Bega Cheese Ltd

BGA: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Bega Earnings: Strong First Half, but Shares Are Materially Overvalued

Angus Hewitt

Feb 19, 2026

Bega reported interim 2025 underlying EBITDA of AUD 133 million, up 21% on last year. Full-year underlying EBITDA guidance was upgraded by 3% at the midpoint to AUD 222 million-AUD 227 million, and the target to exceed AUD 250 million by fiscal 2028 was reaffirmed.

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Bega Cheese Ltd

Bega Earnings: Strong First Half, but Shares Are Materially Overvalued

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