Inghams reported FY26 EBITDA within its guidance range set at the 1H26 result, which highlights some sense of stabilisation and predictability is returning to the business. EBITDA margins declined by 172bp and should start to recover in FY27e given better revenue growth and a cleaner inventory position. We forecast poultry volume growth of 3% and EBITDA of $218 million for FY27e, towards the top-end of the company’s $190-$220 million guidance range.