Inghams reported FY24 EBITDA of $240 million pre AASB-16, growth of 29% (on 52-week basis). While the result was good, second-half earnings growth was soft and the company revealed that Woolworths will cut back volumes with Inghams to diversify its supplier risk. We expect Woolworths’ FY25e volumes will fall 10%-20% with Inghams. Lower feed costs are a strong tailwind for FY25e and should offset much of the headwind from lower Woolworths volumes.