Comvita returns to profit in FY26

28 August 2026

Comvita returns to profit in FY26

Comvita Limited (NZX: CVT) today announces its audited financial results for the year ended 30 June
2026. FY26 delivered on the priorities set at the start of the year, with improved earnings of $7.7m
NPAT, restored cash generation and significant balance sheet strengthening. Against a backdrop of
ongoing geopolitical and trade uncertainty and mixed market conditions, Comvita delivered revenue
growth, while operational improvements, inventory normalisation and disciplined capital allocation
contributed to a stronger overall financial outcome. The result reflects a business with stronger
foundations, improved financial resilience and enhanced capability to deliver ongoing operational
improvement, targeted growth and long-term value creation.

Financial and Operating Summary
• Revenue: $213.0m, up 10.7% vs FY25
• Gross profit: $114.8m, up 38.8% vs FY25
• Operating profit: $14.0m, vs loss of $29.0m in FY25
• NPAT: $7.7m, vs loss of $104.8m in FY25
• Operating cash flow: $40.3m, up 17.9% vs FY25
• Inventory: $79.9m, down 10.3% vs FY25
• Net debt
1
: $0.5m net cash, vs $62.4M FY25

Comvita Chair, Bridget Coates, said: “Comvita stands on considerably firmer ground than it did a year
ago.

“Restoring profitability and completing the recapitalisation were the Board's most critical focus areas in
FY26. Together, these actions significantly strengthened Comvita's financial position and created a more
stable platform for the future.

"The improvements in revenue, profitability, operating cash flow and debt reflect genuine financial
discipline across the business and deliberate actions taken under Comvita's reset programme.

“While there is more work ahead, the business is now positioned to drive continued performance
improvements, invest selectively and deliver sustainable long-term value for shareholders.”

Comvita's Chief Executive Officer, Karl Gradon, said: “FY26 was about delivering on our commitments:
restoring profitability, strengthening the balance sheet and improving execution across the business.

“Our focus now is on continuing to improve operational performance and returns, while pursuing
targeted growth opportunities and maintaining financial discipline.”


1
Free cash flow and net debt are non-GAAP financial measures. We monitor these non-GAAP measures as key
performance indicators in assessing the performance of the core operations of our business.

2

Financial Commentary
The business returned to profitability, with operating profit improving from ($29.0m) in FY25 to $14.0m
in FY26.

FY26 revenue was $213.0m, up 10.7% from $192.4m in FY25. The increase was mainly attributable to
North American club-retailer performance. North American sales growth and disciplined operating
model management, procurement and cost management across the business enabled the business to
achieve its profit in line with previous guidance. Operating expenses decreased 10.7% in FY26 versus
FY25, primarily driven by a more efficient cost structure and reduced ERP and transformation-related
expenditure. NPAT increased to $7.7m, up from FY25 loss of $104.8m.

Operating cash flow improved $6.1m in FY26 to $40.3m, and free cash flow
1
was up $5.0m from FY25,
which enabled a faster paydown of debt during the year than anticipated. Reduction in inventory
generated $11.9m of the cash inflow. Supported by the recapitalisation and improved operating cash
generation, Comvita ended FY26 in a net cash position of $0.5m, compared with net debt
1
of $62.4m at
the end of FY25.

FY26 Priorities Delivered
Comvita delivered against its FY26 priorities, materially strengthening the balance sheet and positioning
Comvita for sustainable growth and continued business improvement.
• Returned to profitability - achieved operating profit of $14.0m.
• Strengthened balance sheet – net debt
1
reduced to a positive cash position of $0.5m, inventory
reduced from $89.0m at the end of FY25 to $79.9m at the end of FY26, and recapitalisation and
refinancing completed.
• Strengthened brand and product portfolio – premium positioning maintained and innovation
pipeline sharpened, with further improvement opportunities identified.
• Driven volume growth and channel execution – Delivered approximately 765 tonnes of
incremental Mānuka honey volume compared with the prior year, supported by strategic
channel partnerships, particularly in North America and increased diversification across
customers, channels and geographies.
• Enhanced leadership capability – Leadership team strengthened, with capability aligned to the
next phase of business improvement and growth.
• Progress in optimising cost structure - $12.2m or 10.7% reduction in operating expenses, with
further operating model and cost optimisation opportunities identified.
• Building a high-performance culture – greater alignment, accountability and execution discipline
being embedded across the global organisation.
• Disciplined allocation of capital - a capital allocation framework has been implemented to
ensure investment decisions are appropriately risk assessed and prioritised based on disciplined
return criteria, supporting long-term value creation for shareholders.

Recapitalisation and Refinancing
The successful capital raise of $40.5m completed in May 2026, enabled Comvita to finalise a refinancing
package with its lending syndicate. The new package comprises a $43.9m revolving credit facility
maturing in September 2028.

3


Market and Industry Conditions
The Mānuka honey category continues to evolve, with global demand broadening and industry supply
conditions tightening following a prolonged period of oversupply. North America is now the largest
Mānuka honey market globally, while category growth is increasingly diversified beyond Greater China.

Competitive intensity remains high, with much of the category's volume growth occurring at lower price
points.

However, industry inventories have reduced significantly and raw honey pricing has stabilised,
reinforcing the importance of supply access, brand strength and disciplined execution.

Comvita's company-owned apiaries performed strongly during the season, highlighting the value of its
vertically integrated supply chain and supporting a more resilient and secure supply of Mānuka honey.
Comvita is navigating these changing dynamics by increasing diversification across geographies,
channels and product categories to manage risk and provide resilience, while optimising its distribution
model across markets around channel efficiency, customer quality and sustainable returns.
Conditions across Comvita's markets remained mixed in FY26, with growth in North America, Rest of
Asia and EMEA offsetting softer conditions in Greater China and ANZ. That diversification is what
enabled Comvita to improve overall performance in a challenging year

Greater China remains a challenging market, with sales down 4.7%, and profit down 12.1% versus FY25.
Macroeconomic conditions are driving more value-conscious consumer spending, which is exacerbated
by an increase in price competition. Despite the challenges, Comvita maintained its leadership position
through its retail network, online sales strength, premium UMF™ portfolio and strong brand equity.

North America delivered strong growth, with sales increasing 104.3% versus FY25, supported by the
club retail partnership. While profitability was slightly lower than the prior year reflecting channel mix
and investment to support growth, the market delivered significant volume expansion, increased brand
awareness, accelerated inventory normalisation and improved manufacturing efficiencies. Leadership in
the Natural Retail Channel was retained and Comvita’s footprint was extended with new grocery listings.

Rest of Asia sales grew 6.2%, while profit increased by approximately $3.3m versus FY25. Singapore and
Korea had strong years driven by a focus on strengthening returns, optimising the Singapore retail store
network, growing digital channels, and expanding into travel retail, TV home shopping and premium
pharmacy.

Since completion of the capital raise, Comvita’s new Singaporean strategic investor, F&N Ventures Pte.
Ltd. (F&N), has been actively engaged with the business, with several strategic initiatives now underway
that have the potential to accelerate growth across Southeast Asia and support long-term value
creation.

4

ANZ’s performance was impacted by pricing pressure and softer Asian Health demand. While sales
were down 5.8% and profit down slightly by 0.9% versus FY25, net contribution margin improved from
22.1% to 23.2%.

EMEA reported an increase in sales of 15.8% and $0.9m in profitability. The transition to a distributor-
led model in the UK and Europe continues to improve returns and demonstrates the benefits of a more
efficient route-to-market model. The Middle East delivered steady growth in FY26, with a highlight
being a new strategic partnership with one of Saudi Arabia’s leading pharmacy retailers.

FY27 Priorities and Outlook
Having strengthened the balance sheet and completed its recapitalisation, Comvita's focus is on
continuing to improve operational performance, strengthening returns and pursuing targeted growth
opportunities.

Management remains focused on maintaining financial discipline while investing selectively in areas that
support long-term value creation, including brand, science, innovation, digital capability and honey
supply. Alongside these investments, the Company continues to focus on supply chain efficiency and
optimising returns from existing assets.

Growth initiatives will take time to fully translate into earnings, and the Company continues to monitor
the external environment closely, including geopolitical developments, consumer demand trends and
honey harvest conditions.

Comvita enters FY27 with the foundations required to support long-term success: a trusted global
brand, a more diversified channel footprint, a strengthened leadership team, increased resilience and
greater strategic flexibility.

The focus is on maintaining the right balance between preserving balance sheet strength, improving
operating performance and pursuing targeted growth that supports long-term shareholder value.

The Board and Management thank shareholders for their continued support through a challenging
period for both Comvita and the wider Mānuka honey sector.

Investor Conference Call
Comvita will host a virtual investor conference call today, Friday 28 August 2026 at 1:30pm NZST to
present the FY26 results.

Participants can join via: www.virtualmeeting.co.nz/cvtip26. Please register online 5–10 minutes prior
to the start time.

ENDS

5

For further information:
Karl Gradon | Comvita
karl.gradon@comvita.com

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

Background information
Comvita (NZX:CVT) was founded in 1974, with a purpose to improve people's health through the power
of nature. Comvita is the largest producer of UMF™ certified Mānuka honey, with a team of over 400
people, and operations in New Zealand, Australia, Greater China, North America, Japan, Korea and
Southeast Asia. Comvita’s vertically integrated supply chain runs from its own Mānuka forests and
beehives in New Zealand through to an international omni-channel distribution model. Comvita
operates its own government-recognised and accredited laboratory to test and verify that all bee-
product ingredients are of the highest quality. It also maintains an ongoing scientific research
programme to deepen understanding of Mānuka trees, bee welfare and the benefits of Mānuka
honey. Comvita has planted millions of native Mānuka trees, improving natural ecosystems and
biodiversity, mitigating climate change, and helping ensure the sustainable supply of high quality
Mānuka honey. In 2023, Comvita became a certified B Corp, joining a global community of businesses
that see business as a force for good.

---

COMVITA LIMITED
ANNUAL REPORT 2026

CONTENTS
About this Report
3
Results Overview
4
Chair and CEO Reports
6
About Comvita
12
How We Create Value
14
What Matters Most
16
Financial Performance and Management
18
Our Markets and Channels
22
Our Brand and Products
32
Science and Quality Leadership
38
Sustainable Supply
42
Our People
48
Climate and Nature Action
54
Financial Statements
60
Leadership and Governance
100
Appendices
114
Further Disclosures
115
GRI Content Index
121
Directory
130
Financial Statements
GovernanceAppendicesDirectoryAnnual Report
1Annual Report | 2026

This report covers the financial year from
1 July 2025 to 30 June 2026 and includes
Comvita Limited and all our subsidiaries,
collectively referred to as Comvita. Our head
office is based in Paengaroa, in the heart
of the Bay of Plenty, New Zealand.
Our Annual Report is designed to give our investors
and wider stakeholders a clear and transparent
picture of how we’re tracking — our financial
performance, the progress we have made during the
year, and how we strengthen the fundamentals
of the business as we position Comvita for the future.
We also share how we are thinking about our broader
social and environmental impacts, reporting on these
with reference to the Global Reporting Initiative (GRI)
Standards.
The reporting boundary and period for the Annual
Report and our separately published Greenhouse Gas
(GHG) Inventory Report align with Comvita’s FY26
Financial Statements. Any reference to dollars ($)
refers to New Zealand dollars, unless otherwise stated.
Our Financial Statements were audited by KPMG,
and our GHG Inventory Report was subject to limited
assurance by KPMG.
Comvita publishes its reports on an annual basis.
The publication date for this Annual Report
is 28 August 2026.
Our Annual Report, including our Financial
Statements, is available at comvita.co.nz/investor.
Our GHG Inventory Report is available at
comvita.co.nz.
For any questions or comments, please contact
investor.relations@comvita.com.
Annual Report
DirectoryAppendicesGovernanceFinancial Statements
ABOUT THIS REPORT
Welcome to Comvita’s
2026 Annual Report
Climate and environmental performance remain important
to Comvita and our stakeholders. Comvita has not published
full climate-related disclosures for this financial year in
reliance on the Financial Markets Authority’s announced
“no action” approach for climate reporting entities that
are expected to cease being subject to the climate-
related disclosures regime following anticipated legislative
amendments in 2026. Comvita will fall outside the amended
regime. Nevertheless, we have chosen to continue providing
some voluntary climate-related disclosures because we
believe they remain relevant to stakeholders.
This Annual Report includes a high-level overview of our
approach to climate and nature-related governance,
strategy, risk management, and metrics and targets.
The disclosure is informed by the Aotearoa New Zealand
Climate Standards (NZ CS), but is not prepared in
accordance with those standards. It should be read
alongside the risk disclosures and Financial Statements
in this Annual Report.
We also continue to publish a GHG Inventory Report, which
provides additional information on our emissions profile,
methodology and performance. The emissions information
in this report has been prepared in accordance with
the Greenhouse Gas Protocol standards and guidance
(GHG Protocol) and reflects currently available data,
methodologies, estimates and assumptions.
This disclosure and the GHG Inventory Report
contain forward-looking statements and qualitative
assessments that involve judgement and uncertainty.
Actual outcomes may differ due to changes in
regulation, technology, market conditions and physical
climate impacts.
OUR APPROACH TO CLIMATE-RELATED REPORTING
Michael Sang
Chair of Audit and Risk Committee
COMVITA LIMITED ANNUAL REPORT
APPROVED BY:
For and on behalf of the Board of Directors:
Bridget Coates
Chair
Financial Statements
GovernanceAppendicesDirectoryAnnual Report
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Financial Statements
GovernanceAppendicesDirectoryAnnual Report
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Results
Overview
($80M)
202420252026
($105M)
NPAT
$8M
($12M)
202420252026
($29M)
OPERATING PROFIT
$14M
$201M
202420252026
$192M
REVENUE
$213M$136M
202420252026
$89M
INVENTORY
$80M
2.1
202420252026
-1.1
EMPLOYEE NET PROMOTER
SCORE / 10

