Inghams Group Ltd. · ASX:ING
Inghams — Investor Day (May 2026)
52 slides from Inghams's investor day presentation, May 11, 2026
Slide 1: Investor Day 2026
INVESTOR DAY ', 2026 11 MAY 2026
Slide 2: Disclaimer
Disclaimer IMPORTANT NOTICE The material in this presentation is general this presentation to reflect the underlying background information about the activities of performance Inghams Group Limited (Inghams) and its of the business. Definitions are included in the subsidiaries (Inghams Group), and i
Slide 3: Chair’s welcome
Chair’s welcome HELEN NASH Inghams Group Limited | 2026 Investor Day 3
Slide 4: Acknowledgement of Country
Acknowledgement of Country ARTIST: KELLY TAYLOR We respectfully acknowledge the traditional owners both past and present, as custodians of this land we are meeting on today. Inghams Group Limited | 2026 Investor Day 4
Slide 5: CEO welcome and strategy overview
CEO welcome and strategy overview ED ALEXANDER CHIEF EXECUTIVE OFFICER AND MANAGING DIRECTOR Inghams Group Limited | 2026 Investor Day 5
Slide 6: A clear pathway to stronger earnings, higher returns and sustainable growth
A clear pathway to stronger earnings, higher returns and sustainable growth Stabilise the Optimise the Grow the business asset value Inghams Group Limited | 2026 Investor Day 6
Slide 7: Agenda
Agenda Time Section Presenter Helen Nash 9:00 am Opening and Strategy Ed Alexander 9.25 am Winning with Customers Clair Stevenson Susy Klein 9.40 am Unlocking Trapped Value Adrian Wilson 10.00 am New Zealand as a Strategic Market Matt Easton 10.15 am Innovating for Growth Caroline Hayes 10.35 am Q&A
Slide 8: A clear plan to stabilise, optimise and grow
A clear plan to stabilise, optimise and grow STABILISE OPTIMISE GROW • Fix execution - yield, labour • Lift value per bird • Expand into higher value products • Restore consistency and control • Improve mix • Scale ingredients platform • Reduce volatility • Optimise network flows • Build innovation
Slide 9: Chicken remains one of the most attractive protein categories
Chicken remains one of the most attractive protein categories THE POULTRY INDUSTRY THE GROWTH DRIVERS STRATEGICALLY POSITIONED • Most consumed, most affordable • Health and protein consumption • Only ANZ producer protein trends • Integrated, distributed, flexible • Structurally growing demand • Stru
Slide 10: A high-quality business that has under-delivered
A high-quality business that has under-delivered 1 2 3 RETURNS BELOW EARNINGS VOLATILITY HAS POTENTIAL INCONSISTENT ERODED CONFIDENCE Return on Invested Capital (%) Financial Returns ($M) Price / Earnings ratio (x) 26 300 40 24 35 250 22 30 C 200 20 O 25 V 18 I 150 20 D 16 15 100 14 10 50 12 5 10 0
Slide 11: The issue is operational execution – and we can fix it
The issue is operational execution – and we can fix it 1 2 3 OPERATIONAL CAPITAL COMPETITIVE INCONSISTENCY PRODUCTIVITY INTENSITY • Fragmented • Increased capital • More capacity planning deployed • More customer • Inefficient supply • Returns power chain inconsistent Execution is the Returns mu
Slide 12: We are building a higher quality earnings model
We are building a higher quality earnings model – not simply a larger poultry business TRADITIONAL APPROACH INGHAMS’ APPROACH Volume-led Value-led + volume growth Centralised scale Distributed network Cost-first Customer + category + cost Commodity Differentiated Capacity expansion Capital disciplin
Slide 13: Our strategy to increase value per bird and drive sustainable growth
Our strategy to increase value per bird and drive sustainable growth Three Stabilise the Optimise the Grow the phases Business Asset Value STRATEGIC AMBITION How we Win With Customers Maximise value increase value per Unlock Trapped Value per bird to drive bird Innovate For Growth sustainable earnin
Slide 14: A leadership team and operating model built to execute
A leadership team and operating model built to execute SIMPLIFIED STRUCTURE, CLEARER ACCOUNTABILITIES AND DEEPER OPERAT IONAL CAPABILITY What has changed • Significant refresh of the executive team and operating TBA model • Clear end-to-end accountability Ed Alexander Matthew Easton Clair Stevenson
