Savor 2026 Annual Results

NZX Release
Savor Reports 2026 Annual Results
26 May 2026

Savor Limited (NZX: SVR) (“Savor”, “the Company”, or with its subsidiaries “the Group”), one of New
Zealand’s largest hospitality groups, presents its results for the financial year ended 31 March 2026.

Highlights:
• Net profit after tax of $1.3m (2025: net loss of $1.2m). Grossed up to reflect the Group’s tax
loss carry forward this represents a cash equivalent NPAT of circa $1.8m.
• Savor’s operating earnings* for FY26 were $8.0m (2025: $7.3m), at the top end of the
guidance range issued in March 2026.
• Revenue of $55.2m (2025: $56.6m), with operating earnings margin of 14.5%, the strongest
in the Group’s history.
• Operating cash flows continued to be strong at $7.2m, an increase of 13% on the prior year
(2025: $6.4m), before working capital movements. Reported operating cash flows were
$6.9m.
• Earnings per share of 1.7 cents (FY25: -1.6 cents).
• Group borrowings have continued to reduce, with leverage of 1.92 times at 31 March 2026
and a subsequent reduction to 1.8 times following the further repayment in April 2026. Net
debt further reduces Group leverage to approximately 1.4 times.

These results mark a significant milestone for the Group. Returning to profitability while delivering
our strongest margins to date, in a year where consumer spending remained under sustained
pressure, is a testament to the quality of our brands, the discipline of our teams, and the considered
shift to improve the quality of the Group’s earnings and the venues delivering them.
The Group’s continued focus on cost control is reflected in the strength of these results. While input
costs remain under pressure across a variety of sectors, cost of goods sold as a percentage of
revenue improved by over 1% to below 28%, and venue wages continued their improvement,
delivering approximately $1m of additional contribution. Utilities and overhead costs continue to be
actively managed and reduced where possible. Together, these operational improvements have
delivered a meaningful and durable lift in the Group’s operating earnings margin.

The Group’s balance sheet continued to strengthen. Leverage reduced from 2.4 times to 1.92 times
at 31 March 2026, and the Group ended the year with net cash on hand of $1.7m. Subsequent to
year end, the Group repaid a further $0.5m of borrowings in April 2026, reducing leverage to 1.80
times. Savor remains on track to deliver its first dividend to shareholders later in the year, as
announced in March 2026.
Bar Ziti and Flush Golf, the Group’s two new Britomart venues, opened in September 2025 and have
made a meaningful contribution in their first six months of trading. Flush Golf in particular has been
trading ahead of expectation, with the entertainment-led format supporting stronger margins and
lower variable labour intensity than a comparable food-led venue. Together, the two venues have
broadened the Group’s audience, and the Board expects their contribution to grow further as they
mature.

Outlook
As the global economic outlook remains uncertain, the Group is not yet in a position to reconfirm
the previous guidance issued for the FY27 year, but will provide a further update at the Annual
Shareholders Meeting in September. That said, with over 65% of the Group’s earnings historically
generated through the summer months, at this stage we can look through the current instability
when forecasting the likely year end position.

Commenting on the result, Savor’s CEO Lucien Law said:
“FY26 has been a year of tremendous progress for the Group in what’s been a tough
year for the sector. Revenue softened by under 3%, but Underlying EBITDA lifted 10%
and our margin reached a new high. That’s the result of consistent discipline at the
venue level — and importantly, it’s what puts us on track to deliver Savor’s first
dividend to shareholders.”

*Operating earnings means reported earnings before interest, tax, depreciation, impairment, amortisation and
restructuring costs, as reported in the Group’s Statement of Comprehensive Income.


-ENDS-

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

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

---

Results Announcement
(for Equity Security issuer)



Results for announcement to the market
Name of issuer Savor 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
55,169 (2.60)%
Total Revenue 55,169 (2.60)%
Net profit/(loss) from continuing
operations
1,286 NM
Total net profit/(loss) 1,286 NM
Final Dividend
Amount per Quoted Equity Security Not Applicable
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
$(0.08) $(0.09)
A brief explanation of any of the
figures above necessary to enable
the figures to be understood

Authority for this announcement
Name of person authorised to make
this announcement
Tim Peat
Contact person for this
announcement
Tim Peat
Contact phone number +64 21 049 7442
Contact email address
tim@savor.co.nz
Date of release through MAP 26/05/2026

Audited financial statements accompany this announcement.

---

Annual
Report 2026
New Zealand's premier
hospitality group

Savor Group 2026 Annual Report

In this report
04
Our Venues
06
Letter to Shareholders
- From Chair & CEO
10
Our Performance
12
Highlights
14
Operational Intelligence
16
Corporate Governance
22
Financial Statements
42
Independent Auditor's Report
48
Shareholder and Statutory
Information
51
Corporate Directory
03
Savor Group 2026 Annual Report

Wynyard Quarter
Britomart
Parnell
Ponsonby
New Zealand’s
premier hospitality group
Creating original food and entertainment experiences at iconic Auckland locations.
WYNYARD QUARTER
Bivacco
Auckland Fish Market
Bang Bang Kitchen
Market Galley
The Wreck
Oji
The Store
BRITOMART
Ebisu
Amano
The Store
Ortolana
Oji
Bar Ziti
Flush Golf
PONSONBY
Azabu Ponsonby
PARNELL
Non Solo Pizza
MISSION BAY
Azabu Mission Bay
Mission Bay
04
Savor Group 2026 Annual Report
Our Venues

05
Savor Group 2026 Annual Report
Our Venues

Letter to
Shareholders
FROM CHAIR & CEO
06
Savor Group 2026 Annual Report
Letter to Shareholders - From Chair & CEO

DEAR SHAREHOLDERS,
It is our pleasure to present Savor Group's results for
the financial year ended 31 March 2026. This has been a
landmark year for the Group, one in which we delivered
a strong net profit, achieved record earnings margins,
and made the decisive progress on our balance sheet
that should enable us to pay Savor’s first dividend to
shareholders.
This is not an outcome that came about in a single
year. It is the result of a multi-year commitment to cost
discipline, brand investment, and deliberate capital
management. We are proud of what the entire Savor
team has delivered, and we believe the platform we have
built positions the Group well for a period of sustained
and growing returns.
A RECORD YEAR
Against an Auckland economy still working through cost-
of-living pressures, the Group delivered:
• Net profit after tax of $1.3m (FY25: net loss of $1.2m).
Grossed up to reflect the Group's tax loss carry
forward this represents a cash equivalent NPAT of
circa $1.8m.
• Operating earnings of $8.0m, up 10% on the prior
year, representing a record net extraction rate of
14.5% (FY25: 12.8%), reflecting the top end of the
guidance range issued during March 2026.
• Revenue of $55.2m (FY25: $56.6m). The 2.6% decline
reflects the planned exit from the Seafarers building
at the end of FY25, partially offset by the contribution
from Bar Ziti and Flush Golf.
• Underlying operating cash flow of $7.2m, up 13% on
the prior year (FY25: $6.4m), reflecting the genuine
improvement in earnings quality.
• Leverage reduced from 2.4 times to 1.92 times at
31 March 2026, and to 1.80 times following a further
$0.5m debt repayment in April 2026. Net debt further
reduces Group leverage to approximately 1.4 times.
• Earnings per share of 1.7 cents (FY25: −1.6 cents).
HOW THE MARGIN HELD
What stands out about FY26 is the durability of the
margin. Despite revenue easing 2.6%, operating earnings
increased 10%, operating leverage of the kind that only
comes from sustained cost discipline at the venue level.
Cost of goods sold improved by more than 1% to
below 28% of revenue. Venue wages improved by
approximately $1m. Utilities and overheads remained
under active management. The four-pillar performance
management framework — labour, cost of goods,
overheads and procurement, that we introduced in FY24
is now embedded in the way every venue runs. Together,
these operational improvements have delivered a
meaningful and durable lift in the Group's earnings
extraction rate.
BAL
ANCE SHEET STRENGTH AND A FIRST
DIVIDEND
The Group's balance sheet continued to strengthen
through the year. Total borrowings reduced as expected.
Leverage fell from 2.4 times to 1.92 times. The Group
ended the year with net cash on hand of $1.7m.
Subsequent to balance date, a further $0.5m of
borrowings was repaid in April 2026, taking gross
leverage to 1.80 times.
Reflecting this strengthened position, the consistency of
our cash generation, and the Board's confidence in the
forward earnings of the Group, Savor remains on track to
deliver a dividend to shareholders later in the financial
year, as announced to the market in March 2026. The
Board first signalled this intent in the FY23 annual report;
four years on, with the financial discipline of the Group
now self-evident in the numbers, we are pleased to be in
a position to deliver it.
BA
R ZITI AND FLUSH GOLF
In September 2025, Savor opened Bar Ziti and Flush
Golf, two new venues in a single Britomart site. Bar Ziti
brings a confident new dining concept to the precinct.
Flush Golf introduces our first entertainment-led offering,
combining state-of-the-art golf simulators with a craft
food and drinks experience.
The two venues have made a meaningful contribution
in their short trading period and have broadened the
Group's audience. We are particularly pleased with how
Flush Golf is performing as the entertainment-led model
is supporting stronger margins and lower variable labour
intensity than a comparable food-led venue, validating
the strategic logic for the format. The Board expects the
venues' contribution to grow further as they mature.
DISCIPLINED GROWTH STRATE
GY
Savor continues to be approached with expansion
opportunities across New Zealand, often with attractive
incentives. Our posture remains selective. We invest
where the brand fit is right, where the deal terms reflect
the value our brands bring, and where the financial
returns are clear. Bar Ziti and Flush Golf are a good
example of that discipline, a high-impact opportunity, the
right precinct, and a deal structure that recognises what
Savor contributes.
We continue to look for both organic growth from our
existing venues and disciplined inorganic opportunities
where they meet our criteria.
07
Savor Group 2026 Annual Report
Letter to Shareholders - From Chair & CEO

OPERATIONAL TECHNOLOGY, COST CONTROL
AND AI INITIATIVES
Alongside the operational improvements achieved
during FY26, the Group has also commenced a in-
house broader technology and artificial intelligence
programme designed to improve customer
engagement, strengthen venue-level profitability, and
further enhance earnings quality across the portfolio.
These tools are expected to materially reduce the
time, cost and operational lag traditionally associated
manual execution. While these initiatives remain in
varying stages of implementation, the Board believes
the application of operational technology and artificial
intelligence across marketing, labour management
and procurement represents an important next step
in improving the scalability, resilience and long-term
profitability of the Group.
OUTLOOK
As the global economic outlook remains uncertain,
the Group is not yet in a position to reconfirm the
previous guidance issued for the FY27 year, but will
provide a further update at the Annual Shareholders
Meeting in September. That said, with over 65% of the
Group’s earnings historically generated through the
summer months, at this stage we can look through the
current instability when forecasting the likely year end
position.
OUR COMMITMENT TO YOU
On behalf of the Board and management team, we
extend our sincere thanks for your continued support
and investment in Savor. The shareholder discount we
have announced this year is a small but meaningful
step in returning the trust you have placed in us.
We look forward to welcoming you at our Annual
Shareholders Meeting in September.
Yours sincerely,
Paul Robinson
Executive Chair
Lucien Law
CEO
Letter to Shareholders
FROM CHAIR & CEO (CONTINUED)
08
Savor Group 2026 Annual Report
Letter to Shareholders - From Chair & CEO

