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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.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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