Slide 1: ASX Announcement: 2026 Results Presentation
ASX ANNOUNCEMENT Bega Cheese Limited 2026 Results Presentation I enclose the 2026 Results Presentation for the Bega Group (ASX:BGA) to be discussed on the Full Year Result 2026 Conference Call scheduled for 11:00am today. Brett Kelly Company Secretary 20 August 2026 For further information please co
Slide 2: FY2026 Full Year Results Presentation
ASX: BGA FY2026 FULL YEAR RESULTS Results Presentation Bega Cheese Limited · 20 August 2026 Barry Irvin Pete Findlay Gunther Burghardt Executive Chairman Chief Executive Officer Chief Financial Officer 1
Slide 3: Presenting: Barry Irvin, Executive Chairman
PRESENTING Barry Irvin Executive Chairman 2
Slide 4: Bega: 127 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 Dairy co-operative Acquisition of Tatura New platform with Increased brand Product innovation that based in Bega Valley Milk Industries acquisi
Slide 5: 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 OUR PEOPLE PASSION FOR THE CUSTOMER AND CONSUMER INVEST IN OUR FUTURE SUPPORT EACH OTHER 4
Slide 6: FY2026 Highlights and Business Update
FY2026 HIGHLIGHTS AND BUSINESS UPDATE Pete Findlay Chief Executive Officer 5
Slide 7: FY2026 Full Year Overview
FY2026 FULL YEAR OVERVIEW Key messages ▸ Strong FY2026, on track to achieve refreshed S31 Strategic Plan, and ahead of previous S28 Strategic Plan ▸ Branded performance supported by a focus on key categories and ‘better for you’ innovation ▸ Continued foodservice growth with increased investment ▸ I
Slide 8: Strong financial metrics in FY2026
PERFORMANCE HIGHLIGHTS Strong financial metrics in FY2026 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 ▲ 36% ▲ 1.6 ppts
Slide 9: Creating long-term competitive advantage
BEGA’S RIGHT TO WIN Creating long-term competitive advantage 2 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 distribution ne
Slide 10: Transformation programs instrumental in Bega Group's success
TRANSFORMATION Transformation programs instrumental in Bega Group’s success 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 flow outcomes 1
Slide 11: FY2026 Full Year Operational highlights
FY2026 FULL YEAR Operational highlights 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 consolidated automation
Slide 12: 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, wellbeing of all our people. and consumers expect. enables growth, innovatio
Slide 13: Changing consumer trends continue to shape portfolio and activation priorities
CONSUMER TRENDS Changing consumer trends continue to shape portfolio and activation priorities 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 weight.” thinkin
Slide 14: Market-leading brands in growth categories
PORTFOLIO Market-leading brands in growth categories 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 Creams & custards 711
Slide 15: Portfolio transformation accelerating into protein and functional nutrition
INNOVATION Portfolio transformation accelerating into protein and functional nutrition Everyday performance Gut health ▸ Innovation aligned to long-term consumer health and wellness trends and a scaled protein platform across Dairy Farmers, Farmers Union and Dare ▸ Launched Farmers Union Protein Yog
Slide 16: Top brand investment driving penetration & category growth
BRANDS Top 5 brand investment driving penetration & category growth Dairy Farmers Strengthened leadership through the ‘Start with OOMPH’ and Travis Head marketing campaigns, accelerating growth across protein milk and smoothie ranges Dare Extended category leadership through the National Rugby Leagu
Slide 17: Manufacturing network
OPERATIONS Manufacturing network Continuous focus on streamlining and simplifying 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 2H FY2026 ▸ Previ
Slide 18: Farm gate milk price and commodity returns
BULK / NUTRITIONALS / INGREDIENTS Farm gate milk price and commodity returns Victorian milk price and commodity value ($A/kg milk solids) CMV and Victorian Commodity MIlk Price ▸ Milk production in Australia was stable $12.00 compared to the prior year $11.00 $10.00 ▸ Bega grew its milk intake by 7%
Slide 19: FY2026 Financial Results
FY2026 FINANCIAL RESULTS Gunther Burghardt Chief Financial Officer 18
Slide 20: Profit and loss
FINANCIALS Profit and loss Net revenue +6.7% · Normalised EBITDA +12% · Normalised PAT & EPS +36% Normalised Statutory ($ million) FY2026 FY2025 +/- % ($ million) FY2026 FY2025 +/- % Net revenue 3,774.6 3,539.0 6.7% Net revenue 3,774.6 3,539.0 6.7% EBITDA 225.6 202.0 11.7% EBITDA 202.3 1
Slide 21: Key performance measures (normalised)
FINANCIALS Key performance measures (normalised) $ million unless otherwise stated FY2026 FY2025 Change Net revenue growth vs prior year 6.7% 0.5% 6.2 ppts Gross margin (% of net revenue) 21.3% 21.5% (0.2) ppts 21.3% Margin strong in yoghurt offset by cheese, EBITDA 225.6 202.0 12% butter an
Slide 22: Both Branded and Bulk profitability improved in FY2026
NORMALISED EBITDA BRIDGE · $ MILLION Both Branded and Bulk profitability improved in FY2026 +14.5 (5.6) (0.8) 225.6 +15.5 202.0 FY2025 Branded Bulk Unallocated Inter-segment FY2026 elimination 21
Slide 23: Segment performance
FINANCIALS Segment performance Unallocated Inter-segment Group ($ million) Branded Bulk overheads elimination total External revenue * 3,222.6 552.0 - - 3,774.6 Growth vs FY2025 % 5.7% 12.5% - - 6.7% Normalised EBITDA 220.7 53.2 (46.3) (2.0) 225.6 Increase/(decrease) vs FY2025 15.5 14.5 (5.
Slide 24: Reconciliation of normalised result
FINANCIALS Reconciliation of normalised result Manufacturing 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 EBITDA 202.3 21.3
Slide 25: Balance sheet
FINANCIALS Balance sheet ($ million) FY2026 FY2025 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 $37.1m Inventories 437.2 366.3 Property, plant and equipment 690.8 657.8 ▸ Leverage ratio 0.8x,
Slide 26: Cash flow
FINANCIALS Cash flow ($ million) FY2026 FY2025 KEY POINTS 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 Facility (7.0)
Slide 27: FY2027 Outlook
FY2027 OUTLOOK Pete Findlay Chief Executive Officer 26
Slide 28: FY2027 Guidance
FY2027 GUIDANCE Outlook $240-245m ▸ Strong Branded new product development pipeline and continued Normalised EBITDA guidance benefits from the roll-out and marketing support of recent innovation range*. ▸ Cost management programs in supply chain, logistics and procurement On track to deliver $310m+
Slide 29: Thank you & questions
Thank you & questions Bega Group | FY2026 Full Year Results Presentation | August 2026 28
Slide 30: 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 31: 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 June). Leverage ratio Net debt divided by normalised EBITDA, after Basic EPS Net profit after tax divided by the weighted adj