09
Savor Group 2026 Annual Report
Letter to Shareholders - From Chair & CEO

Our
numbers
at a glance
REVENUE
$
55m
3%
EBITDA
$8.0m
10%
EBITDA MARGIN
14.5%
1.7%
NET PROFIT
$1.3m
2.5m
LEVERAGE
1.9 times
0.5 times
EARNINGS PER SHARE
1.7c
3.3c
OPERATING
CASH FLOWS*
$7.2m
13%
TOTAL ASSETS
$50m
EMPLOYEES
445
* before working
capital movements
10
Savor Group 2026 Annual Report
Our Performance

11
Savor Group 2026 Annual Report
Our Performance

$8.0m EBITDA
Up 10% on FY25 at a record 14.5% margin — better than any
year Savor has reported, including pre-COVID
$6.9m
operating cash flow
Up 13% on FY25 before working-capital movements.
The fourth consecutive year above $6m — proof of
underlying earnings power through every cycle
1.92x leverage
Down from 2.4x in FY25, falling further
to 1.80x after a $0.5m repayment in April
2026. Net cash on hand of $1.7m — Savor's
strongest balance sheet since listing
1.7c EPS
$1.3m
From a $1.2m loss in FY25
Record margin in a challenging
operating environment
Underlying EBITDA up 10% to $8.0m. Margin lifted to a record 14.5%.

net
profit
12
Savor Group 2026 Annual Report
Highlights

28% COGS / 40% wages
Two of the largest cost lines in hospitality, both held tight against industry benchmarks.
The discipline behind FY26's record margin.
Over
1,000,000
customers served
Across 16 venues, every day of the
year — from croissants at Amano to
sushi at Azabu Mission Bay, dinner on
the waterfront at Bivacco to a night at
Flush hitting golf balls.
2.5 years
average tenure
Across 430 team members, including
7 with more than a decade of
service. In hospitality — where casual
students, working-holiday staff and
seasonal Christmas hires dominate
the workforce — that average is rare.
Our people make Savor.
Year two
12% up
Eight weeks. 16 venues. Over
200,000 guests. The Group's
signature promotion returned bigger
than the record-breaking debut —
and confirmed Savor Food Fest as
a permanent fixture in the Auckland
c a l e n d a r.
Bigger
in every line
Over 20,000 pints of Peroni and
Asahi. 12,000 Festival Menus sold.
11,000 glasses of house wine. 8,000
special cocktails. Bivacco's Sunday
Feast sold out all 8 weeks — again.
9 industry recognitions
Cuisine Good Food Guide entries for Amano, Azabu and Ebisu. Viva
Top 50 listings for Azabu and Amano. Bivacco — Remix Best Special
Occasion Restaurant. Three Lewisham nominations for Amano.
13
Savor Group 2026 Annual Report
Highlights

The Savor AI project
AI at Savor is a priority we are building in-house.
Over the past year, AI-supported tools have been
progressively integrated into how we operate, built
alongside the four-pillar discipline introduced in
FY24.
This is a bootstrap effort, led by the CEO and a small
internal team. There is no large external programme,
no contractor build, no significant capital commitment.
The dramatic improvement in commercially-available
language models and the cloud-based tools built around
them over the past six months has made this practical at
a scale that would have required a dedicated research
team only twelve months ago.
A BUILD IN PROGRESS. A GOAL IN VIEW.
The Group maintains human oversight on all material AI-supported outputs. AI does not replace decision-making by management or the Board.
Pilots are running across marketing, finance and
operations; deeper builds in venue revenue intelligence
and predictive wage management are in active design.
Few New Zealand hospitality groups are integrating AI
across this many parts of their operating model. We
see the lead this gives us, built quickly, built lean,
built in-house, as compounding over time.
14
Savor Group 2026 Annual Report
Operational Intelligence

The six streams
WHERE WE ARE PULLING AI THROUGH THE OPERATING MODEL.
01. Marketing
ALWAYS-ON CREATIVE, SMARTER TARGETING.
• AI is now supporting content production across
social, email and in-venue CRM, at a pace the
team could not otherwise sustain.
• Customer segmentation models are being
trained on booking and POS data to predict
propensity-to-book.
• Goal: weekly creative optimisation across every
venue, with brief-to-launch in days, not weeks.
02. Accounting & Finance
CLOSING FASTER, SEEING FURTHER.
• AI-assisted invoice capture and coding is
handling thousands of transactions monthly
with reduced manual handling.
• Automated reconciliation and earlier month-
end forecasting are in active build.
• Goal: anomaly detection across supplier
charges, payroll exceptions and margin shifts.
03. Venue Labour
FORECASTING IN. ROSTERING OPTIMISED.
• Demand forecasting models are being
trained, combining historical covers with
bookings, weather and event signals.
• AI-supported rostering proposals — sized to
forecast covers and the venue’s wage target
— are in build.
• Goal: cross-venue staff allocation during
shoulder periods.
04. Depot & Cost of Goods
FROM CENTRAL DEPOT TO PREDICTIVE
SUPPLY CHAIN.
• Demand forecasting per venue, per SKU, is
now informing central depot ordering.
• Wastage prediction and supplier price
benchmarking against contracts are in
development.
• Goal: recipe-level true margin per dish, near
real time, as input prices move.
THE PRIZE: EVERY 1% REDUCTION IN THE WAGE LINE EQUATES TO CIRCA $1M
TO THE BOTTOM LINE. A REAL OPPORTUNITY.
05. Venue Revenue
Intelligence
FLOOR STAFF AS A SALES FORCE FOR A
$55M BUSINESS.
• Real-time sales data per waiter, per shift,
is being structured from POS into a single
performance view.
• Goal: live dashboards on cheque size, upsell
rate, revenue per hour and repeat covers, per
person.
• Goal: identify high performers and lift the
bottom quartile through coaching and
incentive design.
06. Predictive Wage
Management
REAL-TIME WAGE DISCIPLINE, CONTRACT-
AWARE.
• A predictive wage model is in active build,
integrating roster, real-time POS revenue and
individual staff contracts.
• Real-time alerts will surface projected wage
variance exceeding the venue’s target through
the shift.
• Goal: contract-aware send-home
recommendations — managers shaving fractions
off the wage line, week in, week out.
15
Savor Group 2026 Annual Report
Operational Intelligence

Corporate Governance
The overall responsibility for ensuring that the
corporate governance and accountability of
the Company is properly managed, thereby
enhancing investor confidence, lies with the
Board of Directors. A copy of Savor’s
Corporate Governance Code (“Code”),
current as at 26 May 2026, is available on
the Savor website at www.savor.co.nz.
The Code is generally consistent with the principles
identified in the NZX Corporate Governance Code
(version dated 31 January 2025). Savor followed the
recommendations in the NZX Corporate Governance
Code throughout the year and as at 1 April 2026,
except that:
• the Company did not have a majority of
independent Directors (per recommendation 2.8);
• the Company did not have an independent Chair of
the Board (per recommendation 2.9); and
• the Company does not have an Audit and Risk
Committee comprising solely of Non-Executive
Directors (per recommendation 3.1).
These departures from the NZX Corporate Governance
Code are primarily due to the size and composition
of the Board. The Board considers that to increase
the number of Directors on the Board or to have an
independent Chair to comply with the Code would
bring undue cost to the Group, given the skills and
experience of the current Directors are complementary
to one another and specific to the needs to the
Company. The Board seeks external expert advice on a
range of legal, financial and commercial matters where
specialist assistance is required.
The Company will continue to monitor best practice in
the governance area and update its policies to ensure
it maintains the most appropriate standards.
An outline of the Company’s governance arrangements
are set out below. Further detail is available on the
Company’s website www.savor.co.nz.
THE BOARD OF DIRECTORS
The Board has ultimate responsibility for the strategic
direction of Savor and supervising Savor’s management
for the benefit of shareholders. The roles and
responsibilities of the Board are set out in the Code.
The specific responsibilities of the Board include:
• Working with management to review and approve the
business and financial plans that set the strategic
direction of Savor
• Monitor the Company’s performance against its
approved strategic, business and financial plans and
oversee the Company’s operating results on a regular
basis so as to evaluate whether the business is being
properly managed
• Establishing and overseeing succession plans for the
Chief Executive Officer and senior management
• Monitoring compliance and risk management
• Establishing and monitoring Savor’s health and
safety policies
• Ensuring effective disclosure policies and
procedures are adopted
• Ensuring effective reporting processes and
procedures
• Ensuring the quality and independence of the
Company’s external audit process
Directors are required to undertake appropriate training
to remain current on how to best perform their duties as
Directors of Savor.
The Board has agreed that the performance of
the Board, its Committees, and Directors will be
independently evaluated at least once every three
years. However, this currently remains deferred due
to controlling costs in the challenging economic
landscape.
BOARD MEETING AND COMMITTEE
ATTENDANCE
During the year to 31 March 2026 the Company held
12 Board meetings. The Audit & Risk Committee met on
four occasions. Attendance by individual Directors was
as follows:
Board Meetings
Audit & Risk
Committee Meetings
EligibleAttendedEligibleAttended
Paul Robinson121244
Lucien Law1212--
Louise Alexander121244
Bhupen Master121244
16
Savor Group 2026 Annual Report
Corporate Governance

