Ingham’s Group Ltd. reported a 40.5% decline in underlying net profit after tax for the fiscal year ended June 30, 2026, as rising operational costs offset volume growth and revenue gains. The Australian poultry producer posted underlying NPAT of AUD 56.6 million, down from AUD 95.0 million in FY25, while revenue increased 2.4% to AUD 3.2 billion. Core poultry volumes rose 1.9% to 470.1 kilotonnes, with Australian retail volumes excluding Woolworths up 17.2% and quick-service restaurant volumes up 4.1%, driven by a 4.7% increase in Australia including a supply agreement with Nando’s.
Underlying earnings before interest, tax, depreciation and amortisation fell 21.2% to AUD 186.4 million, reflecting a 6.2% rise in total costs excluding depreciation to AUD 1.7 billion. Labor, ingredients, cooking oil and maintenance costs contributed AUD 116.6 million in inflationary pressure, while Middle East disruption added AUD 13.2 million in transport and packaging expenses. One-off stabilization actions cost AUD 43 million near-term, with execution impacts adding AUD 7 million.
Net selling prices for core poultry increased 1.4% to AUD 6.40 per kilogram, though wholesale pricing moderated from AUD 4.91/kg in Q2 to AUD 4.82/kg in Q4. The company reduced processed poultry inventory in Australia by AUD 32.4 million and improved working capital by AUD 46.5 million. Net debt declined AUD 27.1 million to AUD 403.3 million, though leverage rose to 2.2 times EBITDA, above the 1.0–2.0 times policy range. Operating cash flow totaled AUD 313.7 million, supporting a fully franked dividend of 10.1 cents per share at a 70% payout ratio.
Strategic investments of AUD 41.7 million included AUD 17.4 million for tray pack automation in Queensland and South Australia, AUD 10.7 million for a Western Australia processing line upgrade and AUD 8.5 million for a new advanced ingredients facility expected to add AUD 5 million in incremental EBITDA. Customer service levels remained at 96.3%.
For FY27, Ingham’s guided underlying EBIT in a range of AUD 155–180 million, representing 1–17% growth on FY26. Core poultry volume growth is expected at 2.5–4.0%, while operating costs excluding feed are projected to rise 4–5%. The company anticipates AUD 30 million in additional transport and packaging costs due to Middle East conflict and a AUD 40–50 million feed cost headwind from higher Australian wheat prices. Capital expenditure is forecast to remain around AUD 80 million.
Shares in Ingham’s Group fell 9.91% to AUD 2.00 following the results presentation on August 21, 2026.