0.9
($15M)
202420252026
$25M
FREE CASH FLOW
$30M
24,872
202420252026
17,932
NET GHG EMISSIONS
tCO
2
e
20,507
2024
2.7
20252026
0.7
TOTAL RECORDABLE INJURY
FREQUENCY RATE (TRIFR)
1.66
2024
($80M)
20252026
($62M)
NET CASH (DEBT)
$0.5M
2024
Financial StatementsFinancial Statements
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Chair and
CEO Reports
2026 was a year of stabilisation for Comvita, resetting the
foundations on which shareholder value will be rebuilt.
CHAIR’S REPORT | BRIDGET COATES
After a prolonged period of financial pressure,
one that tested the Company, its people
and your patience as shareholders, Comvita
has been recapitalised, has returned to
profitability and now stands on considerably
firmer ground than it did a year ago.
There is still hard work ahead, but shareholders can
be confident that Comvita is in a materially stronger
position today. Debt has been repaid, operations
streamlined and capital allocation tightened against
a clear profitability test.
These are substantial achievements and they leave
the Company ready to take advantage of the
opportunities we have identified.
Recapitalisation and Refinancing
Restoring balance sheet strength was the primary
goal for FY26. This has been achieved, with Comvita’s
future secured on terms that protected the interests of
all shareholders. With that behind us, the opportunity
ahead in our global markets is attractive and the
Board’s expectation is clear: the strength we have
rebuilt must now deliver improved operational and
commercial performance.
Through the year the business continued to deliver
against its reset programme. It was that progress
which steadily strengthened Comvita’s operating
position and allowed the Board to pursue a capital
raise that met the requirements of our lending
syndicate, while also giving all shareholders a fair and
equal opportunity to participate with minimal dilution.
The raise was completed in May 2026 at $40.5
million, $30 million through a pro-rata Rights Offer
and $10.5 million through a Strategic Placement
to F&N Ventures Pte. Ltd (F&N), with shareholder
participation of 72%.
The proceeds enabled the Company to repay
existing bank debt and put in place new refinancing
arrangements extending to September 2028.
The result is a balance sheet that can support the
Company’s strategy rather than constraining it.
The capital raise introduced F&N to the register
as a strategic investor with a 19.99% shareholding.
F&N, a subsidiary of Singapore-listed Fraser and
Neave, Limited, is a leading listed Southeast Asian
consumer group with significant capability and market
reach across a region which is central to Comvita’s
growth ambitions.
As with any new relationship, the early focus is on
building alignment and identifying where the greatest
mutual value can be created.
The support of existing shareholders, together
with F&N’s entry alongside PHC Investments
Limited and Kauri Investments Limited joining as
substantial shareholders, reflects real confidence in the
fundamentals of this business and in its future potential.
Financial Result
Revenue for FY26 was $213m, compared with $192m
in FY25. The Company returned to profitability,
reporting a profit result of $8m against a loss of
$105m in FY25. Operating cash flow was $40m, net
debt reduced by $62.9m over the year and inventory
normalised to $80m.
This result was achieved in difficult conditions with
consumer spending cautious across our key markets
and the honey category pressure.
These outcomes reflect genuine progress and
financial discipline, giving the Company a sound base
from which to build.
Governance and Leadership
The Board’s composition has been kept under active
review throughout this period, both to maintain the
confidence of our lenders, investors and the market
and to ensure Comvita has the skills and experience
the years ahead will require.
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Following the Annual Shareholders Meeting we
welcomed Greg Barclay to the Board. Greg brings
strong governance credentials, broad experience
across the legal and commercial sectors and a fresh
perspective that is already proving valuable as the
Company moves into its next phase.
More recently we welcomed Michael Chye, nominated by
F&N as part of its investment. Michael brings extensive
commercial, governance and regional experience across
the consumer and food and beverage sectors, with deep
knowledge of Asian markets. His appointment reflects
the importance of the F&N relationship to Comvita,
as a long-term strategic shareholding.
We also welcomed Peter Nathan, previously Chief
Executive Asia Pacific for the a2 Milk Company
and now Executive Chairman of Australian Dairy
Nutritionals, who brings deep experience in global
consumer goods, sales and marketing. Julia Xu,
Managing Director of Kauri NZ Investment Limited
and Oravida Limited, also joined the Board, adding
extensive financial markets expertise and a record
of building premium New Zealand food brands in
the Chinese consumer market.
We acknowledge the departure of Yawen Wu
and alternate director Alfred Luk following China
Resources’ exit from the share register. The Board
thanks them both for their contribution.
The executive leadership team has also been substantially
rebuilt. Following Karl Gradon’s appointment as Chief
Executive Officer in 2025, Comvita has appointed a
new Chief Financial Officer, Chief Marketing Officer,
Chief Operating Officer and Chief People & Culture
Officer, bringing significant international consumer
and commercial experience to the Company.
From Stability to Performance
With the balance sheet repaired and governance
strengthened, our focus now moves to performance.
That means continued operational improvement
alongside targeted investment in the areas that will
deliver long-term growth.
The strategy our leadership team is working to is
focused on continuing to build Comvita into the
world’s leading natural health and wellness business,
growing profitably in the markets where our brand
and our science give us a genuine advantage.
Comvita has a unique product, a category-leading
brand, deep research and development capability and
strong positions in a number of high growth global
markets. Our science is the foundation of that position,
and we are investing in it to drive product innovation
and diversification into new formats and categories.
While conditions remain challenging, Comvita’s
leadership position equips it not only to navigate the
environment, but to leverage the opportunities which
result from changing market dynamics.
The Board is confident that the strategy we are
pursuing will deliver lasting value for shareholders.
However, it will take continued commercial discipline,
a sharper focus on the markets and channels where
Comvita competes best and sustained investment and
innovation in the key areas that will drive future growth.
That work is under way and gathering pace and
we expect to see the full benefit of this disciplined
delivery over the medium term.
I want to acknowledge our global team, whose
resilience and effort through a demanding year have
made this progress possible, and our customers,
partners and suppliers, for their continued trust.
And to our shareholders, thank you again for your
participation in the capital raise and for your belief in
our company. That confidence underpins our positive
vision of the future for Comvita.
Below, from left: Hon Nicola Willis (Minister of Finance),
Mr Rahul Colaco (F&N CEO), Mr Michael Chye (Director
of F&N), Rt Hon Christopher Luxon (Prime Minister),
Bridget Coates (Comvita Chair), Koh Poh Tiong (F&N Chair),
and Todd McClay (Minister for Trade and Investment).
CHIEF EXECUTIVE OFFICER’S REPORT | KARL GRADON
This was the year Comvita regained its
financial footing and leadership capability.
The balance sheet has been transformed
and the business is back in profit. That has
removed the constraint which has limited
this Company for several years.
The return to profitability was not the product of one
action, but of many. The new sales strategies we put
in place are delivering results across Southeast Asia,
China and North America. Our club retail partnership
outperformed sell-through expectations.
We have held firm on cost discipline and risk
management improvements. Our channel and
customer mix is more diversified, and more resilient,
than it has been in years.
The core of this business is sound and this year’s
result reflects that. The task now is to convert
a stabilised business into one that performs
consistently and returns to growth.
Comvita in FY26:
• Returned to profitability and positive cash flow
• Reduced net debt and inventory ahead of plan
• Completed $40.5m capital raise and recapitalisation
• Welcomed a new strategic investor
• Strong volume growth in North America
• Number one brand in China
• Growing momentum across Southeast Asia
• Disciplined Capital Allocation and risk management
• Continued cost discipline
Optimising our Markets
Each of our markets is at a different stage of
development, and our strategy in each reflects that.
The work through FY26 has been to get distribution,
cost structure and product mix right in every one
of them, so that growth is durable rather than
dependent on any single channel or customer.
North America delivered strong volume growth
in FY26, driven by our club-retail relationship and
continued momentum in Natural Retail, where we
hold the number one brand position. The priority
now is to broaden that base. New retail wins extend
our distribution, ensuring performance is diversified
across channels.
Greater China remains our toughest market. Cautious
consumer spending and ongoing commoditisation by
brands reliant on the oversupply of Mānuka honey,
continue to weigh on the category. Even so, we have
held our number one position with more than 50%
market share and remain the leader in online sales,
which we have brought in house in 2026. Our focus
is on targeted product innovation, and expansion into
new formats.
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In Australia and New Zealand, the priority is
stabilising performance, optimising channel mix and
strengthening our non-honey range. This work is
being done against a challenging backdrop of weak
consumer confidence and volatile tourism numbers.
Across the rest of Asia, momentum continues to
build, with Singapore performing strongly as a
gateway to broader Southeast Asian expansion,
supported by retail optimisation and key distribution
partnerships. Our new strategic investor, F&N, has
opened opportunities to improve our wider ASEAN
distribution and locally led innovation program.
In Europe, the move to a distributor-led model is
improving profitability and efficiency, with new growth
emerging in the Middle East through partnerships with
leading pharmacy and wellness retailers.
Progressing our Strategy to Win
in Mānuka Honey
Returning Comvita to profitability has provided the
platform required to transform it. This is where the
work begins, and where the real value will be driven
from. Our strategy is deliberately focused. Our
priorities are clear. Our delivery must be relentless.
We will continue to sharpen our capabilities and
our allocation of capital so that every part of the
business contributes to sustainable growth.
We will win in our priority growth markets, North
America, China and Southeast Asia, where the
opportunity is greatest and where disciplined
execution will decide our success.
The arrival of F&N to our register is directly relevant
to this agenda. F&N brings deep consumer knowledge
and established distribution across ASEAN, a market
of around 686 million people, central to our growth
ambitions. We are progressing opportunities across
channel and market expansion, innovation, data and
supply chain.
We will win by leading the category through insight-
led innovation, extending Comvita beyond honey
in a jar into the formats our world-leading health
and wellness brand demands. We are building that
pipeline deliberately and will bring products to market
when they are ready to compete.
We will invest in the initiatives that genuinely set us
apart and build long-term value.
Every decision we make is guided by these principles:
the strength of our brand, the depth of our science, and
the integrity of our vertically integrated supply chain,
from our own Mānuka forests and apiaries through to
our own retail network and online platforms. This is an
advantage competitors cannot easily replicate.
None of this is a new plan. It is the strategy we set out
at our half-year result, now backed by the financial
foundation and leadership team to pursue it.
Our task is to successfully execute our plan, with the right
mixture of discipline and agility, to enable future success.
The Team to Deliver it
The transformation of Comvita and our results profile
will be won on execution and that depends on the
people accountable for it. Our new leadership team is
now in place, strengthened across almost every core
role, and the accountability is clear.
This leadership team brings renewed energy,
commercial acumen and a clear focus on the
investment outcomes our shareholders deserve.
It has come together quickly and is setting an open
and collaborative culture across the business.
Behind them sits a global team across our
markets, our science and innovation functions, our
manufacturing sites and our apiaries. That team
is settled and focused on the work ahead, and it is
showing in how our people feel.
Our engagement score has moved from -1.1 out of 10
in 2025 to 0.9 in May 2026, with overall engagement
reaching 79%, a meaningful shift given the uncertainty
Comvita has navigated in recent years.
Outlook
The reset is not finished. There is hard work still to
do on supply optimisation, our cost base, our systems,
our brand, our marketing programme and our
sales channels.
This will take investment, and the benefits will take
time to flow through. But the direction is set and the
trajectory is right.
We are watching the external environment closely,
in particular the potential impact of geopolitical
tension on freight, fuel and supply chains, and the
effect of broader economic uncertainty on consumer
sentiment across our markets. We are not planning
on those conditions improving. The plan assumes they
do not.
Our priorities for the year ahead are deliberately few:
Win in key markets and channels
Strengthen our brand
Drive category growth through product innovation
and science
Sharpen and optimise our footprint and business
model
Continue optimisation of our operating model,
capability and cost base
My stance from the day I started has been confident,
but pragmatic. I am now even more positive about
the future for this great company. Comvita is one of
New Zealand’s genuine export success stories, with a
proud legacy and everything it needs to win.
To our shareholders, thank you for backing this
business. The opportunity ahead is real and we are
firmly focused on capturing it.
To the Board of Directors, thank you for your vision,
support and relentless drive during this transformational
phase.
To the Comvita team, here in New Zealand and across
our markets around the world, thank you. This has been
a demanding period and your commitment, talent and
belief in this brand have carried us through it.
From left: Comvita Director, Greg Barclay, Chief Executive
Officer, Karl Gradon and Whanganui Apiary Branch Manager,
Robbie O’Brien.
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About Comvita
Comvita is the global leader in Mānuka honey, combining
the power of nature with science, brand and global capability
to deliver differentiated high-value natural health solutions.
Our purpose is to help people live well –
powered by nature and proven by science.
We do this by unlocking the unique bioactive
properties of Mānuka honey, Olive Leaf
Extract and Propolis, and translating them
into health and wellness products trusted
by consumers around the world.
From our home in Paengaroa, New Zealand, we
produce and market natural health products that
are sold across China, North America, South Korea,
Japan, Singapore, Malaysia, Hong Kong, Australia,
New Zealand, and growing markets in Europe and
the Middle East.
Our integrated business model, from forest and
hives through to formulation, manufacturing, global
distribution and branded retail outlets, sets us apart.
It gives us control over quality, cost and supply, and
allows us to deliver premium products with integrity
and consistency.
Our competitive strengths underpin our ability
to deliver and grow:
A trusted, purpose-led global brand
Strong and diversified routes to market
Science-led product quality and innovation
Secure, sustainable supply of high-grade Mānuka
honey
A passionate, capable global team
Embedded environmental and social responsibility

About Comvita
Financial StatementsFinancial Statements
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1213Annual Report | 2026Annual Report | 2026

How We Create Value
The resources & capabilities
we draw on to create value
How we will create value through our
strategy & activities
What we will deliver through
our strategy & activities
The impact & value created for our
stakeholders
OUR INPUTS (CAPITALS)OUR BUSINESS OUR OUTPUTSOUR OUTCOMES
NATURE’S POWER –
SYNERGY OF BEES

& MĀNUKA + OLIVE
BRAND, SCIENCE

& INNOVATION
OUR GLOBAL TEAM
VALUE CHAIN,

DISTRIBUTION NETWORK
& RELATIONSHIPS
FINANCIAL
STRENGTH
We combine the power of
nature with science, brand
& global capability to deliver
differentiated high-value
natural health solutions
1. Win in US, China, Singapore and growth
markets & channels
2. Drive brand and category growth through
elevating our brand and category-leading
innovation & science
3. Reshape our portfolio, invest for growth,
and maintain disciplined capital allocation
Supply chain optimisation, sustainability
& resilience
Globally connected operating model
Integrated systems & tools
Commercial, digital & AI capability
CORE STRATEGIES
ENABLED BY
ADVANCING
CONSUMER WELLBEING
INCREASING
SHAREHOLDER VALUE
WORLD-CLASS

& WINNING TEAM
THRIVING NATURAL
ENVIRONMENT
WORLD-LEADING NZ
HONEY INDUSTRY
These outcomes strengthen
& sustain our capitals, enabling
long-term value creation
COMPELLING &
DIFFERENTIATED PRODUCTS
& BRAND EXPERIENCES

(See pages 32-35)
CONSISTENT EXECUTION &
SUSTAINABLE COMMERCIAL
PERFORMANCE

(See pages 18-21)
HEALTHY & HIGH-
PERFORMING
ORGANISATION

(See pages 48-53)
HEALTHIER ECOSYSTEMS
& REDUCED
ENVIRONMENTAL IMPACT

(See pages 54-59)
WORLD-LEADING NZ
HONEY INDUSTRY
(See page 40)
Our strategy is built on a clear ambition: to grow and lead in Mānuka health and natural
wellness - through market and channel growth, brand and innovation leadership, disciplined
capital allocation, and an operational transformation that ensures sustainable supply and
a lean, globally integrated operating model.
This ambition is summarised in our Value Creation Model, which sets out how we translate
strategy into sustainable, long-term value for our people, partners, and shareholders.
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Our Material Topics
To ensure we take a balanced approach to our
business impacts, we take a double materiality
approach, considering both what is most important
to our business and what matters most to our
investors, customers and other stakeholders. Our
process for determining and transparently reporting
on material topics aligns with the GRI Standards.
We recognise that materiality evolves over time.
Our focus is on ensuring that identified topics
reflect current stakeholder priorities and support
long-term value creation.
Every year, we review and update our material topics,
considering stakeholder perspectives, the external
environment, and key risks. These topics
are assessed across our value chain, considering
the scope, scale, and likelihood of impacts on
both our stakeholders and the business.
Our 2026 material topics are outlined below, along
with the relevant sections of this Annual Report.
Further details on how these topics are identified
and managed can be found on pages 115-117.
Comvita has always been about purpose and people, and the
belief that business can be a force for good.
What Matters Most
MATERIAL TOPICSANNUAL REPORT SECTION
Sustainable financial performance
Corporate governance
Financial Performance and Management
Data protection and privacyOur Brand and Products
Product efficacy and quality
Mānuka honey industry and policy leadership
Science and Quality Leadership
Bee health and wellbeing
Ethical supply chain (respect for human rights)
Sustainable Supply
Workforce culture and engagement
Workforce health, safety and wellbeing
Our People
Climate change resilience and management
Ecosystem restoration and biodiversity impacts
Packaging material use and waste
Climate and Nature Action
Our Harmony Plan
Our Harmony Plan considers our material topics
and identifies where we will focus to make a positive
difference for our communities and the environment.


It is centered around our purpose and our founding
cause to advance people’s health, as well as setting
out how we will care for our trees, bees and nature,
support our global team, and contribute to our local
communities. It is underpinned by clear metrics
and targets.
We successfully completed a Sedex Members Ethical
Trade Audit (SMETA), while our global B Corp
certification continues to independently recognise our
high environmental and social standards. Together,
these have been important in securing and retaining
key global customers.
HARMONY PLAN
R
e
s
t
o
r
e

