Inghams has provided a business update highlighting the challenges given exploding COVID-19 cases in Australia over the past four weeks. While little financial detail was provided, we have lowered our EBITDA by $67 million to $413 million in FY22e. About two-thirds of the downgrade relates to COVID-19, the remainder is higher feed costs, which is an ongoing concern given recent spot prices are up double-digit. The company will provide more detail at its results in late February 2022.