Comvita FY26 slides: return to profit as North America sales double

Comvita Limited (NZX:CVT) reported its FY26 results on August 28, 2026, with a return to profitability and significant geographic revenue shifts. CEO Karl Gradon and CFO Mandy Tomkins-Dancey detailed the turnaround in their presentation. Operating profit reached $14.0 million, a $43.0 million improvement from a $29.0 million loss in FY25.

North American sales more than doubled to $58.7 million, while Greater China sales declined to $73.6 million. The company's revenue increased by 10.7% to $213.0 million, with gross margin expanding to 53.9%. Net profit after tax improved to $7.7 million, up $112.5 million from the previous year's loss. Financial structures were strengthened with a recapitalization and refinancing, bringing F&N on board as a strategic investor.

Operating expenses declined 10.7% to $102.2 million, and free cash flow improved to $30.3 million. Inventory levels normalized to $79.9 million, within the company's target range. The Mānuka honey market evolved, with New Zealand hive numbers declining but export values reaching $482 million in 2025. North America became the primary growth driver, while Greater China faced headwinds. Despite challenges, Comvita maintained its #1 brand position and led in online sales.