Good morning, everyone, and thank you for joining us. For those of you that are following on in the results presentation, I'll be very brief, but I'll start on page 3.

Look, it's obviously for me this is a number of years of presenting the Bega Group story, and I think I couldn't be happier with how the company is positioned as I speak to you today. As we've had a singular strategy and focus over a long period of time to build from what was a small cooperative into a largely business-to-business style business and a commodity business into a truly branded business with great opportunities in the future.

I think probably the most important thing I would say is that this business is in the position where it has wonderful brands, it has great supply chain knowledge. In the year that we've just been through, particularly with events such as conflict in the Middle East, we've been able to demonstrate how agile we can be and how we can adjust to great challenges.

I think we're very well positioned for the future. People talk more about this, but where we are today is positioned for opportunity.

We know there is more to do and we know there is great opportunity not only here in Australia, but internationally, and particularly in our near neighbors. I think if I moved on to the next page, page 4, I would reinforce that the vision to become a great Australian food company is well on its way.

We have built this company on the basis of values that are very important to us. If I was to point you to two, and I think, very much reflective in this presentation and will reflect into the future, it is that we always invest in our future, and we're positioned for some great investment.

We've made some great investments this year. We've got great opportunities to make further investments into the future to further improve this business to meet that strategy that said that we will be the preferred procurer of raw materials from our farmers, particularly our dairy farmers, and the way we've been able to grow our milk supply shows that the strategy makes us very, very competitive when it comes to procuring milk from our farmers.

We'll have a low-cost infrastructure that can meet the market, and our brands, our much-loved brands will respond to the market. They will respond to the consumer trends that we're seeing in health and well-being, in convenience, in value, and we have the brands that can meet and the products that can meet those consumer trends.

We have an ever-improving footprint. We're embracing more and more technology to make that footprint even better, and we continue to invest in a business that is extraordinarily well-positioned.

That said, I think I'll leave the heavy lifting to Pete, and he'll take you through not only some of those strategic things that I've mentioned, but also the achievements of the year. Pete, I'll hand over to you.

Terrific, Barry. Thank you very much for that introduction, and I'll take us through some of the key highlights and how we're thinking about what's happened in FY26, but also how we think that will play out in FY27.

Gunther Burghardt, our CFO, will jump in to give an overlay of our financial results, and then I'll talk about how we see the FY27 outlook. Look, if we turn to page 6, which is our key messages, we're very pleased with where we sit at the end of FY26.

We developed our strategy in the back end of FY23, and it was really about stripping the business back with a mantra of simplify and focus, and applying that to working on our key channels and categories where we had a right to win, streamlining our asset base to create cost advantage, and turning our assets much harder, making the business more efficient. It'd be fair to say that at this stage, 3 years into that initial 5-year strategy, we feel confident that we're achieving those outcomes, and the pillars, or the key direction, that we've set is actually being executed upon well to the point where we've refreshed our '28 outlook to 2031, and we still feel very confident about those pillars and the direction we're heading in, and we still think there's a lot of opportunity there.

The result this year driven by a really solid branded performance. The key categories we really wanted to focus on was around yogurt, milk-based beverages, spreads, where our strong brands sit, and obviously cream cheese into our international markets.

Around those key categories, we were able to get some real lift in better-for-you product innovation, and we continue to see that thematic evolving over the next 5 to 10 years. I'll talk about that in a little bit more detail, but we're getting really good growth and tailwinds in that specific space, and the team have done an excellent job positioning ourselves to take advantage of those thematics.

Our Foodservice channel, which we really wanted to dial up 3 years ago when we spoke about our strategy, has continued to perform very strongly. We had 6% growth in that channel, which was a little bit lower than last year, but given the constraints we've been seeing in that channel around a more subdued consumer sentiment and outlook, we're actually ecstatic, and we think that 6% certainly outperformed the market, and we continue to see good growth and innovation there.

We're positive about that channel moving forward, as I said, even with some headwinds around consumer sentiment. Our international branded business, continues to perform particularly well in Southeast Asia.

We were actually supply constrained for some parts of the year due to the Middle East conflict and actually demand running further ahead of our medium-term outlook. We are solving those issues as we speak, but we still achieved 4% growth in that market, and we're actually expecting that to ramp up even further in 2026.

We still think that over the next 5 to 10 years, that market offers a significant opportunity, and we'll continue to focus on it more and more. Our Bulk business had a really strong year, and that sort of continues to be the evolution of the work that the business did after a very tough year back in 2023.

We've premiumized a lot of our offering. We've spent a lot of work value adding to our protein mix, and also integrating that business better into our branded business, so that we can continue to find different value pools.

Our nutraceuticals and infant nutrition business continues to thrive, and so we're beginning to feel better and better about that business and our ability to separate that business from the commodity milk value index, which I'll talk to a little bit later on. Then, of course, underpinning that growth across the top line and our connection into our markets has continued to be a really strong focus on efficiency programs, and that will always be part of our DNA to do things better and smarter.

If you look at that, we've achieved a terrific return on funds employed, was up at 10%, up 1.6% points from last year, and we've actually achieved our 2000 2028 outcome a couple of years early. Our leverage has dropped to 0.8 times, which continues to give us optionality about reinvestment in business either organically or inorganically.

I'm really pleased with our EBITDA result, which was up nearly 12% year-on-year, and represents sort of a double-digit early CAGR over the first 3 years of our strategy, which I think we're very pleased about when we look at some of the peers in our sector, and I think sort of outlines the momentum we've built in the business. We move to the next slide, which is slide 7, where we're going to have a look at some of our financial metrics.

Really pleased that in a year where we're able to grow EBITDA, grow top-line revenue, increase our margins, we're actually able to operate successfully across all those key lines there. Our net revenue was driven by both a growth in volume and growth in price.

EBITDA continues to represent that strong double-digit growth, and that's flowing through to earnings per share. We're delivering a growth environment, but at the same time returning more earnings to our shareholders on a per share basis, which is represented in an increased dividend.

Return on funds employed is an incredibly important metric to us. We want to turn our assets harder.

We want to get a better return on all asset employed. We feel that if we can outperform our competitors across a capital lifespan, that just continues to build momentum in our business, and long-term sustainable growth.

It also just in its nature drives a lot of cost predictability. A really important measure that we continue to focus on as a business, and we create alignment across our business on that measure all the time.

If I move on to the next slide, which is slide 8, and it's really about creating our long-term competitive advantage. If I think about our business and what it represents, we want to have mainstream everyday brands that are ranked number one or number two in their category that connect well with our consumers, and then we want to underpin that with operational leverage that's best in market.

We want a lower cost per unit. We want better delivery and better basics for our customers that support those brands that meet their needs.

That's how I sum up our business. That's what I try to achieve.

