• Delivered 1H25 EBITDA pre AASB 16 of $124.0 million, second highest since listing
• Successfully navigating changes to customer portfolio, maintained disciplined pricing approach
• Reaffirms FY25 guidance of core poultry volume growth of -1% to -3% and Underlying EBITDA (pre AASB 16) of $236 million to $250 million

Inghams Group Limited (ASX: ING) today announced its interim FY25 (1H25) financial results. The company delivered 1H25 EBITDA pre AASB 16 of $124.0 million, a 10.4% decline on the prior corresponding period, but the second highest first half earnings result since listing. On an As-Reported basis (post AASB 16), the company delivered 1H25 EBITDA of $210.4 million (-17.1% on PCP) and NPAT of $51.5 million (-18.8% on PCP). Inghams successfully navigated changes to its customer portfolio, maintaining a disciplined approach to pricing with core poultry Net Selling Price (NSP)/kg growth of 1.0% on PCP. 1H25 saw a shift in channel mix, with volume moving into Retail from Wholesale, combined with strong growth in by-products volume. Revenue marginally declined, in line with volume, with the decline in core poultry volume partially offset by growth in core poultry NSP/kg. Total costs within EBITDA declined 0.9% on PCP, largely flat excluding internal feed costs and AASB 16-related amounts. The company reaffirmed its guidance for FY25, based on normalised FY24 (52-week) results, of core poultry volume growth of -1% to -3% and Underlying EBITDA (pre AASB 16) of $236 million to $250 million, representing flat to ~6% growth.

Core poultry volume growth: -1% to -3%; Underlying EBITDA (pre AASB 16): $236 million to $250 million (representing flat to ~6% growth) (FY25)