ETHICAL CONDUCT
The Code includes a code of ethics which is designed
to govern the conduct of Directors, senior managers and
other employees of the Company and its subsidiaries.
The Company’s directors and managers are expected
to lead according to these standards of ethical and
professional conduct and to ensure that they are
communicated to the people who report to them. The
Code addresses, amongst other matters, conflicts of
interest, receipt of gifts, confidentiality and fair business
practices.
BOARD MEMBERSHIP
As at 31 March 2026, the Board consisted of two
Independent Directors and two Executive Directors, who
are elected based on the value they bring to the Board.
Each Savor Director is a skilled and experienced
business person. Together they provide value by making
quality contributions to corporate governance matters,
conceptual thinking, strategic planning, policies and
providing guidance to management.
The Chair of the Board and the CEO are different
people.
As at 31 March 2026 the Company’s Directors were:
Paul Robinson - Executive Chair
Paul Robinson was appointed to the Board in April 2019
and was last re-elected by shareholders in September
2025. Paul is currently Chair of the Board and a member
of the Audit & Risk and People & Culture Committees.
Paul Robinson has twenty years’ experience in
structured finance and strategy. From 1999 Paul spent
nine years originating structured trades based in London
and in 2008 Paul transferred to New York. In 2018 Paul
and his family moved back to New Zealand to enjoy life
here and to take an active role in Savor Group where he
had a long term shareholding.
Lucien Law - Executive Director & CEO
Lucien Law was appointed to the Board in April 2019 and
was last re-elected by shareholders in September 2025.
Lucien is currently a member of the People & Culture
Committee.
Over the past twelve years, Lucien has led a new wave in
Auckland hospitality, overseeing the building of a group
of brands that have had a significant impact on the city’s
dining and entertainment scene.
His projects include award-winning modern Japanese
restaurants Azabu and Ebisu, contemporary New Zealand
brasserie Ostro, along with Fukoku, Las Vegas Club
and Mission Bay Pavilion. One of his most ambitious
developments is Seafarers, spanning several floors in
the historic Seafarers building at Auckland’s Britomart.
Prior to his involvement in hospitality, Lucien founded
highly successful independent communications agency
Shine, which has worked with brands including Spark,
Hyundai, Fonterra and Lion Breweries.
Louise Alexander - Independent Director
Louise Alexander was appointed to the Board in April
2021 and last re-elected by shareholders in September
2024. Louise is currently the Chair of the People &
Culture Committee and a member of the Audit & Risk
and Remuneration Committees.
Louise is a senior HR practitioner and people leader
and is currently a Director of People Synergistics,
which offers strategic HR advice and support for clients
across a range of industries and sectors. Prior to this
Louise was the HR Director for Belly Gully, from 2015 to
2024.
Louise brings a critical skillset to Savor, where the
success of the Group is driven by its teams in the
venues.
Bhupen Master - Independent Director
Bhupen Master was appointed to the Board in August
2023 and elected by shareholders in September
2023. Bhupen is currently Chair of the Audit & Risk
Committee.
Bhupen has spent his extensive career working with
some of the top financial institutions worldwide. Bhupen
was most recently an Executive Director of Goldman
Sachs with extensive experience in global markets
covering institutional investors and was instrumental
in leading numerous capital raisings during his time.
Prior to this, Bhupen spent over 20 years working
in New Zealand, Australia and the United Kingdom
for Credit Suisse, Merrill Lynch and Deutsche Bank.
Bhupen’s extensive experience in the capital markets
and strategic transactions strengthens the Board’s
diverse skills and experience, and are essential to assist
in guiding the Group as it continues on its growth
trajectory.
DIRECTOR INDEPENDENCE
In order for a Director to be independent, the Board has
determined that he or she must not be an executive of
Savor and must have no disqualifying relationship as
defined in the Code and the Listing Rules.
The Board has determined that as at 31 March 2026,
Bhupen Master and Louise Alexander are Independent
Directors.
17
Savor Group 2026 Annual Report
Corporate Governance

NOMINATION AND APPOINTMENT OF
DIRECTORS
The Code sets out the appointment procedure for
Directors. The Board is responsible for identifying and
recommending candidates. Directors may also be
nominated by shareholders under the Listing Rules.
On appointment to the Board, a Director is given an
appointment letter, which includes particular terms of his
or her appointment.
A Director may be appointed by ordinary resolution
and all Directors are subject to removal by ordinary
resolution.
The Board may at any time appoint additional Directors.
A Director appointed by the Board shall only hold office
until the next annual meeting of the Company but shall
be eligible for election at that meeting.
One third of Directors shall retire from office at the
annual meeting each year. A Director must not hold
office past the third annual meeting at which they were
elected or three years, whichever is longer, but are
eligible for re-election by shareholders.
Bhupen Master will stand for re-election at the 2026
Annual Shareholders Meeting.
DISCLOSURE OF INTERESTS BY DIRECTORS
The Code sets out the procedures to be followed where
Directors have an interest in a transaction or proposed
transaction or are faced with a potential conflict of
interest requiring the disclosure of that conflict to the
Board. Savor maintains an Interests Register in which
particulars of certain transactions and matters involving
Directors are recorded. The Interests Register for Savor
is available for inspection at its registered office.
DIRECTORS’ SHARE DEALINGS
The Company has adopted a Securities Trading policy,
which sets out the procedure to be followed by
Directors, staff and associates trading in Savor listed
securities, to ensure that trades are not made while that
person is in possession of material information which is
not generally available to the market. Details of Directors’
share dealings during the 12 months to 31 March 2026
are outlined on page 48.
DIRECTORS’ AND OFFICERS’ GENDER
COMPOSITION
20262025
MaleFemale
Gender
Diverse
Male Female
Gender
Diverse
Directors310310
Officers100100
Total410410
The Board recognises that along with relevant skills,
diversity is a key driver of effective Board performance.
As the Savor business evolves the Board is committed to
creating diversity among Directors while preserving the
right mix of skills.
Savor has adopted a Diversity and Inclusion Policy.
Savor’s Board has set targets to meet (as the Corporate
Governance Code recommends, at recommendation 2.5)
which are reviewed on an annual basis.
INDEMNIFICATION AND INSURANCE
OF DIRECTORS AND OFFICERS
The Company has Directors’ and officers’ liability
insurance with Ando Insurance Group Limited which
ensures that generally, Directors and officers will incur no
monetary loss as a result of actions undertaken by them.
The Company entered into an indemnity in favour of its
Directors under a Deed dated 10 October 2012.
BOARD COMMITTEES
The Board has three formally constituted committees.
These committees, established by the Board, review and
analyse policies and strategies which are within their
terms of reference. The Committees examine proposals
and, where appropriate, make recommendations to the
Board. Committees do not take action or make decisions
on behalf of the Board unless specifically authorised to
do so by the Board.
AUDIT AND RISK COMMITTEE
The Audit and Risk Committee is responsible for
overseeing risk management, treasury, insurance,
accounting and audit activities of Savor, reviewing
the adequacy and effectiveness of internal controls,
meeting with and reviewing the performance of external
auditors, making recommendations on financial and
accounting policies, and reviewing external financial and
performance reporting and disclosures. The Audit and
Risk Committee operates in accordance with the Audit
and Risk Management Committee Charter.
The members of the Audit and Risk Committee are
Bhupen Master (Chair), Louise Alexander, and Paul
Robinson. Bhupen Master is an independent director,
Chair of the Audit and Risk Committee, and has an
adequate financial background.
Other Directors and Savor employees are only entitled
to attend meetings of the Audit and Risk Management
Committee at the invitation of the Audit and Risk
Management Committee.
18
Savor Group 2026 Annual Report
Corporate Governance

NOMINATIONS AND REMUNERATION
COMMITTEE
The Nominations and Remuneration Committee is
responsible for overseeing management succession
planning, establishing employee incentive schemes,
reviewing and approving the compensation
arrangements for the executive Directors and senior
management, and recommending to the full Board
the remuneration of Directors. The Nominations and
Remuneration Committee operates in accordance with
the Nominations and Remuneration Committee Charter.
The members of the Nominations and Remuneration
Committee are Louise Alexander (Chair), and Bhupen
Master. Management only attend Nominations and
Remuneration Committee meetings by invitation.
PEOPLE AND CULTURE COMMITTEE
The People and Culture Committee operates within the
full Board and is responsible for ensuring appropriate
procedures are in place to identify and manage potential
health and safety risks, as well as overseeing human
resource management, recruitment and employee
welfare. The Board receives monthly reporting on Health
and Safety risks which includes any matters that require
further attention. Once presented to the Directors, the
mitigation of these risks are delegated throughout the
management team to those with appropriate oversight
and process improvements are made regularly. The
People and Culture Committee operates in accordance
with the People and Culture Committee Charter.
REMUNERATION
Remuneration of Directors and executives is the key
responsibility of the Nominations and Remuneration
Committee. The remuneration of Directors and
executives of the Company must be transparent, fair and
reasonable under the Code. Details of Directors and
executives’ remuneration and entitlements are set out
on page 49.
DIRECTORS’ REMUNERATION
For the year ended 31 March 2026 Directors’ fees
were $75,000 per annum for the Chairman (2025:
$100,000) and $45,000 per annum for other Directors
(2025: $60,000), and reflect a blended rate following
a reduction of their fees by half from 1 October 2025.
Directors receive no additional fees as membership of
Board Committees. To provide for flexibility, shareholders
have previously approved an aggregate cap on non-
executive Directors’ fees of $300,000 for the purpose
of the Listing Rules (2025: $300,000).
CEO REMUNERATION
For the year ended 31 March 2026, Lucien Law
received a base salary of $525,000 (2025: $500,000),
representing a blended total following the voluntary
reduction from 1 October 2025 and received no short or
long term incentives during the year (2025: nil).
The Directors are also entitled to be reimbursed for all
reasonable travel, accommodation and other expenses
incurred by them in connection with their attendance
at Board or shareholder meetings, or otherwise in
connection with Savor’s business.
MANAGING RISK
The Board has overall responsibility for the Company’s
system of risk management and internal control and has
procedures in place to provide effective control within
the management and reporting structure.
Financial Statements are prepared monthly and reviewed
by the Board progressively during the period to monitor
performance against budget goals and objectives. The
Board is responsible for demanding integrity in financial
reporting and the timeliness and balance of corporate
disclosures. The Audit and Risk Management Committee
assist the Board in discharging its responsibility to
exercise due care, diligence and skill in relation to
oversight of the integrity of external financial reporting.
The Board also requires managers to identify and
respond to risk exposures.
A structured framework is in place for capital
expenditure, including appropriate authorisations and
approval levels.
The Board maintains an overall view of the risk profile
of the Company and is responsible for monitoring
corporate risk assessment processes.
19
Savor Group 2026 Annual Report
Corporate Governance

CONTROL TRANSACTION PREPAREDNESS
PROTOCOL
The Board is well prepared in the event of a ‘control transaction’ (as that
term is defined in the NZX Corporate Governance Code), and has adopted
a Control Transaction Preparedness Protocol so that it is prepared
should an unexpected control transaction proposal be made. The Control
Transaction Preparedness Protocol is contained in the Code.
DISCLOSURE
The Company adheres to the NZX continuous disclosure requirements
which govern the release of all material information that may affect the
value of the Company’s listed shares. The Board and senior management
team have processes in place to ensure that all material information
flows up to the Chairman with a view to consultation with the Board and
disclosure of that information if required. The Company has a Continuous
Disclosures Policy, contained in the Code.
AUDITOR
BDO Auckland acts as auditor of the Company and has undertaken the
audit of the financial statements for the year ending 31 March 2026.
Particulars of the audit and other fees paid during the period are set out
on page 37.
BDO Auckland were appointed as the Group’s auditor during the year,
following a competitive tender process. EY were previously the Group’s
auditor for a term of five years (2021 – 2025).
Oversight of the Company’s external audit arrangements is the
responsibility of the Audit and Risk Committee. The Company does
not have a dedicated internal audit resource but maintains an annual
audit programme, which is overseen by the CFO. The external auditors
shall attend the Company’s annual meeting to answer questions from
shareholders in relation to the audit.
SHAREHOLDER RIGHTS & RELATIONS
The Board is committed to achieving best practice investor relations.
Financial and operational information and key corporate governance
information can be accessed on the Company’s website. Enquiries from
shareholders can be raised at the Annual Meeting of shareholders, or
emailed through using the contact details on our website.
As required by the NZX Listing Rules, the Company will seek shareholder
approval of major transactions, and related party transactions, that trigger
the relevant thresholds in the listing rules, and any other major decisions
where the listing rules require shareholder approval. All voting at meeting
of shareholders is conducted by a poll.
The Company seeks to offer new equity pro rata to existing shareholders,
or with shareholder approval.
The Company aims to post a copy of its notice of annual meeting
on its website at least 20 working days prior to its annual meeting of
shareholders.
20
Savor Group 2026 Annual Report
Corporate Governance

21
Savor Group 2026 Annual Report
Corporate Governance

Financial
Statements
FOR THE YEAR ENDED 31 MARCH 2026
22
Savor Group 2026 Annual Report
Financial Statements