Slide 15: Our focus over the last 6 months has been to Stabilise the business
Our focus over the last 6 months has been to Stabilise the business – and the early indicators are positive • EBITDA run-rate has materially improved through FY26 • Operational performance improving across yield, labour and planning execution • ~$25m reduction of frozen inventory, restoring system b
Slide 16: Key messages
Key messages 1 Chicken is a structurally attractive category 2 Past returns do not reflect the quality of the asset base 3 Execution unlocks opportunity and value 4 Strategic shift to focus on ‘value per bird’ 5 Near-term stabilisation enables growth Inghams Group Limited | 2026 Investor Day 16
Slide 17: Winning with Customers
Creating mutual value with Winning with Customers our customers through freshness, reliability, and CLAIR STEVENSON consumer-led innovation Inghams Group Limited | 2026 Investor Day 17
Slide 18: Partnering differently to unlock mix, price and sustainable growth
Partnering differently to unlock mix, price and sustainable growth FRESHEST PRODUCT MOST TRUSTED DIFFERENTIATE Win on quality and reliability Become the partner of choice Lead the category • Integrated network delivers • Reliable service and supply • Consumer-led innovation freshness • Easy to do bu
Slide 19: Winning with customers to unlock value per bird
Winning with customers to unlock value per bird THE INSIGHT WHAT IS CHANGING NOW • Customer relationships are our strongest strategic asset • Segmented customers by value creation potential • Value is constrained by a transactional, price-led approach • Building category partnerships with strategic
Slide 20: Execution is already delivering results
Execution is already delivering results IMPROVING CUSTOMER STRENGTHENING COMMERCIAL EXPANDING INTO HIGHER POSITION DISCIPLINE VALUE CATEGORIES • Moved from 20th to 9th in The • Commercial excellence function • Driving growth in higher value Advantage Group survey1 established 400 350 segments 15.0%
Slide 21: Key messages
Key messages We are shifting from volume-led to value-led 1 growth Category partnerships unlock superior 2 economics Our network enables a differentiated customer 3 proposition Commercial discipline is improving earnings 4 quality Innovation and formats will expand value per 5 bird Inghams Group Lim
Slide 22: Unlocking trapped value
The fastest path to higher Unlocking trapped value earnings is already in the SUSY KLEIN ADRIAN WILSON business Inghams Group Limited | 2026 Investor Day 22
Slide 23: Unlocking trapped value in our operations is the fastest path to improved earnings
Unlocking trapped value in our operations is the fastest path to improved earnings High Performance Operations The opportunity • Earnings are suppressed by inconsistent execution across sites • Yield, labour, planning and by-product recovery upside What we are doing • Standardising site performance
Slide 24: Early execution gains are driving earnings recovery
Early execution gains are driving earnings recovery YIELD IMPROVEMENT EXECUTION PIPELINE FY26 Chicken Processing Yield Savings delivered and projects underway ($M) Transport 5.1 1.5 63.2% Labour management 3.4 1.0 Network & Processing 0.7 2.7 0.1 60.8% Packaging 1.0 Planning and Inventory 1.0 Wk Wk
Slide 25: Unlocking the benefits through recent capital investments
Unlocking the benefits through recent capital investments 1 2 3 OSBORNE PARK ONE NEW FULLY COOKED AUTOMATED TRAY TOUCH CAPABILITY PACKING Installation of automated cut-up lines Lisarow Further Processing line upgrade Six automated packing lines in SA and QLD Inghams Group Limited | 2026 Investor Day
Slide 26: Creating sustainable value in ingredients
Creating sustainable value in ingredients BUILDING THE INGREDIENTS PLATFORM ADVANCED INGREDIENTS FACILITY • Strong growth in ingredients harvesting • Incremental EBITDA of ~$5M on $8.5M investment in plate-freezing equipment and infrastructure • Platform established to support higher value applicati
