Page 1

ASX Release INGHAM'S Nourish Our World 19 February 2021 Inghams Group Limited ( ASX : ING , Ingham's ) Half Year Results to 26 December 2020 Ingham's delivers strong half year results due to resilient demand and operational momentum • Group core poultry volume growth of 4.0 % on the prior corresponding period ( pcp ) and 5.6 % on the second half of FY20 , reflecting strengthened demand across most channels and the return of overall trading volumes to pre COVID - 19 levels • Solid total revenue growth of 4.6 % despite declining external feed revenue , with total poultry revenue growth of 6.1 % , ahead of volume growth • Good progress achieved in the reduction of frozen poultry inventory arising in FY20 due to COVID - 19 , down $ 42.3million during the half year and now close to normal levels • Statutory and Underlying EBITDA growth of 5.0 % and 4.3 % respectively driven by volume growth and improvements in operational efficiencies , Underlying EBITDA pre AASB 16 up $ 9.0 million or 9.8 % • Statutory NPAT of $ 35.3 million up 34.7 % and Underlying NPAT of $ 37.5 million up 28.4 % , with Underlying NPAT pre AASB 16 up 10.7 % • Leverage¹ of 1.7x down from 1.8x at June 2020 with Net Debt of $ 327.5 million at December 2020 • Interim dividend of 7.5 cps ( fully franked ) , up 0.2 cps on pcp , reflecting a payout ratio of 74.3 % of Underlying NPAT post AASB 16 , in line with the revised dividend policy HY21 Variance to HY20 % Variance Group Core Poultry Volume 224.6kt 8.7 4.0 Statutory EBITDA $ 215.6M 10.3 5.0 Statutory NPAT $ 35.3M 9.1 34.7 Underlying EBITDA $ 218.6M 9.1 4.3 Underlying NPAT $ 37.5M 8.3 28.4 Underlying EBITDA pre AASB 16 $ 100.7M 9.0 9.8 Underlying NPAT pre AASB 16 $ 46.5M 4.5 10.7 Dividend ( fully franked ) 7.5cps 0.2 2.7 HY21 Variance to Jun - 20 % Variance Leverage¹ ( underlying pre AASB 16 ) 1.7x 0.1 5.5 Net Debt $ 327.5M ( 12.8 ) ( 4.1 ) 1 Leverage is Net Debt / LTM Underlying EBITDA pre AASB 16 1 of 5 Inghams Group Limited • ACN 162 709 506 • Level 4 , 1 Julius Ave North Ryde NSW 2113 Australia • Locked Bag 2039 , North Ryde , NSW 1670 Australia