The Board of Directors has pleasure in presenting
the financial statements and audit report for Savor
Limited for the year ended 31 March 2026.
The financial statements presented are signed for
and on behalf of the Board of Directors and were
authorised for issue on 26 May 2026.
23
Directors’ Report
24
Consolidated Statement of
Comprehensive Income
25
Consolidated Statement of
Movements in Equity
26
Consolidated Balance Sheet
27
Consolidated Statement
of Cash Flows
28
Notes to the Financial Statements
42
Independent Auditor's Report
Paul Robinson
Executive Chair
Bhupen Master
Director
23
Savor Group 2026 Annual Report
Financial Statements

Notes
2026
$000's
2025
$000's
Revenue55,169 56,643
Expenses:15
Direct costs(15,275)(16,288)
Employee costs(24,083)(25,072)
Marketing costs(429)(579)
Utilities and operational expenses(5,166)(5,215)
Other expenses(2,204)(2,222)
8,012 7,267
Depreciation and amortisation(4,405)(4,732)
Restructuring and other costs2.4(488)(2,514)
Interest expense(1,344)(1,465)
Profit/(loss) before income tax1,775 (1,444)
Taxation (expense)/benefit14(489)232
Profit/(loss) attributable to the shareholders1,286 (1,212)
Other comprehensive income and expenses- -
Total comprehensive income/(loss)1,286 (1,212)
Net earnings/(losses) per share (cents)13
Basic and diluted1.7 (1.6)
Consolidated Statement
of Comprehensive Income
FOR THE YEAR ENDED 31 MARCH 2026
The accompanying notes form part of and are to be read in conjunction with these financial statements.
24
Savor Group 2026 Annual Report
Financial Statements

Notes
Share capital
$000's
Accumulated
losses
$000's
Share-based
payments
reserve
$000's
Total equity
$000's
Total equity at 1 April 202460,000 (41,390)151 18,761
Total comprehensive loss for the year - (1,212) - (1,212)
Repurchase of shares11 (166) - - (166)
Total equity at 31 March 202559,834 (42,602)151 17,383
Total comprehensive income for the year - 1,286 - 1,286
Total equity at 31 March 202659,834 (41,316)151 18,669
The accompanying notes form part of and are to be read in conjunction with these financial statements.
Consolidated Statement
of Movements in Equity
FOR THE YEAR ENDED 31 MARCH 2026
25
Savor Group 2026 Annual Report
Financial Statements

The accompanying notes form part of and are to be read in conjunction with these financial statements.
Notes
2026
$000’s
2025
$000’s
Assets
Current assets:
Cash 1,667 1,786
Trade and other receivables4 321 395
Current tax asset14 - 221
Inventories5 883 863
Total current assets2,871 3,265
Non-current assets:
Property, plant and equipment7 10,455 9,691
Intangible assets8 20,833 20,832
Right of use asset9 11,552 14,343
Deferred tax asset14 3,905 3,518
Total non-current assets46,745 48,384
Total assets49,616 51,649
Liabilities
Current liabilities:
Trade and other payables6 6,562 7,163
Current tax liability14 646 -
Lease liability9 3,100 3,019
Borrowings10 8,000 1,000
Total current liabilities18,308 11,182
Non-current liabilities:
Trade and other payables6 1,264 818
Lease liability9 11,375 14,266
Borrowings10 - 8,000
Total non-current liabilities12,639 23,084
Total liabilities30,947 34,266
Equity
Share capital11 59,834 59,834
Reserves(41,165)(42,451)
Total equity 18,669 17,383
Total liabilities and equity49,616 51,649
Consolidated Balance Sheet
AS AT 31 MARCH 2026
26
Savor Group 2026 Annual Report
Financial Statements

Notes
2026
$000’s
2025
$000’s
Cash flow from operating activities
Receipts from customers55,396 56,835
Payments to suppliers, employees and other(48,524)(49,738)
Net cash from operating activities166,872 7,097
Cash flow from investing activities
Purchase of property, plant and equipment and intangible assets(2,245)(1,116)
Payments for venue development costs2.4(254)(189)
Net cash to investing activities(2,499)(1,305)
Cash flow from financing activities
Interest paid(1,344)(1,465)
Borrowings drawn down10 - 10,000
Repayment of borrowings10(1,000)(10,269)
Lease liability principal repayment9(2,968)(3,053)
Lease incentive received - 1,000
Supplier loans received6820 600
Repurchase of shares11 - (166)
Net cash to financing activities(4,492)(3,353)
Net movement in cash held(119)2,439
Add: opening cash1,786 (653)
Closing cash1,667 1,786
The accompanying notes form part of and are to be read in conjunction with these financial statements.
Consolidated Statement of Cash Flows
FOR THE YEAR ENDED 31 MARCH 2026
27
Savor Group 2026 Annual Report
Financial Statements

1. MATERIAL ACCOUNTING POLICIES
BASIS OF PREPARATION
Savor Limited (‘the Parent’ or ‘Company’) and its
subsidiaries (together ‘the Group’) operate in the
hospitality sector, operating a number of premium
restaurants and bars. The address of its registered office
is c/o PrecinctFlex, Level 10, 11 Britomart Place, Auckland,
New Zealand 1010.
Savor Limited is a company domiciled in New Zealand,
registered under the Companies Act 1993 and is a
Financial Markets Conduct Act 2013 reporting entity.
These financial statements have been prepared in
accordance with Generally Accepted Accounting
Practice in New Zealand (NZ GAAP) and the
requirements of the Financial Markets Conduct Act
2013. For the purposes of complying with NZ GAAP
the Group is a for-profit entity. The consolidated
financial statements of the Group comply with New
Zealand Equivalents to International Financial Reporting
Standards (NZ IFRS). They also comply with IFRS
®

Accounting Standards. The financial statements are
presented in New Zealand dollars and are rounded to
the nearest thousand dollars.
The financial statements have been prepared under the
historical cost basis.
PRINCIPLES OF CONSOLIDATION
Subsidiaries are all entities over which the Group has
control. The Group controls an entity when the Group
is exposed to, or has rights to, variable returns from
its involvement with the entity and has the ability
to affect those returns through its power over the
entity. Subsidiaries are fully consolidated from the
date on which control is transferred to the Group. The
financial statements of subsidiaries are included in the
consolidated financial statements from the date that
control commences until the date control ceases. From
that date they are deconsolidated.
REVENUE RECOGNITION
The Group derives venue revenue through the sale of
food and beverages and by hosting events. This revenue
is recognised at a point in time, being the point of sale.
For significant events, the Group receives deposits in
advance to secure the booking. These deposits are
deferred on the balance sheet as a liability and are
recognised as revenue at a point in time, being the date
of the event. The Group has determined that there is
a single performance obligation for these transactions
even though part-payment may be received in advance.
CHANGES IN ACCOUNTING POLICY
These financial statements are prepared using the same
accounting policies as the prior year. Several other
amendments and interpretations apply for the first time
from 1 April 2025, but do not have an impact on the
consolidated financial statements of the Group.
2. KEY ESTIMATES AND JUDGEMENTS
The Group has undertaken a number of key estimates and
judgements when preparing these financial statements,
the details of which are outlined in this note. These
judgements have been formed using historical information
and comparatives where available, and management's best
judgement where there is no appropriate comparison. The
Group continues to review all significant estimates along
with the assumptions used and recognises any adjustments
to these in the period in which a change occurs.
2.1. INTANGIBLE ASSET IMPAIRMENT
Goodwill across the Group is tested annually for
impairment. Each cash generating unit (CGU) that
carries goodwill is valued on a value-in-use basis using
a discounted cash flow model, as a fair value less costs
to sell basis is considered to result in a lower valuation.
Management has used its past experience of sales
growth, operating costs and margin, and external sources
of information where appropriate, to determine their
expectations for the future. These cash flow projections
over five years are principally based on the Group's budget,
which is risk adjusted where appropriate. Cash flows
beyond five years have been extrapolated using estimated
terminal growth rates, which do not exceed the long-term
average growth rate. The terminal growth rate used was
3% (2025: 3%) and the Group employed a pre-NZ IFRS 16,
post-tax weighted average cost of capital of 12.8% (2025:
12.5%). On a pre-tax basis, the weighted average cost
of capital was 14.6%. When NZ IFRS 16 is applied to the
impairment assessment, the utilised weighted average cost
of capital of 12.8% becomes 10.5%.
It is inherently difficult to forecast future performance
of the Group's operations in the changing economic
landscape. The Group has prepared a budget and forecasts
based on current expectations, however there remains risk
which is primarily dependent on general market conditions.
Venue performance continues to demonstrate resilience in
margins and operating earnings, which are budgeted to be
maintained or continue to improve throughout the forecast
period. Management and the board allocates head-office
costs which are believed to be directly attributable to
the running of the restaurants and bars and ought to be
included in the assessment of the CGU's carrying amount.
Head office costs which are not deemed to relate to the
respective restaurants and bars, are not allocated to CGUs
as part of impairment tests.
For all other CGU's a reasonably possible change in the
assumptions used in the impairment testing would not lead
to an impairment charge.
Notes to the Financial Statements
28
Savor Group 2026 Annual Report
Notes to the Financial Statements

2.2. RECOVERABILITY OF DEFERRED TAX
ASSET
The Group recognised approximately half of the
historical tax losses available to it as a deferred tax asset
in the prior year. During the current year, the Group has
undertaken an assessment to ensure it remains probable
that future taxable amounts will be available to utilise
those losses, and therefore that it remains appropriate
to recognise those losses on the balance sheet. This
assessment incorporated a number of aspects, including
the current tax expense incurred in the current and
prior years, along with a Group valuation assessment
using a similar approach and assumptions as the
goodwill impairment assessment, outlined in note 2.1.
The full details of the Group's tax position, including the
remaining unrecognised losses available for future use, is
outlined in note 14.
2.3. GOING CONCERN
The Group has reported a net profit after tax of $1.3m
(2025: $1.2m loss) and operating cash flows of $6.9m
(2025: $7.1m) for the year ended 31 March 2026.
The Group’s banking facilities are due for renewal by 31
March 2027, which is within 12 months of the date of
approval of these financial statements. Accordingly, the
Group has recognised the outstanding borrowings as a
current liability (refer to note 10). This exacerbates the
deficit of current assets relative to current liabilities.
Savor continues to maintain a strong relationship with
its banking provider and early discussions regarding
renewal are underway. The Directors expect that the
Group will continue to receive the support it has
received to date and expects to have access to ongoing
funding for the foreseeable future, at least for a period
of 12 months from the date of approval of these financial
statements. The Group currently expects the refinancing
to be complete prior to the end of February 2027, if not
during 2026.
The Group repaid a further $0.5m of borrowings
subsequent to year end, leaving total borrowings of
$7.5m outstanding as of the date of approval of these
financial statements. The Group’s cash outflows for
the upcoming financial year are forecast to reduce
substantially relative to the prior year, with no significant
venue development planned or further debt amortisation
payments required. This reduction in outflows will result
in an increased cash build throughout the course of the
year, with cash on hand forecast to exceed $4m by 31
December 2026.
Accordingly, the Group’s net debt will fall below $3.5m
and lead to a net leverage ratio below 1 times earnings
after rental costs, providing further flexibility ahead of
any renewal.
The Group's borrowings are subject to a leverage ratio
covenant and a fixed charge cover ratio. Based on
current forecasts the Group is expected to meet the
requirements of these for at least 12 months from the
date of signing these financial statements.
In addition, the Group has also performed a range of
sensitivity analyses on the covenant measures, noting
there would need to be a significant material downturn
in forecast performance before any of the covenant
obligations would be breached. Following the debt
repayment in April 2026, the Group’s gross leverage
was 1.8 times compared to the covenant requirement
of 2.5 times. As the covenant measures use 12 month
rolling earnings, the forecast performance improve the
measures at each reporting date throughout the year
ahead.
As a result of the considerations above the Directors
have concluded that the preparation of the financial
statements on a going concern basis remains
appropriate.
2.4. RESTRUCTURING AND OTHER COSTS
2026 $000’s
2025
$000’s
Acquisition costs(50)(127)
Restructuring costs(55)(288)
Gain/(loss) on disposal of fixed
assets
8 (1,823)
Venue development expenses(254)(189)
Other costs(137)(87)
(488)(2,514)
Restructuring and other costs occur outside the normal
course of operating the venues on a day to day basis,
and are unrelated to the Group's trading operations.
These have been separated out on the face of the
Statement of Comprehensive Income to allow the reader
of these financial statements to understand the day to
day operations for the year without the impact of these
items. These items typically include the impairment or
disposal of assets, variable rent costs under NZ IFRS
16, costs related to restructuring or M&A activity, venue
development or other costs that are unrelated to the
Group's day to day trading operations.
29
Savor Group 2026 Annual Report
Notes to the Financial Statements

