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FY25 FINANCIAL RESULTS PRESENTATION 22 AUGUST 2025 Bostock Brothers farm, Hawke’s Bay, New Zealand For personal use only
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FY25 RESULTS WEBCAST 2 This presentation accompanies the live webcast to be hosted by Ed Alexander (CEO & MD), Gary Mallett (CFO) and Anne Marie Mooney (COO), which is scheduled for 10.00am AEST on 22 August 2025. To register and join the webcast, please use the following link: ➢ https://meetings.lumiconnect.com/300-145-744-643 We suggest participants register and login to the webcast 15 minutes prior to the advised start time. A replay of the webcast will be made available as soon as possible following the conclusion of the event on the Investor Centre of the Inghams Group website. Broiler farm, Queensland FY25 Results Presentation | 22 August 2025For personal use only
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DISCLAIMER Important notice The material in this presentation is general background information about the activities of Inghams Group Limited (Inghams) and its subsidiaries (Inghams Group), and is current at the date of this presentation, unless otherwise noted. The content is information given in summary form and does not purport to be complete. It should be read in conjunction with Inghams Group Limited other periodic and continuous disclosure announcements lodged with the Australian Securities Exchange, which are available at www.asx.com.au. This presentation is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any particular investor. This presentation includes non-IFRS information including EBITDA, Underlying and Pre AASB16 Leases, which Inghams considers useful for users of this presentation to reflect the underlying performance of the business. Definitions are included in the Appendix defining the non-IFRS information used. Non-IFRS measures have not been subject to audit. Forward looking statements in this presentation should not be relied upon as an indication or guarantee of future performance, and they involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of Inghams Group Limited. The financial tables presented in this presentation are subject to rounding. All financial information provided is on an As-Reported (post AASB 16) basis unless otherwise stated. 3FY25 Results Presentation | 22 August 2025For personal use only
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ACKNOWLEDGEMENT OF COUNTRY We respectfully acknowledge the traditional owners both past and present, as custodians of this land we are meeting on today. 4Artist: Kelly Taylor www.ktaboriginalfineart.storeFY25 Results Presentation | 22 August 2025For personal use only
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FY25 HIGHLIGHTS Ed Alexander Chief Executive Officer & Managing Director Broiler farm, Queensland For personal use only
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6 FY25 EXECUTIVE OVERVIEW Tight cost control and feed cost savings offset Woolworths transition and Q4 weakness ➢ Underlying EBITDA pre AASB 16 stable at $236.4M vs PCP despite customer changes and softer 4Q market conditions • Group core poultry volume declined 1.4%; Net Selling Price (NSP)($/kg) growth of 0.5%; EBITDA (cents/kg) increased 1.8% • Feed costs declined $57.2M • Tight cost control reflected in total cost growth (pre AASB 16, excl. feed) of only 0.3% ➢ Australia Underlying EBITDA pre AASB 16 of $183.7M, down 3.4% on PCP due to Woolworths supply agreement changes & softer 4Q25 trading • Softer market conditions in key channels during 4Q25; impact of cost-of-living pressures • Successful Woolworths contract renewal and customer diversification • Significant decline in Wholesale pricing as market adjusted to Retail channel changes • Tight cost control partially offsetting effects of volume and NSP decline ➢ Strong New Zealand performance with Underlying EBITDA pre AASB 16 of $52.7M, up 14.3% • Strong performance driven by favourable market economics, innovation and brand investments • Solid Volume and NSP growth • Integration of Bostock Brothers Limited (BBL) progressing well FY25 Results Presentation | 22 August 2025 1. Financial year 2024 (FY24) included a 53rd trading week. All comparisons with FY24 throughout this presentation are provided on a 52-week versus 52-week basis (using a 26/27 week calculation method for 2H24) unless otherwise noted. For personal use only
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FY25 KEY FINANCIAL HIGHLIGHTS 7 Group Australia New Zealand Core Poultry volume (kt) 461.2 388.0 73.2 Change on PCP* (%) (1.4) (2.5) 5.2 Core poultry net selling price ($/kg) 6.31 6.35 6.72 Change on PCP* (%) 0.5 0.5 2.9 EBITDA (Underlying pre AASB 16) ($M) 236.4 183.7 52.7 Change on PCP* (%) 0.0 (3.4) 14.3 EBITDA margin 7.5 7.0 10.3 EBITDA2,3/kg (cents) 51.3 47.3 72.0 Change on PCP* (%) 1.8 (1.0) 8.8 Cash flow from operations ($M) 319.3 - - Change on PCP* (%) (23.7) - - Group leverage2 1.8x - - Increase on Jun-24 0.3x - - Dividends (cents per share) (fully franked) 19.0 - - Change on PCP (cps) (1.0) - - Return on Invested Capital (ROIC) (%) 16.1 - - FY24 ROIC (%) 20.5 - - * FY24 included a 53rd trading week. All comparisons are provided on a 52-week versus 52-week basis (using a 26/27 week calculation method for 2H24) unless otherwise noted. All data in AUD unless otherwise noted. Note: Due to minor rounding differences, figures presented may not add up precisely to totals provided. 1. New Zealand dollars 2. Underlying pre AASB 16 3. Based on Core Poultry volume 1 Broiler farm, New Zealand FY25 Results Presentation | 22 August 2025 Stable EBITDA despite market headwinds - strong NZ growth offsets Australian challenges For personal use only
