Inghams Group's (ASX:ING) downgrade to its fiscal 2026 underlying earnings before interest, taxes, depreciation, and amortization (EBITDA) guidance was not completely unexpected, given the implied fiscal second-half skew, with questions to be raised about its assumptions, Jarden said in a Friday note.
Inghams reported fiscal first-half earnings of AU$0.049 per share, down from AU$0.138 a year earlier. Revenue for the six months ended Dec. 27, 2025, was AU$1.61 billion, compared with AU$1.61 billion a year earlier.
The company now expects fiscal-year 2026 EBITDA of between AU$180 million and AU$200 million, down from the previously expected range of AU$215 million to AU230 million.
Operational benefits are taking longer to realize, with Australian sales in the first half in line and costs elevated.
The investment firm has a neutral rating on Inghams with a price target of AU$2.80 per share.
Inghams' shares fell 14% in recent trading on Friday, earlier reaching their all-time low.