Inghams Group Ltd. · ASX:ING
Inghams — H1 FY2026 Earnings Presentation
31 slides from Inghams's earnings presentation, Feb 20, 2026
Slide 1: FY26 Interim Financial Results Presentation
FY26 INTERIM FINANCIAL RESULTS PRESENTATION 20 FEBRUARY 2026
Slide 2: Disclaimer
DISCLAIMER Important notice The material in this presentation is general background information about the activities of Inghams Group Limited (Inghams) and its subsidiaries (Inghams Group), and is current at the date of this presentation, unless otherwise noted. The content is information given in s
Slide 3: 1H26 Results Webcast
1H26 RESULTS WEBCAST This presentation accompanies the live webcast, to be hosted by Ed Alexander (CEO & MD) and Gary Mallett (CFCO), scheduled for 11.00am AEDT on 20 February 2026. To register and join the webcast, please use the following link: Ø https://meetings.lumiconnect.com/300-431-047-532 We
Slide 4: Acknowledgement of Country
ACKNOWLEDGEMENT OF COUNTRY We respectfully acknowledge the traditional owners both past and present, as custodians of this land we are meeting on today. 1H26 Results Presentation | 20 February 2026 Artist: Kelly Taylor www.ktaboriginalfineart.store 4
Slide 5: Improving fundamentals as we address near-term operational performance and cost pressures
IMPROVING FUNDAMENTALS AS WE ADDRESS NEAR-TERM OPERATIONAL PERFORMANCE AND COST PRESSURES Ø 1H earnings impacted by cost increases • Higher operational costs in Australia across farming, processing and supply chain which arose toward the end of FY25 Ø Inventory levels reduced with production normali
Slide 6: 1H26 Key Performance Indicators
1H26 KEY PERFORMANCE INDICATORS Group Australia New Zealand Core Poultry volume (kt) 232.6 195.5 37.2 Change on PCP (%) (0.7) (0.5) (1.6) Core poultry net selling price ($/kg) 6.43 6.49 6.82 1 Change on PCP (%) 1.4 1.1 4.4 EBITDA (Underlying pre AASB 16) ($M) 80.6 58.0 22.6 Change on PCP (%) (35.0)
Slide 7: Key Drivers of 1H26 Earnings Result
KEY DRIVERS OF 1H26 EARNINGS RESULT Reconciling the movement in EBITDA pre AASB 16 $140M 124.0 $120M $100M -19.0 -6.7 -3.8 -1.8 (1) 24.9 80.6 $80M -9.0 -1.0 $60M -27.1 $40M $20M $0M Inventory reduction Farming One-off items Lower feed costs 1H26 1H25 1H25 Supply chain and logistics Ingleburn transit
Slide 8: Progress on FY26 Key Initiatives
PROGRESS ON FY26 KEY INITIATIVES Ø Strong customer outcomes and return to volume growth • Group returned to volume growth in Q2; QSR volumes increased, supported by new business • Voice of Customer metrics have improved across major segments; recognised as Woolworths Group Protein Trade Partner of t
Slide 9: Core Poultry Volume
CORE POULTRY VOLUME (KT) CORE POULTRY VOLUME 234.2 1H25 2H25 1H26 232.6 Core poultry volumes -0.7% versus PCP, with improving trends in Q2 196.4 195.5 Group channel performance Quarterly data shows improving volume trends versus PCP, and sequential 123.7 116.6 growth (versus 2H25) across all markets
Slide 10: Core Poultry Net Selling Prices ($/kg)
CORE POULTRY NET SELLING GROUP CORE POULTRY NET SELLING PRICES ($/KG) PRICES ($/KG) (NSP) +1.4% $6.43 Modest 1H NSP improvement (+1.4%) underpinned by Wholesale $6.28 $6.34 price growth § Group core poultry NSP increased 1.4% versus PCP to $6.43 $5.79 - Australia core poultry NSP +1.1% versus PCP, w
Slide 11: Financial Results
FINANCIAL RESULTS Gary Mallett Chief Financial and Commercial Officer Broiler farm, Queensland
Slide 12: Profit & Loss
PROFIT & LOSS Revenue flat despite slight volume decline; margin pressure from cost growth ($M) 1H26 1H25 Variance % § Revenue was largely flat (-0.1%) versus PCP due to: ‒ Higher core poultry revenue (+0.7%) driven by growth in Net Selling Prices in both Core poultry volume (kt) 232.6 234.2 (1.6) (
Slide 13: Balance Sheet
BALANCE SHEET Inventory management initiatives deliver lower inventories; ($M) Dec-25 Jun-25 Variance debt increased on capex and lower earnings Inventories/Biologicals 394.5 418.8 (24.3) Receivables 291.4 287.6 3.8 § Inventories/Biologicals declined $24.3M, including: Payables (474.4) (479.9) 5.5 ‒
Slide 14: Cash Flow
CASH FLOW ($M) Cash flows from operating activities 1H26 1H25 Variance Receipts from customers 1,643.7 1,602.7 41.0 Working capital improvement underpins strong 1H26 cash Payments to suppliers & employees (1,490.6) (1,408.3) (82.3) conversion 153.1 194.4 (41.3) Interest received 1.3 1.9 (0.6) § Cash
Slide 15: Capital Expenditure
