Savor 2026 Annual Meeting materials

Annual
Shareholders
Meeting
29 September 2026

Agenda
– Welcome
– Chairman’s Address
– CEO’s Address
– F
ormal Business
– Q
uestions
– Clo
se
2ANNUAL SHAREHOLDERS MEETINGSAVOR LIMITED

Board of Directors
Lucien Law
Chief Executive Officer
Paul Robinson
Executive Chair
Louise Alexander
Director
Bhupen Master
Director
Over the past twelve years, Lucien has spearheaded a
new wave in Auckland hospitality, overseeing the creation
of New Zealand’s largest group of premium restaurants
and bars.
His projects include award-winning modern Japanese
restaurants Azabu and Ebisu, as well as one of New
Zealand’s busiest venues, Bivacco.
Before venturing into hospitality, Lucien was an
internationally acclaimed advertising creative, achieving
campaign success across various disciplines such as
TV, press, posters, and viral media. Lucien’s experiences
were shaped by his tenure in some of the world’s leading
creative departments during their most internationally
successful periods, including Mother London (2000
Campaign Agency of the Year) and Saatchi & Saatchi
London (2001 Cannes Agency of the Year).
Upon returning to New Zealand, Lucien founded the
successful independent communications agency Shine.
Over the next six years, Shine secured some of New
Zealand’s most prestigious accounts, including Hyundai,
Spark, Lion Nathan, RaboBank, and Fonterra, among
others. In 2011, NBR named Shine the agency of the year.
Paul Robinson has twenty five years of experience in
structured finance in London and New York.
In London, Paul worked across the range of capital
markets endeavours, delivering increased profitability via
bespoke solutions utilising financial engineering, legal, tax
and accounting expertise.
In 2008, Paul moved to New York to take lead
responsibility for structuring and originating strategic
debt and equity capital markets funding.
In 2019, Paul returned to New Zealand to raise a family
and take an active role in Savor Group where he has been
a long term shareholder. Paul reverse listed Savor Group
onto the NZX and divested the historical loss making
business. Paul currently acts as Executive Chairman of the
Group.
Louise is a senior HR practitioner and people leader and
leads her own HR consultancy, People Synergistics, and is
the General Manager of the College of Law.
Louise recently departed as the HR Director for Bell Gully,
a role which she held from 2015 to June 2024. Louise
developed and led Bell Gully’s HR strategy over that time,
focusing on communication, diversity and culture, and
supporting and developing people through the talent
management program. Louise has a passion for the not
for profit sector, with both management and governance
roles in various organisations throughout her career.
Louise brings a critical skillset to Savor, where the
success of the Group is driven by its teams in the venues.
Bhupen has spent his extensive career working with some
of the top financial institutions worldwide. Bhupen was
most recently an Executive Director of Goldman Sachs
with extensive experience in global markets covering
institutional investors and was instrumental in leading
numerous capital raisings during his time.
Prior to this, Bhupen spent over 20 years working in New
Zealand, Australia and the United Kingdom for Credit
Suisse, Merrill Lynch and Deustche Bank. Bhupen’s
extensive experience in the capital markets and strategic
transactions strengthens the Board’s diverse skills and
experience, and are essential to assist in guiding the
Group as it continues on its growth trajectory.
Retiring as a Director from 29 September 2026.
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Chairman’s Address
Paul Robinson
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FY26 – A record year for Savor
20262025% change
Revenue$55.2m$56.6m-2.60%
EBITDA*$8.0m$7.3m10.30%
EBITDA Margin14.50%12.80%1.69%
Net Profit/(Loss) After Tax$1.3m$(1.2)m206%
Cash from Operations (before
working capital movements
$7.2m$6.4m12.80%
– 2026 saw significant improvements
delivered in profitability, margins, cash
generation, and balance sheet strength.
– This reflects the considerable work
undertaken to improve the underlying
quality of Savor’s earnings.
– C
ontinuing the discipline of cost control
across all areas has enabled earnings
growth from the existing revenue base.
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FY27 – Year to date trading continues momentum
FY27 vs. FY26FY27Movement
Revenue5%
↑
EBITDA*30%
↑
Venue EBITDA Margin2%
↑
Borrowings$7.5m
↓
Gross Leverage1.66x
↓
– Improvements in financial performance has
continued through to the end of July 2026.
– Revenue and earnings have improved
considerably compared to the prior year.
– The balance sheet continues to strengthen,
with borrowing decreasing by $1.5m compared
to the prior year, and gross leverage reducing
from 2.98 times earnings to 1.66 times earnings.
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CEO’s Address
Lucien Law
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A Year On
Flush
Hospitality meets entertainment
Festival
Live right now
Shareholders
A promise delivered
What’s next
On the waterfront
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YEAR ONE
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5,000+
BAY BOOKINGS IN YEAR ONE
FLUSH YEAR ONE
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850,000
SHOTS HIT ACROSS 49,800 SESSIONS
The busiest Trackman venue in New Zealand
75 individual members · 5 corporate memberships
YEAR ONE ON TRACKMAN
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Who walks through the door
TRAINING BEFORE WORKHUNDREDS IN LEAGUESFIRST-TIMERSHUNDREDS OF LESSONS
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30
CORPORATE CHRISTMAS FUNCTIONS
ALREADY CONFIRMED
FLUSH · CORPORATE AND CHRISTMAS
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8.00pm8.00am
BAR
NOT MANY VENUES CAN BE BOTH
TRAINING FACILITY
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99% of named events sold out
PENFOLDS X DANIELLE ALVAREZWET JACKET WINEMAKERS DINNERCASEY MCDONALD • CRAGGY RANGE X AMANO
BIVACCO RAW & ROAST FATHER’S DAY FEASTJK.14 WINES APERITIVO AT NSPAN EVENING WITH TERRA SANCTA WINES
SOLD OUT
SOLD OUT
SOLD OUT
SOLD OUT
SOLD OUT
SOLD OUT
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1,775
Glasses of Champagne
77,000
Customers (first half )
9,906
Glasses of wine
What that looks like on the floor
15,000
Beers
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The brands behind the Festival
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The Viaduct
TWO NEW VENUES BEHIND BIVACCO
WHAT’S NEXT
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Amano Bakery & Deli
– Bakery, deli and gelato counter
– Morning coffee, fresh bread, lunch on the go
– All-d
ay trade — residents, workers, visitors
– C
ourtyard seating under the trees
– Complements Bivacco rather than competing
with it
THE VIADUCT · VENUE ONE
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Something new
– Not Azabu, not Ebisu — a new Japanese venue
– Harbour views, open to the street
– Grill a
nd sake bar at the counter
– T
okyo jazz-bar feel — lacquer red, timber, low light
– Evening and late-night trade on the corner
THE VIADUCT · VENUE TWO
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One venue becomes three
THE VIADUCT · THE CORNER
2,000m²3 venuesSpring 2027
ONE SITE
ON THE WATERFRONT
MORNING COFFEE
TO LATE NIGHT
TARGETED
OPENING
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Shareholder Rewards
Programme
– Launched 27 May
– 15% a
t NSP, Bar Ziti, Flush and Auckland Fish Market
– Clo
se to 300 dishes and drinks claimed
– A n
ew rotation of venues every quarter
A PROMISE DELIVERED
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Thank you.
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Formalities
– A: Election of Garry Moore
– B: Election of BDO Auckland and Auditor Remuneration