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VOLUME PERFORMANCE ANALYSIS ▪ FY25 core poultry volume declined -1.4% versus PCP: - Australian volume declined (-2.5%) due mainly to lower Retail and Wholesale volume performance - NZ volume growth of +5.2% versus PCP , driven largely by growth in Retail with acquisition of BBL contributing 3.0pp to growth - Retail volumes declined slightly (-0.3%) versus PCP; NZ Retail volume increased strongly (+11.3%) reflecting new business and the BBL acquisition (+7.1pp), while Australian Retail volume declined -1.9% reflecting weaker 2H25 outcome (-8.9% versus 1H25) due to lower demand and transition to new Woolworths supply agreement - QSR channel volume declined slightly (-0.7%) versus PCP; Australian volumes declined 1.3% versus PCP , with 2H25 growth (+2.1% versus 1H25) driven by new business secured, partially offset by subdued demand; NZ volume increased 1.9% versus PCP - Lower combined Food Service/Wholesale/Export volumes versus PCP (-3.3%), primarily due to lower AU Wholesale (-3.8%), and Group Export channels (-8.6%) largely due to Avian Influenza at non-Inghams farms in AU and NZ which temporarily restricted export market access • AU Wholesale volume declined 3.8% versus PCP (2H25: +10.0% versus 1H25), and includes transition of some third-party Wholesale sales to in- house processing which was supported by our recent investments in automation • NZ combined channel volume flat versus PCP , while 2H25 Export volumes declined 84.4% versus 1H25 8 CORE POULTRY VOLUME (KT) FY25 change vs FY241: -1.4% -2.5% +5.2% -0.3% -0.7% -3.3% Australia: -1.9% -1.3% -3.9% New Zealand: +11.3% +1.9% Flat 1. FY24 included a 53rd trading week. All comparisons are provided on a 52-week versus 52-week basis (using a 26/27 week calculation method for 2H24) unless otherwise noted. Group channel performance FY25 Results Presentation | 22 August 2025 461.2 388.0 73.2 238.1 69.9 153.2 467.7 398.1 69.6 238.8 70.4 158.5 Group Australia New Zealand Retail QSR Food Service, Wholesale, Export FY25 FY24 Core Poultry Volumes down 1.4% with divergent AU & NZ trendsFor personal use only
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NET SELLING PRICE ▪ Group core poultry NSP/kg increased 0.5% versus PCP to $6.31 ‐ Contribution to Group NSP/kg growth from the acquisition of BBL of 32bp (~2.0 cents/kg) ‐ Retail NSP/kg increased 2.1%, with the acquisition of BBL contributing 49bp to Group Retail NSP/kg growth ‐ FY25 Wholesale pricing declined 9.2% (2H25 v 1H25: -5.2%) ▪ Australia core poultry NSP/kg increased slightly (+0.5%) versus PCP; 2H25 NSP/kg declined 2.3% versus 1H25 due to weaker Wholesale and Food Service pricing ‐ Modest growth in Retail (+1.7%) reflecting effect of new Woolworths supply agreement, partially offset by new Retail business mix; 2H25 NSP/kg flat versus 1H25 ‐ Wholesale pricing decline of -10.0% driving significantly reduced Wholesale margins ▪ Solid New Zealand core poultry NSP/kg (NZD) growth of 2.9% versus PCP; strong 2H25 growth versus 1H25 (+5.7%) ‐ Retail price growth of 7.7% (BBL contributed +4.8pp), partially offset by declines across the Food Service and Export channels ‐ BBL contributed 2.3 percentage points to overall NZ NSP/kg growth Modest NSP/kg growth masks significant Wholesale pricing pressure 9 GROUP CORE POULTRY NET SELLING PRICES ($/KG) FY25 Results Presentation | 22 August 2025 $6.28 $6.28 $6.34 $6.28 FY24 included a 53rd trading week. All comparisons are provided on a 52-week versus 52-week basis (using a 26/27 week calculation method for 2H24) unless otherwise noted. For personal use only
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CHALLENGING SECOND HALF CONDITIONS 10FY25 Results Presentation | 22 August 2025 Australia (AU) – Challenging demand environment with operational disruptions ▪ Replaced majority of lost Woolworths volume, albeit with shift to a lower -margin mix reflected in 2H25 run-rate ▪ Retail and out-of-home demand subdued, with cost-of-living pressures dampening Retail category volumes during 4Q25 ▪ Significant Wholesale pricing pressure reduced FY25 margins ▪ Net 2H25 impact: Softer demand and margin pressure from Wholesale/new business pricing and mix; lower Retail and higher Wholesale volumes in 2H25, partly offset by operational efficiencies New Zealand (NZ) – Operational efficiency gains and favourable market dynamics ▪ Bromley Park integration completed, with lower farming costs realised from internalisation ▪ Marketing investment delivering returns, with increased brand visibility driving demand and value creation ▪ Higher red meat prices further improving poultry’s relative value proposition ▪ Net 2H25 impact: margin expansion from cost reductions and strong demand conditions -15% -10% -5% 0% 5% 10% 15% 20% 1Q25 2Q25 3Q25 4Q25 Australian Retail & Wholesale Volume Cumulative quarterly change 4Q24 to 4Q25 Retail Wholesale -14% -12% -10% -8% -6% -4% -2% 0% 2% 4% 6% 1Q25 2Q25 3Q25 4Q25 Australian Retail & Wholesale Net Selling Price Cumulative quarterly change 4Q24 to 4Q25 Retail Wholesale Q4 market deterioration and customer mix shift impact marginsFor personal use only
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FINANCIAL RESULTS Gary Mallett Chief Financial Officer Broiler farm, Queensland For personal use only
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PROFIT & LOSS As Reported (Post AASB 16) ($M) FY25 FY241 Variance % FY24 (53 week) Core poultry volume (kt) 461.2 467.7 (6.5) (1.4) 476.4 Net selling price ($/kg) 6.31 6.28 0.03 0.5 6.28 Revenue 3,152.4 3,202.0 (49.6) (1.5) 3,262.0 Cost of sales (2,408.3) (2,373.7) (34.6) 1.5 (2,418.7) Gross Profit 744.1 828.3 (84.2) (10.2) 843.3 EBITDA 392.2 463.0 (70.8) (15.3) 471.1 Depreciation & Amortisation (182.9) (239.7) 56.8 (23.7) (244.3) EBIT 209.3 223.3 (14.0) (6.3) 226.8 Net finance expense (81.5) (82.2) 0.7 (0.9) (83.7) FX gain/(loss) (0.9) 0.0 (0.9) - 0.1 Tax expense (37.1) (41.1) 4.0 (9.7) (41.7) NPAT 89.8 100.0 (10.2) (10.2) 101.5 All figures are As-Reported (post AASB 16). Due to minor rounding differences, figures presented may not add up precisely to totals provided. 1. FY24 included a 53rd trading week. Comparisons are provided on a 52-week versus 52-week basis (using a 26/27 week calculation method for 2H24). 