Bega Cheese lifted revenue 5% YOY in first-half FY2026 to $1.9bn, with normalised EBITDA jumping 21% to $133.4m and profits after tax of $52.1m, up 45% YOY. Basic earnings rose to 17.1c per share, with a fully franked interim dividend of 7c per share.

Across dairy categories, the processor lifted retail sales of fresh milk 1% to $2.272bn, accounting for 15% of the fresh milk market in the year to 28 December 2025. Yogurt sales rose 13% to $2.261bn for the period, with Bega’s share at 24%. Milk-based beverage sales rose 12% to $1.211bn with Bega brands making up 45% of the market. Bega’s first-half highlights include new product launches in high protein and “better for you” products as consumer trends evolve. Bega plans to consolidate its manufacturing sites further going from 22 sites to 15 by the end of FY2026.