#1INGHAM'S Always Good Inghams Group Limited 2023 ANNUAL RESULTS PRESENTATION 17 AUGUST 2023#2ACKNOWLEDGEMENT OF COUNTRY INGHAM'S Always Good We acknowledge the Gadigal people of the Eora nation, on whose land we meet today. We pay our respects to their Elders past, present and emerging, and to all Aboriginal and Torres Strait Islander Peoples here today. Artist: Kelly Taylor www.ktaboriginalfineart.store ศูนย์ 2#3EXECUTIVE SUMMARY INGHAM'S Always Good FY23 results demonstrate the breadth and momentum of our operational recovery Recovery underpinned by the progressive return to operational stability Revenue increased 12.2%, NPAT increased 72.1% and Underlying EBITDA pre AASB 16 increased 35.8% on PCP Strong 2H earnings run-rate provides platform for earnings growth Continued improvement in safety - TRIFR 4.8 (5.1 in PCP) Farming performance continuing to recover and supply chain conditions normalising Maintaining our long-term focus on operational efficiency Price increases implemented across key channels in response to cost inflation Price increases necessitated by the significant increase in costs, including feed, other commodity and key input costs Pricing of feed ingredients has stabilised and expected to remain elevated due to tight global supply Focus on ensuring pricing levels appropriately reflect ongoing feed, other commodity and general cost pressures Robust demand for poultry Market and consumer demand for poultry remains buoyant despite supply constraints impacting FY23 growth Investing in business capability, capacity and resilience Results support continued investment in our network and automation to meet current and future consumer requirements Capital management Leverage returned within our target range at 1.4x Fully franked final dividend of 10.0 cps, delivering a full year payout of 75.8% of Underlying NPAT 3#41. FY23 FINANCIAL SUMMARY RESULTS DEMONSTRATE THE MOMENTUM OF THE RECOVERY REVENUE $3,044.0M +12.2% on PCP EBITDA UNDERLYING PRE AASB 16 $183.6M +35.8% on PCP LEVERAGE RATIO 1.4x -1.1x on Dec-22 and -0.6x on Jun-22 Leverage Net Debt / LTM Underlying EBITDA pre AASB 16; Net Debt comprises of borrowing facilities less cash and cash equivalents CORE POULTRY VOLUME 463.5KT -0.4% on PCP NET PROFIT AFTER TAX STATUTORY UNDERLYING +67.7% on PCP $60.4M $71.1M +72.1% on PCP FULLY FRANKED DIVIDENDS 14.5 CENTS/SHARE +107.1% on PCP INGHAM'S Always Good 4#5INGHAM'S Always Good BUSINESS & FY23 OVERVIEW ANDREW REEVES CEO & MANAGING DIRECTOR#6HIGHLY DIVERSIFIED AUSTRALIA & NEW ZEALAND NETWORK LARGEST POULTRY COMPANY ACROSS AUSTRALIA AND NEW ZEALAND Unmatched geographically diverse network Biosecurity import barrier Inghams is uniquely placed to deliver continuity and diversity of supply to meet customers' needs Ability to fully service national and local customer requirements. Solid balance of primary and value-add processing Provides flexibility and greater resilience Enhances management of agricultural and biosecurity risks Strong platform to support future growth Farms 1. WA feedmill represents a long-term supply agreement with an external provider FACILITIES/FARMS UQ: Hatcheries Further processing Warehouse and distribution Feedmills Primary processing Protein conversion plant INGHAM'S 6 Always Good#7VERTICALLY INTEGRATED OPERATING MODEL OPTIMISING VALUE FROM OUR OPERATING MODEL THROUGH INTEGRATED PLANNING AND OPERATIONAL EXCELLENCE INGHAM'S Always Good Enables Inghams to create value and realise efficiencies across a highly complex and large-scale supply chain Balance and operational excellence are key to margin capture ■ Diversified customers including tier 1 retail and QSR Feedmills =000 000 Further Processing Genetics > Breeders Hatcheries Broiler Farms Primary Processing Warehousing and Distribution Customers Consumers Retail Quick Service Restaurants Foodservice Wholesale Export Rearing ~22 weeks Production ~40-48 weeks ~3 weeks. 5-7 weeks Byproducts Total approximately 70-78 weeks Owned or controlled External 7#8POULTRY IS AN ATTRACTIVE & GROWING SECTOR INGHAMS CORE POULTRY VOLUMES HAVE GROWN AT 2.8% PER ANNUM SINCE FY19 ■ Affordable - significant consumer price advantage over other meat proteins ■ Healthy - a lean and versatile protein that continually finds favour with consumers that is aligned to the macro-trend towards healthier options across all channels INGHAM'S Always Good ■ Sustainable - chicken has one of the lowest carbon footprints when compared to other land-based animal proteins, and is 5-times lower than red meat ■ Consistent and reliable YoY total consumption growth versus other protein products - long-term trends remain intact Per capita consumption (indexed)² 400 Australian consumer meat prices (indexed)³ སླུ ིི ཎྜ ༞ མྱ ཎྱ R 8 8 0 1990 1991 1992 1. Source: OECD 2. Source: OECD; Macquarie 3. Source: ABS (Consumer Price Index) 1993 1994 1995 Chicken (kg per capita) Pork (kg per capita) 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Lamb (kg per capita) Beef & Veal (kg per capita) 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 350 300 250 200 150 100 1990 1992 1993 1995 1996 1998 1999 2001 2002 Beef & Veal 2004 2005 2007 2008 Pork 2010 2011 2013 Lamb 2014 2016 2017 Chicken 2019 2020 2022 2023 8#9PROFITABILITY ON A STRONG RECOVERY PATH INGHAM'S Always Good EBITDA PRE AASB 16 INCREASED 35.8% ON FY22 AS 2H EARNINGS REBOUND TO HISTORICAL LEVELS FY19: $208.6M FY20: $179.7M FY21: $209.6M FY22: $135.2M Omicron (3Q FY22) $109.6M $108.9M $99.0M $100.7M $99.7M 14.2 $91.7M 22.0 $88.0M 15.4 15.8 19.1 17.6 11.0 +35.8% FY23: $183.6M +19.9% $100.1M 14.4 $83.5M 8.9 +135.2% 95.4 83.6 84.9 86.9 $35.5M 85.7 80.6 74.1 77.0 74.6 2.9 32.6 1H FY 19 2H FY 19 1H FY20 2H FY 20 1H FY21 2H FY21 1H FY22 2H FY22 1H FY23 2H FY23 Australia ■New Zealand 9.