Me Today Limited Annual Report

Annual
Report
FOR THE YEAR ENDED
30 JUNE 2025

Contents
CHAIR & CEO REPORT

DIRECTORS’ PROFILES

FINANCIAL STATEMENTS
Consolidated Statement of Profit and Loss and
Other Comprehensive Income

Consolidated Statement of Changes in Equity

Consolidated Statement of Financial Position

Consolidated Statement of Cash Flows

Notes to the Consolidated Financial Statements

INDEPENDENT AUDITOR’S REPORT

CORPORATE GOVERNANCE STATEMENT

SHAREHOLDER & STATUTORY INFORMATION

3
8
13
14
15
16
17
47
53
60

Chair &
CEO Report

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4
Chair & CEO Report
Me Today Brand and Capital Raise
Me Today will continue its strategy of growth within
the New Zealand market as the priority supported
by opportunities internationally as explained further
below. Together with the focus on market growth it
will continue to invest in new product development
and brand. The board, founding shareholders and
management remain committed to growing the
brand and believe in the foundation created to build
a successful global brand.
Me Today advised on 20 August that the Group
plans to undertake a capital raise in October
2025. The capital raise will feature a one for one
rights issue at 6 cents per share raising $2.6m if
fully subscribed. Further details of the raise will be
provided in the notice of meeting and supporting
materials to be sent to shareholders during October.
The capital raise is partially underwritten by trusts
associated with founding shareholders Grant Baker
and Stephen Sinclair in the amount of $1.5m. The
decision of the founding shareholders to support
the capital raise represents their commitment to the
brand and the opportunity that exists ahead for the
next stage of growth.
Me Today Brand Performance in FY25
The Me Today brand and agency business recorded
revenue before the costs of marketing services
provided by customers of $5.85m which is growth
of 44% on FY24. The costs of marketing services
provided by customers were $1.05m, down slightly
on FY24 where costs were $1.09m, however, on a
much higher level of revenue in FY25.
The net loss for the brand and agency business was
$1.22m, which is an improvement of 21% on the loss of
$1.54m in FY24.
In addition to the brand and agency business the
Group incurred head office and listed company costs
of $1.15m for FY25 which was down 9% on costs of
$1.25m in FY24.
Me Today Brand Update
The Me Today strategy is to focus on New Zealand
as the core market with success at home providing
a platform to grow internationally. Outside of New
Zealand the brand continues a targeted strategy
with the Chinese partnership being the biggest
opportunity. Other priority markets include the USA,
Japan, UAE and Ireland.
Alongside the market expansion the brand continues
to focus on growing its presence through above-the-
line marketing activity and investment in new product
development. FY25 has seen the continuation of an
increase in marketing presence through radio and
outdoor advertising together with investment online
through social media and other online channels.
FY25 has seen the launch of 10 products, and the
brand has 7 new products launching in October
2025. The new product development pipeline into the
Dear Shareholder
Me Today’s financial results for the year ended 30 June 2025 includes twelve months trading of the King Honey
business together with the Me Today brand and the agency business The Good Brand Company.
The Group recorded net revenue of $7.45m and a loss after tax of $6.02m. The operating EBITDA loss was
$4.76m after adding back net finance costs and non-cash items of $1.26m.
Gross revenue for the Group before the costs of marketing services provided by customers was $8.50m.
This was split between Me Today branded sales and agency services revenue of $5.85m and the King Honey
business at $2.65m.
On 27 July 2025 a decision was made by the directors of subsidiaries, King Honey Holdings Limited and King
Honey Limited to request that the Bank of New Zealand appoint receivers and managers over its respective
assets.
Me Today has previously communicated the tough market operating conditions within the manuka honey
sector. Trading conditions within the industry had continued to be challenging and without a successful sale of
the King Honey business the decision was taken to appoint receivers and liquidators.
The King Honey business is “ring fenced” from the Me Today group. In early 2024 when the Group raised new
capital, an agreement was made with the Groups lenders to remove Me Today from the King Honey debt
security group.
Me Today supports the decision of the King Honey board and while it is not the preferred outcome the decision
to have receivers appointed to King Honey will ultimately have a positive impact on Me Today.
As explained in the financial statements, the receivership will have a positive impact on the balance sheet of
the Me Today Group in FY26. The liabilities relating to King Honey exceed the carrying value of assets at year-
end by $4.2m. The receivership on 27 July means that the net liabilities for King Honey Limited are no longer
the responsibility of the Me Today Group and therefore a gain on disposal of the King Honey group will be
reported in the 2026 financial year.

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2026 calendar year remains strong with a number
of new products under development for launch. The
brand recognises the importance of a product-lead
strategy with the consumer looking for new and
trending ingredients which provide a unique point of
difference.
Manuka Honey
Me Today remains committed to manuka honey.
It sees manuka honey as an important and sought
after product from New Zealand with large interest
from international markets.
Me Today has an agreement with a contract packer
who will pack manuka honey on behalf of Me Today
and is in discussions with other parties in respect to
the ongoing supply of manuka honey. In the current
market Me Today is able to source manuka honey
and contract pack services at a cost that is better
than what it had been achieving from its King Honey
subsidiary.
New Zealand
The home market of New Zealand continues to
grow with the expanded shelf presence creating
a lift in sales within New Zealand pharmacy and
grocery retail channels during FY25. Through the
introduction of new products and a growth in sales
the brand is looking to continue growth through
increased presence within the channels. The retail
partnerships remain important as a larger footprint
in store will provide a continued increase in sales.
China
In China the partnership with the Nutrition Family
Company continues to expand. During FY25 our
partner achieved revenue targets contained within
the commercial agreements and gave notice to
acquire a 20% ownership in the Me Today China
trademark per those agreements. The focus in
China includes promoting Me Today across the
Chinese TikTok platform, Douyin and now expanding
further into other online platforms and direct to
consumer sales models. During the year Me Today
has taken part in a number of live streaming
events in partnership with famous influencers such
as Liu Yuan Yuan, Momo and Li Xiao Meng. The
activations have been very successful for the brand
in China by creating large sales and a significant
increase in brand profile.
The licence fee payable to Me Today was set as a
fixed fee in year one and for year two onwards it
is calculated as a percentage of revenue. The first
licence year finished on 31 March 2025, with total
licence fee revenue of $445,000 received; so, the
increasingly positive impact of a revenue-based
licence fee will flow in the 2026 financial year.
Other Markets
Outside New Zealand and China, Me Today is
focusing on opportunities it has in the USA, Japan,
UAE and Ireland. We have established partnerships
in these markets and will continue to invest in the
brand alongside those partners.
The USA market continues to grow with a focus on
both offline and online channels. We have secured
an online presence in the USA and continue to build
on the strategy for growth in that channel. The
offline business in the USA is manuka honey focused
with partnerships in the grocery and consumer retail
channels, the change in business model for manuka
honey making it easier to access these channels.
In Japan we have an established partner in the
Me Today brand across manuka honey, Skincare
and Supplements. We have been building the sales
channel with our Japanese partner and trialing new
format opportunities. Our partner has secured an
opportunity to list Me Today in a large retail chain.
We shipped products for this opportunity in March
2025, and we are spending time in the market.

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Chair & CEO Report
The board would like to thank shareholders for their support over the past year. The board
would also like to thank our employees for their hard work during the 2025 financial year
and look forward to the continued growth of the brand in 2026 and beyond.
Grant Baker
Chairman
Stephen Sinclair
CEO

Directors’
Profiles

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Directors’ Profiles
Grant Baker
NON-EXECUTIVE CHAIRMAN
Appointed to the Board, March 2020
Grant Baker has wide experience at a senior level in both public and private New
Zealand companies. He is currently the chairman of Turners Automotive Group, a
position he has held for more than 15 years. He was a cofounder of The Business
Bakery and has a number of successes under his belt, including being chairman
of both 42 Below vodka and Trilogy International. 42 Below was sold to Bacardi
in 2006, and Trilogy was sold to CITIC Group. Grant is also a cancer survivor and
has a strong interest in the health and wellbeing sector. he was the chairman of
The Gut Cancer Foundation, a position he held for more than 10 years.
Grant is not considered to be an independent director under the NZX Listing
Rules as MTL Securities Limited, a company in which he is a director, and The
Baker Investment Trust No 2 of which he is a Trustee, are both substantial product
holders of Me Today.
Michael Kerr
FOUNDER / EXECUTIVE DIRECTOR
Appointed to the Board, March 2020
Michael holds a Bachelor of Commerce degree, majoring in marketing and
management, from the University of Auckland. Michael has worked in sales and
marketing roles for several local and multinational businesses. More recently
he was responsible for establishing the Swisse brand in New Zealand across
multiple retail channels, and was the general manager of the skincare brand,
Trilogy. Michael’s career spans 25 years, in which time he has developed a
wealth of knowledge both locally and internationally of how to create and grow
brands in the Health and Wellness space.
Michael is not considered to be an independent director under the NZX Listing
Rules as MTL Securities Limited, a company in which he is a director and M & N
Holdings Limited of which he is a director, are both substantial product holders
of Me Today.
Stephen Sinclair
CHIEF EXECUTIVE OFFICER / EXECUTIVE DIRECTOR
Appointed to the Board, March 2020
Stephen is a Chartered Accountant, and spent the early part of his career with
PriceWaterhouseCoopers. In 1999 he started working with Grant Baker and since
then has been involved with numerous successful startups, including 42 Below,
Ecoya and Trilogy, and was involved in the recapitalisation of Dorchester Pacific
which is now the Turners Automotive Group.
Stephen is not considered to be an independent director under the NZX Listing
Rules as he is the Chief Executive Officer. Also MTL Securities Limited, a company
in which he is a director and The Sinclair Investment Trust of which he is a
Trustee, are both substantial product holders of Me Today.

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Hannah Barrett
INDEPENDENT DIRECTOR
Appointed to the board, March 2020
Hannah has a Bachelor of Commerce degree, majoring in commercial law and
accounting, from Victoria University and is a qualified Chartered Accountant.
Hannah spent three years working at PricewaterhouseCoopers in the Financial
Advisory team working on assignments for global companies as well as New
Zealand based businesses and individuals. Hannah also runs her own business
specialising in digital consulting and marketing. Hannah supports a number of
charities and is an ambassador for Sweet Louise.
Roger Gower
INDEPENDENT DIRECTOR
Appointed to the Board, July 2008
Roger has wide experience as a company executive, director and Chairman in
both public and private companies. He is currently Chairman of PrimePort Timaru
Limited, IntoWork New Zealand Limited and WasteCo Group Limited. Roger
had a corporate career in logistics and transportation; he has a BCom from the
University of Auckland, an MBA from Massey University and an MPhil from the
University of Cambridge.
Antony Vriens
INDEPENDENT DIRECTOR
Appointed to the board, March 2020
Antony is a seasoned executive with a career in health and financial services
corporations across New Zealand, Australia and Asia. He is currently an
Independent Director of the Turners Automotive Group, and is the Chairman
of Autosure Insurance Limited (Turners’ insurance subsidiary). Antony is
Chairman of the Gut Cancer Foundation and involved in development of cancer
support programmes. Antony is a medical doctor by background and brings
a strong interest in wellness and nutrition, which is supported by his medical
training. Antony is currently involved in developing wellness and disease
prevention programmes across Australia and New Zealand. In addition to his
medical degree, Antony holds an MBA from the University of Auckland, with a
background in international business and innovation.

Financial
Statements
FOR THE YEAR ENDED 30 JUNE 2025

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Financial Statements
Consolidated Statement of Profit or Loss and
Other Comprehensive Income
FOR THE YEAR ENDED 30 JUNE 2025
Note
2025
NZ$000
2024
NZ$000
Revenue5
7,454 5,032
Changes in inventories of finished goods and work in progress(5,448)(2,789)
Selling and marketing expenses(1,951)(2,136)
Distribution expenses(671)(651)
Administrative and other operating expenses(4,638)(4,403)
Amortisation of customer relationship asset - (542)
Finance income54 15
Finance expenses6(816)(731)
Loss before tax, fair value adjustments, restructuring and
impairment costs
(6,016)(6,205)
Fair value loss on harvested honey - (82)
Restructuring costs6 - (1,538)
Impairment of customer relationship asset16 - (3,451)
Loss before income tax(6,016)(11,276)
Income tax expense8 - -
Loss for the year(6,016)(11,276)
Other comprehensive income

Items that may be reclassified subsequently to profit or loss
Exchange differences on translation of foreign operations67 (3)
Total comprehensive loss for the year(5,949)(11,279)
Loss for the year attributable to:

Owners of the Company(6,016)(11,276)
Non-controlling interests19 - -
 (6,016)(11,276)
Total comprehensive loss for the year attributable to:

Owners of the Company(5,949)(11,279)
Non-controlling interests19 - -

(5,949)(11,279)
Earnings/(loss) per share:

Basic and diluted loss per share (NZ$)9(0.111)(0.411)
The accompanying notes form part of these consolidated financial statements and should be read in conjunction with them.

