Bega Cheese Limited · ASX:BGA
Bega Cheese — FY2025 Earnings Presentation
32 slides from Bega Cheese's earnings presentation, Aug 21, 2025
Slide 1: 2025 Results Presentation
ASX ANNOUNCEMENT 2025 Results Presentation I enclose the 2025 Results Presentation for the Bega Group (ASX:BGA) to be discussed on the Full Year Result 2025 Conference Call scheduled for 11:00am today. 21 August 2025 For further information please contact Brett Kelly Company Secretary Bega Cheese Li
Slide 2: FY2025 Results Presentation
Bega Cheese Limited FY2025 RESULTS PRESENTATION Barry Irvin – Executive Chairman Pete Findlay – CEO Gunther Burghardt – CFO 21 August 2025
Slide 3: Barry Irvin, Executive Chairman
Barry Irvin Executive Chairman
Slide 4: 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 5: Pete Findlay CEO, Gunther Burghardt CFO
Pete Findlay Gunther Burghardt CEO CFO
Slide 6: Our vision, purpose and values
Our vision TO BECOME THE GREAT AUSTRALIAN FOOD COMPANY Our purpose CREATING GREAT FOOD FOR A BETTER FUTURE Our values GROW PASSION INVEST SUPPORT OUR FOR THE IN OUR EACH PEOPLE CUSTOMER FUTURE OTHER AND CONSUMER FY2025 Results Presentation 5 5
Slide 7: 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 8: 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 9: Strategy 2028 priorities
Strategy 2028 priorities FY2025 Results Presentation 8 8
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 • Reshaped milk-based beverages to meet demand for health protein accelerating Dare Protein to #1 protein iced coffee and launched Dairy Farmers
Slide 15: Core brand growth
Core brand growth Focused brand investment enabled growth • 125th anniversary of Dairy Farmers ‘Start with OOMPH’ campaign launch including TV advertising and out-of-home campaign driving growth in Dairy Farmers white milk. • Dare Charged 'Fire on all cylinders' launch campaign through retail and ou
Slide 16: 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 17: 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 18: 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 19: 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 20: 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 21: 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 22: Bulk turnaround and Branded growth
Bulk turnaround and Branded growth Normalised EBITDA ($ millions) FY2025 to FY2024 56.9 202.0 (20.6) (3.7) 164.1 5.3 Branded Bulk Unallocated Inter- FY2024 segment FY2025 elimination FY2025 Results Presentation 21 21
Slide 23: Segment performance
Segment performance Inter- Unallocated segment ($ million) Branded Bulk overheads elimination Group total External revenue * 3,048.3 490.7 - - 3,539.0 Growth vs FY2024 % 0.3% 1.7% - - 0.5% Normalised EBITDA 205.2 38.7 (40.7) (1.2) 202.0 Increase/(decrease) vs FY2024 5.3 56.9 (20.6) (3.7) 37
Slide 24: 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 25: 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 26: 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 27: 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 28: Barry Irvin, Executive Chairman
Barry Irvin Executive Chairman
Slide 29: Thank you & questions
THANK YOU & QUESTIONS
Slide 30: 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 31: 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
Slide 32: begagroup.com.au
begagroup.com.au