Bega Cheese Limited · ASX:BGA
Bega Cheese — Investor Day (April 2026)
88 slides from Bega Cheese's investor day presentation, Apr 29, 2026
Slide 1: Bega Group Investor Day presentation
ASX ANNOUNCEMENT Bega Group Investor Day presentation For personal use only Bega Cheese Limited (ASX:BGA) (“Bega Group”) is holding an Investor Day at its Morwell yoghurt facility in Victoria today. A copy of the presentation to be given at the Bega Group Investor Day is attached. 29 April 2026 For
Slide 2: Investor Day Presentation: Focus & Simplify for Growth
For personal use only Investor Day Presentation Focus & Simplify for Growth
Slide 3: Disclaimer
Disclaimer For personal use only This presentation contains a summary of information about Bega Cheese Limited ACN 008 358 503 (BGA) and its subsidiaries (Beg a G roup). The information does not purport to be complete and should be read in conjunction with other BGA ASX announcements. This presentat
Slide 4: Schedule
Schedule Time Session Speakers For personal use only Barry Irvin (welcome) 10:00am Welcome Morwell management (safety) 10.15am Session 1: Focus and Simplify for Growth Pete Findlay 11:00am Tour of Morwell facilities In groups 11:45am Morning tea Brief pause Session 2: Our Bulk, Nutritionals 12:00pm
Slide 5: Welcome
For personal use only Barry Irvin Welcome Executive Chairman
Slide 6: Site Welcome & Safety Briefing
For personal use only Site Welcome & Safety Briefing
Slide 7: Site Map & Evacuation Point
Ammonia Leak Assembly Area: Evacuation Assembly Lunch Room Area For personal use only You are here Site Map & Evacuation Point
Slide 8: Amenities map
Accessible bathroom For personal use only Female bathroom Male bathroom You are here Reception Amenities
Slide 9: Focus & Simplify for Growth
For personal use only Pete Findlay Focus & Simplify for Growth Chief Executive Officer
Slide 10: Our focus for today
Our focus for today For personal use only How we have Reviewing Bega Introduce Bega S31: simplified our S28 Our 5 - Year Roadmap business Simplification, Opportunities consolidation and Showcase for growth disciplined cost Morwell site management Bega Group | Investor Presentation | April 2026 9
Slide 11: Today's presenters
Today’s presenters For personal use only Pete Findlay Hamish Reid Darryn Wallace Adam McNamara Antonietta Timms Gunther Burghardt Chief Executive EGM Bulk, EGM Retail Sales, EGM Growth EGM Branded Chief Financial Officer Nutritionals Marketing & Channels & Customer Business Operations Officer & Ingr
Slide 12: S28 highlights
S28 highlights Strong volume growth platform For personal use only via functional products Site consolidation and cost to serve efficiency releasing more capital for growth Significant growth across Foodservice Higher value bulk product mix Transitioning International to be brand - led Margin improv
Slide 13: Delivering value for shareholders
Delivering value for shareholders REVENUE EBITDA ROFE For personal use only CAGR FY2023 - 26 CAGR FY2023 - 26 ROFE increase ~4% p.a. ~12%p.a. >5 ppt (1) to FY26e to FY26e over FY2023 - 26 to $3.8 b $225 m 9.6% 7 25% 20% manufacturing of warehouses and reduction in sites exited in last four depots co
Slide 14: We're adapting to marketplace changes
We’re adapting to marketplace changes For personal use only Consumer needs are evolving at pace, creating compelling opportunities for growth in our categories Technology is advancing and unlocking efficiencies across our supply chain Proven ability to build capacity and capability for growth Bega G
Slide 15: Consumer demand is being shaped by three mega trends
Consumer demand is being shaped by three mega trends For personal use only Health & Value under cost Convenience wellbeing of living pressures Consumers are moving away from highly Some are pulling back spending Time pressures and instant processed foods, towards foods with or trading down, while ot
Slide 16: Our products in action
Our products in action For personal use only Health & Value under cost Convenience wellbeing of living pressures Bega Group | Investor Presentation | April 2026 15
Slide 17: Enhancing products to meet demand for functional benefits and convenience
We are enhancing our products to meet consumer demand for functional benefits and convenience For personal use only $19.30/ kg Average Retail sale price Grocery, as at April 2026 $11.25/ L $7.40 / L $6.95 / kg $2.80 / L $2.25 / L Note: Retail prices per Coles and Woolworths websites, non - promotion
