Bega Cheese (BGA) Investor Day 2026 presentation summary

Strategic focus and business simplification

• Emphasis on simplifying operations, consolidating sites, and disciplined cost management to unlock capital for growth and improve margins.

• Reduction in manufacturing sites from 22 to 15 and a 20% decrease in group headcount since FY23.

• Focus on core brands and categories, with a five-year roadmap (S31) targeting growth in milk-based beverages, yoghurt, and cream cheese.

• Automation, AI, and supply chain optimisation are central to driving efficiency and productivity.

Financial performance and targets

• Revenue CAGR of 3-4% expected to reach $4.3–$4.7b by FY31, with EBITDA projected to exceed $310m.

• Normalised EPS targeted at 37–39 cents by FY31, with ROFE structurally in double digits.

• Ongoing focus on EBITDA expansion through volume/mix improvements, cost savings, and logistics optimisation.

• Disciplined capital allocation with $77–$110m annual capex and a 50–80% dividend payout ratio.

Consumer trends and product innovation

• Health, wellbeing, value, and convenience are key consumer drivers, with protein-rich and functional products in high demand.

• Investment in product innovation, leveraging consumer insights and R&D partnerships.

• Case studies highlight successful launches of high-protein smoothies and yoghurts, and brand building for iconic spreads.