Comvita Limited · NZX:CVT
Comvita — FY2025 Earnings Presentation
26 slides from Comvita's earnings presentation, Aug 29, 2025
Slide 1: Full Year Results FY25
FULL YEAR RESULTS FY25 29 August 2025 Presented by: Bridget Coates, Board Chair Mike Sang, Director Karl Gradon, CEO
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: Agenda
1) Current position and FY25 operating context 2) Key updates 3) FY25 financial result 4) Market and industry update 5) FY26 priorities and future focus FY25 RESULTS PRESENTATION 3
Slide 4: Performance materially impacted by ongoing sector pressures
• Performance materially impacted by ongoing sector pressures, alongside structural and execution issues dating back several years • Limited financial headroom and significant capital constraints • Tangible progress evident – positive free cash flow, reduced net debt, disciplined inventory and cost
Slide 5: Mānuka honey sector remains under sustained pressure
• Mānuka honey sector remains under sustained pressure - prolonged oversupply, pricing volatility, and softer consumer demand. • Elevated inventory costs from prior overpayment further compressed margins. • Significant capital invested to drive growth has not delivered expected results. • Reset prog
Slide 6: Banking covenants and going concern
Banking covenants • New covenants agreed with bank syndicate out to 31 Dec 2025, tested quarterly, including waiver of two covenants previously at risk and introduction of an EBIT covenant. • Agreed extension of working capital banking facility repayment, with a reduction in the facility from $44m t
Slide 7: Scheme Implementation Agreement signed with Florenz Limited
• Scheme Implementation Agreement signed with Florenz Limited (“Florenz”) to acquire all shares in Comvita by way of Scheme of Arrangement for a cash price of $0.80 cents per share, representing: o An equity value of approximately $56 million and an enterprise value of $119 million o A premium of 67
Slide 8: FY25 Results Presentation
. FY25 RESULTS PRESENTATION 8
Slide 9: FY25 key financial metrics
REVENUE OPERATING Underlying NPBT NPAT EXPENSES $192.4 M $114.4 M ($21.9 M) ($104.8 M) (4.1%) vs PCP (9.0%) vs PCP (1.2%) vs PCP (30.3%) vs PCP OPERATING FREE CASH FLOW NET DEBT INVENTORY CASH FLOW $34.1 M $25.3 M $62.4 M $89.0 M 539.9% vs PCP 273.2% vs PCP (21.8%) vs PCP (34.4%) vs PCP • Underlying
Slide 10: Revenue of $192.4M, down 4.1% compared to FY24
Revenue NZ$M 250.0 231.4 208.9 200.7 191.7 192.4 200.0 Revenue of $192.4M, down 4.1% compared to FY24 $200.7M. • Greater China down by $9.5M. 150.0 • Rest of Asia up $6.8m, while ANZ down $4.9M. 100.0 50.0 Underlying NPBT loss of $21.9M, increased by 1.2% vs. FY24 • Gross profit of $82.7M ($97.8M pr
Slide 11: Reconciliation of non-GAAP measures
• FY24 – FY25 total impairments and provisions of $136.7M. Reconciliation of non-GAAP measures • FY25 impairments of $53.9M and provisions of $18.6M. NZ$M FY24 FY25 • Provisions: Net profit before tax - Reported (85.8) (94.4) ▪ Inventory Impairment 64.2 53.9 ▪ Change in fair value in Biological Asse
Slide 12: Summary of Balance Sheet
COMVITA FULL YEAR RESULTS SUMMARY OF BALANCE SHEET NZ$M FY21 FY22 FY23 FY24 FY25 Inventory 101.0 132.2 137.3 135.8 89.0 • Total net assets of $54.9M at 30 June 25 following Cash and Cash equivalents 16.3 17.8 11.6 8.2 9.0 incremental provisions and impairment. • Cash at bank – relates to cash held i
Slide 13: Net Debt and Inventory
Net Debt NZ$M - (10.0) (4.6) (20.0) Focus in FY25 has been on reducing debt and inventory - both achieved through (30.0) (25.5) operating discipline and surplus asset sales (40.0) (50.0) (60.0) (53.4) (62.4) Net debt reduced by $17.4M - at $62.4M vs $79.7M at end of FY24. (70.0) (80.0) • Positive fr
