Inghams reported FY23 EBITDA growth of 36% on a pre AASB-16 basis. For the second-half, the EBITDA margin improved 260bp. Strong sales growth is price-driven and will support FY24e earnings. Production issues from FY22 are now resolved and volume growth should resume. Inghams is at the start of a multi-year recovery in EBITDA margins and it should achieve double-digit earnings growth.