When we look at that front end of the piece, we do have five power brands that deliver number one or number two market positions in growing categories across this country. We have excellent marketing capability and sales distribution networks that support that.

We are good at dealing with large customers in this marketplace, with major retailers, with foodservice channels, with distributors, and with small business, and we pride ourselves on that. We give them great everyday brands that make consumers' needs at excellent value.

We then underpin that with a really good, low-cost, highly efficient operating network. We've got significant scale across in our manufacturing capability that keeps driving our cost per unit down, we can always go to our customers with a competitive price point.

We've focused our supply footprint to be able to deliver on time and deliver innovation as it's required, and we continue to accelerate investment in technology and automation. They will always underpin those themes always underpin our operating network, and by bringing or reducing our factories down, we can actually accelerate that.

The third thing we do is we always maximize value from our key ingredients. We purchase about 1.4 billion liters of milk, and the ability to use that milk extremely well both across our branded business and our ingredients nutrition business provides excellent value and gives us a competitive advantage.

Milk intake actually grew by nearly 7% this year in a stable market, which means that we're offering farmers a competitive proposition because we're able to use those solids to better value. We're extremely pleased about that.

That is where we need to win. That is what we will focus on winning, and if we can do that, we will continue to grow our business.

If I move to the next page, just underpinning the work we've done around those thematics is the transformation program we've undertaken over the last 3 years. I'm extremely proud of the enormity of the work that we've done, the speed that we've been able to do it in, and the quality of execution.

We've undertaken a significant piece of work, and the team have done an outstanding job in delivering that work on time to broadly meet the outcomes and targets that we set for it. We wanted to increase yogurt capability and MBB capability back in 2023.

We implemented a new pouch line. We put in new packaging capability to speed up our milk-based beverage network in 2023.

We closed sites in Canberra, moved 30 million liters of production into our Penrith facility to drive down our cost of production. We acquired the Betta Milk business in Tasmania.

We closed both of those sites and integrated those into our Lenah Valley site. We restructured our corporate head office and took out nearly 250 heads, generating more than $20 million of savings, but more importantly, aligned our capability up with our strategy.

We increased capability across our international and foodservice business by going and hiring people that can drive that business forward, and that's what's actually we're now seeing the benefits of that from the growth in those channels moving forward. We innovated in lactose-free and no-sugar-added to start our wellness transitional journey, and in the first half of '25, we're in train to start the launch protein into our milk-based beverages, which has driven significant growth.

We sold our Leeton site for juice extraction and actually created a far better cost to serve for our business. We repurchased our dryer at Tatura at the time and actually re-geared up to drive protein valorization in our ingredients nutritional business, which has delivered this year in spades, and we think will continue to deliver in years ahead.

We've launched our Dairy Farmers protein smoothies, piece out of Wetherill Park. We rolled out a new sales portal across all of our customer base that was digitally enabled that's enabled us to get closer to our customer.

We invested in an infant formula canning plant to gain access to that and maintain our infant formula business, which continues to thrive today. We got out of our peanut processing asset business, which enabled us to have a far more competitive footprint in peanut butter.

We launched Protein, which was completely re-plumbing our yogurt facility and which is driving a lot of our yogurt growth at the moment, which has been incredibly successful. We closed our Strathmerton site and pushed all of that volume into our Ridge Street site, and that was done within 14 months and at a cost of about $55 million and will deliver $30 million of savings to the business in 2027.

What we're really excited about is it actually opens up volume for our Southeast Asian market by giving us a globally competitive footprint. I'm pleased to say that over FY2027, we'll make substantial investments in yogurt, cream cheese, and milk-based beverages, which all lead to either our wellness trends or expansion into Southeast Asia, and will come online in 2028, provide us with significant growth platforms.

All of that has been done by the team here. It's been done, as I said, on time and to budget.

It's created the outcomes we want. It's exposed us to growth in new markets, and we're extremely excited and pleased with our ability that and track record that we've created to do that work.

If I move on to the next slide, which is slide 10, I'll just talk about some of the work we've done across our strategy. Obviously, significant launches focused on high protein and better-for-you products.

We've increased marketing spend over that time whilst delivering double-digit earnings spend, we've actually invested in our brands, our five power brands. We've grown our international business.

We've employed new expertise in those markets both across sales, marketing insights, market building, and our distribution networks. We've gone above and beyond in our Foodservice market, as I said, achieving 6% growth.

We continue to create new formats, and one of the benefits of this manufacturing footprint is that we believe we have incredibly competitive products to offer into that Foodservice market, and we think we can continue to grow that even over the short term with headwinds facing that channel. The Bulk business, we're incredibly pleased with that.

We continue to integrate more of our Bulk business into our branded business. A lot of that bulk business improvement you see is actually caused by the Bulk business selling more fat products into our growing branded business, particularly in Southeast Asia.

What we're really excited about is the integration now of protein into our branded business. As we've seen the growth in our protein branded products that you'll see on shelf, a lot of that protein enhancement will be supplied by our bulk ingredients nutritional business.

Really pleased about that. The infant formula business continues to do really well, and we continue to be a toll manufacturer of choice in that Bulk business, and we think we've picked up some money there and we feel like we're beginning to really utilize that asset base better.

As other businesses have retreated, we've kept our capacity and we're spinning in to successfully monetize that. Our manufacturing footprint has gone incredibly well.

We did the Strathmerton to Ridge Street change-out within 14 months, which was an exceptional effort by the team. We did that at a time when we were shipping product out of Europe through the Middle East, an enormous amount of work has gone in there to make sure that that's all worked properly.

We've obviously closed the PCA sites. We've actually accelerated capital investment at our key sites, Morwell has continued to undergo a significant transformation, as is our Tatura site around its cream cheese capability.

Our chilled distribution network, we continue to optimize through the automation at Laverton, and also closing down further sites like Frenchs Forest, which we'll sell this year for and realize some money. Software investment and AI continues to move ahead both at an operational point, but also how we're looking at the market.

Really pleased to say that we're delivering excellent AI initiatives across our pricing promotion, our marketing, our back office, and in our factories. We will unashamedly continue to do that over the next 2 to 3 years.

We look on the movement in AI and automation as a significant opportunity for us to continue to drive cost and efficiency in our business and get closer to our customer. If I can move on to the next slide, which is slide 11, we did relaunch or reinvigorate our strategy taking it out to 2031.

The good news is that it will continue to focus on the key elements or thematics of our 2028 strategy. We will continue to grow our four branded categories.

In particular, we'll have a key driver around milk-based beverages and yogurt and the wellness pieces attached to them. Our treats our spreads will focus on treat and wellness as well, and of course our cream cheese category, which is growing at double-digit growth into Southeast Asia.