#10FY23 CORE POULTRY NET SELLING PRICES IMPLEMENTED PRICE INCREASES ACROSS ALL CHANNELS AND CUSTOMERS ■ NSP growth reflects implementation of price increases in response to input cost pressures, and tighter poultry supply / demand conditions Group core poultry NSP increased 12.8% versus PCP (+6.0% on 1H23) FY23 Australian core poultry NSP growth was 13.0% vs PCP while NZ core poultry NSP (in NZD) increased 14.0% over the same period (NZ NSP grew 11.1% in AUD terms) Variations in NSP over time reflect both customer pricing changes and shifts in channel and product mix QUARTERLY CORE POULTRY NET SELLING PRICES ($/KG) Australia Group FY23: AU$6.00 +13.0% FY22: AU$5.31 $/kg $7.00 FY23: AU$5.96 +12.8% $6.75 FY22: AU$5.28 $6.50 $6.25 $6.00 $5.75 $5.50 $5.25 $5.00 $4.75 $4.50 $4.25 1. New Zealand dollars 4Q FY20 1Q FY21 2Q FY21 3Q FY21 4Q FY21 1Q FY22 2Q FY22 3Q FY22 4Q FY22 1Q FY23 2Q FY23 3Q FY23 4Q FY23 4Q FY 20 1Q FY21 2Q FY21 3Q FY21 4Q FY21 1Q FY22 New Zealand FY23: NZ$6.23 +14.0%¹ FY22: NZ$5.46 INGHAM'S Always Good 2Q FY22 3Q FY22 4Q FY22 1Q FY23 2Q FY23 3Q FY23 4Q FY23 4Q FY20 1Q FY21 2Q FY21 3Q FY21 4Q FY21 1Q FY22 2Q FY22 3Q FY22 4Q FY22 1Q FY23 2Q FY23 3Q FY23 4Q FY23 10#11OBSERVATIONS ACROSS OUR CHANNELS CHANNEL MIX CHANGES REFLECT REBALANCING OF DEMAND WHILE CORE POULTRY VOLUME DECLINED SLIGHTLY BY 0.4% Australian volume declined 0.6% (-2.5kt) due to lower bird numbers resulting from a decline in farming performance in 1H23 INGHAM'S Always Good ■New Zealand volume grew 0.8% (+0.5kt), as the recovery in 2H offset the lower 1H performance from lower egg setting in response to labour shortages and reduced further processing production driven by nation-wide shortage of CO2 early in 2H Core Poultry volume (KT) change vs PCP RETAIL (2.3) QSR FOOD SERVICE ■NZ ■AU (0.7) 1.3 (0.1) (3.1) WHOLESALE 0.5 EXPORT & OTHER (1.7) (0.6) 1. Commentary relative to the prior corresponding period, unless otherwise noted 1.6 16 Comments¹ 3.1 Australia observed channels rebalancing from Wholesale to Retail, as key customer category growth increased from consumers shifting to in-home-dining options New Zealand was cycling 1H22 COVID impact, where volume shifted into Retail from Food Service and Wholesale Australia observed a softening in demand, while volume sold was impacted by supply limitations New Zealand was cycling 1H22 COVID impact, while FY23 was supported by promotional QSR programs New Zealand observed customers returning to pre-pandemic lifestyles, habits and travel activities reopening, further supported by growth in the meal kit market Despite a rebalancing to Retail, Australia observed strong for demand poultry products. Rebound in underlying customer demand and rebalancing of channel mix/demand supporting price growth ANZ Channel used to balance supply and manage excess stock. Stable underlying demand and tight supply has resulted in less stock requiring clearing, with clearance and export volumes declining 11#12FINANCIAL RESULTS GARY MALLETT CHIEF FINANCIAL OFFICER INGHAM'S Always Good#13PROFIT & LOSS PRICE INCREASES AND OPERATIONAL RECOVERY OFFSET SMALL VOLUME DECLINE Volume: marginal decline in core poultry volume of 0.4% External Feed volumes declined 43.6kt due to the planned closure of Wanneroo Feedmill (WA) in April 2023 Revenue: increased 12.2% as higher input costs were progressively passed on across all channels Underlying costs¹ increased 11.9% versus PCP due to: Internal feed cost of $122.6M Other costs grew $155.4M with fuel, freight, ingredients, cooking oil and repairs and maintenance all exceeding general inflation Net finance expense: higher due to the increase in interest rates on the drawn debt and inventory procurement facility Tax expense: effective tax rate 18.5% (FY22: -1.2%), FY23 included $8.5M R&D credit (FY22: $8.5M) Items excluded from Underlying: Business transformation and restructuring costs of $18.2M, less a $3.0M benefit relating to the Cleveland facility lease assignment (FY22: $10.4M) INGHAM'S Always Good $M FY23 FY22 Variance % Core Poultry volumes (kt) Total Poultry volumes (kt) 463.5 577.5 465.5 (2.0) 576.5 (0.4) 1.0 0.2 External Feed volumes (kt) 292.7 336.3 (43.6) (13.0) Revenue 3,044.0 2,713.1 330.9 12.2 Gross Profit 754.8 653.3 101.5 15.5 Gross Profit % Revenue 24.8 24.1 0.7 2.9 EBITDA 418.5 370.4 48.1 13.0 EBITDA % Revenue Depreciation & Amortisation 13.7 13.7 0.0 0.4 (268.2) (270.6) 2.4 (0.9) EBIT 150.3 99.8 50.5 50.6 Net finance expense (76.2) (65.1) (11.1) 17.1 (13.7) 0.4 (14.1) NM 60.4 35.1 25.3 72.1 Underlying EBITDA 433.7 380.8 52.9 13.9 Underlying NPAT 71.1 42.4 28.7 67.7 Underlying (pre AASB 16) EBITDA 183.6 135.2 48.4 35.8 Underlying (pre AASB 16) EBITDA % Revenue 6.0 5.0 1.0 20.0 Tax expense NPAT 