The incremental borrowing rate applied on properties was 6.5% (2025: 6.5%) and office equipment 6% (2025: 6%).
48
ANNUAL REPORT
The below table details changes in the Group’s lease liabilities from financing activities, including both cash and
non-cash changes.
Liabilities arising from financing activities are those for which cash flows were, or future cash flows will be,
classified in the Group’s statement of cash flows from financing activities.
2026
OPENING
BALANCE AT
1 APRIL 2025
$’000
NON-CASH
CHANGES
1
$’000
RECOGNISED
ON ACQUISITION
$’000
NON-FINANCING
CASH FLOWS
$’000
FINANCING
CASH FLOWS
$’000
CLOSING
BALANCE AT
31 MARCH 2026
$’000
Lease liabilities58925--(175)439
58925--(175)439
2025
OPENING
BALANCE AT
1 APRIL 2024
$’000
NON-CASH
CHANGES
1
$’000
RECOGNISED
ON ACQUISITION
$’000
NON-FINANCING
CASH FLOWS
$’000
FINANCING
CASH FLOWS
$’000
CLOSING
BALANCE AT
31 MARCH 2025
$’000
Lease liabilities389416--(216)589
389416--(216)589
(1) Non-cash changes within lease liabilities relate to new leases entered into during the financial year, interest, lease modifications
and reassessments of lease terms.
12. TRADE AND OTHER PAYABLES
Policy
Trade Payables
Trade payables are initially measured at fair value and subsequently measured at amortised cost using the
effective interest rate method.
Employee Benefits
Provision is made for benefits accruing to employees in respects of wages and salaries and annual leave when
it is probable that settlement will be required, and they are capable of being measured reliably. Provisions
are initially measured at fair value and subsequently measured at amortised cost using the effective interest
rate method.
Provisions made in respect of employee benefits expected to be settled within 12 months, are measured at
their nominal values using the remuneration rate expected to apply at the time of settlement. Provisions made
in respect of employee benefits which are not expected to be settled within 12 months are measured at the
present value of the estimated future cash outflows to be made by the Group in respect of services provided
by employees up to reporting date.
2026
$’000
2025
$’000
Trade payables870903
Employee entitlements609475
1,4791,378
49
BLIS TECHNOLOGIES LIMITED
13. BORROWINGS
Policy
Borrowings are recognised initially at fair value less directly attributable transaction costs and subsequently
measured at amortised cost using the effective interest method.
2026
$’000
2025
$’000
Asset finance--
Total borrowings--
Current borrowings--
Non-current borrowings--
Total borrowings--
The Group has an undrawn trade credit loan facility with the Bank of New Zealand that has a base limit of $550,000.
The effective interest rate of the trade credit loans is between 5.89%–6.87% (2025: 5.89%–6.87%).
Security
The banking facilities from Bank of New Zealand are secured by general security agreement over all present and
after acquired property of BLIS. There is assignment of Trade Credit Insurance Policy covering export receivables
and specific security (set off and charge) over Term Deposit funds to secure NZX Bond.
14. INVESTMENT IN SUBSIDIARY
PERCENTAGE HELD
BALANCE
DATE
PRINCIPAL
ACTIVITY20262025
BLIS Functional Foods Limited100%100%31 MarchNon-trading
15. SHARE CAPITAL AND EARNINGS / (DEFICIT) PER SHARE
NO. OF SHARES
2026
$’000NO. OF SHARES
2025
$’000
Balance at the beginning of the year
(fully paid)1,279,301,59946,6491,279,301,59946,649
Shares pursuant to CEO share plan-40--
Balance at the end of the year1,279,301,59946,6891,279,301,59946,649
All 1,279,301,599 ordinary shares are issued and carry equal voting rights. All issued shares participate equally in
any dividend distribution or any surplus on winding up of the Company.
50
ANNUAL REPORT
Earnings per share
2026
$’000
2025
$’000
Profit attributable to members of the Company used in calculating
basic and diluted EPS ($’000)692838
Weighted average number of ordinary shares (’000) for basic EPS1,279,3021,279,302
Effect of dilution due to performance rights--
Weighted average number of ordinary shares (’000) for diluted EPS1,279,3021,279,302
Earnings per share
Basic EPS (cents)0.050.07
Diluted EPS (cents)0.050.07
Recognition and measurement
Basic EPS is calculated as net profit attributable to members of the parent, adjusted to exclude any costs of
servicing equity (other than dividends), divided by the weighted average number of ordinary shares outstanding
during the financial year. Diluted EPS adjusts basic EPS for the dilutive effect of employee share rights and
options that may be converted into ordinary shares in the Company.