Slide 18: Protein is mainstream and growing
Protein is mainstream and growing For personal use only Dairy provides all nine Yoghurt is a Dairy is a nutrient- essential amino acids leading source dense and the human body of protein for protein-rich food cannot produce consumers Bega Group | Investor Presentation | April 2026 17
Slide 19: Our focus is on meeting evolving consumer needs
Our focus is on meeting evolving consumer needs For personal use only GLP-1 Gut health Healthy Hydration friendly (e.g. fibre, probiotics) aging Bega Group | Investor Presentation | April 2026 18
Slide 20: We have focused & simplified to grow
We have focused & simplified to grow For personal use only Our differentiated capabilities are: Managing and growing Using our scale and everyday mainstream expertise to deliver brands that consumers value to consumers love and customers in an efficient way Bega Group | Investor Presentation | April
Slide 21: Our priority categories
Our priority categories For personal use only Milk-based Cream beverages and cheese yoghurt These are the driving Core ingredient force behind functional feeding fast growing dairy product growth in demand across SEA, North Australia Asia and Middle East Bega Group | Investor Presentation | April 20
Slide 22: Our power brands are our growth platform
Our 5 power brands are our growth platform For personal use only ENDURING DIVERSIFIED DAIRY BRAND OVER PAST 125 YEARS Enduring, Our leading brand #1 Our #1 yoghurt Australian diversified dairy for international Iced Coffee brand* and top icon brand for over 125 cheese Brand* international years bran
Slide 23: At the same time we will…
At the same time we will… For personal use only Focus Grow Improve Secure Maintain our disciplined Build on the momentum Realise efficiencies Build a resilient dairy focus with all our in foodservice and drive through scale, supply chain to fuel customers international growth automation and AI our g
Slide 24: Introducing S31
For personal use only Introducing S31
Slide 25: S31: Simplify and focus for growth
S31: Simplify and focus for growth Grow core brands Win on the Accelerate Streamline Secure and categories street international our sites solids For personal use only Evolve our products Grow foodservice, Build scale through Increase capability and Grow and diversify the to meet changing convenience
Slide 26: Our measures of success: organic base case
Our measures of success: organic base case REVENUE EBITDA $310+m For personal use only $4.3 – $4.7b $3.7-3.8b $3.4b $3.5b $3.5b $225m $202m $160m $164m FY23 FY24 FY25 FY26 FY31 FY23 FY24 FY25 FY26 FY31 NORMALISED EPS (cents) ROFE (%) FY31e 9 - 10 37–39 8.4 Structurally double digits 5.6 22-23 3.7 16
Slide 27: Our strategy is supported by the right capabilities
Our strategy is supported by the right capabilities For personal use only Safety Quality People and AI and capability technology Prioritise the safety, Deliver high quality Build the skills, leadership, Adopt AI and automation health and wellbeing trusted products that and culture that enable to inc
Slide 28: Embed automation and AI across our supply chain
Embed automation and AI across our supply chain For personal use only Example AI and Automation use cases Social media sentiment Assisted Intelligence AI enabled milk balancing Autonomous demand analysis on new product optimisation sensing and route planning Supports human reception decision making
Slide 29: Our licence to operate — sustainability
Our licence to operate — sustainability For personal use only Circularity Community Collaboration Leading in circularity Making a positive Working together with through our practices, and lasting impact our producers and industry partnerships and by supporting our communities to enable effective use
Slide 30: Team & structure are in place to deliver on S31
Team & structure are in place to deliver on S31 For personal use only Pete Findlay Gunther Burghardt Darryn Wallace Adam McNamara Antonietta Timms Chief Executive Chief Financial EGM – Retail Sales, EGM – Growth Channels & EGM – Branded Business Officer Officer Marketing & Partnerships Customer Supp
Slide 31: The Bega investment case is compelling
The Bega investment case is compelling For personal use only Leading Growth Integrated Scale Proven ability mainstream channels bulk business network to deliver brands Scale route to market Value - added bulk, Growing categories, Compelling growth Manufacturing and deep relationships nutritionals an
