• 1H earnings impacted by cost increases
• Inventory levels reduced with production normalised into Q3
• The business returned to volume growth in Q2 driven by new business

Inghams Group Ltd reported its FY2026 interim results, with earnings impacted by cost increases, particularly in Australia. Higher operational costs in Australia across farming, processing and supply chain arose toward the end of FY25, leading to reduced inventory levels as the company took measures to reduce excess inventory. However, the business returned to volume growth in Q2 driven by new business, with retail customer diversification through strong non-WOW volume growth and strong QSR growth underpinning the return to volume growth. Pricing also improved as the Wholesale channel fundamentals improved, with net selling price growth in 1H26 driven by growth in Retail and recovery in Wholesale pricing. New Zealand remained resilient, with stable and efficient operations and price growth, though core volumes were impacted by lower Other Poultry Product sales due to Export channel closures. The company made progress on key initiatives, including strong customer outcomes and return to volume growth, strong cash conversion, delivering cost-out and organisational restructure, and restoring Australian operating performance in FY26.

The company did not provide any high-importance, price-sensitive forward-looking financial metrics.

The company did not provide any forward-looking outlook statements.