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Bega Cheese (BGA) investor relations material
Bega Cheese H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Achieved strong normalized earnings growth year-over-year, driven by strategic plan execution, cost optimization, and transformational initiatives focused on branded growth and operational efficiency.
Major structural changes included closure and consolidation of Strathmoreton and PCA sites, expected to deliver significant efficiencies and earnings uplift by FY27.
Innovation in product development, especially in protein-enriched dairy, yogurt, and spreads, supported growth despite constrained consumer sentiment.
Expanded international presence and food service market share, outpacing local market growth.
Improved staff engagement, safety, and operating cash flow, maintaining a strong balance sheet with a leverage ratio of 0.8.
Financial highlights
Group normalized EBITDA rose 23% to $202M, with the largest gain in the most recent year; statutory EBITDA was $165.5M.
Gross margin improved to 21.5% in FY25, up 1.7 percentage points.
Earnings per share rose 73% to 16.6¢, with net debt reduced to $126M and leverage ratio at 0.8.
Normalized profit after tax surged 74% to $50.8M; statutory loss after tax of $(8.5)M due to impairment and one-time costs.
Fully franked dividend increased 50% to 12.0¢ per share.
Outlook and guidance
Guidance for normalized EBITDA of $215M–$220M in FY26, underpinned by branded segment growth, cost initiatives, and international expansion.
On track to exceed $250M EBITDA by FY28, with a strong new product pipeline and international expansion.
Expecting further margin improvement and volume growth in branded and international businesses.
Anticipate normalized tax rate of 30% in FY26, with EPS projected to exceed 20¢.
Improving consumer sentiment and robust new product development pipeline.
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