Slide 32: Morwell Site Visit
For personal use only Morwell Site Visit
Slide 33: Introduction to our Morwell site
Introduction to our Morwell site ▪ The Morwell site manufactures yoghurt For personal use only and dairy desserts ▪ Bega's only yoghurt site distributing to all states and internationally ▪ Officially opened on the 31st of March 1998 ▪ We have approximately 220 employees employed full time, part tim
Slide 34: Highly strategic site for meeting yoghurt demand
For personal use only Highly strategic site for meeting yoghurt demand Strategic access to East Victoria | Australia’s largest milk pool 37% of VIC | 23% of Australia Source: Dairy Australia (2025) Bega Group | Investor Presentation | April 2026 33
Slide 35: Yoghurt is the fastest growing dairy category
Yoghurt is the fastest growing dairy category Indexed Australian per capita Yoghurt consumption consumption growth by dairy product per capita by country For personal use only (FY2000 - 24) (2025) Index (FY2000=100) Kg per capita 200 30 26 25 23 150 20 20 100 15 15 12 10 10 50 Yoghurt Butter Cheese
Slide 36: Realising Value from Bulk
For personal use only Hamish Reid Realising Value from Bulk EGM – Bulk, Nutritionals and Ingredients
Slide 37: BNI provides key services and significant value for Bega
BNI provides key services and significant value for Bega For personal use only Enables access to seasonal milk and optimises and balances our network Provides competitively costed ingredients into Branded Maximises the value of seasonal milk to provide a meaningful profit stream Bega Group | Investo
Slide 38: Sourcing farm gate milk is highly competitive
For personal use only Sourcing farm gate milk is highly competitive Peak production* was 9.8BL in 2014/15 8.3BL in 2024/25 Note: * Over the last 20 years Source: Dairy Australia (2025) Bega Group | Investor Presentation | April 2026 37
Slide 39: Bulk assets enable the purchase of seasonal milk
Bega's bulk assets enable the purchase of seasonal milk, especially in Victoria Seasonality of milk production: Annualised Monthly Milk Production by State (July to June) For personal use only Dairy Australia, Milk Year 2024 - 25 Peak: abundant feed, moderate climate → increased herd size & producti
Slide 40: Branded sites require milk daily to meet flat demand
Our branded sites require milk daily to meet ‘flat’ consumer demand For personal use only Illustrative Bega’s monthly intake vs allocation to branded product Seasonal milk Branded Product Demand Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Bega Group | Investor Presentation | April 2026 39
Slide 41: BNI optimises and balances our network
BNI (sites, systems and capabilities) optimises and balances our network For personal use only Flexible Rapid decision Integrated supply chain making asset network On an hourly basis, BNI shifts and balances Builds and utilises sophisticated optimisation Enables Bega to optimise product mix based fa
Slide 42: Our Bulk, Nutritionals, and Ingredients products
Our Bulk, Nutritionals, and Ingredients (BNI) products For personal use only Bulk Nutritionals Ingredients Commodity traded products Value - add ingredients Infant formula and bio - nutrients (e.g. bulk cheese, skim milk (e.g. milk protein concentrate, cream (e.g. lactoferrin) powder, butter) cheese
Slide 43: A high value product mix helps us win at the farmgate
A high value product mix helps us win at the farmgate Australian milk fat utilisation (FY2025) 8.3 BL For personal use only Butter 1.9 BL Global supply impacts commodity Global prices – particularly for cheese and 22% butter Cheese * Cheese Global Cheddar, Mozz, Parm Returns driven by 2.4 BL BL 52%
Slide 44: Our priorities for BNI
Our priorities for BNI For personal use only Protect and grow Continue to invest Increasingly procure our position at the and improve our BNI more finished goods or Australian farmgate product mix ingredients from overseas Deeper farmgate partnerships and Better manage commodity cycles via Access in
Slide 45: Delivering on our Branded Strategy
S3 For personal use only Delivering on our Branded Strategy
Slide 46: S3.1 Grow Core Brands & Categories
S3.1 For personal use only Grow Core Brands & Darryn Wallace Categories EGM – Retail Sales, Marketing & Partnerships
