Inghams Group (ING) AGM 2024 summary

Opening remarks and agenda

• Meeting opened with acknowledgment of traditional land owners and an outline of the agenda, including addresses from the Chair and CEO, formal business, and Q&A.

• Voting conducted by poll, with both in-person and virtual participation options and clear instructions provided.

• Board members, leadership team, and external auditor introduced; auditor available for questions on audit matters.

Financial performance review

• Achieved record FY24 results: revenue of $3,262.0M (+7.2%), underlying EBITDA of $240.1M (+30.8%), and net profit after tax of $101.5M (+68.0%).

• Group core poultry volume reached 476.4KT, up 2.8%, with New Zealand volume growth at 8.4% and Australia at 1.9%.

• Dividends per share increased to 20.0 cents (+37.9%), with a payout ratio of 73.1%.

• FY25 guidance reaffirmed: underlying EBITDA expected at $236–$250M, flat to ~6% growth on normalised FY24.

• FY25 YTD group core poultry volume down 4.0% vs 1H24, but up 1.9% vs 2H24; net selling price stable at $6.28/kg.

Board and executive committee updates

• Board composition highlighted, including committee chairs, recent appointments, and leadership stability.

• Linda Bardo Nicholls stood for re-election, with the board unanimously supporting her continuation.