2.5. FAIR VALUE ASSESSMENT OF
SUPPLIER LOAN
During the year, the Group modified its agreements with
certain of its suppliers, in respect of its supplier loans. As
part of this renegotiation the Group received advances
in respect of new sites and agreed future expected
purchase volumes and a revised term. It was determined
that the revision of the terms constituted a substantial
modification.
The Group has estimated the fair value of the supplier
loan at the date of this substantial modification, using
an effective interest rate of 5.4% and expected forecast
purchases/volumes across the term of the agreement,
or the date in which contracted volumes are reached.
This is expected to be approximately 10 years from
reporting date. The resulting discount following the
fair value assessment was approximately $0.8m. As a
result of the de-recognition of the old supplier liability
and recognition of the new balance at fair value, the
difference of $0.1m was recognised in the Statement of
Comprehensive Income within direct costs. The supplier
loans are disclosed within trade and other payables as
outlined in note 6.
2.6. GEOPOLITICAL CONSIDERATIONS
Trading after reporting date remains in line with the
Group’s expectations, with geopolitical conflicts and
resulting cost increases having a minimal impact on
either reduced revenue levels or increases to the
Group’s cost base. The Group’s forecast for the balance
of the year remain achievable and include the benefit
of a number of measures already implemented for
both revenue and cost rationalisation, as well as the
annualised revenue of new sites. The Group's $3m
overdraft facilities were undrawn at 31 March 2026 and,
notwithstanding any changes to the current trading
environment, are forecast to remain fully available
throughout the winter months. The Group has not
forecast the need for any additional capital or refinancing
to an increased level of borrowings.
3. SEGMENTAL INFORMATION
Operating segments are reported in a manner consistent
with the internal reporting provided to the chief
operating decision maker. The chief operating decision
maker, who is responsible for allocating resources and
assessing performance of the operating segments, has
been identified as the Board of Directors. Segmental
information is presented in respect of the Group’s
industry segment, Hospitality. Corporate is not an
operating segment as it does not meet the recognition
criteria under NZ IFRS 8.
$000's
2026
Revenue
2025
Revenue
2026
EBITDA*
2025
EBITDA*
Hospitality 55,169 56,643 10,580 10,246
Corporate - - (2,568) (2,979)
To t a l 55,169 56,643 8,012 7,267
*EBITDA means earnings before interest, tax, depreciation,
amortisation, and restructuring costs as disclosed in the Statement
of Comprehensive Income.
$000's
2026
Depreciation,
amortisation
and
impairment
2025
Depreciation,
amortisation
and
impairment
2026
Capital
expenditure
2025
Capital
expenditure
Hospitality 4,405 4,732 2,245 1,116
Corporate - - - -
To t a l 4,405 4,732 2,245 1,116
$000's
2026 Non-
current
assets
2025 Non-
current
assets
Hospitality 46,745 48,384
Corporate - -
To t a l 46,745 48,384
30
Savor Group 2026 Annual Report
Notes to the Financial Statements

4. TRADE AND OTHER RECEIVABLES
Trade receivables are recognised initially at fair value
and subsequently measured at amortised cost using
the effective interest rate method, less an allowance for
impairment. Trade receivables are due for settlement
between 30-90 days from invoice date. All receivables
are due within 12 months of balance date. Other
receivables primarily relate to prepayments.
2026
$000’s
2025
$000’s
Trade receivables70 82
Other receivables251 313
321 395
The Group applies the simplified approach to providing
for expected credit losses prescribed by NZ IFRS
9, which permits the use of lifetime expected loss
provisions for all trade receivables. Collectability of
trade receivables is reviewed on an ongoing basis and
a provision for doubtful debts is made when there is
evidence that the Group will not be able to collect the
receivable. Additionally, the Group has established an
allowance for Expected Credit Loss (ECL) based on its
historical credit loss experience, adjusted for forward-
looking factors specific to the receivables and the
economic environment. Receivables are written off when
recovery is no longer anticipated. There are no overdue
receivables considered impaired that have not been
provided for.
2026
$000’s
2025
$000’s
Current61 81
0 - 30 days over standard terms - 1
31 - 60 days over standard terms 9 -
61+ days over standard terms - -
Provision - -
Trade receivables70 82
5. INVENTORIES
Raw materials and finished goods are stated at the lower
of cost and net realisable value. Cost comprises direct
materials as invoiced to the Group. Costs are assigned
to individual items of inventory on the basis of weighted
average costs. Net realisable value is the estimated
selling price in the ordinary course of business.
2026
$000’s
2025
$000’s
Raw materials 480 450
Finished goods 403 413
883 863
6. TRADE AND OTHER PAYABLES
Trade and other payables are recognised initially at fair
value and subsequently measured at amortised cost
using the effective interest method. These amounts
represent liabilities for goods and services provided to
the Group prior to the end of the financial year which
are unpaid. The amounts are unsecured and are usually
paid within 30 and 60 days of recognition. Liabilities for
wages and salaries, including non-monetary benefits, and
annual leave expected to be settled within 12 months of
the reporting date are recognised in other payables in
respect of employees' services up to the reporting date.
Supplier loans relate to inducements received for the
long term supply to Hospitality venues. These loans are
amortised over the life of the individual contract as the
benefits are consumed.
The Group undertook a fair value assessment of one of
the supplier loans during the year, following a significant
modification to an agreement. Refer to note 2.5 for
further explanation of the key judgements involved.
2026
$000’s
2025
$000’s
Trade payables2,626 3,429
Employee entitlements1,881 1,716
Other payables1,713 1,575
Supplier loans1,606 1,261
7,826 7,981
Current6,562 7,163
Non-current1,264 818
7,826 7,981
Movement in supplier loans
Balance at 1 April1,2611,442
Additional loans received in cash820 600
Transfer to other payables- (402)
Released through profit & loss
(including fair value adjustment
on modification of supplier loan)
(475)(379)
Balance at 31 March1,6061,261
31
Savor Group 2026 Annual Report
Notes to the Financial Statements

7. PROPERTY, PLANT & EQUIPMENT
All plant and equipment is stated at historical cost less
accumulated depreciation and accumulated impairment
losses. Subsequent costs are included in the asset’s
carrying amount or recognised as a separate asset,
as appropriate, only when it is probable that future
economic benefits associated with the item will flow to
the Group and the cost of the item can be measured
reliably. All other repairs and maintenance are charged
to the statement of comprehensive income during
the financial year in which they are incurred. Work in
progress assets are those under construction that are
not yet in use and do not incur depreciation.
Depreciation is calculated using the straight-line method
to expense the cost of the assets over their useful lives.
The rates are as follows:
Plant and equipment7% - 67%
Leasehold improvements6% - 20%
Fixtures & fittings7% - 67%
Motor vehicles10% - 21%
Any related gain or loss on disposal of assets is
recognised in the Statement of Comprehensive Income
as part of restructuring and other costs.
Plant &
Equipment
Fixtures &
Fittings
Leasehold
ImprovementsVehicles
Work in
progressTotal
2026
Carrying value at 1 April 20251,2337217,036186839,691
Additions7571621,269 - 53 2,241
Transfer from work in progress18241289 - (683) -
Disposals - (14) - (7) - (21)
Depreciation(358)(271)(820)(7) - (1,456)
Carrying value at 31 March 20261,8141,0107,57445310,455
Represented by:
Cost3,9822,51411,431 70 53 18,050
Accumulated depreciation(2,168)(1,504)(3,857) (66) - (7,595)
1,8141,0107,57445310,455
2025
Carrying value at 1 April 20241,7228589,09835211,715
Additions136128848 - 13 1,125
Disposals (257) (13) (1,967) - 668 (1,569)
Depreciation(368)(252)(943)(17) - (1,580)
Carrying value at 31 March 20251,2337217,036186839,691
Represented by:
Cost3,0421,95510,073 70 683 15,823
Accumulated depreciation(1,809)(1,234)(3,037) (52) - (6,132)
1,2337217,036186839,691
The Group had no material capital commitments at 31 March 2026 (2025: nil).
32
Savor Group 2026 Annual Report
Notes to the Financial Statements

8. INTANGIBLE ASSETS
Intangible assets acquired separately are measured
on initial recognition at cost. Following initial
recognition, intangibles are carried at cost less
any accumulated amortisation and accumulated
impairment losses. Intangible assets with indefinite
useful lives are not amortised but are tested for
impairment annually, either individually or at the
cash-generating unit level. Intangible assets with a
definite life are amortised on a straight-line basis.
Software and other intangibles are amortised over
a period of 2-4 years.
Goodwill
Software and other
intangiblesTotal
2026
Carrying value at 1 April 202520,7478520,832
Additions - 2 2
Disposals - - -
Impairment - - -
Amortisation expense - (1) (1)
Carrying value at 31 March 202620,7478620,833
Represented by:
Cost28,63132028,951
Accumulated amortisation and impairment (7,884)(234)(8,118)
20,7478620,833
2025
Carrying value at 1 April 202420,74731321,060
Additions - - -
Disposals - (175) (175)
Impairment - - -
Amortisation expense - (53) (53)
Carrying value at 31 March 202520,7478520,832
Represented by:
Cost28,63151429,145
Accumulated amortisation and impairment (7,884)(429)(8,313)
20,7478520,832
Goodwill is stated at cost, less any impairment
losses. Goodwill is allocated to cash-generating units
(CGUs) and is not amortised but is tested annually
for impairment, and when an indication of impairment
exists.For the purposes of considering whether there
has been an impairment, assets are grouped at the
lowest level for which there are identifiable cash flows
that are largely independent of the cash flows of other
groups of assets. When the book value of a group of
assets exceeds the recoverable amount, an impairment
loss arises and is recognised in earnings immediately.
Refer to note 2.1 for impairment considerations.
33
Savor Group 2026 Annual Report
Notes to the Financial Statements

