Inghams will hold a strategy day on 11 May 2026. The last strategy day in November 2023 failed to hit the mark given the loss of Woolworths volumes highlighted its vulnerability. On this occasion, we expect Inghams to be, rightly, less ambitious and more focused on improved execution. EBITDA margins are likely to land at 6.0% in FY26e, flat on the modest level achieved in FY23. A return to decent volume growth and improved margins is needed.