Inghams reported EBITDA of $222 million for 1H22. This was a decent result with flat margins despite headwinds from lockdowns adversely impacting the channel in the half. Unfortunately, COVID-19 disruptions will be more impactful on earnings in 2H22e. We estimate 2H22e EBITDA of $171 million down 26%. The impact from staff absenteeism, an adverse sales mix and oversupplied wholesale market all make for a difficult half. However, the issues should be transitory and if COVID cases continue to fall, earnings should improve from April 2022 onwards. We expect a recovery in FY23e.