N
a
t
u
r
e

&

B
u
i
l
d

C
l
i
m
a
t
e

R
e
s
i
l
i
e
n
c
e
R
e
s
t
o
r
e

N
a
t
u
r
e

&

B
u
i
l
d

C
l
i
m
a
t
e

R
e
s
i
l
i
e
n
c
e
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FY26 was a year of meaningful progress for Comvita. We returned
to profitability, reduced inventory to target levels, generated
positive operating and free cash flow, and completed a capital
raise and refinancing. The Group closed the year in a small net
cash position.
Performance reflected disciplined execution across
the business in challenging trading conditions, with
subdued consumer demand in some markets and
channels. While further work remains, the actions
taken during FY26 have strengthened our balance
sheet, improved operating discipline and provided a
strong foundation for future performance.
Financial Review
FY26 revenue increased 10.7% on FY25 to $213m,
led by North America through strong US club-retail
wholesale volumes and related manufacturing
recoveries. Korea, Southeast Asia and EMEA
also improved year on year, while Greater China
remained our largest market despite weaker
consumer demand, pricing pressure and evolving
channel dynamics. ANZ trading conditions remained
challenging, particularly in Australia.
Gross profit increased to $115m from $83m in FY25,
with gross profit percentage improving to 53.9% from
43.0%. This reflected higher production volumes,
stronger manufacturing performance, improved
inventory utilisation and blending outcomes, and
benefits from cost reduction initiatives, partially
offset by continued pricing pressure in some markets
and changes in channel mix.
FY26 marked a return to profitability, with operating
profit before financing costs of $14m, compared
with a loss of $29m in FY25, and Normalised
EBITDA increasing to $25m from $4m in FY25. This
improvement reflects stronger underlying business
performance and disciplined cost management. The
result also highlighted the importance of continuing
to broaden earnings sources across markets,
channels and customers.
Summary Financials
$NZK (unless stated)FY24FY25FY26
Revenue200,683192,428212,964
Gross profit108,88082,700114,798
Gross profit (%)54.343.053.9
Operating profit/(loss) before financing costs(11,626)(28,986)14,018
Normalised EBIT(5,488)(8,130)16,424
Normalised EBITDA8,3674,16425,400
Reported net profit/(loss) after tax(80,417)(104,759)7,743
Operating cash flow5,33434,13640,260
Free cash flow(14,594)25,27730,318
Net (debt)/cash(79,707) 62,400540
Inventory135,81689,04379,878
Financial Performance
and Management
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Operating Cash Flows
Operating cash flow increased to $40m from $34m
in FY25, while free cash flow increased to $30m.
The improvement reflected stronger operating
performance, disciplined inventory management and
continued capital expenditure control. Inventory levels
were reduced to within the Group’s target range
during FY26, supporting both cash generation and
balance sheet strength.
Financial Position
Our balance sheet strengthened during FY26,
supported by inventory normalisation, the return
to profitability, the capital raise and refinancing
completed during the year.
Inventory closed at $80m, down from $89m at
30 June 2025 and within the target range of
$70m-$80m. This reflects continued progress in
inventory management and delivery against our
inventory normalisation targets. The net realisable
value provision reduced to $7m from $16m, reflecting
improved inventory quality, sell-through and value
realised through inventory utilisation and blending
outcomes.
No impairment losses were recognised during FY26,
compared with $54m in FY25. Management assessed
indicators of impairment and potential reversal of
previously recognised impairment and concluded that
neither further impairment nor reversal was required.
Biological assets increased to $1.7m, with a fair value
gain of $0.4m recognised during FY26, compared
with a $3.5m fair value loss in FY25. This reflected
higher hive valuations and increased operational hive
numbers.
Net debt improved from $62m at 30 June 2025 to
a small net cash position of $0.5m at 30 June 2026.
Borrowings reduced to $13m from $71m at 30 June
2025, and all borrowings were classified as non-
current at year end. During FY26, we refinanced our
facilities and entered into a new syndicated facility
with Westpac and ANZ maturing in September 2028.
Total equity increased to $97m from $55m,
supported by the return to profitability and
completion of the capital raise. The capital raise
generated net proceeds of $37m after issue costs.
Following completion of the capital raise and
refinancing, Comvita complied with all financial
covenants at 30 June 2026 and retained access to
undrawn committed facilities, supporting liquidity
and financial flexibility for FY27. No dividend was
paid during FY26, with the Board remaining focused
on balance sheet strength and capital discipline.
Financial Governance and
Controls
During FY26, Comvita continued to enhance its financial
control environment through targeted improvements
to financial governance, risk management and
compliance processes. This included strengthening key
finance policies, procedures and monitoring activities,
improving consistency in financial reporting and
oversight across the Group, and continuing to embed
a culture of accountability and ethical behaviour.
Further information on Comvita’s Code of Ethics,
associated training and other governance mechanisms
is provided under Principle 1 – Ethical Standards in
the Governance Principles and Guidelines section
(page 104).
Looking Forward
FY26 leaves Comvita in a stronger financial and
operational position than a year ago. In FY27, our
focus remains on improving operating leverage
and organisational efficiency, broadening earnings
sources across markets, channels and customers,
and investing selectively in the brand, systems
and capabilities required to support sustainable
performance.
Financial Position Summary
$NZKFY25FY26MOVEMENT
Cash and cash equivalents9,00113,0024,001
Inventory89,04379,878(9,165)
Total assets173,347164,881(8,466)
Loans and borrowings71,35512,462(58,893)
Total liabilities118,44968,055(50,394)
Total equity54,89896,82641,928
Net debt/(cash)62,354
debt
540
cash
62,894
improvement
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FY26 marked an important shift for Comvita’s global market
performance — a return to profitability, supported by strong
volume growth, improved channel focus, and a more diversified
revenue base.
Comvita’s group performance was driven by
significant expansion through our club-retail
partnership in North America, improved
profitability in Greater China, and continued
momentum in Singapore and South Korea.
Digital channels across Asia grew significantly,
and we also secured important new distribution
in both North America and the Middle East.
FY26 sales performance was not uniform, but the
overall group sales grew 11% versus FY25, driven
by volume growth of around 10%.
A significant contributor was the expansion of our
North America club-retail partnership, which also
supported inventory normalisation and improved
operating leverage across the business.
While the external environment remained challenging,
with increasing competitive intensity, softer demand
amid challenging economic conditions in markets such
as China, Australia and New Zealand, and geopolitical
disruption, Comvita demonstrated the resilience of its
brand, the strength of its distribution channels, and
the benefit of a more disciplined operating model.
During FY26, we also made meaningful progress
in building the foundations for future growth,
transitioning key distribution platforms to direct
management, investing in brand consistency and
innovation, and rolling out improved demand
planning tools globally.
The successful completion of our capital raise and
refinancing positions Comvita to build on our FY26
momentum, with an ongoing focus on optimising
our channels to deliver sustainable long-term growth.
Strong sales into North America enabled us to normalise
inventory levels, while disciplined cost management across
the business ensured that the difficult decisions taken
in FY25 continue to support our future performance.
Our Markets
and Channels
Comvita’s recently renovated store at Thomson Plaza, Singapore.
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North America
$59m
Other
$1m
Wholesale
Distributor
DigitalHealthcare
Ingredients
Other
Retail
Partners
Functional
Foods
Retail
Comvita
Sales
Platform
Sales
Purpose
EMEA
$4m
Global Sales
$213m
ANZ
$30m
Rest Of Asia
$46m
Greater China
$73m
MARKET & CHANNELS DATA
34%
21%
77%
0.03%
23%
31%
21%
31%
4%
7%
6%
2%
EMEA
GREATER CHINA,
HONG KONG & TAIWAN
SOUTHEAST ASIA
JAPAN & KOREA
AUSTRALIA &
NEW ZEALAND
NORTH AMERICA
A Diverse Global Footprint
Our products are
sold across multiple
markets, supported
by strong local teams,
trusted partners and
a balanced mix of
channels that enable
sustainable growth.
14%
28%
1%
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Greater China
FY26 was a year of stabilisation and disciplined recovery for Comvita
in Greater China. Despite continued category softness, cautious
consumer demand and ongoing sales pressure, the region improved
profitability and strengthened its market leadership position.
Greater China delivered a net contribution ahead
of budget despite broadly flat to softer market
conditions, driven by tighter cost control, better
channel mix and improved operating efficiency.
The market remains challenging, with value-conscious
spending and pricing pressure from lower-priced
competitors. Comvita maintained its leadership
position through its retail network, online sales
strength and premium UMF™ portfolio, New Zealand
provenance and strong brand equity.
Across the region, the team continued to refine
our operating model — addressing legacy inventory
and distribution issues in Mainland China, optimising
premium retail in Hong Kong, and progressing
a distributor-led model in Taiwan.
Marketing investment focused on premiumisation,
higher UMF™ communication and consumer
education, while regional and local innovation
broadened category relevance and supported new
consumer recruitment, helping position the business
for more sustainable growth.
The region achieved net contribution positive status in FY26,
with strong club-retail partnerships resetting our inventory levels,
significantly boosting Comvita brand awareness and introducing
Mānuka honey to US consumers at scale.
North America
The launch of TikTok Shop and targeted influencer
partnerships drove digital growth, while World Bee
Month delivered on revenue targets and reinforced
Comvita’s leadership in sustainability and bee
welfare. New grocery listings further expanded the
brand’s retail footprint, cementing Comvita’s number
one position in the Natural Grocery channel.
Our strong progress was underpinned by sharper
execution, focused investment and improved
commercial discipline. Our team, under new
leadership, used the year to realign the business, build
momentum across key channels and position the
region to accelerate growth in priority areas in FY27.
The US health and wellness market remains
competitive and value-conscious, with consumers
seeking trusted, science-backed brands. Opportunities
remain to grow through premiumisation, education
and stronger brand differentiation.
Looking forward:
1. Continue to drive e-commerce growth through enhanced
digital engagement.
2. Optimise the offline retail model to support sustainable
growth.
3. Strengthen brand and premium positioning through
focused brand investment.
Looking forward:
1. Focus on driving share and/or velocity in key channels.
2. Grow Comvita’s brand awareness and strength.
3. Leverage innovation for different customers and consumer
occasions.
Greater China
Reported currency basis
NZ$000FY22FY23FY24FY25FY26
Sales96,924106,25886,64977,19673,570
Net contribution22,95825,65715,45811,61810,209
Net contribution % 23.724.1 17.8 15.013.9
North America
Reported currency basis
NZ$000FY22FY23FY24FY25FY26
Sales31,79335,60826,13528,74458,720
Net contribution8,4148,8684,6574,059 3,890
Net contribution % 26.524.9 17.814.16.6
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FY26 performance reflected a challenging ANZ market, with softer
consumer demand amid weak economic conditions, alongside
ongoing pricing pressure and channel competition in the Asian
Health category.
Australia & New Zealand
While the Mānuka category continued to be
impacted by excess inventory across the market,
some segments began to normalise and demand
started to recover, particularly in higher-grade
UMF™ products, supporting an improvement in
overall margins versus FY25.
ANZ operates across a diverse mix of channels
and categories, with broad brand distribution
through retail partners in pharmacy, grocery,
natural health and tourism, complemented by our
direct-to-consumer website and Auckland Wellness
Lab, which together strengthen brand experience
for local and international consumers.
The FY26 external challenges were partly offset by
resilient tourism demand, improving New Zealand
visitor numbers and strong retailer partnerships
across key channels.
Looking forward:
1. Strengthen our presence in pharmacy and other key
channels.
2. Enhance brand experiences through owned retail.
3. Optimise cross-market channel performance.
Australia and New Zealand
Reported currency basis
NZ$000FY22FY23FY24FY25FY26
Sales34,69640,77036,37831,49129,668
Net contribution11,21111,57310,3106,9576,892
Net contribution % 32.328.4 28.3 22.1 23.2
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FY26 was a year of strong momentum in Korea and Southeast Asia,
while Japan focused on resetting for improved profitability.
Rest of Asia
Korea delivered another standout year, with double-
digit growth in both sales and profit. On-the-go
formats, including 100% Pure Mānuka Lozenges
and Propolis Oral Spray, were a key driver. Diversified
growth through a healthy mix of channels and
continued investment in premium retail and digital
channels strengthened brand positioning, and Korea
generated 75% of its revenue through direct-to-
consumer channels.
Southeast Asia delivered strong double-digit
sales growth and materially improved profitability.
Approximately 75% of revenue was generated through
direct-to-consumer channels, primarily owned retail
stores and digital platforms. Performance was driven
by a disciplined focus on strengthening returns,
optimising the Singapore retail store network, growing
digital channels, and expanding into travel retail, TV
home shopping and premium pharmacy.
Japan experienced a softer year, with sales declining
due to weaker performance in direct-to-consumer
channels. Despite this, the team sharpened its focus
on profitability, optimising the channel mix to grow
direct to consumer sales.
FY26 was the first year partnering with our distributor in the
United Kingdom (UK) and Europe, with both markets returning to
profitability as planned.
Europe, Middle East & Africa
Our focus has now moved from protecting the
wholesale customer base to re-engaging consumers,
culminating in the relaunch of the Comvita UK
website and online store in April 2026. Supply chain
challenges were carefully navigated throughout the
year to minimise disruption.
The Middle East and Africa returned to profitability
in FY26, reflecting stronger commercial discipline,
deeper partner engagement and a sharper focus on
priority Gulf Cooperation Council (GCC) markets.
GCC markets continue to offer attractive long-term
opportunities, supported by growing consumer demand
for premium health and wellness products. Comvita
operates through a distributor-led model, leveraging
local expertise and established customer relationships.
Saudi Arabia was prioritised as a key growth market,
with a significant milestone achieved through a
new strategic partnership with one of the country’s
leading pharmacy retailers.
Looking forward:
1. Continue to enhance digital and omni-channel performance
across priority Asian markets through stronger consumer
engagement and channel execution.
2. Restore profitable growth in Japan through improved
channel effectiveness and focused market execution.
Looking forward:
1. Accelerate growth across Europe and the Middle East
through strengthened partnerships and enhanced market
execution.
2. Improve commercial performance through greater
channel effectiveness.
3. Increase consumer engagement and brand awareness
through targeted market initiatives.
Rest of Asia
Reported currency basis
NZ$000FY22FY23FY24FY25FY26
Sales27,33731,77136,57243,34946,048
Net contribution6,5858,2911,8069074,190
Net contribution % 24.126.1 4.92.1 9.1
Europe, Middle East and Africa
Reported currency basis
NZ$000FY22FY23FY24FY25FY26
Sales5,1245,8623,6283,3043,826
Net contribution83604(921)3601,212
Net contribution % 1.610.3–25.4 10.931.7
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Our Brand
and Products
In FY26, we strengthened Comvita’s global
brand platform, providing a clearer and more
consistent framework for how our brand is
expressed across markets while allowing for
local relevance.
We also enhanced our understanding of consumer
perceptions and market dynamics, giving us deeper
insights to inform brand, marketing and innovation
decisions and support stronger brand performance
over time. Consumer Net Promoter Score (NPS) has
been discontinued as a reported metric, as available
data covered only a limited subset of channels and
was not representative of Comvita’s consumer base.
From FY27, we will adopt a broader brand health
framework, providing a more comprehensive view
of brand performance across key markets, including
measures of awareness, consideration, purchase,
and loyalty.
Diversified Product Offering
and Innovation
Diversified product offering and targeted innovation
in FY26 saw continued innovation across our portfolio,
strengthening our ability to meet evolving consumer
needs through premium and differentiated formats.
Innovation remains a key enabler of category growth,
brand relevance and future value creation.
A key highlight was the elevation of our UMF™ 29+
Mānuka honey, introducing a stronger single-source
story from our Manawaimai Mānuka forest and
showcasing the advantages of our integrated supply
chain, from our own trees and forests through to
producing high-potency honey.
We also saw strong momentum in our lozenge
format, including the successful expansion of the
range with the launch of Yuzu and Ginger flavours.
This format continues to create new usage occasions
and supports future innovation opportunities.
Local market launches, including the kids eye health
range, demonstrated the value of consumer-led
innovation, responding to specific market needs
while strengthening consumer engagement and
excitement around the Comvita brand.
Strengthening and differentiating our brand is an ongoing
strategic priority, with this year’s activity focusing on consumer
insights and brand, product innovation and digital building
blocks to drive future growth.
Looking forward:
1. Leveraging our increased consumer insight data to
strengthen our brand, deliver category leading innovation,
and improve the effectiveness of our marketing investment.
2. Continuing to evolve our digital strategies and activity
to leverage AI and other new technologies, and win across
e-commerce platforms.
Comvita 100% Mānuka Lozenges
with Yuzu: 100% Pure Mānuka Honey,
naturally flavoured with Yuzu for
soothing support on the go.
Comvita Special Reserve 29+, Manawaimai First Harvest:
Limited edition, ultra premium Mānuka Honey, a tribute to
Comvita’s expertise and quality.
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Digital Growth
Digital remains a critical and dynamic channel for
Comvita across all our key markets. As part of this,
we need to embrace and prepare for the changing
digital world, which is already impacting the Mānuka
honey category.
This shift presents a clear opportunity. As AI
increasingly shapes how consumers discover and
choose products, we see first-mover advantage
in providing trusted, high-quality information that
these platforms can rely on – positioning Comvita
to become the most recommended Mānuka honey
brand as the “digital shelf” evolves.
During FY26 we continued the migration of our own
direct-to-consumer websites to Shopify, including
the UK and Malaysia sites. This creates a stronger
foundation for consistency, insight, optimisation
and improved e-commerce performance. We also
launched a TikTok Shop pilot in the US, which is
showing promising results.
Technology, Data and Digital
Capability
Technology, data and AI are increasingly important
enablers of business performance and competitive
advantage. Comvita is committed to responsible and
secure use, supported by strong governance, clear
policies and ongoing employee education.
During FY26, we continued to strengthen our
technology and cybersecurity environment to support
a secure, resilient and future-ready business. There
were no data breaches during the year, reflecting
the effectiveness of our approach and our continued
focus on protecting company, customer and
stakeholder information.
Comvita Olive Leaf Extract range:
fresh-picked and Oleuropein-rich,
for natural immune and cardiovascular
support.
Comvita Eye Health Capsules with Bilberry: natural, science-backed support to protect against blue light and eye fatigue.
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Largest Clinical Trial Ever
FY27 is a watershed year for Comvita as we will
commence the largest clinical trial ever undertaken
with Mānuka honey, the second in our SOOTHE
gut health clinical trial programme, to be run in
one of our key export markets, the US.
The SOOTHE programme is turning discovery into
clinical proof, building the evidence base needed to
support regulatory approvals, health claims, and
global expansion. It follows a successful first trial,
in collaboration with the University of Otago and
funded through New Zealand’s High Value Nutrition
Science Challenge, which showed improvements
in digestive health and quality of life for people
consuming Lepteridine™-standardised Mānuka honey,
with stronger results at higher doses.
Together, these trials are establishing Lepteridine™
Mānuka honey as a credible, science-backed
natural solution for gut health.
SHOWCASE:
Unlocking Mānuka’s
Power for Gut Health
Growing the Advantage
In parallel, our Mānuka tree breeding
programme has been aligned to
support this platform, with a focus
on selecting trees with higher nectar
Lepteridine™ expression. Over the past
three harvests, our planted forests
have consistently delivered Mānuka
honey with higher Lepteridine™ levels
than wild-grown sources, supporting
the development of a scalable and
reliable supply of high-potency product
for our gut health platform.

