Bega Cheese (BGA) AGM 2025 summary

Opening remarks and agenda

• Meeting formally opened with a quorum present; welcomes extended to shareholders, suppliers, auditors, and staff, with apologies acknowledged and agenda outlined, including financial and executive reports, remuneration, and director elections.

• Introduction of board members, auditors, and key staff.

Financial performance review

• FY2025 net revenue grew 0.5% to $3.54bn, with normalised EBITDA up 23% to $202m and profit after tax up 74% to $50.8m.

• Gross margin expanded to 21.5%, net debt reduced to $126.1m, and leverage ratio lowered to 0.8x from 3.5x five years ago.

• Fully franked dividend increased 50% to 12.0c per share.

• Bulk segment rebounded, supported by better Farmgate milk pricing and cost reductions, returning to profitability.

• Normalized EBITDA rose from AUD 160 million to over AUD 200 million, with a target to exceed AUD 250 million by FY2028.

Board and executive committee updates

• Board introduced, with directors highlighting their experience and commitment to governance and strategy; reports delivered by Executive Chairman and CEO on strategic progress.