Bega Cheese Limited · ASX:BGA
Bega Cheese — Shareholder Meeting (October 2026)
33 slides from Bega Cheese's shareholder meeting presentation, Oct 21, 2026
Slide 1: Annual General Meeting
Annual General rsonal use only Meeting Bega Cheese Limited · 21 October 2026 Barry Irvin Pete Findlay Executive Chairman Chief Executive Officer
Slide 2: Presenting Barry Irvin, Executive Chairman
rsonal use only PRESENTING Barry Irvin Executive Chairman 2
Slide 3: Agenda
Agenda rsonal use only • FY2026 Annual Report • Chairman’s Report 5 • Chief Executive Officer’s Report 10 • Questions 23 • Adoption of Remuneration Report 27 • Election of Directors 28 • Amendment to the Company Constitution 30 3
Slide 4: Welcome
Welcome rsonal use only • Shareholders • Suppliers • Addisons Lawyers • PricewaterhouseCoopers • MUFG Corporate Markets • Bega Group staff • Apologies 4
Slide 5: Years of building a leading Australian branded food company
Bega: 127 years of building a leading Australian branded food company BUILD EXPAND BALANCE STRENGTH FUTURE 1899–2000 2001–2016 2017–2020 2021–2026 2027–2031 rsonal use only Dairy co-operative Acquisition of Tatura New platform with Increased brand Product innovation that based in Bega Valley Milk In
Slide 6: Our vision, purpose and values
Our vision TO BECOME THE GREAT AUSTRALIAN FOOD COMPANY rsonal use only Our purpose CREATING GREAT FOOD FOR A BETTER FUTURE Our values GROW OUR PEOPLE PASSION FOR THE CUSTOMER AND CONSUMER INVEST IN OUR FUTURE SUPPORT EACH OTHER 6
Slide 7: Bega's right to win
BEGA’S RIGHT TO WIN Creating long-term competitive advantage 2 rsonal use only Low-cost Australian producer 1 Category and brand focus 2 Significant manufacturing scale in High growth categories delivering key categories on consumer needs Focused supply footprint and Five power brands deliver #1 and
Slide 8: Performance highlights
PERFORMANCE HIGHLIGHTS Strong financial metrics in FY2026 rsonal use only NET REVENUE EBITDA* EBITDA MARGIN* PROFIT AFTER TAX* $3.8bn $225.6m 6.0% $69.0m ▲ 6.7% ▲ 12% ▲ 0.3 ppts ▲ 36% Stat. $202.3m ▲ 22% Stat. $54.8m vs $(8.5)m loss EPS* ROFE* LEVERAGE RATIO TOTAL DIVIDEND 22.6c 10.0% 0.8x 14.5cps ▲
Slide 9: Presenting Pete Findlay, Chief Executive Officer
rsonal use only PRESENTING Pete Findlay Chief Executive Officer 9
Slide 10: FY2026 full year overview: key messages
FY2026 FULL YEAR OVERVIEW Key messages ▸ Strong FY2026, on track to achieve refreshed S31 Strategic Plan, and ahead of previous S28 Strategic Plan rsonal use only ▸ Branded performance supported by a focus on key categories and ‘better for you’ innovation ▸ Continued foodservice growth with increase
Slide 11: Performance highlights
PERFORMANCE HIGHLIGHTS Strong financial metrics in FY2026 rsonal use only NET REVENUE EBITDA* EBITDA MARGIN* PROFIT AFTER TAX* $3.8bn $225.6m 6.0% $69.0m ▲ 6.7% ▲ 12% ▲ 0.3 ppts ▲ 36% Stat. $202.3m ▲ 22% Stat. $54.8m vs $(8.5)m loss EPS* ROFE* LEVERAGE RATIO TOTAL DIVIDEND 22.6c 10.0% 0.8x 14.5cps ▲
Slide 12: Transformation programs instrumental in Bega Group's success
TRANSFORMATION Transformation programs instrumental in Bega Group’s success rsonal use only Transformation programs such as the Strathmerton rationalisation into Ridge Street, the sale of PCA sites, Laverton automation and many more have driven productivity, EBITDA margin growth and strong ROFE/cash
Slide 13: FY2026 full year operational highlights
FY2026 FULL YEAR Operational highlights rsonal use only Branded Bulk Manufacturing Technology & & footprint automation ▸ New launches focused on ▸ Increased integration of bulk ▸ Strathmerton cheese site ▸ Laverton warehouse high protein and ‘better for ingredients into Branded successfully consolid
Slide 14: Simplify and focus for growth
Simplify and focus for growth Capabilities Safety Quality People and Capability AI and Technology Focus on safety, health and Trusted products our customers Skills, leadership, and culture that Create competitive advantage, rsonal use only wellbeing of all our people. and consumers expect. enables g
Slide 15: Changing consumer trends shape portfolio and activation priorities
CONSUMER TRENDS Changing consumer trends continue to shape portfolio and activation priorities rsonal use only Gut health Weight wellness Healthy mind Everyday Treat and performance reward “I want better overall “I want help to “I want clearer “I want strength and “I want to treat wellness.” manage
Slide 16: Market-leading brands in growth categories
