The Branded segment delivered a normalised EBITDA of $220.7 million, marking an 8 percent increase on the back of strong volume performance in yogurt, milk-based beverages, and fresh white milk. Consumer demand for high-protein and functional formulations provided significant margin tailwinds, while international branded sales expanded by 12 percent. The segment also banked initial operational efficiencies following Bega’s strategic exit from primary peanut processing operations.

In the Bulk ingredients division, normalised EBITDA surged 37 percent to $53.2 million. The uplift reflected higher overall raw milk intake, an intentional transition toward high-value dairy ingredients and nutritional powders, and improved alignment between global dairy commodity values and Australian farmgate milk prices during the first half of the financial year. Furthermore, Bega optimized internal processing margins by channeling a larger proportion of bulk dairy solids directly into its proprietary branded consumer portfolio.

The earnings turnaround was underpinned by the completion of major multi-year capital and supply-chain initiatives. These included the closure of the Strathmerton facility in Victoria and the successful consolidation of cheese cutting, packaging, and processing operations into the centralized Ridge Street site at Bega, alongside the commissioning of an automated logistics hub at Laverton. While $37.1 million in restructuring payments nudged net debt to $151.6 million, the company maintained a solid leverage ratio of 0.8 times, with the network changes expected to unlock substantial cost savings in FY27.