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Consolidated Statement of Changes in Equity
FOR THE YEAR ENDED 30 JUNE 2025
Note
Share
capital
NZ$000
Accumulated
losses
NZ$000
Foreign
currency
translation
reserve
NZ$000
Attributable
to owners
of the
Company
Non-
controlling
interests
Total
equity
NZ$000
At 1 July 202352,381 (40,379)(69)11,933 - 11,933
Total comprehensive income
Loss for the year - (11,276) -
(11,276)
-
(11,276)
Other comprehensive income - - (3)
(3)
-
(3)
Transactions with owners
Shares issued during the year193,111 - -
3,111
-
3,111
Less: share issue costs(159) - -
(159)
-
(159)
At 30 June 202455,333 (51,655)(72)3,606 - 3,606
Total comprehensive income
Loss for the year - (6,016) -
(6,016)
-
(6,016)
Other comprehensive income - - 67
67
-
67
At 30 June 202555,333 (57,671)(5)(2,343) - (2,343)
The accompanying notes form part of these consolidated financial statements and should be read in conjunction with them.

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Financial Statements
Consolidated Statement of Financial Position
AS AT 30 JUNE 2025
Note
2025
NZ$000
2024
NZ$000
ASSETS

Current assets
Cash and cash equivalents
10
1,259 2,837
Trade and other receivables
11
1,794 1,760
Inventory
12
11,192 14,518
Taxation receivable47 21
14,292 19,136
Assets classified as held for sale
13
- 241
Total current assets14,292 19,377
Non-current assets

Property, plant and equipment14654 1,637
Right-of-use assets15.183 314
Intangible assets16171 134
Total non-current assets908 2,085
Total assets15,200 21,462
LIABILITIES

Current liabilities
Trade and other payables171,683 2,060
Lease liabilities15.263 326
Borrowings1815,760 1,000
Total current liabilities17,506 3,386
Non-current liabilities

Lease liabilities15.237 100
Borrowings18 - 14,370
Total non-current liabilities37 14,470
Total liabilities17,543 17,856
Net assets(2,343)3,606
EQUITY

Share capital1955,333 55,333
Accumulated losses(57,671)(51,655)
Foreign currency translation reserve(5)(72)
Equity attributable to owners of the Company(2,343)3,606
Non-controlling interests19 - -
Total equity(2,343)3,606
The accompanying notes form part of these consolidated financial statements and should be read in conjunction with them.
These financial statements were approved by the Board on 27 August 2025. Signed on behalf of the Board by:
Grant Baker
Chairman
Stephen Sinclair
CEO

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Consolidated Statement of Cash Flows
FOR THE YEAR ENDED 30 JUNE 2025
Note
2025
NZ$000
2024
NZ$000
Cash flows from operating activities
Receipts from customers8,533 6,679
Payments to suppliers and employees(9,498)(9,795)
Interest received54 15
Income tax paid(26)(12)
Net cash used in operating activities
20
(937)(3,113)

Cash flows from investing activities
Proceeds from sale of property, plant and equipment5 162
Proceeds from sale of assets held for sale77 62
Proceeds from sale of biological assets - 181
Payments for intangibles(38)(36)
Payments for property, plant and equipment - (12)
Net cash from investing activities44 357

Cash flows from financing activities

Proceeds from bank borrowings21190 2,736
Interest paid on borrowings21(605)(513)
Payment of lease liabilities21(326)(406)
Interest paid on lease liabilities21(11)(18)
Proceeds from issue of share capital - 3,042
Share capital issue costs - (159)
Net cash flows from/(used in) financing activities(752)4,682

Net (decrease)/increase in cash and cash equivalents(1,645)1,926

Cash and cash equivalents at the beginning of the period2,837 913
Effect of foreign exchange rates67 (2)
Cash and cash equivalents at the end of the period101,259 2,837
The accompanying notes form part of these consolidated financial statements and should be read in conjunction with them.

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Financial Statements
Notes to the Consolidated Financial Statements
FOR THE YEAR ENDED 30 JUNE 2025
1. GENERAL INFORMATION
Me Today Limited (‘Me Today’ or ‘the Company’) is a limited liability company incorporated and domiciled in
New Zealand.
These financial statements are for Me Today and its subsidiaries (together ‘the Group’). Me Today is the legal
holding company for the Group. Details of subsidiary companies and their principal activities are set out in
note 22.
2. BASIS OF PREPARATION
2.1. Basis of measurement
The consolidated financial statements have been
prepared on a historical cost basis, except for
assets classified s held for sale which are valued
at the lower of costs and fair value less cost to sell.
Historical cost is generally based on the fair value of
the consideration given in exchange for goods and
services.
The consolidated financial statements are
presented in New Zealand dollars which is the
Company’s functional and Group’s presentation
currency, rounded to the nearest thousand dollars
unless otherwise stated.
2.2. Statement of compliance
and reporting framework
The consolidated financial statements have been
prepared in accordance with Generally Accepted
Accounting Practice in New Zealand (‘NZ GAAP’).
The Group is a for-profit entity for the purposes of
complying with NZ GAAP. The consolidated financial
statements comply with New Zealand Equivalents
to IFRS Accounting Standards (‘NZ IFRS’), IFRS®
Accounting Standards, and other applicable
New Zealand Financial Reporting Standards as
appropriate for for-profit entities.
The Company is an FMC reporting entity under
the Financial Markets Conduct Act 2013. These
consolidated financial statements have been
prepared in accordance with the requirements of
the Financial Markets Conduct Act 2013 and the NZX
Main Board Listing Rules.
3. MATERIAL ACCOUNTING
POLICY INFORMATION
The material accounting policies adopted are
set out below. There have been no changes in
accounting policies since the previous reporting
date unless otherwise stated.
3.1. Principles of consolidation
The consolidated financial statements incorporate
the financial statements of the Company and
entities controlled by the Company.
All intragroup assets and liabilities, equity, income,
expenses and cash flows relating to transactions
between members of the Group are eliminated in
full on consolidation.
Non-controlling interests represent the equity in
subsidiaries not attributable, directly or indirectly,
to the Company. They are presented separately
within equity in the Consolidated Statement of
Financial Position. Those interests of non-controlling
shareholders that are ownership interests entitling
their holders to a proportionate share of net
assets upon liquidation may initially be measured
at fair value or at the non-controlling interests’
proportionate share of the fair value of the
acquiree’s identifiable net assets. The choice of
measurement depends on the accounting policy
choice made for each business combination.
Subsequent to acquisition, the carrying amount
of non-controlling interests is the amount of
those interests at initial recognition plus the
non-controlling interests’ share of subsequent
changes in equity.
Changes in the Group’s interests in subsidiaries
that do not result in a loss of control are accounted
for as equity transactions. Gains or losses arising
from changes in ownership interests are recognised
directly in equity.

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3.2. Revenue recognition
The Group recognises revenue from the following
major sources:
• sale of goods;
• agency services; and
• licencing fees.
Revenue is measured based on the consideration to
which the Group expects to be entitled in a contract
with a customer and excludes amounts collected on
behalf of third parties, such as goods and service
tax and customs duties.
3.2.1. Sale of goods
The Group sells goods such as health and wellbeing
products, and honey products. The Group considers
the performance obligation is satisfied when control
of the goods has transferred, being when the goods
have been delivered to the customer. Revenue
derived from the sale of goods is recognised at the
point in time the performance obligation is satisfied.
Marketing payments paid to a customer for the
purchase of health and wellbeing products, are
treated as a reduction in revenue.
3.2.2. Agency services
For revenues derived from agency services, where
the Group acts as a sales agent for other health
and wellness brands, the Group considers its
performance obligations are satisfied over time,
on the basis that agency services are provided
and consumed by the customer on a simultaneous
basis, and so will recognise the related revenue as
the performance obligation is satisfied. Revenue is
measured on an output method basis.
3.2.3. Licencing fees
The Group receives a licence fee for the use of the
Me Today brand in China. Fees are earned as a
percentage of sales generated under the licence.
The Group considers its performance obligations
are satisfied over time over the term of the licence
agreement and as it provides branding support.
3.3. Income Tax
Income tax expense comprises both current and
deferred tax.
3.3.1. Current tax
The tax currently payable is based on taxable
profit for the period. Taxable profit differs from
‘profit before tax’ as reported in the consolidated
statement of profit or loss and other comprehensive
income because of items of income or expense that
are taxable or deductible in other periods and items
that are never taxable or deductible.
3.3.2. Deferred tax
Deferred tax is recognised on temporary differences
between the carrying amounts of assets and
liabilities in the financial statements and the
corresponding tax bases used in the computation
of taxable profit. Deferred tax liabilities are
generally recognised for all taxable temporary
differences except for the initial recognition of
an asset or liability in a transaction which is not
a business combination and at the time of the
transaction affects neither accounting or taxable
profit. Deferred tax assets are recognised for all
deductible temporary differences to the extent
that it is probable that taxable profits will be
available against which those deductible temporary
differences can be utilised. Such deferred tax assets
and liabilities are not recognised if the temporary
difference arises from the initial recognition (other
than in a business combination) of assets and
liabilities in a transaction that affects neither the
taxable profit nor the accounting profit.
3.4. Goods and services tax
Revenue, expenses, assets and liabilities are
recognised net of the amount of goods and services
tax (GST) except:
• where the amount of GST incurred is not
recovered from the taxation authority, it is
recognised as part of the cost of acquisition of
an asset or as part of an item of expense; or
• for receivables and payables, which are
recognised inclusive of GST.
3.5. Inventories
Inventories are stated at the lower of cost and
net realisable value. The deemed cost for the
Group’s honey inventory is fair value at harvest less
estimated point-of-sale costs. Costs of inventories
are determined on a first-in-first-out basis. Net
realisable value represents the estimated selling
price for inventories less estimated costs of
completion and costs necessary to make the sale.
3.6. Leasing
The Group recognises a right-of-use asset and a
corresponding lease liability with respect to all lease
arrangements in which it is the lessee, except for
short-term leases (defined as leases with a lease
term of 12 months or less) and lease of low value
assets.

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Financial Statements
The lease liability is initially measured at the
present value of the future lease payments,
discounted by using the rate implicit in the lease. If
this rate cannot be readily determined, the Group
uses its incremental borrowing rate. The lease
liability is measured at amortised cost using the
effective interest method. It is remeasured if the
Group changes its assessment of whether it will
exercise an extension or termination option, with
a corresponding adjustment made to the carrying
value of the right-of-use asset.
The right-of-use assets comprise the initial
measurement of the corresponding lease liability.
They are subsequently measured at cost less
accumulated depreciation and impairment losses.
Right-of-use assets are depreciated over the
shorter period of lease term and the useful life of
the underlying asset.
3.7. Property, plant and
equipment
Property, plant and equipment are stated at cost
less accumulated depreciation and accumulated
impairment losses.
Depreciation is recognised so as to write off the
cost of assets less their residual values, over their
useful lives using the diminishing value method.
The estimated useful lives, residual values and
depreciation method are reviewed at the end
of each reporting period, with the effect of any
changes in estimate accounted for on a prospective
basis.
The following depreciation rates are used in the
calculation:
Plant, vehicles and equipment 6% - 67%
Office equipment and furniture10% - 50%
Leasehold improvements6% - 25%

An item of property, plant and equipment is
derecognised upon disposal or when no future
economic benefits are expected to arise from
the continued use of the asset. Any gain or loss
arising on the disposal or retirement of an item of
property, plant and equipment is determined as
the difference between the sales proceeds and the
carrying amount of the asset and is recognised in
profit or loss.
The Group recognised a significant write-off of
assets associated with King Honey Limited (note 14),
as certain items of property, plant and equipment
were no longer in use and were derecognised in
accordance with accounting standards.
3.8. Assets held for sale
Non-current assets classified as held for sale are
measured at the lower of carrying amount and
fair value less costs to sell. Non-current assets are
classified as held for sale if their carrying amount
will be recovered through a sale transaction
rather than through continuing use. This condition
is regarded as met only when the sale is highly
probable and the asset is available for immediate
sale in its present condition. The Group must be
committed to the sale which should be expected to
qualify for recognition as a completed sale within
one year from the date of classification.
3.9. Intangible assets
Acquired intangible assets with finite useful lives
are carried at cost less accumulated amortisation
and accumulated impairment losses. Amortisation
is recognised on a straight-line basis over their
estimated useful lives. Intangible assets with
indefinite useful lives that are acquired separately
are carried at cost less accumulated impairment
losses.
The following amortisation rates are used in the
calculation:
Website50%
Trademarks & domainsindefinite useful life
Customer relationship12.5%

3.10. Financial instruments
The Group’s financial assets at amortised cost
include cash and cash equivalents and trade
receivables. Cash and cash equivalents include cash
in hand and deposits held on call with banks.
Financial liabilities include trade and other
payables, and borrowings.
3.11. Segment reporting
Operating segments are reported in a manner
consistent with the internal reporting provided
to the chief operating decision maker. The chief
operating decision maker, who is responsible for
allocating resources and assessing performance of
the operating segments, has been identified as the
Board of Directors.