We will invest around those core brands. Win on the street business, as I said, with our cost reduction in place and our focus of our team and the expertise we've built into the back office and our distribution networks, we think we can continue to win in foodservice, and so that will provide a significant platform for us moving forward, and also our ability to operate well with multi-site owners at the lower end of the market—the lower end of the market from a turnover point of view, individual turnover point of view.

We think also continues to be a hunting ground for us, and so we gear up to take those opportunities. International, I actually couldn't be more excited about the international business.

I'm extremely pleased with the capability we've brought into the company, very excited about the capacity we'll unlock at the start of FY28. I see a significant run ahead of us both in Southeast Asia and the Middle East.

We'll focus on cream cheese, process cheese, yogurt at this stage, and certainly unlocking that yogurt capability and cream cheese capability at the beginning of FY28 will give ourselves a significant leg-up into that Southeast Asian market and Middle East market, where we're probably currently constraining demand. Streamlining our sites, we've done some terrific work there.

Potentially more work to go. We always want to challenge ourselves to be competitive, to be the most competitive producer in this market, and potentially with overseas expansion to have something that's competitive against regional manufacturing.

We still think that there's work to do with streamlining our sites, and the team are very focused on that in the background. Obviously, securing solids.

We're really happy with the fact that we've been able to grow our milk pool over the last 2 years in a stable milk pool environment. We think that there will probably be a good chance of growing our milk pool again in FY2027, but we continue to look for other sources of solids internationally to help sustain our growth into our international markets and help some of our large customers here in Australia where they want to use international solids, and we believe we're a supplier of choice in that scenario.

Obviously, safety remains incredibly important to us. Quality underpins everything we do.

We need to continue to evolve that evolve our people, not only to take direct advantage of the opportunities in the front-facing part of our business, but also to ensure that our business is AI-enabled and to take full advantage of those efficiencies we can drive through that change that we're seeing. If we move to the next slide, which is slide 12, this, the consumer continues to make very deliberate decisions around the products they want to buy and eat and drink, and how they create lifestyle outcomes for them.

We're seeing this trend globally. That's why we're also seeing, significant shifts in the marketplace around ownership as we see traditional consumer goods companies buying or involving themselves into these segments.

In 2025, we carried out an extensive market research on key trends and thematics driving consumer behavior. This has really helped us develop a road map for consumers, and we call this Project Thrive.

We think that this will direct a lot of our product innovation across our key brands and categories. These five points are things that we think about all the time.

We don't think that this is going to be an overnight trend. We think that this will evolve over the next 5 to 10 years, and it's really important that we're part of it.

We look at those trends, and in particular, we think about gut health. That's really about well-being.

There's some significant science now around having a healthy gut and the vagus nerve, which attaches the gut to the mind, which creates wellness around mood and overall well-being. 51% of customers in Australia are already regularly choosing food and drink that specifically supports gut health, and 72% of Australians have now heard of the gut-mind connection.

We're seeing this real rise in probiotics and fiber in everyday diets, and we just think that this is going to continue to grow. In fact, digestive health is growing at nearly 40% in the US, and 79% of beverages sorry, there's actually 79% in US beverages that support mood enhancement.

We think that this trend is here to stay, and it will continue to accelerate. We're very cognizant of that, and we think our yogurt and our milk-based beverages play into that space very strongly.

Weight wellness is also key. People are moving into weight wellness far more.

Body health is actually becoming just as important as body image, and people are seeing that if they carry less weight throughout their life, it actually helps their health outcomes as they get older, both from a from an organ health perspective and a joint health perspective. That's why we're seeing a rise in GLP-1 drugs, and our products, with high protein, dense nutrient ingredients, actually play significantly into that space.

We've seen weight wellness become a real trend, and our protein yogurts and protein beverages are really playing into that, and we think we have some terrific innovation around that. Obviously, everyday performance, I've talked about lifespan and healthspan, and I've talked about muscle retention, and I've talked about that now becoming a thematic across all age groups in the past, and that continues to grow.

We've moved from sports enhancement to just everyday enhancement across all age groups wanting to have a high-protein diet, and maintain their muscle, skeletal strength, maintain their balance, and maintain their active lifestyles. Then treat reward continues to be important.

Treat reward is probably moving into how can I have a healthy treat, how can I have a small indulgent outcome in my everyday routine that doesn't break the bank, doesn't break the health bank, and we continue to play in that space around some of our dessert yogurts, our healthy desserts, ramping up some of the treat varieties around our peanut butter, and we're seeing really good growth there. That's something that we'll continue to focus on.

Really strong thematics playing out globally. We think we're really well-placed for that, and we're actually investing heavily in that space over the next couple of years to continue to drive really good growth in that business.

If I move to the next slide, I won't spend too long other than to say those thematics that I talked about before are playing across our key categories. You can see the unbelievable growth there, that is both volume and price.

As we're stepping up the wellness trends and we're adding functional outcomes, we're actually able to charge more for those products. We're seeing both a really nice balance of growth in volume and price, and of course, we play really strongly across those key categories with either number one or number two positions.

If I move on to slide 14, just really touching on that protein, we've done a huge amount of work across MBB, white milk, and yogurt across those core brands. In 2025, we sold $20 million of product associated with those key thematics, calling out protein and gut health.

In 2026, we sold $95 million of product with those key trends, and in 2027, we'll go close to doubling that again. Now some of that is comes from our traditional products, but a lot of it is incremental growth.

We're really excited about that, which is why we're investing in those key factories around that space. As I move to slide 15, obviously, we're doing some really good work in market.

We've increased our marketing spend by $9 million, focusing on communicating those functional benefits to our customers across our consumers across our key five brands. We're doing that in a really targeted way through social media, and are very happy with the reach we're getting and the communication of that message, which is reflecting now in our growth around those categories.

If I move on to page 16, the manufacturing network continues to be really important to us. That Ridge Street site was really a microcosm of how we think about things.

We've closed down an older site that was under capacity. We've reinvested state-of-the-art technology into another site.

We've doubled its volume. We've made it globally competitive, and we think that that site is now future-proof for the next decade to grow with our expansion in that area.

That really reflects what we're trying to do at Morwell. It reflects what we're trying to do with our Wetherill Park footprint and our white milk footprint.

That project was done in 14 months, the Ridge Street project. It was an unbelievable effort by the team.

It's been executed superbly, and I'm really pleased with that sort of muscle memory that we've built around those sorts of projects, and our ability to do more of those projects into the future. You'll see there a photo on that slide of our pouch of our new pouch line that we've put in.

That was also executed in just over 12 months, and we're really excited about the work we're going to be doing at Morwell right now that will actually have us ready for another significant expansion in 2028. Really pleased about the way we've been able to execute operationally.

If I go to the next slide, which is slide 17, and that's a slide that we often talk about, and it's still very relevant to our business, but it's relevant from the point of view about what we're doing about the relationship that we have with that chart. That's the commodity milk value for the Victorian milk price there.