Slide 47: Consumers are reappraising the role of food and diet
Consumers in Australia (and globally) are reappraising the role of food and diet in their lives 4,000 Daily supply of calories per person (1971 to 2023) US For personal use only Kilocalories per person per day* Australia 3,500 Europe UK 3,000 Many calories in Compulsive Low protein and Fast eating r
Slide 48: Changing Australian demographics underpin consumer trends
Changing Australian demographics are underpinning consumer trends In 2031, Australian households are expected to be: For personal use only Smaller Older More Diverse Spending Population growth expected Population older than 65 has 51.5% of the population were Differently to slow; families are having
Slide 49: We are investing in our power brands
We are investing in our ‘power brands’ Functional beverages Leading dairy brand High nutrition Attracting the next Make everyday for mental and across all parts of lifestyle and generation of For personal use only better physical performance the dairy case ingredient brand Australian families Bega G
Slide 50: A clear strategy for each of these brands
We have a clear strategy for each of these brands Grow Nurture For personal use only Yoghurt Milk-Based Beverages White milk Spreads MARKET SIZE (GROCERY SCAN, MAT APR 2026) $2.3b #1 $0.9b #1 $2.2b #1 * $0.8b #1 * 2-YEAR AUS GROCERY CATEGORY VOLUME CAGR (2024-26) 8.5% 7.1% 0.6% 1.0% BEGA MARKET POSI
Slide 51: Disciplined execution of the fundamentals
We are focused on disciplined execution of the fundamentals For personal use only Brand Positioning Price pack Product design Promotion Distribution architecture (packaging, sensory, (advertising, media, & availability claims) activation) Deep customer and consumer insight Bega Group | Investor Pres
Slide 52: Innovation pipeline informed by global insights and local learnings
Our innovation pipeline is informed by global insights and local learnings For personal use only Investment in consumer insights Supported by industry and research partnerships (local and global) Operationalised with R&D expertise Bega Group | Investor Presentation | April 2026 51
Slide 53: Case study: Dairy Farmers High Protein Smoothies
Case study: Dairy Farmers High Protein Smoothies For personal use only What we have done… Clear product Noticeable visual claims identity Protein, no added sugar, prebiotics Making it easy to spot on shelf Expanding Taste and distribution sensory And availability via longer shelf life Bega Group | I
Slide 54: Case study: High Protein Farmers Union Greek yoghurt
Case study: High Protein Farmers Union Greek yoghurt For personal use only What we have done… Clear product Noticeable visual claims identity Protein and no added sugar Making it easy to spot on shelf Taste and Distribution & sensory availability Bega Group | Investor Presentation | April 2026 53
Slide 55: Case study: Best in class brand building
Case study: Best in class brand building Connecting with a new generation of Australian families For personal use only Kids Vegemite: Vitamins B1, B2, B3, B6 & B12 support energy production and release and brain function, vitamins B6, B9 and B12 support immunity. Enjoy as part of a balanced diet. Be
Slide 56: Case study: AI strategic revenue optimisation
Case study: AI strategic revenue optimisation Point of sale – Point of sale – For personal use only Bega Competitors Bega Sales financials forecast Shoppervisor – Survey results – In store execution Consumer price & Catalogues perception Generating unique revenue management insights to expand profit
Slide 57: Working collaboratively to unlock category growth
We are working collaboratively to unlock category growth and deliver mutual value for all customers For personal use only Strong key account management Macro space Omni- Digital shelf Revenue Product channel management growth innovation marketing management Aligned joint business plan Bega Group | I
Slide 58: S3.2 Win on the Street
S3.2 For personal use only Adam McNamara Win on the Street EGM – Growth Channels & Customer Supply Chain
Slide 59: Win on the Street
Win on the Street Our focus is on high - frequency, impulse and out - of - home consumption occasions via multiple routes to market For personal use only Foodservice Convenience Independent Petrol and non - petrol grocery Australians are consuming Immediacy – macro trend Important alternative for co
Slide 60: The foodservice opportunity is compelling
