Ann: Trading Update FY2022, page-92

I dont think its a concern at all

From the April trading update "Bega Cheese expects its leverage ratio to reduce in FY2022 to approximately 2.0.”
So its below 3.5 and expected to reduce.

At H1 EBIT was 51.7m, finance (which included interest) was 6m which is way above 2.5

Total equity was 1,280m which i assume is the same as shareholder funds, thats less likely to change significantly than the others, if for example they started selling assets to kept debt within the other covenants then that is when that clause would come into it.

Usually those covenants take an average over the last few years, so for example if a result unexpectedly came in with negative EBIT in a single year, it still might not break that debt covenant on interest coverage, it depends how its calculated.