CAPITAL EXPENDITURE Disciplined capital allocation supports operational continuity and strategic growth initiatives § Sustaining capex Stay-in-Business capex spend of $13.6M, 43.2% of depreciation pre AASB 16 ($31.5M) § Investing capex Core & High growth projects of $34.0M, including an upgrade to t
Slide 16: Net Debt and Leverage
NET DEBT AND LEVERAGE Leverage above top of policy range due to lower EBITDA over the last 12 months Group Net Debt and Leverage Debt maturity profile ($M) (Underlying; pre AASB 16) 6 0 3 .0 5 0 2.4x 2 .5 2.0x 1.7x 1.8x 1.8x 1.5x 4 0 2 .0 1.3x 1.4x 3 0 1.2x 1 .5 2 0 0.7x 1 .0 1 0 0 .5 298.0 145.0 26
Slide 17: Capital Management Outcomes
CAPITAL MANAGEMENT OUTCOMES Interim fully franked dividend reflects 70% payout ratio on lower 1H26 NPAT NET INTEREST, TAX AND CASHFLOW FROM OPERATIONS CASHFLOW FOR INVESTING ACTIVITIES LEASE PAYMENTS 1H26 Cash realisation Investing & dividends Service obligations outcomes SUSTAINING CAPITAL1 Annual
Slide 18: Feed Market Observations
FEED MARKET OBSERVATIONS Observed average wheat and soy prices provided further benefit during 1H26 versus PCP LONG TERM WHEAT & SOY EXTERNAL MARKET PRICING1 ($A PER METRIC TONNE) $800 Internal feed cost mostly contains cereal grains, 1 protein meals, vitamins and minerals $700 Wheat ($A) CME Soy ($
Slide 19: Segment Performance
SEGMENT PERFORMANCE Ed Alexander Chief Executive Officer & Managing Director
Slide 20: Australia
AUSTRALIA Revenue flat with cost growth partially offset by ($M) 1H26 1H25 Variance % lower feed pricing and cost-out initiatives Core Poultry volume (kt) 195.5 196.4 (0.9) (0.5) § Core Poultry volume declined 0.5% versus PCP. Decline in Retail channel Total Poultry volume (kt) 249.8 250.6 (0.8) (0.
Slide 21: New Zealand
NEW ZEALAND Lower core volumes offset by NSP growth and cost ($M) 1H26 1H25 Variance % initiatives Core Poultry volume (kt) 37.2 37.8 (0.6) (1.6) § Core Poultry volume declined 1.6% versus PCP due to lower Other Total Poultry volume (kt) 44.4 43.8 0.6 1.4 Poultry Product sales due to the closure of
Slide 22: Guidance & Outlook
GUIDANCE & OUTLOOK Ed Alexander Chief Executive Officer & Managing Director Essington Distribution Centre, South Australia
Slide 23: FY26 Guidance & Outlook
FY26 GUIDANCE & OUTLOOK Higher costs drive lower FY26 guidance, with strong 2H uplift expected Revising guidance1 for FY26 Underlying EBITDA (pre AASB 16) guidance revised to $180 - $200 million (from $215 - $230 million) § Guidance revision driven by timing of operational improvements – The guidanc
Slide 24: Thank You
Slide 25: Appendix
APPENDIX Free range broiler farm, Waikato region, New Zealand
Slide 26: Appendix: AASB 16 Lease Impact
APPENDIX: AASB 16 LEASE IMPACT Balance Sheet: Balance Sheet $M 1H26 AU NZ 1H25 § Land and Buildings: Inghams has a large leased property portfolio. Land & Buildings 705.8 588.6 117.2 749.9 Average term remaining on the portfolio is 10.9 years Growers 23.6 18.8 4.8 101.5 Equipment 14.8 4.7 10.1 12.3
Slide 27: Appendix: AASB 16 Profile
APPENDIX: AASB 16 PROFILE Right-of-use Assets $M Grower Lease Liability $M Grower L&B/Other L&B/Other 501 602 516 487 476 445 462 446 259 240 59 52 972 945 928 923 888 828 859 858 830 792 757 855 FY20A FY21A FY22A FY23A FY24A FY25A FY26F FY27F FY28F FY29F FY30F FY20A FY21A FY22A FY23A FY24A FY25A FY
Slide 28: Appendix: Profit & Loss Reconciliation
APPENDIX: PROFIT & LOSS RECONCILIATION Excluded from 1H26 AASB 16 1H26 Underlying 1H25 Underlying Profit & Loss $M 1H26 underlying Underlying Leases (pre AASB 16) (pre AASB 16) Core Poultry volume (kt) 232.6 232.6 232.6 234.2 By-Products volume (kt) 61.5 61.5 61.5 60.2 Total Poultry volume (kt) 294.
Slide 29: Appendix: Segment EBITDA Reconciliation
APPENDIX: SEGMENT EBITDA RECONCILIATION Group Australia New Zealand $M 1H26 1H25 Var 1H26 1H25 Var 1H26 1H25 Var Core Poultry volume (kt) 232.6 234.2 (1.6) 195.5 196.4 (0.9) 37.2 37.8 (0.6) Total Poultry volume (kt) 294.1 294.4 (0.3) 249.8 250.6 (0.8) 44.4 43.8 0.6 Core Poultry Revenue 1,495.6 1,485
Slide 30: Appendix: NPAT Reconciliation
APPENDIX: NPAT RECONCILIATION $M 1H26 1H25 Var % NPAT 18.1 51.5 (33.4) (64.9) Significant items (net of tax): Business acquisition & integration - 1.8 (1.8) NM costs Legal settlement - 2.0 (2.0) NM Restructuring 3.2 0.7 2.5 NM Excluded from Underlying 3.2 4.5 (1.3) (28.9) Underlying NPAT 21.3 56.0 (
Slide 31: Definitions
DEFINITIONS NON-IFRS INFORMATION REFERRED TO IN THIS PRESENTATION AND ARE DEFINED BELOW Average Capital Invested: Net assets plus net debt plus tax balance plus net ROIC: Return on Invested Capital; Underlying, pre AASB 16 (full year measure only). liabilities of AASB 16; average calculated over two