Inghams Group (ING.AX): FY26 First Take: Ebitda in line; focus on FY27 outlook; Sell

Research evidence excerpt

Equity Research

21 August 2026 | 10:09AM AEST

Inghams Group (ING.AX): FY26 First Take: Ebitda in line; focus on FY27

outlook; Sell

GS take. We expect Inghams to trade down today with FY27 guidance (mid-point)

below consensus and increasing bio-security risk. ING reported an in line FY26 result

across all key line items (revenue/Ebitda/Npat) and at the MP of guidance, reflecting

challenging market conditions which saw Underlying Ebitda (pre AASB16) -21% YoY.

While core poultry volumes inflected positively to +1.9% at the result, we note that

this was more than offset by cost growth attributable to inflationary impacts,

operational inefficiencies and Middle East disruption. Focus remains on the FY27

outlook which came in below expectations, with consensus Underlying Ebitda (pre

AASB16) already at the top-end of the guidance range of A$190m - A$220m (VA

cons at A$218m), and includes core poultry volume growth of 2.5-4%, operating

cost growth of +4-5% and additional cost associated with the Middle East conflict.

Maintain Sell.

Elijah Mayr

Goldman Sachs Australia Pty Ltd

Elise Bailey

Goldman Sachs Australia Pty Ltd

Key takeaways:

n

FY26 revenue was A$3,227m (+2%), and in line with GSe/VA consensus, driven

by a return to growth in core poultry volumes (+1.9%) and an increase in group

core poultry net selling prices to $6.40/kg (+1.4%).

n

FY25 Ebitda (Pre AASB16) in line with guidance. Underlying pre AASB 16 of

A$186m (-21%) was inline with the mid point of FY26 guidance (A$180-200m)

and saw underlying cost inflation, operational inefficiencies and Middle East

disruption impacts more than offset revenue growth.

n

At the segment level.

o

Australia in line. 1) Core poultry volumes were +2%, driven by strength

in QSR (+4.7%) and Food Service (+10.3%) while Wholesale grew slower

(+0.7%); 2) Revenue of A$2,732m was in line with GSe/Cons and +3.5%

YoY on core poultry volume growth and improvement in core poultry NSP

to $6.50/kg (+2.4%); 3) Ebitda (pre AASB16) of A$139m was in line with

GSe/Cons and -24% YoY on elevated costs (total costs +8%) including

inflation across packaging costs, ingredients & cooking oil, freight, labour,

and repairs and maintenance.

o

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