Slides
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Annual General Meeting Bega Cheese Limited · 21 October 2026 Barry Irvin Executive Chairman Pete Findlay Chief Executive Officer
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2 PRESENTING Barry Irvin Executive Chairman
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3 Agenda • FY2026 Annual Report • Chairman’s Report 5 • Chief Executive Officer’s Report 10 • Questions 23 • Adoption of Remuneration Report 27 • Election of Directors 28 • Amendment to the Company Constitution 30
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4 Welcome • Shareholders • Suppliers • Addisons Lawyers • PricewaterhouseCoopers • MUFG Corporate Markets • Bega Group staff • Apologies
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55 Bega: 127 years of building a leading Australian branded food company BUILD 1899–2000 Dairy co-operative based in Bega Valley Primarily cheese production EXPAND 2001–2016 Acquisition of Tatura Milk Industries Investment in scale and capacity Successful ASX listing Product expansion into nutritionals, cream cheese, cheese cut and wrap BALANCE 2017–2020 New platform with acquisition of grocery brand portfolio including Vegemite Grow Branded business while diversifying milk sourcing Product expansion into spreads and other non- dairy STRENGTH 2021–2026 Increased brand portfolio with iconic dairy brands Distribution network with expanded customer base Investments in innovation and branded growth Product expansion into beverages, yoghurts and more FUTURE 2027–2031 Product innovation that responds to the functional health benefits of dairy Productivity through technology and scale Grow international branded presence Expand global sourcing
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66 Our vision TO BECOME THE GREAT AUSTRALIAN FOOD COMPANY Our purpose CREATING GREAT FOOD FOR A BETTER FUTURE Our values GROW OUR PEOPLE PASSION FOR THE CUSTOMER AND CONSUMER INVEST IN OUR FUTURE SUPPORT EACH OTHER
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77 BEGA’S RIGHT TO WIN Creating long-term competitive advantage Bega’s Right to Win 2 3 1 2 Low-cost Australian producer Significant manufacturing scale in key categories Focused supply footprint and distribution network Accelerating investment in technology and automation 3 Maximise value from the materials we procure Increasing supply of bulk products to our Branded business Strong growth in dairy nutritionals Growing share of Australian milk pool 1 Category and brand focus High growth categories delivering on consumer needs Five power brands deliver #1 and #2 market positions Strong marketing and sales capability
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88 PERFORMANCE HIGHLIGHTS Strong financial metrics in FY2026 NET REVENUE $3.8bn ▲ 6.7% EBITDA* $225.6m ▲ 12% Stat. $202.3m ▲ 22% EBITDA MARGIN* 6.0% ▲ 0.3 ppts PROFIT AFTER TAX * $69.0m ▲ 36% Stat. $54.8m vs $(8.5)m loss EPS* 22.6c ▲ 36% Stat. 17.9c vs (2.8c) loss ROFE* 10.0% ▲ 1.6 ppts LEVERAGE RATIO 0.8x In line with 0.8x in prior year TOTAL DIVIDEND 14.5cps ▲ 21% fully franked * Normalised
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9 PRESENTING Pete Findlay Chief Executive Officer
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1010 FY2026 FULL YEAR OVERVIEW Key messages ▸ Strong FY2026, on track to achieve refreshed S31 Strategic Plan, and ahead of previous S28 Strategic Plan ▸ Branded performance supported by a focus on key categories and ‘better for you’ innovation ▸ Continued foodservice growth with increased investment ▸ International Branded growth continues particularly in Southeast Asia ▸ Bulk business delivered strong results with growth in nutritional and bio-nutrients, increased integration with our branded segment and higher milk intake ▸ Successful implementation of transformational and efficiency programs EBITDA $226m +12% normalised EBITDA growth, Branded and Bulk both strong ROFE 10.0% 0.8x leverage Flat to prior year despite high transformation cash costs Up +1.6 ppts vs prior year, hit this target two years early
