Comvita has sparked overseas interest as it progresses with a capital raise under its broader recapitalization program, particularly relevant to current trends in the food and beverage industry.
In a recent stock exchange filing dated February 23, the New Zealand-based honey producer revealed it has garnered “credible expressions of interest” from both existing shareholders and new investors who are eager to support and potentially underwrite the proposed fundraising initiative. Notably, part of this interest stems from “an offshore strategic investor in the food and beverage sector.”
According to the filing, this investor has expressed a willingness to underwrite the capital raise at NZ$0.80 per share, which is significantly higher than the minimum NZ$25 million ($15 million) that Comvita identified as essential to “position the company appropriately.” This move aligns with current food and drink business dynamics, emphasizing the importance of strategic partnerships and investment.
In December, Comvita’s lenders agreed to back the recapitalization process following a failed takeover attempt by rival manuka honey firm Florenz. Reflecting on the ongoing recapitalization plan, Comvita chair Bridget Coates stated, “The process is progressing to plan, with the board focused on its core objectives – certainty, equitable participation for all eligible shareholders, and minimizing dilution.”
Furthermore, Comvita is engaged in “constructive discussions” with its lending syndicate to extend banking facilities beyond April 2026, contingent upon the successful completion of the recapitalization. In December, the company secured an extension on debt maturities that had been due earlier this year, demonstrating a clear focus on financial stability.
This recapitalization update coincided with Comvita’s financial results for the six-month period ending December 31, 2025. During this time, revenue increased by 18.3% to NZ$118 million, attributed to strong sales in the US club-retail wholesale channel, improved recovery of overhead costs, and enhanced profitability.
Normalized EBIT rose to NZ$10 million, reflecting an increase of NZ$10.7 million, driven by improved operating leverage and diversification across its portfolio. The net profit after tax reached NZ$4.6 million, a significant recovery compared to last year’s loss of NZ$6.5 million, which the company described as a “material improvement.”
Additionally, net debt decreased by NZ$13.7 million to NZ$48.7 million from June 2025 to December 2025, surpassing expectations. Coates emphasized the achievements made in the first half, stating, “We delivered against our first-half priorities, returning to profitability, generating positive operating cash flow, and continuing to reduce inventory and net debt.”
She added, “Operational discipline is strengthening, leadership capability is being rebuilt, and the company is executing with consistency. These are important foundations, but the turnaround is not yet complete.”
Looking ahead, Comvita maintains its full-year forecast for the 2026 fiscal year, projecting a normalized EBIT of approximately NZ$14.3 million, although this outlook is still dependent on market conditions and trading performance.
In a constantly evolving environment marked by food and drink consumer trends, Comvita’s strategic moves are crucial for its long-term sustainability and growth in the food and beverage industry.
