Bega Cheese Limited · ASX:BGA
Bega Cheese — Shareholder Meeting (October 2025)
34 slides from Bega Cheese's shareholder meeting presentation, Oct 27, 2025
Slide 1: Annual General Meeting
Bega Cheese Limited Annual General Meeting Barry Irvin – Executive Chairman Pete Findlay – CEO 27 October 2025
Slide 2: Barry Irvin, Executive Chairman
Barry Irvin Executive Chairman
Slide 3: Agenda
Agenda • FY2025 Annual Report • Chairman’s Report 5 • Chief Executive Officer’s Report 9 • Questions 26 • Adoption of Remuneration Report 30 • Election of Directors 31 3
Slide 4: Welcome
Welcome • Shareholders • Suppliers • PricewaterhouseCoopers • MUFG Corporate Markets • Bega Group staff • Apologies 4
Slide 5: Our transformation
Our transformation We have built the capability and focus to grow as a leading branded food business. BUILD EXPAND BALANCE STRENGTH FUTURE 1899-2000 2001-2016 2017-2020 2021-2025 2026-2030 • Dairy co-operative based in • Acquisition of Tatura Milk • New platform with • Increased brand portfolio • Pr
Slide 6: Key messages
Key messages • Strong FY2025 Group results with continued successful implementation of the Strategic Plan • Transformational initiatives building for the future • Branded performance driven by a focus on key categories and innovation • Volume growth in white milk, yoghurt and spreads • Launch of hig
Slide 7: Performance highlights
Performance highlights Strong progress on most normalised financial metrics in FY2025 when compared to FY2024. Net revenue EBITDA Profit after tax Basic EPS $202.0m 23% $50.8m 74% 16.6c 73% $3.5bn 0.5% Normalised Normalised Normalised $165.5m 0.2% $(8.5)m (128)% (2.8)c (128)% Statutory
Slide 8: Pete Findlay, CEO
Pete Findlay CEO
Slide 9: Strategy 2028 priorities
Strategy 2028 priorities 2025 Annual General Meeting | 9 9
Slide 10: FY2025 operational highlights
FY2025 operational highlights New product launches in FY2025 • Dare Protein, now the number 1 protein iced coffee • Dairy Farmer’s Protein smoothies • Dare Charged line-up of high energy, low calorie long-life products • Whipped Bega Peanut Butter • Farmers Union Greek Yoghurt Protein 500g • Dairy F
Slide 11: FY2025 operational highlights
FY2025 operational highlights Continued refinement of Branded assets and footprint • Future consolidation of Strathmerton cheese site into Bega Valley announced. • Peanut Company of Australia (PCA) strategic review finalised; exit of Kingaroy and Tolga sites in 12-18 months. • Leeton site sale and l
Slide 12: Consumer trends
Consumer trends Changing consumer trends continue to shape portfolio and activation priorities Treat Everyday Gut Weight Healthy & reward performance health wellness mind I want to treat I want strength I want better I want help I want clearer myself and vitality overall wellness to manage weight. t
Slide 13: Market leading brands in growth categories
Market leading brands in growth categories Category Category Bega’s Market Category Bega Brands size $m annual growth share position • Our eight ‘power brands’ contribute majority of Fresh white -1% 12% 3 2,145 Branded revenue milk • Iconic Australian brands Yoghurt 2,114 10% 24% 2 with enduring app
Slide 14: Portfolio growth through trend framework
Portfolio growth through trend framework Expanded portfolio in core categories Everyday performance Gut Evolving the portfolio to deliver to consumer needs health • Reshaped milk-based beverages to meet demand for protein accelerating Dare Protein to #1 protein iced coffee and launched Dairy Farmers
Slide 15: Manufacturing network
Manufacturing network Continuous focus on streamlining and simplifying Key FY2025 Initiatives: • Consolidation of Strathmerton cheese site into Ridge Street in Bega Valley announced and expected to be completed in late FY2026. • Strategic review of Peanut Company of Australia (PCA) completed; announ
Slide 16: Farm gate milk price and commodity returns
Farm gate milk price and commodity returns Victorian Milk Price and Commodity Value $11.00 Key themes: $10.00 • Bulk business returned to profit in FY2025 as dairy commodities and farm gate milk prices better $9.00 aligned $8.00 • In response to increased commodity prices, Bega Group increased its V
Slide 17: Sustainability: Great food for a better future
Sustainability: Great food for a better future The sustainability strategy focuses on three pillars • Informed by our most material sustainability impacts. • Aligns with our vision of an enduring legacy of our business • Demonstrates our commitment to the United Nations Sustainable Development Goals
