Slide 1: Investor Presentation FY26 Full Year Results
Investor Presentation FY26 Full Year Results August 2026 Presented by: Karl Gradon, CEO Mandy Tomkins - Dancey, CFO
Slide 2: Disclaimer
Disclaimer IMPORTANT NOTICE This presentation is given on behalf of Comvita Limited. Information in this presentation: • Should be read in conjunction with, and is subject to, Comvita’s Annual Reports, Interim Reports and market releases on NZX; • Is from the audited Annual results for the year ende
Slide 3: FY26 Overview
FY26 Overview Karl Gradon CEO
Slide 4: Agenda
Agenda • FY26 Overview • Strategic & Commercial Performance • Financial Performance • FY27 Outlook • Question and Answer Session
Slide 5: FY26 Delivered, Foundations Strengthened
FY26 Delivered, Foundations Strengthened WHAT WE ACHIEVED IN FY26 WHAT IT MEANS • Debt repaid and balance sheet reset. ✓ Returned to profitability. • More diversified market and channel mix. ✓ Inventory normalised to target levels. • Stronger operating and capital allocation ✓ Net debt materially re
Slide 6: FY26 Financial Highlights
FY26 Financial Highlights Returned to profitability, restored cash generation and strengthened the balance sheet REVENUE GROSS MARGIN OPERATING NPAT PROFIT $213.0M 53.9% $14.0M $7.7M 10.7% vs PCP 43.0% FY25 $43.0M vs PCP $112.5M vs PCP OPERATING INVENTORY FREE CASH FLOW NET CASH EXPENSES (DEBT) $102
Slide 7: FY26 Priorities Achieved
FY26 Priorities Achieved FY26 PRIORITIES FY26 OUTCOMES ✓ Operating profit of $14.0M, reported NPAT $7.7M. 1. Return to profitability ✓ Positive free cash flow $30.3M. 2. Strengthen capital ✓ Net debt reduced to positive cash position of $0.5M (from net debt of $62.4M). ✓ Inventory normalised to $79.
Slide 8: Strategic & Commercial Performance
Strategic & Commercial Performance Karl Gradon CEO
Slide 9: Category Growing, Supply Tightening
Category Growing, Supply Tightening Growing global competition and supply constraints require market and channel diversification, category innovation, clear brand differentiation, and disciplined execution 1. Demand is becoming more global • North America now the largest Mānuka market. Honey Exports
Slide 10: A Changing Market Mix
A Changing Market Mix Growth in North America and Rest of Asia helped offset continued China headwinds and shifted the revenue mix • What Worked • North America club - retail growth. • Rest of Asia profitability improved. • China market leadership held. • Distribution optimisation, improved channel
Slide 11: Greater China: Stabilising & Strengthening
Greater China: Stabilising & Strengthening Progress: • #1 brand position with >50% market share. • Online sales leadership maintained. • Locally - led innovation driving engagement and new GREATER CHINA consumption occasions. FY22 FY23 FY24 FY25 FY26 Challenges: • Constrained and value - c
Slide 12: North America: Scaling Responsibly
North America: Scaling Responsibly Progress: NORTH AMERICA • Strong club retail performance significantly increased volume, improved inventory FY22 FY23 FY24 FY25 FY26 normalisation and enhanced manufacturing Sales NZ$M 31.8 35.6 26.1 28.7 58.7 efficiency. • Expansion in Natural Retail channels. N
Slide 13: Other Markets: Enhancing Profitability & Distribution
Other Markets: Enhancing Profitability & Distribution Progress: REST OF ASIA • Retail footprint and channel optimisation progressing. FY22 FY23 FY24 FY25 FY26 • Expanded reach through strategic distributor and retail partnerships. Sales NZ$M 27.3 31.8 36.6 43.3 46.0 • Benefitting from internationa
Slide 14: Innovation for Competitive Advantage
Innovation for Competitive Advantage Science - led innovation and premium brand strength create new growth opportunities and reinforce competitive advantage • Our Differentiation • Global UMF® category leadership. • Premium brand with strong consumer trust. • Science and research capability. • Innov
Slide 15: Building A More Efficient Operating Model
Building A More Efficient Operating Model Strengthened inventory discipline, manufacturing performance and supply chain execution improved profitability and cash generation, with further gains available • Reduced inventory by $9.2M, improving working capital efficiency. • Improved procurement discip
Slide 16: Financial Performance
Financial Performance Mandy Tomkins - Dancey CFO
Slide 17: Return to Operating Profit
Return to Operating Profit Operating profit of $14.0M in FY26, +$43.0M improvement from FY25, on revenue of $213.0M Operating Profit /(Deficit) Revenue $213.0M 30.0 20.1 22.8 • Up 10.7% on FY25 and 6% above FY24, 20.0 led by North America club - retail volumes. 14.0 10.0 Gross Margin 53.9% • Up 3.1p
Slide 18: FY26: Profitability Restored
FY26: Profitability Restored Revenue Growth • Revenue +10.7% against a backdrop of slowing global growth, elevated trade and geopolitical uncertainty, and continued cost - of - living pressure on consumers. • North America club - retail, Korea, Southeast Asia and EMEA performance supported revenue,
Slide 19: Diversifying Markets & Channels
Diversifying Markets & Channels Deliberate diversification across North America, South East Asia and EMEA, alongside a more balanced channel mix, building resilience and reducing single - market reliance North America 27.6% Greater China North America Rest of Asia ANZ EMEA / Other • Up from 14.9% in
Slide 20: Inventory Normalised, Cash Generation Restored
Inventory Normalised, Cash Generation Restored Inventory normalisation restored earnings - to - cash conversion, with the working capital reset now complete INVENTORY CASH GENERATION Inventory NZ$M Operating Cash Flow NZ$M 132.2 137.3 135.8 40.3 34.1 89.0 79.9 8.9 2.8 5.3 FY22 FY23 FY24 FY25 FY26 FY
Slide 21: Debt Repaid, Headroom Retained
Debt Repaid, Headroom Retained Operating cash flow and the capital raise have both been applied to reducing debt, leaving a right - sized facility and liquidity headroom needed to deliver the strategy Net cash position Net debt / (cash) Gross debt Total committed facilities • Gross debt down from $8
Slide 22: Disciplined Capital Allocation for Future Growth
Disciplined Capital Allocation for Future Growth Balancing financial discipline, strategic investment and future shareholder returns 2. STRENGTHEN SUPPLY 3. INVEST FOR GROWTH 1. MAINTAIN FINANCIAL AND OPERATING & COMPETITIVE DISCIPLINE EFFICIENCY ADVANTAGE • Maintain appropriate • Continue to invest
Slide 23: FY27 Outlook
FY27 Outlook Karl Gradon | \ WZ CEO ™
Slide 24: FY27 Challenges & Opportunities
FY27 Challenges & Opportunities Opportunities: • Growth in North America and Southeast Asia. • Product innovation and premiumisation. • Further operational efficiency and cost improvements. Potential Challenges: • Managing growth and profitability across markets and channels. • Pricing pressures. •
Slide 25: Four Priorities Guiding Execution & Investment
Four Priorities Guiding Execution & Investment Strategic Priorities 1. Strengthen our brand through product innovation and science. 2. Improve operating performance while pursuing targeted market and channel growth. 3. Sharpen and optimise our footprint, business model and cost base. 4. Disciplined
Slide 26: Question & Answer Session
Question & Answer Session .