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Comvita (CVT) investor relations material
Comvita H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Revenue declined 4–4.1% year-over-year due to sector pressures, weakening demand, changing consumer preferences, and oversupply, especially in China.
Net profit after tax loss was $104.8M, driven by impairments and provisioning; underlying NPBT loss was $21.9M.
Positive free cash flow was restored, and net debt reduced through disciplined inventory and cost management.
A scheme implementation agreement was signed with Florianz/Florenz at $0.80 per share, offering a premium to recent trading and greater certainty for shareholders.
Performance was impacted by structural and execution issues from prior years and significant capital constraints.
Financial highlights
Revenue for the year was $190M–$192.4M, returning to FY21 levels.
Gross profit margin was 43%, or 50% excluding provisioning (down from 54% last year); gross profit $82.7M ($97.8M pre-provisions).
Operating expenses decreased by 9% year-over-year, with $11.4M in opex reduction and $12.6M in cost savings.
Net debt reduced to $62M–$62.4M; inventory reduced to $89M (down $46.8M).
Operating cash flow was $34.1M, up 539.9% year-over-year; free cash flow $25.3M, up 273.2%.
Outlook and guidance
No formal forward guidance; management expects further inventory improvements and a return to profitability in FY26, subject to execution and bank support.
Board highlights need for long-term recapitalization if the Florianz/Florenz scheme does not proceed.
Focus remains on further cost savings, right-sizing, and operational discipline.
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