Inghams provided a trading update for 1H24 suggesting EBITDA pre AASB-16 is on track to rise 67% for the half. The company has seen improved volumes and some cost pressures have eased. Given prices are trending up 10% for its poultry, Inghams is seeing meaningful margin recovery. The company is on track to return to 8%+ EBITDA margins this year, which is just below pre COVID-19 levels of 8.5%. We lift our EBITDA forecasts by 23% in FY24e and 10% in FY25e. The unknown is where margins peak. Past investments have been made to improve operational efficiency, but the magnitude of price rises may mean EBITDA dollars are much higher than pre COVID-19 but percentage margins less so.