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3.12. Foreign currency
translation
Transactions entered into by Group entities in a
currency other than the currency of the primary
economic environment in which they operate (their
“functional currency”) are recorded at the rates
ruling when the transactions occur.
Foreign currency monetary assets and liabilities are
translated at the rates ruling at the reporting date.
Exchange differences arising on the retranslation
of unsettled monetary assets and liabilities are
recognised immediately in profit or loss, except for
foreign currency borrowings qualifying as a hedge
of a net investment in a foreign operation, in which
case exchange differences are recognised in other
comprehensive income and accumulated in the
foreign exchange reserve along with the exchange
differences arising on the retranslation of the
foreign operation.
For the purpose of presenting consolidated
financial statements, the assets and liabilities of
the Group’s foreign operations are translated at
exchange rates prevailing on the reporting date.
Income and expense items are translated at the
average exchange rates for the period. Exchange
differences arising, if any, are recognised in other
comprehensive income and accumulated in a
foreign exchange translation reserve.
3.13. Application of new and
revised New Zealand IFRS
Accounting Standards
All new and amended standards were implemented
and the impact deemed not to be material.
The Group has not early adopted any standards,
interpretations or amendments that have been
issued but are not yet effective.
NZ IFRS 18 Presentation and Disclosure in Financial
Statements, issued in May 2024, is effective for
annual reporting periods beginning on or after
1 January 2027, and entities can early adopt
this accounting standard. NZ IFRS 18 sets out
requirements for the presentation and disclosure of
information in general purpose financial statements
to help ensure they provide relevant information
that faithfully represents an entity’s assets, liabilities,
equity, income and expenses.
The Group is yet to assess NZ IFRS 18’s full impact.
The Group intends to apply the standard when it
becomes mandatory from 1 August 2027.
There are no other new or amended standards that
are issued but not yet effective, that are expected to
have a material impact on the Group.

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21
Financial Statements
4. CRITICAL ACCOUNTING
ESTIMATES AND
JUDGEMENTS
In the application of the Group’s accounting policies,
which are described in note 3, the directors of the
Group are required to make judgements, estimates
and assumptions about the carrying amounts of
assets and liabilities that are not readily apparent
from other sources. The estimates and associated
assumptions are based on historical experience and
other factors that are considered to be relevant.
Actual results may differ from these estimates.
The estimates and underlying assumptions are
reviewed on an ongoing basis. Revisions to
accounting estimates are recognised in the period
in which the estimate is revised if the revision affects
only that period, or in the period of the revision and
future periods if the revision affects both current
and future periods. Below are the critical accounting
judgements.
4.1. Going concern
The consolidated financial statements have been
prepared on a going concern basis, which assumes
that the Group has the intention and ability to
continue its operations for the foreseeable future.
The Group incurred an after-tax loss of $6.0 million
in the year to 30 June 2025 (30 June 2024: $11.3
million loss). The Group’s net cash outflows from
operating activities during the year was $0.9 million
(30 June 2024: $3.1 million net operating cash
outflow).
At the reporting date the Group had cash of $1.3
million (2024: $2.8 million), negative working capital
of $3.2 million (2024: positive $16.0 million) and
net liabilities of $2.3 million (2024: $3.6 million net
assets).
At 30 June 2025 the Group had fully drawn down
its $2.7 million cash overdraft facility (2024: a
drawdown of $2.5m), had total bank loans of $7.3
million (2024: $7.3 million), and a subordinated note
payable of $5.8 million (2024: $5.6 million).
On 27 July 2025 the directors of King Honey Holdings
Limited and King Honey Limited, both wholly-owned
subsidiaries of Me Today, requested that the Bank
of New Zealand (‘BNZ’) appoint receivers and
managers over the assets of each subsidiary (refer
note 27.1). Simultaneously, the directors appointed
liquidators. From the date of the receivership the Me
Today group has no responsibility for the operations
or cashflows of the King Honey business. The going
concern assumption therefore considers just the
business and operations of the remaining Me Today
group.
As disclosed in note 7: Segment Information, the
King Honey segment which consisted of King Honey
Holdings Limited and King Honey Limited had net
liabilities of $4.1 million including bank borrowings
of $7.7 million and a subordinated note payable of
$5.8 million. On being placed into receivership the
net liabilities of King Honey Holdings Limited and
King Honey Limited are removed from the Group’s
financial statements, improving the Group’s net
assets position and reducing the Group’s ongoing
borrowing commitments.
In 2024 the King Honey business was ring-fenced
from the Me Today Group through an agreement
with the Group’s lenders to remove Me Today from
the King Honey debt security group (refer note 18
for details of borrowing facilities at the reporting
date). As a result, Me Today Limited has no financial
obligations in relation to the debts of King Honey
Holdings Limited and King Honey Limited.
The Group continues to work closely with its bank, the
Bank of New Zealand (‘BNZ’). The BNZ is continuing
to provide financial support to the business. The BNZ
has agreed to extend the term of the $2.3 million
CARL facility (refer note 18) for a further 3 years to
16 September 2028 with payments of interest only
during this term.
The Board has agreed to undertake a further capital
raise in September 2025. The funds raised will be
used to continue to build on the Me Today platform
that has been created and the opportunities that lie
ahead. The major shareholders of Me Today remain
committed to supporting the growth and ongoing
investment required to expand the brand. To assist
the capital raise the trustees of the Baker Investment
Trust No 2 and the trustees of the Sinclair Investment
Trust, which are entities associated with Grant Baker
and Stephen Sinclair, have together agreed to
underwrite the first $1.5 million. Given the underwrite
is from the major shareholders of the Company,
the capital raise and the underwriting requires
approval by an ordinary resolution of shareholders. A
shareholders meeting is planned for September. The
trustees of the Baker Investment Trust No 2 and the
trustees of the Sinclair Investment Trust are not able
to vote on these resolutions.
The Directors are satisfied that based on their
review of the Group’s current financial forecasts, the
underwriting of the upcoming capital raise and the
extension agreement with the BNZ, that, during the 12
months after the date of signing these consolidated
financial statements, there will be adequate cash
flows available to meet the financial obligations
of the Group as they arise. Should shareholder
approval not be obtained for the capital raise, the
Group’s cash flow forecasts indicate that the Group
would not have sufficient cash reserves to meets its
obligations as and when they fall due. The Directors
acknowledge that this leads to material uncertainties
in the cash flow forecast that may cast significant
doubt over the Group’s ability to continue as a going
concern. Should this occur, the Board will need to
consider future options available such as significantly
reducing costs, negotiating an alternative plan with
the Group’s lenders or selling the Me Today brand. In
the Board’s opinion none of these options will provide
the same potential to create shareholder value
compared to the capital raise.

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22
Also, whilst the Group continues to build commercial
relationships with new and existing customers,
future looking forecasts are inherently uncertain.
The Directors consider the Group’s cash balances
post the capital raise will provide it with sufficient
headroom should it be required if sales or cost
forecasts are not achieved.
The considered view of the Board is that, after
making due enquiries and considering relevant
factors, there is a reasonable expectation that the
Group will have access to adequate resources and
commitments from its shareholders and borrowers,
that will enable it to meet its financial obligations for
the foreseeable future.
The consolidated financial statements do not
include any adjustments that may be made to
reflect a situation where the Group is unable to
continue as a going concern. Such adjustments
may include realising assets at amounts different
to which they are recorded in the consolidated
financial statements.
4.2. Inventory net realisable
value
Inventories are carried at the lower of cost and
net realisable value. Historically, the calculation of
net realisable value has been based on past and
projected sales, utilising actual sales data alongside
the King Honey Limited budget and forecasts, and
calculating net realisable value by referencing the
likely manner in which the honey inventory will be
used. At the current reporting date, due to King
Honey Limited being placed into receivership (note
27.1), there are no sales projections to support this
approach. Consequently, the methodology was
adjusted to value inventory based on current market
values in its current state.
There is judgement involved in estimating the net
realisable value of the honey inventory (note 12).
4.3. Discontinued activities
The Group has previously announced that it was
working to sell the King Honey Limited subsidiary.
NZ IFRS 5 Non-current Assets Held for Sale and
Discontinued Activities requires the sale of a
disposal group, such as King Honey Limited, to be
highly probable in order to be classified as held
for sale. The Board have assessed the guidance
of highly probable in NZ IFRS 5 and consider that,
in their judgment, the potential for a sale of King
Honey at the reporting date did not meet the
criteria to be classified as held for sale. No sale of
King Honey Limited eventuated subsequent to the
reporting date and the company was placed into
receivership (note 27.1).
The classification of whether King Honey Limited
should be held for sale fundamentally alters the
disclosure of the operations of the company in the
Consolidated Statement of Financial Performance,
Consolidated Statement of Financial Position and
Consolidated Statement of Cash Flows.
4.4. Trademark licence
arrangement
The Group has entered into a Trademark Licence
Agreement (‘TMLA’), Share Option Agreement
(‘SoA’) and Shareholders’ Agreement (‘SHA’) with
a customer in China. The licence provides the
customer with exclusive rights to use the Me Today
Trademark in China, which is held by Me Today’s
subsidiary, Me Today China Limited (‘MTCL’), for an
initial term of 10 years. The SoA allows the customer
the option to receive up five tranches of 10% of
the shares in MTCL as it achieves increasing sales
targets, as well as a corresponding percentage
discount in the licence fee payable. The shares
received by the customer entitle them to appoint
one director and to a share of the net equity on
wind up of MTCL. The shares do not carry a right to
receive dividends.
Judgement is required in determining that:
• the appropriate treatment is to recognise
the licence fee as revenue, with the Group’s
revenue recognition policy disclosed in note
3.2.3; and
• the arrangement does not create joint
control of MTCL at 30 June 2025. MTCL is
therefore consolidated as a subsidiary and the
consolidated financial statements recognise
the non-controlling interest in MTCL. The non-
controlling interest holds 20% of MTCL shares
at 30 June 2025 and the arrangement creates
a derivative option financial liability which
has a fair value that has been assessed as not
significant.
4.5. Deferred tax
Judgement is exercised in determining the timing
and extent of recognition of the benefit of tax
losses. The benefit of tax losses can be recognised
as an asset if its recovery is ‘probable’ (more likely
than not). In the absence of any track record of
profitability, convincing evidence is needed of how
the losses will be recovered in the future, before any
deferred tax asset is recognised. The Group has
recognised the benefit in respect of the tax losses
generated to the extent they offset a deferred tax
liability (refer note 8).

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23
Financial Statements
5. REVENUE
2025
NZ$000
2024
NZ$000
Revenue from sale of Me Today branded health, wellbeing and manuka
honey products before marketing services provided by customers
4,8903,250
Less marketing services provided by customers(1,048)(1,094)
Revenue from sale of Me Today branded health, wellbeing and manuka
honey products
3,842 2,156
Revenue from sale of King Honey honey products2,656 2,052
Revenue from agency services511 649
Revenue from licence fees445 175
Total revenue7,454 5,032
The details above disaggregate the Group’s revenue from contracts with customers into primary markets, and
major product and service lines.
Revenue was generated from the following geographical regions:
2025
NZ$000
2024
NZ$000
New Zealand5,672 3,025
USA1,611 1,879
Europe171 128
Total revenue7,454 5,032
Revenue is allocated geographically based upon the jurisdiction in which the revenue is recognised for
taxation purposes.

