Good morning, everyone. Welcome to the 2026 Me Today Annual Shareholders' Meeting being held online today. My name's Grant Baker, and I'm the Chairman of the Me Today Board. A few housekeeping matters before we start. To effectively manage this online meeting, we have all participants on mute. If you have any questions during the meeting, please email vote@metoday.com. We've also enabled Q&A on Teams meeting, so you can ask a question in writing through Teams. Today's meeting includes voting on six resolutions. Five of them relate to the re-election of directors retiring by rotation. The first one of those is me, and then Michael Kerr, Stephen Sinclair, Hannah Barrett, and Antony Vriens. The sixth authorizes the board to set the fees of our auditors, BDO. Voting on each resolution is being conducted by poll.
All six resolutions are ordinary resolutions and may therefore be passed by a simple majority of the vote for shareholders entitled to vote in voting in person or by proxy. Prior to the meeting, we have received proxies relating to 69,612,278 shares, which represents 73.65% of all the shares on issue. All directed proxies will be automatically counted. There are no voting restrictions on today's resolutions. I'd now like to introduce my fellow directors. On line are Antony Vriens and Roger Gower. In the room with me is Hannah Barrett. Also present are CEO and Director, Stephen Sinclair, and Founder and Director, Michael Kerr. In attendance online today are the company's auditors, BDO, and our legal advisors, Chapman Tripp. Thank you to these firms that provide valuable services to Me Today. I propose to take the notice of meeting as read. A quorum is present and therefore I declare the meeting open.
I'll begin with a short Chairman's address, and then Steve will take you through the FY 2026 results and a business update, and Michael will provide an overview of the Me Today brand and product range, including new products launched over the past year. Following these updates, we'll answer any questions that have been emailed to vote@metoday.com or asked through the Teams meeting Q&A before moving to the formal resolutions. FY 2026 has been an important year for Me Today. It's the first full year following the receivership of King Honey and the first year in which the group's results affect the Me Today brand on its own, together with the China licensing agreement and our agency business. The FY 2026 group gross revenue was NZD 7.96 million, which was an increase of 36% on FY 2025 and ahead of the guidance of the NZD 7.4 million we provided to the market in May.
The group EBITDA loss was NZD 1.23 million compared to NZD 2.14 million in FY 2025, and better than our guidance of a loss of less than NZD 1.6 million. The balance sheet is in a much stronger position, and it'll be further strengthened as a result of the upcoming Series 1 Warrant exercise, and I'll update you on the progress of that shortly. We remain in an investment phase. The board's priority continues to be investment in the brand, product development, and marketing to drive revenue growth across all of our markets. The growth of FY 2026 has come predominantly out of New Zealand and China. In New Zealand, we have strong retail partnerships, which are supported by a strong product development pipeline. There is significant opportunity for further growth in New Zealand and in China. Alongside New Zealand and China, we'll continue to invest in establishing and growing our existing other international markets.
With the brand establishing in New Zealand through bricks and mortar, we also see an opportunity to expand further into online and into digital sales. We have recently recruited an online specialist, and the business has commenced a program of increased investment in the online channel. As part of the capital raise last year, all shareholders received a bonus issue of Series 1 and Series 2 Warrants on the basis of one warrant of each series for every two shares held. There are 47.26 million warrants in each series on issue. The Series 1 Warrants are exercisable at NZD 0.06 per share, and the exercise period is now open. It closes at 5:00 P.M. tomorrow, Friday, the 30th. If all Series 1 Warrants are exercised, the company would receive NZD 2.84 million worth of new capital.
The trustees of the Baker Investment Trust No 2, an unlisted private investment trust associated with Steve and I, are exercising all of our Series 1 Warrants held between us, securing a minimum of NZD 1.785 million of new capital. In addition to the founders, we have had acceptances from other holders amounting to 8.8 million warrants, which results in another additional cash of NZD 528,000. I should point out here that all our directors have warrants as well, and they have all exercised them. That is part of that NZD 528,000, obviously shows some confidence. That means as of today, over 80% of the warrants on issue have been exercised. We expect further exercise notices on the final day tomorrow, which will include the Sharesies members, and we have not been advised the number of warrants exercised by them yet.
Other warrant holders who are considering exercising should make their own decisions, having regard to their own circumstances and after considering their own advice. Warrant funds will be used to continue in investing in product development, additional marketing, and international growth. As set out in the notice of meeting, the board unanimously recommends that shareholders vote in favor of each of the resolutions. Five directors, being me, Michael Kerr, Stephen Sinclair, Hannah Barrett, and Antony Vriens, retire by rotation under the NZX listing rules, and being eligible, offer themselves for re-election. All five of us were appointed in March 2020, and the directors have agreed to stagger the terms, with two-year terms for Michael, Hannah, and me, and then three-year terms for Stephen and Antony, so that so many directors do not come up for rotation at the same time in the future.
