Bega Financial Recovery
Bega Cheese Returns to Profitability, Declaring Fully Franked Final Dividend for FY2026
Key Points
Bega declared a fully franked final dividend of 7.50 cents per share for FY2026, with a record date of 25 August 2026 and a payment date of 1 October 2026. The Dividend Reinvestment Plan will be activated for the final dividend, with DRP shares to be new issued ordinary shares ranking equally with existing shares; election notices must be recorded by 5:00 pm on 26 August 2026 to be effective for the final dividend.
Net tangible assets per share stood at 129.7 cents, up from 117.7 cents at the end of the prior period, reflecting improvements in balance sheet position alongside FY2026 earnings.
The board disclosed that it does not implement all ASX Corporate Governance Principles and Recommendations due to its cooperative heritage, specifically noting provisions around Supplier Directors and providing reasons where a Recommendation is not followed.
Dare high-protein product and major protein yoghurt launches were completed during FY2026 as part of growth initiatives, expanding beyond the previously noted yoghurt and protein beverage focus.
Laverton warehouse automation was commissioned in the second half of FY2026, illustrating continued investment in automation as part of the efficiency and capacity-building program.
Bega Cheese swung back to profitability in FY2026, posting a $54.8 million full-year profit and declaring a fully franked final dividend of 7.5 cents per share Market Screener. The Australian dairy company reported statutory revenue of $3.77 billion and EBITDA of $202.3 million, marking a sharp turnaround from the prior year's loss Kalkine.
With an interim dividend of 7.0 cents already paid, shareholders will receive a total of 14.5 cents for the year Kalkine. Net tangible assets per share climbed to 129.7 cents from 117.7 cents, showing a stronger balance sheet. The company remains on track to hit ambitious targets: $4.3–$4.7 billion in revenue and $310 million-plus in EBITDA by 2030 Kalkine.
Revenue Growth Driven by Branded Products
Bega's revenue jumped from $3.539 billion last year to $3.774 billion in FY2026, a 6.6% increase Market Screener. Branded products made up $3.223 billion of sales, while Bulk Nutritionals contributed $552 million. Australia still dominates, accounting for 91% of revenue, with international sales at just 9% Kalkine.
Major Site Consolidations and Automation Investments
Bega consolidated its Strathmerton site into Bega Valley and sold primary peanut processing facilities to streamline operations Kalkine. The company also automated its Laverton warehouse in the second half of FY2026 and sold the Frenchs Forest site, freeing up capital for growth. These moves support the company's push toward greater efficiency and cost control Kalkine.
New Product Launches in High-Growth Categories
Bega completed major launches for Dare high-protein products and premium protein yoghurt during FY2026, betting big on faster-growing categories Kalkine. The company boosted marketing spend by $9 million to support these new lines. These launches fit Bega's broader strategy of moving into cream cheese and protein beverages to drive long-term revenue growth Kalkine.
Governance Changes Tied to Cooperative Heritage
Bega's board disclosed that it does not follow all ASX Corporate Governance Principles due to its cooperative origins Kalkine. The company noted specific exceptions around Supplier Directors and provided reasons where recommendations are not adopted. Bega also outlined a Diversity, Equity and Inclusion strategy targeting 40:40:20 gender representation across its workforce Kalkine.
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