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24
6. EXPENSES
The loss for the year includes the following expenses.
Note
2025
NZ$000
2024
NZ$000
Salaries(2,544)(3,080)
Employer kiwisaver contributions(68)(80)
Directors' fees24(50)(193)
Accounting and consulting(97)(59)
Shareholder expenses(38)(47)
Impairment of property, plant and equipment14(655) -
Loss on disposal for property, plant and equipment(220) -

Depreciation and amortisations:

Depreciation of property, plant and equipment14(267)(467)
Depreciation of right of use assets15.1(231)(367)
Amortisation of customer relationship asset16 - (542)
Amortisation of other intangible assets16(1)(1)
(499)(1,377)
Depreciation and amortisation are allocated as follows:

Capitalised to biological WIP - 58
Included in the operating loss(499)(1,319)

Finance expenses:
Interest on lease liabilities21(11)(18)
Interest on borrowings21(805)(713)
(816)(731)
Restructuring costs:

- fair value loss on biological assets - (471)
- loss on disposal for property, plant and equipment - (566)
- impairment of right of use asset15.1 - (115)
- write down of assets held for sale13 - (28)
- other restructuring costs - (358)
- (1,538)
Fees incurred for services provided by the auditor, BDO
Auckland
Audit of the financial statements(145)(139)

Non audit services:
Tax return preparation(14)(19)
Tax advisory fees(3) -
(17)(19)
Total fees incurred for services provided by BDO Auckland(162)(158)

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25
Financial Statements
7. SEGMENT INFORMATION
The Group:
• produces, sells, and markets health, wellbeing and manuka honey products, and licences the use of the
Me Today brand (‘Me Today brand’ segment);
• acts as an agent on behalf of other health and wellbeing suppliers (‘Agency services’ segment); and
produces and sells premium mānuka honey (‘King Honey’ segment).
2025
Me
Today
brand
NZ$000
Agency
services
NZ$000
King
Honey
NZ$000
Head
office
NZ$000
Inter
segment
NZ$000
To t a l
NZ$000
Revenue before marketing services
provided by customers
5,335 511 2,656 - - 8,502
Less marketing services provided by
customers
(1,048) - - - - (1,048)
Total external revenue4,287 511 2,656 - - 7,454
Total inter-segment revenue - - 998 - (998) -
Total revenue4,287 511 3,654 - (998)7,454

 

Total operating EBITDA(1,016)(195)(2,614)(930) - (4,755)
Finance income - - 1 53 - 54
Finance expenses - - (638)(178) - (816)
Depreciation and amortisations(4)(1)(398)(96) - (499)
Net loss before taxation(1,020)(196)(3,649)(1,151) - (6,016)
Income tax benefit - - - - - -
Net loss for the year(1,020)(196)(3,649)(1,151) - (6,016)

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26
2024
Me Today
brand
NZ$000
Agency
services
NZ$000
King
Honey
NZ$000
Head
office
NZ$000
Inter
segment
NZ$000
Total
NZ$000
Revenue before marketing services
provided by customers
3,425 649 2,052 - - 6,126
Less marketing services provided by
customers
(1,094) - - - - (1,094)
Total external revenue2,331 649 2,052 - - 5,032
Total inter-segment revenue - - 458 -
(458)
-
Total revenue2,331 649 2,510 - (458)5,032

 

Total operating EBITDA(1,349)(180)(1,845)(1,106) - (4,480)
Finance income - - 1 14 - 15
Finance expenses - - (672)(59) - (731)
Amortisation of customer relationship
asset
- - (542) - - (542)
Depreciation and amortisations(7)(2)(362)(96) - (467)
Fair value loss on harvested honey - - (82) - - (82)
Restructuring costs - - (1,538) - - (1,538)
Impairment of customer relationship
asset
- - (3,451) - - (3,451)
Net loss before taxation(1,356)(182)(8,491)(1,247) - (11,276)
Income tax benefit - - - - - -
Net loss for the year(1,356)(182)(8,491)(1,247) - (11,276)
‘Operating EBITDA’ is used by the Board to measure the underlying performance of segments before interest,
tax, depreciation, amortisation, fair value adjustments, restructuring and impairment costs.
Head office expenses include management salaries and costs related to the NZX listing.
2025
Me Today
brand
NZ$000
Agency
services
NZ$000
King
Honey
NZ$000
Head
office
NZ$000
Total
NZ$000
Segment assets3,705 304 9,999 1,191 15,199
Segment liabilities610 216 14,078 2,639 17,543
2024
Me Today
brand
NZ$000
Agency
services
NZ$000
King
Honey
NZ$000
Head
office
NZ$000
Total
NZ$000
Segment assets3,962 576 14,528 2,396 21,462
Segment liabilities942 150 14,124 2,640 17,856

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27
Financial Statements
The ‘Me Today brand’ segment was previously named ‘Sale of goods’ and the “King Honey’ segment was
previously named ‘Honey’. These segments were renamed to better describe the nature of their operations.
There has been no change to the operations that are included in these segments.
The Group has identified its operating segments based on the internal reports reviewed and used by the Chief
Operating Decision Maker (‘CODM’), being the Board of Directors, in assessing the Group’s performance and
in determining the allocation of resources.
7.1. Information about major customers
During the financial year there were 2 customers who individually accounted for more than 10% of the Group’s
total sales (2024: 2 customers). Sales to these customers were $1,056,849 and $1,703,070 (2024: $968,667 and
$740,545). These customers purchased goods or agency services.
8. TAXATION
8.1. Income tax recognised in profit or loss
The analysis of the income tax expense is as follows:
2025
NZ$000
2024
NZ$000
Current income tax
Current income tax charge - -
Deferred tax - -
Total income tax expense recognised in the current year - -
8.2. Reconciliation of income tax expense
The charge for the year can be reconciled to the loss before income tax as follows:
2025
NZ$000
2024
NZ$000
Loss before income tax(6,016)(11,276)
Current year tax at the tax rate of 28% (2024: 28%)(1,684)(3,157)
Non-deductible expenses27 11
Current tax losses not recognised1,657 3,146
Income tax expense - -

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28
8.3. Deferred tax
Opening
balance
NZ$000
Recognised
in loss
NZ$000
Closing
balance
NZ$000
2025
Deferred tax assets/(liabilities) in relation to:
Inventory fair value adjustments 1,614 113 1,727
Fair value loss on harvested honey 872 (144)728
Impairment of property, plant & equipment - 183 183
Write down of assets held for sale 7 (7)-
Other 171 (87)84
Deferred tax assets not recognised (2,664) (58)(2,722)
- - -
Opening
balance
NZ$000
Recognised
in loss
NZ$000
Closing
balance
NZ$000
2024
Deferred tax assets/(liabilities) in relation to:
Customer relationship asset (1,118) 1,118 -
Inventory fair value adjustments 1,363 251 1,614
Fair value loss on harvested honey 1,009 (137)872
Write down of assets held for sale 36 (29)7
Other 21 150 171
Deferred tax assets not recognised (2,429) (235)(2,664)
Tax losses offset against deferred tax liability 1,118 (1,118)-
- - -
2025
NZ$000
2024
NZ$000
Tax losses
Tax losses for which no deferred tax asset has been recognised44,192 38,275
Tax losses lost on receivership (note 27.1) (28,900) -
Unrecognsied tax losses carried forward to future periods15,292 38,275
Potential tax benefit of available tax losses @ 28%4,282 10,717
The Group did not recognise deferred income tax assets in relation to the losses disclosed above except to the
extent they offset the deferred tax liability. The losses can be carried forward against future income subject
to meeting the requirements of income tax legislation including those relating to shareholder continuity and
business continuity (note 4.1).

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29
Financial Statements
9. EARNINGS PER SHARE
2025 2024
Basic and diluted earnings/(loss) per share (NZ$)(0.111)(0.411)
The losses and weighted average number of ordinary shares
used in the calculation of loss per share are as follows:
Loss from continuing operations (NZ$000)(6,016)(11,276)
Weighted average number of ordinary shares used in the
calculation of basic and diluted earnings per share ('000)
54,320 27,421
At 30 June 2025 there were no financial instruments that carried any shareholder dilution rights that were
considered to be dilutive (2024: none).
10. CASH AND CASH EQUIVALENTS
2025
NZ$000
2024
NZ$000
Cash at bank and on hand1,259 2,837
The carrying amount for cash and cash equivalents equals the fair value. Cash balances are on call and earn
no interest.
11. TRADE AND OTHER RECEIVABLES
2025
NZ$000
2024
NZ$000
Trade receivables1,359 1,416
Allowance for expected credit losses(54)(129)
Other receivables279 330
Total financial assets at amortised cost1,584 1,617
GST receivable41 19
Prepayments169 124
Total trade and other receivables1,794 1,760

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30
11.1. Allowance for expected credit losses
2025
NZ$000
2024
NZ$000
At 1 July 129 -
Impairment losses recognised on receivables - 129
Amounts written off as uncollectable (75) -
At 30 June54 129
The Group’s trade receivables aging is as follows:
NZ$000Current
Less than 30
days past due
30 to 60 days
past due
More than 60
days past dueTotal
2025
Trade receivables1,087 55 47 170 1,359
Loss allowance - - - (54)(54)
2024
Trade receivables428 445 2 541 1,416
Loss allowance - - - (129)(129)
The standard credit period on sales of goods is 30 or 60 days on the provision of the sale of goods or
rendering of agency services.
In determining the recoverability of a trade receivable, the Group considers any change in the credit quality
of the trade receivable from the date credit was initially granted up to the end of the reporting period. The
Group has 2 main customers who are both assessed as creditworthy (2024: 2). The Group maintains close
working relationships with these customers. The Group does not hold any collateral over these balances.
The Group determines the expected credit losses on receivables by using a provision matrix, estimated based
on historical credit loss experience based on the past due status of the debtors, adjusted as appropriate to
reflect current conditions and estimates of future economic conditions.

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Financial Statements
12. INVENTORIES
2025
NZ$000
2024
NZ$000
Raw materials8,732 10,171
Finished goods1,906 3,780
Packaging materials554 567
11,192 14,518
$976,000 of inventory was written off to profit or loss during the year (2024: $50,000). $812,000 of this write
off relates to King Honey. $5.4 million of inventory was expensed to profit or loss during the year (2024: $2.8
million).
The Group’s inventory net realisable value provision at 30 June 2025 was $3.4 million (2024: $2.2 million) (refer
to note 4.2 for the details of judgements about inventory net realisable value).
$9.0 million of inventory was held by King Honey at the reporting date.
13. ASSETS HELD FOR SALE
2025
NZ$000
2024
NZ$000
Property, plant and equipment - 169
Biological assets - 72
- 241
2025
NZ$000
2024
NZ$000
At 1 July 241 93
Reclassified from property, plant & equipment (note 14):
- cost - 267
- accumulated depreciation - (129)
Net book value reclassified from property, plant & equipment- 138
Reclassified from biological assets - 100
Write down of assets held for sale - (28)
Net book value reclassified from biological assets - 72
Sale of assets (77) (62)
Reclassified to property, plant & equipment (note 14) (164) -
At 30 June - 241
The Group ceased its process of actively selling the assets held for sale while it was in discussions to sell the
King Honey operations. The assets were therefore reclassified back to property plant and equipment.

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14. PROPERTY, PLANT AND EQUIPMENT
Plant &
equipment
NZ$000
Vehicles
NZ$000
Office
equipment &
furniture
NZ$000
Leasehold
improvements
NZ$000
Total
NZ$000
Cost:
At 1 July 2023 3,131 684 198 3674,380
Additions 12 - - -
12
Transferred to assets held for sale (note 13) - (267) - -
(267)
Disposals(1,074)(255) - -
(1,329)
At 30 June 2024 2,069 162 198 367 2,796
Additions - - 4 -
4
Transferred from assets held for sale (note 13) - 164 - -
164
Disposals (3)(9) - (367)
(379)
At 30 June 2025 2,066 317 202 - 2,585
Accumulated depreciation:
At 1 July 2023 (974)(214) (139) (95)(1,422)
Depreciation expense (342)(76) (21) (28)
(467)
Transferred to assets held for sale (note 13) - 129 - -
129
Disposals 490 111 - -
601
At 30 June 2024 (826)(50) (160) (123)(1,159)
Depreciation expense (201)(26) (16) (24)
(267)
Impairment (655)- - -
(655)
Disposals 1 2 - 147
150
At 30 June 2025 (1,681)(74) (176) - (1,931)
Carrying amount:
At 30 June 2025 385 243 26 - 654
At 30 June 2024 1,243 112
38 244 1,637
At 1 July 2023 2,157 470 59 272 2,958
Property, plant and equipment with a carrying value of $632,000 are owned by King Honey Limited and the
control of these assets was transferred to the receiver on the subsequent receivership of the company (note
27.1).