16. RESERVES
Nature and purpose of share based payment equity reserves
Share option equity reserve
The Share option equity reserve relates to the CEO share plan refer note 17.
Employee performance rights plan reserve
The Reserve is used to recognise the fair value of PSRs granted but not exercised. All PSRs previously granted
have now lapsed, refer to note 5.
2026
$’000
2025
$’000
Balance at the beginning of the year7680
CEO share option equity reserve(13)-
Expense recognised in relation to employee performance rights plan reserve-(4)
Balance at end of the year6376
17. RELATED PARTY TRANSACTIONS
During the year, BLIS products were sold to the following related parties (excluding web sales).
ASSOCIATE ENTITYDIRECTOR20262025
Probi ABAnita Johansen$2,338,984$2,531,247
In 2022 BLIS entered into a license and distribution agreement which grants Probi rights to manufacture and
sell BLIS K12™ and M18™. The above reflects $1,091,590 ingredient sales and $1,247,394 license fee and royalties
revenue for the year ended 31 March 2026 (2025: $1,465,176 ingredient sales and $1,066,071 license fee and
royalties revenue). Ingredient sales were made on commercial terms that would be available to third parties and
license fee and royalties in line with the terms in the Technology license and distribution agreement, reflecting
commercial terms agreed by both parties. At 31 March 2026 BLIS had a receivable balance from Probi of $285,443
(2025: $377,096).
Product seconds are made available to the staff and Board members for personal use at no charge.
51
BLIS TECHNOLOGIES LIMITED
CEO Share option and issue of shares to the CEO
The Company entered into a Subscription Agreement and issued 5,500,000 new ordinary shares to the CEO,
Scott Johnson, on 22 March 2024. The shares were issued for cash consideration of 1.51 cents per share being
an aggregate $83,136.84, which was satisfied by way of a contemporaneous interest free loan provided by the
Company to the CEO for an aggregate amount equivalent to the subscription price for the shares.
The loan is secured by a lien on the issued shares and repayable in equal annual instalments commencing on
31st May 2025 with the final instalment due on 31 May 2027.
The shares were issued at the volume weighted average share price for the 5 trading days prior to 22 March 2024.
The issue price was considered by the Directors of the Company to be equivalent to the price that the tranche of
shares would have been issued to an independent third party at the time of issue.
The Subscription Agreement provides security against the loan through a charge on the shares. The appropriate
approach consistent with the relevant accounting standard is to treat the entire arrangement as a share option.
Using the Black Scholes option pricing model for the CEO Share Plan at an implied volatility of 62% and
referenced to the prevailing share price of 1.5 cents on 22 March 2024 yielded an aggregate option value of
$37,970. This amount was treated as a reserve.
As a result of the charge to the statement of comprehensive income, a CEO Share Option Reserve was created
in the Consolidated Statement of Changes in Equity. Upon receipt of each of the scheduled loan repayments the
notional option value associated with each tranche transfers from the CEO Share Plan Reserve to Share Capital
and the amount of each loan repayment is recorded to equity to represent the consideration received for each
tranche of shares issued to the CEO.
$27,712 consideration was received for the year ended 31 March 2026 (2025: nil).
Fair Value of Share Options
The fair value of the share options granted during the 2024 financial year was $37,970. Options were priced using
the Black- Scholes option pricing model. Expected volatility is based on the historical share price over the past 3
years, consistent with the options lives.
No allowance for early exercise was incorporated into the fair value calculation as it was assumed that the CEO
would exercise the options at the latest exercise date.
There are no market or service conditions.
The fair value model is most susceptible to changes in the expected volatility. Had an expected volatility of 87%
been utilised, the fair value of the share options would have been $48,806.
Inputs to the model:
Option Series
123
Grant date weighted average share price$0.015$0.015$0.015
Exercise price$0.0151$0.0151$0.0151
Expected volatility62%62%62%
Option life (years)3.192.31.0
Dividend yield0%0%0%
Risk free interest rate4.5%4.5%4.5%
Final exercise date31/05/2531/05/2631/05/27
18. COMMITMENTS FOR EXPENDITURE
As at 31 March 2026 there was $1,895 of capital expenditure commitments (2025: $39,438).
52
ANNUAL REPORT
19. CONTINGENT ASSETS AND CONTINGENT LIABILITIES
There were no material contingent assets or contingent liabilities at 31 March 2026 (2025: nil).
