Highlights

• Bega outlined approximately AUD 110 million of planned Capital Investment in Manufacturing capacity across dairy categories.

• FY26 Revenue increased 6.7% to AUD 3.77 billion as normalised EBITDA climbed to AUD 225.6 million.

• The company reaffirmed FY27 normalised EBITDA guidance of AUD 240 million to AUD 245 million at its AGM.

• Bega expects the new yoghurt, cream cheese and milk-based beverage capacity projects to become operational in FY28.

Additional capacity in yoghurt, cream cheese and milk beverages is taking shape at Bega Cheese Limited (ASX:BGA). The food producer has paired an FY26 profit recovery with new investment and FY27 Earnings guidance.

Market Activity

Bega Cheese shares were changing hands around AUD 6.82 at about 2:40pm AEDT on 11 November 2026, up roughly 3.3% on the previous close of AUD 6.60, . Volume of about 1.26 million shares was roughly double the stock’s average of around 649,000. the day’s high of AUD 6.93 matches the shares’ 52-week high.

Recent Developments

At its Annual General Meeting on 21 October 2026, chief executive Pete Findlay reaffirmed FY27 normalised EBITDA guidance of AUD 240 million to AUD 245 million, . The company said it would invest about AUD 110 million in Capital Expenditure to expand manufacturing capacity, with projects in yoghurt, cream cheese and milk-based beverages due to come online in FY28. Mr Findlay said first-half earnings were expected to be relatively flat, with growth weighted to the second half. He pointed to the branded Business and productivity gains from closing the Strathmerton cheese site and automating the Laverton warehouse.

Food Manufacturing Portfolio

Bega, based in Bega on the NSW south coast, makes cheese and other dairy products, and owns brands including Vegemite, Dairy Farmers, Dare, Big M, Juice Brothers and Canberra Milk, company data. It buys about 1.4 billion litres of milk a year. The company is a member of the S&P/ASX 200, per the ASX.

FY26 Results

In its full-year results on 20 August, Bega reported revenue up 6.7% to AUD 3.77 billion and normalised EBITDA up 12% to AUD 225.6 million. Statutory profit after tax was AUD 54.8 million, against a loss of AUD 8.5 million in FY25. The total Dividend rose to 14.5 cents a share, fully franked, including a 7.5 cent final payment. Net Debt rose to AUD 151.6 million, mainly because of AUD 37.1 million in restructuring costs, with Leverage steady at 0.8 times, . Return on funds employed reached 10%, which management said met its 2028 target two years early.

Strategy and Sector

Bega has extended its strategy targets to FY2031, aiming for normalised EBITDA above AUD 310 million, revenue of AUD 4.3 billion to AUD 4.7 billion and double-digit return on funds employed. Since 2023 it has consolidated Canberra production into Penrith, closed Strathmerton in June 2026, and sold its Leeton juice site and Queensland peanut processing assets. Mr Findlay said Supply constraints during parts of the year, linked to the Middle East conflict and stronger than expected demand, limited Bega’s ability to meet Demand in South-East Asia. He also said Bega is increasingly using its infant formula Assets as industry capacity tightens.

Business Considerations

Dairy is exposed to farm-gate milk prices, Commodity swings and supply-chain disruption, all of which the company has flagged in different ways. Bega’s FY27 guidance depends on a second-half lift after a flat first half, so timing matters. The AUD 110 million spend is also a significant commitment, and new plants carry commissioning risk. There was also governance noise at the AGM. Proxy votes lodged before the meeting showed 31.39% against the remuneration report, above the 25% threshold for a first strike under the Corporations Act, though the final voting result was not available in the coverage reviewed.

Next Milestones

Bega has said the capacity projects will come online in FY28 and that growth will be second-half weighted in FY27.