Bega Cheese (ASX:BGA) Reports FY26 Revenue Growth and Stronger Normalised Operating Earnings

Aditi Sarkar

06 November 2026 10:33 PM AEDT

Bega Cheese (ASX:BGA) Reports FY26 Revenue Growth and Stronger Normalised Operating Earnings

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Highlights

For the period, Bega Cheese reported FY26 net Revenue of $3,774.6 million, up 6.7%, alongside normalised EBITDA growth of 12%.
During the reporting period, Statutory profit after tax reached $54.8 million, reversing the previous financial year’s loss of $8.5 million.
In addition, International branded revenue grew at double digit rates, supported by Demand in Southeast Asia and the Middle East.
For the period, Bega issued FY27 normalised EBITDA guidance of $240 million to $245 million and outlined longer term ambitions.

Bega Cheese Limited (ASX:BGA), known as the Bega Group, is one of Australia's leading dairy and food companies, producing and Marketing products including cheese, dairy spreads, peanut butter, milk, and nutritional ingredients under brands including Bega, Vegemite, Peanut Butter, and others. The company released its FY2026 full-year results on 20 August 2026.

FY2026 Financial Performance

Bega Group reported FY2026 net revenue of $3,774.6 million, up 6.7% from $3,539.0 million in FY2025. Statutory EBITDA was $202.3 million (up 22.2%), while normalised EBITDA of $225.6 million was up 11.7% from $202.0 million, reflecting the exclusion of one-off Manufacturing footprint rationalisation costs of $21.3 million and acquisition-related charges of $2.0 million. Statutory profit after tax was $54.8 million, a substantial improvement from the $8.5 million loss in FY2025. Normalised PAT was $69.0 million, up 36% year-on-year. The company declared dividends and achieved its double-digit ROFE target two years earlier than its strategic plan had projected.

Branded Segment and International Growth

The Branded segment, which generated external revenue of $3,222.6 million (up 5.7%), was the primary Earnings driver in FY2026. Increased demand for high-protein and better-for-you products supported growth in key categories including yoghurt, milk, and culinary products. International branded revenue grew double digits, with particular strength in Southeast Asia and the Middle East, which now represent the company's key international growth regions. Marketing Investment increased by $9 million to support power brands and product innovation. Above-market foodservice growth was also achieved, with continued investment in the sales team and portfolio.

Operational Efficiency and FY2027 Outlook

Bega Group made significant operational progress in FY2026, completing manufacturing footprint rationalisation (including the sale of its Frenchs Forest Facility in 1H FY2026) and commissioning Laverton Warehouse automation in 2H FY2026. The company also implemented AI-driven revenue management software and expanded robotic process automation. For FY2027, management guided normalised EBITDA of $240–245 million, up approximately 7–9% from FY2026. A longer-term strategic target of $310 million or more in normalised EBITDA by FY2031 was outlined at the company's strategy day, underpinned by branded growth, international expansion, and further operational efficiency improvements.

Stock Price Information

Shares in Bega Cheese Limited (ASX:BGA) were trading at approximately $5.94 on the ASX as of the period around the FY2026 results release. As of 6 November 2026, BGA shares were trading on the ASX. Investors should refer to ASX announcements at www.asx.com.au and the company's Investor relations page at www.begagroup.com.au for current pricing and the latest disclosures.

What brands does Bega Cheese own?

Bega Group's Brand portfolio includes Bega (cheese and dairy products), Vegemite (Australia's iconic yeast extract spread), Peanut Butter and other Kraft-branded grocery products (acquired in 2017), Pure Harvest (almond and rice milk), and various other dairy and nutritional brands. The company also has a significant bulk nutritional ingredients Business supplying dairy proteins and other ingredients to food manufacturers.

Why did Bega Cheese's statutory profit differ from normalised profit in FY2026?

Bega's statutory PAT was $54.8 million in FY2026, while normalised PAT was $69.0 million. The $14.2 million difference primarily reflected one-off significant items, including $21.3 million in costs related to manufacturing footprint rationalisation (site closures and relocations) and $2.0 million in acquisition-related charges. These are excluded from normalised results as they do not reflect the underlying performance of the ongoing business.

What is Bega Group's FY2031 EBITDA target?

Bega Group set a normalised EBITDA target of $310 million or more by FY2031 at its strategy day in October 2026. This would represent a compound annual growth rate from FY2026's $225.6 million of approximately 7–8% per year. The target is underpinned by branded segment growth (particularly internationally), operational efficiency programs, and further product innovation in high-value nutritional categories.

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