• Tight cost control and feed cost savings offset Woolworths transition and Q4 weakness
• Strong New Zealand performance with Underlying EBITDA pre AASB 16 up 14.3%
• Successful Woolworths contract renewal and customer diversification

Inghams Group Limited (Inghams) reported stable Underlying EBITDA pre AASB 16 of $236.4M in FY2025, despite a 1.4% decline in core poultry volume and softer market conditions in the fourth quarter. The company's Australian business saw Underlying EBITDA pre AASB 16 decline 3.4% to $183.7M due to changes in the Woolworths supply agreement and weaker fourth quarter trading. However, this was offset by a strong 14.3% increase in Underlying EBITDA pre AASB 16 for the New Zealand business to $52.7M, driven by favorable market economics, innovation, and brand investments. Inghams successfully renewed its Woolworths contract and diversified its customer base. The company also benefited from $57.2M in feed cost savings and tight cost control, with total cost growth (pre AASB 16, excluding feed) of only 0.3%. Capital expenditure during the period was $104.1M, including stay-in-business spend of $61.6M and core and high-growth projects of $42.5M. Net debt increased to $430.4M, resulting in a leverage ratio of 1.8x, within the company's target range.