SIGNIFICANT CASH GENERATING UNITS
Goodwill is allocated to the following significant cash
generating units:
2026
$000’s
2025
$000’s
Amano7,4837,483
Azabu4,3694,369
Non Solo Pizza3,2693,269
Ebisu3,0273,027
Auckland Fish Market2,1632,163
Ortolana384384
Other5252
20,74720,747
9. LEASES
AS LESSEE
The Group recognises right-of-use assets and lease
liabilities for property leases. On inception of a new
lease, the lease liability is measured at the present value
of the remaining lease payments, discounted using the
Group's incremental borrowing rate at that date. The
right-of-use assets are measured at an amount equal to
the lease liability, and are depreciated over the estimated
remaining lease term on a straight line basis. The Group
presents the right-of-use assets and lease liabilities
separately on the Balance Sheet.
• Exemption to not recognise right-of-use assets for
low-value leases; and
• Exemption to not recognise right-of-use assets for
leases with a term of less than 12 months.
The Group as the lessee has various non-cancellable
leases predominantly for the lease of land and buildings.
The leases have varying terms and renewal rights. On
renewal, the terms of the lease are renegotiated.
Right-of-use assets
2026
$000's
2025
$000's
Carrying value at 1 April14,34315,532
Additions (refer note 2.3)1552,173
Disposals - (249)
Depreciation(2,946)(3,113)
Carrying value at 31 March11,55214,343
Lease liabilities
2026
$000's2025 $000's
Carrying value at 1 April17,28517,504
Additions (refer note 2.3)1553,171
Variable lease payment adjustments - 14
Repayments (2,965) (3,053)
Disposals - (351)
Carrying value at 31 March14,47517,285
Current3,100 3,019
Non-current11,375 14,266
Total lease liabilities14,475 17,285
Refer to note 17 (d) for maturity analysis on contractual undiscounted
cash flows.
Amounts recognised in profit or loss
2026
$000's
2025
$000's
As lessee
Lease depreciation 2,946 3,113
Interest expense on lease liabilities 746 722
Lease expense on low value leases 308 108
Rental concessions received - 60
Gain on lease disposal - 102
As lessor
Sublease income 150 150
34
Savor Group 2026 Annual Report
Notes to the Financial Statements

10. BORROWINGS
2026
$000's
2025
$000's
Balance at 1 April9,0008,407
Drawn down - 10,000
Repayments(1,000)(9,407)
Balance at 31 March8,0009,000
Current8,000 1,000
Non-current - 8,000
Total borrowings8,000 9,000
At balance date, the Group had the following funding
facilities
Utilised facilities8,000 9,000
Unutilised bank overdraft3,000 3,000
Total facilities11,000 12,000
The average interest rate on these borrowings during
the year was 5.56% (2025: 6.84%). The Group incurred
interest charges on borrowings of $0.5m during the year
(2025: $0.7m).
The facility agreement is secured against the Group’s
assets. The borrowings are subject to a leverage ratio
and a fixed charge cover ratio covenant, which the
Group was in compliance with at each testing period
throughout the year. The Group expects to continue to
meet the requirements of both covenants for at least the
next twelve months.
The Group repaid a further $0.5m subsequent to year
end (refer to note 19), with the remaining $7.5m maturing
on 31 March 2027. Refer to note 2.3 for renewal and
going concern considerations.
11. CAPITAL
2026
$000's
2025
$000's
Reported capital at the beginning
of the year
59,834 60,000
Repurchase of shares - (166)
59,834 59,834
Number of ordinary shares:
Number of shares on issue at the
beginning of the year
76,780,666 77,585,179
Repurchase of shares - (804,513)
Total number of shares on issue76,780,666 76,780,666
All issued shares are fully paid and have no par value.
SHARE OPTION PLAN
In July 2015 the Board approved the Company
Employee Share Option Plan. Options allow eligible
staff to subscribe for ordinary shares in the Company
at an exercise price. Options are vested in equal
tranches on the first to third anniversaries of the date of
issuance while the eligible employees remain in full time
employment with the Group. Once vested the options
can be exercised at any time up to the second April
following vesting. Employees can pay the exercise price
in shares using the 20-day Volume Weighted Average
Price of the Company shares up to the date of issuance.
The Employee Share Option Plan allows employees to
exercise all their vested options into ordinary shares for
cash or a lower number of ordinary shares for no cash.
Number of
options
Weighted
average
exercise price
(cents)
Outstanding 31 March 2024 283,334 63.0
Forfeited -
Granted -
Cancelled -
Outstanding 31 March 2025 283,334 22.0
Forfeited -
Granted -
Cancelled -
Outstanding 31 March 2026 283,334 22.0
On 7 April 2024, the outstanding options were repriced
to reflect the recent volume weighted average price of
shares in the Company and had the expiry dates of each
tranche extended by two years.
The outstanding options have been valued at grant date
using the Black-Scholes pricing method at $0.2m (2025:
$0.2m), the key inputs for which are outlined below.
20262025
Weighted average fair values at the
measurement date ($)
0.0340.017
Dividend yield (%)0.00.0
Expected volatility (%)0.0260.013
Risk-free interest rate (%)4.34.3
Expected life of share options (years)1.362.03
Weighted average share price ($)0.210.19
The expected life of the share options is based on
historical data and current expectations and is not
necessarily indicative of exercise patterns that may
occur. The expected volatility reflects the assumption
that the historical volatility over a period similar to the
life of the options is indicative of future trends, which
may not necessarily be the actual outcome.
35
Savor Group 2026 Annual Report
Notes to the Financial Statements

12. RELATED PARTY DISCLOSURES
Key management personnel compensation
2026
$000’s
2025
$000’s
Directors' fees210 280
Senior management remuneration paid, payable or provided for:
Short-term employee benefits1,482 1,653
TRANSACTIONS WITH RELATED PARTIES
During the year the Group engaged People Synergistics Limited, of which Louise Alexander is a Director, to undertake
a functional review of the Group to explore further cost savings via potential restructuring. The total cost of this work
was $11,154 (2025: nil).
GROUP INFORMATION
The consolidated subsidiaries of the Group include:
Equity interest (%)
NamePrincipal activitiesCountry of incorporation20262025
Savor Group LimitedHospitalityNew Zealand100100
Amano Group LimitedHospitalityNew Zealand100100
Savor Quick Service LimitedHospitalityNew Zealand100100
Savor Entertainment LimitedHospitalityNew Zealand100100
Savor Goods LimitedDistributionNew Zealand100100
13. EARNINGS PER SHARE
Earnings per share is the portion of a company's profit
allocated to each outstanding ordinary share and is
calculated by dividing the earnings attributable to
shareholders by the weighted average of ordinary shares
on issue during the year.
20262025
Net earnings/(losses) per share (cents)
Basic and diluted 1.7 (1.6)
$000’s$000’s
Numerator
Net earnings/(losses) attributable to
shareholders
1,286 (1,212)
Denominator (thousands of shares)
Weighted average number of shares
outstanding
76,781 77,402
Denominator for net earnings per share76,781 77,402
1 4 . TA X AT I O N
INCOME TAX EXPENSE
The income tax expense or revenue for the year is the
total of the current year’s taxable income based on the
national income tax rate adjusted for any prior years'
under or over provisions, plus or minus movements in
the deferred tax balance except where the movement in
deferred tax is attributable to a movement in reserves. The
current income tax charge is calculated on the basis of
tax laws enacted or substantially enacted at balance date.
Below is the reconciliation of earnings before taxation to
taxation expense:
2026
$000’s
2025
$000’s
Profit/(loss) before taxation1,775 (1,444)
Taxation at 28 cents per dollar497 (404)
Adjusted for:
Non-deductible expenses111 152
Tax benefit in respect of prior years(119)20
Temporary differences not recognised - -
489 (232)
Current tax expense654 (222)
Deferred tax expense(165)(10)
489 (232)
36
Savor Group 2026 Annual Report
Notes to the Financial Statements

DEFERRED TAX
Movements in deferred tax are attributable to temporary
differences between the tax bases of assets and
liabilities and their carrying amounts in the financial
statements and any unused tax losses or credits.
Deferred tax assets and liabilities are recognised for
temporary differences at the tax rates expected to
apply when the assets are recovered or liabilities are
settled, based on those tax rates which are enacted or
substantively enacted at balance date. An exception
is made for certain temporary differences arising from
the initial recognition of an asset or a liability. No
deferred tax asset or liability is recognised in relation
to temporary differences if they arose in a transaction,
other than a business combination, that at the time of
the transaction did not affect either accounting profit or
loss or taxable profit or loss.
Deferred tax assets are recognised for deductible
temporary differences and unused tax losses only to the
extent that it is probable that future taxable amounts
will be available to utilise those temporary differences
and losses. Refer to note 2.2 for further detail of the
assessment of recoverability of the deferred tax asset.
Current and deferred tax assets and liabilities of
individual entities are reported on a consolidated basis
as all subsidiaries form part of the same New Zealand
consolidated tax group.
2026
$000’s
2025
$000’s
Opening balance 3,518 4,136
Deferred tax expense for the year46 82
Transfer from current tax222 (628)
Prior year amounts not recognised119 (72)
3,905 3,518
Comprised of:
Trade and other payables 580 556
Right of use assets (3,482) (4,291)
Lease liabilities 4,053 4,840
Tax losses 2,754 2,413
3,905 3,518
The Group has unrecognised deferred tax assets arising
from tax losses of $6.0m (2025: $6.0m). The Group has
no imputation credits available at 31 March 2026
(2025: nil).
15. ADDITIONAL EXPENSE DISCLOSURES
2026
$000’s
2025
$000’s
Direct costs includes the following:
Cost of goods sold (including the
purchase of raw materials)
14,447 15,650
Employee costs includes the following:
Salaries, wages, and kiwisaver
contributions
21,241 22,365
Auditor's remuneration
Audit of the financial statements
BDO Auckland138 -
EY
5 219
Taxation compliance services
BDO Auckland15 15
Advisory services
BDO Auckland-3
Total auditor remuneration158 237
Audit fees paid to EY during the year were for work
completed prior to the date of BDO's appointment.
Balances include service fees and incidental charges.
Advisory work performed in the prior year by BDO
Auckland related to corporate finance assistance.
37
Savor Group 2026 Annual Report
Notes to the Financial Statements

