Inghams Group Limited (ING) Earnings Call Transcript & Summary

Good morning, everyone. Good morning, good morning, and welcome. I've got the green light, Brett. Excellent. Okay. Good morning. My name is Helen Nash, the Chair of Inghams Group Limited. On behalf of the Board, the management team and all of our staff, I'd like to welcome you to our 2025 Annual General Meeting. It is now 10:00, I think a little bit past. And as we have a quorum present, I declare the 2025 Annual General Meeting of Inghams Group Limited open. On behalf of Inghams, I would like to acknowledge the Gadigal people of the Eora Nation on whose land we meet today. I pay my respects to their elders, past and present and to any Aboriginal and Torres Strait Islander peoples joining us here today. To briefly outline the agenda for today's meeting, I will give my Chair's address. Your Chief Executive Officer and Managing Director, Ed Alexander, will then give his address, and I will then move to the formal items of business and resolutions as set out in our notice of meeting. Following this, we will open the meeting to general business and questions. This year's meeting is being held as a hybrid meeting, and a guide to the online meeting platform has been made available on the Investor Center on our website. Voting today will be conducted by way of a poll on all items of business. For our shareholders attending virtually and eligible to vote, once voting opens, you can select the Vote icon and all your resolutions will be activated with voting options. To cast your vote, simply select one of the options and your vote will be automatically recorded. You are able to amend your vote up until the time I declare the meeting closed. For those attending the meeting in person and eligible to vote, you should have received a blue voting card at registration. If you believe you're entitled to vote and have not received the correct voting card, please see Computershare staff at the registration table. To cast your vote, simply complete and sign the back of the card. A Computershare representative will collect your voting card at the end of the meeting. I'll provide a notification at the end of all items of business before I move to closing voting. If we experience technical difficulties in the broadcasting of the AGM to shareholders, we will pause the meeting and aim to recommence it at the earliest opportunity. If these difficulties persist, I will assess the circumstances and then communicate further with you. If we take steps to adjourn the meeting, we'll make an announcement to the ASX with all relevant details. Computershare is the returning officer for this meeting, and the final results will be released to the market on the Inghams website later today. I now declare the meeting and voting open. How to ask a question. For our shareholders attending in person, those in possession of either a blue voting card or a yellow nonvoting card are welcome to ask questions, while those with a white visitor card are not able to ask questions during the meeting. If you believe you've not received the right card, please go to the registration desk where Computershare will assist you. We have placed microphones towards the front of the room. If you have a question on a relevant item of business, please proceed to one of the microphones. I will indicate when we're ready to take your question, at which time, please introduce yourself and ask your question. Virtual attendees can submit questions at any time. To do so, please select the Q&A icon at the top of the screen. select the topic your question relates to from the drop-down list and then type your question into the text box. Once finished, please press the send button. I will address questions during the discussion about the relevant items of business. Please note that your questions may be moderated or if we receive multiple questions on the same topic, similar questions may be amalgamated. For those shareholders who wish to ask a verbal question via the telephone line, please follow the instructions below the broadcast. We will make every attempt to answer all your questions today. I would like to thank shareholders who submitted questions in advance of today's AGM. These questions have been reviewed and will be addressed at the appropriate point during the meeting. If time constraints prevent us from doing this, responses to unanswered questions will be posted in the Investor center after the meeting. I'd like to introduce you to your other Board members here today. Starting from my immediate right, we have Chief Executive Officer and Managing Director, Ed Alexander. Then we have Non-Executive Director, Linda Bardo Nicholls AO; Non-Executive Director, Rob Gordon, who is standing for reelection today. You'll hear from Rob later; Non-Executive Director and Chair of the Risk and Sustainability Committee, Margie Haseltine; Non-Executive Director and Chair of the Finance and Audit Committee, Mike Ihlein; and Non-Executive Director and Chair of the People and Remuneration Committee, Timothy Longstaff, who is also standing for reelection today, and you will hear from Tim later. Our newly refreshed executive leadership team are seated in the front row. Many over there, also some in the front here, and Ed will introduce you to each of them in his address. We also have KPMG partner, Trent Duvall, representing our external auditor in the front row. Trent