1. Underlying costs included in Underlying EBITDA 13#14BALANCE SHEET EARNINGS RECOVERY DELIVERS IMPROVEMENT IN LEVERAGE Biologicals: increased $24.2M (+17.8%) as the higher cost of feed cycles through the asset class Inventories: declined $20.0M due to a decline of $33.4M in Feed inventories due to a shift away from purchasing and holding inventory at 3rd party locations, offset by an increase in processed and other inventory due to higher input prices Receivables: increase of $46.6M was predominantly due to an increase in Trade Receivables of $42.9M, comprising a $26.3M (+10.5%) increase in Accounts Receivable and a reduction in Rebates due to the resolution of a FY22 claim Payables: increased $10.9M due to an increase in Trade Creditors of $19.6M (+12.1%) due to input cost inflation offset by a reduction in the inventory procurement trade payable of $9.3M Right-of-use Assets: declined $43.8M, due to depreciation offset by lease extensions, additions and CPI increases Lease Liabilities: decreased $35.1M due to $26.3M in disposals² and lease payments exceeding extensions, modifications and interest payments Payables Working Capital¹ Other Assets Lease Liabilities INGHAM'S Always Good $M Jun-23 Jun-22 Variance Inventories/Biologicals 388.2 384.0 4.2 Receivables 270.2 223.6 46.6 (466.4) (455.5) (10.9) 192.0 152.1 39.9 Provisions (145.6) (138.3) (7.3) Working Capital & Provisions 46.4 13.8 32.6 Property, Plant & Equipment Right-of-use Assets 493.8 477.3 16.5 1,275.6 1,319.4 (43.8) 5.7 13.3 (7.6) (1,368.5) (1,403.6) 35.1 Capital employed 453.0 420.2 32.8 Net Debt (262.5) (267.3) 4.8 Net Tax balances 11.3 5.3 6.0 Net Assets 201.8 158.2 43.6 1. Working capital adjusted for financing and non-operating items including deferred revenue and interest accrued 2. Cleveland lease re-assignment and contracts growers transitioning to variable contracts 14#15CASHFLOW INGHAM'S Always Good HIGHER NET SELLING PRICES AND FEED COSTS DRIVING INCREASE IN WORKING CAPITAL $M FY23 FY22 Variance Cash conversion ratio: declined to 90.4% due to an increase in working capital of $44.7M Statutory EBITDA Non-cash items 418.5 370.4 48.1 (8.7) (5.0) (3.7) Non-cash items: includes reversal of previously recognised Cleveland facility lease liability in 1H23 EBITDA excluding non-cash items Changes in operating working capital 409.8 365.4 44.4 (45.2) (0.5) (44.7) Capital expenditure: includes $9.3M on the WA Primary Processing facility water treatment plant, $20.3M on NSW Breeder Triangle and $8.8M on initial payments for automation investments Proceeds from settlement of derivatives: proceeds resulting from aligning interest rate hedging to extended debt facility maturities in 1H23 Interest paid: increase due to an increase in BBSY rate and bank facility movements during the year Tax paid: lower than PCP due to lower FY22 earnings Net Debt: broadly inline with PCP. Increase in working capital largely offset by significantly improved earnings Changes in operating provisions Cash flow from operations Capital expenditure 7.3 7.6 (0.3) 371.9 372.5 (0.6) (71.9) (61.9) (10.0) Proceeds from sale of assets Government grant received Other payments/receipts 0.2 3.8 (3.6) 3.3 0.0 3.3 0.4 0.2 0.2 Net cashflow before financing & tax Dividends paid 303.9 314.6 (10.7) (18.6) (57.6) 39.0 Shares purchased / sold (0.5) (0.5) 0.0 Proceeds from settlement of derivatives Interest paid received 7.5 0.0 7.5 (25.4) (11.8) (13.6) Interest & principal - AASB 16 Leases Net cashflow before tax Tax paid (247.1) (239.3) (7.8) 19.8 5.4 14.4 (15.2) (31.9) 16.7 Amortisation borrowings/forex 0.2 (0.6) 0.8 Net (increase) / decrease net debt 4.8 (27.1) 31.9 Cash Conversion Ratio 90.4% 101.9% (11.5) pp 1. Working capital adjusted for financing and non-operating items 15#16CAPITAL MANAGEMENT OUTCOMES FULLY FRANKED FINAL DIVIDEND OF 10.0 CPS DRIVING FULL YEAR PAYOUT RATIO OF 75.8% Cashflow from operations Cashflow from strategic activities Cashflow from interest and tax Strong cash generation INGHAM'S Always Good Sustaining capital¹ Annual spend range of approximately 75-90% of depreciation pre AASB 16 Maintaining a strong balance sheet Target leverage² (underlying pre AASB 16) of 1.0x to 2.0x Reliable dividends to shareholders Dividend payout ratio 60-80% of Underlying NPAT Cashflow from operations of $371.9M, broadly flat vs PCP due to higher EBITDA offset by an increase in working capital driven by higher commodity prices and input costs in Biological Assets, Trade Receivable and processed poultry inventory Sustaining capex spend of $33.5M (61.8% of depreciation pre AASB 16), below the target range due to COVID-related delays. Capex spend expected to increase through FY24 Leverage of 1.4x within target range reflecting significant improvement in earnings. Extended key debt facilities for a further 2 years to November 2025 Fully franked dividends of 14.5 cps, representing a payout ratio of 75.8% of Underlying NPAT, at upper end of policy Investing in growth opportunities & major projects Where aligned with strategy and expected to deliver returns in excess of specified hurdles Additional returns to shareholders Capital returns / special dividends / share buybacks Maximise shareholder value Over time the objective is to deliver a return