The Lepteridine
™
Story
The discovery and clinical validation of Lepteridine™,
a unique compound in Mānuka honey that supports
gut health, represents a significant milestone in
Comvita’s ambition to deliver scientifically proven
natural health solutions and demonstrates our ability
to translate research into consumer-led innovation
in a global high-growth market.
First identified through our research collaboration
with the University of Auckland, Lepteridine™
has been the focus of more than 15 years of
scientific investigation. Studies have confirmed
that Lepteridine™ interacts with multiple pathways
linked to gut barrier integrity, inflammation
and pain signalling.
Our research programme is supported by a robust
intellectual property (IP) strategy, including
multiple granted patents.
What’s compelling about
Lepteridine
™
Mānuka honey is
it’s potential to deliver clinically
meaningful benefit, and
Comvita’s commitment to proving
its efficacy through robust clinical
trials, this is where the real
opportunity lies.
“
“
– William D Chey, MD, Professor of Medicine
& Nutrition Sciences, University of Michigan,
USA and Comvita Gastroenterology Scientific
Advisory Board member.
Beyond the Lab
Importantly, this programme is now delivering
commercial outcomes. Comvita launched our first
Lepteridine™-standardised Mānuka honey product in
the US in late FY25, providing insights for our broader
global rollout. Lepteridine™ underpins our gut health
platform, supporting our premium positioning and
long-term growth in one of the largest and fastest-
growing consumer health categories.
Collectively, this category-defining work expands
the scientific evidence for Mānuka honey beyond
MGO and wound care. Comvita’s ability to integrate
this science with supply and commercial execution
supports future significant category growth.
In a market where many competitors rely on similar
claims, this differentiated, science-backed research
sets us apart and, importantly, it is proprietary to
Comvita.
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Science and
Quality Leadership
Our world-leading research programme is focused on
delivering the highest quality products and progressing
innovation with strong pathways to commercialisation.
Highest Quality in the Industry
Delivering the highest standards of product safety
and quality remains a fundamental promise,
protecting consumers and underpinning our
Comvita brand.
During FY26, we responded decisively to a voluntary
product recall on our MediHoney® Antibacterial Wound
Gel initiated by, and resulting from, issues identified
at our North American manufacturing partner. While
disappointing on one level, the recall reinforced the
strength of our quality team and systems, traceability,
and governance processes, as well as our commitment
to transparency and rapid action when required.
We have continued, and will continue, to strengthen
our end-to-end quality frameworks across sourcing,
manufacturing, and verification, ensuring we
consistently meet and exceed regulatory and
consumer expectations.
Targeted Research for Growth
Our research strategy is increasingly focused on targeted
programmes to drive future growth and differentiation
across key health platforms. This includes advancing
research in gut health, immunity, and healthy ageing,
with a clear emphasis on translating findings into
consumer-relevant benefits and products.
A key highlight in FY26 was our work on developing
a novel Mānuka honey formulation with enhanced
antibacterial activity. Targeting antimicrobial
resistant (AMR) species, such as Methicillin-resistant
Staphylococcus aureus (MRSA), Mānuka honey
presents unique potential as a natural effective
solution to a growing global health crisis. Through
our research partnership with Associate Professor
Dr Jonathan Cox, world-leading AMR expert from
Aston University in the UK, we are building a stronger
evidence base and positioning Comvita at the
forefront of this field.
To help people live well – powered by nature & proven
by science – is Comvita’s founding purpose and sits
at the heart of our refreshed Harmony Plan (see
page 17). Advancing people’s health and supporting
our communities are two of the ways we bring this
purpose to life.
We do this by investing in health research that validates
the proven benefits of our products, and by donating
health and wellbeing products to community groups
where the need is greatest. In FY26, we invested nearly
$2.6m
1
in research and development and contributed
over $30k in product donations to local communities.
In FY27, we’re aiming to increase our research investment
and grow product donations by a further $5k.
Quality isn’t a checkpoint — it’s a mindset and a commitment at Comvita,
embedded in every team and every decision. It ensures that every product
we deliver earns the trust of our customers, every day, in every market
we serve.
– Sarah Kenyon, Comvita Head of Quality and Regulatory Affairs
“
“
Product Quality
FY24FY25FY26
Independent certifications (#) 25 2928
External audits (#) 2215 24
Customer complaints per 100,000 units sold 3 21.4
Non-compliance with regulations (Target: 0) 000
From left: Associate Professor Dr. Jonathan Cox and Comvita Chief Science Officer, Dr. Jackie Evans.
1
Unaudited RDTI claim.
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Intellectual Property
We have made strong progress in strengthening
and focusing Comvita’s IP portfolio to support
commercial outcomes. During the year, we filed
a new patent on a Mānuka honey formulation
targeting antimicrobial resistant infections,
reinforcing our leadership in this emerging field and
protecting a key area of future growth.
Our remaining portfolio is focused on supporting
key differentiators such as Lepteridine™ and defined
innovation programmes and market opportunities.
Overall, this reflects a clear shift towards a more
disciplined, commercially focused IP strategy,
ensuring our science is not only protected, but
actively enabling growth.
Mānuka Industry Leadership
Comvita continues to play a leading role in
advancing the sustainability and reputation of the
Mānuka industry. In FY26 we advocated for, and
contributed to, the development of higher UMF™
quality standards, including the release of now-
mandatory shelf-life requirements and quality
auditing frameworks that underpin global consumer
trust in the category. This reflects our long-standing
commitment to lifting standards and protecting the
premium value and integrity of Mānuka honey.
Throughout the year, we represented Comvita and
the wider Mānuka honey industry by showcasing
our world-class standards and hosting international
delegations, including a Vietnamese government visit
in partnership with the Ministry for Primary Industries
(MPI) to support expansion of New Zealand honey
exports into this important market.
In addition, we contributed to the newly formed
Bioeconomy Science Institutes’(BSI) inaugural
Mānuka Hui, bringing together industry, researchers,
and other key stakeholders to align on opportunities
to strengthen value, sustainability, and long-term
resilience across the Mānuka ecosystem.
Through scientific leadership and active industry
engagement, Comvita continues to strengthen the
credibility, integrity, and long-term value of Mānuka
honey as a successful NZ export industry.
– Her Excellency Iona Thomas, Former British High Commissioner to New Zealand
The collaboration between
Comvita and Aston University is
a standout example of the strength
of United Kingdom-New Zealand
research partnerships. Antimicrobial
resistance is one of the most serious
health challenges of our time,
and it will take innovative,
cross-border thinking to solve it.
“
“
Looking forward:
1. Advance targeted research and proprietary platforms,
including Lepteridine™, to create science-led product
commercialisation opportunities across priority health needs
– gut health, immunity and healthy ageing.
2. Accelerate science-to-product innovation-to-market
delivery, delivering increased growth.
3. Strengthen industry and quality leadership to drive
consistent standards, increase regulatory alignment, and
enhance trust in the Mānuka category.
From left: Associate Professor Dr Jonathan Cox, Dr Jackie Evans, Her Excellency Iona Thomas, Finlay Field and James Araci
from the British High Commission.
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Our operational priorities in FY26 centred on driving cost
efficiencies, improving plant utilisation, and strengthening
our planning and procurement processes, while continuing
to deliver positive sustainability outcomes.
Operational Improvements
Key supply and operational improvements and
highlights in FY26 included:
• Our total inventory value reduced from $89m at
the end of FY25 to $80m at the end of FY26.
• Lower honey procurement costs contributed to
margins, underpinned by the introduction of a
formal Honey Procurement Policy to support more
disciplined purchasing.
• Increased plant utilisation by in-sourcing selected
production activities, making better use of our
existing manufacturing capacity while reducing
external costs.
• Our engineering team designed and built a custom
drum washing system, enabling the reuse of
honey drums that were previously single-use.
Since commissioning in December, over 850
drums have been returned for reuse, delivering
more than $93k in cost savings and approximately
34 tCO₂e in avoided emissions.
• We continued to refine our global sales and
operations planning processes, including the
introduction of a new Sales and Operations
Planning (S&OP) tool to improve demand
planning and inventory management – helping
reduce lead times and finished goods inventory
while maintaining delivery performance.
• Alongside BSI researchers, we published findings
of our biodiversity research, in the NZ Journal of
Ecology, supporting the environmental benefits of
our Mānuka planting programme, and reinforcing
our leadership in sustainable land use.
Sustainable Supply
FY24FY25FY26
Total inventory value (NZD$m) 1368980
Percentage variation in hive yield (average kg per hive)
2
35%52%44%
Winter beehive losses 10%8.5%18%
Percentage of honey produced vs purchased34%51%32%
2
Variation calculated by calculating percentage difference between current year’s average kilograms per hive (yield) compared to 10 years
average yield from FY15 to FY24 (baseline) based on Comvita’s internal records. Objective is to ensure yields are sustained and remain positive
versus historical figures.
Sustainable Supply
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Our Mānuka Forests
Comvita’s Mānuka planting programme,
established in 2017, now spans more than
6,400 hectares across 19 sites in the central
North Island and Wairarapa regions.
Planted on land owned or managed by Comvita
using our own proprietary cultivars, the scale
and geographic spread of our forests, combined
with our own apiary operations, strengthens our
security and quality of supply, particularly for
higher-grade UMF™ honey and Lepteridine™.
These plantings also deliver broader
environmental benefits, acting as carbon sinks
and contributing positively to biodiversity, water
quality and natural ecosystems.
Access to honey of varying grades, from both
our own forests and external sources, enables
us to optimise our cost structure across the full
range of our product portfolio, from volume lines
through to our most premium offerings.
In FY26:
• Our Mānuka plantations produced 190
tonnes of high-grade UMF™ honey, continuing
to drive improvements in hive yields and
average UMF™ grades.
• Our apiary team managed over 19,000
hive deployments across 90 landowner
partnerships, harvesting and extracting more
than 500 tonnes of honey.

Comvita’s New Zealand Locations
AUCKLAND
Third Party
Warehousing,

Māngere
Comvita-Owned Land & Forest
(indicative)
Comvita Managed Forest
(indicative)
TE AWAMUTU
Comvita Extraction,
Central Apiaries and
Queen Breeding
WHANGANUI

Comvita
Apiaries
TAUPŌ

Central
Apiaries
PAENGAROA

Comvita Market Support
Centre, Warehouse and
Production Facility
WAIRARAPA

Comvita Apiaries
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Where actual risks are identified, we prioritise
engagement and remediation, working with suppliers
to drive improved outcomes.
Our current most significant human rights risks
relate to fair pay and safe, decent working conditions
across the following areas of our value chain:
1. Contract manufacturing and packaging in Asia.
2. International shipping and warehousing.
During FY26 we:
• Rolled out mandatory global Human Rights
Compliance training to build awareness of modern
slavery risks and responsibilities.
• Introduced more accessible grievance and
reporting mechanisms by introducing Speak Up
and External Feedback Procedures.
• Continued to build our supply chain oversight
through significant supplier pre-screening and
the rollout of our Supplier Code of Conduct to
relevant suppliers.
Through these initiatives, we remain focused on
supporting healthy bee populations and ensuring
a sustainable future for beekeeping, our business,
and the wider environment.
Supply with Integrity
We are committed to sourcing and operating with
integrity. We have high expectations of ourselves, as
do our customers, consumers and other stakeholders.
Expectations continue to increase, particularly in
relation to modern slavery risks, forced labour and child
labour, and transparency across global supply chains.
At Comvita we apply a structured risk-based
approach to human rights across our operations
and supply chain.
1. Set the standard with our Human Rights Policy
and Supplier Code of Conduct.
2. Know our risks from the completion of our human
rights saliency assessment, with a focus on higher-
risk supply categories and geographies.
3. Act and improve through supplier pre-screening
and engagement.
4. Enable stakeholders to speak up through
confidential reporting channels for internal
employees and external stakeholders.
Bee Health and Wellbeing
At Comvita, the health and wellbeing of our
bees underpins our purpose and our commercial
success. Bees play a vital role in supporting healthy
ecosystems, biodiversity, and food production.
We are committed to responsible beekeeping
practices that protect and enhance bee welfare while
ensuring the sustainability of our operations.
Our teams work closely with beekeepers, landowners,
researchers, and industry partners to promote best-
practice hive management and support thriving bee
populations across New Zealand.
This year, we supported the national response to
the yellow-legged hornet incursion - an emerging
biosecurity threat to bees. Our teams deployed
monitoring traps across multiple sites in the Central
Waikato region, conducted ongoing surveillance, and
raised awareness among beekeepers and staff on
identifying and reporting hornet activity, contributing
to the wider effort to protect New Zealand’s bees.
During FY26:
• Hive survival rates were below our FY26
target, which is set relative to industry average
performance, highlighting the importance of
continued focus on bee health, welfare and hive
management. Increased replacement queens
from our in-house breeding programme helped
support hive productivity.
• We continued our commitment to bee welfare
through ongoing compliance with our Bee Welfare
Code and regular hive health monitoring and
reporting across all hive locations.
• We partnered with suppliers and research
organisations to further investigate new and
sustainable approaches to pest and disease
management, while ensuring that regular
treatment programmes were maintained to
support hive health.
• We continued to educate employees, customers,
and communities on the importance of bees and
their contribution to environmental sustainability
and food security.
Looking forward:
1. Ongoing focus on cost reduction through honey supply
and production efficiencies.
2. Enhance sales and operations planning process to
maintain inventory disciplines, while meeting customer and
consumer demand.
3. Enhanced utilisation of our production facilities.
4. Increasing and deepening supplier engagement and
performance transparency.
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Our People
In FY26, we made progress in lifting team engagement,
strengthening psychological safety, modernising our approach
to health and wellbeing, and working towards a more connected
global culture. While there is still more to do, these shifts are
helping to build a stronger, safer, and more united Comvita.
In the past year, our engagement score improved
significantly, rising from -1.1 in 2025 to 0.9 in May
2026, and overall engagement reaching 79% (93%
participation). These results reflect deliberate actions
taken in response to feedback – clearer strategic
priorities, more regular communication, and a
stronger focus on listening and development. While
encouraged by this progress, we know building a
high-performing, engaging workplace is an ongoing
journey. During FY26, we introduced individual
development plans and continued strengthening
our approach to career growth and performance
conversations. These are still early-stage, and
we remain committed to further enhancing the
employee experience across Comvita.
A Safer, Stronger Comvita
At Comvita, health and safety is fundamental to
how we operate. During FY26, we strengthened
our approach by moving beyond traditional incident
reporting to focus on the proactive management of
the risks with the greatest potential to cause harm.
Following a comprehensive review of our operations,
nine critical risk areas were identified and are now
the focus of our health and safety programme.
This approach is supported by defined standards,
operational controls, assurance activities, leadership
due diligence, and a network of Health and Safety
Promoters across the business. Together, these
measures help us identify and manage risks earlier,
strengthen accountability, and support our goal
of preventing serious injuries and fatalities.
Employee Engagement
and Wellbeing
FY24FY25FY26
Actuals
FY26 Target
(where
applicable)
Global full-time equivalent roles 565 454462
Employee Net Promoter Score (eNPS, /10)2.1–1.1 0.9FY27: +2
Global length of service (average years) 5.7 5.8 5.8
Global employee turnover (%, voluntary)13 8.311<10
Global employees feel Comvita is inclusive
of people of all backgrounds (%)
827680>80
Health & safety lead: lag 3:1 3:1 3:1
TRIFR
3
2.70.7 1.66
LTIFR
4
1.10.2 0.42
MVIFR
5
0.13 0.260.83
New: Percentage of women in any management roleN/AN/A4945–55
New: Early-career talent (18–24 years old, %)N/AN/A2>5–10
3
Total recordable injury frequency rate (TRIFR) is used to measure recordable work-related injuries
4
Lost-time injury frequency rate (LTIFR) is used to represent high consequence injuries and includes all lost-time injuries, not injuries defined by
recovery time.
5
Motor vehicle injury frequency rate (MVIFR) is a specific metric created by Comvita given the nature of our hazards and for our reporting
requirements. Rates have been calculated based on 200,000 hours worked.
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We also continued to invest in both physical and
psychological safety, including initiatives to reduce
manual handling risks, expanded access to wellbeing
support, and enhanced mechanisms for employees
to raise concerns safely and confidentially.
Our employee engagement results indicate strong
confidence that safety concerns will be addressed
when raised, reinforcing a culture of openness, trust
and shared responsibility.
We have discontinued our Safety Maturity Score,
previously reported, as our focus has evolved to
prioritise proactive, risk-based health and safety
practices.
During FY26, we have seen a positive shift in
psychological safety and trust across the business.
We see psychological safety as a core part of overall
wellbeing, recognising that a safe workplace covers
physical, mental, and emotional health. During the year,
we expanded our Employee Assistance Programme
globally, ensuring every employee can access support
in their native language, and introduced an independent
whistleblowing service for confidential, anonymous
reporting.
One Connected and Enabled Team
As a global organisation, we are focused on building
a more connected culture and integrated team,
enabling us to better leverage the depth of expertise,
perspectives, and diversity across our markets.
Alongside our long average tenure and commitment
to internal progression, we are deliberately balancing
experience with opportunities for early-career talent
(18 to 24 years old), including reinvigorating our apiaries
apprenticeship programme and strengthening graduate
entry pathways. We continue to maintain strong
female representation in leadership, with a consistent
proportion of women in management roles in FY26.
Like many organisations, we are exploring the
opportunities of AI with a thoughtful, practical
mindset. Our focus is on using technology, including
AI, to lift productivity, support our people, and deliver
better business outcomes. We see this as an ongoing
learning journey: building our understanding of where
AI adds real value, while ensuring it is used responsibly.
– Darren West, Comvita Health & Safety Manager
We are embedding a more
practical, people-led approach
to health and safety — one
that prioritises engagement,
strengthens worker voice,
and ensures responsibility for
safety and wellbeing is shared
across the business.
“
“
Growing our Leaders
Our commitment to development was
reflected in Whanganui Apiary Branch
Manager, Robbie O’Brien, completing the
Kellogg Rural Leadership Programme
during the year. Robbie’s research explored
why varroa management practices vary so
widely among New Zealand beekeepers,
concluding that, while knowledge exists
across the sector, it is consistent application
that remains the challenge. His findings
were subsequently featured in leading
NZ agribusiness magazine Country-Wide,
reflecting both the calibre of his work and
the depth of expertise within our team.
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At Comvita, being connected as one team is
critical to how we succeed. Our culture brings
together diverse markets and perspectives,
but we move forward with a shared purpose
and a strong sense of collective ownership.
– Erin Kelley, General Manager, Comvita North America
“
Supporting our Communities
Over the past five years, we have proudly
partnered with Save the Kiwi and, more
recently, Garden to Table, supporting kiwi
conservation and helping tamariki learn to
grow, harvest and share fresh, healthy kai.
These partnerships have made a meaningful
difference for the communities and ecosystems they
support, while providing opportunities for our team
to contribute to positive change. As our business and
sustainability programme continues to evolve, so too
will our community investment approach. Through our
refreshed Harmony Plan, we will build on this legacy
by supporting initiatives that engage our people and
consumers across our global markets, while continuing
to contribute to healthy ecosystems, thriving
communities, and the protection of bees and nature.
Closer to home, our annual Time to Heal Day
continues to bring our global team together in
service of the communities. Each year, each Comvita
employee is given a paid day off to roll up their
sleeves alongside their team, to support not-for-
profit, community and nature-based initiatives where
they’re needed most. In FY27, we will evolve the
programme with a focus on increasing participation
across the business.
“
Looking forward:
1. Focus on our critical risks and ensuring shared
responsibility for health and safety outcomes.
2. Continue to build greater connection, alignment and
efficiencies across our global team.
3. Leverage AI appropriately to improve productivity and
decision making.
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Climate and
Nature Action
Comvita must continually adapt to a changing climate
and natural environment, while meeting increasing consumer,
customer and stakeholder expectations for responsible action.
Comvita’s business is inherently connected
to nature and climate. We rely on nature
and healthy ecosystems – bees, Mānuka
and Olive trees – to produce premium
natural health products.
We continue to actively manage climate and nature-
related risks and opportunities, and are taking action
to support a resilient, low-emissions future, while
strengthening the long-term sustainability of our
supply, operations and brand.
This disclosure is informed by the Aotearoa New Zealand
Climate Standards (NZ CS) and builds on our FY25
Climate Statement. It is presented as a high-level
summary within this Annual Report. Please also refer
to our FY26 GHG Inventory Report for further details
on our GHG inventory.
Integrated Governance and Risk
Management
Comvita takes an integrated approach to managing
climate and nature-related risks and opportunities.
The Comvita Board has overall responsibility for
oversight, with climate matters embedded within
business strategy, risk management and operational
decision-making. Management provides regular
updates on our performance and material matters to
the Board or appropriate sub-committees.
Climate-related risks are incorporated into our
enterprise risk management framework (page 109)
and reviewed regularly. A dedicated sub-risk register
supports ongoing monitoring by the Sustainability
Steering Group, with escalation to the Leadership
Team and Board where required.
We continue to strengthen our approach as our
understanding of climate risks and opportunities evolves.
Climate-related Risks and
Opportunities
Comvita’s strategy focuses on securing a sustainable
and resilient supply of Mānuka honey and key raw
materials, while strengthening our brand and product
offering in our key global markets.
We regularly assess climate-related risks and
opportunities in the context of the three scenarios
previously identified (see FY25 Climate Statement),
considering both physical risks (e.g. weather impacts
on production and supply) and transition risks (e.g.
changing consumer expectations, regulation and
market access). These are evaluated across short-
term (1–2 years), medium-term (to 2035) and long-
term (to 2050) horizons.
Our FY26 material risks and opportunities remain
broadly consistent with prior years, with some
adjustments to ratings. They are summarised on the
following page, together with our high-level response.
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Summary of Climate and Nature-related Risks and Responses
Risk / Opportunity
Overall
Rating
Management Response
Drought, extreme rainfall, temperature variability, and
pest and disease pressures can affect Mānuka flowering,
nectar flows, honey yields and bee health.
High
Medium-Term
Geographic diversification, agility
and improved hive management
practices.
Severe weather events, including storms and flooding,
may damage apiaries, manufacturing facilities,
infrastructure and other physical assets.
High
Medium-Term
Asset resilience assessment,
monitoring and contingency
planning.
Extreme weather and climate-related disruptions may
impact manufacturing, logistics, distribution networks and
product quality.
Medium
Short-Term
Supply chain resilience reviews
and adaptive logistics strategies.
Rising temperatures, severe weather and changing
stakeholder expectations may affect workforce health,
safety, attraction and retention.
Medium
Medium-Term
Enhanced health and safety
practices and employee value
proposition.
Changing consumer preferences and evolving
sustainability and regulatory expectations may affect
demand, market access, revenue and brand value.
Medium
Medium-Term
Strengthening product and brand
positioning, alongside emissions
reduction and packaging
circularity initiatives.
Climate risk exposure may influence access to, and the
cost of, funding and insurance.
Medium
Short to
Medium-Term