12 ▪ Core Poultry volume declined 1.4% versus PCP, an improvement on 1H25 (-2.7%) with Australia -2.5% (1H25: -4.1%) and New Zealand +5.2% (1H25: +5.0%) ▪ Revenue declined 1.5%, due to a reduction in core poultry volume, partially offset by a small increase (+0.5%) in core poultry NSP; external feed revenue declined 10.3% ▪ Meaningful deterioration of Australia 4Q earnings, with the successful replacement of the majority of lost Woolworths volume more than offset by shift to a lower-margin customer mix, elevated production settings, weaker wholesale pricing and softer retail demand late in the year ▪ Total Costs increased by 0.8% ($20.8M) versus PCP due to: ‒ Internal feed costs decline of $57.2M ‒ Higher operating cost impact (+$60.8M) due to the conversion of 121 contract growers to variable performance-based contracts over the past 2 years (FY25: 55 grower contract conversions) and the acquisition of the Bolivar primary processing facility in FY24 (previously treated as AASB 16 Leases), largely offset by lower AASB 16 depreciation and interest charges ‒ Other costs (excluding Feed and AASB 16 items) increased by $7.2M, with the impact of general inflation largely offset by cost reduction initiatives and operational efficiencies; BBL costs of $19.8M following settlement of the acquisition of BBL (NZ) in July 2024; reduction in SG&A of $26.2M ▪ Depreciation declined 23.7% due largely to a reduction in AASB 16 depreciation ▪ Net finance expense declined due to reduction in AASB 16 interest, partially offset by a higher average debt balance FY25 Results Presentation | 22 August 2025 Revenue decline offset by strong cost managementFor personal use only
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BALANCE SHEET $M Jun-25 Jun-24 Variance Inventories/Biologicals1 429.2 411.2 18.0 Receivables1 288.8 237.7 51.1 Payables (479.9) (426.3) (53.6) Working Capital 238.1 222.6 15.5 Provisions (153.8) (155.1) 1.3 Working Capital & Provisions 84.3 67.5 16.8 Property, Plant & Equipment 726.9 594.3 132.6 Right-of-use Assets 809.0 1,031.7 (222.7) Other Assets 2.0 5.3 (3.3) Lease Liabilities (914.2) (1,138.4) 224.2 Capital Employed 708.0 560.4 147.6 Net Debt (430.4) (347.9) (82.5) Net Tax balances (0.6) 7.1 (7.7) Net Assets 277.0 219.6 57.4 Leverage 1.8x 1.5x 0.3x Note: Due to minor rounding differences, figures presented may not add up precisely to totals provided. 1. Provisions within Inventories and Trade Receivables have been reclassified to ‘Provisions’ 13 ▪ Inventories/Biologicals increased $18.0M, including: ‒ Processed poultry inventory increased $22.2M due to growth predominantly in frozen inventory as a result of weaker Australian Q4 trading ‒ Reduction in Feed inventories (-$8.8M) due to lower volume held and decline in feed prices ▪ Receivables increased $51.1M due mainly to both a small increase in the average collection period, and an increase in prepayments due to the timing of annual insurance renewals ▪ Payables increased $53.6M, with a reduction in Trade Payables due mainly to a reduction in the feed procurement facility due to lower feed volumes, more than offset by growth in accruals ▪ Right-of-use Assets decreased $222.7M, or 21.6%, while Lease Liabilities reduced by $224.2M, or 19.7%, due to the conversion of contract growers to variable performance-based contracts ▪ Net Debt increased by $82.5M, including the settlement of the acquisition of BBL in New Zealand ($31.3M), capital expenditure ($104.1M) ▪ Leverage increased 0.3x due to higher net debt FY25 Results Presentation | 22 August 2025 Working capital growth and AASB 16 drive Balance Sheet changesFor personal use only
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STRONG OPERATING CASH FLOW ▪ Cash conversion ratio remained strong at 96.9%, slightly lower than FY24 ▪ Capital expenditure and Acquisitions of $135.4M during the period included: ‒ Stay-in-business spend of $61.6M (99.5% of pre AASB 16 depreciation) ‒ Core & High growth projects of $42.5M ‒ Settlement of the acquisition of BBL in New Zealand ($31.3M) ▪ Dividends Paid comprises final FY24 dividend of 8.0cps and interim FY25 dividend of 11.0cps, both fully-franked ▪ Interest paid increased due to higher debt balance as a result of business acquisitions and equipment investments ▪ AASB 16 Interest & Principal declined 33.7% on FY24 due to the conversion of contract growers to performance-based variable contracts over the past 2 years, and the acquisition of the previously leased Bolivar Primary Processing plant in FY24 ▪ Tax paidincreased $15.5M in the current year due to higher earnings in FY24 versus FY23 ($M) FY25 FY241 Variance Cash flows from operating activities Receipts from customers 3,223.6 3,391.2 (167.6) Payments to suppliers & employees (2,853.7) (2,938.1) 84.4 369.9 453.1 (83.2) Interest received 3.0 3.0 0.0 Income taxes paid (53.1) (37.6) (15.5) Net settlement of profit hedge (0.5) 0.0 (0.5) Net cash provided by operating activities 319.3 418.5 (99.2) Cash flows from investing activities Capital expenditure (104.1) (85.7) (18.4) Property acquisitions 0.0 (76.0) 76.0 Dividends received from investments 0.7 0.3 0.4 Government grant received 0.0 3.9 (3.9) Acquisition of business (31.3) (6.6) (24.7) Net cash used in investing activities (134.7) (164.1) 29.4 Cash flows from financing activities Settlement of share plan (2.0) (0.4) (1.6) Proceeds from borrowings 80.0 60.0 20.0 Dividends paid (70.6) (81.8) 11.2 Lease payments - principal (109.2) (172.9) 63.7 Lease payments - interest (42.0) (55.3) 13.3 Interest paid (45.7) (29.9) (15.8) Proceeds from settlement of derivatives 0.0 0.6 (0.6) Net cash used in financing activities (189.5) (279.7) 90.2 Net decrease in cash and cash equivalents (4.9) (25.3) 20.4 Cash and equivalents at beginning of year 110.7 136.3 (25.6) Effects of exchange rate changes on cash and equivalents 0.6 (0.3) 0.9 Cash and cash equivalents at end of year 106.4 110.7 (4.3) Cash Conversion Ratio (%) 96.9 97.7 (80bp) Due to minor rounding differences, figures presented may not add up precisely to totals provided. 1. As reported (53-week period) 14FY25 Results Presentation | 22 August 2025For personal use only