on invested capital in excess of WACC Growth and major project capex of $38.4M includes $9.3M on the WA Primary Processing facility water treatment plant, $20.3M on NSW Breeder Triangle and $8.8M on initial payments for automation investments Return on Invested Capital (Underlying, pre AASB 16) (ROIC) of 19.0% (FY22: 13.7%) 1. Sustaining capital includes maintenance, replacement, regulatory and stay-in-business capital 2. Leverage = Net Debt/ LTM Underlying EBITDA pre AASB 16, Net Debt comprises of borrowing facilities less cash and cash equivalents 16#17EXTERNAL FEED MARKET OBSERVATIONS INGHAM'S Always Good PRICES TO REMAIN ELEVATED DUE TO STRONG GLOBAL GRAIN DEMAND & TRADE UNCERTAINTIES ■Delivered internal feed cost contains cereal grains, protein meals, vitamins and minerals Inghams feed cost includes transport and milling costs Grain imported by New Zealand operations is purchased on the international market Long term wheat & soymeal pricing (to 28 July 2024)1,2 $A per metric tonne 800 700 600 500 400 300 200 100 Wheat ($A) CME Soy ($A) FY02 Q3 FY03 Q1 FY03 03 FY04 Q1 FY04 03 FY05 Q1 FY0503 FY06 Q1 FY06 Q3 FY07 Q1 FY07 03 FY08 Q1 FY08 CB FY09 Q1 FY09 03 10 01 FY10 QB FY11 Q1 FY1103 ил 113 113 114 FY14 Q1 FY14 03 FM1501 FY15 03 FY16 Q1 FY16 03 FY17 Q1 FY17 03 FY18 Q1 FY23 P&L FY19 03 FY20 Q1 2003 121 FY21 03 FY22 Q1 FY2203 FY23 Q1 FY23 03 FY24 Q1 Wheat Despite some recent easing in global supply tightness, strong global demand combined with ongoing uncertainty surrounding Ukrainian grain exports out of the Black Sea region, grain prices are expected to remain relatively elevated over the coming year Forecast onset of El Niño conditions from July this year may see a reduction in Australian winter crop production with yields forecast to be below y average. ABARES forecast world wheat production to fall slightly in 2023-24, driven by lower production in major exporting countries including Australia, Kazakhstan and the Russian Federation; this is expected to more than offset higher production in Argentina, the European Union and North America Soymeal Soybean production in South America is expected to materially increase during 2023-2024, in both Brazil and Argentina, with Argentina expected to recover from severe drought conditions Global demand for soybeans is expected to increase in 2023-24 reflecting rising demand in Argentina and import demand from China 1. Quarterly spot price data is based on the average of daily observations during the period and is shown for illustrative purposes only. Inghams actual consumption prices will differ due to the purchase of delivered grain/soymeal as well as level of forward cover of between 3-9 months. 2. Chicago Mercantile Exchange 17#18INGHAM'S Always Good SEGMENT PERFORMANCE ANDREW REEVES CEO & MANAGING DIRECTOR#19AUSTRALIA INGHAM'S Always Good PRICE GROWTH AND OPERATIONAL PERFORMANCE RECOVERY PROVIDE OFFSET TO COST INFLATION Core poultry volume declined 0.6% driven mainly by lower bird numbers processed as a result of a small reduction in fertility levels from the performance of breeding roosters $M FY23 FY22 Variance % Core Poultry volumes (kt) 398.1 400.6 (2.5) (0.6) External Feed volumes continue to decline, with volume reduction of 14.1% due to customers transitioning away from WA feed mill in preparation for its planned closure Revenue growth of 12.2% reflecting: Core poultry net selling prices increased 13.0% as higher input costs were progressively passed on across all channels External feed prices increased 26.7%, reflective of the steep increase in commodity prices Underlying costs increased 11.8% versus PCP due to: Internal feed cost of $97.8M Other costs grew $136.3M with fuel, freight, ingredients, cooking oil and repairs and maintenance all exceeding general inflation Total Poultry volumes (kt) 499.4 498.0 1.4 0.3 Feed volumes (kt) 215.6 251.1 (35.5) (14.1) Revenue 2,597.3 2,314.7 282.6 12.2 EBITDA 357.0 312.2 44.8 14.3 EBITDA (% Rev) 13.7 13.5 0.2 1.5 Underlying EBITDA 371.1 322.6 49.6 15.4 Underlying EBITDA (% Rev) 14.3 13.9 0.4 3.1 Underlying pre AASB 16 Underlying EBITDA 160.3 113.2 47.1 41.6 Underlying EBITDA (% Rev) 6.2 4.9 1.2 24.4 Underlying Gross Profit 442.2 352.7 89.4 25.3 1. Underlying costs included in Underlying EBITDA 19#20NEW ZEALAND 2H PERFORMANCE TURNAROUND OFFSETS 1H OPERATIONAL CHALLENGES Operating environment improved significantly in 2H following challenges during 1H due to shortages in both labour and CO₂ Improvements in labour availability levels as 1H progressed In response to the national CO2 shortage, the Auckland and Cambridge FP plants were converted to nitrogen Weather events (Cyclone Gabrielle and Auckland Floods) had a short-term impact on operating performance in Q3 Core poultry volumes grew by 0.8%, with significant Q4 recovery Revenue growth of 12.1%, reflecting: Core poultry net selling prices increase of 14.0% (NZD) External feed net selling prices increased 38.4% (NZD) reflecting commodity prices Underlying costs¹ increased 12.9% versus PCP due to: Internal feed cost of $24.8M Other costs grew $19.1M with fuel, freight, ingredients, cooking oil, utilities and repairs and maintenance exceeding general inflation Revenue EBITDA 1. Underlying costs included in Underlying