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1111 PERFORMANCE HIGHLIGHTS Strong financial metrics in FY2026 NET REVENUE $3.8bn ▲ 6.7% EBITDA* $225.6m ▲ 12% Stat. $202.3m ▲ 22% EBITDA MARGIN* 6.0% ▲ 0.3 ppts PROFIT AFTER TAX * $69.0m ▲ 36% Stat. $54.8m vs $(8.5)m loss EPS* 22.6c ▲ 36% Stat. 17.9c vs (2.8c) loss ROFE* 10.0% ▲ 1.6 ppts LEVERAGE RATIO 0.8x In line with 0.8x in prior year TOTAL DIVIDEND 14.5cps ▲ 21% fully franked * Normalised
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1212 Transformation programs instrumental in Bega Group’s success Transformation programs such as the Strathmerton rationalisation into Ridge Street, the sale of PCA sites, Laverton automation and many more have driven productivity, EBITDA margin growth and strong ROFE/cash flow outcomes 1H FY2023 • Morwell yoghurt & MBB capacity and innovation related investments 1H FY2024 • Acquisition of Betta Milk in Tasmania • Business restructure to support new strategy 1H FY2025 • Dare high-protein launch • Leeton site sale • Tasmania sites consolidation • Repurchase dryer at Tatura 1H FY2026 • Major protein yoghurt launches • Peanut processing asset sale 1H FY2027 • Growth capacity investments in yoghurt, protein MBB and cream cheese underway 2H FY2023 • Canberra site shutdown and consolidation into Penrith 2H FY2024 • International & foodservice expansion • Innovation in lactose-free and no-added-sugar products 2H FY2025 • Dairy Farmers protein smoothies launch • My Bega B2B portal roll-out • Infant Formula canning joint venture 2H FY2026 NOW • Cheese consolidation into Ridge St in Bega Valley • Laverton automation now live TRANSFORMATION
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1313 FY2026 FULL YEAR Operational highlights Branded ▸ New launches focused on high protein and ‘better for you’ products ▸ Marketing investment up $9m behind power brands and innovation ▸ International revenue growth reflects strong demand for dairy ▸ Above-market foodservice growth with continued investment in resources and portfolio Bulk ▸ Increased integration of bulk ingredients into Branded product range ▸ Higher milk intake driving lower unit conversion costs ▸ Increased sales of nutritionals and bio-nutrient products and cream cheese ▸ Toll manufacturing supporting returns Manufacturing & footprint ▸ Strathmerton cheese site successfully consolidated into Bega Valley June 2026 ▸ Primary peanut processing sites sold and savings achieved during FY2026 ▸ Accelerated capital investment at key sites ▸ Chilled distribution optimisation; Frenchs Forest sale complete in 1H FY2026 Technology & automation ▸ Laverton warehouse automation commissioned in 2H FY2026 ▸ Software investment in AI revenue management ▸ Increased robotic process automation
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1414 Grow Core Brands and Categories Evolve our products to meet changing consumer needs and deliver go-to market excellence for all customers. Safety Focus on safety, health and wellbeing of all our people. Quality Trusted products our customers and consumers expect. People and Capability Skills, leadership, and culture that enables growth, innovation and exceptional performance. AI and Technology Create competitive advantage, reduce business risk and maintain cyber security. Capabilities Strategy Pillars Key Measures of Success ROFE Double digits EBITDA $310M+ REVENUE $4.3-$4.7B EPS 37-39 cps CO2 REDUCTION 40% by 2030 SAFETY TARGETS Win On The Street Grow foodservice, convenience and independent grocery. Expand availability, while optimising logistics cost. Accelerate International Build scale through stronger, unified brands in Asia and the Middle East and strengthen our in-market supply chain. Streamline our Sites Increase capability and capacity in growth categories. Optimise through scale and automation. Secure Solids Grow and diversify the supply of milk solids to enable growth. Invest in value-add ingredients capability. Simplify and focus for growth Licence to Operate - Sustainability Circularity Community Collaboration
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1515 CONSUMER TRENDS Changing consumer trends continue to shape portfolio and activation priorities Gut health “I want better overall wellness.” Weight wellness “I want help to manage weight.” Healthy mind “I want clearer thinking.” Everyday performance “I want strength and vitality.” Treat and reward “I want to treat myself.”