Slide 18: Financial key messages
Financial key messages Group normalised EBITDA $202.0 million, higher by $37.9 million (+23%) compared to FY2024. • Branded EBITDA $205.2 million, higher $5.3 million (+3%) • Strong volume growth in yoghurt, spreads, white milk and foodservice. Cheese and white milk categories impacted by price defl
Slide 19: Profit and loss
Profit and loss Normalised Statutory FY2025 FY2024 +/- % FY2025 FY2024 +/- % $ millions $ millions Net revenue 3,539.0 3,521.6 0.5% Net revenue 3,539.0 3,521.6 0.5% EBITDA 202.0 164.1 23.1% EBITDA 165.5 165.1 0.2% D&A (91.2) (88.0) 3.6% D&A* (138.4) (90.8) 52.4% EBIT 110.8 76.1 45.6
Slide 20: Key performance measures
Key performance measures $ millions unless otherwise stated (Normalised) FY2025 FY2024 Change Key points Net revenue growth vs prior year 0.5% 4.3% (3.8) ppts • Revenue growth of 0.5% with price deflation in Gross margin (% of net revenue) 21.5% 19.8% 1.7 ppts some dairy categories. EBITDA
Slide 21: Reconciliation of normalised result
Reconciliation of normalised result Consolidated Per Manufacturing period ended 30 June 2025 Financial footprint Normalised ($ million) Statements rationalisation* outcome Revenue 3,539.0 - 3,539.0 Cost of sales (2,808.8) 29.6 (2,779.2) Gross profit 730.2 29.6 759.8 EBITDA 165.5 36.5 202.0
Slide 22: Balance sheet
Balance sheet FY2025 FY2024 Balance Sheet* $m $m Cash 120.9 65.6 Key points Trade and other receivables 196.8 350.9 • Net debt of $126m, a reduction of $36m. Inventories 366.3 358.1 • Leverage ratio of 0.8x is lower when compared to 1.3x Property, plant and equipment 657.8 673.4 in FY2024 from
Slide 23: Cash flow
Cash flow FY2025 FY2024 Cashflow $m $m Key points Receipts from customers 3,839.5 3,725.2 • Operating cashflow $165m, +$36m excluding Payments to suppliers and employees (3,613.8) (3,537.8) the reduction in the use of TRF facility by $6m. Net proceeds from Trade Receivables Facility (5.7) 7.2 •
Slide 24: Outlook
Outlook • Improving consumer sentiment. • Strong branded new product development pipeline satisfying consumer trends. • Focus on high value categories and cost management programs underpin continued Branded margin growth. • Accelerated international presence and growth. • Planned closures of Strathm
Slide 25: Thank You & Questions
THANK YOU & QUESTIONS
Slide 26: Annual General Meeting
Annual General Meeting
Slide 27: Voting procedure
Voting procedure • A poll is being held for all resolutions • Share registrar Ms Julie Stokes of MUFG Corporate Markets (AU) Limited will act as Returning Officer in relation to the polls • Results available on ASX after the meeting 2025 Annual General Meeting | 27 27
Slide 28: Resolutions
Resolutions • Adopt remuneration report for the year ended 30 June 2025 • Election of Directors • Patria Mann • Janette Kendall 2025 Annual General Meeting | 28 28
Slide 29: Remuneration report
Remuneration report • Pages 35 to 55 of the 2025 Annual Report • Board, Executive Chairman, CEO and other key management personnel • Market data and external advisors Proxy Votes • Total Votes 189,192,016 (61.95%) • For 172,034,177 (90.93%) • Open 674,341 (0.36%) • Against 16,483,498 (8.71%) 2025 An
Slide 30: Election of Directors: Patria Mann
Election of Directors Patria Mann Proxy votes • Total Votes 189,344,559 (62.00%) • For 184,984,564 (97.70%) • Open 682,029 (0.36%) • Against 3,677,966 (1.94%) 2025 Annual General Meeting | 3030
Slide 31: Election of Directors: Janette Kendall
Election of Directors Janette Kendall Proxy votes • Total Votes 189,338,260 (62.00%) • For 188,478,861 (99.55%) • Open 694,387 (0.37%) • Against 165,012 (0.09%) 2025 Annual General Meeting | 31 31
Slide 32: begagroup.com.au
begagroup.com.au
Slide 33: Appendix - glossary
Appendix - glossary Term Definition Basic EPS Basic earnings per share calculated by dividing net profit (or loss) after tax by the weighted average number of ordinary shares outstanding during the period CMV Commodity Milk Value, an indicator that is based on a weighted basket of spot prices of maj
Slide 34: Disclaimer
Disclaimer This presentation contains a summary of information about Bega Cheese Limited ACN 008 358 503 (BGA) and its subsidiaries (Bega Group). The information does not purport to be complete and should be read in conjunction with other BGA ASX announcements. The presentation may contain statement