Bega Group reported FY26 statutory EBITDA of $202.3m, up 22%, while normalised EBITDA increased 12% to $225.6m. Branded EBITDA rose 8% to $220.7m. This was supported by strong yoghurt, milk beverage and white milk volumes, growing demand for high-protein and ‘better for you’ products, and 12% international revenue growth. Bulk EBITDA jumped 37% to $53.2m, reflecting higher milk intake, improved product mix, stronger nutritional powder sales and better alignment between commodity and farmgate milk prices.

Net debt increased $25.5m to $151.6m, reflecting capital investment and $37.1m in restructuring payments. Bega declared total FY26 dividends of 14.5c per share, including a 7.5c final dividend.

For FY27, Bega expects continued growth in protein products and international sales, particularly in Southeast Asia, alongside savings from warehouse automation and manufacturing consolidation. The company is guiding to normalised EBITDA of $240m–$245m in FY27 and has set a target of more than $310m by FY31.