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1616 PORTFOLIO Market-leading brands in growth categories Category Category size ($m) Category annual growth Bega’s share Market position Yoghurt 2,445 +16% 24% 2 Fresh white milk 2,361 +6% 15% 2 Milk-based beverages 1,355 +14% 43% 1 Spreads 827 +7% 26% 1 Chilled juice 767 +4% 17% 2 Creams & custards 711 +7% 7% 4 Water ice 63 −5% 92% 1 Data (retail sales value) sourced from Circana Market Edge, 12 months to 28 June 2026, based on data definitions provided by Bega (Market: AU Grocery Unweighted and Structured Convenience). Excludes Costco, Aldi, local trade and unstructured convenience.
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1717 BRANDS Top 5 brand investment driving penetration & category growth Dairy Farmers Strengthened leadership through the ‘Start with OOMPH’ and Travis Head platforms, accelerating growth across protein milk and smoothie ranges Dare Extended category leadership through the National Rugby League and Brad Jones Racing partnerships, driving growth in Charged and establishing Dare Protein as the leading high-protein iced coffee brand Farmers Union Greek Yogurt Vegemite Strengthened Vegemite’s connection with the next generation of Australians through partnerships with Gout Gout and The Wiggles, bringing the ‘Makes ’Em Mitey’ platform to life and reinforcing the brand’s role in supporting active lifestyles, growing families and the benefits of naturally occurring B vitamins Successfully scaled the Farmers Union Protein launch through the ‘Protein Made Delicious’ platform, capturing growth in one of dairy’s fastest-growing segments Bega Accelerated international growth investing behind the Bega brand, expanding cream cheese and cheese slices across Southeast Asia and the Middle East
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1818 OPERATIONS Manufacturing network Continuous focus on streamlining and simplifying KEY FY2026 INITIATIVES ▸ Increased yoghurt pouch capacity with new line ▸ Completed sale of Kingaroy and Tolga peanut processing sites in December, with savings recognised earlier than expected during 2H FY2026 ▸ Previously announced consolidation of the Strathmerton cheese site into Ridge Street in the Bega Valley completed in June 2026 ▸ Automation of the Group’s largest distribution centre in Laverton during 2H FY2026 ▸ Warehouse consolidation and sale of property in Frenchs Forest, NSW in December
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1919 FINANCIALS Reconciliation of normalised result ($ million) Per financial statements Manufacturing footprint rationalisation* Acquisition related activities Normalised outcome Revenue 3,774.6 - - 3,774.6 Cost of sales (2,989.1) 16.9 - (2,972.2) Gross profit 785.5 16.9 - 802.4 EBITDA 202.3 21.3 2.0 225.6 Depreciation, amortisation and impairment (95.4) 0.7 - (94.7) EBIT 106.9 22.0 2.0 130.9 Net finance costs (32.2) - - (32.2) Profit before income tax 74.7 22.0 2.0 98.7 Income tax expense (19.9) (9.2) (0.6) (29.7) Profit for the year 54.8 12.8 1.4 69.0 Basic earnings per share - cents 17.9 22.6 * includes closure and relocation of Strathmerton to Ridge St. Bega and the wind down of peanut processing operations at Kingaroy and Tolga.