Slide 14: Operating Cash Flow and Free Cash Flow
Operating Cash Flow NZ$M 40.0 34.1 35.0 30.0 24.8 25.0 20.0 15.0 • Operating cash flow positive $34.1M vs $5.3 in FY24. 8.9 10.0 • Primarily due to reduction in inventory of $31.7M prior to 5.3 5.0 2.8 provisions. - FY21 FY22 FY23 FY24 FY25 • Free cash flow positive $25.3M vs -$14.6M in FY24. • Stro
Slide 15: FY25 Results Presentation
. FY25 RESULTS PRESENTATION 15
Slide 16: My mandate is clear: fix what's broken, protect what's strong
MY MANDATE IS CLEAR: FIX WHAT’S BROKEN, PROTECT WHAT’S STRONG, AND IMPROVE PERFORMANCE. COMVITA'S STRENGTHS COMVITA'S DEVELOPMENT AREAS • Comvita has the best value chain in the sector. • Lost share and margin. • Global #1 Mānuka honey brand. • Weak execution of key commercial initiatives. • Strong
Slide 17: Oversupply, economic uncertainty and demand fluctuations reshaping the industry
OVERSUPPLY, ECONOMIC UNCERTAINTY AND DEMAND FLUCTUATIONS ARE RESHAPING THE INDUSTRY, WITH PREMIUM POSITIONING UNDER ATTACK. Market and industry dynamics remain challenging • Surplus supply driving market pricing down. • Several participants under strain, consolidation occurring at pace. • High stock
Slide 18: Greater China
Disappointing result : 10.9% decrease in sales, 24.8% decrease in profit compared to FY24. GREATER CHINA FY21 FY22 FY23 FY24 FY25 • China remains the most challenging market, with economic Sales NZ$M 93.1 96.9 106.3 86.6 77.2 slowdown and oversupply pressuring margins. Net Contribution NZ$M 19.9 23.
Slide 19: North America
Core growth market for Comvita. Has returned to strong volume growth, with 10.0% growth in sales and 15.2% growth in profit versus FY24. NORTH AMERICA FY21 FY22 FY23 FY24 FY25 • Performance result of increased distribution with key retailer. Sales NZ$M 24.7 31.8 35.6 26.1 28.7 Net Contribution NZ$M
Slide 20: Rest of Asia, ANZ and EMEA
Rest of Asia sales increased 18.5% versus FY24. REST OF ASIA • Rest of Asia honey markets growing steadily, but with FY21 FY22 FY23 FY24 FY25 increased competition. Sales NZ$M 25.3 27.3 31.8 36.6 43.3 Net Contribution NZ$M 6.4 6.6 8.3 1.8 0.9 • Focusing on channel improvements and profitability. Net
Slide 21: Each region's context varies and requires a tailored approach
EACH REGION’S CONTEXT VARIES, HAS A DIFFERENT ROLE TO PLAY, AND REQUIRES A TAILORED STRATEGIC APPROACH. MARKET CHALLENGES COMVITA STATUS OPPORTUNITIES Number 1 brand. Discount brands prevail. China Premium price. Volume end of market. Margin erosion. Growing online. Bulk retail partnerships. Intensi
Slide 22: Execution Priorities
EXECUTION PRIORITIES PROGRESS TO DATE TOP PRIORITIES FOR FY26 FUTURE FOCUS Initiated new sales strategies in China ☐ Hold pricing integrity in premium ☐ Maintain number 1 brand position, and America segments and grow share in lower owning the global premium UMF grades. positioning. Right-sizing
Slide 23: FY25 Results Presentation
. FY25 RESULTS PRESENTATION 23
Slide 24: FY25 Results Presentation
. FY25 RESULTS PRESENTATION 24
Slide 25: Going concern considerations
The Directors have carefully considered the ability of the Group to meet its liabilities as they fall due and concluded that the Group will continue to operate as a going concern. In reaching their conclusion, the Directors have considered the following factors: • Current assets exceed current liabi
Slide 26: Impairment and inventory provisions
IMPAIRMENT NZ$M FY24 FY25 • Impairment total of $53.9M after ‘fair value’ assessment of Comvita Fixed assets – Forests & Apiary (3.4) (20.9) carrying value. Right of use assets – Forests & Apiary - (9.0) • Apiary and Mānuka Forests impairment of $29.9M with continued Other fixed assets (15.7) supply