Inghams Group is a poultry producer operating in Australia and New Zealand, selling chicken products across retail, food service, and quick-service restaurant channels. Revenue is primarily driven by core poultry volumes and net selling prices per kilogram, while costs are significantly influenced by feed inputs, labour, packaging, and freight.
Disclosures dated 2026-05-21 → 2026-08-21.
| Demeter reads | Value | Group rank |
|---|---|---|
| LTM revenue | $2.1bn | 26 of 30 |
| Revenue growth (y/y) | -0.0% | 15 of 30 |
| EV/EBITDA | 10.8x | 20 of 30 (1 = cheapest) |
| Market cap | $567m |
Ranks are within the 46 Food & Processing companies of the Demeter Ag Aggregate (DAA) universe, as of 2026-08-31.
Source: analysis of Demeter Ag Aggregate universe
Source: analysis of Demeter Ag Aggregate universe
# Headline
Inghams Group's 20 August full-year disclosures set out a FY27 cost build of $40-50 million in feed inputs and around $30 million in transport and packaging costs tied to the Middle East conflict, against core poultry volume growth of 1.9% and revenue growth of 2.4%. Total costs rose 6.2% on external inflation spanning packaging, ingredients, cooking oil, freight and labour. Separately, on 21 June the company reported an H5N1 detection in wild birds near Esperance in Western Australia and locked down its WA farms and processing operations.
# Forces
# Feed input pricing into FY27
In its 20 August results and accompanying investor materials, Inghams Group identified rising key feed input pricing as a significant cost increase for FY27, sized on current market conditions and anticipated volumes. The Australian Financial Review reported on 21 August that the company warned chicken prices will rise as it grapples with $130 million in inflationary costs, even absent a widespread bird flu outbreak.
"Higher feed input costs of $40–50 million are expected in FY27 based on current market conditions and anticipated volumes."
— Inghams Group (ING.AX), Earnings Release, 2026-08-20
# Middle East conflict transport and packaging costs
Inghams Group told investors on 20 August that the ongoing Middle East conflict is expected to lift operating costs through higher transport and packaging charges, quantified as an additional cost item for the year ahead. The company presented this as a discrete conflict-related impact separate from its feed input outlook.
"The Middle East conflict is expected to impact operating costs through higher transport and packaging costs, estimated at around $30M."
— Inghams Group (ING.AX), Investor Presentation, 2026-08-20
# Australian and New Zealand poultry volumes
Australian core poultry volumes rose 2.0% in the year reported on 20 August, which Inghams Group attributed to broad-based growth across key channels. In New Zealand, core volumes also grew, with export volumes up sharply on the re-opening of key offshore markets.
"New Zealand core poultry volumes increased 1.5%, with export volumes increasing 41.9% due to the re-opening of key offshore markets."
— Inghams Group (ING.AX), Earnings Release, 2026-08-20
# H5N1 detection at Esperance, Western Australia
In an announcement dated 21 June, Inghams Group disclosed the detection of the H5N1 avian influenza strain in wild birds in the Esperance region of Western Australia. The company implemented heightened biosecurity measures and a complete lock-down across all of its Western Australian farms and processing operations to mitigate the risk.
"The detection of the H5N1 avian influenza strain in wild birds in the Esperance region of Western Australia has prompted Inghams to implement heightened biosecurity measures across its WA farms and processing operations."
— Inghams Group (ING.AX), ASX Announcement, 2026-06-21
# Inflation and operational inefficiencies against volume growth
Inghams Group reported core poultry volume growth of 1.9% and revenue growth of 2.4% on 20 August, achieved despite cost pressures it attributed to inflation, operational inefficiencies and Middle East impacts. AAP reported the company made a net profit of $34.6 million in 2025/26, down 61.5%, following a 65% fall in first-half earnings to $18.1 million reported in February.
"Core poultry volume growth of 1.9% and revenue growth of 2.4% were achieved despite significant cost pressures from inflation, operational inefficiencies, and Middle East impacts."
— Inghams Group (ING.AX), Investor Presentation, 2026-08-20
# National production footprint as biosecurity buffer
Alongside the Western Australian lock-down, Inghams Group told investors on 20 August that its national footprint reduces reliance on any single production area. The company framed this as resilience against H5N1 avian influenza and other biosecurity disruptions.
"The national footprint of Inghams provides greater resilience against H5N1 Avian Influenza and other biosecurity disruptions by reducing reliance on any single production area."
— Inghams Group (ING.AX), Investor Presentation, 2026-08-20
# Packaging, ingredient, cooking oil, freight and labour inflation
External cost inflation across packaging, ingredients, cooking oil, freight and labour drove total costs up 6.2% in the period Inghams Group reported on 20 August. The company itemised these categories as external increases rather than internally driven ones.
"External cost inflation, including increases in packaging costs, ingredients, cooking oil, freight, and labor, contributed to a 6.2% increase in total costs."
— Inghams Group (ING.AX), Investor Presentation, 2026-08-20
# Australian processed poultry inventory drawdown
Inghams Group reported on 20 August that Australian processed poultry inventory fell by $32.4 million, following inventory reduction initiatives targeting the elevated levels carried from the prior year.
"The decline in Australian processed poultry inventory by $32.4M was driven by inventory reduction initiatives addressing elevated levels from the previous year."
— Inghams Group (ING.AX), Investor Presentation, 2026-08-20
# What they talk about
Long-running themes — Poultry volume (since 2017); Feed price (since 2017); Feed cost (since 2017); Poultry price (since 2018).
New this year — Operational cost (first raised 2025-11); Transport cost (first raised 2026-08); Poultry (first raised 2026-08).
Themes almost no other DAA company raises — Core poultry price; Red meat price.
# Sources — wider web
- Feed Cost: Poultry-geist! Inghams says $130m in costs will push up chicken prices — afr.com, 2026-08-21
- Feed Cost: 'Not chicken feed': Middle East war comes home to roost — aapnews.aap.com.au, 2026-08-21
- Transport Cost: Poultry-geist! Inghams says $130m in costs will push up chicken prices — afr.com, 2026-08-21
- Transport Cost: 'Not chicken feed': Middle East war comes home to roost — aapnews.aap.com.au, 2026-08-21
- Poultry Volume: Inghams Group FY26 earnings: volume growth, headwinds, and FY27 outlook — fool.com.au, 2026-08-20
- Poultry Volume: Inghams Group (ASX:ING) FY26 Net Profit Falls 61.5% Despite Return to Volume Growth — kalkine.com.au, 2026-08-21
Demeter Public Companies Briefing · 2026-08-21 · grounded in companies' own filing disclosures.
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