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15 CAPITAL EXPENDITURE ▪ Sustaining capex Stay-in-Business capex spend of $61.6M, 99.5% of depreciation pre AASB 16 ($61.9M), includes Osborne Park water treatment plant and live bird holding, Sorell carbon neutral expansion and Murarrie processing equipment replacement ▪ Investing capex Core & High growth projects of $42.5M, includes Amarina Breeder Triangle (NSW) ($3.8M), AU automation projects ($16.3M), Ingleburn Value-Enhanced decoupling ($5.0M), Lisarow fully cooked line upgrade ($7.6M) and NZ automation projects ($9.8M) FY25 CAPITAL EXPENDITURE: $104.1M Broiler farm, Queensland FY25 Results Presentation | 22 August 2025 Sustaining $61.6MInvesting $42.5M Investment program balances maintenance and growth initiativesFor personal use only
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NET DEBT AND LEVERAGE Leverage within target range at 1.8x despite increased net debt Leverage x Net Debt $M Group Net Debt and Leverage (Underlying; pre AASB 16) Debt maturity profile ($M) Total facilities of $745M, with total liquidity of $199M at 28 June 2025. During the period, the Company refinanced its existing syndicated finance agreement, increasing the total size of the combined facilities by $200M and extending weighted maturity by ~2.4 years (at the time of refinancing) ▪ Leverage at the end of FY25 was 1.8x, within the Group’s target leverage range 16 300 445 Nov 2027 Nov 2029 FY25 Results Presentation | 22 August 2025 298.0 145.0 263.8 314.7 240.2 267.3 262.5 347.9 430.4 1.7x 0.7x 1.3x 1.8x 1.2x 2.0x 1.4x 1.5x 1.8x 0.0 0.5 1.0 1.5 2.0 2.5 0 100 200 300 400 500 600 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 For personal use only
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$61.6 million 99.5% of pre AASB 16 depreciation CAPITAL MANAGEMENT OUTCOMES CASHFLOW FROM OPERATIONS 1. Sustaining capital includes maintenance, replacement, regulatory capital. 2. Leverage = Net Debt/LTM Underlying EBITDA pre AASB 16, Net Debt comprises of borrowing facilities less cash and cash equivalents. 3. Dividends paid or declared for FY25: Interim dividend of 11.0cps paid 4 April 2025, and final dividend of 8.0cps declared 22 August 2025 CASHFLOW FOR INVESTING ACTIVITIES NET INTEREST, TAX AND LEASE PAYMENTS SUSTAINING CAPITAL1 Annual spend of 75-90% of depreciation (pre AASB 16) on stay-in-business requirements and ESG projects MAINTAINING A STRONG BALANCE SHEET Target leverage2 (Underlying EBITDA pre AASB 16) of 1.0x to 2.0x DIVIDENDS TO SHAREHOLDERS Dividend payout ratio 60-80% of Underlying NPAT STRATEGIC INVESTMENTS Aligned with strategy with expected returns in excess of hurdles SURPLUS CASH TO SHAREHOLDERS Capital returns/special dividends/share buybacks MAXIMISE SHAREHOLDER VALUE Over time the objective is to deliver a Return on Invested Capital in excess of WACC Investing & dividends Cash realisation Service obligations INVESTING CAPITAL Core Growth and High Growth projects 17 FY25 outcomes $42.5 million 19.0cps3 (fully franked) Payout ratio of 72.7% 1.8 x at 28 June Settled BBL acquisition (NZ) for $31.3 million FY25 Results Presentation | 22 August 2025 Disciplined approach to capital allocation and shareholder returnsFor personal use only
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FEED MARKET OBSERVATIONS • The pricing of wheat and soymeal declined in FY25 versus PCP. Average market pricing for Australian wheat (AUD) was down ~10% in FY25, while pricing was largely flat in 2H25 vs 1H25; average soymeal pricing (AUD) declined ~20% during the year, with 2H25 pricing declining moderately versus 1H25 levels • Supply chain costs remain elevated, in particular transport, offsetting some of the benefit from the reduction of key commodity prices Soybean • US Dept. of Agriculture (USDA) forecasts global soybean production forecast of 426.8 million metric tons for 2025/26, with Brazil's production expected to reach a record 175 million metric tonnes, maintaining Brazil's position as the world's largest soybean producer; China's soybean imports are forecast at 112.0 million metric tons, maintaining China's position as the world's largest soybean importer • In Argentina, soybean planted area is expected to decline nearly 5 percent, as the net returns for grains are more attractive than for soybeans, with Argentina's soybean production forecast to decline slightly Wheat • The USDA projects a record global wheat production for the 2025/26 season, driven by recoveries in the EU and Canada, and steady output in Russia. • Production conditions for wheat are generally favourable across most of the European Union, Russian Federation, United States, China and India, but unfavourable conditions exist in northern EU areas, central Russia, Ukraine, Turkey and parts of southern United States • ABARES forecasts Australia's wheat production at 30.6 million tonnes for 2025/26, an 11% decrease from the previous season but still above the 10-year average, with crop production outcomes across South Australia, western Victoria, southern New South Wales, and northern cropping regions of Western Australia being dependent on forecast winter rainfall 18 Commodity price moderation continues to support cost reduction 1. Quarterly spot price data is based on the average of daily market observations is shown for illustrative purposes only. Inghams actual consumption prices will differ due to the purchase of delivered grain/soymeal as well as level of forward cover of between 3-9 months. Internal feed cost mostly contains cereal grains, protein meals, vitamins and minerals 1 Inghams’ feed cost includes transport and milling costs 2 Grain imported by New Zealand operations is purchased on the international market3 LONG TERM WHEAT & SOYMEAL EXTERNAL MARKET PRICING1 ($A PER METRIC TONNE) FY25 Results Presentation | 22 August 2025 200 300 400 500 600 700 800 Wheat ($A) CME Soy ($A) For personal use only
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SEGMENT PERFORMANCE Ed Alexander Chief Executive Officer & Managing Director Broiler farm, New Zealand For personal use only