Resolution A
That Garry Moore, having been
nominated by H&G Limited
under NZX Listing Rule 2.3.1,
be elected as a Non-Executive
Director of Savor Limited with
effect from the end of the Annual
Shareholders’ Meeting at which
this resolution is passed.
Garry Moore is a Chartered Member of the New Zealand Institute of Directors.
He is a former member of the national Forsyth Barr Investment Committee and
former Chair of PGG Wrightson Limited. Mr Moore is the Chair of DairyCool
Limited and South Canterbury based farm owner Burnett Valley Trust. He is a
past Chair of St Andrew’s College, Greystone Wines and the Canterbury Branch
of the New Zealand Institute of Chartered Accountants.
The Board has considered the nomination of Mr Moore through the established
nominations process, including assessing his background and skillset. Mr
Moore’s financial and governance expertise would strengthen the Board’s
capability in these areas, particularly in light of Bhupen Master’s retirement from
the Board.
The Board has determined that, if elected, Mr Moore will be an Independent
Director for the purposes of the NZX Listing Rules and having regard to the
factors set out in the NZX Corporate Governance Code.
Accordingly, the Board unanimously supports the appointment of Mr Moore as
a Director of Savor Limited and strongly recommends that shareholders should
vote in favour of Resolution A.
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Resolution B
That BDO Auckland be
appointed as Savor’s auditor, and
that the Directors be authorised
to fix the fees and expenses of
the auditor.
On 21 January 2026, Savor advised the NZX that, following completion of a
tender process, BDO Auckland had been appointed as Savor’s auditor, with their
tenure commencing in the 2026 financial year. The decision to recommend a
change of auditor was made as a matter of good governance, in light of the
current auditor’s tenure, and as a continuation of Savor’s firm focus on cost
efficiencies.
BDO Auckland is automatically reappointed as auditor of Savor under section
207T of the Companies Act 1993.
Section 207S of the Companies Act 1993 provides that the fees and expenses
of BDO Auckland as auditor are to be fixed in such a manner as Savor
determines at the Annual Meeting. The Board proposes that, consistent with
commercial practice, the auditor’s fees should be fixed by the Directors.
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Questions
28ANNUAL SHAREHOLDERS MEETINGSAVOR LIMITED

