#1Pending#2IMPORTANT Notice This presentation is given on behalf of Comvita Limited. Information in this presentation: . Should be read in conjunction with, and • • is subject to, Comvita's Annual Reports, Interim Reports and market releases on NZX Is from the audited Annual results for the year ended 30 June 2022 Includes non-GAAP financial measures such as adjusted EBITDA and net contribution. These measures do not have a standardised meaning prescribed by GAAP and therefore may not be comparable to similar financial information presented by other entities. They should not be used in substitution for, or isolation of, Comvita's audited financial statements. We monitor these non-GAAP measures as key performance indicators, and we believe it assists investors in assessing the performance of the core operations of our business May contain projections or forward-looking statements about Comvita. Such forward-looking statements are based on current expectations and involve risks and uncertainties. Comvita's actual results or performance may differ materially from these statements • • Includes statements relating to past performance, which should not be regarded as a reliable indicator of future performance Is for general information purposes only, and does not constitute investment advice Is current at the date of this presentation, unless otherwise stated While all reasonable care has been taken in compiling this presentation, Comvita accepts no responsibility for any errors or omissions. All currency amounts are in NZ dollars unless otherwise stated. COMVITA INVESTOR PRESENTATION FULL YEAR RESULT FY22 2#3FY22 strong performance Number one Gaining market share in key markets and Extending our global leadership Five Consecutive period delivering double digit earnings growth in line or ahead of Guidance Revenue $209M +9% Record revenue +$17M vs PCP or +9% Gross profit (GP) 60.3% +640 bps 60% GP in line with our 2025 plan and +640 bps vs PCP $28.1M brand investment Brand Investment increased by $3.8M or 16% to 13.4% of sales EBITDA $30.1M and NPAT $12.8M EBITDA for FY22 + 18% vs PCP NPAT + 35% vs PCP EPS +34% vs PCP $25.5M net debt +ve operating cashflow Net debt +$21M vs PCP due to investment in inventory Positive cashflow Fully imputed final dividend of 3.0 cps Total dividend for FY22 5.5 +37% vs PCP COMVITA INVESTOR PRESENTATION FULL YEAR RESULT FY22 3#4SECTION 1 Our 2025 focused strategic plan on track COMVITA 4#5" OUR Purpose Working in harmony with bees and nature in New Zealand to heal and protect the world. COMVITA INVESTOR PRESENTATION FULL YEAR RESULT FY22 5#6Pending#7Pending#8$30.1M REPORTED EBITDA +$4.6M +18% vs PCP $12.8M REPORTED NPAT +35% vs PCP $209M 60.3% DELIVERING ON OUR Plan (NUMBERS) 18.2EPS • HEADLINES • Reported EBITDA $30.1M +18% vs PCP, at top end of guidance Second highest earnings of all time in the history of Comvita EPS +34% vs PCP • $12.8M NPAT +35% vs PCP • Record revenue $209M +9% +$17M vs PCP . Record gross profit $126M +22% vs PCP, on track with 2025 plan $28.1M MARKETING RECORD REVENUE GROSS PROFIT • INVESTMENT +16% +9.0% +640 BPS COMVITA INVESTOR PRESENTATION FULL YEAR RESULT FY22 • Double digit bottom-line growth: • North America • China • Mānuka honey • Ecommerce $28.1M investment in our brand enabling us to tell our founding story to consumers around the world • Gaining market share in key markets 8#9DELIVERING ON OUR Plan (RATIOS) 60.3% GROSS PROFIT +640 BPS 13.4% MARKETING TO SALES RATIO 14.4% EBITDA % OF SALES 16% ADJUSTED EBITDA* 3.0CPS FULLY IMPUTED DIVIDEND DECLARED 40% REDUCTION IN TOTAL RECORDABLE INJURY FREQUENCY RATE (TRIFR) 26.6K NET CARBON FOOTPRINT IN CO₂e (S1,2,3)* COMVITA INVESTOR PRESENTATION FULL YEAR RESULT FY22 • HEADLINES • Strong margin improvement +640 bps vs PCP to 60.3% • 13.4% marketing investment +80 bps vs PCP . 14.4% EDITDA +110 bps vs PCP • • • 16% adjusted EBITDA when removing transformation and one off costs ($3.4M) Fully imputed dividend 3.0 cps, FY22 full year dividend 5.5 cps +37% 40% reduction in TRIFR First carbon footprint produced (Scope 1,2,3) showing net carbon footprint 26.6KT • Targeting carbon neutral 2025 and net positive 2030 1% of FY21 EBITDA ($280K) for social and environmental impact Global Comvita team as shareholders and record investment in projects for social and environmental impact in line with our purpose S1 Scope 1 direct GHGH emissions; S2 = Scope 2 Indirect emissions from imported energy; S3 = Scope 3 Indirect emissions from transportation, products and other 