Strengthening financial and asset
resilience and improving emissions
performance.
Changes to climate policy, regulation and ETS settings
may affect operating costs, investment decisions and
business certainty.
Low
Short-Term
Active management of emissions
profile and ETS participation.
Climate variability and extreme weather may affect the
availability, quality and cost of key raw materials other
than honey.
Low
Medium-Term
Adaptation of apiary and olive
management practices and
product flexibility.
Growing demand for health, wellbeing and sustainable
products may create opportunities for market leadership,
innovation and growth.
High
Medium-Term
New product development and
brand differentiation.
Strategic Transition Planning
Climate-related transition planning is embedded
within Comvita’s broader business strategy. During
FY26, activities focused on strengthening business
performance while progressing initiatives that support
both emissions reduction and climate adaptation.
1. Resilient and sustainable Mānuka honey
supply
Comvita’s honey supply increased in 2026, with
Mānuka honey volumes from our apiaries up 19%
on FY25. Nationally, New Zealand hive numbers are
reported to have fallen to under 500,000 this past
season, tightening overall supply potential.
We continue to monitor hive productivity relative to
industry benchmarks and use this to optimise hive
deployment and management. We are conscious
that as the industry seeks additional future supply,
we may see increased hive numbers and greater
hive placement concentration, resulting in lower
average hive yields and increased risk of pest and
disease transmission.
During FY26 we:
• Implemented a Honey Procurement Policy to
support more disciplined purchasing, cost and risk
management.
• Completed a research study on the relationship
between climate conditions and hive yields.
• Used the research study results, in combination
with improved hive sensor data, NIWA forecasts
and weather information, to enhance hive
placement decisions.
• Reviewed selected landowner agreements to
improve operational flexibility.
We will continue to manage our geographic
diversification and operational agility to support our
own bees’ health and respond to climate variability. We
will also appropriately balance our internal and external
supply sources and support a just transition through our
honey procurement strategy and industry engagement
to help sustain a resilient New Zealand apiculture
industry and the rural communities it supports.
2. Climate-resilient supply chain
In FY26, we completed a resilience review of key
physical assets, including our Paengaroa production
facility and third-party logistics providers.
We are also actively monitoring product exposure
to heat and other risks across our logistics network.
During FY26, selected shipments were moved via
refrigerated containers in high-risk periods to maintain
product quality. The additional costs were modest
and were outweighed by the benefits of maintaining
product quality and reducing supply chain risk.
We will continue to refine our manufacturing and logistics
approach to balance cost, quality and climate resilience.
3. Supporting brand leadership
through sustainability
Environmental and social credentials continue to play
an important role in customer and market access.
Changing consumer health needs are also creating
new growth opportunities.
During FY26 we:
• Strengthened the integration of sustainability into
our brand positioning.
• Refreshed our Harmony Plan (see page 17), which
guides our sustainability initiatives.
• Strengthened our product innovation pipeline to
maximise value from Mānuka honey and respond
to evolving consumer needs.
We are also progressing recertification under
updated B Corp standards, reinforcing our
commitment to responsible business practices.
4. Emission reduction and carbon
sequestration
Comvita has established GHG emissions reduction
targets aligned with a science-based pathway and
is progressing towards formal SBTi validation in the
next few years.
During FY26, we prioritised operational efficiency
and the implementation of practical, cost-effective
measures to minimise emissions where possible.
This included:
• Completing a high-level energy efficiency review
of our Paengaroa facility.
• Monitoring and improving apiary fuel efficiency.
• Continuing initiatives to improve packaging
recyclability and circularity.
• Solar panels at our Paengaroa facility generated
approximately 355,026 kWh of renewable
electricity during FY26, avoiding an estimated
22 tCO₂e of emissions.
We have planted over 6,400 hectares of Mānuka
forests and aim to maintain or improve this amount in
FY27. Our own and managed Mānuka forests improve
ecosystem health, increase biodiversity, and sequester
carbon, while providing economic opportunities for
New Zealand rural communities, and support our own
sustainable honey supply. Since 2017, forests planted
by Comvita, whether owned, managed or established
with partners, have sequestered 184,111 tCO₂e. Many
of these forests also generate NZ Emissions Trading
Scheme (ETS) units, and Comvita has the option to
sell the units (but may also hold them), depending on
its assessment from time to time of what is in the
interests of the company.
During FY27, we will strengthen engagement with key
honey and packaging suppliers to improve emissions
reporting and support emissions performance
improvements across our value chain.
Comvita continues to focus on improving the
circularity of our packaging, increasing the use of
recycled input materials and improving the recyclability
at end of life, being conscious of potential plastic
pollution as well as the GHG emissions from the actual
production of packaging. In FY26, we maintained 95%
of our Comvita-purchased packaging as recyclable,
reusable, or compostable (in line with the prior period),
with recycled content holding at approximately 10%.
We recognise that achieving our emissions and
packaging circularity targets will require ongoing
investment and increased engagement with
suppliers, which remains a key priority.
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GHG Emissions and Targets
Comvita measures its GHG emissions in accordance
with the Greenhouse Gas Protocol standards and
guidance (GHG Protocol), and this is subject to
limited assurance by KPMG.
Comvita has established GHG emissions reduction
targets aligned with a science-based 1.5°C pathway,
including the following 2030 targets (from a FY22
baseline), and a long-term net-zero objective by
2050. Comvita intends to seek formal SBTi validation
in the next few years.
• 42% reduction in Scope 1 and 2 emissions; and
• 42% reduction in Scope 3 emissions from
purchased goods and services.
We believe these targets are aligned with limiting
global temperature rise to 1.5°C. If Comvita is
required to set a Forestry, Land and Agriculture
(FLAG) SBTi target, then the reduction targets
would be 30% for FLAG-related emissions. Comvita
prioritises gross emissions reductions and does not
intend to rely on external carbon credits to meet
near-term targets.
FY26 Performance Summary
FY26 total reported gross GHG emissions were
22,024 tCO₂e, up 13% on FY25 but 32% below our
FY22 baseline. The increase reflected higher business
volumes, which drove increased honey procurement,
production activity and associated downstream
emissions. Our emissions intensity remained
broadly stable year-on-year. Our FY27 priorities
include exploring opportunities to reduce emissions
associated with purchased honey and packaging,
helping to maintain alignment with Comvita’s 2030
science-aligned reduction pathway.
For further details on the calculation of emissions,
removals and NZUs refer to Comvita’s FY26 GHG
Inventory Report. The table below includes estimated
NZ ETS NZUs accrued to Comvita from its own land
and agreements with other landowners. We report
on these NZUs for completeness, but they cannot be
netted off gross emissions.
Global GHG Emissions & Removals (tCO
2
e)
FY22
(base year)
FY24FY25FY26
Total gross emissions all scopes (excluding optional
6

and biogenic)
32,49226,38019,43422,024
Net Biogenic Removals
7
(4,116)(1,508)(1,502)(1,517)
Reported Net GHG emissions (excluding optional)32,492 24,87217,93220,507
Comvita-Owned NZ ETS NZUs
8
(1,029)(4,366) (5,804) (7,362)
Enabled NZ ETS NZUs
7, 9
(4,039)(15,204) (19,111) (23,231)
Emissions intensity – gross GHG emissions kgCO₂e
per NZD of revenue
0.1560.1310.1010.103
6
Optional reporting includes S3C6 Business Travel – hotel stays and S3C7 Employee commuting and working from home. Optional reporting
must not be included in science-based GHG reduction targets, so is separated from the main categories.
7
There are no significant changes to removals and NZUs that meet the threshold to require a mandatory recalculation and restatement of the base
year and subsequent years. Comvita has chosen to update the FY22-FY25 removal and NZU figures from what was reported in FY25 to align with
actual areas and carbon sequestration rates identified and confirmed as part of the ETS registration and Mandatory Emissions Return Period (MERP)
processes where available.
8
Annual NZUs accrued to Comvita from Comvita-owned land and other landowners. For FY26 reporting, FY26 and prior year figures reflect actual or
estimated NZUs accrued following completion of the ETS registration and Mandatory Emissions Return Period (MERP) processes during 2026.
9
Estimated annual NZUs accrued to other landowners from Comvita plantings.
Other Metrics and Targets
We track a broader set of operational and environmental metrics aligned with our key risks and opportunities,
including supply resilience, productivity and resource efficiency, as described below.
FY24FY25FY26
1. HIVE PRODUCTIVITY
Percentage variation in hive yield (average kg per hive)
10
35%52%45%
2. PRODUCT WRITE-OFFS
Net costs from climate-related raw material and
product write-offs
11
$0$0$0
3. REGENERATION
12
Annual hectares planted7671360
Cumulative hectares planted6,3256,4616,461
Cumulative carbon removals since forest
establishment (tCO
2
)
13
125,555 151,991 184,112
Estimated annual value of NZ ETS NZUs earned
14
$228,583 $303,879 $385,404
4. PACKAGING VOLUME AND CIRCULARITY
Material volume:
Total (tonnes)584310525
Non-renewable (tonnes)293132263
Renewable (tonnes)290178262
Recoverable outputs produced (%)
15, 16
959595
Recycled input materials used (%)
15
10.98.510
Material Circularity Index (MCI) score (%)
16
0.360.380.40
10
Productivity measure of effectiveness of tree and hive management adaptation. Variation calculated by calculating percentage difference
between current year’s average kilograms per hive (yield) compared to 10 years average yield from FY15 to FY24 (baseline) based on
Comvita’s internal records. Objective is to ensure yields are sustained and remain positive versus historical figures.
11
Cost measure of effectiveness of logistics mitigation activities. Total write off costs (excludes the actual costs of any mitigation activities).
12
For further details on the calculation and treatment of removals and NZUs, and assurance of removals, refer to Comvita’s FY26 GHG
Inventory Report.
13
Cumulative removals and actual or estimated NZUs accrued to Comvita and other landowners from Comvita plantings and managed forests.
14
Measure of the value generated from Mānuka plantings. Value calculated by multiplying estimated annual NZUs accrued to Comvita from
Comvita-owned land and other landowners by the closing NZU price as of June 2026 (New Zealand Emissions Trading Scheme Interim Auction
Monitor report 9 June 2026 Auction). ETS registration has been completed for the relevant forests.
15
Recoverable, recyclable or reusable.
16
All packaging purchased directly by Comvita.
To date, transition plan activity has largely utilised internal capability without significant additional investment.
Climate-related considerations are integrated into our improved capital allocation framework, which will guide
future investment, and includes the application of a notional internal carbon price of $100 per metric tonne
of CO
2
e. We are currently reviewing our approach to employee incentives, with the intention of incorporating
environmental and social objectives into management remuneration as our maturity progresses.
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1. Directors’ Declaration 62
2. Consolidated Statements
Consolidated Income Statement 63
Consolidated Statement of Comprehensive Income 64
Consolidated Statement of Changes in Equity 65
Consolidated Statement of Financial Position 66
Consolidated Statement of Cash Flows67
3. Notes to The Financial Statements68
PerformanceFunding
01
Segments
69
08
Capital and reserves
74
02
Revenue
70
09
Earnings per share
74
03
Other income
70
10
Borrowings
75
04
Operating cash flow
71
11
Finance income and expenses
75
05
Expenses
72
06
Personnel expenses
72
07
Tax
72
Working CapitalAssets
12
Inventory
76
16Property, plant and equipment
78
13
Trade receivables
76
17Right-of-use assets and leases
80
14
Sundry receivables
77
18Intangible assets
81
15
Trade and other payables
77
19Impairment testing
82
20Biological assets
84
21Investments
84
Financial RisksOther Disclosures
22
Market risk
85
26Performance Share Rights Scheme
88
23
Liquidity risk
86
27Related parties
88
24
Credit risk
86
28Group entities
89
25
Financial instruments
87
29Commitments
89
30Subsequent events
89
31Contingent asset
89
4. Audit Report 90
5. Statutory Information94
CONTENTS
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Financial Statements
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Financial
Statements