Thank you for attending our
Annual Shareholders Meeting
29 September 2026

Important Notice and Disclaimer
Disclaimer
This presentation has been prepared by Savor Limited (NZ company number 3979219, NZX ticker SVR (the “Company”).
Information
This presentation contains summary information about the Company and its activities which is current as at the date of this presentation. The information in
this presentation is of a general nature and does not purport to be complete nor does it contain all the information which a prospective investor may require in
evaluating a possible investment in the Company or that would be required in a product disclosure statement under the FMCA. The historical information in this
presentation is, or is based upon, information that has been released to NZX Limited (“NZX”). This presentation should be read in conjunction with the Company’s
annual report, market releases and other periodic and continuous disclosure announcements, which are available at www.nzx.com.
Not financial product advice
This presentation is for information purposes only and is not financial or investment advice or a recommendation to acquire the Company’s securities, and has
been prepared without taking into account the objectives, financial situation or needs of prospective investors. Before making an investment decision, prospective
investors should consider the appropriateness of the information having regard to their own objectives, financial situation and needs and consult a financial adviser,
solicitor, accountant or other professional adviser if necessary.
Past performance
Any past performance information given in this presentation is given for illustrative purposes only and should not be relied upon as (and is not) an indication of
future performance. No representations or warranties are made as to the accuracy or completeness of such information.
Future performance
This presentation includes certain “forward-looking statements” about the Company and the environment in which the Company operate, such as indications of,
and guidance on, future earnings and financial position and performance. Forward-looking information is inherently uncertain and subject to contingencies outside
of the Company’s control, and no assurance can be given that actual outcomes or performance will not materially differ from the forward-looking statements.
30ANNUAL SHAREHOLDERS MEETINGSAVOR LIMITED