The foodservice opportunity is compelling Long term mega - trend For personal use only towards Australians Dairy and eggs is eating out - of - home the third largest food service category due 31% of food and beverage Shifts in demographic and macro trends are impacting demand for to broad cuisine ap
Slide 61: We have demonstrated strong growth in food service
We have demonstrated strong growth in food service For personal use only Delivered double digit annual revenue ▪ Elevated existing relationships and growth over the last established new ones ▪ Invested in new talent and capabilities 4 years with deep channel experience ▪ Better distribution, with mu
Slide 62: How we will win in foodservice
How we will win in foodservice For personal use only Commercial excellence Talent, activation, promotions and relationship management Expand and evolve our range Increase distribution via innovation and broadening our portfolio Accelerate our product sourcing capability Cost competitive, reliable an
Slide 63: Convenience channel presents attractive tailwinds
The convenience channel continues to present attractive tailwinds for Bega For personal use only Despite challenges with fuel and tobacco $6.4B the overall number of outlets continues to increase (+1.2% YoY) Food and Beverage 2024 $ Sales 5.6% growth vs 2023 Packaged beverages is the largest categor
Slide 64: Independent retail will continue to deliver an important contribution
Independent retail will continue to deliver an important contribution to Bega For personal use only Independents are a core component Independent and other of our Bega Route Transport (BRT) food retailers represent* network – 30% of volume ~9% market share Important channel for higher margin and gro
Slide 65: Significant gains in optimising our cold chain network
We have made significant gains in optimising our cold chain network For personal use only Disciplined focus on Bega Route Transport Significant investment in (BRT*) optimisation over the last two years automation at Laverton DC Better utilised +6% litres per route Increased customer Direct Bega bask
Slide 66: We will continue to focus on improving cost-to-serve
We will continue to focus on improving cost-to-serve For personal use only Optimise service Deliver efficiency via Invest in model artificial intelligence automation Continue to monitor delivery frequency, Expand use in route optimisation, Invest in warehouse and coolroom minimum order amounts, retu
Slide 67: There are clear opportunities we are targeting
There are clear opportunities we are targeting For personal use only Foodservice Convenience Independent Cost to serve grocery optimisation We have delivered Continue to grow via Build on our proven Continue to drive significant growth but convenience - oriented platform, with a focus efficiency, sc
Slide 68: S3.3 Accelerate International
S3.3 For personal use only Accelerate Adam McNamara International EGM – Growth Channels & Customer Supply Chain
Slide 69: Our International Business
Our International Business Meaningful presence in ~45% For personal use only Strengthened 9 countries Total Revenue Growth FY23-26 Farmers Union and Bega as key brands via product A leading imported 3.5x consolidation yoghurt brand in Singapore, Malaysia & EBITDA Growth Thailand Diversified Establis
Slide 70: Priority regions have high potential dairy growth
Priority regions: the Middle East, North Asia and South- East Asia have high potential dairy growth Cheese and Yoghurt Imports For personal use only (2024) North Asia (China, Taiwan, Hong Kong ) ~250KT Middle East Imports (UAE, Saudi) ~350KT South - East Asia 8% p.a. (SG, MY, IND, PH, TH) CAGR (2014
Slide 71: International adoption of dairy is growing
International adoption of dairy is growing For personal use only Greater acceptance Consumers of Western flavours becoming more and food products health conscious ✓ A growing, younger population ✓ In line with global trends, consumers ✓ Growing wealth and middle class are increasingly seeking health
Slide 72: South-East Asia is our top priority market
For personal use only South-East Asia is our top priority market Healthy macro- Urbanisation and economic growth Globalisation Real GDP growth ~5% p.a. ~60% of SEA population in Average across target urban centres vs 45% SEA markets 20 years ago Note: Metrics presented include Bega Target SEA market
