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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.
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H2 2025 earnings summary21 Aug, 2025

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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Frequently asked questions

Bega Cheese Limited is a dairy producer, located in Bega NSW, Australia. The company processes, manufactures, and distributes dairy and other food-related products. Their product range includes dairy products, including cheese and food ingredients; and oilseed products such as rapeseed oil and canola meal. They also produce proprietary foods such as their iconic brand of Yoghurt Pot made from 100% unpasteurised milk. Bega Cheese Limited was formerly known as Bega Cheese Industries Ltd. Bega Cheese Limited is based in Bega, Australia.

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