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.

GyG reported network sales up 18% and EBITDA 30% higher for 1H26. While comparable sales momentum has slowed, EBITDA margin improvement was strong, helped by modest overhead cost growth. GyG’s comparable sales growth is more likely to settle near 4%-5% going forward. Operating leverage in 1H26e is likely to soften in 2H26e as overhead cost growth follows store growth more closely.  We expect US losses of $11-$16 million to persist for at least the next three years, which may frustrate some investors.

GyG reported FY25 network sales growth of 23% and EBITDA at $65.1 million, up 46%. The company reported a step-down in comparable sales growth to 3.7% in the first seven weeks of 1Q26 vs 8.6% in 4Q25. The debate will be whether this lower growth persists and tempers expectations for margin expansion. While operating leverage may soften, the store rollout is skewed toward higher earning drive-thru sites and favourable moves in input costs will offset lower sales expectations in FY26e. The rebasing of comparable sales growth may be scrutinised, but even 4%-5% comp growth is still market leading.