Slide 27: Significant embedded earnings upside through performance and planning discipline
Significant embedded earnings upside through performance and planning discipline PLANNING A STRATEGIC CAPABILITY STABILISE | TACTICAL PLANNING PROCESS Weekly Australian Frozen Inventory Stabilising the system: $55 M The opportunity • Resolved excess inventory • Fragmented planning drives cost, servi
Slide 28: Key messages
Key messages The fastest path to earnings recovery is 1 embedded in the business >$130M of EBITDA is embedded in operational 2 improvement 3 Planning is the spine of the business Significant value exists in ingredients and by- 4 products 5 Momentum is building Inghams Group Limited | 2026 Investor D
Slide 29: New Zealand is a strategic market
Building durable cost New Zealand is a strategic market and network MATT EASTON advantage Inghams Group Limited | 2026 Investor Day 29
Slide 30: New Zealand is a structurally attractive market
New Zealand is a structurally attractive market – disciplined execution will translate to superior returns FAVOURABLE RATIONAL GEOGRAPHIC RECENT STRATEGIC CUSTOMER MIX MARKET CONCENTRATION ACQUISITIONS IMPLICATIONS • Broad customer STRUCTURE • 50% of population ENHANCE • New Zealand base across majo
Slide 31: Strategic priorities for New Zealand
Strategic priorities for New Zealand INNOVATE FOR GROWTH DRIVING GROWTH THROUGH WIN WITH CUSTOMERS • Investing in brands and new products DIFFERENTIATING OUR • High-value ingredients UNLOCK TRAPPED VALUE CUSTOMER PROPOSITION UNLOCKING VALUE FROM THE • Category leadership EXISTING NETWORK THROUGH • B
Slide 32: Growth is being delivered and scaled
Growth is being delivered and scaled BRANDED PORTFOLIO DRIVING AUTOMATION UNLOCKING ON-TRACK TO NZ$100M EBITDA GROWTH AND MIX STRUCTURAL COST ADVANTAGE TARGET BY 2030 Te Aroha automation program UNDERLYING EBITDA FY26 YTD VOLUME GROWTH VERSUS PCP delivering step-change in performance: (NZD MILLION P
Slide 33: Key messages
Key messages New Zealand is a structurally attractive, rational 1 market The opportunity is to unlock embedded value, not 2 chase volume Growth is being driven by premium brands and 3 category leadership Automation is creating a structural cost and yield 4 advantage Momentum is established with a cl
Slide 34: Innovating for Growth
Image needs to reflect our product portfolio We are already shifting Innovating for Growth mix and creating higher CAROLINE HAYES value growth Inghams Group Limited | 2026 Investor Day 34
Slide 35: Building structurally higher-value earning streams
Building structurally higher-value earning streams CONSUMER-LED INGREDIENTS AND BY- PLATFORM EXPANSION DEMAND PRODUCTS • Convenience formats • Nutritional applications • Adjacent opportunities • Premiumisation • Broth and functional proteins • New channels and formats • Occasion-led formats • Expand
Slide 36: Our Trans-Tasman model accelerates growth, reduces risk and scales margin expansion
Our Trans-Tasman model accelerates growth, reduces risk and scales margin expansion Insight New Zealand Australia Scaled Portfolio Where we play Prove the model Scale the value Monetise • Identify high value • Agile market enables • Larger market delivers • Brands provide pricing growth segm
Slide 37: Consumer insight translated into scalable growth platforms
Consumer insight translated into scalable growth platforms $2.6B COMBINED ANZ ADDRESSABLE MARKET ACROSS THREE STRUCTURALLY GROWING DEMAND POOLS Convenience Nutrition Experience Quality food fast Purposeful protein Elevated meal experience Busy lifestyles driving demand for Strong secular growth in p
Slide 38: Key messages
Key messages Consumer insight defines where we 1 play – innovation drives how we win Untapped value exists within current 2 processing volumes Shifting mix to higher value formats 3 materially improves returns Our portfolio enables premiumisation 4 without cannibalising the core Ingredients and adja
Slide 39: Digital Enablement & Acceleration