EBITDA INGHAM'S Always Good $M FY23 FY22 Variance % Core Poultry volumes (kt) 65.4 64.9 0.5 0.8 Total Poultry volumes (kt) Feed volumes (kt) 78.1 78.6 (0.5) (0.6) 77.1 85.2 (8.1) (9.5) 446.7 398.4 48.3 12.1 61.5 58.2 3.3 5.7 EBITDA (% Rev) 13.8 14.6 (0.8) (5.5) Underlying EBITDA 62.6 58.2 3.3 5.7 Underlying EBITDA (% Rev) 14.0 14.6 (0.8) (5.7) - Underlying pre AASB 16 Underlying EBITDA 23.3 22.0 Underlying EBITDA (% Rev) 5.7 5.5 22 1.3 5.9 0.2 3.0 Underlying Gross Profit 87.8 77.5 10.4 13.4 20#21ACQUISITION OF BROMLEY PARK HATCHERIES (NZ) APPROVALS RECEIVED FROM COMMERCE COMMISSION & OVERSEAS INVESTMENT OFFICE INGHAM'S Always Good Inghams acquiring the Bromley Park Hatcheries business for NZ$8.6M1 Acquisition encompasses the working capital and fixed assets associated with the business 3rd party lessor to acquire land and facilities and to enter into a long-term lease with Inghams Benefits Reduces network risk and improves hatchery contingency with a modern hatchery, whilst providing for future growth Provides the opportunity for Inghams NZ to become self-sufficient in respect of its Day Old Chick requirements Purchase avoids the longer lead time, additional costs and associated risks of undertaking greenfield development project Update Commerce Commission approval received in July Overseas Investment Office approval received in August Settlement expected during 2Q FY24 1. Subject to normal working capital adjustments on completion 21#22NEW ZEALAND SPCA CERTIFICATION LEADING THE MARKET IN ANIMAL WELFARE WITH 100% SPCA CERTIFICATION INGHAM'S Always Good Inghams has become the first NZ poultry company to achieve 100% SPCA¹ certification across its broiler operations Strong point of differentiation in an increasingly relevant customer and consumer attribute Notable changes to farming practices include 3rd party audits, greater space per bird, and the inclusion of enrichment and perches which contribute to the ability to comfortably move, exercise and socialise with other chickens Achieving certification is a key achievement as part of Inghams broader ESG strategy, and aligns with growing demand for higher animal welfare standards GOOD NUTRITION GOOD PHYSICAL ENVIRONMENT GOOD HEALTH APPROPRIATE BEHAVIOURAL INTERACTIONS POSITIVE MENTAL EXPERIENCE 1. Royal New Zealand Society for the Prevention of Cruelty to Animals Incorporated 22#23INGHAM'S Always Good OPERATIONS UPDATE ANDREW REEVES CEO & MANAGING DIRECTOR#24NORTHERN NEW SOUTH WALES BREEDER TRIANGLE INGHAMS Always Good DELIVERING CURRENT & FUTURE NETWORK CAPACITY AND OPERATIONAL RESILIENCE Located in the Casino area in Northern NSW, the 'triangle' will service the Queensland market (~3hrs from Brisbane) Close to existing Inghams owned breeder farms, enabling sharing of resources and other efficiency synergies Owned and operated by Inghams, maintaining control of operations Investment made to meet growing capacity requirements and avoid potential capacity bottlenecks The rearing farm has come on-stream and first egg- producing farm commenced operations in April 2023 Second production farm scheduled to commence operations in November 2023 Expected to produce approximately 700,000 eggs per week when fully operational Total project cost estimate: $50-55M 24#25INVESTING IN THE BUSINESS INVESTING IN ENHANCING NETWORK CAPACITY, CAPABILITY AND EFFICIENCY Investing in automation Implementing higher levels of automation is a key element of our network analysis and planning INGHAM'S Acquisition of four waterjet cutters ($30M) and four modern leg deboning machines ($17M). Installation has commenced and will occur progressively into FY25 Delivering the next phase of our distribution network strategy In August 2022, opened a new temperature-controlled distribution centre in Truganina, Victoria Always Good In April 2023, our new 15,380sqm state-of-the-art and sustainably designed temperature-controlled distribution centre near Edinburgh Parks, Adelaide, commenced operations The facility has enabled the consolidation of existing distribution operations, bringing the remaining outsourced frozen storage and operations inhouse; expected to generate significant transport and freight efficiency savings Supporting future growth combined with environmental sustainability benefits Commenced construction in December 2022 of a new $15M water recycling and treatment plant at our Osborne Park, WA primary processing facility Provides capacity for future growth and strengthens local supply chain Upgrading Tasmanian processing facility and launch of carbon-zero certification in Tasmania The Federal Government awarded grant of $11 million ($3.3M received in FY23) to upgrade the Sorell, Tasmania, primary processing facility The grant will be invested in key plant upgrades as part of a landmark sustainability project, with works expected to commence in 4Q 2024 and completion by 2Q 2025 The upgrades will support future product innovation 25#26ESG INGHAMS IS A LEADER IN ANIMAL WELFARE, SUSTAINABILITY, FOOD QUALITY AND SAFETY Key FY23 outcomes Improvement in LTIFR1 to 2.4 (FY22: 2.8) INGHAM'S Always Good A or AA rated Global Improvement in TRIFR2 to 4.8 (FY22: 5.1) Food Safety Initiative British Retail Consortium across all sites 9.3% reduction