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Investor Presentaiton

OBSERVATIONS ACROSS OUR CHANNELS GROUP CORE POULTRY VOLUME HAS GROWN BY 3.0% PER ANNUM SINCE 1H20 Core poultry volume declined 0.6% on PCP, and increased 3.2% on 2H22 YoY change in volume by channel (Kt) v's PCP (1H FY22) RETAIL (6.6%) QSR FOOD SERVICE WHOLESALE v's prev. HY (2H FY22) 4.6% 5.4% 3.5% 8.3% (0.7%) 12.9% 13.3% Comments¹ INGHAM'S Always Good Retail volume contracted in 1H versus PCP as expected cycling stronger demand during COVID-19 restrictions Input cost pass-through to Retailers led to RRP increases resulting in slight softening of demand which is expected to normalise as consumers adjust to price environment, also taking into account red meat pricing NZ cycling Auckland 100-day lockdown in PCP which drove volume into retail from Food Service and Wholesale; frozen product production levels reduced due CO2 availability restricting further processing capacity Volume growth of 5.4% on the PCP reflecting the impact of previous COVID-19 restrictions on customer demand Reduced promotional activity during the HY NZ QSR segment cycling COVID-impacted PCP; channel performed strongly during the HY driven by major QSR promotional programs Stronger growth across Australia and New Zealand as consumers return to pre-pandemic lifestyles, habits and international travel activity re-opened Demand remains strong despite menu price increases observed across many out-of-home venues Actively grown exposure to NZ meal kit segment Large segment of customer base represented by “Further Processors", supplying products to restaurants, cafés, airlines etc. Removal of COVID restrictions and increased travel resulted in significant improvement in demand, largely offsetting adjustment to excess supply experienced in the channel in 2H22 Some product clearance undertaken to balance the portfolio Rebound in underlying customer demand resulted in strong channel price growth off lows in early 1H CY22 EXPORT & OTHER (9.6%) 2.1% 1. Commentary relative to the prior corresponding period, unless otherwise noted Channel used to manage excess stock With norminalising of trading conditional across all channels, clearance volumes declined versus PCP 11
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