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AUSTRALIA ▪ Core Poultry volume declined 2.5% versus the PCP – Lower volumes across Retail, Quick Service Restaurant (QSR), Wholesale and Export channels ▪ Revenue declined 2.6% versus the PCP due mainly to: – The decline in core poultry volume, partially offset by slightly higher core poultry NSP/kg (+0.5%) – Within core poultry NSP/kg , Wholesale NSP/kg recorded a significant decline of 10.0% on the PCP – Meaningful deterioration of Australia Q4 earnings – successful replacement of majority of lost Woolworths volume partially offset by shift to a lower-margin mix, elevated production settings and stronger farming performance, weaker wholesale pricing and softer retail demand late in the year – Lower by-products revenue (-1.8%), with lower pricing (-11.0%), offsetting strong volume growth (+10.2%) due to the transition of some third-party Wholesale sales to in-house processing, the temporary closure of Export markets and a change in turkey rendering arrangements resulting in the sale of higher weight raw material – Slight decline in external feed volumes (-0.4%) and a decline in a NSP ($/kg) of 9.1% reflecting the reduction in key feed input costs ▪ Underlying costs (pre AASB 16) declined 2.4% ($61.7M) vs FY24 due to: – Feed cost reduction of $49.8M – Effective cost reduction resulting in a decline in SG&A; modest growth in salaries & wages and utilities ▪ Underlying EBITDA margin pre AASB 16 stable at 7.0% 20 ($M) FY25 FY241 Variance % FY24 (53 week) Core Poultry volume (kt) 388.0 398.1 (10.1) (2.5) 405.5 Total Poultry volume (kt) 493.9 494.1 (0.2) (0.0) 503.3 Feed volume (kt) 195.2 196.0 (0.8) (0.4) 199.9 Revenue 2,640.1 2,709.3 (69.2) (2.6) 2,760.1 Core poultry NSP ($/kg) 6.35 6.32 0.03 0.5 6.32 Cost of sales (2,035.2) (2,043.1) 7.9 (0.4) (2,081.8) Gross Profit 604.9 666.2 (61.3) (9.2) 678.3 EBITDA 328.2 371.5 (43.3) (11.7) 377.9 EBITDA (% Rev) 12.4 13.7 (1.3) (9.3) 13.7 EBIT 171.3 174.6 (3.3) (1.9) 177.3 Underlying (pre AASB 16) Gross Profit 472.5 504.7 (32.2) (6.4) 513.8 EBITDA 183.7 190.2 (6.5) (3.4) 193.3 EBITDA (% Rev) 7.0 7.0 (0.0pp) - 7.0 EBITDA / kg (cents)2 47.3 47.8 (0.5) (1.0) 47.7 EBIT 134.1 144.0 (9.9) (6.9) 146.1 Due to minor rounding differences, figures presented may not add up precisely to totals provided. 1. FY24 included a 53rd trading week. Comparisons are provided on a 52-week versus 52-week basis (using a 26/27 week calculation method for 2H24) 2. Based on Core Poultry volume FY25 Results Presentation | 22 August 2025 EBITDA down 3.4% due to shift to lower-margin mix and demand softnessFor personal use only
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NEW ZEALAND 21 ▪ Core Poultry volume increased 5.2% versus PCP, supported by the BBL acquisition which contributed 3.0 percentage points to NZ growth and Retail channel growth of +11.3% ▪ Feed volumes declined 7.9% versus PCP due to the loss of some external customer business, partially offset by increased internal feed demand from Bromley Park Hatcheries (BPH) ▪ Revenue growth of 4.0% versus PCP, driven by: – Core poultry volume growth of 5.2% (BBL contributed 3.0pp) – Core poultry NSP/kg (NZD) growth (incl. BBL) of 2.9% (BBL contributed 2.3pp), with Retail price growth (+7.7%) partially offset by declines across the Wholesale, Food Service and Export channels (-3.5%) – Lower feed revenue due to a decline in input costs ▪ Underlying costs (pre AASB 16) increased 2.7% (+$11.6M) versus PCP due to: – Growth in Core Poultry volumes – Feed costs improvement (-$7.4M) due to lower international feed input prices – Increase in operating costs related to the acquisition of BBL of $19.8M – Incremental spend on promotion and branding, distribution, labour, repairs & maintenance, and packaging ▪ Underlying EBITDA margin pre AASB 16 increased 93 basis points to 10.3% (A$M) FY25 FY241 Variance % FY24 (53 week) Core Poultry volume (kt) 73.2 69.6 3.6 5.2 70.9 Total Poultry volume (kt) 86.2 83.5 2.7 3.2 85.1 Feed volume (kt) 70.9 77.0 (6.1) (7.9) 78.4 Revenue 512.3 492.7 19.6 4.0 501.9 Core poultry NSP (NZ$/kg) 6.72 6.53 0.19 2.9 6.53 Cost of sales (373.1) (330.6) (42.5) 12.9 (336.9) Gross Profit 139.2 162.1 (22.9) (14.1) 165.0 EBITDA 64.0 91.5 (27.5) (30.1) 93.2 EBITDA (% Rev) 12.5 18.6 (6.1) (32.7) 18.6 EBIT 38.0 48.7 (10.7) (22.0) 49.5 Underlying (pre AASB 16) Gross Profit 126.8 119.1 7.7 6.5 121.0 EBITDA 52.7 46.1 6.6 14.3 46.8 EBITDA (% Rev) 10.3 9.4 0.9pp - 9.3 EBITDA / kg (cents)2 72.0 66.2 5.8 8.8 66.0 EBIT 40.5 36.0 4.5 12.5 36.5 Due to minor rounding differences, figures presented may not add up precisely to totals provided. 1. FY24 included a 53rd trading week. Comparisons are provided on a 52-week versus 52-week basis (using a 26/27 week calculation method for 2H24) 2. Based on Core Poultry volume FY25 Results Presentation | 22 August 2025 Strong 14.3% EBITDA growth driven by market dynamics and BBL integrationFor personal use only
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OPERATIONS & SUSTAINABILITY Anne Marie Mooney Chief Operations Officer Essington Distribution Centre, South Australia For personal use only
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NETWORK INVESTMENT BLUEPRINT ▪ Supports our strategic imperatives ‐ Expanding capacity ‐ Improving efficiency ‐ Supporting value growth ▪ Primary processing investments across Murarrie, Bolivar and Somerville facilities ‐ Multi-year program, with ~$45 million in FY26 and ~$120 million over the next 3 years ‐ Automation, strategic infrastructure upgrades, and new processing capabilities ‐ Prioritising automation in areas with the highest labour demands across the primary processing network to drive significant efficiency improvements ▪ Significant benefits ‐ Strengthen leadership in the poultry industry and reinforce the capabilities that differentiate Inghams ‐ Driving resilience and reduce labour costs and production inefficiencies ‐ Align with evolving customer expectations, demonstrating our commitment to supply resilience, competitive pricing, product innovation and sustained volume growth 23 Strategic investment program to drive efficiency and growth FY25 Results Presentation | 22 August 2025For personal use only