in absolute GHG scope 1 & scope 2 emissions against previous year Diverted 86% of generated waste from landfill Continued Safety improvements across the business, with our Total Recordable Injury Frequency Rate (TRIFR) declining by 5.9% MSCI ESG rating of AA for the second year running Commenced construction in December 2022 of a new water recycling and treatment plant at our Osborne Park, WA Achieved an A or AA Global Food Safety Initiative British Retail Consortium (BRC) rating across all sites Commenced Phase 2 of our TCFD roadmap, with workshops to quantify and qualify current and future risks and opportunities, and the evaluation of the financial implications of extreme climate events on our assets First poultry producer in New Zealand to have all its broiler farms RNZSPCA certified New Victorian and South Australian distribution centres are 4-star and 5-star Green star accredited respectively Submitted our Science Based Targets (SBT) calculation to the SBTI for approval in March 2023. Our Climate commitments include: Targeting a reduction in Scope 1 and 2 absolute GHG emissions by 43% against FY19 baseline by 2030 Work underway on developing a Scope 3 2030 GHG emissions target Source 75% green electricity by 2030 Our 2023 ESG Report will be published with the Annual Report in October 1. LTIFR refers to Lost Time Injury Frequency Rate 2. TRIFR refers to Total Recordable Injury Frequency Rate 26#27SUMMARY INGHAM'S Always Good MOMENTUM OF RECOVERY ESTABLISHES PLATFORM FOR EARNINGS GROWTH Poultry remains an attractive and growing sector with significant consumer price and sustainability advantages over red meat and seafood alternatives - poultry is a strategic focus area for our key customers, reaffirming our strong outlook for the category over the medium to longer term FY23 was a period of business stabilisation and recovery Pace and momentum of the operational and financial recovery during 2H23 establishes a solid platform for continued growth and future investment Operational improvements support further earnings growth Poultry volumes recovering and expected to return to longer term growth trend¹, underpinned by continued improvements in farming performance. Demand growth underpinned by affordability, health and sustainability benefits ■ Net selling price increases completed in response to cost inflation Pricing of key feed ingredients has stabilised and expected to remain elevated versus longer-term levels due to tight global supply and trade concerns Remain focused on ensuring pricing offsets ongoing feed and other cost pressures and will implement further price increases as required Operational performance stabilised Farming performance continues to recover 2H23 recovery in operational performance across a broad range of metrics has underpinned a positive start to FY24 Continuous improvement initiatives a major focus area as program resumes normal cadence following FY22 disruptions Investing in automation and network, increasing capital expenditure to approximately $100M in FY24 to improve our capability to meet current and future consumer requirements Impact of AASB 16 on earnings is reducing over time as leases expire and contract growers move to variable contracts - over 30 grower contracts transitioning in FY24 ■ Investor day to be held on 15 November (Sydney CBD) 1. Adjusting for FY24 53-week year 27#28INGHAM'S Always Good APPENDIX INGHAM'S Always Good 100% A CHICKSSIE CHICKEN Made with KEN BREAST TENDERS SWEET CHILLI 400 g#29AASB 16 LEASE IMPACT Balance Sheet: Land and Buildings: Inghams has a large leased property portfolio. Average term remaining on the portfolio is 12.5 years Contract Growers: classified as right-of-use assets due to the fixed and capital component of the fee structure. The variable component of the payments are not captured by the AASB 16 standard. While there is a trend of grower contracts transitioning to a variable basis in FY23, the average grower term increased due to the extension of existing NZ grower contracts during the period Capital Employed Tax Profit & Loss: AASB 16 leases impact to EBITDA is $250.1M of rental expense "add backs" split between cost of sales $224.8M, distribution $20.6M and sales & admin $4.7M AASB 16 EBITDA increased $4.5M due to new leases, grower extensions, modifications and CPI rental increases AASB 16 NPAT improved $2.6M due to 19 growers transitioning to variable performance contracts, which are no longer included within the right-of-use assets or lease liabilities, resulting in lower interest costs INGHAM'S Always Good BALANCE SHEET $M FY23 AU NZ FY22 Land & Buildings Growers 811.5 701.1 110.4 835.5 446.0 303.2 142.8 461.9 Equipment 18.1 16.7 1.4 22.0 Right-of-use Assets Lease Liability 1,275.6 1,021.0 254.6 1,319.4 (1,368.5) (1,104.5) (264.0) (1,403.4) (92.9) (83.5) (9.4) (84.0) 31.2 28.6 2.6 26.0 Net assets (61.7) (54.9) (6.8) (58.0) P&L IMPACT $M FY23 AU NZ FY22 EBITDA 250.1 210.8 39.3 245.6 Depreciation EBIT (214.0) (180.7) (33.3) (214.7) 36.1 30.1 6.0 30.9 Net finance expense (53.3) (44.8) (8.5) (51.7) Tax expense 5.1 4.4 0.7 6.1 NPAT (12.1) (10.3) (1.8) (14.7) AVG. TERM (YRS) FY23 AU NZ FY22 Land & Buildings 12.5 12.5 12.5 12.5 Growers 4.1 3.4 6.5 2.9 Equipment 2.0 2.0 1.9 1.9 