Comvita Limited · NZX:CVT
Comvita — Shareholder Meeting (December 2025)
50 slides from Comvita's shareholder meeting presentation, Dec 17, 2025
Slide 1: Annual Shareholders Meeting
Annual Shareholders Meeting 17 DECEMBER 2025
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: Karakia Timatanga Opening Karakia
Karakia Timatanga Opening Karakia NIKKI REEDY Customer Experience Manager, Comvita Manawa mai te mauri nuku Embrace the life force of the earth Manawa mai te mauri rangi Embrace the life force of the sky Ko te mauri kai au The life force I have gathered is powerful He mauri tipua And shatters all da
Slide 4: Bridget Coates Chair Address
Bridget Coates Chair Address
Slide 5: Board of Directors
Board of Directors Bridget Coates Micheal Sang Yawen Yu Zhu Guangping Bob Major Independent Director, Chair Independent Director, Director Director Independent Director, Chair of Audit & Risk Committee Chair of Safety & Performance Committee
Slide 6: Hybrid Meeting Procedures
Hybrid Meeting Procedures SUBMITTING QUESTIONS ONLINE • Click 'Ask a Question' and enter your shareholder or proxyholder number. ONLINE HELP: Call the helpline on 0800 200 220 (or +64 9 375 5998 if you're outside NZ).
Slide 7: Formalities
Formalities • Notice of Meeting • Quorum • Proxies • Annual Financial Statements
Slide 8: Agenda
Agenda • Introduction and formalities • Chair address • CEO address • Voting on resolutions of the meeting • Question and answer session • General business
Slide 9: A Critical Inflection in Comvita's Turnaround Story
A Critical Inflection in Comvita's Turnaround Story Urgent action taken on identified improvement $4 areas. Significant progress underway $86m $80m $82m • Fixed operating leverage – Historical high-cost base $3 and weak balance sheet $63m meant over-exposed $62m during challenging market Share price
Slide 10: Reset Strategy Implemented
Reset Strategy Implemented • $12.6m of cost reductions were implemented in FY25, with the full annualised savings built into the FY26 forecast. These efficiencies provide a stronger foundation for improved profitability in FY26. • Inventory reduced by $46.8m in FY25 compared to FY24. • Net debt decr
Slide 11: Recapitalisation Pathway Progressing
Recapitalisation Pathway Progressing Support obtained from lenders to pursue Constructive engagement underway with recapitalisation supportive parties • Accommodations reached with lending syndicate. • Board has a clear preference for an approach that provides shareholders with the opportunity to su
Slide 12: Current Trading In Line With Forecasts
Current Trading In Line With Forecasts • Continue to trade modestly ahead of forecast profitability on full year basis. • FY26 outlook for full year consistent with Independent Adviser’s Report in Scheme Booklet published on 15 October 2025 - Normalised EBIT (pre IFRS16)* of $13.5m. • Continued inve
Slide 13: Clear Board Priorities
Clear Board Priorities 1. Successful recapitalisation setting a sustainable capital structure. 2. Continued focus on execution – capital discipline, operational optimization and inventory management. 3. Refining strategies to build long-term operational resilience deliver sustainable long-term growt
Slide 14: A Strengthened Leadership Team
A Strengthened Leadership Team KARL GRADON MANDY TOMKINS- Chief Executive Officer DANCEY Joined Comvita in Chief Financial Officer August 2025. Joined Comvita in Over two decades of October 2025. primary industry leadership Executive positions in experience, including Mānuka a multinationals, NZX li
Slide 15: Karl Gradon CEO Address
Karl Gradon CEO Address
Slide 16: Introducing Our Leadership Team
Introducing Our Leadership Team Karl Gradon Mandy Tomkins Dr Jackie Evans Erin Swanson Chief Executive Officer Chief Financial Officer Chief Science Officer Head of Sustainability & Strategic Projects Ben Duncan Nikki Leske Monica Yianakis Chief Operating Officer Chief People & Culture Officer Chief
Slide 17: A Clear Mandate for Change and Performance
A Clear Mandate for Change and Performance Fix what’s broken, protect what’s strong, return to growth. OUR STRENGTHS DEVELOPMENT AREAS • Brand strength and trust – Global #1 Mānuka honey • Increased focus and agility - Too slow to adapt to brand. shifting market and industry dynamics - losing volume
Slide 18: Delivering on FY26 Priorities
Delivering on FY26 Priorities Hard decisions and disciplined execution are now delivering measurable results. FY26 PRIORITIES PROGRESS 1. Return to profitability – Deliver against FY26 financial objectives. ✓ New sales strategies in SEA, China and USA. ✓ Trading currently on track. 2. Reset balance