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OSBORNE PARK "ONE TOUCH" PROJECT Introducing automated cut-up processing capability to increase speed and reduce bottlenecks Year-1 ROIC ~25%+ Investment ~$12 million Scope ▪ New Big Bird and Small Bird overhead cut-up lines ▪ KFC Fast Food Line and Vertical Form Fill Seal machine ▪ Two automated boning machines and Thigh Filleting System ▪ Vision Camera Grading System Benefits ▪ Increases cut-up processing speed, eliminating manual double handling and work-in-progress bottlenecks, driving labour and yield benefits ▪ Creates foundation for Stage 2 expansion as we move toward self-sufficiency in WA operations Implementation ▪ Equipment orders placed in 2H25 ▪ 1H26: pre-installation works ▪ 2H26: final installation works, with commissioning in early FY27 FY25 Results Presentation | 22 August 2025 NB: $25M of primary equipment and associated costs, plant and install $13M; 60% of spend progressively in FY26 Vertical Form Fill Seal machine 24 For personal use only
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MURARRIE PRODUCTIVITY ENHANCEMENT PROJECT Plant upgrades and implementing higher levels of automation Year-1 ROIC ~20%+ Investment ~$40 million Scope ▪ Implementation of three new automated cut-up lines with in-line thigh deboning ▪ Four breast de-boning lines ▪ One 9-Cut KFC line ▪ One small bird cut-up line Benefits ▪ Yield improvements due to improved technology over current technology – greater accuracy versus current semi-automatic thigh deboning ▪ Reduction in labour cost and labour reliance ▪ Reduced double-handling of different bird sizes ▪ Improved safety and quality ▪ Unlocking ability to process, cut and de-bone big birds from the small bird line Implementation ▪ Completion expected in FY28 FY25 Results Presentation | 22 August 2025 Breast Deboner In-line thigh deboner 25 For personal use only
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TE AROHA (NZ) QSR AUTOMATION QSR cut-up line supporting future segment growth Year-1 ROIC ~10%+ Investment ~$3.6 million Scope ▪ System produces 9-cut chicken for QSR customers, and half birds for retail market ▪ Replacing 4 circular auto-saws with a ‘overhead’ cut up line with incorporated bag sealer Benefits ▪ Meets customer’s specific quality and consistency requirements ▪ Supports expected growth in QSR market demand ▪ Elimination of repetitive tasks and improved people safety with guarding from moving equipment ▪ Higher capacity and reduced labour requirement ▪ Increased speed lifts capacity in other areas of plant Implementation ▪ Works commenced FY25 ▪ Completion anticipated 1H26 FY25 Results Presentation | 22 August 2025 26 Expected Completion 1H FY26 For personal use only
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SUSTAINABILITY 27 Industry leadership in Safety, Animal Welfare and Environment Key FY25 outcomes 1. TRIFR refers to Total Recordable Injury Frequency Rate. 2. Waste intensity measures kg of waste to landfill per tonne of production. ▪ Continued Safety improvements across the business, with our Total Recordable Injury Frequency Rate (TRIFR) declining by 3.6% ▪ Maintained 100% RSPCA Approved (AU) and SPCA Certified (NZ) certifications for our chicken broiler farming facilities ▪ Maintained an average Global Food Safety Initiative British Retail Consortium (BRC) rating of A or better across our sites, with 80% of sites achieving AA rating ▪ Moved to use of 100% renewable electricity in NZ operations ▪ Deforestation Free Statement Soymeal released March 2025, outlining our commitment to purchase soymeal from supply chains certified as deforestation free ▪ Marion Bay brand certified to the Climate Active Carbon Neutral Standards, Tasmania’s first carbon-neutral certified chicken brand ▪ Exceeded target of 50% recycled content in packaging; waste intensity2 reduction of 28% on baseline ▪ Implemented Reflect Reconciliation Action Plan, including actions such as a diversity survey, and cultural awareness training ▪ Our 2025 Sustainability Report will be published with the Annual Report in October 2025 NZ operations moved to 100% renewable electricity Improvement in TRIFR1 to 4.25 (FY24: 4.41) A to AA rated Global Food Safety Initiative British Retail Consortium across all sites Exceeded 50% recycled content target Like-for-like water intensity across the Group reduced by 2.7% vs FY24 FY25 Results Presentation | 22 August 2025 For personal use only
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OUTLOOK & GUIDANCE Ed Alexander Chief Executive Officer & Managing Director HatchTech HatchCare - Hatchery For personal use only
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OUTLOOK & GUIDANCE ▪ FY25 - A Year of Significant Change ‐ Strengthened and diversified key Australian customer partnerships, though 4Q25 sales performance deteriorated given broader market conditions ‐ Strong 2H25 NZ performance and outlook, reflecting benefits of BBL acquisition, brand investment and favourable market dynamics ‐ Delivered significant cost and efficiency gains across the Group ▪ FY26 - Focused Response ‐ Taking decisive action to address 2H25 challenges, reducing excess inventory, adjusting production to match demand ‐ Implementing $60–$80M of annualised structural cost reductions to largely offset general FY26 cost inflation ‐ These actions will weigh on 1H26 earnings but are expected to underpin stronger 2H26 performance and beyond ▪ Foundations for the medium-term ‐ Business positioned to return to historical volume growth trend ‐ Improved channel mix, capability and capacity supported by investments in automation and operational efficiency ‐ Full-year benefit from cost-out program with structurally lower cost base 29 ▪ FY26 Underlying EBITDA (pre AASB 16) expected between $215.0M and $230.0M ‐ Earnings profile expected to be significantly weighted to 2H26, reflecting lower FY25 exit run rate and timing of benefits from operational reset ▪ Key Drivers ‐ Modest volume growth vs FY25, with expected gains in QSR and non-Woolworths (AU) Retail channels offset by a targeted reduction in Wholesale volumes; NZ volume growth expected to be supported by strong brand performance and favourable market conditions ‐ Slight Group NSP decline driven by market conditions, channel mix and competitive intensity for new business ‐ Feed costs expected to deliver a modest benefit vs FY25 ‐ Operating costs (ex-feed) increase modestly in line with inflation; incorporates cost reduction initiatives across labour, procurement and site-level operations are expected to deliver annualised savings of $60–$80 million to largely offset general FY26 cost inflation ‐ NZ to continue to perform well, underpinned by brand strength, favourable market economics, and BBL integration benefits. ‐ Capex of $80–$100M focused on efficiency, automation and growth initiatives FY26 Guidance1 1. FY26 guidance takes into account several key factors, including current operating performance, full period effect of Woolworths Australia supply agreement, a sustained improvement in the price of key feed inputs and Wholesale channel average pricing somewhat below level of FY25.FY25 Results Presentation | 22 August 2025 Underlying EBITDA (pre AASB 16) expected between $215-230M with cost-out and foundations for future growth For personal use only