Technology platform Digital Enablement & Acceleration enabling Inghams to ANDREW LOCK operate as a data-driven protein platform Inghams Group Limited | 2026 Investor Day 39
Slide 40: Our Digital engine – turning data into earnings advantage
Our Digital engine – turning data into earnings advantage Strategic Impact LAYER 3: EXPERIENCE Digital Twins & Conversational AI Human + AI Modern Experiences Improves value per bird Decisions at the front Dashboards Get answers, Collaboration Accessible on Better pricing, mix, yield and Right infor
Slide 41: Five-year roadmap - from foundations to industry leadership
Five-year roadmap - from foundations to industry leadership SEQUENCE CAPABILITY TO DELIVER CUSTOMER VALUE FAST, COMPOUNDING ADVANTAGE YEAR AFTER YEAR FY26 - Strengthen foundations Stabilise, govern, and light up first AI use Operating model NEXUS platform cases enhancement Digital engine cloud & ai-
Slide 42: Balance sheet & capital
Capital allocation will be Balance sheet & capital a primary driver of ED ALEXANDER improved returns Inghams Group Limited | 2026 Investor Day 42
Slide 43: Growth capex has not delivered sustained returns
Growth capex has not delivered sustained returns • Historical capital returns have been below expectations due to business and project performance drivers • Prioritising optimisation of existing network and assets before new capacity – Improve utilisation – Avoid unnecessary expansion – Maximise ret
Slide 44: Capital discipline will drive stronger returns
Capital discipline will drive stronger returns CAPITAL WILL BE ALLOCATED THROUGH CLEAR RETURN THRESHOLDS AND ST RATEGIC PRIORITIES BALANCE SHEET STRENGTH OPTIMISE WORKING DISCIPLINED CAPITAL & FLEXIBILITY CAPITAL ALLOCATION • Maintain leverage within a target • Improve inventory discipline and • Cen
Slide 45: Strengthening the balance sheet to create strategic flexibility
Strengthening the balance sheet to create strategic Net Debt ($M) | FY25 to FY28 flexibility Net Debt ($M) 500 475 $440-460M 450 KEY DRIVERS: $410-435M 425 $380-415M Earnings improvement 400 Working capital reduction 375 350 Capex discipline 325 Dividend policy 300 FY25 (Actual) FY26 (F) FY27 (F) FY
Slide 46: Key messages
Key messages Stronger cash generation through improved operational execution, reduced 1 working capital and capital expenditure discipline A resilient balance sheet and lower 2 leverage provide greater flexibility to invest and grow More consistent earnings and stronger 3 returns through disciplined
Slide 47: Wrapping up
Wrapping up ED ALEXANDER Inghams Group Limited | 2026 Investor Day 47
Slide 48: FY26 trading update
FY26 trading update Reaffirming FY26 guidance for Underlying EBITDA (pre AASB 16) of between $180.0 million and $200.0 million For the first nine months of FY26: • Group core poultry volumes increased 1.1% versus PCP; AU growth of 1.2% and NZ growth of 0.5% • Group core poultry net selling prices (N
Slide 49: A clear pathway to stronger earnings and returns
A clear pathway to stronger earnings and returns EARNINGS Scale higher-value growth platforms and build GROW structural advantage Improve network utilization, OPTIMISE mix and pricing to expand margins and ROIC STABILISE Restore operational performance, consistency and returns TIME Stabilise first.
Slide 50: A growing pipeline of productivity and higher value growth initiatives
A growing pipeline of productivity and higher value growth initiatives PRODUCTIVITY AND EFFICIENCY • Labour productivity and workforce planning • Integrated planning uplift • Supply chain and logistics optimisation • Yield improvement and waste reduction HIGHER-VALUE GROWTH • Launch Bostocks in Aust
Slide 51: Why we are confident in Inghams long-term opportunity
Why we are confident in Inghams long-term opportunity WHY WE ARE CONFIDENT IN OUR STRATEGY FOCUS ON VALUE, NOT STRONG VOLUME FOUNDATION Value per bird and return on National network, leading market capital drive growth – not volume positions and deep customer alone relationships CLEAR RIGHT OPERATIO
Slide 52: Thank you for joining us
Thank you for joining us