Inghams Group Ltd
ASX:ING
Inghams Group Ltd
Inghams Group Ltd. engages in the production and sale of chicken and turkey products. The company is headquartered in North Ryde, New South Wales. The company went IPO on 2016-11-07. The firm is focused on producing and selling chicken and turkey products across various categories, such as free-range, value enhanced, primary processed, further processed, by-product categories, and stockfeed, which is engaged in the production of stockfeed use by poultry, pig and dairy industries. The firm offers a range of products Diced Roasted Chicken Meat, Chicken Goujons, Tempura Breast Nuggets, Gluten Free Chicken Nuggets, Crumbed Chicken Tenderloin, Chicken & Corn Rolls, Chicken Breast School Burgers, Healthy Select Turkey Breast, Sliced Chicken Breast Strips, Country Crisp Chicken Strips, Crumbed Drumsticks, Gluten Free Chicken Nuggets, Sweet Chilli Tenders, Gluten Free Chicken Breast Tenders, Crumbed Drumsticks, Country Crisp Chicken Strips, and Pizza Roundas. The Company’s geographic segments include Australia and New Zealand.
Inghams Group Ltd. engages in the production and sale of chicken and turkey products. The company is headquartered in North Ryde, New South Wales. The company went IPO on 2016-11-07. The firm is focused on producing and selling chicken and turkey products across various categories, such as free-range, value enhanced, primary processed, further processed, by-product categories, and stockfeed, which is engaged in the production of stockfeed use by poultry, pig and dairy industries. The firm offers a range of products Diced Roasted Chicken Meat, Chicken Goujons, Tempura Breast Nuggets, Gluten Free Chicken Nuggets, Crumbed Chicken Tenderloin, Chicken & Corn Rolls, Chicken Breast School Burgers, Healthy Select Turkey Breast, Sliced Chicken Breast Strips, Country Crisp Chicken Strips, Crumbed Drumsticks, Gluten Free Chicken Nuggets, Sweet Chilli Tenders, Gluten Free Chicken Breast Tenders, Crumbed Drumsticks, Country Crisp Chicken Strips, and Pizza Roundas. The Company’s geographic segments include Australia and New Zealand.
Result Miss: Inghams' first half performance was below expectations, impacted by elevated operational costs and supply chain inefficiencies, particularly in Australia.
Guidance Downgrade: FY26 EBITDA guidance was lowered to $180–200 million, with management citing slower-than-expected operational recovery and improvements now expected mainly in Q4.
Cost Reduction Progress: $40 million in cost savings achieved so far in FY26, on track for full-year target of $60–80 million, though savings are being offset by inflation and transitional inefficiencies.
Inventory Normalization: Processed poultry inventory was reduced by $27 million, improving working capital and supporting a return to normal production and lower unit costs.
Volume Growth Returning: While group poultry volumes were down 0.7% for the half, the trend improved and positive volume growth resumed in Q2, especially in non-Woolworths retail and QSR channels.
Balance Sheet: Net debt rose to $466.1 million and leverage reached 2.4x, above policy range, but is expected to decline as earnings recover.
Dividend Maintained: An interim dividend of $0.04 per share was declared, in line with payout policy.
