Bega Cheese Limited · ASX:BGA
Bega Cheese — H1 FY2026 Earnings Presentation
33 slides from Bega Cheese's earnings presentation, Feb 19, 2026
Slide 1: ASX Announcement: Half Year 2026 Results Presentation
ASX ANNOUNCEMENT Half Year 2026 Results Presentation I enclose the Half Year 2026 Results Presentation for the Bega Group (ASX:BGA) to be discussed on the Half Year Result 2026 Conference Call scheduled for 11:00am today. 19 February 2026 For further information please contact Brett Kelly Company Se
Slide 2: 1H FY2026 Results Presentation
Bega Cheese Limited 1H FY2026 RESULTS PRESENTATION Barry Irvin – Executive Chairman Pete Findlay – CEO Gunther Burghardt – CFO 19 February 2026
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 and 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 1H FY2026 Results Presentation 5 5
Slide 7: Transformation Program instrumental in Bega's success
Transformation Program instrumental in Bega’s success • Half-way through 5-year Strategic Plan initiated in FY2023: clear momentum and ahead of targets • Major category investments and innovation in protein, lactose free and other ‘better for you’ products • Largest ever Bega manufacturing consolida
Slide 8: Key messages
Key messages • Strong 1H FY2026 results reflect positive progress at the halfway mark of the 2028 Strategic Plan in both Branded and Bulk • Branded performance driven by a focus on key categories and innovation • Recent yoghurt, MBB and milk category protein and “better for you” launches are amongst
Slide 9: Performance highlights
Performance highlights Strong progress on financial metrics in 1H FY2026 when compared to 1H FY2025. Net revenue EBITDA Profit after tax Basic EPS $133.4m 21% $52.1m 45% 17.1c 45% $1.9bn 5.0% Normalised Normalised Normalised $124.7m 14% $46.9m 55% 15.4c 56% Statutory Statutory Statutor
Slide 10: Strategy 2028 priorities
Strategy 2028 priorities 1H FY2026 Results Presentation 9 9
Slide 11: 1H FY2026 operational highlights
1H FY2026 operational highlights • New product launches meeting evolving consumer needs with particular focus on high protein and ‘better for you’ products • Increased marketing investment by $7.9 million to support power brands innovation • Double-digit revenue growth for Branded International busi
Slide 12: Consumer trends
Consumer trends Changing consumer trends continue to shape portfolio and activation priorities Everyday Gut Weight Healthy Treat performance health wellness mind & reward I want strength I want better I want help I want clearer I want to treat and vitality overall wellness to manage weight. thinking
Slide 13: Market leading brands in growth categories
Market leading brands in growth categories Category Category Bega’s Market Category Bega Group Brands size $m annual growth share position Fresh white 2,272 1% 15% 2 milk Yoghurt 2,261 13% 24% 2 Milk based 1,211 12% 45% 1 beverages Spreads 804 6% 27% 1 Chilled juice 749 8% 18% 2 Creams and 683 4% 8%
Slide 14: Increased investment to support high growth categories
Increased investment to support high growth categories Yoghurt1 Milk-based beverages1 Group capital expenditure (category in kgs) (category in litres) (annual average) ‘22-25 CAGR ‘22-25 CAGR $77m $90 +6% +5% -$110m Dec Dec Dec Dec FY22 FY26 2022 2025 2022 2025 -FY25A -FY28E 1 Retail sales volume so
Slide 15: Portfolio growth through trend framework
Portfolio growth through trend framework Expanded portfolio in core categories Everyday performance Evolving the portfolio to deliver to consumer needs Gut • Expanded our refreshed milk-based beverage portfolio with new health Dairy Farmers mango and vanilla protein smoothies and launched Masters 36
Slide 16: Core brand growth
Core brand growth DW/MG Focused brand investment enabled growth • Dairy Farmers continued it’s ‘Start with OOMPH’ campaign, partnering with Travis Head for the Ashes cricket series to drive the Dairy Farmers range of protein smoothies and white milk. • Dare partnered with the National Rugby League t