You'll see the blue line represents the return on a commodity value index, which is the total market index, and the red line is actually our farmgate milk price. In the past, when those lines dispersed, particularly when the blue line fell well below the red line, we would feel fairly significant pain.

Look, we still have some attachment to that blue line, but we've done a huge amount of work to actually create a buffer against that. That's probably reflected in the results that you'll see in our Bulk business now, where commodities did actually fall away, but because we've worked ourselves into higher protein, higher value protein assets, we're doing more with our protein, we're selling more lactoferrin, we've found better homes for our fat in our branded network, we are actually buffering ourselves from that blue line significantly.

We will continue to work towards that over the next few years through our infant formula business as we ramp up our dry capacity through the MSD2 dryer that we've bought back off Mead Johnson. We will continue to move further and further away from that purely commodity index, and that will become a smaller part of our business.

We're extremely excited about that. The Bulk business was a great result, but what was really pleasing, it was done in line with a fairly significant gap to that farmgate milk price.

What I would also say is that we've actually increased our milk pool by milk intake by nearly 7% in a stable milk environment. I think what that reflects is farmers are voting with their actions, or their feet.

We have more farmers wanting to come and join us because they see our cost as a sustainable cost that they can grow their businesses with. Our existing farmers in many cases are actually growing their milk pool for the same reason.

I remain extremely buoyed about the industry. I'm really pleased that our farmers are happy to supply us to the point where they're giving us more milk.

I think it's creating a sustainable environment for both us and them, and I would say that as I get out and talk to farmers, the majority or the overwhelming sentiment about our industry is extremely positive. Thank you for that.

I'll now throw to Gunther Burghardt to push through our key financial metrics.

Fantastic. Thank you very much, Pete, and I'll go to slide 19.

I'll be very brief. I think Pete covered this well.

As Pete mentioned, we got together and I'll cast our minds back to April when we had our Investor Day, and not only did we refresh and extend our time horizon to F31, we also gave more detail in April about how F26 would land. I want to refer back to a few call-outs from that Investor Day.

One of the things we said is that our net revenue would be between $3.7 and $3.8 billion, and we came right near the top end of that guidance. Pete called out yogurt is growing very strongly year-over-year and milk-based beverages, and in our Bulk business, cream cheese, infant formula, and milk protein concentrate all had strong double-digit growth in Q4 compared to the prior year, which helped us get to the top end of that revenue guidance.

Back in April, we also said our Branded segment would grow from $205 million in the previous year to a range of between $215 and $220 million. Since reported, it exceeded the top end of that range and delivered $221 million, again, on the strength of those core franchises, but even with legacy categories like fresh white drinking milk performing very well and strength in culinary creams in our Foodservice area.

That was very pleasing. We outlined our Bulk segment would land at $50 to $55 million, and it landed near the top of that at $53 million, which was excellent.

The truth is we could have overdelivered that profit by several million more, but in June, we decided to set aside $6 million in our unallocated overheads for an efficiency program, which is going to benefit us in F27 and beyond. Pete talked about our AI programs and our general efficiency programs, we did set aside inside our results $6 million for that.

We did not normalize that cost because we tend to have an efficiency program in our back office every year. The things we're most proud about, as Pete mentioned, is really our return on funds employed and our leverage.

In April, we called out 1.3 times leverage and significantly beat that with a 0.8 result, keeping that in line with the previous year. That's an excellent result.

Pete's going to talk in a couple of minutes about our F27 outlook, and you will have seen from the deck that we have a high level of confidence in delivering another $15 to $20 million of EBITDA growth next year. That is going to be back-half weighted.

In the first half of the year, we expect our Bulk business to come off a little bit, perhaps about $10 million, but we expect our Branded growth to accelerate, and that will at least offset any declines in bulk in H1. You'll see a lot of our profit growth coming in the second half of the year.

In terms of things like depreciation and amortization, for those of you looking forward to F27, we're expecting around $98 to $99 million of depreciation and amortization, and we're expecting a normalized effective tax rate of between 28% and 29% for next year. All of those things come together and say that we should have normalized EPS growth just in the double digits, a little over 25 cents.

Another great year of growth ahead of us, and we're very confident in that. As you move forward to page 20, really only two figures I'm going to touch on on this page.

One is the gross margin, it did come down a little bit, and even though core categories like yogurt were very strong in terms of margin growth, I'll remind people we do have a cheese a natural cheese, a processed cheese toll manufacturing business. Cheese prices did drop along with butter prices over the last 12 months, and that offset some of the growth in gross margin in our core business.

We're very confident that gross margin will continue to climb higher in F27 and beyond, particularly given the scope of the cost savings that Pete outlined in his presentation. Our dividend at 14.5 cents, up 21%, and we have well over $100 million of franking credits in the bank to allow great future dividends.

I know this has been a very important theme in this results season. I can skip over slide 21, and on slide 22, you see a little bit more detail on the segments.

There's really just two things I'd call out that haven't been said already. I do want to reflect on the good balance delivery.

Both our Branded and our Bulk segment both grew EBITDA by about $15 million each, which is very strong, and it shows the balance and the importance of those two segments in our business. The revenue growth for the group at 6.7%, that was about 2% in volume, and the remainder was product mix and mix between our categories, and of course, price, the wood prices which recovered cost inflation.

That's how that revenue growth breaks down. As you look into F27, yes, we do expect our nutritionals and ingredients business to go back a little bit, and Pete talked about the commodity chart at the end of his presentation, you might see it go backwards $5 to $10 million, but we do expect a dramatic acceleration in our Branded business of at least $25 million, so that's going to be very positive.

The next slide is slide 23, and that shows the normalization of our results. In our earnings call for the half year and last year, people asked for a little bit more detail on this one.

The manufacturing footprint rationalization, we had $22 million of one-time costs. $13 million of that was to achieve the Strathmerton to Ridge Street project that Pete talked about, and within that $13 million, about $7.5 million was employee costs, and the remainder was other one-time transition costs and inventory costs of achieving that site consolidation.

The remaining $9 million related to our PCA exit, our peanut processing exit in Queensland. That was $3 million loss on the sale, $3 million of employee costs, and $3 million of other transition and inventory costs.

I'm going to skip the balance sheet on slide 24, and finish off with a couple of comments on cash flow in slide 25. I would just say this, not only did we step up our capital expenditure to $110 million in FY26, we also had $37 million of cash costs to achieve our various supply footprint initiatives.

In spite of this, we delivered a 0.8 leverage. We will continue to have great investment and growth initiatives going into F27, but we will deleverage further to 0.7 times or better.

We're very pleased to see the continued strength of our cash flows and our balance sheet. You've seen in this period Pete mentioned the Frenchs Forest sale, so as we're investing more in CapEx, we're taking bits of property that are no longer needed, we're recognizing cash from those.