PORTFOLIO Market-leading brands in growth categories rsonal use only Category Category size ($m) Category annual growth Bega’s share Market position Yoghurt 2,445 +16% 24% 2 Fresh white milk 2,361 +6% 15% 2 Milk-based beverages 1,355 +14% 43% 1 Spreads 827 +7% 26% 1 Chilled juice 767 +4% 17% 2 Cream
Slide 17: Top brand investment driving penetration and category growth
BRANDS Top 5 brand investment driving penetration & category growth Dairy Farmers rsonal use only Strengthened leadership through the ‘Start with OOMPH’ and Travis Head platforms, accelerating growth across protein milk and smoothie ranges Dare Extended category leadership through the National Rugby
Slide 18: Manufacturing network
OPERATIONS Manufacturing network Continuous focus on streamlining and simplifying rsonal use only KEY FY2026 INITIATIVES ▸ Increased yoghurt pouch capacity with new line ▸ Completed sale of Kingaroy and Tolga peanut processing sites in December, with savings recognised earlier than expected during 2
Slide 19: Reconciliation of normalised result
FINANCIALS Reconciliation of normalised result Manufacturing rsonal use only Per financial footprint Acquisition Normalised ($ million) statements rationalisation* related activities outcome Revenue 3,774.6 - - 3,774.6 Cost of sales (2,989.1) 16.9 - (2,972.2) Gross profit 785.5 16.9 - 802.4 EBI
Slide 20: Balance sheet
FINANCIALS Balance sheet ($ million) FY2026 FY2025 rsonal use only KEY POINTS Cash 133.4 120.9 Trade and other receivables 239.9 196.8 ▸ Net debt $151.6m, up $25.5m mostly from cash payment of restructuring costs of $37.1m Inventories 437.2 366.3 Property, plant and equipment 690.8 657.8 ▸ Leve
Slide 21: Cash flow
FINANCIALS Cash flow ($ million) FY2026 FY2025 KEY POINTS rsonal use only Receipts from customers 4,010.8 3,839.5 Payments to suppliers and employees (3,836.3) (3,613.8) ▸ Operating cash flow $129.3m, down $35.7m on FY2025, reflecting $37.1m in cash redundancy Net proceeds from Trade Receivables
Slide 22: FY2027 Guidance and outlook
FY2027 GUIDANCE Outlook $240-245m ▸ Strong Branded new product development pipeline and continued Normalised EBITDA guidance rsonal use only benefits from the roll-out and marketing support of recent innovation range*. ▸ Cost management programs in supply chain, logistics and procurement On track to
Slide 23: Thank you & questions
rsonal use only Thank you & questions 23
Slide 24: Annual General Meeting
Annual General rsonal use only Meeting
Slide 25: Voting procedure
Voting procedure rsonal use only • A poll is being held for all resolutions • Share registrar Regi Harbron of MUFG Corporate Markets (AU) Limited will act as Returning Officer in relation to the polls • Results available on ASX after the meeting 25
Slide 26: Resolutions
Resolutions rsonal use only • Adopt remuneration report for the year ended 30 June 2026 • Election of Directors • Peter Margin • Terry O’Brien • Amendment to the Company’s Constitution Insertion of Proportional Takeover Provisions 26
Slide 27: Remuneration report
Remuneration report rsonal use only • Pages 40 to 55 of the 2026 Annual Report • Board, Executive Chairman, CEO and other key management personnel • Market data and external advisors Proxy Votes • Total Votes 200,214,699 (65.47%) • For 136,729,757 (68.29%) • Open 641,205 (0.32%) • Against 62,843,737
Slide 28: Election of Directors: Peter Margin
Election of Directors rsonal use only Peter Margin Proxy Votes • Total Votes 200,446,558 (65.54%) • For 177,803,224 (88.70%) • Open 651,830 (0.33%) • Against 21,991,504 (10.97%) 28
Slide 29: Election of Directors: Terry O'Brien
Election of Directors rsonal use only Terry O’Brien Proxy Votes • Total Votes 200,414,957 (65.53%) • For 191,354,145 (95.48%) • Open 650,630 (0.32%) • Against 8,410,182 (4.20%) 29
Slide 30: Amendment to Company Constitution
Amendment to Company Constitution Insertion of Proportional Takeover Provisions rsonal use only To consider, and if thought fit, to pass the following as a special resolution: That, in accordance with section 136(2) of the Corporations Act 2001 (Cth), the amendments to the Company’s Constitution to
Slide 31: rsonal use only
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Slide 32: Appendix: Glossary
APPENDIX Glossary 1H, 2H 1H is the first half of the Australian financial year Funds Sum of net assets and net debt. (July–December); 2H is the second half (January– employed rsonal use only June). Leverage ratio Net debt divided by normalised EBITDA, after Basic EPS Net profit after tax divided by
Slide 33: 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 rsonal use only announcements. The presentation may c