20. SEGMENTAL REPORTING
20.1 Operating segments
The Group is internally reported as a single operating segment to the chief operating decision-maker.
20.2 Revenue from major products and services
2026
$’000
2025
$’000
The Group’s revenues from its major products and services were as follows:
BLIS products14,66812,644
Non-core business308450
Total revenue and other income14,97613,094
Non-core business includes grant, interest and other revenue.
20.3 Information about geographical areas
The Group operates in 4 principal geographical areas, New Zealand, Asia Pacific (excluding New Zealand), Europe
Middle East and Africa (EMEA) and North America.
The Group’s revenue from external customers and information about its assets by geographical location (of the
customer).
REVENUE FROM EXTERNAL CUSTOMERSNON-CURRENT ASSETS
2026
$’000
2025
$’000
2026
$’000
2025
$’000
New Zealand2,2412,2622,3292,287
Asia Pacific (excl. NZ)3,5732,053--
EMEA4,3533,737--
North America4,5014,592--
Total revenue14,66812,6442,3292,287
Grant revenue4122--
Interest revenue263428--
Other revenue4---
Total revenue and other income14,97613,0942,3292,287
Included in revenue are revenues of $4,302k and $2,339k and $1,350k (2025: $3,588k and $2,531k and $722k) which
arose from sales to the Group’s three largest customers (2025: three).
The geographical split for revenue from external customers for the 12 months ended 31 March 2025 has been
reclassified to align with current period customer location. The New Zealand revenue is $2,262k (previously
$2,032k) and Asia Pacific (excl NZ) revenue is $2,053k (previously $2,283k), reflecting a reclassification of $230k.
53
BLIS TECHNOLOGIES LIMITED
21. RECONCILIATION OF NET SURPLUS /(DEFICIT) WITH CASH FLOWS FROM
OPERATING ACTIVITIES
Policy
For the purpose of the cash flow statement, cash and cash equivalents includes cash on hand and in banks and
investments in money market instruments net of outstanding bank overdrafts.
The cash flow statement is prepared exclusive of GST, which is consistent with the method used in the
consolidated statement of comprehensive income.
Definition of terms used in the cash flow statement:
Operating activities include all transactions and other events that are not investing or financing activities.
Investing activities are those activities relating to the acquisition and disposal of current and non-current
investments and any other non-current assets.
Financing activities are those activities relating to changes in the equity and debt capital structure of the Group
and those activities relating to the cost of servicing the Group’s equity.
2026
$’000
2025
$’000
Net surplus for the year692838
Adjustments for non-cash items:
Amortisation (note 10)197181
Depreciation property, plant and equipment (note 9)133125
Depreciation right of use assets (note 11)133263
Foreign exchange loss / (gain)(88)(40)
Lease liability adjustment4-
CEO share option expense (note 16)--
PSR expense (note 16)-(4)
Loss/(gain) on fair value of foreign exchange contracts2(22)
Loss/(gain) on disposal of intangible assets9026
1,1631,367
2026
$’000
2025
$’000
Movements in working capital
Trade and other payables98351
Prepayments(72)(68)
Inventories(862)(9)
Trade and other receivables(984)231
Income tax receivable62(78)
(1,758)427
Net cash inflow from operating activities(595)1,794
54
ANNUAL REPORT
22. FINANCIAL INSTRUMENTS
Policy
Financial Instruments
Financial assets and financial liabilities are recognised on the Group’s Balance Sheet when the Group becomes
a party to the contractual provisions of the instrument.
All of the Group’s financial assets (excluding derivative financial assets) are measured at amortised cost. Foreign
exchange contracts are measured at fair value, all of the Group’s other financial liabilities are measured at
amortised cost.
(a) Financial risk management objectives
Exposure to credit, interest rate, foreign currency and liquidity risks arises in the normal course of the Group’s
business.
The Group does not enter into derivative financial instruments for speculative purposes. The Group utilises
forward cover on confirmed foreign currency transactions. Specific risk management objectives and policies are
set out below.
(b) Capital risk management
The Group manages its capital to ensure that the Group will be able to continue as a going concern while
maximising the return to stakeholders through the optimisation of debt and equity.
The capital structure of the Group comprises issued capital reserves, share based payment equity reserves and
retained earnings as disclosed in the Statement of Changes in Equity.
The Group’s Board of Directors reviews the capital structure on a regular basis.
The Group is not subject to externally imposed capital requirements.
The Group’s overall strategy remains unchanged from 2025.