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APPENDIX Free range broiler farm, Waikato region, New ZealandFor personal use only
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APPENDIX: AASB 16 LEASE IMPACT Balance Sheet $M FY25 AU NZ FY24 Land & Buildings 738.2 611.5 126.6 776.4 Growers 52.1 41.6 10.5 240.2 Equipment 18.7 7.9 10.8 15.1 Right-of-use Assets 809.0 661.0 148.0 1,031.7 Lease Liability (914.2) (755.0) (159.2) (1,138.4) Capital Employed (105.2) (94.0) (11.2) (106.7) Tax 35.2 30.8 4.4 36.8 Net assets (69.9) (63.2) (6.7) (69.9) P&L Impact $M FY25 AU NZ FY241 EBITDA 166.0 148.1 17.9 226.8 Depreciation (121.0) (107.3) (13.7) (183.4) EBIT 45.0 40.8 4.2 43.4 Net finance expense (42.0) (35.8) (6.2) (54.2) Tax expense (1.0) (1.6) 0.6 3.2 NPAT 2.0 3.4 (1.4) (7.6) Ave. Term (years) FY25 FY24 Land & Buildings 11.5 12.0 Growers 2.1 2.5 Equipment 2.7 2.5 Balance Sheet: ▪ Land and Buildings: Inghams has a large leased property portfolio. Average term remaining on the portfolio is 11.5 years ▪ Contract Growers: classified as a right-of-use asset due to the fixed and capital component of the fee structure. The variable component of the payments are not captured by this Standard. Average remaining term of contract grower leases (32 leases) is 2.1 years Profit & Loss: ▪ AASB 16 leases impact to EBITDA was $166.0M of rental expense “add backs” split between cost of sales $144.9M, distribution $17.7M and sales & administration gain of $3.4M ▪ AASB 16 impact on EBITDA of $60.8M largely due to the conversion of 121 contract growers to variable performance-based contracts over the past 2 years (FY25: 55 grower contract conversions), largely offset by lower AASB 16 depreciation and interest charges. No impact on EBITDA pre AASB 16 Average Lease Term: ▪ Growers’ average lease term declined due to the conversion of 121 contract growers to variable performance-based contracts over the past 2 years 31 Due to minor rounding differences, figures presented may not add up precisely to totals provided. 1. FY24 included a 53rd trading week. Comparisons are provided on a 52-week versus 52-week basis (using a 26/27 week calculation method for 2H24)FY25 Results Presentation | 22 August 2025For personal use only
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APPENDIX: AASB 16 PROFILE Right-of-use Assets $M EBITDA AASB 16 $M Depreciation AASB 16 $M Lease Liability $M Interest AASB 16 $M 32 Grower Land & Buildings/Other FY25 Results Presentation | 22 August 2025 828 859 858 830 792 757 602 516 462 446 240 52 FY20A FY21A FY22A FY23A FY24A FY25A FY26F FY27F FY28F FY29F FY30F 80 75 77 77 69 70 129 134 138 137 118 52 FY20A FY21A FY22A FY23A FY24A FY25A FY26F FY27F FY28F FY29F FY30F 34 33 35 36 37 38 20 18 17 17 18 5 FY20A FY21A FY22A FY23A FY24A FY25A FY26F FY27F FY28F FY29F FY30F 972 945 928 923 888 855 501 487 476 445 259 59 FY20A FY21A FY22A FY23A FY24A FY25A FY26F FY27F FY28F FY29F FY30F 83 96 97 99 93 92 146 143 149 151 138 74 FY20A FY21A FY22A FY23A FY24A FY25A FY26F FY27F FY28F FY29F FY30F Grower Land & Buildings/Other Grower Land & Buildings/Other Grower Land & Buildings/Other Grower Land & Buildings/Other For personal use only
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APPENDIX: PROFIT & LOSS RECONCILIATION Profit & Loss $M FY25 Excluded from underlying FY25 Underlying AASB 16 Leases FY25 Underlying (pre AASB 16) FY24 Underlying (pre AASB 16)1 FY24 Underlying (pre AASB 16) As-Reported (53 weeks) Core Poultry volume (kt) 461.2 461.2 461.2 467.7 476.4 By-Products volume (kt) 118.8 118.8 118.8 109.9 112.0 Total Poultry volume (kt) 580.0 580.0 580.0 577.7 588.4 External feed Volume (kt) 266.1 266.1 266.1 273.0 278.3 Core Poultry Revenue 2,911.1 2,911.1 2,911.1 2,937.0 2,991.9 By-Products Revenue 59.5 59.5 59.5 62.2 63.4 Total Poultry Revenue 2,970.6 2,970.6 2,970.6 2,999.2 3,055.3 Feed Revenue 181.8 181.8 181.8 202.8 206.7 Revenue 3,152.4 3,152.4 3,152.4 3,202.0 3,262.0 Cost of sales (2,408.3) (2,408.3) (144.9) (2,553.2) (2,578.2) (2,627.0) Gross profit 744.1 744.1 599.2 623.8 635.0 Gross profit margin (%) 23.6 23.6 19.0 19.5 19.5 Distribution expense (192.6) (192.6) (17.7) (210.3) (209.0) (213.1) Administration and selling (160.1) (10.2) (144.9) (3.4) (153.3) (179.7) (183.0) Other income 0.1 0.1 0.1 0.3 0.3 Share of net profit of associate 0.7 0.7 0.7 0.9 0.9 EBITDA 392.2 (10.2) 402.4 (166.0) 236.4 236.3 240.1 EBITDA margin (%) 12.4 12.8 7.5 7.4 7.4 Depreciation (182.9) (182.9) 121.0 (61.9) (56.3) (57.5) EBIT 209.3 (10.2) 219.5 (45.0) 174.5 180.0 182.6 Finance costs (81.5) (81.5) 42.0 (39.5) (28.0) (28.5) FX gain/(loss) (0.9) (0.9) 0.0 (0.9) 0.0 0.0 PBT 126.9 (10.2) 137.1 (3.0) 134.1 152.0 154.1 Tax (37.1) 2.8 (39.9) 1.0 (38.9) (44.3) (44.9) NPAT 89.8 (7.4) 97.2 (2.0) 95.2 107.7 109.2 33 Due to minor rounding differences, figures presented may not add up precisely to totals provided. 1. FY24 included a 53rd trading week. Comparisons are provided on a 52-week versus 52-week basis (using a 26/27 week calculation method for 2H24). FY25 Results Presentation | 22 August 2025For personal use only