29#30AASB 16 COMPOSITION IMPACT REDUCING OVER TIME AS CONTRACT GROWERS TRANSITION TO VARIABLE CONTRACTS, WITH STEP-DOWN EXPECTED IN FY24 INGHAM'S Always Good 50% 42.1% 40% 37.5% 35.0% 35.0% $1,200 34.0% 34.0% 33.9% 33.9% $601.6 31.9% $515.6 Grower Contract Movements Right of Use Assets ($M) Lease Liabilities ($M) $1,600 $1,600 Land & Buildings / Other ■Growers Land & Buildings / Other Growers F ROUA ■Lease Liability $1,400 $1,400 $500.6 $1,200 $487.0 $475.9 $464.0 $461.9 30.9% $446.0 $1,000 $1,000 30% $800 $800 20% $600 $600 $400 $400 10% $200 0% $0 FY20 FY21 FY22 FY23 FY24(e) FY20 AASB 16 impact on EBITDA ($M) $300 $250 Land & Buildings / Other ■Growers $250 $200 $15 146.3 $100 $50 $200 FY21 FY22 $200 $0 FY23 FY24(e) FY20 FY21 AASB 16 impact on Depreciation ($M) $70 Land & Buildings / Other ■Growers $60 $150 142.9 148.5 150.5 128.7 137.6 134.0 137.1 $100 $50 FY22 FY23 FY24(e) AASB 16 impact on Interest ($M) Land & Buildings / Other Growers $50 20.4 17.0 16.6 440 17.9 $40 $30 $20 $10 $0 $0 $0 FY20 FY21 FY22 FY23 FY24(e) FY20 FY21 FY22 FY23 FY24(e) FY20 FY21 FY22 FY23 FY24(e) 30#31PROFIT & LOSS RECONCILIATION INGHAM'S Always Good FY23 UNDERLYING FY22 UNDERLYING PROFIT & LOSS ($M) FY23 EXCLUDED FY23 FROM UNDERLYING UNDERLYING AASB 16 LEASES (PRE AASB 16) (PRE AASB 16) (REPORTED) (REPORTED) Core Poultry volume (kt) 463.5 463.5 463.5 465.5 By-Products volume (kt) 113.7 113.7 113.7 111.0 Total Poultry volume (kt) 577.2 577.2 577.2 576.5 Feed Volume (kt) 292.7 292.7 292.7 336.3 Core Poultry Revenue 2,760.2 2,760.2 2,760.2 2,458.1 By-Products Revenue 60.8 60.8 60.8 52.4 Total Poultry Revenue 2,821.0 2,821.0 2,821.0 2,510.5 Feed Revenue 223.0 223.0 223.0 202.6 Revenue Cost of sales 3,044.0 (2,289.2) 3,044.0 3,044.0 2,713.1 (2,289.2) (224.8) (2,514.0) (2,282.4) Gross profit 754.8 754.8 (224.8) 530.0 430.7 Gross profit % 24.8% 24.8% 17.4% 15.9% Distribution expense (185.3) (185.3) (20.6) (205.9) (175.9) Sales & admin (154.6) 15.2 (139.4) (4.7) (144.1) (120.4) Other income 3.2 3.2 3.2 0.4 JV 0.4 0.4 0.4 0.4 EBITDA 418.5 15.2 433.7 (250.1) 183.6 135.2 EBITDA % 13.7% 13.7% 13.7% 5.0% Depreciation (268.2) (268.2) 214.0 (54.2) (55.9) Interest (76.2) (76.2) 53.3 (22.9) (13.4) PBT 74.1 15.2 89.3 17.2 106.5 65.9 Tax (13.7) (4.5) (18.2) (5.1) (23.3) (8.8) NPAT 60.4 10.7 71.1 12.1 83.2 57.1 31#32EBITDA & NPAT RECONCILIATION Significant Items excluded from underlying results: Business Transformation: costs relating to program pre- implementation, design and costs associated with postponement Gain on assignment of lease: Comprises reversal of prior impairment and recognition of outstanding lease obligation in relation to Cleveland lease assignment $M INGHAM'S Always Good FY23 FY22 Var % EBITDA 418.5 370.4 48.1 13.0 Restructuring 1.5 3.4 (1.9) (55.9) Reversal of lease impairment 0.0 (3.1) 3.1 NM Business Transformation 16.7 10.1 6.6 65.3 Property Reassignment (3.0) 0.0 (3.0) NM Excluded from Underlying 15.2 10.4 4.8 46.2 Underlying EBITDA AASB 16 adjustments 433.7 380.8 52.9 13.9 (250.1) (245.6) (4.5) 1.8 Underlying EBITDA pre AASB 16 183.6 135.2 48.4 35.8 $M FY23 FY22 Var % NPAT 60.4 35.1 25.3 72.1 Restructuring 1.1 2.5 (1.4) (56.0) Reversal of lease impairment 0.0 (2.2) 2.2 NM Business Transformation 11.7 7.0 4.7 67.1 Property Reassignment (2.1) 0.0 (2.1) NM Excluded from Underlying 10.7 7.3 3.4 46.6 Underlying NPAT 71.1 42.4 28.7 67.7 AASB 16 adjustments 12.1 14.7 (2.6) (17.7) Underlying NPAT pre AASB 16 83.2 57.1 26.1 45.7 32#33SEGMENT RECONCILIATION INGHAM'S Always Good GROUP AUSTRALIA NEW ZEALAND $M FY23 FY22 Var FY23 FY22 Var FY23 FY22 Var EBITDA 418.5 370.4 48.1 357.0 312.2 44.8 61.5 58.2 3.3 Restructuring 1.5 3.4 (1.9) 0.5 3.4 (2.9) 1.0 0.0 1.0 Reversal of lease impairment 0.0 (3.1) 3.1 0.0 (3.1) 3.1 0.0 0.0 0.0 Business Transformation 16.7 10.1 6.6 16.6 10.1 6.5 0.1 0.0 0.1 Property reassignment (3.0) 0.0 (3.0) (3.0) 0.0 (3.0) 0.0 0.0 0.0 Underlying EBITDA 433.7 380.8 52.9 371.1 322.6 48.5 62.6 58.2 4.4 AASB 16 adjustments (250.1) (245.6) (4.5) (210.8) (209.4) (1.4) (39.3) (36.2) (3.1) Underlying EBITDA pre AASB 16 183.6 135.2 48.4 160.3 113.2 47.1 23.3 22.0 1.3 33#34RETURN ON INVESTED CAPITAL (PRE AASB 16) (ROIC) INGHAM'S Always Good ACHIEVED ROIC OF 19.0% FOR FY23 Achieved ROIC of 19.0% for the year, versus 13.7% in PCP ROIC defined as: Underlying Net Operating Profit after Tax pre AASB 16 divided by Average capital invested pre AASB 16 Underlying interest pre AASB 16 (i.e. net interest on the external debt facility) net of tax of 30% Two point average calculated over two financial year end periods Interest net of tax $M FY23 FY22 Return On Invested Capital (ROIC) Underlying NPAT pre AASB 16 83.2 57.1 16.7 10.4 99.9 67.5 Average Capital Invested pre AASB 16 525.1 492.8 ROIC % 19.0% 13.7% - Net Operating Profit After Tax 34#35DEFINITIONS INGHAM'S Always Good CERTAIN NON-IFRS INFORMATION IS REFERRED TO IN THIS PRESENTATION AND ARE DEFINED BELOW " Average Capital Invested: Net assets plus net debt plus tax balance plus net liabilities of AASB 16; average calculated over two financial year end periods Business Transformation: business process, ERP and IT transformation Cash Conversion ratio: Cash Flow from Operations divided by EBITDA excluding non-cash items Core Poultry: refers to chicken and turkey products for human consumption, excluding by-products EBITDA: Earnings before Interest, Tax, Depreciation and Amortisation EBIT: Earnings before Interest and Tax ESG: Environmental, Social and Governance Gross Profit: Revenue less cost of sales LTM: Last twelve months Net Debt: Debt less cash and cash equivalents Net Operating Profit after Tax (NOPAT): Underlying NPAT pre AASB 16, plus interest (net of tax) PCP: Prior corresponding period ROIC: Return on Invested Capital pre AASB 16 Total Poultry: includes core chicken and turkey products and by products Underlying Gross Profit pre AASB 16: Underlying Gross Profit excluding AASB 16 leasing impacts Underlying EBITDA: Underlying EBITDA excluding business transformation costs, any profit or loss on sale of assets, restructuring expenses, impairments and trading results for business sold as a going concern, inclusive of AASB 16 Leases Underlying EBITDA pre AASB 16: Underlying EBITDA excluding AASB 16 leasing impacts Underlying NPAT: Net Profit After Tax excluding business transformation costs, any profit or loss on sale of assets, restructuring expenses, impairments and trading results for business sold as a going concern after being tax effected, inclusive of AASB 16 Leases Underlying NPAT pre AASB 16: Underlying NPAT excluding AASB 16 leasing impacts after being tax effected Working Capital (Operating): Working capital adjusted for non-operating items including but not limited to interest accruals and proceeds from sale of assets 35#36IMPORTANT NOTICE AND DISCLAIMER INGHAM'S The material in this presentation is general background information about the activities of Inghams Group Limited (Inghams) and its subsidiaries (Inghams Group), and is current at the date of this presentation, unless otherwise noted. Always Good It is information given in summary form and does not purport to be complete. It should be read in conjunction with the Inghams Group other periodic and continuous disclosure announcements lodged with the Australian Securities Exchange, which are available at www.asx.com.au. It is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any particular investor. These should be considered, with or without professional advice when deciding if an investment is appropriate. This presentation includes non-IFRS information including EBITDA, Underlying and pre AASB 16 Leases, which Inghams considers useful for users of this presentation to reflect the underlying performance of the business. Definitions are included in the Appendix defining the non-IFRS information used. Non-IFRS measures have not been subject to audit. This presentation may contain certain "forward-looking statements" and comments about future events, including Inghams expectations about the performance of its businesses. Such forward-looking statements may include forecast financial information about Inghams, statements about industry and market trends, statements about future regulatory developments and the progress of current developments and statements about Inghams strategies and the likely outcomes of those strategies. Forward-looking statements can be identified by the use of forward-looking terminology, including, without limitation, the terms “believes", "estimates", "anticipates" "expects", "predicts", "outlook", "guidance", "plans", "intends", "should", "could", "may", "will", "would" and other similar expressions. Indications of, and guidance on, future earnings and financial position and performance are also forward-looking statements. Such forward-looking statements are not guarantees of future performance and are provided as a general guide only, should not be relied on as an indication or guarantee of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of Inghams. Actual results, performance or achievements could be significantly different from those expressed in or implied by any forward-looking statements. There can be no assurance that actual outcomes will not differ materially from forward-looking statements. This presentation has not been audited in accordance with Australian Auditing Standards. Nothing contained in this presentation is, or should be relied upon as, a promise, representation, warranty or guarantee as to the past, present or the future performance of Inghams. Inghams does not undertake any obligation to update or review any forward-looking statements or any other information contained in this presentation. This presentation does not constitute, or form part of, an offer to sell or the solicitation of an offer to subscribe for or buy any securities and nor is it intended to be used for the purpose of or in connection with offers or invitations to sell or subscribe for or buy or otherwise deal in securities. No representation of warranty, expressed or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this presentation. To the maximum extent permitted by law, none of Inghams and its related bodies corporate, or their respective directors, employees or agents, nor any other person accepts liability for any loss arising from the use of this presentation or its contents or otherwise arising in connection with it, including without limitation, any liability from fault or negligence. 36