Comvita Limited · NZX:CVT
Comvita — Comvita New Zealand — H1 FY26 Earnings Presentation
24 slides from Comvita's earnings presentation, Feb 23, 2026
Slide 1: Investor Presentation FY26 Interim Results
Investor Presentation FY26 Interim Results February 2026 Presented by: Bridget Coates, Board Chair 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 unaudited interim results for the six mo
Slide 3: Performance & Financial Overview
Performance & Financial Overview Bridget Coates Board Chair
Slide 4: Agenda
Agenda • Performance and Financial Overview • Recapitalisation Update • Market and Operational Update • Financial Performance (FY26 Interim Financial Results) • Strategic Priorities • Q&A Session
Slide 5: H1 FY26 Delivered, Turnaround Continuing
H1 FY26 Delivered, Turnaround Continuing • Delivered against H1 expectations • Profitable first half and positive operating cash flow. • Debt reduced. • Full-year performance tracking in line with previous guidance - EBIT forecast of $14.3M (normalised EBIT pre IFRS 16 $13.5M). • Foundations strengt
Slide 6: Performance Highlights
Performance Highlights REVENUE OPERATING NORMALISED EBIT NPAT EXPENSES $118.0 M $49.7 M $ 10M $4.6 M 18.3% vs PCP (13.6%) vs PCP $10.7M vs PCP $11.1M vs PCP OPERATING FREE CASH FLOW NET DEBT INVENTORY CASH FLOW $20.8 M $16.4 M $48.7 M $68.3 M $10.9M vs PCP $14.4M vs PCP ($32.9M) vs PCP ($52.5M) vs P
Slide 7: Recapitalisation Process Advancing
Recapitalisation Process Advancing • Banking Facilities • Constructive engagement ongoing with lending syndicate regarding extension beyond April 2026, subject to recapitalisation. • Board acknowledges continued support of banking partners. • Recapitalisation Process • Progressing to plan. Board foc
Slide 8: Operational & Market Update
Operational & Market Update Karl Gradon CEO
Slide 9: Execution Progress Against FY26 Priorities
Execution Progress Against FY26 Priorities FY26 PRIORITIES PROGRESS ✓ On track to deliver full year normalised EBIT forecast. 1. Return to profitability ✓ New sales strategies implemented in SEA, China and USA. ✓ Debt reduced to $48.7M at HY26 (from $62.4M at end of FY25). 2. Capital structure and b
Slide 10: Greater China: Challenging But On Track
Greater China: Challenging But On Track Progress: • Maintained #1 brand position with >50% market share. • Maintained #1 in online sales. • Locally-led innovation delivering results. GREATER CHINA Challenges: HY22 HY23 HY24 HY25 HY26 • Continued softer consumer demand. Sales NZ$M 47.7 51.9 46.9 41.2
Slide 11: North America: Strong Growth Opportunity
North America: Strong Growth Opportunity Progress: NORTH AMERICA • Strong volume growth and sell-through from club- HY22 HY23 HY24 HY25 HY26 retail relationship, supporting reduction of surplus Sales NZ$M 17.2 20.7 13.0 14.6 39.6 inventory and operational efficiencies. • Growth in Natural Retail cha
Slide 12: Other Markets: Performance Improving
Other Markets: Performance Improving Progress: REST OF ASIA • Singapore retail optimisation supporting improved performance and HY22 HY23 HY24 HY25 HY26 acting as a gateway for further Southeast Asia growth. 12.7 12.9 19.2 22.1 24.2 Sales NZ$M • Cost reduction initiatives improving profitability acr
Slide 13: Innovation For Differentiation and Growth
Innovation For Differentiation and Growth …
Slide 14: Innovation engaging new consumers with new flavours
• Innovation engaging new consumers with new flavours of Pure Mānuka Honey Lozenges • Lozenges are a strategically important recruitment product, introducing new consumers to the Comvita brand across multiple markets. • Two new flavours launched targeting Asian consumer preferences - Mānuka with Yuz
Slide 15: Locally relevant innovation leveraging gifting occasions
• Locally relevant innovation leveraging gifting occasions • Gift boxes and supporting design material launched across relevant global markets targeting Lunar New Year.
Slide 16: Financial Performance
Financial Performance Mandy Tomkins-Dancey CFO
Slide 17: Delivered H1 Financial Objectives
Delivered H1 Financial Objectives • Solid half-year performance • Strong US club-retail performance drove Normalised * $1.4m Transaction Costs improved volume, sales, profitability, and * $1.5m ERP & Transformation Costs * ($0.3m) Gain on disposal of investment supported overhead recovery. Overhead
Slide 18: Achieved Target Working Capital Position
Achieved Target Working Capital Position Net Debt NZ$M 100.0 90.0 85.8 81.6 • Improved cash conversion 80.0 70.0 63.3 62.4 • Earnings-to-cash conversion strengthened, with cash 60.0 50.0 48.7 conversion cycle reduced from 484 days (Dec-24) to 239 40.0 26.3 30.0 days (Dec-25). 20.0 10.0 • Inventory n
Slide 19: On Track for Full Year
On Track for Full Year • Full-year guidance unchanged: normalised EBIT forecast remains $14.3M in line with previous guidance (normalised EBIT pre IFRS 16 $13.5M). • Key value drivers and challenges for H2: • Headwinds from ANZ and FX, with continued solid performance across other markets currently
Slide 20: Strategy and Key Priorities
Strategy and Key Priorities Karl Gradon CEO
Slide 21: Category Shift Creates Significant Opportunity
Category Shift Creates Significant Opportunity Category dynamics • Geographic shift continuing: North America largest market, growing +89% from $74M (2020) to $140M (2025), offsetting a -39% decline in Greater China. • Category expanding globally: Mānuka honey export value reached a new high in 2025
Slide 22: 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-LEADING WIN IN MĀNUKA HEALTH & WELLNESS BRAND Strategic Imperatives Our Enablers Our Goals 1. Grow volume - lower UMF , • Capable, connected, and ✓ Strong and consistent Strategic Framework targeted customer/ acco
Slide 23: Immediate Execution Priorities
Immediate Execution Priorities Fixing what’s broken. Protecting what’s strong. Delivering with discipline. • Disciplined capital allocation and operational focus: supporting cash generation and balance sheet stability. • Executing across core value drivers: 1. Brand and innovation differentiation. 2
Slide 24: Questions
Questions . FY25 RESULTS PRESENTATION 24