(c) Market risk
Market risk is the potential for change in the value of financial instruments caused by a change in the value,
volatility or relationship between market risks and prices. Market risk arises from the mismatch between assets
and liabilities. The Group’s activities expose it primarily to market risk associated with changes in foreign currency
rates and interest rates as set out below. These risks are measured using sensitivity analysis. The mechanisms
for managing these risks are set out below. The Group enters into foreign exchange contracts to manage its
exposure to foreign currency transactions, there have been no changes during the year to the Group’s exposure
to such risks or the manner in which the risks are measured and managed.
(d) Interest rate risk
The Group is exposed to interest rate risk as from time to time it borrows funds at floating interest rates and also
invests cash in short term deposits at fixed interest rates. Fair value interest rate risk is the risk that the value of a
financial instrument will fluctuate due to changes in market interest rates.
Investments and borrowings at fixed interest rates expose the Group to fair value interest rate risk. The Group
does not hedge this risk. Cash flow interest rate risk is the risk that the cash flows from a financial instrument will
fluctuate because of changes in market interest rates. Borrowings issued at variable interest rates expose the
Group to cash flow interest rate risk. The Group does not hedge this risk.
(e) Foreign exchange risk
In the course of normal trading activities, the Group undertakes transactions denominated in foreign currencies;
hence exposures to exchange rate fluctuations arise. The Group enters into foreign exchange contacts on certain
sales denominated in foreign currencies to economically hedge the foreign exchange risk associated with the
timing between the date of sale and receipt of payment. The Group has not adopted hedge accounting.
55
BLIS TECHNOLOGIES LIMITED
The carrying amount of the Group’s foreign currency denominated monetary assets are as follows:
2026
$’000
2025
$’000
Euro289
United States dollar936903
Canadian dollar--
The table below details the notional principal amounts and remaining terms of foreign exchange contracts
outstanding at reporting date:
AVERAGE
CONTRACT RATE
FOREIGN
CURRENCY
NOMINAL
CONTRACT VALUE
FAIR VALUE
ASSET/(LIABILITY)
202620252026
$’000
2025
$’000
2026
$’000
2025
$’000
2026
$’000
2025
$’000
Euro
Less than 1 year0.5044-729-720-(9)-
USD
Less than 1 year0.6031140133(7)
CAD
Less than 1 year--------
729140720133(9)(7)
The above tables express foreign currency amounts in New Zealand dollar equivalents using the exchange rates
at 31 March 2026 and 31 March 2025. The rates applied at 31 March were:
20262025
EUR0.49800.5277
USD0.57070.5714
CAD0.79470.8179
The fair value of the foreign exchange contracts is based on a discounted cash flow analysis using observable
market data and is a level 2 fair value measurement.
Foreign exchange rate sensitivity
Reasonable fluctuations in foreign exchange rates were determined based on a review of the last two years’
historical movements. A movement of plus or minus 10% has therefore been applied to the exchange rates to
demonstrate the sensitivity to foreign currency risk of the Group.
The following sensitivity is based on the foreign currency risk exposures in existence at balance date. The impact
of a plus or minus 10% foreign exchange movement on New Zealand dollars against all trading currencies, with all
other variables held constant, is illustrated below:
-10%+10%
2026
$’000
2025
$’000
2026
$’000
2025
$’000
Surplus / (deficit) before tax13(23)(29)(2)
(f) Other price risk
The Group is not exposed to substantial other price risk arising from financial instruments.
56
ANNUAL REPORT
(g) Credit risk
Credit risk refers to the risk that a counter-party will default on its contractual obligations resulting in financial
loss to the Group. Financial instruments which potentially subject the Group to credit risk, principally consist of
bank balances and trade and other receivables.
In the normal course of business, the Group is exposed to counterparty credit risk. The maximum exposure
to credit risk is equal to the carrying value of cash and short term deposits, trade and other receivables
and transactions with financial institutions (derivative financial instruments). The Group requires payment
of deposits prior to production by high credit risk customers and carries trade credit insurance for its four
largest customers. The Group, as a result of the markets in which they operate, can be exposed to significant
concentrations of credit risk from trade receivables. The Group has assessed that there are no expected credit
losses due to minimal actual or forecast defaults. They do not require any collateral or security to support
financial instruments as these represent deposits with, or loans to, banks and other financial institutions with
high credit ratings.