Important Notice and Disclaimer
Non-GAAP financial information
Certain financial information included in this presentation is non-GAAP financial information. This non-GAAP financial information is not audited, and caution
should be exercised as other companies may calculate these measures differently. The non-GAAP financial information includes pro forma financial information to
which certain adjustments have been made. Savor Limited’s financial information has been prepared in accordance with Generally Accepted Accounting Practice.
It complies with the New Zealand Equivalents to International Financial Reporting Standards (NZ IFRS) and other applicable Financial Reporting Standards, as
appropriate for profit oriented entities. Savor’s financial statements also comply with International Financial Reporting Standards (IFRS).
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persons into whose possession this presentation comes should observe any such restrictions. Any failure to comply with such restrictions may violate applicable
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Disclaimer: To the maximum extent permitted by law, the Company and their respective affiliates, related bodies corporate, directors, officers, partners, employees,
agents and advisers disclaim all liability and responsibility (whether in tort (including negligence) or otherwise) for any direct or indirect loss or damage which may
be suffered by any person through use of or reliance on anything contained in, or omitted from, this presentation.
31ANNUAL SHAREHOLDERS MEETINGSAVOR LIMITED

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Savor Limited
– 2026 Annual Shareholders’ Meeting

Chairman’s Address
The 2026 financial year represented an important step forward for Savor. Despite what remained a
difficult operating environment, the Group delivered a significant improvement in profitability,
margins, cash generation and balance sheet strength.
Revenue for the year was $55.2 million, compared with $56.6 million in the prior year. Against that
modest decline in revenue, EBITDA increased by 10.3% to $8 million and our EBITDA margin
increased from 12.8% to a record 14.5%.
Most importantly, Savor returned to profitability, delivering net profit after tax of $1.3 million
compared with a loss of $1.2 million in the prior year. Cash generated from operations, excluding
supplier movements, increased 13% to $7.2 million.
This improvement reflects the considerable work undertaken by Savor’s management team to
improve the underlying quality of Savor’s earnings. Greater discipline around labour, cost of goods,
overheads and venue performance has enabled us to generate significantly more earnings from
our existing revenue base.
The strength of the result is perhaps best understood in the context of the environment in which it
was achieved.
Conditions across the New Zealand hospitality sector remain extremely challenging. Recent
industry data shows that 422 hospitality companies entered liquidation during the past 12 months,
up from 297 a year earlier. More than 2,900 hospitality businesses ceased trading during the same
period, an increase of 38%, with the sector’s liquidation rate now 3.3 times that of the average New
Zealand business.
Against that backdrop, Savor has not only remained resilient but has continued to improve its
financial performance. This is particularly evident in our Current Year Trading.
Through to the end of July, revenue is 5% ahead of the same period last year, while EBITDA is
30% higher. Our venue level EBITDA margin has increased from 11% to 13%.

This performance is especially pleasing given that we are comparing against what was already a
record prior year for the Group.
These results demonstrate the benefit of the operating discipline that management has established
across the business. Importantly, we are seeing revenue growth translate into earnings growth at a
considerably higher rate.
Delivering 30% EBITDA growth in the current economic environment, against a record comparative
period, is an excellent result and reflects the focus and discipline that has been embedded
throughout the organisation.
Our balance sheet has also continued to strengthen. Borrowings have reduced from $9 million at
the end of FY25 to $7.5 million today. Gross leverage, which stood at 2.98 times in July last year,
has fallen to 1.66 times at the end of July this year. This represents a substantial change in the
financial position of the Group and provides Savor with considerably greater flexibility than we have
had in recent years.
The Board remains focused on maintaining an appropriate balance between reducing debt,
investing in our existing venues and delivering returns to shareholders.
Looking forward, we remain conscious that economic conditions are challenging and that
hospitality continues to be particularly exposed to changes in consumer confidence and
discretionary spending. However, the performance of the business through the year to date of this
financial year gives us confidence that the improvements we have made are structural rather than
temporary.
Savor today has stronger margins, lower debt, better cash generation and a more disciplined
operating model. While there remains much work to do, the Board believes the Group is well
positioned to continue building on the progress achieved over the past two years.
On behalf of the Board, I would like to thank the entire Savor team for their considerable efforts
and commitment during the year. I would also like to thank our shareholders for their continued
support.