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Financial Statements
15. LEASES
15.1. Right-of-use assets

Premises
NZ$000
Hive
placements
NZ$000

Total
NZ$000
Cost:
At 1 July 2023 1,216 720 1,936
Additions 38 - 38
Lease modifications - (12) (12)
At 30 June 2024 1,254 708 1,962
Disposals (122) (217) (339)
At 30 June 2025 1,132 491 1,623
Accumulated amortisation:
At 1 July 2023 (705) (461) (1,166)
Depreciation expense (235) (132) (367)
Impairment of right-of-use assets - (115)(115)
At 30 June 2024(940)(708)(1,648)
Depreciation expense (231) - (231)
Disposals 122 217 339
At 30 June 2025 (1,049) (491) (1,540)
Carrying amount:
At 30 June 2025 83 - 83
At 30 June 2024 314 - 314
At 1 July 2023 511 259 770
The Group leases warehouse and administration premises, and previously leased land used for hive
placements.

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15.2. Lease liability
2025
NZ$000
2024
NZ$000
Maturity analysis - contractual undiscounted cash flows
Up to one year66 336
One to two years26 66
Two to five years13 38
Total undiscounted lease liabilities105 440
Lease liabilities included in the Consolidated Statement of Financial Position
Current63 326
Non-current37 100
100 426
Refer to note 21 for a reconciliation of the movement in leases liabilities.
At the reporting date the Group had 5 property leases with an average remaining term of 0.7 years (2024:
1.7 years). The Group also had 3 land access leases with an average remaining term of 0.5 years (2024: 1.5
years).
The average IBR rate is 6.48% (2024: 7.17%).
Short term lease expenses included in operating loss were $130,580 (2024: $194,000).

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35
Financial Statements
16. INTANGIBLE ASSETS
Customer
relationship
NZ$000

Website
NZ$000
Trademarks
& domains
NZ$000

Total
NZ$000
Cost:
At 1 July 20239,300 26 96 9,422
Additions - - 37
37
At 30 June 20249,300 26 133 9,459
Additions - - 38
38
At 30 June 20259,300 26 171 9,497
Accumulated amortisation and impairment:
At 1 July 2023(5,307)(24) - (5,331)
Amortisation expense(542)(1) -
(543)
Impairment of intangible asset(3,451) - -
(3,451)
At 30 June 2024(9,300)(25) - (9,325)
Amortisation expense - (1) -
(1)
At 30 June 2025(9,300)(26) - (9,326)
Carrying amount:
At 30 June 2025 - - 171 171
At 30 June 2024 - 1 133 134
At 1 July 20233,993 2 96 4,091
17. TRADE AND OTHER PAYABLES
2025
NZ$000
2024
NZ$000
Trade payables891 1,058
Accruals515 581
Directors shares accrued (note 24)108 -
Customer deposit - 238
Other payables169 183
1,683 2,060
Trade and other payables are unsecured, non-interest bearing and usually paid within 45 days of recognition.
Therefore, the carrying value of creditors and other payables approximates their fair value.

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18. BORROWINGS
2025
NZ$000
2024
NZ$000
Secured borrowings at amortised cost
Banks overdraft18.12,676 2,486
Banks loans18.17,284 7,284
Subordinated note18.25,800 5,600
15,760 15,370
Current15,760 1,000
Non-current - 14,370
15,760 15,370
The Group has borrowings of $9.96 million (2024: $9.77 million) with the Bank of New Zealand (‘BNZ’) and a
subordinated note payable to the Jarvis Trust of $5.8 million (2024: $5.6 million). At the reporting date $13.5
million of the total borrowings were repayable by King Honey Holdings Limited or its subsidiary, King Honey
Limited. Responsibility for the repayment of this $13.5 million was transferred to the receiver of King Honey
Holdings Limited on 27 July 2025 (refer note 27.1)
18.1. Bank borrowing facilities
2025
NZ$000
2024
NZ$000
Bank overdraft
Balance at 1 July2,486 -
Net draw down on overdraft facility190 2,486
Balance at 30 June2,676 2,486
Bank loans
Balance at 1 July7,284 7,034
Proceeds from bank loans - 250
Balance at 30 June7,284 7,284
The BNZ borrowing arrangements ring fence the Me Today business from the King Honey business. To this end,
the BNZ has agreed that Me Today Limited is removed from the debt security group security arrangements
noted below, except for an amount of $2.25 million.
Given the performance of the King Honey business the amounts due to the BNZ have not been able to be
repaid as scheduled and on 27 July 2025 the directors of King Honey Holdings Limited and King Honey Limited,
both wholly-owned subsidiaries of Me Today, requested that the BNZ appoint receivers and managers over
the assets of each subsidiary (note 27.1).
Under the Group’s bank facilities at 30 June 2025:
• King Honey Holdings Limited borrowed $0.9 million (2024: $0.9 million) through a customised average
rate loan facility (CARL). The facility is for a term of 5 years which matures on 29 June 2026. Repayments
are interest only until 30 June 2025 with quarterly repayments of $250,000 due thereafter. The interest
rate on this facility at 30 June 2025 was 9.1% per annum (2024: 9.1%). The facility is secured by a first
ranking general security agreement over all present and acquired property of King Honey Holdings

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Financial Statements
Limited and an unlimited intercompany guarantee from King Honey Limited.

Responsibility for the repayment of this borrowing facility was transferred to the receiver of King Honey
Holdings Limited on 27 July 2025 (note 27.1).
• King Honey Holdings Limited borrowed $4.1 million through a Business First Term Loan facility (2024: $4.1
million). The facility is for a term of 5 years which matures on 29 June 2026. Repayments during the term
are interest only. The interest rate on this facility at 30 June 2025 was 2.3% per annum (2024: 2.3%). The
facility is secured by a first ranking general security agreement over all present and acquired property of
King Honey Holdings Limited and an unlimited intercompany guarantee from King Honey Limited.

Responsibility for the repayment of this borrowing facility was transferred to the receiver of King Honey
Holdings Limited on 27 July 2025 (note 27.1).
• King Honey Holdings Limited entered into a $2.5 million overdraft facility (2024: $2.5 million). The
facility was initially agreed to reduce to $1.5 million by $250,000 increments per quarter commencing
30 September 2024. Subsequently, the BNZ agreed to defer the commencement of the $250,000 per
quarter reduction of the overdraft facility until 31 December 2024. The term remains on demand and
subject to annual review. The interest rate on this facility at 30 June 2025 was 7.29% per annum (2024:
9.8%). The facility is secured by a first ranking general security agreement over all present and acquired
property of KHHL and an unlimited intercompany guarantee from King Honey Limited.

Responsibility for the repayment of this borrowing facility was transferred to the receiver of King Honey
Holdings Limited on 27 July 2025 (note 27.1).
• Me Today Limited borrowed $2.3 million (2024: $2.3 million) through a CARL facility. Initially the facility
was for a term of 2 years maturing on 20 March 2026. Subsequent to the reporting date the BNZ agreed
to extend the term of the $2.3 million CARL facility for a further 3 years to 16 September 2028. Payments
are interest only during the term. At 30 June 2025 the interest rate on this facility was 8.9% per annum
(2024: 8.81%). The facility is secured by:
a) first ranking general security agreement over all present and acquired property of Me Today Limited,
Me Today NZ Limited and The Good Brand Company Limited and by unlimited intercompany
guarantees between those companies; and
b) $2 million of the facility is secured by guarantees from King Honey Holdings Limited and King Honey
Limited.
At 30 June 2025 while the Group was in discussions with the BNZ regarding new funding terms the bank
borrowings were repayable on demand.
18.2. Subordinated note
2025
NZ$000
2024
NZ$000
Balance at 1 July5,600 5,400
Interest on borrowings200 200
Balance at 30 June5,800 5,600
The subordinated noted is payable by King Honey Holdings Limited to the Jarvis Trust, the previous owners of
King Honey Limited. The subordinated note is repayable on 30 June 2026 and has quarterly reviews from 1 July
2025 based on the value of mānuka honey inventory levels. The note is secured over all property of King Honey
Holdings Limited. This security interest ranks behind any security interest in favour of the BNZ pursuant to the
bank loan agreements noted above, but ahead of any other indebtedness of King Honey Holdings Limited.
Interest of 4% per annum is payable annually in arrears (2024: 4% per annum).
Responsibility for the repayment of the subordinated note liability was transferred to the receiver of King
Honey Holdings Limited on 27 July 2025 (note 27.1).

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19. SHARE CAPITAL
20252024
Voting
ordinary
shares
‘000
Non-voting
ordinary
shares
‘000
Voting
ordinary
shares
‘000
Non-voting
ordinary
shares
‘000
Number of ordinary shares:
Balance at 1 July54,320 - 1,295,728 248,035
Ordinary shares issued during the period - - 38,882 -
1 for 100 share consolidation - - (1,282,770)(245,555)
Non-voting shares reclassified as voting - - 2,480 (2,480)
Balance at 30 June54,320 - 54,320 -
All voting ordinary shares on issue are fully paid and rank equally with one vote attached to each share. All
non-voting ordinary shares were fully paid.
There is a non-controlling interest in relation to the Group’s subsidiary Me Today China Limited (‘MTCL’).
The non-controlling interest holds 20% of the subsidiary shares at the reporting date (2024: nil). The non-
controlling interest is not entitled to receive dividends and the amount for the 20% shares is not significant and
rounded to $nil (2024: $nil).

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Financial Statements
20. RECONCILIATION OF LOSS AFTER TAXATION WITH
CASH FLOW FROM OPERATING ACTIVITIES
2025
NZ$000
2024
NZ$000
Net loss after taxation (6,016)(11,276)
Adjustments for:

Depreciation and amortisation 499 1,377
Interest on borrowings
805 713
Interest on lease liabilities
11 18
Impairment of property, plant and equipment
655 -
Loss on disposal for property, plant and equipment
220 566
Impairment of customer relationship asset
- 3,451
Impairment of ROU asset
- 115
Fair value loss on biological assets
- 471
Write down of assets held for sale
- 28
Share-based payments
- 69
Other non-cash based movements
- (2)
Movements in working capital

(Increase) / decrease in trade and other receivables (34)683
(Increase) / decrease in inventory
3,326 241
(Increase) / decrease in biological work in progress
- 160
(Increase) / decrease in taxation receivable
(26)(10)
Increase / (decrease) in trade and other payables
(377)283

Net cash outflows from operating activities (937)(3,113)

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21. RECONCILIATION OF LIABILITIES ARISING FROM
FINANCING ACTIVITIES
2025
NZ$000
2024
NZ$000
Borrowings:
Balance at 1 July15,370 12,434
Cash:
Proceeds from bank borrowings190 2,736
Interest paid on borrowings(605)(513)
Non-cash:
Interest on borrowings805 713
Balance at 30 June15,760 15,370
Lease liabilities:
Balance at 1 July426 806
Cash:
Payment of lease liabilities principal(326)(406)
Interest paid on lease liabilities(11)(18)
Non-cash:
Lease liabilities recognised - 38
Impairment of lease - (12)
Interest on lease liabilities11 18
Balance at 30 June100 426

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Financial Statements
22. SUBSIDIARIES AND OTHER INVESTMENTS

NamePrincipal activityEquity holding
20252024
Subsidiaries:
The Good Brand Company LimitedSale of health & wellbeing products100%100%
Me Today NZ Limited
Production & sale of health &
wellbeing products
100%100%
Today LimitedNon-trading entity100%100%
Me Today EU LimitedSale of health & wellbeing products100%100%
Me Today UK Group LimitedSale of health & wellbeing products100%100%
King Honey Holdings LimitedInvestment in King Honey Limited100%100%
King Honey LimitedSale of manuka honey products100%100%
Me Today USA Inc.
Sale of health, wellbeing and honey
products
100%100%
Me Today China LimitedBrand owner80%100%
Me Today AU Pty LimitedNon-trading entity100%100%
Manuka Wellness LimitedNon-trading entity100%100%
King Honey Health Products LimitedNon-trading entity100%100%
Pure Manuka NZ LimitedNon-trading entity100%100%
Bee Plus Manuka NZ LimitedNon-trading entity100%100%
Other investments:
Bee Plus New Zealand LimitedBrand owner, non-trading15%15%
All subsidiaries are domiciled in New Zealand, with the exception of Me Today EU Limited which is domiciled
in Ireland, Me Today UK Group Limited which is domiciled in England, Me Today USA Inc. which is domiciled
in the United States and Me Today AU Pty Limited which is domiciled in Australia. All subsidiaries have a
reporting date of 30 June.
After the reporting date King Honey Holdings Limited and King Honey Limited were placed into receivership
and liquidation (note 27.1).
23. FINANCIAL INSTRUMENTS
The Group’s activities expose it to a variety of financial risks: market risk (including currency risk and
interest rate risk), credit and liquidity risk. The Group’s overall risk management programme focuses on
the unpredictability of financial markets and seeks to minimise potential adverse effects on its financial
performance.
Risk management is carried out under policies approved by the Board of Directors. The Board provides written
principles for overall risk management as well as policies covering specific areas such as interest rate risk,
credit risk, use of derivative financial instruments and non-derivative financial instruments.
The Group has entered into a number of non-derivative financial instruments all of which are classified as
financial assets and liabilities at amortised cost. The carrying values of these items approximate their fair
value and represent the maximum exposures for each type of financial instrument. They are listed as follows:

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42

Note
2025
NZ$000
2024
NZ$000
Financial assets at amortised cost
Cash and cash equivalents101,259 2,837
Trade receivables111,359 1,416
Other receivables11279 330
Total financial assets2,897 4,583
The fair value of cash and cash equivalents and trade receivables are determined to be equivalent to their
carrying value due to the short-term nature of these balances.