2026
$’000
2025
$’000
Cash and cash equivalents4,0054,206
Short term deposits4,5005,450
NZX bond7575
Trade receivables (net of loss allowance)2,0281,057
GST receivable239
10,63110,797
Ageing receivables breakdown
2026
GROSS AMOUNTS
RECEIVABLE
$’000
ALLOWANCE
FOR EXPECTED
CREDIT LOSSES
$’000
NET BALANCE
$’000
Current1,900-1,900
0–30 days (past due)37-37
31–60 days (past due)---
Greater than 60 days (past due)91-91
Total past due128-128
Total trade receivables2,028-2,028
2025
Current1,022-1,022
0–30 days (past due)31-31
31–60 days (past due)2-2
Greater than 60 days (past due)2-2
Total past due35-35
Total trade receivables1,057-1,057
At 31 March 2026, trade receivable includes amounts of $490k and $486k and $285k (2025: $377k, $190k) due
from the Group’s three largest receivables (2025: two). All of the Group’s bank accounts are held with Bank of
New Zealand. Otherwise the Group does not have any other concentrations of credit risk.
57
BLIS TECHNOLOGIES LIMITED
(h) Liquidity risk management
Ultimate responsibility for liquidity risk management rests with the Board of Directors, who have built an
appropriate liquidity risk management framework for the management of the Group’s short, medium and
long-term funding and liquidity management requirements. The Group manages liquidity risk by maintaining
adequate reserves by continuously monitoring forecast and actual cash flows and matching the maturity profiles
of financial assets and liabilities. The Group also has approved trade funding facilities with a base limit of up to
$550k. As at 31 March 2026 the facility was not drawn down (2025: Nil).
Liquidity and interest risk tables
The following tables detail the Group’s remaining contractual maturity for non-derivative financial liabilities. The
tables have been drawn up based on the undiscounted contractual cash flows of the financial liabilities including
interest that will accrue to those liabilities.
WEIGHTED
AVERAGE
EFFECTIVE
2026 INTEREST RATE
YEARS
<1
$’000
1–2
$’000
2–3
$’000
3–4
$’000
4–5
$’000
5+
$’000
TOTAL
$’000
Financial liabilities at amortised cost
Trade payables-870-----870
Lease liabilities6.00%20616052529-479
Total1,07616052529-1,349
WEIGHTED
AVERAGE
EFFECTIVE
2025 INTEREST RATE
YEARS
<1
$’000
1–2
$’000
2–3
$’000
3–4
$’000
4–5
$’000
5+
$’000
TOTAL
$’000
Financial liabilities at amortised cost
Trade payables-903-----903
Lease liabilities6.00%20120115548488 661
Total1,10420115548488 1,564
(i) Fair value of financial instruments
The fair values of financial assets and financial liabilities are determined as follows:
• The fair value of financial assets and financial liabilities with standard terms and conditions and traded on
active liquid markets are determined with reference to quoted market prices; and
• The fair value of other financial assets and financial liabilities (excluding derivative instruments) are
determined in accordance with generally accepted pricing models based on discounted cash flow analysis
using prices from observable current market transactions and dealer quotes for similar instruments.
The Directors consider that the carrying amount of financial assets and financial liabilities recorded at amortised
cost in the financial statements approximates their fair values.
23. EVENTS AFTER BALANCE DATE
There were no significant events after balance date (2025: nil).
58
ANNUAL REPORT
ADDITIONAL
STOCK EXCHANGE
INFORMATION
FOR THE YEAR ENDED 31 MARCH 2026
The Company’s ordinary shares are listed on the NZX Limited Main Board (NZSX).
As at 31 March 2026 the total number of issued ordinary shares in the Company was 1,279,301,599.
1. SUBSTANTIAL PRODUCT HOLDERS
The following substantial product holder information is given pursuant to section 293 of the Financial Markets
Conduct Act 2013. These substantial product holders are shareholders that have a relevant interest in 5% or more
of the ordinary shares in the Company. As at 31 March 2026 details of the substantial product holders of the
Company and their relevant interests in the ordinary shares of the Company are as follows:
NAME OF SUBSTANTIAL PRODUCT HOLDERSHAREHOLDING AS AT 31 MARCH 2026% OF ISSUED SHARE CAPITAL
Probi AB166,148,03412.99%
Sinclair Capital Management Limited165,141,72912.91%
Roger Norman Macassey and Mark Andrew Taylor
as Trustees of the ES Edgar Trust142,213,15811.12%
Included within the Sinclair Capital Management Limited shareholding is 142,213,158 shares in which Roger
Norman Macassey and Mark Andrew Taylor as Trustees of the E S Edgar Trust have a relevant interest as
beneficial owner and are held by Leveraged Equities Finance as legal owner.