Slide 73: Demand growth via rising income levels and growing workforce
Demand growth via rising income levels and a growing workforce supports long-term dairy consumption For personal use only Rising incomes and purchasing power Households with over $15k USD disposable income Rising middle class with greater propensity to consume (2022, 2040F) non - traditional food pr
Slide 74: Cheese and yoghurt are our priority categories internationally
Cheese and yoghurt are our priority categories internationally For personal use only Our Cream cheese Processed cheese Yoghurt priorities v Strategic #1 Cream cheese in Malaysia Existing brand strength in market rationale and a large base of foodservice Favourable global trends, through the region N
Slide 75: S3.4 Streamline Our Sites
S3.4 For personal use only Antonietta Timms Streamline Our Sites EGM – Branded Business Operations
Slide 76: Our manufacturing strategy is focused on scale and efficiency
Our manufacturing strategy is focused on scale and efficiency For personal use only Specialisation Scale Efficient Faster efficiencies capital innovation allocation cycles Centralised Reduced fixed Improved payback Centralised make to manufacturing and overheads and greater avoiding duplicated reduc
Slide 77: Capacity, capability and productivity priorities
Capacity For personal use only Milk Cream Yoghurt beverages cheese Over the next 5 years, our capital priorities will Capability focus on the high growth categories - yoghurt, milk Protein New formats Longer beverages and cream valorisation and packs shelf life cheese Productivity AI, Scale and auto
Slide 78: S4 Financial Performance
S4 For personal use only Gunther Burghardt Financial Performance Chief Financial Officer
Slide 79: Strategic plan financials
Strategic plan financials Organic base CAGR FY26 FY23A FY24A FY25A FY26 Q2F FY28 FY31 to FY31 (%) For personal use only Revenue ($b) 3.4 3.5 3.5 3.7 - 3.8 4.0 – 4.1 4.3 - 4.7 3 – 4% Branded EBITDA ($m) 129 200 205 215 – 220 270 – 285 320 – 340 8 – 10% Bulk EBITDA ($m) 43 (18) 39 50 – 55 30 – 45 30 –
Slide 80: Continued focus on EBITDA expansion
Continued focus on EBITDA expansion For personal use only Volume/mix Net revenue Operating Logistics CorporateX X X costs X X X X X X AI / RPA (robotic Advanced price, X process automation) +1- 2% promotional and portfolio analytics >$40m - 25% opportunities play an increasing role annual volume, re
Slide 81: AI Case Study: robotic process automation (RPA)
AI Case Study: robotic process automation (RPA) For personal use only After Lion Dairy & Drinks acquisition, back - office Centres of Excellence had approximately 11 RPA 120 (Robotic Process Automation) bots now automating portions of seven process areas (e.g. Collections, Claims, A/R, A/P, and Pric
Slide 82: Disciplined approach to capital allocation with flexibility for growth
Disciplined approach to capital allocation with flexibility for growth For personal use only Group capital expenditure Capital allocation framework (annual average) Invest in strategic Maintain strong Returns to $90 $80 $77m - $110m - $100m priorities balance sheet shareholders ▪ Capacity ▪ 1.0 – 2.
Slide 83: Disciplined M&A criteria
▪ Leading brands – large, For personal use only mainstream and at scale Disciplined M&A ▪ Strong adjacency for dairy or non - dairy criteria supported ▪ Channel and market expansion / by systems and consolidation opportunities processes to execute ▪ Single digit EBITDA multiple post synergies ▪ Doub
Slide 84: Closing
For personal use only Pete Findlay Closing Chief Executive Officer
Slide 85: Recap
Recap For personal use only How we have Reviewing Bega Introduce Bega S31: simplified our S28 Our 5 - Year Roadmap business Simplification, Opportunities consolidation and Showcase for growth disciplined cost Morwell site management Bega Group | Investor Presentation | April 2026 84
Slide 86: The Bega investment case is compelling
The Bega investment case is compelling For personal use only Leading Growth Integrated Scale Proven ability mainstream channels bulk business network to deliver brands Scale route to market Value - added bulk, Growing categories, Compelling growth Manufacturing and deep relationships nutritionals an
Slide 87: Q&A
For personal use only Q&A Bega Group | Investor Presentation | April 2026 86
Slide 88: Thank You
For personal use only Thank You Bega Group | Investor Presentation | April 2026 87