Bega Cheese (ASX:BGA) is seeing a "very challenged" consumer environment in fiscal 2025, following high-cost pressures in the previous fiscal year, Chief Executive Pete Findlay said, according to a Wednesday filing with the Australian bourse.

Speaking at the dairy company's annual general meeting, Findlay reiterated the company's guidance issued in August of normalized earnings before interest, taxes, depreciation, and amortization of AU$190 million to AU$200 million for the fiscal year.

Further, Bega Cheese plans to drive earnings in fiscal 2025 by improving productivity and efficiency, as it will not be possible to offset inflationary pressures with price increases, Findlay said.

However, it expects to see a "single mid-digit" growth for its branded business for the year, as per the filing.

The company's shares were down almost 2% in recent Wednesday trade.

Price (AUD): $5.23, Change: $-0.08, Percent Change: -1.51%