Bega Cheese (BGA) AGM 2026 summary

Opening remarks and agenda

• Quorum was confirmed; agenda covered FY2026 reports, shareholder questions, remuneration report adoption, director elections and a constitutional amendment.

Financial performance review

• FY2026 revenue was $3.8bn, up 6.7%; normalised EBITDA was $225.6m, up 12%, with a 6.0% margin, up 0.3 ppts.

• Normalised profit after tax was $69.0m, up 36%; EPS was 22.6c, up 36%; return on funds employed reached 10.0%, up 1.6 ppts.

• Operating cash flow was $129.3m, down $35.7m YoY; capital and intangible expenditure was $109.8m, up from $94.4m.

• Net debt was $151.6m, up $25.5m, largely reflecting $37.1m of restructuring cash payments; leverage remained 0.8x.

Board and executive committee updates

• Peter Margin and Terry O’Brien stood for election; Margin intended to serve the full three-year term, with any further term dependent on his health and shareholder views.

• Barry Irvin was Executive Chairman and Pete Findlay CEO; Irvin said succession relied on capable board and executive teams, combining experienced and newer leaders.