2. SPREAD OF SECURITY HOLDERS AT 31 MARCH 2026 – ORDINARY SHARES
NUMBER OF
SECURITY HOLDERS
PERCENTAGE OF
SECURITY HOLDERS
PERCENTAGE OF
SHARES HELD
1–50,0001,18851.32%1.94%
50,001–100,00036715.85%2.24%
100,001–150,0001466.31%1.46%
150,001–200,0001325.70%1.90%
200,001–300,0001175.05%2.32%
300,001–500,0001175.05%3.82%
500,001–1,000,0001094.71%6.38%
1,000,001–5,000,0001034.45%18.30%
5,000,001 and above361.56%61.63%
Total number of security holders is2,315
59
BLIS TECHNOLOGIES LIMITED
3. TWENTY LARGEST EQUITY SECURITY HOLDERS
The names of the 20 largest holders of each class of quoted equity security as at 31 March 2026 are listed below.
TOP 20 SHAREHOLDERS
NUMBER OF ISSUED
ORDINARY SHARES
PERCENTAGE
ISSUED
Leveraged Equities Finance178,664,63213.97%
Probi AB166,148,03412.99%
New Zealand Depository Nominee58,869,9874.60%
Custodial Services Limited35,653,4082.79%
James and May Trustee Company Limited27,280,0002.13%
Mingchun Qiu26,895,4822.10%
Mark Alexander Stevens & Wendy Joanne Stevens & Tony Jason Sycamore24,094,5771.88%
Asia Pacific Partners Limited21,850,8781.71%
Barry Charles Richardson & Joy Vera Richardson17,903,6251.40%
Hui Ai Adriana Tong & Morlan Tong16,878,1791.32%
Stephen Patrick Ward & Julie Patricia Ward & James Michael Ward15,307,1281.20%
FNZ Custodians Limited15,208,3971.19%
ASB Nominees Limited12,500,0000.98%
Jingli Fan11,381,4790.87%
Anthony Paul Offen & Bilinda Jane Offen & Downie Stewart Trustee Limited11,157,3880.87%
Jennbring Fruit Limited11,000,0000.86%
Edinburgh Securities Limited11,000,0000.86%
Caroline Robyn Ball & Christopher John Thomson Bush10,633,9310.83%
Bilinda Jane Offen10,000,0000.78%
Matthew Ryan Lynch & Moira Shane Lynch10,000,0000.78%
692,427,12554.11%
4. CREDIT RATING
The Company does not currently have a credit rating.
5. NZX MATTERS
No waivers were granted by NZX (or relied upon) with respect to the Company during the period 1 April 2025 to
31 March 2026.
60
ANNUAL REPORT
Independent Auditor’s Report
To the Shareholders of BLIS Technologies Limited
Opinion We have audited the consolidated financial statements of BLIS Technologies Limited and its
subsidiaries (the ‘Group’), which comprise the consolidated balance sheet as at 31 March
2026, and the consolidated statement of comprehensive income, consolidated statement of
changes in equity and consolidated statement of cash flows for the year then ended, and
notes to the consolidated financial statements, including material accounting policy
information.
In our opinion, the accompanying consolidated financial statements, on pages 30 to 57,
present fairly, in all material respects, the consolidated financial position of the Group as at
31 March 2026, and its consolidated financial performance and cash flows for the year then
ended in accordance with New Zealand Equivalents to IFRS Accounting Standards (‘NZ IFRS’)
as issued by the External Reporting Board and IFRS Accounting Standards (‘IFRS’) as issued
by the International Accounting Standards Board.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (‘ISAs’) and
International Standards on Auditing (New Zealand) (‘ISAs (NZ)’). Our responsibilities under
those standards are further described in the Auditor’s Responsibilities for the Audit of the
Consolidated Financial Statements section of our report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
basis for our opinion.
We are independent of the Group in accordance with Professional and Ethical Standard 1
International Code of Ethics for Assurance Practitioners (including International
Independence Standards) (New Zealand) (‘PES 1’) issued by the New Zealand Auditing and
Assurance Standards Board and the International Ethics Standards Board for Accountants’
International Code of Ethics for Professional Accountants (including International
Independence Standards) (‘IESBA Code’) as applicable to audits of financial statements of
public interest entities. We have also fulfilled our other ethical responsibilities in accordance
with PES 1 and the IESBA Code.
