Comvita
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Comvita (CVT) investor relations material

Comvita H1 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H1 2026 earnings summary22 Feb, 2026

Executive summary

  • Returned to profitability in H1 FY26 with a net profit of $4.6m, positive operating cash flow, and reduced net debt, meeting or exceeding H1 objectives and tracking in line with full-year EBIT guidance of $14.3m (pre-IFRS 16 $13.5m).

  • Revenue increased to $118.0m, up 18.3% year-over-year, with disciplined execution and leadership focus stabilizing the business and supporting sustainable growth.

  • Recapitalisation process is advancing with credible investor interest, constructive lender engagement, and milestones on track.

Financial highlights

  • Operating cash flow improved to $20.8m, free cash flow $16.4m, and inventory reduced from $145.8m (Dec 2023) to $68.3m (Dec 2025); net debt down to $48.7m from $81.6m YoY.

  • Cash conversion cycle reduced from 484 to 239 days, with inventory normalization generating $22.5m cash inflow.

  • Normalized EBIT forecast for FY26 remains $14.3m (pre-IFRS 16 $13.5m); gross margin improved year-over-year and expected to return to around 51% medium term.

  • Basic EPS was 6.51 NZ cents, compared to a loss of 9.21 NZ cents per share last year.

  • Cost savings achieved through procurement, formulation, freight efficiencies, and organizational streamlining.

Outlook and guidance

  • Full-year FY26 guidance maintained, with key H2 drivers including North America partner performance, seasonal patterns, and operational efficiency.

  • Monitoring trading, execution, and market conditions closely; further working capital improvements not expected at H2 FY26 levels.

  • Lunar New Year and Manuka honey season results pending; yields expected in line with baseline assumptions.

  • Cash flow forecasts indicate sufficient liquidity for the next 12 months.

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H2 202627 Aug, 2026
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Frequently asked questions

Comvita Limited is a New Zealand-based company specializing in natural health products, particularly those derived from mānuka honey. The company produces and sells a variety of products, including mānuka honey, propolis, olive leaf extracts, and other bee-related wellness items. Comvita’s products are marketed for their health benefits and are sold in both domestic and international markets, with a strong presence in regions such as Asia, North America, and Europe. The company is headquartered in Te Puke, New Zealand, and its shares are listed on the NZX.

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