CEO’s Address
Paul has taken you through the numbers, so I won’t repeat them. I want to pick up where we left off
at our last meeting.
A year ago I talked about a set of initiatives we were backing, at a time when much of our industry
was pulling back. Today I want to show you how they’re working — Flush, the Savor Food Festival,
and what comes next on the waterfront.
Flush opened a year ago — our first venue combining hospitality and entertainment. In its first
year, more than five thousand bay bookings. Eight hundred and fifty thousand shots hit, across
nearly fifty thousand sessions. Trackman tell us that makes Flush the busiest venue of its kind in
the country. And we’ve built a membership base from a standing start — seventy-five individual
members and five corporate.
What’s pleased me most is the range of people coming through the door. From serious golfers
training before work, hundreds of players in our weekly leagues, beginners who’ve never held a
club, using it as a night out and hundreds of lessons — from beginners to players chipping away at
their handicap.
Flush is proving itself as a corporate venue with more than a 110 group bookings this year —
about one every three days. And Christmas is already past 30 functions confirmed. At eight in the
morning Flush is a training facility. At eight at night it’s a bar. Not many venues can be both.
The Savor Food Festival is running as we speak, and we’re about halfway through.
Ninety-nine per cent of our named events have sold out. Penfolds with Danielle Alvarez. Craggy
Range at Amano with Casey McDonald. The Wet Jacket winemakers dinner. Right through to the
Raw and Roast feast at Bivacco. Seventy-seven thousand customers in the first half, with the
whole second half still to come. On the floor, that’s one thousand seven hundred and seventy-five
glasses of champagne, nearly ten thousand glasses of wine, and fifteen thousand beers.
What’s particularly pleasing is the support of our partners. Moët & Chandon and Cloudy Bay.
Campari and Sarti. Peroni and Asahi. Penfolds. Jameson. Allpress. Combined, they have
contributed over one hundred and thirty thousand dollars to this year’s Festival. That matters for
two reasons. It means the Festival is delivered at very little cost to Savor — it drives revenue,
footfall and loyalty without coming out of your bottom line. And it says something about the depth of
the relationships we’ve built. These are some of the best drinks brands in the world, and they back

this programme because it works as hard for them as it does for us. Two years ago this was a
promotion. Today it’s a fixture in Auckland’s calendar — and we’re only halfway through.
Now to what comes next. We’re in advanced negotiations on a new site behind Bivacco.
Bivacco sits on one of the best corners in hospitality in this city. On the water, all-day sun. So when
the opportunity came to work with the owners of the Viaduct on the two sites directly behind it, we
took it — because in my view this is the best site in New Zealand’s premier hospitality precinct.
The first is an extension of the Amano brand — a bakery, deli and gelato counter. Amano is one of
the most loved names in Auckland dining, and this takes it into the everyday. Morning coffee, fresh
bread, lunch on the go, courtyard seating under the trees. A daytime business that complements
Bivacco rather than competing with it.
The second is something new. It isn’t Azabu and it isn’t Ebisu. A new Japanese venue with harbour
views. Evening and late-night trade on the corner.
Here’s what that does to the corner. A two-thousand square metre site goes from one venue to
three, trading from morning coffee through to late night. Bivacco today turns over more than eleven
million dollars. I expect these two to add over six million to that, and over time to take that corner to
something in the order of seventeen to twenty million dollars of revenue for Savor. Build starts
shortly, the hoardings are going up, and we’re targeting opening in spring 2027.
Finally, the promise we made to you last year. Our shareholder rewards programme in May.
Discounts at Non Solo Pizza, Bar Ziti, Flush and the Auckland Fish Market, with close to three
hundred discounts claimed so far. It rotates each quarter, so there’s a fresh offer and a different
part of the portfolio every time.
Last year I told you momentum was returning. This year I can tell you the plan is working. The
venues we opened are performing. The Festival has become something Auckland looks forward to.
And we’re growing one of our biggest brands into three venues on the best corner on the
waterfront.
None of that happens without our people. Across our venues, our teams have delivered a record
year in the toughest conditions this industry has seen. My thanks to every one of them. And to our
shareholders, thank you.