Inghams provided a further trading update about its second-half of FY22e. The results will be “seriously” impacted by Omicron, floods and input cost pressures. We forecast FY22e EBITDA of $135 million (pre AASB-16). 2H22e EBITDA is down 68%. While FY22e is tough, there should be a rebound in FY23e as earnings normalise. However, our EBITDA does not recover to pre COVID-19 levels because higher transport and feed costs could weigh on earnings for longer.