9#10Pending#11Pending#12ESG AT Comvita STION LE CENCE OF NA BAITIAN GUARDI HARMONY AND TO RESTORING BALANCE OUR HARMONY PLAN ENVIRONMENTAL Key Focus Areas: GHG emissions Air and water pollution Biodiversity Deforestation Resource depletion (pollen and nectar resources) Use of chemicals and pesticides Water efficiency Energy efficiency Sustainable packaging and circularity Waste management Climate change preparedness SOCIAL Key Focus Areas: Product quality and food safety Customer satisfaction Ethical procurement Data protection and privacy Human rights Child labour and modern slavery Health and safety Labour standards (including in our Supply Chain) Pay equity (gender and ethnicity) Employee diversity and equitable opportunity Employee engagement Community investment (1% of EBITDA) Community relations, including Māori Engagement GOVERNANCE Key Focus Areas: Board composition (diversity and independence) Compliance with regulations Anti-bribery and corruption Accounting and audit quality Global tax strategy Business ethics Lobbying Political contributions Speak-up policies and frameworks Integrated reporting COMVITA INVESTOR PRESENTATION FULL YEAR RESULT FY22 STRENGTHENING OUR GLOBAL HIVE * ESG definition aligned with global reporting frameworks and Comvita Materiality Review 12#13Pending#14Pending#15Pending#16PERFORMANCE VS PCP Science based reductions 1 JULY 2021 - 30 JUNE 2022 ↓ 961c0e DIRECT GHG EMISSIONS NZ OPERATIONS (S1, S2) ↑ 5,010 CO₂e CARBON NET POSITIVE NZ OPERATIONS (S1, S2) -4% VS FY21 -62% VS FY21 ↑ 90.8T NZ WASTE DIVERTED FROM LANDFILL ↓ 1.13M NATIVE TREES PLANTED IN NZ ↑ .2.0T SHRINK WRAP REMOVED FROM SUPPLY CHAIN 89% NZ PACKAGING PURCHASED IS RECYCLABLE +245% VS FY21 (26.3T) FY21: 1.22M COMVITA INVESTOR PRESENTATION FULL YEAR RESULT FY22 +6,000% vs FY21 (+0.4T) NEW BASELINE 16#17FURTHER INVESTMENT IN Science and IP COMVITA LABORATORIES Est. 1974 Industry Leading in Clinical Trials Mānuka honey for Digestive Health (HVN National Science Challenge grant awarded: $875K) More Scientific Patents Granted 5 Patents Granted in FY22 To date 12 Patents Filed & 5 Granted $1.3M 12 Industry Leading Lab Testing Standards 392,469 Lab Results in FY22 (FY21: 246,804) +59% VS. PCP Leading Scientific & Clinical Expertise Backed by Expert Global Advisory Board AU, NZ, USA, UK, CHN 8 Members World-Leading Quality 23 Independent Audits and Certifications Incl. BRC "AA", IANZ, MPI Recognised Lab, MPI Transitional Facility #1 Greater Investment in Consumer Health Skin & Gut Health Mānuka for Atopic Dermatitis & Digestive Health Propolis for Immunity $1.2M $5.7M R&D spend qualifying for RDTI: Consumer Health $1.2M, Supply and Process Improvement $4.5M 5 patents granted (3 in the same patent family) and 12 patents filed (10 in the same patent family) COMVITA INVESTOR PRESENTATION FULL YEAR RESULT FY22 17#18HOW COMVITA CREATES THE RESOURCES WE EMPLOY Our unique Comvita knowledge and know-how, curated and refined since 1974 Our role as kaitiaki (Guardians) for 1.6 billion bees and 6.2 million trees Our world-class team Our growth-supporting capital structure Value HOW WE CREATE VALUE THROUGHOUT OUR END-TO-END MODEL FOR ALL STAKEHOLDERS OUR UNIQUE OUTPUTS UNDERPINNED BY KAITIAKITANGA (GUARDIANSHIP) PROUD TO BE PART OF THE SOLUTION THROUGH THE VALUE WE CREATE Science, nature and quality at the heart of the Comvita difference Highest frequency and range of testing in industry and New Zealand's only private honey laboratory to be government accredited Development of unique cultivars and patents Nearly 50 years of scientific discovery, embracing and evidencing the healing power of nature Doing business for good 1% reinvested for social & environmental impact World-leading products Committed to climate action, rewilding and biodiversity Improved health and wellbeing for millions of consumers Restoring native forests and biodiversity balance COMVITA Leading and progressive EVP, enabling Comvita to attract talent from anywhere in the world Carbon neutrality and circularity Working in harmony with bees and nature in New Zealand to heal and protect the world Revenue growth and financial returns Safe, engaged and empowered team Our fully integrated global business model Global leadership Top talent globally, with international FMCG expertise and empowered teams in market to drive innovation and consumer relevance Leading apiculturists and beekeepers from around the world with a deep affinity for their craft and calling Arotahi (focus) on performance and return on capital Trusted I