16. RECONCILIATION OF NET
EARNINGS TO NET CASH FROM
OPERATING ACTIVITIES
2026
$000’s
2025
$000’s
Net profit/(loss) after tax1,286 (1,212)
Add back:
Interest paid1,344 1,465
Venue development costs expensed254 189
Add/(Less) non-cash items:
Taxation expense/(benefit)489 (232)
Depreciation and amortisation 4,4054,732
Supplier loan income recognised(564)(379)
Gain/(loss) on disposal of fixed assets (8) 1,823
Movements in working capital:
Trade and other receivables227 89
Inventories20 32
Trade and other payables(581)590
Net cash from operating activities6,872 7,097
17. FINANCIAL INSTRUMENTS
RECOGNITION AND DERECOGNITION
Financial assets and liabilities are recognised when the
Group becomes a party to contractual provisions of the
instrument. Financial assets are derecognised when the
contractual rights to the cash flows from the financial
asset expire, or when the financial asset and substantially
all the risk and rewards are transferred. A financial liability
is derecognised when it is extinguished, discharged,
cancelled or expires.
CLASSIFICATION AND INITIAL MEASUREMENT OF
FINANCIAL ASSETS
Except for those trade receivables that do not contain
a significant financing component and are measured
at the transaction price in accordance with NZ IFRS 15
(Revenue from Contracts with Customers), all financial
assets are initially measured at fair value adjusted for
transaction costs (where applicable). Financial assets are
classified into the following categories:
• Amortised cost
• Fair value through profit or loss (FVTPL)
• Fair value through other comprehensive income (FVOCI)
In the periods presented the Group does not have any
financial assets categorised as FVTPL or FVOCI.
FINANCIAL ASSETS AT AMORTISED COST
Financial assets are measured at amortised cost if
the assets meet the following conditions (and are not
designated as FVTPL):
• they are held within a business model whose
objective is to hold the financial assets and collect its
contractual cash flows
• the contractual terms of the financial assets give rise
to cash flows that are solely payments of principal and
interest on the principal amount outstanding.
After initial recognition, these are measured at amortised
cost using the effective interest method less any
provision for expected credit losses. Discounting is
omitted where the effect of discounting is immaterial.
The Group’s cash and trade and other receivables fall
into this category of financial instruments.
IMPAIRMENT OF FINANCIAL ASSETS
Recognition of credit losses uses the ‘expected credit
loss (ECL) model’. The Group considers a broad range
of information when assessing credit risk and measuring
expected credit losses, including past events, current
conditions, reasonable and supportable forecasts that
affect the expected collectability of future cash flows of
the instrument.
In applying this forward looking approach, a distinction is
made between:
• financial instruments that have not deteriorated
significantly in credit quality since initial recognition or
that have low credit risk (‘Stage 1’) and
• financial instruments that have deteriorated
significantly in credit quality since initial recognition
and whose credit risk is not low (‘Stage 2’). ‘Stage
3’ would cover financial assets that have objective
evidence of impairment at the reporting date. ‘12
month expected credit losses’ are recognised in Stage
1, while 'lifetime expected credit losses' are recognised
for Stage 2.
Measurement of the expected credit losses is
determined by probability weighted estimate of credit
losses over the expected life of the financial instrument.
TRADE AND OTHER RECEIVABLES
The Group makes use of a simplified approach in
accounting for trade receivables and records the loss
allowance as lifetime expected credit losses. These
are the expected shortfalls in contractual cash flows,
considering the potential for default at any point during
the life of the financial instrument.
38
Savor Group 2026 Annual Report
Notes to the Financial Statements

CLASSIFICATION AND MEASUREMENT OF FINANCIAL
LIABILITIES
The Group’s financial liabilities include trade, other
payables, and borrowings.
Financial liabilities are initially measured at fair value, and,
where applicable, adjusted for transaction costs unless
the Group designated a financial liability at fair value
through profit or loss. Subsequently, financial liabilities
are measured at amortised cost using the effective
interest method. Deferred consideration is measured at
fair value with movements recognised in profit or loss.
A) CATEGORIES OF FINANCIAL ASSETS &
LIABILITIES
The varying amounts presented in the balance sheet
relate to the following categories of assets and liabilities:
2026
$000’s
2025
$000’s
Financial assets
Financial assets at amortised cost:
Cash 1,667 1,786
Trade and other receivables321 395
Total financial assets1,988 2,181
Financial liabilities
Financial liabilities at amortised cost:
Trade and other payables 4,774 6,265
Borrowings 8,000 9,000
Financial liabilities at fair value through profit & loss:
Trade and other payables 1,172 -
Total financial liabilities 13,946 15,265
The Group's activities expose it to a variety of financial
risks: market risk (including currency risk and interest rate
risk), credit risk and liquidity risk. The Group's overall risk
management programme focuses on the unpredictability
of financial markets and seeks to minimise potential
adverse effects on the financial performance of the
Group. The Group uses different methods to measure
different types of risk to which it is exposed. These
methods include sensitivity analysis in the case of
interest rate and foreign exchange risks and aging
analysis for credit risk.
B) MARKET RISK
Market risk is the risk that changes in market prices,
such as foreign exchange rates and interest rates, will
affect the Group’s income, input costs, or interest rates
on the Group's borrowings. The objective of market risk
management is to manage and control risk exposures
within acceptable parameters while optimising the return
on risk.
I) INTEREST RATE RISK
The Group’s fair value interest rate risk as at 31 March
2026 arises from its borrowings. An analysis on the
sensitivity of the Group's earnings due to movements in
interest rates is shown below.
Effect on net profit/loss before tax
2026
$000’s
2025
$000’s
1% increase in interest rate(85)(95)
1% decrease in interest rate85 95
The above information is calculated by applying the
movement to the average balance of borrowings during
the year ended 31 March 2026 of $8.5m (2025: $9.5m).
II) CURRENCY RISK
The Group purchases services that are denominated
in foreign currencies (primarily AUD) from time to time.
These purchases were immaterial during the financial
year, and the Group's exposure to movements in foreign
exchange is immaterial (2025: both immaterial).
C) CREDIT RISK
Credit risk is the risk of financial loss to the Group if a
customer or counterparty to a financial instrument fails
to meet its contractual obligations. Credit risk arises from
cash and deposits with banks and financial institutions,
as well as from the Group’s receivables due from
customers. Cash and deposit balances are held with
financial institutions rated at least an A+ Credit Rating by
Standard and Poors.
Sales are settled in cash at the point of sale, leaving
minimal debtors. The Group has adopted the simplified
approach to ECL (expected credit loss) in NZ IFRS 9:
Financial Instruments which apply to trade receivables
that are in the scope of NZ IFRS 15. The impact is limited
as trade receivables are predominantly less than 30
days.
The maximum exposure to credit risk at the reporting
date is the carrying amount of the financial assets as
summarised in Note 4.
39
Savor Group 2026 Annual Report
Notes to the Financial Statements

D) LIQUIDITY RISK
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group’s
approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its
liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking
damage to the Group’s reputation.
The Group manages liquidity risk by continuously monitoring forecast and actual cash flows and matching the maturity
profiles of financial assets and liabilities.
The following maturity analysis table sets out the remaining contractual undiscounted cash flows for financial liabilities.
2026
Total
$000’s
0-6 months
$000’s
7-12 months
$000’s
1-2 years
$000’s
2-5 years
$000’s
5+ years
$000’s
Trade and other payables5,846 4,523 158 282 495 388
Lease liabilities16,821 1,834 1,834 2,707 6,083 4,362
Borrowings8,000 500 7,500 - - -
Total principal cash flows30,667 6,857 9,492 2,989 6,578 4,750
Contractual interest cash flows2,756 489 489 367 1,100 311
Total contractual cash flows33,423 7,346 9,981 3,356 7,678 5,061
2025
Trade and other payables6,266 5,242 206 491 327 -
Lease liabilities20,334 1,828 1,874 3,633 6,882 6,117
Borrowings9,000 500 500 8,000 - -
Total principal cash flows35,600 7,570 2,580 12,124 7,209 6,117
Contractual interest cash flows1,009 262 256 491 - -
Total contractual cash flows36,609 7,832 2,836 12,615 7,209 6,117
18. GUARANTEES
At 31 March 2026 the Group had $0.1m of bank guarantees and letters of credit outstanding (2025: $0.1m).
19. SUBSEQUENT EVENTS
On 8 April 2026, the Group repaid $0.5m of borrowings resulting in a balance remaining of $7.5m. Adjusted for the
repayment subsequent to year end, the Group’s gross leverage at 31 March 2026 would have been 1.8 times.
40
Savor Group 2026 Annual Report
Notes to the Financial Statements

41
Savor Group 2026 Annual Report

INDEPENDENT AUDITOR’S REPORT TO THE SHAREHOLDERS OF SAVOR LIMITED
OPINION
We have audited the consolidated financial statements of Savor Limited (“the Company”) and its subsidiaries (together,
“the Group”), which comprise the consolidated balance sheet as at 31 March 2026, and the consolidated statement
of comprehensive income, consolidated statement of movements 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 present fairly, in all material respects, the
consolidated financial position of the Group as at 31 March 2026, and its consolidated financial performance and its
consolidated cash flows for the year then ended in accordance with New Zealand equivalents to International Financial
Reporting Standards (“NZ IFRS”) and IFRS
®
Accounting Standards.
BASIS FOR OPINION
We conducted our audit in accordance with 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 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) issued by the New Zealand Auditing and Assurance Standards Board, and
we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit
evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Our firm carries out other assignments for the Group in the areas of taxation compliance. In addition to this, partners
and employees of our firm deal with the Group on normal terms within the ordinary course of trading activities of the
business of the Group. The firm has no other relationship with, or interests in, the Company or any of its subsidiaries.
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.
Independent
Auditor’s Report
42
Savor Group 2026 Annual Report
Independent Auditor’s Report