The Directors present the financial statements of
Comvita Limited for the year ended 30 June 2026.
The report has been audited and was authorised for
issue by the Directors on 27 August 2026.
For and on behalf of the Board of Directors:
Bridget Coates
Chair
Michael Sang
Chair of Audit and Risk Committee
FOR THE YEAR ENDED
In thousands of New Zealand dollarsNote 30 June 202630 June 2025
Revenue2212,964192,428
Cost of sales(98,166)(109,728)
Gross profit114,79882,700
Other income31,3992,714
Marketing expenses(18,387)(17,535)
Selling and distribution expenses(57,386)(61,195)
Administrative and other operating expenses5(25,093)(32,920)
Software development expenses(1,312)(2,750)
Operating profit/(loss) before financing costs14,018(28,986)
Finance income1144133
Finance expenses11(6,304)(8,116)
Net finance expenses (6,260)(7,983)
Fair value movement in biological assets20394(3,522)
Impairment and other asset write-downs 19, 21–(53,925)
Profit/(Loss) before income tax8,152(94,416)
Income tax expense7(409)(10,343)
Profit/(Loss) after tax7,743(104,759)
Earnings per share:
Basic earnings/(loss) per share (NZ cents)99.99(148.76)
Diluted earnings/(loss) per share (NZ cents)99.98(148.76)
The notes on pages 68 to 89 are an integral part of these financial statements
Directors’
Declaration
SECTION ONE:
Consolidated
Income Statement
SECTION TWO:
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FOR THE YEAR ENDED
In thousands of New Zealand dollars
Share
capital
Foreign
currency
translation
reserve
Hedging
reserve
Retained
earningsTotal
Balance at 30 June 2024199,351(3,183)607(40,031)156,745
Total comprehensive income for the year
Loss for the year –––(104,759)(104,759)
Other comprehensive income (net of tax)
Foreign currency translation differences for foreign
operations
–1,141––1,141
Effective portion of changes in fair value of
cash flow hedges
––1,711–1,711
Total other comprehensive income–1,1411,711–2,852
Total comprehensive income for the year–1,1411,711(104,759)(101,907)
Transactions with owners, recorded directly in equity
Share based payment –––6060
Total transactions with owners–––6060
Balance at 30 June 2025199,351(2,041)2,318(144,730)54,898
Total comprehensive income for the year
Profit for the year–––7,7437,743
Other comprehensive income (net of tax):–––––
Foreign currency translation differences for foreign
operations
–3,135––3,135
Effective portion of changes in fair value of cash
flow hedges
––(6,094)–(6,094)
Total other comprehensive income–3,135(6,094)–(2,959)
Total comprehensive income for the year–3,135(6,094)7,7434,784
Transactions with owners, recorded directly
in equity
Share-based payment (notes 6,27)–––6363
Capital Raise (net of transaction costs) (note 8)37,081–––37,081
Balance at 30 June 2026236,4321,094(3,776)(136,924)96,826
The notes on pages 68 to 89 are an integral part of these financial statementsThe notes on pages 68 to 89 are an integral part of these financial statements
FOR THE YEAR ENDED
In thousands of New Zealand dollarsNote 30 June 202630 June 2025
Profit/(Loss) after tax7,743(104,759)
Items that are or may be reclassified subsequently to the
income statement
Foreign currency translation differences for foreign operations 4,6341,447
Effective portion of changes in fair value of cash flow hedges(7,001)2,377
Income tax on these items 7(591)(972)
Income and expense recognised directly in other
comprehensive income
(2,959)2,852
Total comprehensive income/(loss )4,784(101,907)
Consolidated Statement
of Changes in Equity
Consolidated Statement
of Comprehensive Income
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FOR THE YEAR ENDED
In thousands of New Zealand dollarsNote30 June 202630 June 2025
Receipts from customers214,415200,213
Receipts from insurance proceeds3
1901,725
Receipts from RDTI claim
977906
Receipts from sale of carbon credits
–551
Payments to suppliers and employees
(173,593)(168,043)
Taxation paid
(1,729)(1,216)
Net cash flows from operating activities440,26034,136
Proceeds from disposal of investment
250–
Loans to equity-accounted investees
(411)(383)
Receipts from repayment of loans from related parties
210–
Payment for the purchase of property, plant and equipment
(1,263)(3,245)
Proceeds from the disposal of property, plant and equipment
25,079
Acquisition of HoneyWorld – settlement of deferred consideration
–(3,106)
Payment for the purchase of intangibles
(235)(9)
Net cash flows from investing activities (1,447)(1,664)
Proceeds from issue of share capital
840,504–
Capital Raise transaction costs
(3,422)–
Repayment of lease liabilities
(8,495)(7,195)
Repayment of loans and borrowings
10(58,893)(16,508)
Interest received
4480
Interest paid
(5,204)(8,023)
Net cash flows from financing activities(35,466)(31,646)
Net increase in cash and cash equivalents3,347826
Cash and cash equivalents at the beginning of the year9,0018,156
Effect of exchange rate fluctuations on cash held65419
Cash and cash equivalents at the end of the year13,0029,001
Represented as:
Cash and cash equivalents13,0029,001
Total13,0029,001
The notes on pages 68 to 89 are an integral part of these financial statements
AS AT
In thousands of New Zealand dollarsNote30 June 202630 June 2025
Assets
Property, plant and equipment1629,06328,656
Intangible assets and goodwill18225–
Right-of-use assets178,7999,868
Biological assets201,6681,274
Derivatives22–1,300
Deferred tax asset7561–
Sundry receivables14–814
Total non-current assets40,31641,912
Cash and cash equivalents13,0029,001
Inventory1279,87889,043
Trade receivables1320,87321,746
Sundry receivables1410,4829,701
Derivatives22–1,943
Tax receivable73301
Total current assets124,565131,435
Total assets164,881173,347
Equity
Issued capital236,432199,351
Retained earnings(136,924)(144,730)
Reserves(2,682)277
Total equity96,82654,898
Liabilities
Loans and borrowings1012,46223,912
Trade and other payables15720376
Derivatives22970–
Lease liabilities12,37114,756
Deferred tax liability7–2
Total non-current liabilities26,52339,046
Loans and borrowings10–47,443
Trade and other payables1532,16925,228
Lease liabilities5,7115,591
Tax payable78631,141
Derivatives222,789–
Total current liabilities41,53279,403
Total liabilities68,055118,449
Total equity and liabilities164,881173,347
The notes on pages 68 to 89 are an integral part of these financial statements
Consolidated Statement
of Cash Flows
Consolidated Statement
of Financial Position
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Performance
01. Segments
The Group operates in five key geographic segments as set out below:
Greater China: Revenue and related costs of the China and Hong Kong markets.
ANZ: Revenue and related costs of the Australia and New Zealand markets, excluding apiary.
Rest of Asia: Revenue and related costs of our Asia markets excluding Greater China.
North America: Revenue and related costs for our North America market.
EMEA: Revenue and related costs for the Europe, Middle East and Africa markets.
FOR THE YEAR ENDED 30 JUNE 2026
In thousands of New Zealand dollars
Contribution
SegmentsGreater ChinaANZ
North
AmericaRest of AsiaEMEA
Total
reportable
segments
Other
segmentsTotal
2026202520262025202620252026202520262025202620252026202520262025
Sales
73,57077,19629,66831,49158,72028,74446,04843,3493,8263,304211,832184,0841,1338,344212,964192,428
Contribution
10,20911,6186,8926,9573,8904,0594,1908691,21236026,39323,8631301,73826,52325,601
Contribution
%
13.9%15.1%23.2%22.1%6.6%14.1%9.1%2.0%31.7%10.9%12.5%13.7%11.5%20.8%12.5%13.3%
Contribution
as % of Total
Contribution
38%45%26%27%15%16%16%3%5%1%100%93%0%7%
Impairment
Expense
–(210)–––––(4,852)–––(5,060)–––(5,060)
Non-attributable (including other corporate expenses)
(13,510)(60,823)
Other Income
1,3992,714
Finance expenses/Income
(6,260)(7,983)
Impairment Expense
–(48,865)
Net profit/(loss) before tax
8,152(94,416)
Geographical information
30 June 202630 June 2025
In thousands of New Zealand dollars
Geographic
Revenue
Non-current
assets
Geographic
Revenue
Non-current
assets
Greater China73,570 4,09277,196 4,217
Australia16,328 1,80119,740 1,406
New Zealand13,487 31,05711,876 33,793
Rest of Asia46,048 3,08443,349 2,497
North America 58,720 28235,264 –
EMEA3,826 – 3,304 –
Other Countries985 – 1,699 –
Total212,964 40,316192,428 41,913
ACCOUNTING ENTITY
Comvita Limited (the “Company”) is a Company
domiciled in New Zealand and registered under the
Companies Act 1993 and listed on the New Zealand
Stock Exchange (“NZX”). The Company is an issuer
in terms of the Financial Reporting Act 2013 and the
Financial Markets Conduct Act 2013. The financial
statements of the Group for the year ended 30 June
2026 comprise the Company and its subsidiaries
(together referred to as the “Group”) and the Group’s
interest in equity-accounted investees.
The principal activity of the Group is apiary and forest
ownership and management; research, manufacturing
and distribution of Mānuka honey, bee products and
olive leaf products.
BASIS OF PREPARATION
Statement of compliance
The Company is an FMC reporting entity for the
purposes of the Financial Reporting Act 2013 and under
Part 7 of the Financial Markets Conduct Act 2013.
These financial statements comply with these Acts
and have been prepared in accordance with the New
Zealand Equivalents to International Financial Reporting
Standards and International Financial Reporting
Standards as appropriate for profit-oriented entities.
The financial statements were approved by the Board
of Directors on 27 August 2026.
Basis of measurement
The financial statements have been prepared on the
historical cost basis except for financial instruments
designated as fair value through other comprehensive
income and biological assets which are measured at
fair value.
The methods used to measure fair values are discussed
further in the respective notes.
Functional and presentation currency
These financial statements are presented in
New Zealand dollars ($), which is the Company’s
functional currency. Amounts have been rounded
to the nearest thousand.
Use of estimates and judgements
The preparation of the financial statements requires
management to make judgements, estimates and
assumptions that affect the application of accounting
policies and the reported amounts of assets, liabilities,
income and expenses. Actual results may differ from
these estimates.
Estimates and underlying assumptions are reviewed on
an ongoing basis. Revisions to accounting estimates are
recognised in the reporting period in which the estimate
is revised and in any future periods affected.
Key sources of estimation uncertainty are included in
the individual notes in the financial statements:
• Recoverability of deferred tax assets (note 7)
• Carrying value of inventory (note 12)
• Impairment consideration (note 19)
• Valuation of biological assets (note 20)
GOING CONCERN
It is the conclusion of the directors that the Group
will continue to operate as a going concern, and the
financial statements have been prepared on that basis.
The Group recorded a net profit after tax of
$7,743,000 for the year ended 30 June 2026 and as at
balance date the Group is in a net cash position (being
total cash less total loans) of $540,000. Current
assets exceed current liabilities by $83,033,000.
The directors have carefully considered the ability of
the Group to meet its liabilities as they fall due and
continue to operate as a going concern for at least the
next 12 months from the date the financial statements
are authorised for issue. In reaching their conclusion
the directors have considered the following factors:
Cash flow forecasts have been prepared for the
12 months following the date at which the Board
adopted these financial statements taking account of
the approved FY27 Budget. The Board have concluded
that the Group will generate sufficient cash flows to
meet its liabilities as they fall due;
The Bank Syndicate borrowing facility is $43,944,000 of
which $31,244,000 was not drawn as at 30 June 2026.
All of the borrowings as at 30 June are classified as
non-current.
SIGNIFICANT ACCOUNTING POLICIES
Accounting policies, accounting estimates and
judgements that summarise the measurement basis used
and are relevant to the understanding of the financial
statements are provided throughout the accompanying
notes and are designated by a shaded area.
STANDARDS, AMENDMENTS AND
INTERPRETATIONS ADOPTED DURING THE YEAR
The following are standards or amendments that
are issued but not yet effective at 30 June 2026.
Management is currently assessing the impact on
future financial statements of:
– Classification of Financial Assets (Amendments to
NZ IFRS 9 and NZ IFRS 7) – effective for reporting
periods beginning on or after 1 January 2026;
– Presentation and Disclosure in Financial Statements
(NZ IFRS 18) – this revised standard replaces NZ IAS 1,
Presentation of Financial Statements – effective for
reporting periods on or after 1 January 2027.
Notes to the Financial
Statements
SECTION THREE:
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04. Operating cash flow
Reconciliation of the profit/(loss) for the year with the net cash from operating activities
In thousands of New Zealand dollarsNote30 June 202630 June 2025
Profit for the year7,743(104,759)
Adjustments for:
Depreciation8,982 11,838
Amortisation 10 456
Impairment19–53,926
Share-based payments63 66
Movement in expected credit loss provision and other financial
assets
3161,473
Fair value gain in biological assets 20(394)3,522
Movement of deferred tax in equity(591)(979)
Profit adjusted for non-cash items16,129(34,457)
Items related to investing and financing activities:
Interest – net5,1607,890
Loss on disposal of property, plant and equipment(2)237
Change in other payables 416 2,454
Gain on disposal of assets – Caravan(250)–
Gain on disposal of lease terminations(657)–
Movement in working capital items:
Change in inventories9,164 46,773
Change in trade receivables1,013 6,851
Change in sundry debtors and prepayments(633)3,737
Change in trade and other payables4,509(10,914)
Change in employee benefits2,777328
Change in tax (payable)/receivable(607) 654
Change in deferred tax (563)9,320
Change in working capital items from foreign currency
translation reserve
3,353 1,366
Other movements:
Foreign currency reserve451(103)
Net cash from operating activities40,26034,136
Figures in the tables reflect information regularly reported to the Chief Executive Officer (CEO) on those key
segments. Segment results that are reported to the CEO include costs directly attributable to a segment as well as
those that can be allocated on a reasonable basis. Unallocated items comprise mainly head office expenses.
Segment information is presented in the financial statements in respect of the Group’s contribution segments
which are the primary basis of decision making. The contribution segment reporting format reflects the Group’s
management and internal reporting structure.
Performance is measured based on contribution which is a measure of profitability that the segment contributes
to the Group. Contribution is used to measure performance as management believes that such information is most
relevant in evaluating the results of certain segments.
Geographical information differs from the contribution segments as it is based on the origin of the sale or location
of the assets and is not reflective of how it is reported to the CEO.
Customer whose revenue exceeds 10%
Revenue from one external customer represented approximately $48.0 million (22.5%) of the Group’s revenue for
the year ended 30 June 2026 (FY25: $17.6 million/9.1%).
This revenue was reported within the North America operating segment.
Restatement of comparative segment allocation
Comparative segment information has been restated to reflect the allocation of $1.3 million of net contribution
from Non-Attributable to the North America segment.
The adjustment has no impact on the Group’s consolidated financial performance, financial position or cash flows.
02. Revenue
The Group generates revenue primarily from the sale of Mānuka honey, other bee products, and olive leaf products
to its customers (wholesale, retail and digital customers). Sales of products are recognised when control of the
goods has transferred to the customer, usually when the goods are delivered. For wholesale sales control passes
according to individual contract terms.
All sales are net of returns and allowances, trade discounts and volume rebates. Payment terms vary across
customers and regions; however, these are generally payable within three months.
03. Other income
In thousands of New Zealand dollarsNote
30 June 202630 June 2025
Insurance proceeds received190672
Government grants280183
HoneyWorld contingent consideration release–1,089
Government subsidies–22
Sale of carbon credits –551
Other 22197
Gain on early termination of impaired lease657–
Caravan Honey share sale proceeds21250–
Total other income1,3992,714
Government grants
Government grants primarily relate to the New Zealand Research and Development Tax Incentive scheme (RDTI)
but also include other government grants. The RDTI scheme provides a tax credit on eligible R&D expenditure. The
RDTI scheme includes both core R&D expenditure and other expenses that support R&D and is recorded as non-
taxable income.
01. Segments (continued)
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In thousands of New Zealand dollars
30 June 202630 June 2025
Tax at 28% NZ company tax rate
2,283(26,436)
Tax effect of overseas income
(54)141
Non-deductible or non-assessable items
(3,285)16,367
Deferred tax not recognised or derecognised
2,75119,337
Deferred tax on tax losses recognised or derecognised
(1,450)–
Foreign tax credit written-off
503728
Others
(339)206
Total income tax expense
40910,343
Tax expense/(benefit) is represented by:
Current tax
9721,990
Deferred tax
(563)8,353
40910,343
Deferred tax
In thousands of
New Zealand dollars
As at
30 June 2025
Recognised
directly in
profit or loss
As at
30 June 2026
Property, plant & equipment–157157
Provisions and accruals
(2)
283
281
Tax losses
–
123
123
Net deferred tax assets/(liabilities)
(2)
563
561
Imputation credits available4,577–
Deferred tax – since Comvita has a history of recent tax losses, a deferred tax asset arising from unused tax losses
can only be recognised to the extent that there are sufficient taxable temporary differences or there is convincing
other evidence that sufficient taxable profit will be available against which the unused tax losses can be utilised.
As a result, deferred tax assets are recognised by jurisdiction only to the extent that the relevant jurisdiction has
generated sufficient current-year taxable profits, or it is probable that sufficient future taxable profits would be
available to support recognition. Deferred tax assets in some jurisdictions were not recognised in the current year,
resulting in a net tax expense of $1.3 million.
The deferred tax table therefore reflects only the deferred tax assets recognised in jurisdictions that met the
recognition criteria, primarily Greater China and North America.
As at 30 June 2026, the Group has net unrecognised deferred tax assets of $31 million, primarily arising from gross
unrecognised deductible temporary differences of $58 million and gross unused tax losses of $56 million. These
unrecognised deferred tax assets remain available to the Group for income tax purposes.
Imputation credits – in April 2026, the Group underwent a change in shareholding that resulted in a breach of the
66% shareholder continuity requirement under the Income Tax Act 2007. Consequently, an imputation debit arose
when continuity was lost, resulting in the forfeiture of all accumulated imputation credits generated before the
continuity breach. Until the Company generates sufficient new imputation credits through the payment of future
New Zealand income tax, any dividends paid to shareholders will be unimputed or partially imputed.
Income tax expense comprises current and deferred tax. Income tax expense is recognised in the income statement
except to the extent that it relates to items recognised in other comprehensive income, in which case it is recognised
in equity.
Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively
enacted at the reporting date, and any adjustment to tax payable in respect of previous periods.
Deferred tax is provided for temporary differences between the carrying amounts of assets and liabilities for
financial reporting purposes and the amounts used for taxation purposes. Deferred tax is measured at the tax