The final resolution authorizes the directors to fix the fees and expenses of BDO as auditor. BDO is automatically reappointed under the Companies Act. As founders of the Me Today business, Steve and Michael and I continue to believe in the strength of the Me Today brand and remain committed to its growth. I would now like to hand over to Steve for his presentation.
Hey, thanks. Thanks, Grant. In this section, I will discuss the following: the FY 2026 financial results, the group's balance sheet and funding, the strategy for Me Today, including an update on New Zealand, China, Southeast Asia, and our other markets. I will then hand over to Michael to discuss the brand and product development in further details. The FY 2026 financial performance. In FY 2026, group gross revenue before licensing costs provided to customers was NZD 7.96 million, an increase of 36% on FY 2025. This was made up of Me Today brand sales of NZD 5.94 million, license fee revenue from China of NZD 1.1 million, agency revenue of NZD 530,000, and NZD 380,000 from other brands. After deducting marketing services provided to customers, revenue was NZD 6.53 million, compared to NZD 4.8 million in FY 2025.
Before head office and listed company costs, the brand license agency and other brands business together reported an EBITDA loss of NZD 72,000, compared to a loss of NZD 1.2 million in FY 2025. Head office and listed company costs were NZD 1.15 million, compared to NZD 930,000 in FY 2025, giving a group EBITDA loss of NZD 1.2 million, compared to NZD 2.1 million in FY 2025. After depreciation and net finance costs, a loss before tax from continuing operations was NZD 1.46 million, compared to NZD 2.37 million in FY 2025. The business continues to invest in brand, product development, marketing, and the strategy remains to drive top-line growth. Now, moving to the balance sheet and our funding. The group balance sheet had changed significantly over the year.
At 30 June 2026, the group had net assets of NZD 2.5 million, compared to net liabilities of NZD 2.34 million a year earlier, w ith cash at 30 June 2026 of NZD 1.8 million, compared to NZD 1.2 million in 2025. Borrowings reduced from NZD 15.8 million to NZD 2.25 million, as King Honey's bank debt and subordinated note left the group with the King Honey receivership. In September 2025, we refinanced the remaining NZD 2.25 million with the BNZ through a three-year facility maturing in September 2028. In November 2025, we completed the rights issue approved at last year's meeting, issuing 36.4 million new shares at NZD 0.06 per share, including oversubscription. Turning to the Me Today strategy. The strategy is to focus on New Zealand as our core market, with success at home providing a platform to grow internationally.
The key strategies are as follows: continuing to gain our market share in New Zealand; maximizing and leveraging our China licensing arrangement; building out our new relationship in Southeast Asia through the new distribution agreement; d eveloping our opportunities in the U.S., Japan, UAE, and Ireland; g rowing, as Grant mentioned, and focusing on our online business; i nvesting in the brand through marketing campaigns aligned with our consumer, which Michael will touch on further; as well as bringing new products to market. Looking specifically at New Zealand. New Zealand continues to be the core driver of our growth, with net revenue from New Zealand customers of NZD 2.7 million in FY 2026, compared to NZD 1.6 million in FY 2025. The Me Today brand is listed in some of New Zealand's largest retailers, including Chemist Warehouse, Woolworths, Unichem Pharmacy and Life Pharmacy, Bargain Chemist, independent pharmacies, Health 2000 stores.
The brand's also available online at trusted sites such as HealthPost, Pharmacy Direct, and on our own website, metoday.com. A new planogram introduced in March 2026 lifted the brand's visibility in store, and this growth is seen through our scan data, which shows retailer sales through our largest New Zealand retail partner up 75% in the 12 months to 21 October 2026, compared to the previous 12-month period. Retail partnerships remain important, as a large footprint in store will support our continued growth and sales. Now, turning to China. In China, the partnership with our licensing partner continues to expand. License fee revenue for the year to March 2026 was NZD 1.1 million, compared to NZD 450,000 in the prior year, reflecting the move from a fixed fee in year one to a fee calculated as a percentage of revenue.
