Bega Group delivers strong FY2026 result with EBITDA up 22% and statutory PAT rebounding to a profit of $54.8m
Bega Group has delivered its full-year audited results for the financial year ended 30 June 2026, reporting statutory EBITDA growth of 22% and statutory PAT rebounding to a profit of $54.8m following a prior year loss. Both the Branded and Bulk operating segments grew, producing a broad-based Group result.
On a statutory basis, revenue reached $3,774.6m, up 6.7%, while statutory EBITDA rose $36.8m to $202.3m. Statutory profit after tax (PAT) climbed to $54.8m.
The Board declared total dividends of 14.5 cents per share for the year, equating to $44.3m returned to shareholders. Growth recorded across both segments points to operational momentum through the period.
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Statutory vs normalised results at a glance
Presenting both statutory and normalised figures gives investors a clearer view of the underlying business. The normalised measures strip out one-off restructuring items to reveal repeatable performance.
| Measure (Normalised) | FY2026 ($m) | FY2025 ($m) | Change ($m) | Change (%) |
|---|---|---|---|---|
| EBITDA | 225.6 | 202.0 | 23.6 | 11.7% |
| EBIT | 130.9 | 110.8 | 20.1 | 18.1% |
| PAT | 69.0 | 50.8 | 18.2 | 35.8% |
| EPS (cps) | 22.6 | 16.6 | 6.0 | 36.1% |
The normalised adjustments predominantly relate to two initiatives: the closure of the Strathmerton, Victoria site and consolidation of cheese packaging and processing into the Ridge Street facility in Bega, NSW; and the loss on sale and other costs arising from the exit from primary peanut processing, including the sale of the Kingaroy and Tolga facilities in Queensland.
Branded segment powers ahead on protein and “better for you” demand
The Branded segment recorded normalised EBITDA of $220.7m, an increase of $15.5m or 8% on the prior period. Consumer demand tailwinds around protein and health-focused products supported the result.
Operational highlights of the FY2026 Branded result included:
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Strong volume growth in branded yoghurt, milk-based beverages and white milk
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Increased demand for high protein and “better for you” products, supported by higher marketing
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Savings associated with the exit of primary peanut processing
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International revenue growth of 12%
Structural demand for protein and health-oriented products represents a tailwind that management expects to continue supporting the Branded portfolio.
Bulk segment delivers 37% EBITDA growth
The Bulk segment recorded normalised EBITDA of $53.2m, an increase of $14.5m or 37% compared to the prior period. Several drivers underpinned this performance:
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Increased integration of bulk ingredients into the Branded product range
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Growth in milk intake and a higher-value dairy ingredients product mix
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Stronger sales of nutritional powders
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Improved alignment of dairy commodities and farm gate milk prices, particularly in the first half
Unallocated items, including inter-segment eliminations, recorded a normalised EBITDA of negative $48.3m, compared to negative $41.9m in the prior period. This reflected payroll inflation, investments in software as a service, and implementation costs associated with a back-office efficiency programme expected to benefit FY2027.
Understanding “normalised EBITDA” — why investors watch it
EBITDA stands for earnings before interest, tax, depreciation and amortisation. It serves as a proxy for a company’s operating cash-generating ability, before financing and accounting charges are applied.
The “normalised” version strips out one-off items, such as site closures and asset sales, to show the underlying, repeatable performance of the business. This matters here because Bega Group’s FY2026 statutory result was affected by restructuring activity. Normalised figures help investors judge run-rate earnings and compare performance fairly year-on-year.
Balance sheet and dividend
Consolidated net debt stood at $151.6m as at 30 June 2026, up $25.5m from $126.1m a year earlier. The increase reflected a significant capital investment programme and restructuring payments of $37.1m, mainly associated with manufacturing rationalisation initiatives.
Despite the higher net debt, the normalised EBITDA to net debt leverage ratio remained low and constant with the prior financial year at 0.8 times, indicating the investment was funded without stretching the balance sheet.
On shareholder returns, the Board declared a final fully franked dividend of 7.5 cents per share for FY2026, payable on 1 October 2026. This brought total dividends declared for the year to 14.5 cents per share, or $44.3m. The Dividend Reinvestment Plan will be activated for this dividend.
FY2027 outlook and the road to FY2031
Subject to normal trading conditions, Bega Group provided normalised EBITDA guidance in the range of $240m to $245m for FY2027. During FY2026, the company refreshed its strategic plan, extending the target horizon to FY2031 and lifting its ambition to a normalised EBITDA of more than $310m for that year.
Management identified several levers expected to drive growth into FY2027:
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Increased marketing behind leading Australian brands, expected to fuel core and “better for you” categories
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Continued elevated demand for protein through FY2027 and beyond
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Strong international sales growth, with continued focus on Southeast Asia
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Savings from two initiatives completed in FY2026 — the automation of the Laverton warehouse and the consolidation of cheese packaging and processing to Ridge Street, Bega
The combination of near-term guidance and a raised long-term ambition provides investors with a defined earnings trajectory to assess.
Company commentary and outlook
The company noted that its end-to-end supply capability across both segments leaves it well placed to capture anticipated demand growth. Marketing investment behind leading Australian brands has increased over the past two years and is expected to fuel growth in core categories and “better for you” products, while demand for protein is expected to continue elevating through FY2027 and beyond.
With growth recorded across both operating segments, low and stable leverage, and structural demand tailwinds around protein and health, Bega Group has framed its FY2026 result as a solid foundation for progress toward its FY2031 ambition of normalised EBITDA of more than $310m.
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