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2020 FINANCIALS Balance sheet ▸ Net debt $151.6m, up $25.5m mostly from cash payment of restructuring costs of $37.1m ▸ Leverage ratio 0.8x, in line with 0.8x in FY2025 ▸ Working capital increase of $7.9m reflects higher inventory and payables from higher unit costs and key supplier payment terms extensions ▸ PP&E of $690.8m, up $33.0m, with capital investment partially offset by depreciation and the Kingaroy and Tolga site sales KEY POINTS ($ million) FY2026 FY2025 Cash 133.4 120.9 Trade and other receivables 239.9 196.8 Inventories 437.2 366.3 Property, plant and equipment 690.8 657.8 Right-of-use assets 136.0 148.5 Intangible assets 464.5 472.4 Total Assets* 2,157.6 2,040.7 Trade and other payables 561.1 455.0 Borrowings (net of costs) 283.3 246.0 Lease liabilities 184.2 193.6 Provisions 116.9 148.1 Total Liabilities* 1,160.8 1,060.5 Net Assets 996.8 980.2 Net Debt (151.6) (126.1) * Key balances represented only
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2121 FINANCIALS Cash flow KEY POINTS ▸ Operating cash flow $129.3m, down $35.7m on FY2025, reflecting $37.1m in cash redundancy payments to achieve supply footprint and efficiency programs ▸ Capital and intangible expenditure of $109.8m, up from $94.4m, driven by manufacturing consolidation, yoghurt capacity investment, and Laverton warehouse automation which will all benefit results in FY2027 and beyond ▸ Net proceeds from asset sales of $19.0m, including the PCA sites and Frenchs Forest ▸ Dividends paid of $37.3m (FY2025: $28.4m); total FY2026 dividends paid of 13.0cps, fully franked ($ million) FY2026 FY2025 Receipts from customers 4,010.8 3,839.5 Payments to suppliers and employees (3,836.3) (3,613.8) Net proceeds from Trade Receivables Facility (7.0) (5.7) Net interest and other costs of financing paid (32.2) (33.8) Income tax paid (6.0) (21.2) Operating activities 129.3 165.0 Investments in new PP&E and intangibles (109.8) (94.4) Net proceeds from sale of PP&E and intangibles 19.0 21.3 Investments in joint ventures and acquisitions (4.9) (3.2) Investing activities (95.7) (76.3) Net proceeds of borrowings 38.0 19.0 Principal elements of lease payments (20.2) (24.0) Dividends paid to shareholders (37.3) (28.4) Financing activities* (21.1) (33.4) Net increase in cash and cash equivalents 12.5 55.3 * Key balances represented only
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2222 Outlook FY2027 GUIDANCE $240-245m Normalised EBITDA guidance range*. On track to deliver $310m+ normalised EBITDA target by FY2031*. ▸ Strong Branded new product development pipeline and continued benefits from the roll-out and marketing support of recent innovation ▸ Cost management programs in supply chain, logistics and procurement supporting profit growth, with Laverton warehouse automation completed and delivering benefits in 1Q FY2027 ▸ Strathmerton closure completed by June 2026 with benefits in FY2027, benefits of the Kingaroy and Tolga exits recognised earlier than expected during FY2026 ▸ Capital expenditure of $110m focused on investments in low-cost manufacturing and to support growth in core categories ▸ FY2027 guidance $240-$245m normalised EBITDA ▸ On track to deliver $310m+ normalised EBITDA by FY2031 ▸ Well positioned for future corporate and footprint opportunities. *Subject to normal trading conditions
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23 Thank you & questions
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Annual General Meeting
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25 Voting procedure • A poll is being held for all resolutions • Share registrar Regi Harbron of MUFG Corporate Markets (AU) Limited will act as Returning Officer in relation to the polls • Results available on ASX after the meeting
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26 Resolutions • Adopt remuneration report for the year ended 30 June 2026 • Election of Directors • Peter Margin • Terry O’Brien • Amendment to the Company’s Constitution Insertion of Proportional Takeover Provisions
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27 Remuneration report • Pages 40 to 55 of the 2026 Annual Report • Board, Executive Chairman, CEO and other key management personnel • Market data and external advisors Proxy Votes • Total Votes 200,214,699 (65.47%) • For 136,729,757 (68.29%) • Open 641,205 (0.32%) • Against 62,843,737 (31.39%)
