Bega Cheese (BGA) AGM 2024 summary

Opening remarks and agenda

• Meeting formally opened with a quorum, voting procedures explained, and introductions of board, auditors, and advisors.

• Executive Chairman and CEO welcomed shareholders, suppliers, and partners, outlining the agenda including financial reports, remuneration, director elections, and Q&A.

• Agenda included review of the 2024 Annual Report, remuneration report adoption, and director elections.

Financial performance review

• FY 2024 net revenue grew 4% to AUD 3.52 billion, with branded business revenue up 6% and international branded revenue up 11%.

• Normalised EBITDA increased to AUD 164.1 million, with branded segment EBITDA margin at 6.6%.

• Statutory profit after tax was AUD 30.5 million.

• Net debt reduced by over AUD 40 million to AUD 162.4 million, leverage at 1.3x, and inventory decreased by AUD 70 million.

• Dividend increased by 7% to AUD 0.08 per share; EPS rose to AUD 0.096.

Board and executive committee updates

• Board renewal and succession planning discussed, with emphasis on skills-based board and executive mentoring.

• Remuneration report covered board, executive chairman, CEO, and key management, informed by market data and external advisors.

• Directors up for re-election addressed their experience and contributions, with proxies cast in favor.