You are going to see more of that in F27, our net CapEx investment is not as great as our gross CapEx investment in our growth initiatives. We are very confident in next year.

We will have over 25 cents of normalized EPS, and Pete is going to talk about the outlook for F27. Back to you, Pete.

Thank you, Gunther. I think we've got a strong 2027 outlook at $240 to $245 million.

That's in light of, significant cost increases incurred by the Middle East, which we factored into that number. I think it'll be driven off a really strong branded new product development pipeline, both across yogurt, milk-based beverages.

Obviously, the cost brings that we've put in place over the last couple of years class of last couple of years will bear fruit, being the closure of the Strathmerton site, and the Laverton logistics program that we carried out last year. We've got, some really good work being done around our nutritionals business in the Bulk business there, which we're very excited about.

We've actually got to invest $110 million on growth capacity for FY2028. This year will be underpinned by a fair bit of cost efficiency, but we're really excited about the growth trajectory with our innovation and our capacity unlocks that will happen towards the very back end of 2027, the start of 2028.

We remain extremely excited about the business outlook, about a $310 million strategy, and the opportunities that we have ahead of us. I'd just really like to thank the board and our team for their very hard work and alignment.

Our people have done an amazing job of transitioning the business over the last couple of years. It's been a huge amount of discretionary effort.

I'd like to thank our customers for their continued support and consumers for wanting to buy our product, and we really look forward to working and meeting all of their needs in the future. I'd like to thank our shareholders for their support.

I guess now I open this up to any questions.

Good morning, guys. Thanks very much.

Just wanted to start with your outlook in the Branded business, and how you're thinking about pricing power there given the structural gross tailwinds that you guys have spoken to today, continuing to benefit the category and the significant innovation pipeline that now seems to be baked in over the next couple of years?

Yeah. We've, worked with our customers to get our pricing, set pretty early in the year.

We, we're reasonably comfortable with that, and that sort of sets us up to that number that we talked about. We do keep a close eye on geopolitical events and spikes and falls that occur around that.

We try not to be knee-jerk to those, to those headwinds. We think that, we think that we're well-priced in market.

We do a lot of work around our promotional effectiveness, making sure that we turn up to our customers and consumers with value, and then how we think about, the next couple of years is we're going to be bringing on a lot of capacity in those growth areas. That capacity, will also bring synergies with it, operational synergies with it, we will ensure that we always remain competitive.

We think that the dairy cabinet is actually pretty well-priced. If you think if you go back to those basic themes we have, we want to have number one, number two mainstream brands that really meet our consumer needs, and we want to have the best operational footprint supporting them.

We think that we'll continue to be competitive, and that we will continue to be able to grow our margin off the back of those tailwinds.

Got it. Very helpful.

Then just secondly, just your comments around tracking ahead of your previous S28 strategic plan. I guess looking forward into '28, what now is giving you more confidence on that trajectory there, that's kind of leading you to make those comments?

Is it around kind of earlier-than-expected supply chain or is it around some of the growth that you're seeing in the Branded business?

Oh, look. Look, probably both, I think.

Certainly, we anticipate to try and beat $250 million by 2028. Obviously going to be very close to that, this year.

I would say that we're seeing better branded growth than what we would have thought 3 or 4 years ago. The protein and wellness piece is just playing out much more aggressively than what we thought.

Why we're really confident about 2028 is that we'll be bringing on increased, more than 25% yogurt capacity at the start of 2028 to meet those needs. We're currently constrained in the market both here and overseas.

We're bringing on more than 20% cream cheese capacity to meet real tailwinds in Southeast Asia at the beginning of 2028. We're bringing on MBB capacity.

That's what that $110 million is going towards, particularly those three categories throughout this year to really set us up for expansion in 2028. We're really excited about that.

That thematic is definitely stronger than what we thought. I mentioned the protein growth, during my presentation.

We've got gut health coming into that as well. We don't see that going anywhere, based on what we're seeing overseas.

We think there's growth there. Of course, with that growth, your cost-out initiatives actually end up paying more than what you think, because you're driving volume through a more optimized network.

In actual fact, every dollar of growth, and this is how we think about every dollar of growth in a more optimized network actually drops more to the bottom line. It'd be fair to say if we hadn't made those optimization decisions a couple of years ago, we'd still be getting growth now, but we wouldn't be seeing the size of the benefit.

That's sort of how we think about it. I think the 2031 strategy is very much underpinned around capacity and growth in these key areas.

Excellent. Thank you.

Hey, guys. I just wanted to maybe go through those building blocks that you went through, Gunther, to sort of get the earnings growth.

The Bulk business you're sort of saying down 10-ish, not down towards that sort of 30 level, or?

I would say $5 to $10. This year, we delivered $53 million in bulk, Phil, and so I would figure it's down $5 to $10, and I think Branded will be up about $25 million.

Just understanding the drivers of that, is that brand Where are the 30-odd Is it $30 million an annualized number of cost savings or is that, the total amount? Because I think your projects basically finished earlier than expected or completed earlier than expected in June '26.

Is that $30 million you get $30 million

of delivery

in '27?

That's right, Phil, and and that's what gives us so much confidence in next year. We we do have cost inflation every year, if you look at cost inflation, the 30-some-odd million of savings that Pete talked about is a gross number, and and and that's going to underline a lot of our profit growth going into next year.

Even if we have some Middle East headwinds, and even if we have some FX headwinds as it goes north of 70 cents, that $37 million of cost savings is going to offset cost inflation, it's going to offset FX movements, and it's going to able to enable us to grow at least $25 million in in branded EBITDA, or more.

Yeah. That's a bit I guess I was trying to get to.

Is that growth in Branded, is that where all the cost savings are ending up or are they also partly ending up in the Bulk business, and that's why it's only down $5 to $10, whereas I think normally you've said, I know you've been conservative, but you're sort of saying a $30 to $40 million range for bulk over the medium term, from memory? That's

right. I would say a couple of things.

Most of the cost savings, when you think about it, the two big projects that'll benefit Branded next year, is that cheese consolidation, which is almost entirely branded, and the PCA savings actually came early, which was great in F26, we got some benefit this year. Then we are going to get of course the Laverton automation, and that's worth several million dollars of savings.

That project just finished in Q4. That really underlines why we're so confident in that $25 million-plus, Phil.

I hear your word conservative, and I hope you're right there, but we certainly, got a lot of our bricks in place for next year, as you say in your question.

Phil, it's probably just Barry here. It's probably just worth adding that if we look at the bulk performance last year, we did see a stronger alignment.

There is, as Pete said, there is still some exposure to those global commodity prices, and at the beginning of last year, we saw a strong alignment in farmgate milk price to those global commodity prices. It obviously fell away through the year, but that strong alignment at the beginning did give was obviously advantageous, and probably largely describes the change to more within the range that we've that we expect them to perform at.