Other than in our capacity as auditor, we have no relationship with or interests in the
Company or any of its subsidiaries, except that partners and employees of our firm deal with
the Company and its subsidiaries on normal terms within the ordinary course of trading
activities of the business of the Company and its subsidiaries.
Audit materiality
We consider materiality primarily in terms of the magnitude of misstatement in the financial
statements of the Group that in our judgement would make it probable that the economic
decisions of a reasonably knowledgeable person would be changed or influenced (the
‘quantitative’ materiality). In addition, we also assess whether other matters that come to our
attention during the audit would in our judgement change or influence the decisions of such a
person (the ‘qualitative’ materiality). We use materiality both in planning the scope of our
audit work and in evaluating the results of our work.
We determined materiality for the Group financial statements as a whole to be $250,000.
Key audit matters Key audit matters are those matters that, in our professional judgement, were of most
significance in our audit of the consolidated financial statements of the current period. These
matters were addressed in the context of our audit of the consolidated financial statements
as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on
these matters.
61
BLIS TECHNOLOGIES LIMITED
Independent Auditor’s Report
To the Shareholders of BLIS Technologies Limited
Opinion We have audited the consolidated financial statements of BLIS Technologies Limited and its
subsidiaries (the ‘Group’), which comprise the consolidated balance sheet as at 31 March
2026, and the consolidated statement of comprehensive income, consolidated statement of
changes in equity and consolidated statement of cash flows for the year then ended, and
notes to the consolidated financial statements, including material accounting policy
information.
In our opinion, the accompanying consolidated financial statements, on pages 30 to 57,
present fairly, in all material respects, the consolidated financial position of the Group as at
31 March 2026, and its consolidated financial performance and cash flows for the year then
ended in accordance with New Zealand Equivalents to IFRS Accounting Standards (‘NZ IFRS’)
as issued by the External Reporting Board and IFRS Accounting Standards (‘IFRS’) as issued
by the International Accounting Standards Board.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (‘ISAs’) and
International Standards on Auditing (New Zealand) (‘ISAs (NZ)’). Our responsibilities under
those standards are further described in the Auditor’s Responsibilities for the Audit of the
Consolidated Financial Statements section of our report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
basis for our opinion.
We are independent of the Group in accordance with Professional and Ethical Standard 1
International Code of Ethics for Assurance Practitioners (including International
Independence Standards) (New Zealand) (‘PES 1’) issued by the New Zealand Auditing and
Assurance Standards Board and the International Ethics Standards Board for Accountants’
International Code of Ethics for Professional Accountants (including International
Independence Standards) (‘IESBA Code’) as applicable to audits of financial statements of
public interest entities. We have also fulfilled our other ethical responsibilities in accordance
with PES 1 and the IESBA Code.
Other than in our capacity as auditor, we have no relationship with or interests in the
Company or any of its subsidiaries, except that partners and employees of our firm deal with
the Company and its subsidiaries on normal terms within the ordinary course of trading
activities of the business of the Company and its subsidiaries.
Audit materiality
We consider materiality primarily in terms of the magnitude of misstatement in the financial
statements of the Group that in our judgement would make it probable that the economic
decisions of a reasonably knowledgeable person would be changed or influenced (the
‘quantitative’ materiality). In addition, we also assess whether other matters that come to our
attention during the audit would in our judgement change or influence the decisions of such a
person (the ‘qualitative’ materiality). We use materiality both in planning the scope of our
audit work and in evaluating the results of our work.
We determined materiality for the Group financial statements as a whole to be $250,000.
Key audit matters Key audit matters are those matters that, in our professional judgement, were of most
significance in our audit of the consolidated financial statements of the current period. These
matters were addressed in the context of our audit of the consolidated financial statements
as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on
these matters.
Key audit matter How our audit addressed the key audit matter
Revenue recognition
As disclosed in note 2(a), the Group recognised revenue
totaling approximately $14.7 million relating to sale of finished
goods, ingredients and license fees and royalties for the year in
the consolidated statement of comprehensive income.
There is complexity involved in assessing revenue recognition
given the volume of transactions through various sales
channels, and the inherent risk that revenue may be recognised
for transactions that have not occurred.
Revenue recognition is a key audit matter due to the
significance of the balance and the level of effort involved in
performing our audit procedures.
In performing our audit procedures:
• We developed an understanding of
the processes and
controls in place over recording of revenue.
• We tested a sample of recorded revenue transactions
to underlying customer contracts and invoices.