rates that are expected to be applied to the temporary differences when they reverse, based on the laws that have
been enacted or substantively enacted by the reporting date.
A deferred tax asset is recognised to the extent that it is probable that future taxable profits will be available
against which the temporary difference can be utilised. Deferred tax assets are reviewed at each reporting date
and are reduced to the extent that it is no longer probable that the related tax benefit will be realised.
05. Expenses
Administration and other operating expenses
The following items of expenditure are included in administrative and other operating expenses:
In thousands of New Zealand dollars
30 June 202630 June 2025
Auditors’ remuneration:
KPMG – audit of the financial statements8461,043
KPMG – other assurance services – GHG inventory emissions 59 56
KPMG – non-assurance services – global mobility–22
KPMG – agreed upon procedure – scrutineer service13–
Total 9181,121
Other operating expenses:
Subsidiaries’ audit fees – other firms 8172
Doubtful debts provision/(recovered) – trade receivables264467
Bad debts written off 58727
Medibee loan advances written off411–
Net loss on disposal of property, plant, and equipment– 237
Directors’ fees 481603
Directors – other expenses1418
Legal and professional expenses7721,236
Scheme of Arrangement (SOA) expenses1,435–
Research and development
The Group considers expenditure to be research and development if it meets the definition according to the
New Zealand RDTI scheme. This expenditure is included within cost of goods sold and operating expenses and
recognised in the income statement in the year that it is incurred.
06. Personnel expenses
In thousands of New Zealand dollarsNote
30 June 202630 June 2025
Wages and salaries41,86044,333
Restructure costs3793,599
KiwiSaver – employer contribution772830
Movement in long-service leave provision 34579
Equity-settled share-based payment transactions276366
Total personnel expenses43,41948,907
07. Tax
Tax expense
In thousands of New Zealand dollars
30 June 202630 June 2025
Profit/(Loss) for the year7,743(104,759)
Total income tax expense40910,343
Net Profit/(Loss) before tax8,152(94,416)
07. Tax (continued)
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10. Borrowings
Terms of borrowings
In thousands of New Zealand dollars
Facility
Local
CurrencyCurrency
Nominal
Interest
rateMaturity
Carrying
Amount
Carrying
Amount
Westpac NZ/ANZ:202620262025
Revolving credit facility43,944NZD5.77%Sept 202812,700–
Revolving credit facility–NZD6.85%Jan 2026–12,600
Revolving credit facility–NZD6.14%Mar 2026–35,000
Revolving credit facility –NZD6.34%Mar 2027–24,000
Overdraft facility – Westpac NZ1,000NZD––
Deferred finance costs(238)(245)
Total borrowings – non-current12,46223,912
Total borrowings – current–47,443
During FY26, the Group refinanced its existing revolving credit facilities and entered into a new syndicated facility
agreement with Westpac and ANZ. The facilities maturing in January 2026, March 2026 and March 2027 were
repaid and cancelled as part of the refinancing. At 30 June 2026, borrowings relate to the new syndicated revolving
credit facility maturing in September 2028.
The Group has a NZD 1 million overdraft facility for general corporate purposes including managing its liquidity risk
(note 23).
Covenants and security
During FY25 and FY26, the Group obtained covenant waivers and amendments from its lenders in relation to
certain quarterly covenant testing periods. Following the completion of the FY26 capital raise and refinancing,
the Group was compliant with all financial covenants under its syndicated facility agreement as at 30 June 2026
and no waivers were required. The syndicated facility is subject to covenant requirements including interest cover,
leverage, stock and debtors, and maximum capital expenditure covenants. Interest cover, leverage and stock and
debtors covenants are assessed quarterly, while the maximum capital expenditure covenant is assessed annually.
Borrowings subject to these covenant requirements had a carrying amount of $12.5 million at 30 June 2026.
Accordingly, the Group’s syndicated revolving credit facility maturing in September 2028 has been classified as non-
current, as the Group has an unconditional right to defer settlement for at least 12 months after the reporting date.
The NZD 44 million syndicated facility with Westpac New Zealand Limited and ANZ is secured by general security
deeds granted by Comvita Limited, Comvita New Zealand Limited, Comvita Holdings Pty Limited and Comvita
Australia Pty Ltd, providing security over substantially all assets of those entities. In addition, first-ranking
mortgages are held over all New Zealand real property (being land) owned by the Group.
Borrowings are recognised initially at fair value less financing costs and subsequently at amortised cost using the
effective interest rate method. Fees paid on the establishment of loan facilities are included as part of the carrying
amount of the loans and borrowings and are amortised over the maturity period of the loan.
11. Finance income and expenses
In thousands of New Zealand dollars
30 June 202630 June 2025
Interest income44133
Finance income44133
Interest expense on financial liabilities measured at amortised cost(5,204)(8,023)
Net foreign exchange loss(1,100)(93)
Finance expenses(6,304)(8,116)
Net finance expenses(6,260)(7,983)
Interest expense on borrowings, bank and facility fees and transaction costs is recognised in the income statement
over the period of the borrowings, using the effective interest rate method. Interest expense on lease obligations is
recognised in the interest expense above in accordance with NZ IFRS 16.
Funding
08. Capital and reserves
Ordinary and partly paid redeemable share capital
Ordinary shares issued are fully paid and have no par value. The holders of ordinary shares are entitled to receive
dividends and are entitled to one vote per share at meetings of the Company. All ordinary shares rank equally with
regard to the Group’s residual assets.
In thousands of shares
Note30 June 202630 June 2025
On issue at beginning of the year70,49270,225
Capital Raise 59,277–
Share issue – employee share schemes2669267
Ordinary shares on issue at end of the year129,83970,492
Capital management
The Group’s capital includes share capital, reserves and retained earnings. The Board’s policy is to maintain a strong
capital base to maintain investor, creditor and market confidence and to sustain future development of the business.
On 18 May 2026, Comvita Limited completed a capital raise comprising:
• A pro-rata renounceable Rights Offer, and
• A strategic Placement to F&N Ventures Pte Ltd.
The capital raise resulted in the issuance of 59,277,289 new ordinary shares, materially increasing the issued capital
base. The gross proceeds from this capital raise were $40.50m with associated issue expenses recognised directly
in equity of $3.42m.
The Board has a Performance Share Rights Scheme to ensure that the leadership team and staff incentives are
aligned with shareholders’ interests.
Other than the banking requirements, neither the Company nor any of its subsidiaries are subject to externally
imposed capital requirements.
Distributions
No distributions or dividends have been paid during the year ended 30 June 2026 (2025: nil)
09. Earnings per share
In thousands of shares
30 June 202630 June 2025
Weighted average number of ordinary shares at the end of the year77,52670,421
Basic earnings per share (NZ cents)9.99(148.76)
In thousands of shares
Weighted average number of diluted shares at end of the year77,56970,696
Diluted earnings per share (NZ cents)9.98(148.76)
The Group presents basic and diluted earnings per share (“EPS”) data for its ordinary shares. Basic EPS is
calculated by dividing the profit or loss attributable to ordinary shareholders of the Company by the weighted
average number of ordinary shares outstanding during the year. Diluted EPS is determined by adjusting the profit
or loss attributable to ordinary shareholders and the weighted average number of ordinary shares outstanding for
the effects of all dilutive potential ordinary shares, which comprise share entitlements granted to employees.
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14. Sundry receivables
In thousands of New Zealand dollars
Note 30 June 202630 June 2025
Loan receivable – Key Management Personnel 27 4495
Loan receivable – other639–
Prepayments 5,7975,623
Research development tax incentive receivable 1,3931,810
Other receivables2,6491,773
Total sundry receivables – current10,4829,701
Loan receivable – Key Management Personnel27–814
Total sundry receivables – non-current –814
15. Trade and other payables
In thousands of New Zealand dollars
Note 30 June 202630 June 2025
Trade creditors7,8756,035
Accruals13,63111,593
Employee benefits5,1352,702
Medibee guarantee 215,4754,846
Director fee accruals5352
Trade and other payables – current32,16925,228
Employee benefits720376
Trade and other payables – non current720376
Working Capital
12. Inventory
In thousands of New Zealand dollars
30 June 202630 June 2025
Raw materials30,74754,398
Work in progress3,1923,890
Finished goods53,02246,965
Net realisable value provision(7,083)(16,210)
Total inventory79,87889,043
Inventory disposed of and written off during the year has been recognised within cost of goods sold – $2,810,000
(2025: $1,036,000).
Inventories are measured at the lower of cost and net realisable value. The cost of inventories is based on the
weighted average principle, and includes expenditure incurred in acquiring the inventories and bringing them to
their existing location and condition. In the case of manufactured inventories and work in progress, cost includes
an appropriate share of production overheads based on normal operating capacity. Net realisable value is the
estimated selling price in the ordinary course of business, less the estimated costs of completion and selling
expenses. Any net realisable value provision required is recognised within cost of goods sold.
Honey created by biological assets (bees, note 20) is transferred to inventory at fair value, by reference to market
prices for honey.
13. Trade receivables
In thousands of New Zealand dollars
30 June 202630 June 2025
Gross receivables21,28822,301
Provision for doubtful and impaired receivables(415)(555)
Total trade receivables20,87321,746
The status of trade receivables at the reporting date is as follows:
In thousands of New Zealand dollars
30 June 202630 June 2025
Not past due19,55919,267
Past due 0-30 days9482,175
Past due 31-60 days726804
Past due > 61 days5555
Provision for doubtful and impaired receivables(415)(555)
Total20,87321,746
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Depreciation
Depreciation is recognised in the income statement on a straight-line basis over the estimated useful lives of each
part of an item of property, plant and equipment. Land is not depreciated. Depreciation is allocated to cost of sales,
marketing expenses, selling and distribution expenses, and administrative and other operating expenses.
The estimated useful lives for the current and comparative periods are as follows:
• Buildings up to 50 years
• Plant and machinery 2–20 years
• Vehicles 4–15 years
• Office equipment, furniture and fittings 2–15 years
• Bearer plants 20–100 years
• Mānuka Forest 15–22 years
Depreciation methods, useful lives and residual values are reassessed at the reporting date.
Recognition and measurement
Items of property, plant and equipment are measured at cost less accumulated depreciation and impairment losses.
Cost includes expenditures that are directly attributable to the acquisition of the asset. The cost of self-constructed
assets includes the cost of materials and direct labour, any other costs directly attributable to bringing the asset to a
working condition for its intended use, and the costs of dismantling and removing the items and restoring the site on
which they are located. Purchased software that is integral to the functionality of the related equipment is capitalised
as part of that equipment.
When parts of an item of property, plant and equipment have different useful lives, they are accounted for as
separate items (major components) of property, plant and equipment.
Subsequent expenditure
The cost of replacing part of an item of property, plant and equipment is recognised in the carrying amount of the
item if it is probable that the future economic benefits embodied within the part will flow to the Group and its cost
can be measured reliably. The costs of the day-to-day servicing of property, plant and equipment are recognised in
the income statement as incurred.
Impairment
Property, plant and equipment is reviewed for indicators of impairment at each reporting date, and an impairment
loss is recognised in the income statement if the carrying amount of an asset exceeds its recoverable amount.
Assets
16. Property, plant and equipment
In thousands of
New Zealand dollarsLandBuildings
Plant &
machineryVehicles
Bearer
plants
Office
equipment,
furniture &
fittings
Capital
WIPTotal
Cost
Balance at 30 June 202417,26129,39333,0272,62412,0049,16210,866114,337
Additions/transfers15879164–1,4627449313,538
Impairment––––––(11,050)(11,050)
Disposals(2,251)(1,129)(1,731)(325)(1,485)(386)–(7,307)
Capitalisations––––––(1,462)(1,462)
IFRS 16 Leases––––––712712
Effect of movements in
exchange rates
(36)(25)(53)11(97)473(150)
Balance at 30 June 202515,13228,31831,4072,31011,8849,567–98,618
Additions/transfers–13298––4944551,260
Disposals––(5)––––(5)
Effect of movements in
exchange rates
1041434292258538841,674
Balance at 30 June 202615,23628,47432,1292,33212,46810,449459101,548
Accumulated depreciation
Balance at 30 June 2024 –(10,933)(21,052)(2,007)(1,036)(7,274)–(42,302)
Depreciation –(1,106)(1,779)(24)(418)(724)–(4,051)
Impairment–(4,362)(9,568)(383)(9,766)(1,553)–(25,632)
Disposals–6111,11212513212–1,992
Effect of movements in
exchange rates
–2137(8)10(29)–31
Balance at 30 June 2025–(15,770)(31,250)(2,297)(11,077)(9,568)–(69,962)
Depreciation –(714)(171)(12)(75)(68)–(1,040)
Disposals––5––––5
Effect of movements in
exchange rates
–(78)(428)(21)(585)(376)–(1,487)
Balance at 30 June 2026–(16,562)(31,844)(2,330)(11,736)(10,012)–(72,484)
Carrying amount
At 30 June 202417,26118,46011,97561710,9681,88810,86672,034
At 30 June 202515,13212,54915713806––28,656
At 30 June 202615,23611,912285273243745929,063
16. Property, plant and equipment (continued)
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18. Intangible assets
In thousands of
New Zealand dollarsGoodwill
Intellectual
property and
other intangible
assetsSoftwareTotal
Cost
Balance at 30 June 202432,16522,63910,74765,550
Additions–183 122 305
Disposals––(150) (150)
Impairment–(4,800)(7)(4,807)
Effect of movements in exchange
rates
130451 (4) 577
Balance at 30 June 202532,29518,472 10,708 61,475
Additions–235–235
Effect of movements in exchange
rates
(1,151)1,44837334
Balance at 30 June 202631,14420,155 10,74562,044
Accumulated amortisation and impairment
Balance at 30 June 2024(32,176)(15,782)(10,251)(58,198)
Amortisation–(512)(167) (680)
Amortisation on disposal–17374
Impairment–(2,021)(362)(2,383)
Effect of movements in exchange rates(130)(158)(1) (287)
Balance at 30 June 2025(32,295)(18,472)(10,709) (61,475)
Amortisation–(10)–(10)
Effect of movements in exchange
rates
1,151 (1,448)(37)(334)
Balance at 30 June 2026(31,144)(19,930)(10,745)(61,819)
Carrying amount
At 30 June 2025––––
At 30 June 2026–225–225
17. Right-of-use assets and leases
The Group leases warehouses, retail stores, administrative premises, vehicles and land used for hive placements
referred to as Mānuka forests in the table below.
In thousands of New Zealand dollarsBuildingsVehicles
Mānuka
forestsTotal
Balance at 30 June 20248,1622,9019,16320,226
Additions2,501200–2,701
Modifications3,4621437904,395
Impairment(459)-(8,523)(8,982)
Depreciation(5,730)(1,255)(370)(7,355)
Disposals(387)(26)(704)(1,117)
Balance at 30 June 20257,5491,9633569,868
Additions1,156151–1,307
Modifications4,5183932525,163
Depreciation(6,674)(1,242)(33)(7,949)
Disposals–(56)(44)(100)
Effect of movement in exchange
rates
49713–510
Balance at 30 June 20267,0461,2225318,799
Amounts recognised in the statement of comprehensive income
In thousands of New Zealand dollars
30 June 202630 June 2025
Interest on lease liabilities1,290891
Variable lease payments not included in the measurement
of lease liabilities3,4542,493
Expenses relating to short-term leases254388
Expenses relating to leases of low-value assets, excluding short-term
leases of low-value assets1514
Lease liabilities
As at 30 June 2026, the weighted average rate applied was 7.1% (2025 7.3%). Total cash outflow for right-of-use
leases for the year ended 30 June 2026 was $9.5 million (2025: $8.1m).
Maturity analysis – contractual undiscounted cash flow
Non-cancellable lease rentals are payable as follows:
In thousands of New Zealand dollars
30 June 202630 June 2025
Less than one year6,6166,684
Between one and five years7,1568,936
Greater than five years6,3257,415
Total20,09723,035
The Group assesses at lease commencement whether it is reasonably certain to exercise extension options where
included in the contract, and where it is reasonably certain, the extension period has been included in the lease
liability calculation.
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Consideration of reversal of prior period impairments
Impairment losses recognised against goodwill cannot be reversed under NZ IAS 36.
For assets other than goodwill, Management assessed whether there was any indication that impairment losses
recognised in prior periods may have decreased or no longer exist. There is no evidence of material outperformance
against the value-in-use assumptions used in the prior-year assessment. Accordingly, no reversal of previously
recognised impairment losses has been recognised in the current year.
Prior year impairment (comparative)
Impairment losses of $53.9m were recognised in the year ended 30 June 2025. The recoverable amount of each
CGU in the prior year was determined on a value-in-use basis using a discounted cash flow approach based on
Board-approved budgets and forecasts. The key assumptions and recoverable amounts applied in the FY25
assessment are set out below for comparative purposes. Because no impairment testing was required in the
current year, no equivalent current-year value-in-use assumptions are presented.
CGU (FY25 comparative)
Revenue
growth
Post-tax
discount rate
Terminal
growth
Recoverable
amount ($000)
Impairment
expense
recognised
Greater China (goodwill)(4.0%) to 3.7%10.3%2.0%8,000210
South East Asia3.0% to 5.8%17.5%2.0%5,0394,850
Olive3.0% to 21.4%11.0%2.0%1,2054,870
Apiary(8.7%) to 27.8%11.1%2.0%40229,925
Other2.8% to 6.8%9.7%2.0%39,70412,999
In FY25 the impairment charge was allocated principally to the Apiary CGU (plant and machinery, Mānuka forest
bearer assets and right-of-use assets), the Greater China and South East Asia CGUs (remaining intangibles, brands
and fixed assets), the Olive CGU (bearer plants and property, plant and equipment) and the Other CGU. Several
CGUs carried limited headroom at 30 June 2025; a reasonably possible change in a key assumption could have
caused the recoverable amount to fall below the carrying amount, as disclosed in the sensitivity analysis in the FY25
financial statements.
A Cash Generating Unit (“CGU”) is the smallest identifiable group of assets that generates cash inflows that are
largely independent of the cash inflows from other assets or groups of assets. An impairment loss is recognised
whenever the carrying amount of an asset or its CGU exceeds its recoverable amount. The recoverable amount is
the higher of an asset’s fair value less costs of disposal and its value in use.
At each reporting date the Group assesses whether there is any indication that an asset may be impaired. Goodwill
and intangible assets with an indefinite useful life are tested for impairment at least annually, irrespective of
whether any indicator of impairment exists. In assessing value in use, the estimated future cash flows for a five-
year period are discounted to their present value using a post-tax discount rate that reflects current market
assessments of the time value of money and the risks specific to the asset. For assets other than goodwill, an