Slide 17: Manufacturing network
Manufacturing network Continuous focus on streamlining and simplifying 17 Production Sites a anda Key 1H FY2026 Initiatives: 6 Distribution entres • Completed sale of Kingaroy and Tolga peanut 72 processing sites in December; Bega Group continue to operate Kingaroy facility until June. Depots ingaro
Slide 18: Farm gate milk price and commodity returns
Farm gate milk price and commodity returns Victorian milk price and commodity value $A/kg milk solids Key themes: • Decline in national milk pool, -1.6% in 1H FY2026 versus prior year mostly from drought impacted South Australia and Victoria.1 • Modest single digit growth in the Group’s milk intake
Slide 19: 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 20: Financial key messages
Financial key messages Group normalised EBITDA $133.4 million, higher by $23.1 million (+21%) compared to 1H FY2025 Branded EBITDA $112.5 million, higher by $8.3 million (+8%) compared to 1H FY2025 • Strong sales growth in yoghurt, juice, milk-based beverages and white milk. Spreads in slight declin
Slide 21: Profit and loss
Profit and loss Normalised 1H 1H Statutory 1H 1H +/- % +/- % $ millions FY2026 FY2025 $ millions FY2026 FY2025 Net revenue 1,871.3 1,782.1 5.0% Net revenue 1,871.3 1,782.1 5.0% EBITDA 133.4 110.3 20.9% EBITDA 124.7 109.3 14.1% D&A* (45.9) (46.0) (0.2)% D&A* (46.6) (52.7) (11.6)% EBIT
Slide 22: Key performance measures
Key performance measures $ millions unless otherwise stated (Normalised) 1H FY2026 1H FY2025 Change Key points Net revenue growth vs prior year 5.0% 3.1% 1.9 ppts • Gross margin at 22.4% and ahead of prior year. Gross margin (% of net revenue) 22.4% 21.8% 0.6 ppts • Leverage ratio improvemen
Slide 23: Both Branded and Bulk profitability improved in 1H FY2026
Both Branded and Bulk profitability improved in 1H FY2026 Normalised EBITDA ($ millions) 1H FY2025 to 1H FY2026 16.7 133.4 (1.7) (0.2) 8.3 110.3 1H Branded Bulk Unallocated Inter- 1H FY2025 segment FY2026 elimination 1H FY2026 Results Presentation 22 22
Slide 24: Segment performance
Segment performance Inter- Unallocated segment ($ million) Branded Bulk overheads elimination Group total External revenue* 1,596.0 275.3 - - 1,871.3 Growth vs 1H FY2025 % 4.8% 5.9% - - 5.0% Normalised EBITDA 112.5 41.1 (18.2) (2.0) 133.4 Increase/(decrease) vs 1H FY2025 8.3 16.7 (1.7) (0.2
Slide 25: Reconciliation of normalised result
Reconciliation of normalised result Consolidated Per Manufacturing period ended 28 December 2025 Financial footprint Normalised ($ million) Statements rationalisation* outcome Revenue 1,871.3 - 1,871.3 Cost of sales (1,456.4) 4.5 (1,451.9) Gross profit 414.9 4.5 419.4 EBITDA 124.7 8.7 133.4
Slide 26: Balance sheet
Balance sheet 1H FY2026 2H FY2025 Balance Sheet* $m $m Cash 75.2 120.9 Key points Trade and other receivables 343.2 196.8 • Net debt of $220m, an increase of $94m from June Inventories 447.5 366.3 and reflects a seasonal increase in working capital of $153m. Property, plant and equipment 654.8
Slide 27: Cash flow
Cash flow 1H FY2026 1H FY2025 Cashflow $m $m Key points Receipts from customers 1,903.1 1,879.0 • Operating cashflow $5m excluding the reduction Payments to suppliers and employees (1,879.4) (1,825.9) in the use of TRF facility by $45m and despite Net proceeds from Trade Receivables Facility (4
Slide 28: Outlook
Outlook • Strong Branded new product development pipeline and continued benefits from roll-out and marketing support of recent innovation. • Cost management programs in supply chain / logistics and procurement supporting profit growth with Laverton warehouse automation to complete in 2H FY2026. • St
Slide 29: Barry Irvin, Executive Chairman
Barry Irvin Executive Chairman
Slide 30: Thank you & Questions
THANK YOU & QUESTIONS
Slide 31: 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 32: 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 33: begagroup.com.au
begagroup.com.au