• We performed analytical procedures by customer to
assess revenue recognised.
• We performed analytical procedures to identify
unusual revenue transactions.
• We obtained third party confirmation of sales made to
certain customers for the full year.
Other information The directors are responsible on behalf of the Group for the other information. The other
information comprises the information in the Annual Report that accompanies the
consolidated financial statements and the audit report.
Our opinion on the consolidated financial statements does not cover the other information
and we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and consider whether it is materially
inconsistent with the consolidated financial statements or our knowledge obtained in the
audit or otherwise appears to be materially misstated. If so, we are required to report that
fact. We have nothing to report in this regard.
Directors’ responsibilities for
the consolidated financial
statements
The directors are responsible on behalf of the Group for the preparation and fair presentation
of the consolidated financial statements in accordance with NZ IFRS and IFRS, and for such
internal control as the directors determine is necessary to enable the preparation of
consolidated financial statements that are free from material misstatement, whether due to
fraud or error.
In preparing the consolidated financial statements, the directors are responsible on behalf of
the Group for assessing the Group’s ability to continue as a going concern, disclosing, as
applicable, matters related to going concern and using the going concern basis of accounting
unless the directors either intend to liquidate the Group or to cease operations, or have no
realistic alternative but to do so.
Auditor’s responsibilities for the
audit of the consolidated
financial statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial
statements as a whole are free from material misstatement, whether due to fraud or error,
and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high
level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs
and ISAs (NZ) will always detect a material misstatement when it exists. Misstatements can
arise from fraud or error and are considered material if, individually or in the aggregate, they
could reasonably be expected to influence the economic decisions of users taken on the
basis of these consolidated financial statements.
A further description of our responsibilities for the audit of the consolidated financial
statements is located on the External Reporting Board’s website at:
https://www.xrb.govt.nz/standards/assurance-standards/auditors-responsibilities/audit-
report-1-1/
This description forms part of our auditor’s report.
62
ANNUAL REPORT
Restriction on use
This report is made solely to the Company’s shareholders, as a body. Our audit has been
undertaken so that we might state to the Company’s shareholders those matters we are
required to state to them in an auditor’s report and for no other purpose. To the fullest extent
permitted by law, we do not accept or assume responsibility to anyone other than the
Company’s shareholders as a body, for our audit work, for this report, or for the opinions we
have formed.
Mike Hawken, Partner
for Deloitte Limited
Dunedin, New Zealand
20 May 2026
63
BLIS TECHNOLOGIES LIMITED
Restriction on use
This report is made solely to the Company’s shareholders, as a body. Our audit has been
undertaken so that we might state to the Company’s shareholders those matters we are
required to state to them in an auditor’s report and for no other purpose. To the fullest extent
permitted by law, we do not accept or assume responsibility to anyone other than the
Company’s shareholders as a body, for our audit work, for this report, or for the opinions we
have formed.
Mike Hawken, Partner
for Deloitte Limited
Dunedin, New Zealand
20 May 2026
64
ANNUAL REPORT
COMPANY
DIRECTORY
FOR THE YEAR ENDED 31 MARCH 2026
COMPANY NUMBER
1042367
ISSUED CAPITAL
1,279,301,599 Ordinary Shares
REGISTERED OFFICE
BLIS Technologies Limited
399 Moray Place,
Dunedin Central, Dunedin 9016
SHAREHOLDERS
Listed on the NZX Main Board
SHARE REGISTRAR
MUFG Corporate Markets
Level 30, PwC Tower
15 Customs Street West
Auckland 1010
DIRECTORS
Dr A Stewart
A Johansen
A McCammon
Dr B Richardson
P Munro (appointed 1 March 2026)
G Plunket (retired 1 March 2026)
CHIEF EXECUTIVE
S Johnson
AUDITORS
Deloitte Limited
BANKERS
Bank of New Zealand
SOLICITORS
Anderson Lloyd
A J Park
WEBSITE
www.blis.co.nz
www.blisprobiotics.co.nz
FACEBOOK
www.facebook.com/
BLISProbioticsNZ
INSTAGRAM
www.instagram.com/blisprobiotics
LINKEDIN
www.linkedin.com/company/blis-
technologies-limited
BLIS Technologies Limited
Physical address: 399 Moray Place, Dunedin 9016
Postal address: PO Box 2208, Dunedin 9044, New Zealand
info@blis.co.nz | +64 3 474 0988 | www.blis.co.nz
Data sourced from publicly available filings. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz. For informational purposes only. Not investment advice.
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