Note
2025
NZ$000
2024
NZ$000
Financial liabilities at amortised cost
Trade and other payables171,683 2,060
Bank overdraft182,676 2,486
Banks loans187,284 7,284
Subordinated note185,800 5,600
Total financial liabilities17,443 17,430
The fair value of trade payables and other liabilities, and the subordinated note, are determined to be
equivalent to their carrying value due to the short-term nature of these balances.
The fair value of the bank loans is $7.1 million (2024: $6.7 million) calculated based upon discounted cash
flows.
The Group does not have any derivative financial instruments (2024: nil).
23.1. Market risk
Market risk is the risk that changes in market prices, such as foreign exchange rates and interest rates will
affect the Group’s income or the value of its holdings of financial instruments. The objective of market risk
management is to manage and control the market risk exposures within acceptable parameters, while
optimising the return on risk. There is minimal market risk.
23.2. Cash flow and fair value interest rate risk
The Group’s interest rate risk arises from interest on borrowings at variable rates. The Group has an interest-
bearing on call bank account.
The fixed rate bank loan and the subordinated note (see note 18) have interest rates that are fixed for the
life of the loan. The BNZ CARL is the only borrowing with a variable interest rate (see note 18). The Group’s
exposure to a change in interest rates is therefore currently limited to the borrowings under the BNZ CARL
facility. The table below shows the impact that a 1% movement in the current interest rate on the BNZ CARL
facility would have on the per annum interest expense.
Facility balance
2025
NZ$000
Interest impact
Rate (+/-1%)
NZ$000
BNZ CARL facility3,158 32/(32)

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Financial Statements
23.3. Credit risk
Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails
to meet its contractual obligations and arises from cash and cash equivalents, deposits with banks and the
Group’s receivables from customers. The Group’s maximum credit risk is represented by the carrying value of
these financial assets. The credit risk associated with cash transactions and deposits is managed through the
Group’s policies that limit the use of counterparties to high credit quality financial institutions.
23.4. Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as and when the fall
due. The Group’s liquidity risk management includes maintaining sufficient cash reserves to meet future
commitments. Refer to note 4.1 in relation to going concern.
The following table provides a maturity analysis of the Group’s remaining contractual cash flows relating to
financial liabilities. Contractual cash flows include contractual undiscounted principal and interest payments.
Carrying
amount
NZ$000
Contractual
cash flows
NZ$000
Payable
0-6months
NZ$000
Payable
6-12 months
NZ$000
Payable
1-2 years
NZ$000
Payable
2-5 years
NZ$000
Non-derivative financial liabilities
2025
Trade and other payables1,683 1,458 1,241 125 46 46
Borrowings15,760 15,961 7,711 8,250 - -
Lease liability100 104 46 19 26 13
17,543 17,523 8,998 8,394 72 59
2024
Trade and other payables2,060 1,643 1,577 66 - -
Borrowings15,370 16,521 688 688 15,145 -
Lease liability426 440 211 125 66 38
17,856 18,604 2,476 879 15,211 38
The liquidity table above details contractual cash flows at the reporting date. King Honey Limited and King
Honey Holdings Limited were placed into receivership subsequent to the reporting date (refer note 27.1)
23.5. Capital risk management
The Group’s objectives when managing capital are to safeguard their ability to continue as a going concern,
so that they can continue to provide returns to shareholders and benefits for other stakeholders and to
maintain an optimal capital structure that reduces the cost of capital.
In 2024 the King Honey business was ring-fenced from the Me Today Group through an agreement with the
Group’s lenders to remove Me Today from the King Honey debt security group (refer note 18 for details of
borrowing facilities at the reporting date). The Group restructured its borrowings to protect the Company’s
ability to continue as a going concern should the King Honey business fail. As a result, when King Honey
Holding Limited and King Honey Limited were placed into receivership (note 27.1), Me Today Limited had no
financial obligations in relation to the debts of those companies.

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44
24. RELATED PARTIES
24.1. Directors
During the year the directors of the Company were Grant Baker (Chairman), Hannah Barrett, Roger Gower,
Michael Kerr, Richard Pearson, Stephen Sinclair and Antony Vriens.
24.2. Key management personnel compensation
Key management personnel compensation is set out below. The key management personnel are all the
directors of the Company.
2025
NZ$000
2024
NZ$000
Short term employee benefits - directors253 219
Short term benefits - directors fees50 118
Share-based payments - directors fees - 75
Short term benefits - consulting fees125 125
428 537
At 30 June 2025 the Group had accrued $108,000 due to independent directors that would be settled through
the issue of shares in the Company (note 17) (2024: $32,296 payable to the independent directors). In the year
to 30 June 2024, $75,000 of the remuneration due to the independent directors was settled by the issue of
937,500 shares in the Company.
A company owned by Stephen Sinclair received $125,000 in consulting fees as (30 June 2024: $125,000).
24.3. Related party transactions
There were no other related party transactions in the year ended 30 June 2025.
During the 2024 financial year the Company issued the following fully paid ordinary shares at $0.08 per share
to directors or their related entities, as part of the 8 March 2024 rights issue to shareholders:
• 20,937,500 issued to Baker Investment Trust No 2 of which Grant Baker is a trustee
• 8,437,500 issued to Sinclair Investment Trust of which Stephen Sinclair is a trustee
• 468,750 issued to Antony Vriens
• 156,250 issued to Hannah Barrett
• 156,250 issued to Roger Gower
• 156,250 issued to Richard Pearson.
In the year ended 30 June 2024, Hannah Barrett received $6,250 for providing marketing services to the
Group.

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45
Financial Statements
25. CONTINGENT LIABILITIES
There are no contingent liabilities as at 30 June 2025 (2024: nil).
26. COMMITMENTS
The Company had no commitments for future capital expenditure as at 30 June 2025 (2024: nil).
27. SIGNIFICANT EVENTS SUBSEQUENT TO THE REPORTING
DATE
27.1. Receivership and liquidation of subsidiaries
On 27 July 2025 the directors of King Honey Holdings Limited and King Honey Limited, both wholly-owned
subsidiaries of Me Today, requested that the Bank of New Zealand appoint receivers and managers over the
assets of each subsidiary. Simultaneously, the directors appointed liquidators.
The decision to appoint receivers was made due to ongoing trading challenges in the manuka honey sector,
and the subsidiaries’ inability to secure a viable funding solution with key lenders or to conclude a transaction
to sell the King Honey business.
In 2024 the King Honey business was ring-fenced from the Me Today Group through an agreement with the
Group’s lenders to remove Me Today from the King Honey debt security group (refer note 18 for details of
borrowing facilities at the reporting date). As a result, Me Today Limited has no financial obligations in relation
to the debts of King Honey Holdings Limited and King Honey Limited.
This event is considered a non-adjusting subsequent event and the impact of this decision is not reflected in
the 2025 financial statements.
As disclosed in note 7: Segment Information, the King Honey segment, which predominantly consisted of King
Honey Holdings Limited and King Honey Limited, had total assets of $10.0 million and total liabilities of $14.1
million at the reporting date. Total assets included inventory of $9.0 million and property, plant and equipment
of $0.63 million. Total liabilities included trade and other payables of $0.5 million and borrowings of $13.5
million.
Following the receivership on 27 July 2025, the King Honey net liabilities are no longer the responsibility of
the Group and therefore a gain on disposal of King Honey Holdings Limited and King Honey Limited will be
reported in the 2026 financial year. The gain is estimated at $4.2 million and includes the results of trading
through to 27 July 2025.

Independent
Auditor’s Report
TO THE SHAREHOLDERS OF ME TODAY LIMITED

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48
Independent Auditor’s Report
Opinion
We have audited the consolidated financial
statements of Me Today Limited (“the Company”)
and its subsidiaries (together, “the Group”), which
comprise the consolidated statement of financial
position as at 30 June 2025, and the consolidated
statement of profit or loss and other comprehensive
income, consolidated statement of changes in equity
and consolidated statement of cash flows for the
year then ended, and notes to the consolidated
financial statements, including material accounting
policy information.
In our opinion, the accompanying consolidated
financial statements present fairly, in all material
respects, the consolidated financial position of the
Group as at 30 June 2025, and its consolidated
financial performance and its consolidated cash
flows for the year then ended in accordance with
New Zealand equivalents to International Financial
Reporting Standards (“NZ IFRS”) and IFRS®
Accounting Standards.
Basis for Opinion
We conducted our audit in accordance with
International Standards on Auditing (New Zealand)
(“ISAs (NZ)”). Our responsibilities under those
standards are further described in the Auditor’s
Responsibilities for the Audit of the Consolidated
Financial Statements section of our report. We
are independent of the Group in accordance with
Professional and Ethical Standard 1 International
Code of Ethics for Assurance Practitioners (including
International Independence Standards) (New
Zealand) issued by the New Zealand Auditing and
Assurance Standards Board, and we have fulfilled
our other ethical responsibilities in accordance
with these requirements. We believe that the
audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion.
Independent Auditor’s Report
TO THE SHAREHOLDERS OF ME TODAY LIMITED
In addition to audit services, our firm provided
other services in the areas of tax return preparation
and tax advisory services. BDO partners and staff
also transact with the Group on normal trading
terms throughout the year. These matters have not
impaired our independence as auditor of the Group.
We have no other relationship with, or interests in,
the Company or its subsidiaries.
Material Uncertainty Related to Going
Concern
We draw attention to Note 4.1 to the consolidated
financial statements, which indicates that the Group
incurred an after-tax loss of $6.0 million in the year
to 30 June 2025, net cash outflows from operating
activities during the year was $0.9 million, as of 30
June 2025, the Group’s negative working capital
was $3.2 million. As stated in Note 4.1, these events
or conditions, along with other matters as set forth
in Note 4.1, indicate that a material uncertainty
exists that may cast significant doubt on the Group’s
ability to continue as a going concern. Our opinion is
not modified in respect of this matter.
Key Audit Matters
Key audit matters are those matters that, in our
professional judgement, were of most significance in
our audit of the consolidated financial statements of
the current period. These matters were addressed
in the context of our audit of the consolidated
financial statements as a whole and in forming our
opinion thereon, and we do not provide a separate
opinion on these matters. In addition to the matter
described in the Material Uncertainty Related to
Going Concern section, we have determined the
matters described below to be the key audit matters
to be communicated in our report.

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49
Inventory net realisable value
Key Audit Matter
At the reporting date, management is required to
consider if the inventory are carried at the lower
of cost or net realisable value. This has resulted in
the recognition of an inventory net realisable value
provision of $3.4m (2024: $2.2m).
The determination of the net realisable value of the
honey inventory has historically been based on King
Honey Limited budgets and forecasts for the sale
of inventories as finished products. However, due
to King Honey being placed into receivership, there
are no sales projections to support this approach.
Consequently, the net realisable value provision has
been adjusted to value honey inventory based on
current market values in its current form as drum
honey raw materials.
We identified the determination of the net realisable
value by management as a key audit matter to our
audit due to the significance of the balance to the
financial statements, the change in accounting
estimates, and the significant judgement involved in
determining these estimates.
See note 12 to the consolidated financial statements.
The Group’s critical accounting estimate and
judgement regarding inventory net realisable value
is disclosed in note 4.2 to the consolidated financial
statements.
How The Matter Was Addressed in Our Audit
• We obtained management’s calculation of
the net realisable value provision against the
carrying value of inventories.
• We obtained management’s rationale for the
basis for the net realisable value provision held,
and the change in accounting estimate.
• We agreed the net realisable values used in the
management calculation and re-calculated the
provision. This included corroboration against
available market pricing data, inventory on
hand and grade of honey inventory to external
third party testing.
• We challenged management with respect to
their rationale and on the existence of other
alternatives.
• We performed a retrospective review of the
previous year’s provision and its determination
based short term forecast demand identifying
excess inventory.
• We have reviewed disclosures in the
consolidated financial statements, to the
requirements of the accounting standard.