connections with our consumers, customers and communities Digitised, unified and scalable organisation Leveraging processes, data and insights to drive continuous improvement COMVITA INVESTOR PRESENTATION FULL YEAR RESULT FY22 Reduced emissions and waste Industry leadership and investment in our community Personalised consumer and customer experience Driving a brighter future for our industry 18#19SECTION 3 Full year results FY22 COMVITA 19#20KEY RESULTS Financial INCOME STATEMENT For the Year Ended NZD 000s 30 June 2022 30 June 2021 Variance $ Variance % • Record revenue of $209M +9% vs PCP • Revenue 208,909 191,734 17,175 9.0% Gross Profit 126,000 103,424 22,576 21.8% Gross Profit % • 60.3% 53.9% 6.4% 6.4% Marketing 28,062 24,216 (3,846) (15.9%) Sales Variable* 22,031 18,589 (3,442) (18.5%) • • Record gross profit 60.3% +640 bps +21.8% vs PCP Record brand investment $28.1M with marketing investment, 13.4% of revenue from 12.6% last year Transformation investment +$1.2M +103% Other expenses up 9.6% ($4.8M) however, circa 35% of this uplift is considered non recurring Operating profit $20.1M +65% vs PCP EBITDA $30.1m +17.9% at the top end of guidance Transformation* 2,378 1,172 (1,206) (103.0%) • 14.4% of sales vs 13.3% last year +110 bps Other Expenses 55,323 50,484 (4,839) (9.6%) • 16% normalised EBITDA** Operating Expenses 107,794 94,461 (13,333) (14.1%) • NPAT $12.8M +34.9% vs PCP Operating Profit 20,149 12,183 7,966 65.4% EBITDA* 30,083 25,523 4,560 17.9% Net Profit after Tax 12,784 9,479 3,305 34.9% COMVITA INVESTOR PRESENTATION FULL YEAR RESULT FY22 *EBITDA, sales variable and transformation are non-GAAP measures. We monitor these as key performance indicators and believe they assist investors in assessing the performance of the core operations of our business. **One off costs and transformation investment of $3.4m were added back. 20#21Pending#22Pending#23Pending#24Pending#25FULLY IMPUTED FINAL Dividend • Fully imputed final dividend of 3.0 cps Record date of 30 September 2022 and payment date of 7 October 2022 5.5 cps dividends FY22 compared to 4.0 cps last year An overall increase of 37% COMVITA INVESTOR PRESENTATION FULL YEAR RESULT FY22 25#26Pending#27Pending#28Forests CONTINUED INVESTMENT IN FOREST STRATEGY • Longer term Mānuka forest hypothesis, targeting: - - 40% improvement in yields 60% improvement in quality of yields 20% reduction in costs Now have circa 7,500 hectares of forests • NZ's largest private native forest owner/manager 2022 • Targeting to increase to circa 20,000 hectare over next 7 years • Ownership of a minimum of 50% of carbon credits on leased land, with 100% on owned land ●• Maturity profile: no harvest years 1 to 3, 25% in year 4, 50% year 5 and 100% year 6 • Forecasting material benefit to COGS in the year 2027 onwards COMVITA INVESTOR PRESENTATION FULL YEAR RESULT FY22 28#29Pending#30Pending#31PERFORMANCE VS PCP Revenue REPORTED CURRENCY ↑ GREATER CHINA $96.9M 2021 : $93.1M +4% MAINLAND CHINA $79.4M 2021 : $73.2M +9% ↑ NORTH AMERICA $31.8M 2021 : $24.7M +29% ↑ ↑ ↑ REST OF ASIA $27.3M 2021 : $25.3M +8% AUSTRALIA + NZ $34.7M 2021 : $32.4M +7% EMEA $5.1M 2021 : $5.1M 0% COMVITA INVESTOR PRESENTATION FULL YEAR RESULT FY22 31#32Pending#33Pending#34Pending#35Pending#36Pending#37Pending#38Pending#39COMVITA EUROPE, MIDDLE EAST & AFRICA (EMEA) ON A REPORTED CURRENCY BASIS FOR YEAR ENDED NZD 000s Sales Net Contribution This Year Jun-22 Last Year Jun-21 Vs. Vs. Last Year Last Year % 5,124 5,060 64 1% 83 35 48 137% Net Contribution % 2% 1% 1% • Remains sub scale COMVITA • Revenue +1%, strong second half +34% Performance without Amazon for whole year (now resolved) • Excluding Amazon all channels grew • Self funding profitable growth despite investment in team and European entity COMVITA INVESTOR PRESENTATION FULL YEAR RESULT FY22 Net Contribution is a non-GAAP measure. We monitor this as a key performance indicator and believe it assists investors in assessing the performance of the core operations of our business. Reported figures using actual translation FX rates in each period. 39#40Pending#41FY23 Guidance • Forecasting double digit earnings growth for the year with strong weighting to H2 • • Assuming sales in China normalising in Q2 Profitable top and bottom-line growth in focus growth markets, channels and categories Ecommerce share greater than 40% • Transformation Investment $5.5M • Guidance range to be issued in Q2 Targeting $50M EBITDA 2025 COMVITA INVESTOR PRESENTATION FULL YEAR RESULT FY22 41#42Pending#43Pending#44Pending