During the year, our partner twice gave notice of having achieved the revenue targets required to increase its ownership of the Me Today China trademark, taking its ownership to 40%. The agreements allow our partner to progressively own up to 50% of the Greater China trademark should it achieve certain revenue targets. We expect to receive notice from our partner to take a shareholding to 50% of the China trademark during the FY 2027, so during this financial year. The focus in China includes promoting the brand on Douyin, the Chinese TikTok platform, live streaming activations, and expanding further into other online platforms and direct-to-consumer sale models. Michael and I head to China this Saturday evening. During the visit, we'll take part in live streaming events surrounding the China Double 11 promotional Spring Festival selling period. We'll also attend the China International Import Expo in Shanghai, where Me Today has a presence through 100 sq m stand within the New Zealand pavilion at the Shanghai Exhibition Center.
Again, Southeast Asia, Me Today signed an exclusive distribution agreement covering Singapore, Malaysia, Thailand, and Vietnam with minimum sales targets over a five-year period. The launch first occurred in Singapore with an opening purchase order for 10 products fulfilled between June and August 2026. Revenue from Southeast Asia was NZD 550,000 in FY 2026. Malaysia is expected to follow in the 2027 calendar year, with the remaining markets progressing through registration after that. Looking at our other markets outside of New Zealand, China, and Southeast Asia, Me Today continues to focus on opportunities in the U.S., Japan, the UAE, and Ireland. In the U.S., the offline business is Mānuka honey-focused, with orders of just over NZD 1 million during the FY 2026 financial year. In the grocery consumer retail channels in Japan, Me Today continues to sell Mānuka with an established partner. Brand also maintains an ongoing presence in the UAE and in Ireland.
That's the update from me. I'd like to now hand to Michael, who will discuss the brand and our products in further detail.
Thanks, Steve. Alongside our market expansion, we've continued to invest in the brand, growing presence through above-the-line marketing. That means more radio, outdoor, and media partnerships to put Me Today in front of more New Zealanders more often. Our positioning is simple: Fix the root, not the routine. Me Today is a problem solution brand. It's fresh, clean, and modern, and we're proudly from New Zealand. For FY 2026, we were on air with More FM, The Breeze, and The Edge, and in outdoor with billboards and gym screens. From September to November 2026, we're running a campaign with NZME across Newstalk ZB, ZM, The Hits, and New Zealand Herald digital. Online, our always-on social and Meta activity drives traffic to metoday.com and our Me Today retail partner stores, with activity around our hero products the focus.
Through events, sponsorships, and PR, the brand stays in front of consumers all year round. The goal is to make sure Me Today is seen with every channel working together to build awareness and trust. Me Today now covers five categories. In supplements, we have our core Complex and High Dose ranges, plus Complex+ and the 120 value packs. In skincare, we have three ranges, our Multivitamin Skincare range, the Advanced Skincare range, and our Targeted Skincare range. And we have a full range of Mānuka honey products with honey at its core, lozenges, and our Superhoney blends. Over the past year, we've added two new categories. The first is the Me Today Potent Herbal Liquids range, with ranges for edible products for adults and children.
The second is our Me Today Powders and our Me Today Electrolytes, which covers functional powders in our daily and sports electrolytes ranges. Leading the range are four hero products, Astaxanthin+, Berberine Digest, Shilajit 4000, and our recently launched High Dose Creatine 5000. Altogether , the Me Today range is now approximately 100 products. Supplements are the biggest category at around 70 SKUs. Skincare has about 18 across its three ranges, and Mānuka honey has around eight honey and lozenges, plus our Superhoney blends. There are five Potent Herbal Liquids, six powders, and eight electrolytes. FY 2026 was a big year for new product development, with 15 new products launched. We launched five Potent Herbal Liquids. Two for adults, which is our Sinus Soothe & Clear and our Chest & Lung Clear products.
Three for children, which is the Me Today Immune Shield, Me Today Sinus Soothe & Clear, and the Chest & Rest Night product. We added new formats, including new high-dose capsules in our Himalayan Shilajit Resin, which is our first resin product. We also made our first move into powders with five functional blends, being Belly Bliss, Choc N' Chill, Collagen Glow Girl, Blood Sugar Sync, and Blood Sugar & Cycle Sync. As well as these functional blends, we also launched a High Dose Creatine. In July 2026, just after year-end, we launched our electrolytes with our Me Today Daily Hydration Electrolytes and our HASTA-certified Sports Amino Electrolytes+ range. Every one of these is a problem-solution-led product made for everyday use. And there's more to come. We have more than 20 further new products planned for FY 2027.