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50
Independent Auditor’s Report
Recognition of the trademark licence arrangement
Key Audit Matter
The Group has entered into agreements with a
customer in China. The agreements allow the
customer the right to use the Me Today China
trademark to manufacture goods itself in exchange
for licensing fees revenue. For an initial term of
10 years, it also allows them to receive up to five
tranches of 10% of the shares of Me Today China
Limited as it achieves increasing sales targets, as
well as a corresponding percentage discount in the
licensing fees payable.
This has been identified as a key audit matter as
there are management judgements in relation to the
recognition of licensing fee revenue, recognition of
a financial liability and the recognition of Me Today
China Limited as a subsidiary of the Group.
The Group’s accounting policy regarding licensing fee
revenue is disclosed in note 3.2.3 of the consolidated
financial statements and the revenue from licence
fees is disclosed in note 5. The Group’s critical
accounting estimate and judgement regarding the
trademark licence arrangement is disclosed in note
4.4 to the consolidated financial statements.
How The Matter Was Addressed in Our Audit
• We have obtained management’s accounting
assessment paper that considers the
agreements to the recognition requirements
under NZ IFRS 15 Revenue from Contracts with
Customers, NZ IFRS 11 Joint Arrangements and
NZ IFRS 9 Financial Instruments. We compared
management’s position to the requirements of
the accounting standards.
• We have agreed the licensing fee revenue
recognised on a sample basis back to the
terms of the agreements and the requirements
of NZ IFRS 15 Revenue from Contracts with
Customers.
• We have reviewed disclosures in the
consolidated financial statements, to the
requirements of the accounting standard.
Disclosure of King Honey Limited
Key Audit Matter
During the year it was announced that the Group was
working to sell the King Honey Limited (‘King Honey’)
subsidiary.
NZ IFRS 5 Non-current Assets Held for Sale and
Discontinued Activities requires the sale of a disposal
group to be highly probable in order to be classified
as held for sale. Management have assessed the
guidance of highly probable in the standard and
determined that, in their judgement, the sale of King
Honey does not meet the highly probably criteria to
be classified as held for sale at 30 June 2025.
We identified the determination of whether King
Honey should be classified as held for sale as a key
audit matter to our audit as this fundamentally alters
the disclosure of the operations of King Honey in
the consolidated financial statements. Additionally,
there is significant management judgement in
determining this classification, and the subsequent
to the reporting date the Directors of King Honey
Limited requested that the subsidiary was placed into
receivership.
The Group’s critical accounting estimate and
judgement regarding discontinued operations is
disclosed in note 4.3 to the consolidated financial
statements. Refer to Note 27.1 to the consolidated
financial statements in relation to the significant
events subsequent to the reporting date concerning
receivership and liquidation of subsidiaries.
How The Matter Was Addressed in Our Audit
• We understood the rationale for the judgement
adopted for the held for sale classification
and considered information provided by
management and the directors against the
guidance and requirements of the accounting
standard.
• We have considered facts and circumstances
surrounding the appointment of receivers to
King Honey Limited on 27 July 2025 as part of
this assessment. The appointment of receivers
was determined to be a non-adjusting post
balance date event.
• We have reviewed disclosures in the
consolidated financial statements, to the
requirements of the relevant accounting
standards.

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51
Other Information
The directors are responsible for the other
information. The other information comprises the
Market Announcement on the Me Today results for
the year ended 30 June 2025 (but does not include
the consolidated financial statements and our
auditor’s report thereon), which we obtained prior
to the date of this auditor’s report, and the Annual
Report, which is expected to be made available to
us after that date.
Our opinion on the consolidated financial
statements does not cover the other information
and we do not and will not express any form of audit
opinion or assurance conclusion thereon.
In connection with our audit of the consolidated
financial statements, our responsibility is to read the
other information identified above and, in doing so,
consider whether the other information is materially
inconsistent with the consolidated financial
statements or our knowledge obtained in the audit,
or otherwise appears to be materially misstated.
If, based on the work we have performed on the
other information that we obtained prior to the date
of this auditor’s report, we conclude that there is a
material misstatement of this other information, we
are required to report that fact. We have nothing to
report in this regard.
When we read the Annual Report, if we conclude
that there is a material misstatement therein, we
are required to communicate the matter to the
directors.
Directors’ Responsibilities for the
Consolidated Financial Statements
The directors are responsible on behalf of the Group
for the preparation and fair presentation of the
consolidated financial statements in accordance
with NZ IFRS and IFRS
®
Accounting Standards,
and for such internal control as the directors
determine is necessary to enable the preparation
of consolidated financial statements that are free
from material misstatement, whether due to fraud
or error.
In preparing the consolidated financial statements,
the directors are responsible on behalf of the Group
for assessing the Group’s ability to continue as a
going concern, disclosing, as applicable, matters
related to going concern and using the going
concern basis of accounting unless the directors
either intend to liquidate the Group or to cease
operations, or have no realistic alternative but to do
so.
BDO Auckland
Auckland
New Zealand
27 August 2025
Auditor’s Responsibilities for the
Audit of the Consolidated Financial
Statements
Our objectives are to obtain reasonable assurance
about whether the consolidated financial
statements as a whole are free from material
misstatement, whether due to fraud or error, and to
issue an auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance,
but is not a guarantee that an audit conducted in
accordance with ISAs (NZ) will always detect a
material misstatement when it exists. Misstatements
can arise from fraud or error and are considered
material if, individually or in the aggregate, they
could reasonably be expected to influence the
decisions of users taken on the basis of these
consolidated financial statements.
A further description of our responsibility for the
audit of the financial statements is located on the
External Reporting Board’s website at:
https://www.xrb.govt.nz/standards-for-assurance-
practitioners/auditors-responsibilities/audit-
report-1.
This description forms part of our auditor’s report.
Who we Report to
This report is made solely to the Company’s
shareholders, as a body. Our audit work has been
undertaken so that we might state those matters
which we are required to state to them in an
auditor’s report and for no other purpose. To the
fullest extent permitted by law, we do not accept
or assume responsibility to anyone other than the
Company and the Company’s shareholders, as a
body, for our audit work, for this report or for the
opinions we have formed.
The engagement partner on the audit resulting in
this independent auditor’s report is Mark Nicholson.

Corporate
Governance
Statement

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Corporate Governance & Company Directory
Corporate Governance Statement
FOR THE 12 MONTHS ENDED 30 JUNE 2025
The Board is responsible for the overall corporate governance of the Company, and it recognises the need
for the highest standards of behaviour and accountability. The Board develops strategies for the Company,
reviews strategic objectives and monitors the Company’s performance against those objectives. The overall
goals of the corporate governance process are to:
• drive shareholder value;
• assure a prudential and ethical base to the Company’s conduct and activities; and
• ensure compliance with the Company’s legal and regulatory obligations.
The Governance Principles adopted by the Board are designed to achieve these goals.
The full content of the Company’s Governance Code and related polices and charters, can be found at the
following link (https://www.metodayinvestors.com/corporate-governance/).
This statement is a summary of the Corporate Governance arrangements approved and observed by the
Board as at 30 June 2025. The statement has been approved by the Board.
CODE OF ETHICS
The Board has documented a code of ethics, which can be found at https://www.metodayinvestors.com/
corporate-governance/, detailing the ethical standards to which Me Today Limited’s directors and employees
are expected to adhere.
ROLE OF THE BOARD
The Board assumes the following primary responsibilities:
• formulation and approval of the strategic direction, objectives and goals of the Company;
• monitoring the financial performance of the Company, including approval of the Company’s financial
statements;
• ensuring that adequate internal control systems and procedures exist and that compliance with these
systems and procedures is maintained;
• review of performance and remuneration of directors and executive officers; and
• establishment and maintenance of appropriate ethical standards for the Company to operate by.
A formal Governance Code, which can be found at https://www.metodayinvestors.com/corporategovernance/,
has been adopted by the Board and further outlines roles and responsibilities of the Board, and distinguishes
and discloses the respective roles and responsibilities of the Board and management.
The Board internally evaluates its performance as well as the performance of the directors and Board
committees. In addition the Company continues to assess the size, diversity and skills of the Board. Directors seek
appropriate training opportunities as required to remain current on how to best perform their duties as directors
of the Company.
BOARD COMPOSITION
In accordance with the Company’s constitution and the NZX Listing Rules, the Board will comprise not less than
three directors. The Board will be comprised of a mix of persons with complementary skills appropriate to the
Company’s objectives and strategies.
The Board currently comprises six directors, three of whom are Independent.The Board considers that,
although it does not have a majority of independent Board members per the NZX Corporate Governance
Code Recommendation, it has the right balance for the current size and structure of the Company.
Independence of directors is assessed against the requirements of the NZX Listing Rules, the factors set out in
the NZX Corporate Governance Code and the factors included in the Company’s Governance Code.

me | today annual report
55
As set out above, Hannah Barrett, Roger Gower and Antony Vriens are considered by the Board to be
independent directors, as defined under the NZX Listing Rules, as at 30 June 2025. This determination has been
made on the basis that neither H Barret, R Gower or A Vriens are employees of the Group, nor do they have
any ‘Disqualifying Relationship’ as that term is defined in the Listing Rules.
Although the Chair of the Board is not Independent, the Board considers that for the size and structure of
the Company, an Independent Chair is not required at this time. The positions of the Chair and CEO of the
Company are held by different people.
BOARD MEETINGS
The Board aims to meet at least 11 times each year for scheduled meetings. Additional meetings are held
where specific matters require attention between scheduled meetings. Board meetings are used to monitor,
challenge, develop and fully understand business and operational issues.
The following table shows director attendance at meetings during the 12 month period ended 30 June 2025.
Board
Audit, Finance & Risk Committee
G Baker9n/a
H Barrett93
R Gower73
M Kerr9n/a
R Pearson (resigned September 2024)2n/a
S Sinclair93
A Vriens8n/a
CRITERIA FOR BOARD MEMBERSHIP
When a vacancy arises, the Board will identify candidates with a mix of diversity, capabilities and perspectives
considered necessary for the Board to carry out its responsibilities effectively. A director appointed by the
Board must stand for election at the next Annual Meeting. No director shall hold office (without re-election)
past the third annual meeting following that director’s appointment or three years, whichever is longer.
Retiring directors are eligible for re-election.
BOARD COMMITTEES
The Board has established an Audit, Finance and Risk Committee and a Remuneration, Nomination and Health
& Safety Committee.
The Audit, Finance and Risk Committee operates under a Charter approved by the Board and is accountable
to the Board for: the business relationship with, and the independence of, external auditors; the reliability and
appropriateness of the disclosure of the financial statements and external financial communication; and the
maintenance of an effective business risk management framework including compliance and internal controls.
The Audit, Finance and Risk Committee is chaired by Roger Gower with Stephen Sinclair, Hannah Barrett as
members. Mr Gower and Ms Barrett are independent directors. Other employees attend Audit, Finance & Risk
Committee meetings by invitation.
The performance of the Audit, Finance and Risk Committee is reviewed annually by the Board against the
Committee’s Charter.
The Audit, Finance and Risk Committee Charter contains a framework for the Company’s relationship with its
external auditors.
The framework for the Company’s internal audit function is also outlined in the Committee Charter.
The external auditor was invited to the 2024 Annual Meeting.
The Remuneration, Nominations and Health & Safety Committee operates under a Charter approved by

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Corporate Governance & Company Directory
the Board. The role of the Remuneration, Nominations and Health & Safety Committee is to consider the
appointment of any future directors and their suitability to hold that position, the employment of senior
executive employees of the Company, and reviewing Health & Safety policies to ensure the Company is
providing a safe working environment for all employees and contractors. The Remuneration, Nominations
and Health & Safety Committee is also responsible for considering the remuneration to be paid to executive
employees and directors.
During the period under review, given the current size of the Board and composition of the sub committees,
the Board incorporated all matters of the Remuneration, Nominations and Health & Safety Committee
as a separate part of Board meetings and accordingly the full Board are in practice the members of the
committee.
Employees who are not members of the Remuneration, Nominations and Health & Safety Committee attend
meetings by invitation.
Consideration has been given as to whether any other Standing Board Committees are appropriate, and it has
been determined that they are not required.
TRADING IN SHARES
The Company has a detailed Financial Markets Trading Policy applying to all directors and employees which
can be found at https://www.metodayinvestors.com/corporate-governance/. The procedures outlined in this
policy must be followed by all directors and employees to obtain consent to trade in the Group’s shares, at all
times. Under the policy, trading restrictions (blackout periods) apply:
• two weeks before 31 December until 48 hours after the half-year results are released to NZX;
• two weeks before 30 June 48 hours after the full-year results are released to NZX; and
• 30 days prior to release of an offer document (such as a product disclosure statement or prospectus) for a
general public offer of the same class of shares.
Outside the black-out periods specified above, dealing is subject to the notification and consent requirements
outlined in the policy.
MAKE TIMELY AND BALANCED DISCLOSURE
The Company has in place procedures designed to ensure compliance with the NZX Listing Rules such that
all investors have equal and timely access to material information concerning the Company, including its
financial situation, performance, ownership and governance.
Company announcements are factual and presented in a clear and balanced way.
Significant market announcements, including the announcements of the half year and full year results, and the
financial statements for those periods, require review by the Board prior to release.
The Group’s Market Disclosure Policy has been put in place to ensure that the Company complies with its
continuous disclosure obligations at all times and can be found at https://www.metodayinvestors.com/
corporate-governance/.
HEALTH AND SAFETY
The Board is responsible for oversight of the Company’s health and safety risks. Creating a safe working
environment for all employees and contractors is a key focus. Health and safety issues are a separate agenda
item on every Board meeting where the Board monitors, supports and completes its own due diligence on the
health and safety practices.
DIVERSITY POLICY
The Group recognises the wide-ranging benefits that diversity brings to an organisation. The Company
endeavours to incorporate diversity to ensure a balance of skills and perspectives are available to benefit
our shareholders, which is reflected in the Company’s Diversity Policy, which can be found at https://www.
metodayinvestors.com/corporate-governance/. The Board reviews the effectiveness of the Diversity Policy
annually.