Having said that, I think we're happy by reinforcing what Pete was saying, that we've we're still getting good performance out of it, but that it there is some impact by that change in pricing.

Yeah. Can I just last clarifying point?

I wasn't sure if I was I'm getting old and I can't hear as well. Did you say, just slightly under 25 cents of EPS?

I thought you then said slightly over.

No, slightly over.

Slightly

over.

Yeah. That's what I thought.

Just wanted to clarify that. Thanks, guys.

Thanks, Phil.

Thanks, Phil.

Morning, team. Thanks for taking my questions.

First one for me is just around the east-to-market customers. We're seeing a little bit of range rationalization happening, and given your brands are sort of sitting in that number one and number two in the categories, can you give us a bit of color around whether you're seeing any additional allocation on shelf as they rationalize range or how is that sort of playing out at the moment?

Oh, look. We worked really closely with the majors around that.

We continually have to work with them to make sure that we've got a really competitive offering both from a functional point of view, new news point of view, and pricing point of view. That's something that we're really aligned on with all the big players, and we're really happy with our shelf space.

We think we've been able to solidify our key brands on the shelf, with actually all of our large suppliers. We're really happy with our relationship with them at the moment and how we're working with them.

Thanks. Then secondly, just on the international business, the growth there pretty strong around 12%, and just looking at your pack, it's about 9% of your branded revenue.

Can you just give us a bit of color around the profit contribution and what it is relative to the rest of the branded business and how much operating leverage could be in there if you guys continue to deliver this type of growth into '27?

Yeah. It's, I don't like to quite talk about don't like We don't usually divulge our international margins except to say that we're very happy with them, and that we want to continue to grow that part of the business because it is delivering solid margins.

We think that the branded business overseas will continue to do well, but we're really looking forward to unlocking capacity in 2028. It would be fair to say that we could sell more yogurt, more cream cheese if we had the capacity, and we're really excited about those extensions, that are coming to our business because, at the moment, we're probably constraining that growth.

That growth could be more, if we had more product to supply.

Thank you.

Hi, Barry, Pete, and Gunther. Can you guys hear me okay?

We can.

Loud and clear.

Great. First one, just maybe for Barry or Pete, just in terms of from the milk supply environment and going outwards, obviously we've had quite a bit of consolidation domestically, and I think, from the commodity perspective, it looks like some of the other big competitors are a little bit more exposed to maybe some of the cheese commodity elements, which obviously haven't been as strong as protein.

I'm just wondering that backdrop, I guess, hasn't always been present, for a while. Does that create a more rational environment going forward?

What do you sort of see in terms of the milk supply environment, ecosystem, and sort of competitive dynamics going forward?

Josh, I think I'd say two things. We would still see competition for milk as being pretty willing.

As we came into this year, I think for some of the bigger players, it's important for them to retain milk, because if you lose it, even if your mix is working against you in a particularly year, it's very hard to win it back, and I think we've seen that in prior years. I think what probably makes us feel very positive is that in each of the regions we're operating in, we've seen, sometimes for the larger players, and sometimes it is in fact, a market disruptor, the that are active in supply.

We find that our mix and the fact that we're a fully integrated white food brand sees us able to compete against all comers, if you like, and compete well, and that's what's really been demonstrated in the last few years. To refer to Pete's comment earlier, I've often talked about the fact that we've got, somewhat two-speed, where you've got young people in the industry that are investing strongly and growing really quickly, and then you've got some people who don't have a have succession for their properties, and that've been leaving, and that's been part of the impact of why we've seen supply a little constrained.

There's no question that as we move around our supply base, we've got a number of suppliers that are increasing their production significantly, which is what we want to see. We've also been able to attract a number of large suppliers that see, a great strategic alignment with us in terms of what they're trying to do.

I would say in terms of milk procurement this year and the previous year, it's been reasonably willing. It's been at the top end of the market, but it hasn't been irrational.

It hasn't been at that level of irrationality that we experienced a few years ago. We do see, and we saw it again this year, some traders and some players removing themselves from the market because they've had experiences that have demonstrated that they actually can't be irrational.

I think we're in a pretty good position in terms of procurement.

Great. Thanks, Barry.

Then just in terms of one for Pete and Gunther perhaps, obviously a significant step-up which absorbed in marketing investment this year. Sounds like you'll continue that.

Can we just talk a little bit about into the next 12 months in terms of some of the product development and maybe some of the innovation focus that's coming out as well and what we should be expecting to see? Look,

I don't want to give too much away, Josh, otherwise the marketing team will kill me. What I will say is that we're continuing to We've actually got some really good product offerings, as I said, very much focused around those five key themes that we've talked about.

Some of it is proven to be very successful overseas. Some of it's sort of pretty much cutting-edge, but it'll be addressing all the sorts of functional needs that consumers are after, around better lifestyle outcomes, longevity, health, outcomes, fitness outcomes.

We've got some really good product. We've actually spent a fair bit of time and effort getting our factories ready to do that.

We had to spend The Morwell plant was built back in the '90s. It's a fantastic facility, but it was built around fruit-flavored yogurt.

We've done a huge amount of effort in and work around getting that ready to be able to dose protein, low sugar, light macro sort of, products, and now we're really excited about running with that. It's the same with our milk-based beverage capability.

We've got a lot of capability there to add around the core of those products that will bring those functional benefits to life. Really, really pleased with our suite of initiatives that we've got, going forward, and, you'll see some really good news on shelf in October, November, around MBB, and then some terrific stuff launching around yogurt and MBB again in March, April.

It's all been presold to key customers, and we're really excited about it.

Great. Maybe another way to ask that, if we look at sort of the product release, new product release on cadence, I guess, versus '26, is sort of '27 similar, less, more, based on where you're sort of sitting today?

Probably a bit more, Josh. Probably a bit more.

Which we're pleased with. Probably a little bit more.

We think, we probably played a little bit of catch-up on protein. We're extremely happy with our results, particularly in milk-based beverages, where we've made significant ground, very, very quickly.

In fact, probably far better than what we initially thought. Now I think that with some of our launches, we have the ability to probably step out in front of the market.

Yeah. Great.

Final one just for Gunther, obviously a bit of, in terms of investment, software investment, that you sort of talked about, AI-related investment, in the period, Gunther. How should we sort of think about that, in terms of, I guess, the line items going forward?

I know you've got a obviously guided to broadly in terms of where we are next year, but as we look over the next few years, what are some of the opportunities for Bega as a group across implementing some of those new and next-gen sort of AI and automation products?

That's a great question, Josh. We've been very excited about that.

Pete talked about the revenue management strategic revenue management software that we implemented last year. That was the fastest returning project that Bega has ever implemented.

