Comvita (CVT) Investor presentation summary

Refinancing and capital raise details

• Refinancing package agreed with lenders, conditional on a minimum $25m capital raise, with proceeds used to reduce existing bank facilities.

• $30m pro rata renounceable rights offer at $0.65 per share, with F&N as a strategic investor, potentially acquiring up to 19.99% post-raise.

• Strategic Placement shares to F&N priced at $0.80, a premium to the rights offer price and TERP.

• Two new facilities: $20m working capital (repaid annually) and up to $30m core debt, with leverage and ICR covenants tested quarterly.

• Capital raise size scenarios range from $25m to $44m, with F&N partially underwriting the offer and final shareholding dependent on take-up.

Strategic partnership with F&N

• F&N, a leading Southeast Asian consumer group, brings deep market knowledge and distribution in ASEAN.

• Collaboration aims to accelerate market expansion, innovation, and operational efficiencies.

• F&N to appoint a director to the board post-raise.

• F&N operates in 12 countries, with SG$2.3bn revenue and strong presence in Malaysia, Thailand, and Singapore.

Financial guidance and balance sheet impact

• FY26 normalised EBIT guidance of $15.5m reaffirmed, with focus on volume, cost control, and key value drivers.

• Inventory normalisation ahead of plan, with net debt reduced by $14m from FY25 to 1H26.

• Capital raise proceeds to significantly deleverage the balance sheet, reducing leverage to as low as 0.7x in high take-up scenarios.

• Continued focus on cash conversion, inventory management, and debt reduction.