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APPENDIX: SEGMENT EBITDA RECONCILIATION $M Group Australia New Zealand FY25 FY241 FY24 (As Reported) Var FY25 FY241 FY24 (As Reported) Var FY25 FY241 FY24 (As Reported) Var Core Poultry volume (kt) 461.2 467.7 476.4 (6.5) 388.0 398.1 405.5 (10.1) 73.2 69.6 70.9 3.6 Total Poultry volume (kt) 580.0 577.7 588.4 2.3 493.9 494.1 503.3 (0.2) 86.2 83.5 85.1 2.7 Core Poultry Revenue 2,911.1 2,937.0 2,991.9 (25.9) 2,462.0 2,516.8 2,563.8 (54.8) 449.1 420.3 428.1 28.8 Revenue 3,152.4 3,202.0 3,262.0 (49.6) 2,640.1 2,709.3 2,760.1 (69.2) 512.3 492.7 501.9 19.6 Cost of Sales (2,408.3) (2,373.7) (2,418.7) (34.6) (2,035.2) (2,043.1) (2,081.8) 7.9 (373.1) (330.6) (336.9) (42.5) Gross Profit 744.1 828.3 843.3 (84.2) 604.9 666.2 678.3 (61.2) 139.2 162.1 165.0 (22.9) Gross Profit margin (%) 23.6 25.9 25.9 (2.3) 22.9 24.6 24.6 (1.7) 27.2 32.9 32.9 (5.7) Gross Profit pre AASB 16 599.3 623.8 635.0 (24.5) 472.5 504.7 513.8 (32.2) 126.8 119.1 121.0 7.7 EBITDA 392.2 463.0 471.1 (70.8) 328.2 371.5 377.9 (43.3) 64.0 91.5 93.2 (27.5) EBIT 209.3 223.3 226.8 (14.0) 171.3 174.6 177.3 (3.3) 38.0 48.7 49.5 (10.7) Excluded from Underlying: Costs related to business acquisitions, divestments and restructuring 10.2 0.1 0.1 10.1 3.6 (2.1) (2.1) 5.7 6.6 2.2 2.3 4.4 Underlying EBITDA 402.4 463.1 471.2 (60.7) 331.8 369.4 375.8 (37.5) 70.6 93.7 95.5 (23.1) AASB 16 impact (166.0) (226.8) (231.1) 60.9 (148.1) (179.1) (182.5) 31.1 (17.9) (47.6) (48.6) 29.7 Underlying EBITDA (pre AASB 16) 236.4 236.3 240.1 0.1 183.7 190.2 193.3 (6.6) 52.7 46.1 46.8 6.6 Underlying EBITDA margin (%) (pre AASB 16) 7.5 7.4 7.4 0.1 7.0 7.0 7.0 (0.0) 10.3 9.4 9.3 0.9 Underlying EBIT (pre AASB 16) 174.5 180.0 182.6 (5.5) 134.1 144.0 146.1 (9.9) 40.5 36.0 36.5 4.5 34 Due to minor rounding differences, figures presented may not add up precisely to totals provided. 1. FY24 included a 53rd trading week. Comparisons are provided on a 52-week versus 52-week basis (using a 26/27 week calculation method for 2H24). FY25 Results Presentation | 22 August 2025For personal use only
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APPENDIX: NPAT RECONCILIATION $M FY25 FY241 Var % NPAT 89.8 100.0 (10.2) (10.2) Significant items (net of tax): Business acquisition & integration costs 0.8 1.3 (1.0) (55.6) Legal settlement 2.0 - 2.0 NM Restructuring 4.6 (1.2) 6.3 NM Excluded from Underlying 7.4 0.1 7.3 NM Underlying NPAT 97.2 100.1 (2.9) (2.9) AASB 16 impact (2.0) 7.6 (9.6) NM Underlying NPAT pre AASB 16 95.2 107.7 (12.5) (11.6) 35FY25 Results Presentation | 22 August 2025 Due to minor rounding differences, figures presented may not add up precisely to totals provided. 1. FY24 included a 53rd trading week. Comparisons are provided on a 52-week versus 52-week basis (using a 26/27 week calculation method for 2H24). For personal use only
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APPENDIX: RETURN ON INVESTED CAPITAL (PRE AASB 16) (ROIC) 36 ▪ FY25 ROIC of 16.1% (FY24: 20.5%) - Adjusted for Inventory Trade Payable Facility costs (ITPF) that are used to finance feed purchased across both the Australian and New Zealand businesses. The ITPF is only used for feed purchases, and is used for all feed purchases - From FY25, the interest cost relating to the ITPF is excluded from the interest cost adjustment that forms part of the NOPAT calculation - Under the prior NOPAT definition, FY25 ROIC was 16.6% (FY24: 21.3%) ▪ ROIC defined as: - Underlying Net Operating Profit after Tax pre AASB 16 divided by Average capital invested pre AASB 16 - Underlying interest pre AASB 16 (i.e. net interest on the external debt facility) net of tax of 30% - Two-point average calculated over two financial year end periods $M FY25 FY24 Return On Invested Capital (ROIC) Underlying NPAT pre AASB 16 95.2 109.2 Interest – net of tax 23.8 15.2 Net Operating Profit After Tax 118.9 124.4 Average Capital Invested pre AASB 16 740.1 606.4 ROIC (%) 16.1 20.5 FY25 Results Presentation | 22 August 2025 1. Average capital invested increase versus FY24 includes acquisition of Bostock Brothers Limited (NZ), acquisition of Bolivar primary processing plant (SA), revaluations and capital investments completed. For personal use only
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DEFINITIONS Average Capital Invested: Net assets plus net debt plus tax balance plus net liabilities of AASB 16; average calculated over two financial year end periods. BP: Basis point(s) Cash Conversion ratio: Cash Flow from Operations divided by EBITDA excluding non-cash items. Core Poultry: refers to chicken and turkey products for human consumption, excluding by-products. EBITDA: Earnings before Interest, Tax, Depreciation and Amortisation. EBIT: Earnings before Interest and Tax. ESG: Environmental, Social and Governance. Gross Profit: Revenue less cost of sales. Leverage: Net Debt ÷ LTM Underlying EBITDA pre AASB 16 LTM: Last twelve months. Net Debt: Debt less cash and cash equivalents. Net Operating Profit after Tax (NOPAT): Underlying NPAT pre AASB 16, plus interest (net of tax). PCP: Prior corresponding period. PP: Percentage point(s) ROIC: Return on Invested Capital; Underlying, pre AASB 16. Total Poultry: includes core chicken and turkey products and by-products. Underlying Gross Profit pre AASB 16: Underlying Gross Profit excluding AASB 16 leasing impacts. Underlying EBITDA: Underlying EBITDA excluding business transformation costs, any results of sale of businesses, business acquisition legal and integration costs, restructuring costs, impairment and trading results for business sold as a going concern, inclusive of AASB 16 Leases. Underlying EBITDA pre AASB 16: Underlying EBITDA excluding AASB 16 leasing impacts. Underlying NPAT: Net Profit After Tax excluding business transformation costs, any results of sale of businesses, business acquisition legal and integration costs, restructuring costs, impairment and trading results for business sold as a going concern, inclusive of AASB 16 Leases. Underlying NPAT pre AASB 16: Underlying NPAT excluding AASB 16 leasing impacts after being tax effected. Working Capital (Operating): Working capital adjusted for non-operating items including but not limited to interest accruals and proceeds from sale of assets. NON-IFRS INFORMATION REFERRED TO IN THIS PRESENTATION AND ARE DEFINED BELOW 37FY25 Results Presentation | 22 August 2025For personal use only