Slide 19: Our Competitive Advantage
Our Competitive Advantage SUPERIOR SUPPLY BRAND STRENGTH DISTRIBUTION REACH Plantations, apiaries, production, 3rd Brand engagement, product range, Markets, channels, customers party manufacturers, logistics branded consumer channels, innovation, ESG credentials ✓ Superior Mānuka cultivars deliverin
Slide 20: Greater China Stabilising
Greater China Stabilising PROGRESS CHALLENGES OPPORTUNITIES • Retained #1 brand position with • Weaker demand profile in China and • Some indications of economic >50% market share. Hong Kong. recovery. • #1 in online sales. E-commerce • Oversupply, lower demand and • Growth in premium UMF . manageme
Slide 21: Opportunities in North America
Opportunities in North America PROGRESS CHALLENGES OPPORTUNITIES • Strong volume growth through club- • Intensifying competition in Digital • High growing Mānuka honey market retail relationship, supporting flow channel (e-commerce) with relatively low household through of surplus inventory. penetra
Slide 22: ANZ, Rest of Asia and EMEA Mixed
ANZ, Rest of Asia and EMEA Mixed PROGRESS CHALLENGES OPPORTUNITIES • Singapore retail store, product and branding • Intensifying competition in • Retail store optimization. optimisation (Comvita and HoneyWorld), all markets. delivering increased growth and profitability. • Expanding geographical dis
Slide 23: A Sharp Focus On Global Team Performance
A Sharp Focus On Global Team Performance FTE Global team capability and performance critical to our success 453 • Strengthening global leadership experience and building great market facing teams. vs 565 in FY24 • Relentless focus on execution and accountability. eNPS -0.4 • Signals of increasing st
Slide 24: Scientifically Proven in Formula For Her
Scientifically Proven 3 in 1 Formula For Her
Slide 25: Manuka Honey — UMF 29 Level Guaranteed
MANUKA HONEY — UMF’ 29* LEVEL GUARANTEED
Slide 26: Mandy Tomkins-Dancey Chief Financial Officer
Mandy Tomkins- Dancey Chief Financial Officer
Slide 27: Revenue Growth and Operational Improvements Driving Progress
Revenue Growth and Operational Improvements Driving Progress • Revenue and margin growth • Strong global revenue growth, supported by club- INVENTORY & PRODUCTION THROUGHPUT retail volumes. 160 600 PRODUCTION THOUGHPUT (Units) 140 500 • Gross margin improvement on track: improvements INVENTORY NZDm
Slide 28: Positioned for Sustainable Growth
Positioned for Sustainable Growth KEY PERFORMANCE VS BUDGET VS BUDGET INDICATORS HY26 FY26 • Key business metrics improving, with further work to do. Sales • Scaleable business model. Gross Profit • Ongoing programme of uplifting financial controls. Gross Profit % • Ongoing focus on operational impr
Slide 29: Our Strategy to Win and Build Long-Term Value
Our Strategy to Win and Build Long-Term Value Objectives 1 2 CONTINUE BUILDING A WORLD- WIN IN MĀNUKA LEADING HEALTH & WELLNESS BRAND Strategic Imperatives Our Enablers Our Goals 1. Grow volume in lower UMF®. • Highly capable, connected, ✓ Strong and consistent Strategic Framework enabled, and accou
Slide 30: Rommel Irwan
Rommel Irwan Head of Southeast Asia and Middle East
Slide 31: SEA - A High-Potential Consumer Market
SEA - A High-Potential Consumer Market • Population – 700 million. • GDP – Combined GDP of Singapore, Malaysia, Indonesia, Thailand and Vietnam USD 3.13 trillion. • Immunity, family health and natural wellness over-indexed with SEA consumers. • Income growth rapid with expanding middle class. Willin
Slide 32: Unlocking Growth in SEA
Unlocking Growth in SEA Strategic growth region • SEA one of Comvita’s fastest growing regions. • Increasing demand for premium natural wellness. Singapore – gateway for regional growth • Contributes ~85% of revenue and most profitable market. • Influences brand awareness and engagement across the e
Slide 33: Growth & Challenges in Singapore
Growth & Challenges in Singapore Comvita’s footprint • Acquired HoneyWorld in July 2023. • 15 stores across Singapore. • Distribution across >1,500 premium pharmacies, Singapore Airlines and digital channels . What acquisition enabled • Immediate scale in Singapore’s honey category. • Retail network
Slide 34: Focused Action Driving Improved Performance
Focused Action Driving Improved Performance • Reviewing store network. • Enhancing brand proposition through localised campaigns and innovation. • Expanding distribution network. • FY26 delivering sales momentum and stable profitability.