GOODWILL IMPAIRMENT ASSESSMENT
Key Audit MatterHow The Matter Was Addressed in Our Audit
The Group holds $20.7m of goodwill at 31 March 2026.
The total goodwill balance is subject to an annual
impairment test in accordance with NZ IAS 36 -
Impairment of Assets.
Management has performed their impairment test by
considering the recoverable amount of the Group’s Cash
Generating Units (‘CGU’) (to which goodwill is allocated),
using a value in use calculation – discounted cashflow
models (‘DCF’).
This calculation is complex and subject to key inputs
and assumptions, such as revenue growth rates,
terminal growth rates, gross margins, discount rates and
future cash flows, which inherently include a degree of
estimation uncertainty and are prone to potential bias or
inconsistent application and therefore considered to be a
key audit matter.
Disclosures around impairment, including key estimates
and judgements, are included in Note 2 (i) (Intangible
Asset Impairment) and Note 8 (Intangible assets) of the
consolidated financial statements.
• We obtained an understanding of key controls
relating to the review and approval of the impairment
assessment.
• We obtained Management’s impairment assessment,
Board approved forecasts and the value in use
calculation prepared for each of the CGUs.
• We evaluated and challenged key inputs and
assumptions including revenue, EBITDA margin (which
includes direct and corporate allocated costs),
discount and terminal growth rates.
• We agreed key inputs to supporting documentation
and agreed forecasts within DCF’s to the Board’s
approved forecast.
• We assessed the accuracy of previous forecasts to
actual performance to form a view on the reliability of
Management’s forecasting ability and to understand
key differences between historical actual performance
versus forecast performance.
• We engaged our internal valuation experts to assess
the Group’s discount rate, terminal growth rate and the
appropriateness of calculation and methodology used
by Management in their value in use calculation, is in
accordance with NZ IAS 36 -
Impairment of Assets.
• We performed sensitivity analysis on key inputs and
assumptions to determine the extent to which any
changes would affect the recoverable amount of the
CGUs.
• We compared the resulting carrying value of the CGUs’
assets to the recoverable amount determined by the
impairment test to identify any impairment losses.
• We reviewed disclosures in the Notes 2 (i) and 8 to the
consolidated financial statements to the requirements
of the accounting standard.
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ACCOUNTING TREATMENT OF SUPPLIER AGREEMENTS
Key Audit Matter How The Matter Was Addressed in Our Audit
The Group has a $1.6m supplier loan liability with its suppliers
as at 31 March 2026.
The supplier loan liability is required to be recorded in
accordance with NZ IFRS 9 – Financial Instruments. The
liability represents cash inducements and rebates received
for the long-term supply to the Group’s hospitality venues.
Supplier loan liabilities are attached to expected purchase
volumes and reduces over time as beverage volumes are
achieved.
During the year, the Group renegotiated an existing supply
agreement with a key supplier. As part of the renegotiation:
• The Group and its supplier, consolidated and reset volume
targets and the term in respect of existing supplier loan
liabilities across its venues; and
• Received an additional advance in respect a new
Hospitality venue.
NZ IFRS 9 – Financial Instruments requires the Group to
consider whether the modification of the financial liability is
‘substantial’ or ‘non substantial’.
The determination of whether a loan modification is
substantial or not requires the Group to prepare value in
use calculations and significant judgements and estimates
around key inputs and assumptions, such as future projected
volumes and the discount rate applied to determine the fair
value of the liability.
We consider this to be a Key Audit Matter because the
determination of whether a loan modification is significant or
not requires significant judgements and estimation.
Disclosures relating to the supplier agreement modification,
is included in Note 2.5 (Fair value assessment of supplier
loan) and Note 6 (Trade and other payables) of the
consolidated financial statements.
• We obtained and reviewed the revised supply
agreement.
•
We obtained and reviewed management’s
assessment surrounding whether or not the loan
modification was substantial and agreed key inputs
and assumptions to supporting documentation.
•
We assessed the appropriateness of management’s
accounting treatment of the supplier contract
with reference to applicable financial reporting
standards.
•
We compared forecast volumes to historical
performance and approved budgets to assess the
reasonableness of assumptions.
•
We evaluated the appropriateness of key inputs
such as the discount rate with reference to market
data and the Group’s incremental borrowing rate.
•
We reviewed disclosures in the Notes 2.5 and 6
to the consolidated financial statements to the
requirements of the accounting standard.
OTHER MATTER
The consolidated financial statements of the Group for the year ended 31 March 2025 were audited by another auditor
who expressed an unmodified opinion on those statements on 22 May 2025.
OTHER INFORMATION
The directors are responsible for the other information. The other information comprises the Annual Report, but does
not include the consolidated financial statements and our auditor’s report thereon.
Our opinion on the consolidated financial statements does not cover the other information and we do not express any
form of audit opinion or assurance conclusion thereon.
In connection with our audit of the consolidated financial statements, our responsibility is to read the other information
and, in doing so, consider whether the other information is materially inconsistent with the consolidated financial
statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the
work we have performed, we conclude that there is a material misstatement of this other information, we are required
to report that fact. We have nothing to report in this regard.
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Savor Group 2026 Annual Report
Independent Auditor’s Report

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 Accounting Standards, 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
S TAT E M E N T S
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 (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 decisions of users taken on the basis of these consolidated financial statements.
A further description of our responsibilities for the audit of the financial statements is located at 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.
WHO WE REPORT TO
This report is made solely to the Company’s shareholders, as a body. Our audit work has been undertaken so that we
might state those matters which 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 and
the Company’s shareholders, as a body, for our audit work, for this report or for the opinions we have formed.
The engagement partner on the audit resulting in this independent auditor’s report is Ahmed Shaker.
BDO Auckland
Auckland
New Zealand
26 May 2026
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Savor Group 2026 Annual Report

COMPANY SHARES
The Company’s ordinary shares are listed on the NZX
Main Board equity security market operated by NZX
Limited. On 31 March 2026 the Company had issued
voting securities comprising 76,780,666 fully paid,
quoted ordinary shares (NZX: SVR).
TWENTY LARGEST REGISTERED
SHAREHOLDERS
The following table shows the names and holdings of
the 20 largest registered holdings of listed ordinary
shares of the Company as at 31 March 2026:
Holder DetailsShares Held% Held
H & G Limited11,775,25315.34
Vinula Pty Limited7,705,91610.04
Vanessa Neal6,267,4738.16
Ruby Harvey Limited6,101,8527.95
New Zealand Central Securities
Depository Limited
5,042,8186.57
Paul Robinson3,984,8595.19
B & S Custodians Limited2,672,7453.48
Lucien Law2,394,4553.12
New Zealand Depository Nominee
Limited (Sharesies)
2,185,2972.85
JBWERE (NZ) Nominees Limited1,960,0172.55
Philip Bowman1,931,1632.52
David Poole & Warren Ladbrook &
Gaylene Cadwallader
1,325,0111.73
Turha Limited900,0001.17
Waihinahina Capital Limited859,2521.12
Paul Vincent Gallagher & Kathryn
Wendy Gallagher
842,5001.10
Leveraged Equities Finance Limited838,1481.09
Custodial Services Limited827,9631.08
Sean Mccarthy800,0001.04
Forsyth Barr Custodians Limited625,6930.81
Antonio Crisci & Vivienne Farnell &
Toto Trustees Limited
603,6100.79
SUBSTANTIAL PRODUCT HOLDERS
This information is given as required by the Financial
Markets Conduct Act 2013.
As at 31 March 2026, the Company had 76,780,666
quoted ordinary shares on issue (NZX code: SVR).
Substantial
Product HolderNotes
Ordinary
Shares heldDate of Notice
% Issued
Capital
H&G Limited9,020,17321 July 202114.67%
Philip Bowman9,637,0796 March 202612.56%
Vanessa Neal6,267,4732 June 20238.397%
Ruby Harvey
Limited
6,101,8527 October 20257.95%
Paul Robinson1 4,141,58515 May 20206.74%
Notes:
1 Includes shares held directly and by the El Pilar A1 and Ika-Roa
Investment Trusts.
SPREAD OF SHAREHOLDERS AT 31 MARCH
2026
RangeInvestorsSecuritiesIssued Capital %
1-100031,5720%
1001-500048221,8740.29%
5001-100001661,182,3951.54%
10001-500001773,851,6405.02%
50001-10000032 2,253,8012.94%
Greater than
100000
59 69,269,38490.22%
STATEMENT OF DIRECTORS’ RELEVANT
INTERESTS
Directors held the following relevant interests in shares in
the Company as at 31 March 2026:
Shares
Paul Robinson4,485,797
Lucien Law2,895,393
Louise Alexander231
SECURITIES DEALINGS OF DIRECTORS
For the purposes of section 148(2) of the Companies Act
1993, Directors disclosed the following acquisitions or
disposals of relevant interests (of the nature described
in the previous table) in the Company’s ordinary shares
during the year ended 31 March 2026. No shares
were acquired or disposed of by a Director during any
“blackout” period of trading prescribed by the Company’s
Securities Trading Policy.
DirectorDate
Nature of
transaction
Consideration
(NZ$)Shares
Lucien Law
6 March
2026
Disposal$285,0001,500,000
Shareholder and
Statutory Information
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Savor Group 2026 Annual Report
Shareholder and Statutory Information

DIRECTORS REMUNERATION AND
OTHER BENEFITS
The names of the directors of the Company who held
office and the details of their remuneration and value of
other benefits received for services to the Group for the
year ended 31 March 2026 were:
Director
Director
Fee ($)
Executive
remuneration ($)
Nature of
remuneration
Paul Robinson75,000500,000
Director fees
/ Executive
remuneration
Lucien Law45,000525,000
Director fees
/ Executive
remuneration
Louise Alexander45,000Director fees
Bhupen Master45,000Director fees
These balances represent a blended total following the voluntary
reduction from 1 October 2025.
ENTRIES RECORDED IN THE INTERESTS
REGISTER
There were no entries recorded in the interests register
of the Company during the year ended 31 March 2026.
OTHER DIRECTORSHIPS AND
SHAREHOLDINGS
The following represents the interests of directors in
other companies as at 31 March 2026 disclosed to the
Company and entered in the Interests Register:
Lucien LawMotu Capital Limited – Director
Paul RobinsonMotu Capital Limited - Director
Bhupen MasterMaster & Sons Limited - Director
Louise AlexanderPeople Synergistics Limited - Director
SUBSIDIARY COMPANY INFORMATION
The persons listed below respectively held office as
directors of Savor Limited’s subsidiary companies as at
31 March 2026.
No employee of Savor appointed as a director of
Savor Limited’s subsidiaries receives or retains any
remuneration or other benefits, as a director.
CompanyDirectors
Savor Group LimitedP Robinson, L Law, T Peat
Amano Group LimitedP Robinson, L Law, T Peat
Savor Goods LimitedP Robinson, L Law, T Peat
Savor Quick Service LimitedP Robinson, T Peat
Savor Entertainment LimitedP Robinson, L Law, T Peat
INDEMNITY AND INSURANCE
The Company entered an indemnity in favour of its
directors under a deed dated 10 October 2012. The
Company has insured all its directors against liabilities
and costs in accordance with section 162(5) of the
Companies Act 1993.
EMPLOYEES’ REMUNERATION
During the period, the number of employees, not being
directors of the Company, who received remuneration
and the value of other benefits exceeding NZ$100,000
was as follows:
Remuneration rangeNumber of employees
$NZ ‘000
100-1106
110-1201
120–1301
130–1401
140-1501
150–1601
160-1702
280-2901
AUDIT FEES
The amount of audit fees payable to BDO Auckland and
EY during the year ended 31 March 2026 is set out in the
notes to the financial statements. During the year ended
31 March 2026, BDO provided tax compliance services to
the Group. EY did not provide any non-audit services to
the Group.
DONATIONS
The Group made no donations during the year ended
31 March 2026.
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Savor Group 2026 Annual Report
Shareholder and Statutory Information

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Savor Group 2026 Annual Report

Corporate
Directory
DIRECTORS
Paul Robinson
Executive Chair
Lucien Law
Executive Director & CEO
Louise Alexander
Independent Director
Bhupen Master
Independent Director
FINANCIAL CALENDAR
Interim results announced:
November
End of financial year:
31 March
Annual Report published:
May
26 May 2026
Signed for and on behalf of the Board by:
Paul Robinson
Executive Chair
Bhupen Master
Director
REGISTERED OFFICE
AND ADDRESS FOR
SERVICE
C/O Precinct Flex, Level 10,
11 Britomart Place, Auckland,
1010, New Zealand
contact@savor.co.nz
AUDITOR
BDO Auckland
BANKER
ANZ
LAWYERS
Chapman Tripp
COMPANY
PUBLICATIONS
The Company informs investors
of the Group’s business and
operations by publishing an
Annual Report and regular
trading updates.
SHARE REGISTER
AND SHAREHOLDER
ENQUIRIES
Shareholders with enquiries
about transactions or changes
of address should contact the
share register.
MUFG Corporate Markets
Level 30, PwC Tower, 15
Customs Street West, Auckland,
PO Box 91976, Auckland 1142
Phone: +64 9 375 5998
Fax: +64 9 375 5990
Other questions should be
directed to the Company at
the registered address.
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Savor Group 2026 Annual Report
Corporate Directory

New Zealand's premier hospitality group