Bega Cheese (ASX:BGA) reported a surge in profitability for the first half of FY26, ended Dec. 28, 2025.
The group's statutory profit after tax skyrocketed by 55.3% to $46.9 million, while statutory EBITDA reached $124.7 million, marking a 14.1% increase over the prior period.
The performance was fueled by a strategic shift toward high-value product mixes—specifically in ingredients and nutritionals—and a dominant performance across its leading consumer brands.
Normalised EBITDA rose 21% to $133.4 million, and earnings per share grew by 45% to 17.1 cents.
The figures reflect the successful execution of Bega's manufacturing footprint initiatives, including the consolidation of Strathmerton operations into the Ridge Street site and the company's strategic exit from the peanut processing business.
The half-year was characterised by aggressive growth in the branded segment and optimised bulk operations.
Despite a slight uptick in net debt to $219.8 million, the group's leverage ratio improved to 1.2 times, signaling a strengthened balance sheet as Bega continues its transition toward a higher-margin, brand-centric portfolio.
At the time of reporting, Bega Cheese's share price was $6.06.