A new wave of launches rolling out between July and December 2026, landing before Christmas, with further Complex and Complex+ formulas to follow. Another opportunity is to win where the volume is, b ig growing categories where we are currently missing or Me Today is currently underrepresented in. Ultimately, we want to lead in several growth areas being women's health, inner beauty, metabolism support, longevity, stress and mind, our potent herbals, and hydration. One rule at Me Today when it comes to our products, and it does not change, every product must have an efficacious dose, or we will not launch. Every new product must earn its place on shelf to be in the range. Thanks for letting me share some insight into the Me Today brand and our product development. I will now hand back to Grant.
Thanks, Michael.
No problem.
With a strengthened balance sheet and committed warrant funding from our largest shareholders, Me Today is well-placed to continue investing in the brand in FY 2027. Our priorities remain growing market share in New Zealand, maximizing the China licensing agreement, building out the Southeast Asian distribution network, and continuing to create that new product development pipeline. In the six months to 31 December 2025, Me Today gross revenue was NZD 3.3 million, and the EBITDA loss was NZD 827,000. For the half year end of 31 December 2026, the company expects revenue to exceed NZD 4.5 million, and the EBITDA loss is expected to be less than NZD 500,000. This result will deliver half-year revenue growth of 36%. Looking forward further to the FY 2027 full year, the business will remain focused on growing the top-line revenue.
To achieve this, further investment will be required in brand and marketing expenditure, and the board expects this expenditure to increase in the second half of the FY 2027 financial year. The board would like to thank shareholders for their support over the past year, and our employees, suppliers, and retail partners for all their hard work. The board, founding shareholders, and management are excited by the platform created for the brand, and we look forward to the continued growth and opportunities ahead. We will now answer any questions that have been raised through the vote@ metoday.com or the Q&A facility up in these Teams. I think, Steve, there are some questions here which you are just going to answer.
Yeah. I guess we will take any questions, as Grant said, through Teams, but we have had some questions through the voting, vote@m et oday.com, a ll from one shareholder, Andrew [Burrows]. The question as follows. The first question, I will read the question and then provide the answer. Question one, the China deal. We understand there is a licensing fee element. Is this a brand license, and does the partner white label? So, the answer to that is we have licensed the brand to our partner in China. They get full access to the brand as part of that license arrangement. We receive license fee revenue from the partner. We are actively involved in managing the brand. As we said, Michael and I are getting to China at the weekend. All of the marketing activity, the brand promotional material, and importantly, the products require our sign-off.
So, we have control over the brand and the look and feel of the brand as part of that licensing arrangement. Hopefully that answers that question, Andrew. The second question, what is the strategy for skincare? Is it being phased out? The differentiation and the benefits are unclear. So, our focus is certainly supplements. The supplements category and market is a very big market. That is where we are investing our time and seeing really good results. Skincare is important to us and it remains part of our range. But I guess we would say that it is secondary to supplements, and we are always reviewing the skincare range. The third question is, can you give clarity on markets like Ireland and the UAE? Do they make sense, or are they distractions?
For us, the main connection with both the UAE and Ireland is the fact that Chemist Warehouse are in markets. We have a really good relationship here in New Zealand with them. They have presence in both of those markets. So, we understand the way the market and the access to market through their channel. It is reasonably low touch for us at the moment, and it will continue to be low touch as we seed the brand through their channel in both markets. We will consider our investment strategy, and if we think it is appropriate, we will invest further at the right time in those markets. But they are good markets through the access that the channel provides us. So, that is the three questions.
Kevin, I know we haven't had any more questions through the vote email, and I'm just looking at the Q&A here now, and there's no other questions through the Q&A. We've got the ability to take some more questions again at the end. Grant, should we move to the resolutions?
Right. I'd now like to move to the formal resolutions notified in the notice of meeting. Voting on each of the resolutions will be by poll. If anyone's still wishing to vote, please email vote@metoday.com before the meeting closes, providing your full name and shareholder number and stating how you wish to vote on each resolution. Only shareholders, proxy holders, or corporate representatives of a shareholder may vote on today's resolution. Any directed proxies will be automatically counted. I'm taking the full text of each resolution as read. I'll ask any questions on each resolution and then formally move the resolution. The very first resolution is my own re-election, and for that, I'll hand the chair over, hopefully temporarily, to Hannah Barrett for this.
Thank you, Grant. The first resolution relates to the re-election of Grant Baker as a director for a two-year term. I will ask Grant to briefly comment.
