Investor Presentaiton

EXECUTIVE SUMMARY HY23 results reflect ongoing business recovery INGHAM'S Always Good Results represent a significant improvement for the business over 2H22, with recovery strengthening as the HY progressed. Core poultry volume grew 3.2% versus 2H22 Underlying EBITDA¹ pre AASB 16 of $83.5M, down 16.2% on PCP and up 135.2% on 2H22, reflects the impacts of general market headwinds, including broad-based cost inflation across the business. Price increases completed in the half will contribute to future earnings recovery. NPAT decreased $21.2M on PCP Operations recovering well but some business headwinds remain Ongoing transition out of the various operational challenges, with global and local market headwinds including supply chain disruptions and increasing costs remaining a feature Primary and Further Processing activities running to a normal operational rhythm, producing a full product range Lower volumes reflecting lower bird numbers available for processing (AU), and labour and CO2 supply-related processing constraints during the period (NZ) Lower 1H farming performance in Australia Shortage of high-quality eggs, attributable to a small reduction in fertility levels due to the performance of breeding roosters. Breeder operations have a 60-65 week cycle and the issues were exacerbated during the Omicron wave in early 2022 Accordingly, less high-quality eggs have been set, which has a flow-on impact on hatch rates, with a subsequent reduction in Day Old Chick (DOC) numbers with less chicken meat available for processing Focus on increasing the supply of high-quality eggs with the new NSW breeder farm, increasing breeder hen and rooster numbers, husbandry improvements and diet changes January/February had good improvements, with positive trends continuing in DOC numbers, however it will be later in 2H before the benefits of more chickens being available are seen and the financial benefits accrue General inflationary environment reflected in broad-based cost inflation across the business, in particular feed, fuel, freight, packaging and ingredients Continuous Improvement program is a major focus for 2H23 and beyond Price increases successfully implemented Price increases completed and delivering positive earnings outcomes; market demand outpaced supply during the period Remain focused on ensuring pricing levels appropriately reflect ongoing feed and general cost pressures, and will pass on further price increases as required Capital management Extended key bank facilities for further 2 years to November 2025 Leverage above target range at HY; level to reduce for FY23 as low 2H22 earnings are replaced in the rolling 12-month earnings measure ■Investing in business capability, capacity and resilience Investing in automation and our network, future proofing the business through improved capability to meet current and future consumer requirements Design phase of Business Transformation² program completed. However, the program has been postponed for the medium-term to maximise management effort and focus investment on highest order operational and business priorities that will support the further recovery and future growth of the business 1. Refer to reconciliation in Appendix 2. Refers to business processes, ERP and IT transformation 4

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