Slide 35: Growth in Southeast Asia [Video]
Growth in Southeast Asia [Video]
Slide 36: Formal Business
Formal Business
Slide 37: Reports and Financial Statements
Reports and Financial Statements
Slide 38: Resolutions
Resolutions Ordinary Resolutions • Appointment and Remuneration of Auditors (Resolution 1) 1. “That the meeting record the re-appointment of KPMG as the auditors of the Company for the current financial year ending 30 June 2026 pursuant to section 207T of the Companies Act 1993 and authorise the Boa
Slide 39: Voting Instructions and Asking Questions
Voting Instructions and Asking Questions • In person voting • Mark your voting paper “For”, “Against” or “Abstain.” • Your voting paper will be collected from you. • Online Voting • Click 'Get a Voting Card' and enter shareholder or proxyholder number. • Select 'For', 'Against' or 'Abstain' on the v
Slide 40: Resolution One
Resolution One Appointment and Remuneration of Auditors To consider and if thought fit to pass, the following ordinary resolution: “That the meeting record the re-appointment of KPMG as the auditors of the Company for the current financial year ending 30 June 2026 pursuant to section 207T of the Com
Slide 41: Resolution Two
Resolution Two Director’s Election – Bob Major To consider and if thought fit to pass, the following ordinary resolution: “That Bob Major, who retires by rotation and is eligible for re-election, be re-elected as a Director of the Company.”
Slide 42: Director's Election – Bob Major
Director’s Election – Bob Major Bob Major has spent most of his career in various roles within the New Zealand dairy industry, working for Fonterra, the New Zealand Dairy Board & the New Zealand Dairy Research Institute. He has held global leadership roles for Fonterra in strategy, mergers & acquisi
Slide 43: Resolution Three
Resolution Three Director’s Election – Greg Barclay To consider and if thought fit to pass, the following ordinary resolution: “That Greg Barclay, who has been nominated by an Equity Security holder, be elected as a Director of the Company.”
Slide 44: Director's Election – Greg Barclay
Director’s Election – Greg Barclay Greg is a founding partner of Claymore Partners, a specialist legal and commercial advisory firm, and a governance professional with extensive experience across the commercial, legal and sports sectors. He has recently become a Director of NZX listed Rakon Ltd and
Slide 45: Voting – Proxies Received
Voting – Proxies Received Resolution For Against Proxy Discretion 29,001,949 2,020,218 862,887 Appointment and remuneration of auditors 90.96% 6.34% 2.71% 16,573,652 15,095,074 889,251 Re-election of Bob Major 50.91% 46.36% 2.73% 13,524,137 17,428,643 1,604,856 Election of Greg Barclay 41.54% 53.53%
Slide 46: General Business and Q&A Session
General Business and Q&A Session
Slide 47: Brett Hewlett – 20 Years of Service
Brett Hewlett – 20 Years of Service • 20-year contribution to Comvita. • Served three times as CEO. • Comvita Director from 2017 and Chair 2020-2024. • Key milestones: • 2007 - Acquired KiwiBee, OLA, Medihoney. • 2012 - Established Comvita Innovation Ltd. • 2014 – Established Comvita USA. • 2016 – F
Slide 48: Acknowledgement - Zhu Guangping
Acknowledgement - Zhu Guangping • Over six years of dedicated service on the Comvita Board. • Pioneer of Comvita’s entry into China, establishing first retail stores and national distribution network. • Opened Comvita’s first China store in 2004, laying the foundation for one of our most important i
Slide 49: Meeting Close
Meeting Close
Slide 50: Karakia Whakamutunga Closing Karakia
Karakia Whakamutunga Closing Karakia Ka wehe atu tatou We are departing I raro te Rangimarie Peacefully Te harikoa Joyfully Me te manawanui Resolute Haumi e, hui e, taiki e! We are united, progressing forward!