Okay. I've got a very short comment here, but I just want to go back to 2018 when we first founded the business, Steve and Michael and I. The reason we did it is because we thought there's multiple reasons, really. But from a business point of view, the market for supplements in New Zealand is huge. It's about a NZD 500 million market, and we thought there was room for a new entrant. As you look in the world, the market's about $200 billion . So, massive market, and if you get a piece of that, which we're starting to do now, we'll be able to grow a really big company. So, that's our opportunity, and I've been there since the beginning, and I'd certainly like to stay.
I've put a lot of time and money into it, and I really believe in the opportunity and how far we can take the business. I hope you will support me in that. I speak on the opportunity. All I've got to say on that.
Perfect. Are there any questions? Pause for a minute.
No questions.
I now move this resolution, and I will hand the chair back to you, Grant, reluctantly.
You are a handful. The next resolution relates to the re-election of Michael Kerr as a director for a two-year term. I will ask Michael to briefly comment.
Thanks, Grant. I think, look, no different to what you said. I have been here since the start. I suppose the only difference is my investment is a little bit lower than yours, obviously. But I would like to stay. I think I have got the experience in terms of the industry, from corporate brand to entrepreneurial brand now, with Grant and Steve and the rest of the board for many years now. I think our brand has come a long way. I think our business is coming a long way. It still has got a long way to go, but we have got the opportunity to get it right. Right now, I feel that I have added value since 2020. So, I suppose, if the shareholders will have me, I would love to be back for another term of two years, at least. Thank you.
Thanks, Michael. Questions on that? No questions. Resolution 3 is the re-election of Stephen Sinclair, t he re-election of Steve as a director for a three-year term. I will ask Steve to briefly comment.
Yeah. Thanks, Grant. There is a significant growth opportunity for the brand, both here in New Zealand and internationally. Grant and Michael mentioned, well, Grant talked about the size of the opportunity. The category in supplements are massive, in particular, here and overseas, and we can see what is being achieved and the size of the prize in China. We have only got a really small share of the market currently. So, we have got a lot of work still to do, but plenty of growth opportunity. We have all put effort in since the start and since we founded the brand. I think we have established the brand for sure, and there is a really good platform. And that goes to the recent growth that we have seen. I am committed to continuing the journey. There is certainly unfinished business, and we want to get the brand to its full potential.
The trip up to China is always exciting for me and seeing the brand on display internationally. So, really keen to be part of that and really achieve what we set out to and finish everything. So, yeah, just like to thank everybody for their continued support.
Any questions for Steve? Resolution 4. The next resolution relates to the re-election of Hannah Barrett as a director for a two-year term. I will ask Hannah to comment briefly.
I am pretty much echoing what has already been said, but I have really enjoyed my time on the board, and I feel like we are at the point now where it is getting really exciting. We have got amazing new products coming, the brand is sort of gaining that traction and, yeah, it feels like it is just getting started. There is no way I want to miss out on that. I have got a lot of enthusiasm for this next chapter, and I would really love to stick around.
Thanks, Hannah. Any questions for Hannah? I now move this resolution. Next resolution relates to the re-election of Antony Vriens as director for a three-year term. Are you out here, Antony? I will ask you to briefly comment.
Good morning, everybody. I guess like my fellow directors, I have been with Me Today since inception as a listed company, and I've also been a serial investor due to my strong belief in the Me Today brand and our products. I do bring a particular set of skills grounded in medical knowledge, preventive health, and longevity expertise, and strong governance credentials. I contribute to the business directly on a regular basis with my medical expertise and insights in a role as medical director, and also direct support of our distribution channels. I am also highly excited about the journey Me Today is on, and I would welcome your support to continue my role as a director and key contributor, because I think the successes are as well established and will just continue to get better. Thank you.
Thanks, Antony. Any questions? Okay. No questions. I now move to the next resolution. Resolution 6. The final resolution relates to the authorizing of the directors to fix the fees and expenses of the company's auditor, BDO. Are there any questions on this? No. No questions. I now move this resolution. As mentioned earlier, anyone who has not voted or lodged a directed proxy can vote by emailing vote@metoday.com. Please indicate whether your vote is for, against, or abstained for each of the resolutions put forward today. We'll now pause the meeting for one minute to allow time for any further questions and votes to come in and for them to be verified. Just again, if you have any questions, please email vote@metoday.com or ask in writing through the Teams meeting Q&A. Thanks for your patience. Any further votes will now be verified and processed.
The results of today's meeting will then be announced to NZX as soon as possible. That concludes the formal part of the meeting. A final reminder to warrant holders that Series 1 of the warrant exercise period closes at 5:00 P.M. tomorrow, Friday the 30th. Thanks for your attendance online today. I now declare the meeting closed. Thank you.