Comvita (CVT) AGM 2025 summary

Opening remarks and agenda

• Meeting opened with a traditional karakia, welcome, and housekeeping, emphasizing hybrid attendance and shareholder engagement.

• Board and leadership team introduced, with apologies from some directors and advisors present.

• Agenda included strategic reset, recapitalization, trading update, board priorities, operational and financial updates, formal business, voting on resolutions, Q&A, and general business.

Financial performance review

• Inventory reduced by NZD 46.8 million in FY25 compared to FY24, with net debt down by NZD 17.4 million and further deleveraging expected.

• NZD 12.6 million in cost reductions delivered in FY25, with full annualized savings in FY26 forecast.

• Revenue and gross profit ahead of expectations, supported by improved distributor arrangements, club-retail volumes, and favorable currency movements.

• FY26 outlook projects normalised EBIT (pre IFRS16) of $13.5m, with trading modestly ahead of forecast profitability.

• Ongoing cost control and operational improvements are delivering benefits, with inventory reduction ahead of schedule.

Board and executive committee updates

• Board chaired by Bridget Coates, with key committees led by independent directors.

• New CEO and CFO appointed, bringing sector expertise and financial discipline; Karl Gradon as CEO in August 2025 and Mandy Tomkins-Dancey as CFO in October 2025.

• Board strengthening its competencies, especially in FMCG, global markets, and operational excellence, with ongoing review of composition.

• Leadership team expanded with new roles in science, marketing, people, and sustainability.