impairment loss recognised in a prior period is reversed if, and only if, there has been a change in the estimates used
to determine the recoverable amount since the last impairment loss was recognised. Impairment losses recognised
in respect of goodwill are not reversed.
Amortisation
Amortisation is recognised in the income statement on a straight-line basis over the estimated useful lives of
intangible assets, other than goodwill, from the date that they are available for use. Amortisation is allocated
to cost of sales, marketing expenses, selling and distribution expenses, and administrative and other operating
expenses.
The estimated useful life for the current and comparative periods are as follows:
• Intellectual property and other intangible assets 3–20 years
• Capitalised development costs 2–5 years
The estimation of useful lives of intangible assets has been based on historical experience. The useful lives are
reviewed at least once per year and adjustments to useful lives are made when considered necessary.
Subsequent expenditure
Subsequent expenditure is capitalised only when it increases the future economic benefits embodied in the specific
asset to which it relates. All other expenditure, including expenditure on internally generated goodwill and brands,
is recognised in the income statement when incurred.
Goodwill
Goodwill that arises on the acquisition of subsidiaries and other business combinations is presented within
intangible assets. Goodwill is measured at cost less accumulated impairment losses.
19. Impairment testing
Current year assessment
No impairment losses were recognised by the Group during the year ended 30 June 2026 (2025: $53.9m). Impairment
assessments were undertaken in the prior two years, including independent valuations by third parties, following
indicators of impairment arising from oversupply of honey and pricing pressure in the Mānuka honey sector, softer
market conditions and reduced profitability. Those assessments resulted in the write-down of goodwill, brands, other
intangibles, property, plant and equipment, bearer plants and right-of-use assets to their recoverable amounts.
At 30 June 2026, Management have assessed whether there is any indication that an asset or CGU may be impaired,
or that a previously recognised impairment should be reversed, as required by NZ IAS 36 Impairment of Assets. No
substantive indicators of impairment were identified at a Group or asset level. Accordingly, no detailed impairment
testing was required or performed in the current year, and no impairment loss has been recognised. Our consideration
of whether there is a reversal of a prior impairment is also outlined below.
Indicators of impairment considered
Management considered a range of internal and external sources of information in assessing whether indicators of
impairment existed, including:
• the carrying amount of the Group’s net assets exceeds its market capitalisation;
• any material changes in expected future cash flows and assumptions compared with the forecasts used in the
FY25 impairment assessment;
• actual and budgeted trading performance compared with forecasts and prior periods;
• any adverse changes in the market, economy or the regulatory environment;
• any evidence of obsolescence, under-utilisation or physical damage, or plans to restructure or discontinue
operations; and
• any indicators of material out performance against prior year assumptions.
Goodwill and intangible assets with indefinite useful lives
All goodwill and brand assets were fully impaired in prior periods and their carrying value is $nil at 30 June 2026
(2025: $nil). As their carrying value is nil, no annual impairment test is required and impairment losses recognised
against goodwill cannot be reversed under NZ IAS 36.
19. Impairment testing (continued)18. Intangible assets (continued)
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Financial Risks
The Group is exposed to market, liquidity, and credit risks. The Group’s financial risk management system mitigates
exposure to these risks by ensuring that material risks are identified, the financial impact is understood, and tools
and limits are in place to manage exposures. Written policies provide the framework for the Group’s financial risk
management system.
22. Market risk
Foreign exchange risk
The Group is exposed to movements in foreign exchange rates through its receipts and payments that are
denominated in a currency other than the New Zealand Dollar. The currencies in which transactions are primarily
denominated are Chinese Yuan, United States Dollars, Australian Dollars, Hong Kong Dollars, Japanese Yen, Euros,
and British Pounds.
The Group manages this risk using a mix of forward foreign exchange contracts, collars and options to fix future
cash flow receipts in New Zealand dollars. At any point in time the Group hedges between 40% and 100% of its
estimated net foreign currency receipts expected to be received over the following 12 months, and between 0% and
50% in respect of 12-to-24-month net foreign currency receipts. Certain foreign currency exposures below defined
materiality thresholds may remain unhedged, and hedge coverage levels may vary by currency and over time
depending on the level and timing of forecast exposures.
As at reporting date the Group had the following foreign exchange contracts outstanding:
In thousands of New Zealand dollars
30 June 202630 June 2025
Forward exchange contracts – asset – current–1,943
Forward exchange contracts – asset – non-current–1,300
Total forward exchange contracts – asset –3,243
Forward exchange contracts – liability – current2,789–
Forward exchange contracts – liability – non-current970–
Total forward exchange contracts – liability 3,759–
The Group’s exposure to foreign currency risk at the reporting date was as follows:
In thousands of New Zealand dollars
30 June 2026
RMBAUDGBPHKDUSDOther
Trade receivables5,1643,5764978234,6726,540
Trade and other payables(1,030)(875)– (1,058)(763)(827)
Gross statement of financial position
exposure
4,1342,701497(235)3,9095,713
Forward exchange contracts – nominal
amount
23,59310,3414696,04550,7221,012
30 June 2025
RMBAUDGBPHKDUSDOther
Trade receivables6,6724,005–7183,51912,237
Trade and other payables(641)(1,261)(34)(1,116)(1,436)(467)
Gross statement of financial position
exposure
6,0312,744(34)(398)2,08311,770
Forward exchange contracts – nominal
amount
7,97043,8026,8974,81147,586221
20. Biological assets
Bees
In thousands of New Zealand dollars30 June 202630 June 2025
Balance at beginning of the year1,2744,206
Change in fair value372(2,854)
Net movement in operational and queen hives22(78)
Balance at the end of the year1,6681,274
Number of operational and queen hives
Balance at beginning of the year19,33920,907
Net movement in hives(79)(1,568)
Balance at the end of the year19,26019,339
Value per hive$84$63
Biological assets are measured at fair value less costs to sell. Fair value of biological assets is determined annually
and is recognised in the income statement.
The fair value of bees is determined by reviewing the operational hives in use and applying a combination of
observable market prices and industry guidance. These inputs are classified as Level 2 under the fair value hierarchy.
The Group is exposed to some risks related to owning bees, primarily the risk of damage from climatic changes and
diseases. The Group has processes in place aimed at monitoring and mitigating those risks.
21. Investments
A joint venture is an arrangement in which the Group has joint control, whereby the Group has rights to the net
assets of the arrangement, rather than the rights to its assets and obligations for its liabilities. Associates are
those entities in which the Group has significant influence, but it does not have control or joint control over the
financial and operating policies. Associates and joint ventures are accounted for using the equity method (equity-
accounted investments). The income statement includes the Group’s share of the income and expenses of equity-
accounted investments.
Investments in Equity-Accounted Investees comprises:
Country of
Incorporation
Ownership
Interest
Held
Balance
DatePrincipal Activity
Apiter S.A “Apiter”Uruguay32%31 July
Manufacturing, selling
and distribution
Medibee Apiaries Pty Limited
“Medibee”
Australia50%30 June Apiary
Caravan Honey Company
On 17 September 2025, the Company entered into a Share Repurchase Agreement to sell its shares in Caravan
Honey. Proceeds received of $250,000 have been recognised in Other Income; refer note 3.
Medibee
Medibee Apiaries has a funding arrangement with HSBC and Comvita has signed a several guarantee for its share
of the loan facility, which is AUD $4,700,000 at balance date.
During the year, Comvita advanced Medibee an additional AUD $350,000 (NZD $411,000) which has been fully
impaired as at 30 June 2026. The AUD guarantee has been revalued at 30 June 2026 resulting in a foreign exchange
loss of $629,000.
Apiter
At year-end, the Company had prepaid Apiter USD $180,000 for an inventory purchase.
Loans to Equity-accounted Investees
At 30 June 2026 all loans with equity-accounted investees were impaired to zero.
All loans to equity-accounted investees are repayable at the discretion of shareholders.
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The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit
risk for trade receivables at the reporting date by geographic region was:
In thousands of New Zealand dollars30 June 202630 June 2025
Australia3,5594,467
China5,5777,161
New Zealand1,8213,000
United States3,1852,882
EMEA2,199–
Hong Kong923718
South East Asia2,3322,006
Other regions1,2771,512
Total20,87321,746
Trade receivables are initially recognised at fair value and subsequently measured at amortised cost using the
effective interest method and adjusted for credit impairment losses.
The Group assesses on a forward-looking basis the expected credit losses associated with its trade receivables. The
Group applies the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be recognised
from initial recognition of the receivables. In assessing credit losses on trade receivables the Group considers both
quantitative and qualitative inputs. Quantitative data includes past collection rates, industry statistics, ageing of
receivables, and trading outlook. Qualitative inputs include past trading history with the Group.
25. Financial instruments
The Group classifies its financial assets and liabilities into two categories:
• those to be measured at amortised cost
• those to be measured a fair value (either through profit and loss (FVPL) or through comprehensive income (FVOCI)).
Non-derivative financial assets and liabilities
Non-derivative financial instruments comprise investments in equity securities, trade and other receivables, cash
and cash equivalents, borrowings, and trade and other payables.
Non-derivative financial instruments are recognised initially at fair value plus, for instruments not at FVPL, any
directly attributable transaction costs. A financial instrument is recognised if the Group becomes a party to the
contractual provisions of the instrument. Financial assets are derecognised if the Group’s contractual rights to the
cash flows from the financial assets expire or if the Group transfers the financial asset to another party without
retaining control or substantially all risks and rewards of the asset.
Non-derivative financial assets and liabilities are measured initially at fair value plus directly attributable
transaction costs and subsequently measured at amortised cost and are subject to regular review for impairment.
Derivative financial assets and liabilities
The Group uses derivative financial instruments to hedge its exposure to foreign exchange and interest rate risks
arising from operational, financing and investment activities. In accordance with its treasury policy, the Group does
not hold or issue derivative financial instruments for trading purposes.
Derivative financial instruments are recognised initially at fair value and transaction costs are expensed
immediately. Subsequent to initial recognition, derivative financial instruments are stated at fair value in the
balance sheet. The gain or loss on remeasurement to fair value is recognised immediately in the income statement.
Changes in the fair value of the derivative hedging instrument designated as a cash flow hedge are recognised
in other comprehensive income and presented in equity in the hedging reserve to the extent that the hedge is
effective.
The derivative financial instruments have been valued using a discounted cash flow valuation methodology. All
financial instruments held by the Group and measured at fair value are classified as level 2 under the fair value
measurement hierarchy.
Interest rate risk
The Group has fixed and floating rate debt and is exposed to movements in interest rates. For fixed rate debt the
exposure is to falling interest rates as the Group could have secured that debt at lower rates, while for floating rate
debt there is uncertainty of future cash interest payments.
Sensitivity analysis
In managing interest rate risks the Group aims to reduce the impact of short-term fluctuations on the Group’s
earnings. Over the longer-term, however, permanent changes in interest rates will have an impact on profit. At
30 June 2026 it is estimated that a general increase of one percentage point in interest rates would decrease the
Group’s profit before tax by approximately $541,000 (30 June 2025: $907,000).
23. Liquidity risk
Liquidity risk is the risk of having insufficient liquid assets to pay the Group’s debts as they fall due. The Group
manages the risk by monitoring forecast cash flows and holding sufficient undrawn bank facilities to meet the
Group’s needs. Please refer to Going Concern note under the Basis of Preparation note on page 69 for further detail.
The contractual maturity of the Group’s funding is as follows:
In thousands of New Zealand
dollars
Contractual
cash flows
Less than
1 year1–2 years2–5 years
Greater than
5 years
2026
Borrowings(14,350)(733)(733)(12,884)–
Trade and other payables(32,889)(32,169)–(720)–
Derivatives – inflow88,17961,22426,955––
Derivatives – outflow(91,938)(64,013)(27,925)––
Lease liabilities(18,082)(5,711)(2,394)(2,086)(7,891)
Total(69,080)(41,402)(4,097)(15,690)(7,891)
In thousands of New Zealand
dollars
Contractual
cash flows
less than
1 year1-2 years2–5 years
Greater than
5 years
2025
Borrowings(76,315)(51,202)(25,113)––
Trade and other payables(25,604)(25,604)–––
Derivatives – inflow80,74453,37927,365––
Derivatives – outflow(77,501)(51,436)(26,065)––
Lease liabilities(20,347)(5,591)(3,164)(2,756)(8,837)
Total(122,267)(82,239)(28,189)(2,756)(8,837)
24. Credit risk
The Group’s exposure to credit risk is mainly influenced by its trade debtors and banking counterparties in the
normal course of business. To minimise credit risk exposure, the Group reviews each new customer for credit
worthiness and investments and derivatives are only entered into with reputable institutions. At balance date,
the Group’s bank accounts were held with banks with acceptable credit ratings determined by recognised credit
agencies. The Group’s policy is to provide financial guarantees only to subsidiaries and equity-accounted investees.
Most of the revenue is generated from retailers and consumers and there is some geographical concentration of
credit risk in China. To determine which customers are classified as having payment difficulties, the Group applies
a mix of duration and frequency of default. Aging trade receivables are reviewed monthly by management.
24. Credit risk (continued)22. Market risk (continued)
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28. Group entities
The Group comprises of the Company and the following entities:
Subsidiaries
Country of
Incorporation
Ownership
Interest Held
Comvita New Zealand LimitedNew Zealand100%
Bee & Herbal New Zealand LimitedNew Zealand100%
Comvita Share Scheme Trustee LimitedNew ZealandManagement control
Comvita USA, Inc USA100%
Comvita Japan K.KJapan100%
Comvita Korea Co Limited Korea100%
Comvita Food (China) LimitedChina100%
Comvita China LimitedHong Kong100%
Comvita Holdings HK LimitedHong Kong100%
Comvita HK LimitedHong Kong100%
Comvita Malaysia Sdn BhdMalaysia100%
Comvita Singapore Pte LimitedSingapore100%
Comvita Holdings Pty LimitedAustralia100%
Comvita Australia Pty Limited Australia100%
Olive Products Australia Pty Limited Australia100%
Comvita IP Pty LimitedAustralia100%
Medihoney Pty LimitedAustralia100%
Medihoney (Europe) LimitedUnited Kingdom100%
Comvita Holdings UK LimitedUnited Kingdom100%
Comvita UK LimitedUnited Kingdom100%
New Zealand Natural Foods LimitedUnited Kingdom100%
All Group subsidiaries have a 30 June balance date, except for Comvita Food (China) Limited which has
a 31 December balance date due to local requirements.
The following subsidiaries were wound down and removed from the Group during FY26:
Comvita Landowner Share Scheme Trustee LimitedNew Zealand100%
Comvita Food (Hainan) Co. LtdChina100%
Comvita Europe BVNetherlands100%
29. Commitments
Lease commitments are disclosed in the Right-of-Use Assets note 17.
The Group has capital commitments of $457,000 relating to open projects in New Zealand and Australia (2025: nil).
30. Subsequent events
There are no subsequent events to be reported for the year ended 30 June 2026 (2025: nil).
31. Contingent asset
During FY26 the Group paid import tariffs in the United States and is in the process of lodging claims and seeking
recovery of certain tariffs through the United States Customs and Border Protection refund programme.
As at 30 June 2026, the outcome of these claims remained subject to review and approval by United States customs
authorities, ongoing legal and regulatory developments, and uncertainty over whether any refund amounts ultimately
received may need to be returned to customers. Accordingly, Management concluded that the criteria for recognition
of a receivable under IAS 37 Provisions, Contingent Liabilities and Contingent Assets had not been met at balance date.
No asset or related income has been recognised in respect of potential tariff refunds in the FY26 financial statements.
The Group will recognise any refund receivable when receipt becomes virtually certain.
Other Disclosures
26. Performance Share Rights Scheme
Comvita Limited has a Performance Share Rights (PSRs) Scheme to incentivise Executives. Upon vesting of the
‘PSRs’, shares will be transferred from treasury stock or new shares will be issued in the capital of the Company
on the terms and conditions described in the Comvita Limited Performance Share Rights Scheme. Share-based
payment expenses are recognised over the vesting period of these PSRs.
In thousands
30 June 2026
Number of
entitlements
30 June 2025
Number of
entitlements
Entitlements on issue
Entitlements outstanding at beginning of year – July109845
Entitlements granted –63
Entitlements cancelled(21)(532)
Shares vested(69)(267)
Entitlements outstanding at end of year19109
Share-based payment transactions
A valuation of each employee scheme is performed at grant date either using the Monte Carlo model or the share
price at grant date, less the present value of estimated dividend payments during the period. A share-based payment
is recognised over the vesting period of the PSR as an employee expense, with a corresponding increase in equity.
The amount recognised as an expense is adjusted to reflect the actual number of share entitlements that vest.
27. Related parties
Transactions with the Leadership Team of the Company
Leadership Team and Director compensation comprised:
In thousands of New Zealand dollars30 June 202630 June 2025
Director fees 481603
Short term employee benefits2,9564,328
KiwiSaver employer contribution90132
Post employment benefits427195
Termination benefits–1,961
Share-based payments 6366
Total4,0177,285
Leadership Team loans:
In thousands of New Zealand dollars30 June 202630 June 2025
Loan to key management personnel – non-current –814
Loan to key management personnel – current4495
Total41,309
Share loans related to leadership team members who are no longer employed have been recognised in other
receivables, refer note 14.
At 30 June 2026 Directors and other Leadership Team personnel of the Company control 0.23% (2025: 1.0%) of the
voting shares of the Company.
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