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REMUNERATION POLICY
The Company has a Remuneration Policy contained in the Company’s Governance Code. Director
remuneration is recommended to Shareholders in a transparent manner.
MAJOR DECISIONS
Shareholders have a right under the NZX Listing Rules to vote on major decisions that may change the nature
of the Company.
SHAREHOLDER COMMUNICATION
Shareholders can elect to receive communications electronically. As a small company, Me Today only holds
either in person or online Annual Meetings, due to the costs associated with hybrid meetings.
CONTROL TRANSACTION POLICY
The Company has protocols for managing a takeover or scheme of arrangement within the Company’s
Governance Code.
ADDITIONAL EQUITY CAPITAL
The last capital raise was a pro rata offer.
As at 30 June 2025, the gender balance of the Company’s directors and officers was as follows:
20252024
FemaleMaleFemaleMale
Directors1516
Officers (excluding directors)----
To t a l1516
No directors or officers self-identify as gender diverse.

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Corporate Governance & Company Directory
CORPORATE GOVERNANCE BEST PRACTICE CODE
The Group has followed the recommendations in the NZX Corporate Governance Code in all material aspects,
with the following exceptions:
ReferenceRecommendation
Alternative Governance Practice and Reason
for the Practice
Recommendation 2.3An issuer should enter into written
agreements with each newly appointed
director establishing the terms of their
appointment.
The directors are appointed pursuant to the listing
rules, shareholder approval and the Companies Act.
Written terms of appointment will be put in place
with any new directors.
Recommendation 2.8A majority of the Board should be
independent directors.
The Board considers that, although it does not
have a majority of independent Board members, it
has the right balance for the current needs of the
Company.
Recommendation 2.9An issuer should have an independent
chair of the Board.
Grant Baker, the current chair is not considered
to be an independent director as MTL Securities
Limited, a company in which he is a director, and
The Baker Investment Trust No 2, of which he is a
Trustee, are both substantial product holders of Me
Today. Mr Baker has been appointed as Chair due
to the level of expertise that he brings in relation to
the Company’s current growth focus.
Recommendation 3.1An audit committee should only comprise
non-executive directors of the issuer.
The current members of the Audit and Risk
Committee are Roger Gower (Chair), Hannah
Barrett and Stephen Sinclair. Stephen Sinclair is
an executive director. The current composition of
the Audit and Risk Committee is considered to be
appropriate given the size of the organisation and
Board.
Recommendations
3.3 and 3.4
At least the majority of the remuneration
committee should be independent
directors.
Because the Board does not have a majority
of independent directors, the majority of the
Remuneration, Nominations and Health & Safety
Committee is not independent.
Recommendation 4.4An issuer should provide non-financial
disclosure at least annually, including
considering environmental, social
sustainability and governance factors
and practices. It should explain how
operational or non-financial targets are
measured. Non-financial reporting should
be informative, include forward looking
assessments, and align with key strategies
and metrics monitored by the Board.
Me Today has provided limited reporting on
environmental, economic and social sustainability
factors to date while it focuses on growing sales.
The wellbeing of its customers, employees and
other stakeholders is important to Me Today, as is its
social responsibility and environmental impact. The
Company will implement and report on appropriate
non-financial measures in future periods.

Shareholder
& Statutory
Information

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61
Shareholder & Statutory Information
Shareholder & Statutory Information
FOR THE YEAR ENDED 30 JUNE 2025
Stock exchange listing
The Company’s shares are quoted on the NZX Main Board. As at 21 August 2025, the Company had 54,320,096
ordinary shares on issue (30 June 2025: 54,320,096 ordinary shares).
Distribution of security holders
Details of the distribution of ordinary shares amongst shareholders as at 21 August 2025 are set out below.
Number of Security HoldersNumber of Securities
Size of HoldingNumber%Number%
1-999388 52.64% 98,325 0.18%
1,000-4,999184 24.97% 405,362 0.75%
5,000-9,99933 4.48% 232,926 0.43%
10,000-49,99986 11.67% 1,732,056 3.19%
50,000-99,99919 2.58% 1,265,765 2.33%
100,000 or more27 3.66% 50,585,662 93.12%
737 100.00% 54,320,096 100.00%
20 largest shareholdings
The 20 largest shareholdings as at 21 August 2025 are provided in the table below.
NameNo. of shares% of voting Shares
Grant Keith Baker & Donna Jean Baker & Baker Investment MM Trustee
Limited (Baker Investment Trust No 2)
20,184,915 37.16%
Stephen John Sinclair & Jacqueline Margaret Sinclair & Roger Frederick
Wallis (The Sinclair Investment Trust)
7,684,915 14.15%
MTL Securities Limited6,846,137 12.60%
New Zealand Depository Nominee Limited3,290,580 6.06%
Monovale Holdings Limited2,229,718 4.10%
M & N Kerr Holdings Limited1,505,170 2.77%
James Patrick Keogh1,421,086 2.62%
Terrence Wayne Jarvis & Jarvis Burnes Trustee Limited1,392,045 2.56%
Rewi Hamid Bugo1,281,304 2.36%
Brendon Jon Lindsay & Jeffrey John Parsonson & Wayne Derek Anderson
& Simon Middleton Palmer
729,727 1.34%
Custodial Services Limited696,483 1.28%
Antony Vriens550,345 1.01%
David Christopher Smith & Jacqueline Mary Smith 350,000 0.64%
JPMorgan Chase Bank NZ Branch298,040 0.55%
Mei Mei Limited217,423 0.40%
Hemant Kumar Lad210,690 0.39%
Roger Hamilton Gower & Deborah Lynda Gower201,629 0.37%
Marvel Fantasy Limited200,000 0.37%
Hannah Mariah Barrett194,503 0.36%
Ilakolako Investments Limited178,023 0.33%

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Substantial product holders
As at 30 June 2025 the following persons were substantial product holders according to the Group’s records
and disclosures under the Financial Markets Conduct Act 2013.
Substantial product holder
Relevant interest
Trustees of the Baker Investment Trust No 223,876,955
Trustees of the Sinclair Investment Trust10,616,972
MTL Securities Limited6,846,137
The total number of quoted financial products issued by the Company at 30 June 2025 were the 54,320,096
ordinary shares.
Directors
The names of the Directors of Me Today Limited and its subsidiaries holding office during the year are:
Me Today LimitedG Baker
H Barrett
R Gower
M Kerr
R Pearson (resigned September 2024)
S Sinclair
A Vriens
The Good Brand Company Limited
King Honey Limited
G Baker
M Kerr
S Sinclair
Bee Plus Manuka NZ Limited
King Honey Health Products Limited
Me Today China Limited
King Honey Holdings Limited
Me Today NZ Limited
Me Today UK Group Limited
Me Today USA Inc.
Pure Manuka Limited
Today Limited
M Kerr
S Sinclair
Me Today EU Limited
M Kerr
S Sinclair
T O’Leary
Me Today AU LimitedM Kerr
S Sinclair
F Henderson

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Shareholder & Statutory Information
Independent directors
The Board consider H Barrett, R Gower and A Vriens to be independent directors, as defined under the NZX
Listing Rules, as at 30 June 2025. This determination has been made on the basis that H Barrett, R Gower and
A Vriens are not employees of the Group, nor do they have any ‘Disqualifying Relationship’ as that term is
defined in the Listing Rules.
Directors’ relevant interest in equity securities
As at 30 June 2025 the directors of the Group held the following relevant interests in quoted financial products.
NameOrdinary shares
G Baker23,876,955
H Barrett194,503
R Gower201,629
M Kerr1,727,170
S Sinclair10,616,972
A Vriens550,345
Directors’ remuneration
Details of the nature and the amount of remuneration of each director for the year ended 30 June 2025 are:
Directors’ fees
NZ$
Salary
NZ$
Consulting fees
NZ$
Total
NZ$
Directors of the Company and Group
G Baker (Chair)- - - -
H Barrett16,667 - - 16,667
R Gower16,667 - - 16,667
M Kerr- 253,000 - 253,000
R Pearson- - - -
S Sinclair (CEO)- - 125,000 125,000
A Vriens16,667 - - 16,667
Directors of subsidiaries
F Henderson11,000
- -
11,000
T O'Leary14,000
- -
14,000

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Interests register
The following entries were made in the interest register during the year ended 30 June 2025:
The directors provided the following disclosure of interests in which, due to the nature of their relationship,
may be related parties to Me Today Limited.
Grant BakerNature of interest
Baker Consultants LimitedDirector / Shareholder
MTL Securities LimitedDirector
Velocity Capital GP LimitedDirector / Shareholder
Baker Investment Trust No 2Trustee
Roger GowerNature of interest
Roger Gower and Associates LimitedDirector / Shareholder
Michael KerrNature of interest
The Good Brand Company LimitedEmployee
M & N Kerr Holdings LimitedDirector / Shareholder
MTL Securities Limited Director
Richard PearsonNature of interest
Mei Mei LimitedDirector / Shareholder
New Image InternationalDirector
Stephen SinclairNature of interest
MTL Securities Limited Director
Stephen Sinclair Consulting LimitedDirector / Shareholder
Velocity Capital GP LimitedDirector / Shareholder
Sinclair Investment TrustTrustee
Hannah BarrettNature of interest
BB Promotions LimitedShareholder
In addition, Directors disclosed the following interests during the period the Group has provided insurance
for, and indemnity to, directors and employees of the Company and its subsidiaries for losses from actions
undertaken in the course of their duties, unless the liability related to conduct involving lack of good faith.

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Shareholder & Statutory Information
Chief Executive Officer’s (‘CEO’s’) remuneration
A company owned by S Sinclair receives $125,000 annually in consulting fees as remuneration for his role as
CEO. He receives no other remuneration or benefits in this role.
Remuneration of employees
The number of employees, not being directors disclosed in the Directors’ renumeration section above, within
the Group, who received remuneration and other benefits above $100,000 for the year ended 30 June 2025
are:
RemunerationNumber of employees
$100,001 - $110,0001
$170,001 - $180,0002
$210,001 - $220,0001
Auditor
BDO Auckland is the auditor for the Group. Audit fees due and payable to the auditor during the year were
$145,000 (excluding GST). The Group paid a further $14,000 to BDO Auckland for tax return preparation and
$3,000 for tax advisory fees.
Donations
No donations were paid by the Group during the year.
NZX Waivers
There are no NZX waivers relied upon during the year.

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Lawyers
Chapman Tripp
Level 34, PWC Tower
15 Custom Street West
Auckland 1010
New Zealand
Bankers
BNZ
Deloitte Building
80 Queen Street
Auckland 1010
New Zealand
Company directory
Postal Address
PO Box 109047
Newmarket
Auckland 1023
Auditor
BDO Auckland
4 Graham Street
Auckland
New Zealand
Share Registry
Computershare Investor Services Limited
159 Hurstmere Road
Takapuna
Auckland
Private Bag 92119
Auckland 1142
New Zealand
Registered Office
Level 1, 25 Broadway
Newmarket
Auckland 1141
New Zealand