Inghams reported 1H24 sales up 9%, gross profit up 32% and EBITDA (pre AASB-16) up 66%. The impressive result needs to be put in context given weak margins in the prior year. We expect EBITDA growth of 16% in 2H24e, with a slightly higher than usual skew of earnings to first-half as volume growth slows. We expect a smaller 6% increase in EBITDA for FY25e, largely driven by lower feed costs. Inghams good growth in FY24e EBITDA will be partly dented at EPS by a higher effective tax rate at 29%, previously 23%.