We had probably $2 to $3 million of software implementation costs in our OpEx in the last year, and we think it will be a similar amount as we get into F27. We're very excited about the potential for that not only for efficiency, but also for capability, Josh.

Really finding the workforce embracing that, and that's accelerating for us. Very exciting, and $2 to $3 million is what I'd expect, but that's broadly similar year-over-year.

We're actually assuming that our unallocated overheads are probably fairly similar year-over-year, plus or minus a few million.

Great. Thanks, all.

I'll pass it on to someone else.

Yeah. Hey, guys.

Can you hear me okay?

Doing well, Snapey.

Thanks. You might need a pencil.

It's going to throw some numbers at you. Look, I just want to go through, I guess, Branded and then Bulk real quickly, but if I look at Branded, it looks like you had $30 million worth of cost-out from Strathmerton, you've got $8 from Laverton, and if I'm looking through your portfolio, right, I'm seeing kind of mid-single digit price increases were pushed through, and Dare played similar kind of numbers in there, Farmers Union was high single, low double-digit, your white milk was kind of similar to that as well, but it's indexing kind of well north of 2% on the branded portfolio, which is that's not an immaterial tailwind year-on-year in your branded portfolio, which kind of when I waterfall that all the way down means you must be assuming some fairly hefty cost inflation like well north of $100 million in that business to do $20 million growth.

I guess my first question is am I kind of doing the bridges right there? That, and then are you able to I guess the second component of that, isolate down where those costs are, as coffee, sugar, diesel, HDPE, LDPE, those kind of things?

Maybe I'll do that one first and then go to Bulk.

Great question, Jonathan, and it's fair to say we've been a little bit conservative in areas like diesel and resin. Resin costs really spiked in April and May when the Middle East conflict started.

They have come off a little bit since that time, but they both remain elevated. If you look at terminal gate diesel prices, they're still well over $2 a liter, and resin prices are certainly still above where they were before the conflict started at the end of February.

Resin and diesel are part of that cost. Coffee remains elevated, and those are the sorts And of course, there's labor cost inflation, which you have every year in the sites that continue.

Those are sort of the four or five call-outs in terms of what's inflationary. Then you're right in terms of what our savings are, the $37 million.

Of course, currency, Jonathan, probably about $10 to $13 million currency impact, that's going sort of 64, 65 cents, and we're I think this morning a little over 71 cents, Jonathan.

Yep. The pricing's right.

Like, you've been getting mid to high single digit in some of those core portfolio brands?

That's right. The pricing is gone well, and we've been just seeking to recover our a big portion of our costs with that pricing.

As Pete said earlier, we're confident as that's gone into the retailers. If you're looking at it going it may be a little conservative, listen, we love to underpromise and overdeliver, Jonathan, no question.

We're pretty comfortable in $25 million-plus.

Jonathan, I think your pricing might be a little bit high. There might be a volume driver there as well.

Absolutely. Yeah.

Think some of the

When you think of, Jonathan, obviously farmgate milk is an element of inflation. Last year in F26, farmgate milk was up several percentage points nationally.

This year, it's a little closer to that similar cost year-over-year. For that reason, you won't see as much milk-related price that we're putting into the market.

In some of our core categories that are driven by protein, yes, there is some price we've put into the market.

Yep. If I look at your Bulk business, it does look like you've decoupled from milk fat pricing at the very bare minimum in the return you're getting.

Even when I look at it, what a normal skim bucket would get, you seem to be getting high double-digit higher returns relative to what a normal one would get. With skim kind of matching up $600 a ton next year, are you still seeing those premiums hold or are they coming in a little bit in your thinking?

Have you kind of taken out some of the one-off IMF restocking gains you would have got this year into next year's assumptions?

Yeah. We've been pretty conservative on skim, Jonathan.

We're sort of moving further and further away from skim. Our fat strategy is very much aligned to our branded business, cream cheese or into branded products through our foodservice business, where we achieve better returns.

In our protein strategy, it's really been moving transitioning as much skim into MPC as we can. We've opened up some really good markets in the US and in Australia, and they're continuing to evolve with protein consumption generally as an ingredient.

We've decoupled a fair bit of skim. The other thing is because of our the quality of our skim and because of the experience and long-term connections we have with customers, we tend to do a bit better than GDT.

We've been working really hard on that, and then of course, we've experienced some slightly better lactoferrin pricing than what we thought, and our infant formula business, continues to grow, and we've been working pretty hard around that around our drying capability, around our acquisition of a stake in the in the Snow brand, the Snow Brand, infant formula canning and blending plant at Tatura. We're offering a really good integrated, infant nutritionals business, and that's growing as well.

The We're actually trying to decouple ourselves from skim as much as possible from that traditional sort of GDT skim play. The other thing, Jonathan, I'd mention is, Phil asked in his questions about the $30 to $40 million range in bulk.

Because of the changes we've made to that business, nutritionals, cream cheese, lactoferrin, we now think it's $30 to $50 million, or more. We've sort of taken the range up in our nutritionals business, and so just want to make that point on the call.

Yep. Yeah.

No. That's good.

Looks like you got the return per liter's double-digit improved year-on-year relative, in a premium sense, to the skim basket.

That's

why I was kind of wondering if that premium's still holding.

The team have put in a huge amount of work over 3 or 4 years to claw that value index up, Jonathan. I hope it stays, because there's been a huge amount of work and a bit of capital investment.

We think it sort of sets us up to make that a far more robust business. I know that's always been a concern of everyone, so that's been very much a focus of ours to premiumize that business as much as possible, and integrate it.

Integrated. Yeah.

The fat piece into our branded business, protein into high-value, products. Where I'm at, Jonathan, is if our protein business our branded protein business continues to grow, I actually think the integration of those two businesses not just through fat, but through protein, will create significant opportunities for us.

Hamish and the guys are working on that very, very closely.

Yep. Look, just one last one.

On the balance sheet, I know obviously the debt came in materially better than where people were thinking, and it looks like you're utilizing less of the off-balance sheet facilities as well. Probably the operating cash flow is probably understated, I guess, to relatively what it would have been.

It's

probably the first time in a long time you've had a lazy balance sheet, if I can use that term. How far or where would you gear this thing up to if the right opportunity came up?

Would you be talking 2, 2.5 times EBITDA? Would that be about as far as you'd want to take it if the right target reared its head?

Jonathan, as much as I think what's the saying that most of the financial institutions wear, that past performance isn't an indication of future outcomes. I think you can look at our past performance and know that we're in for the right investment, internal or external, we'll gear that balance sheet pretty hard, because we actually believe in gearing it up and then knocking it down quickly.

So 2.5-plus, that's never frightened us in the past. It wouldn't frighten us in the future.