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28 Election of Directors Peter Margin Proxy Votes • Total Votes 200,446,558 (65.54%) • For 177,803,224 (88.70%) • Open 651,830 (0.33%) • Against 21,991,504 (10.97%)
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29 Election of Directors Terry O’Brien Proxy Votes • Total Votes 200,414,957 (65.53%) • For 191,354,145 (95.48%) • Open 650,630 (0.32%) • Against 8,410,182 (4.20%)
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30 Amendment to Company Constitution Insertion of Proportional Takeover Provisions To consider, and if thought fit, to pass the following as a special resolution: That, in accordance with section 136(2) of the Corporations Act 2001 (Cth), the amendments to the Company’s Constitution to insert proportional takeover provisions as described in the Explanatory Notes accompanying this Notice of Meeting, be approved with effect from the end of the Meeting. A marked up version of the amended Constitution is available on the Company’s website at https://begagroup.com.au/investors/announcements/. Proxy Votes • Total Votes 200,255,389 (65.48%) • For 199,381,266 (99.56%) • Open 643,063 (0.32%) • Against 231,060 (0.12%)
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3232 APPENDIX Glossary Basic EPS Net profit after tax divided by the weighted average number of ordinary shares outstanding during the period. CMV Commodity Milk Value — a weighted basket of spot prices for cheese, butter, skim and whole milk powder, converted to an AUD value of milk. D&A Depreciation and amortisation (including impairment). Dairy solids The non-water portion of a dairy product — proteins, fat, lactose and minerals; describes dairy ingredient inputs in manufacturing. EBIT Earnings before interest and tax. EBITDA Earnings before interest, tax, depreciation and amortisation (including impairment). EBITDA margin EBITDA divided by net revenue. Funds employed Sum of net assets and net debt.1H, 2H 1H is the first half of the Australian financial year (July–December); 2H is the second half (January– June). Leverage ratio Net debt divided by normalised EBITDA, after adjusting for AASB16 leases in both the numerator and denominator. Material items Income or expense items significant by size, nature or incidence, disclosed separately to aid understanding of financial performance. MBB Milk-based beverages. Net debt Total cash and cash equivalents subtracted from total short-term and long-term debt. Normalised Result excluding one-off material items that do not reflect underlying performance. P&C Petrol and convenience stores. ROFE Return on funds employed — EBIT as a percentage of average funds employed. YOY Year on year.
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This presentation contains a summary of information about Bega Cheese Limited ACN 008 358 503 (BGA) and its subsidiaries (Bega Group). The information does not purport to be complete and should be read in conjunction with other BGA ASX announcements. The presentation may contain statements relating to future events or circumstances, including future performance, earnings, costs, returns, prices, potential business growth, industry growth or other trend projections. Such forward looking statements are based on assumptions and involve risks and uncertainties that are outside the control of or unknown to Bega Group, its officers or employees. Actual results, performance or achievement may vary materially from that anticipated in forward looking statements. Aspects of the presentation may also assume the success of Bega Group’s business strategies. The success of the strategies is subject to uncertainties and contingencies beyond Bega Group’s control, and no assurance can be given that the anticipated benefits from the strategies will be realised. Bega Group undertakes no obligation to update any forward looking statements included in this presentation, whether as a result of new information, future events or otherwise, except as required by applicable law or any relevant regulatory authority. The release, publication or distribution of the Information in jurisdictions outside of Australia may be restricted by law and any such restrictions should be observed. The Information does not constitute investment, legal, accounting regulatory, taxation or other advice and does not take account of individual circumstances or investment objectives. Individuals a should form their own opinions and conclusions on such matters and seek their own investment, legal and taxation advice. Disclaimer 33