I think we've got a much stronger business now than what we did when we were actually gearing up for expansion in the past. As you know by our behavior, we're responsible in how we think about value, and how we'd deploy.

We're alert to it. We're very pleased we've got a strong balance sheet, because it positions us to take opportunity, and we're alert to those opportunities.

I think what I would say, just reiterating what Barry said, we have the way this is shaping up with the categories we play in and the channel growth we're seeing both here and overseas, I think we're going to have significant internal both organic and non-organic opportunities, and so as they come up, we'll go after them very aggressively.

All right. Thanks a lot, guys.

Good afternoon, guys. Thanks for taking the question.

Just flowing on from that, the last piece of discussion there, in terms of what types of acquisitions you might consider, can you and do you have preferences? What I guess the options would be would you be pursuing brands that are reliant on, the major supermarkets, for instance?

Would you have a preference for brands that you'd be taking international or ones that have a bigger proposition through foodservice? Is there a way to frame up the way, the option that you'd be finding more attractive or ones you'd steer away from, I guess is what I'm asking?

I think we've probably said this publicly before, I'm happy to repeat it and not and I'll throw to Pete for some addition. We fundamentally see this, as I said in my opening comments, we fundamentally see this business is very well-structured at the moment.

The fact that we've got an end-to-end business is what we've worked towards for many years. The way we think about this now is either focus on scale, bigger, more of what we currently do, or adjacency.

When if your question is, branded, for example, we work as Pete outlined very closely, we own big brands, we work closely with the retailers. We can we've got a skill set in that area.

We would add in that area. It's scale of what we currently do, and when you think about some of the things that Pete talked about, that can be both in Australia and internationally, as we get very excited about that international growth, but equally it can be adjacency to what we do, because I think what we want to do is utilize the agility and the skills that the business has developed to be able to respond to opportunities where we see them, but Pete?

Yeah. very much obviously aligned with Barry's comments.

If you go back to that page 8, Richard, creating long-term competitive advantage, we run mainstream everyday brands with a competitive moat around them, and relentless execution around them. Would we buy something that would help us build our long-term competitive advantage.

That's really Does it fit into that very basic

number one, number two brand?

Number one, number two brands that we can operationally leverage,

and that becomes pretty attractive. probably less channel specific, but

if it fits those parameters, we'll look at it.

Okay. Then the thank you.

The second one for me, are you able to give any sort of breakdown, even if you're just talking broad proportions, on the composition of the Branded revenue, $3.2 billion. What I'm thinking here is again a mix across, what you might call major retail or foodservice or international or any other breakdown that you'd care to talk to?

Because what I'm where I'm going with this is if I look at your branded revenue growth, plus 5.7%, that's obviously a great number, but if I compare that to the slide 13 and look at the sort of the growth rates in the categories that you're competing, and I know that slide only talks to basically the main supermarket businesses and there's a not a lot that's not included, but if you take a really crude blended average of the growth rates there, you're looking at more like 10%. I'm wondering do are there areas that you're competing whereby, those growth rates on that slide 13 are not being achieved elsewhere?

That's right, and I think when you think about the $3.2 billion you talked about there, Richard, don't forget that we do still have sort of a cheese and milk cheese cut and wrap business, and I referred to that retailer brands. That one was down a little last year.

What a timely thing to have the Strathmerton to Ridge Street consolidation, because that's going to bring some profit back in that business. The there's $600 or $700 million in retailer-owned brands out of $3.2 billion.

Then once you take that off, you've got about $2.5 billion, which we call our sort of our core business our core branded business. Of that, you've got a little, a little around $300 million, which is the international branded component of that business.

You're left with $2.2 billion, Richard, which is what we'd call domestic branded. In that,

well

over a billion dollars would be with what we call the national customers, discounters, grocers, et cetera, and then you're left with sort of several hundred million dollars, which would be independents, foodservice, route trade, and those kind of channels. That gives you a rough breakdown.

Richard, I would say that that Foodservice channel, that's some of those unstructured customers, they're doing it pretty tough. There's no doubt that there's been a bit of consumer sentiment that's hurting them.

We still feel we've got a good offering in that space. The other thing is, if I'm brutally honest, we've been capacity constrained.

We're probably capacity constrained at the moment. Our yogurt, MBB, cream cheese businesses are actually growing faster than what we thought, which is why we're spending $110 million on boosting capacity this year.

I think that if they continue to have those thematics, the growth in FY28 could probably get a sort of a tick up.

I think the last thing I'd say, Richard, is the retailer brand cheese that we do or the tolling for cheese, that shows up in retailer market shares, not Bega's. Very important to understand that.

That's their brand. Can you

say that again? Gunther.

What was that last one?

If we toll, for example, cut and wrap or shredded or sliced cheese for retailers, like natural cheese, that's their brand, it shows up in their market shares. We don't report on that.

It's not our brand.

It's just

a business that went backwards a little bit last year.

Yeah. Okay.

All right. No, that's really helpful.

Just to reconcile a few of the moving parts there, but that's really good. Thank you.

Sorry, gentlemen, just if I could clarify your first half '27 comments. Were you saying as a group it would be flat with Branded obviously up, but Bulk down?

That's my first question. Just how fully hedged are you for '27, and I suppose in that first half '27 for Bulk?

I think you had sort of some extra milk trading opportunities as they did this year. Thank you.

Belinda. Just let me start with your H1 question.

If you remember in our Bulk business, we had a really strong $41 million of EBITDA in the Bulk business in the first half of F26. As Pete said, the year started with very strong commodity prices in F26, well-aligned to farmgate milk, but the fats and the cheese and butter dropped through that second half of the year.

We do expect a $5 to $10 million drop in the profitability of the Bulk business in the first half, but that will be at least offset by an increase in our Branded business. The programs that Pete talked about, the consolidation into Ridge Street, the new automated warehouse at Laverton, they're ramping up in this first quarter of the year, and then they hit their full run rates by the end of the first quarter.

By the time you get into H2, you really see an acceleration in the Branded business growth, and that's why we're very confident in the full year branded being at least $25 million higher. That's combination of the price we did take, but it's really underlined by cost savings.

First half is broadly flat plus or minus $5 million, with bulk down and branded up.

Thank you, everyone, and I'll reiterate Pete's thank you to our shareholders and indeed we've got a number of suppliers and customers that we're also close to acknowledging in terms of, of course, our staff and our team who pull this together. I always at the end of a day like today and results like this, I always try and see whether I can describe appropriately the team.

I think I'd probably say I hope what the listeners have noted is the energized executors that you have in the room, and they're and I think they're a reflection of the entire team, in that we see the opportunity, we've have the agility to respond to it, and the whole team is very energized in terms of how we might take those opportunities. Thank you all very much for listening, thank you all very much for your support, and look forward to seeing a number of you on the roadshow.

Thank you.