will be available during the formal items of business to respond to questions relevant to the conduct of the audit and the preparation and the content of the independent auditor's report. Thank you, Trent. Turning now to my presentation. Fellow shareholders, FY '25 was a year of stable financial results and measured progress for our company as we navigated through a challenging operating environment. While we delivered underlying EBITDA pre-AASB 16 of $236.4 million, which was slightly above the prior year's record results, it was disappointing to see a weaker earnings trend develop in the final quarter. This was caused by the effect of higher production settings and lower expected volumes following the Woolworths supply agreement renewal and as a result, some temporary production inefficiencies resulting in higher unit costs and inventories. Statutory net profit after tax of $97.2 million was 2.9% lower than the prior year. As a result, we declared or paid dividends in respect of FY '25 of $0.19 per share, $0.01 per share lower than the prior year, representing a payout ratio of 72.7%. The FY '25 results reflected a challenging macroeconomic environment, marked by persistent inflationary pressures and the impacts of the renewal of the Woolworths supply agreement and evolving consumer behaviors. We continued our focus on delivering our strategic agenda and investing in important growth initiatives. The successful completion of the Bostock Brothers acquisitions in New Zealand strengthened our position in that market, while our processing network investment program across Australia and New Zealand is well underway. The release of our softer-than-expected FY '26 earnings outlook in August has been reflected in our share price, which has declined approximately 33% since that time. The outlook reflects the impact of the Woolworths supply agreement renewal, a roll forward of the challenging market conditions that emerged in the fourth quarter of FY '25 and specific operational cost pressures across inventory management, farming and processing performance and our turkey operations. I acknowledge that these issues and the performance of our share price are deeply disappointing for all shareholders. And I want to assure you that your Board and management team are responding with urgency and discipline through a range of measures, which are expected to position the company for stronger performance in the second half of FY '26 and beyond. Safety is integral to the way we operate and the safety of our teams, contractors and visitors plays a key role in our success. I am pleased to report that the company achieved a further improvement in safety performance during FY '25. The total recordable injury frequency rate improved by 3.6% from the prior year, exceeding our target of a 3% improvement. Over the last six years, there's been a total improvement of 57% in this key safety measure, reflecting the company's comprehensive approach to workplace health and safety and creating a safer environment for all of our people. Our commitment to sustainable practices has also supported measurable improvements in our environmental impact. We have maintained 100% RSPCA approved and SPCA certified accreditations across all our broiler farming facilities, and we achieved an average global food safety initiative BRC rating of A or better with 80% of our sites earning AA ratings. We achieved a significantly -- a significant sustainability milestone during the year with our New Zealand operations moving to 100% renewable electricity. The 20-year agreement to supply New Zealand operations with electricity from solar farms provides Inghams with a competitive long-term electricity pricing, enabling us to meet our sustainability goals without significant upfront capital costs. In Australia, we achieved our climate active carbon-neutral certification for our Marion Bay chicken brand, making this Australia's first carbon-neutral certified chicken brand. We also exceeded our 50% recycled content packaging target, achieved 28% waste intensity reduction and reduced our water intensity by 2.7%. For those who are interested in reading more about our initiatives and results, our updated sustainability report in our 2025 annual report is a valuable resource. At the end of FY '25, Andrew Reeves retired as Chief Executive Officer and Managing Director. Andrew made a tremendous contribution to Inghams after coming into the role from his position as a Non-Executive Director on the Board. He led the company for over four years through a significant period in its history, including unprecedented challenges posed by the global pandemic. He successfully stabilized our operations and delivered significant growth in profitability over that time. Andrew also contributed strongly to the culture of the business. And as a keen developer of executive talent, he was instrumental in building organizational capability and capacity. On behalf of the Board, I thank Andrew for his significant contribution to Inghams' success and wish him well in his future endeavors. Following a robust global search process, the Board was delighted to appoint Ed Alexander as our new CEO and Managing Director. Ed's appointment exemplifies Andrew's successful focus on nurturing internal leadership talent. Ed brings a deep knowledge of our business from his 10-plus years with Inghams, most recently as Chief Executive in New Zealand, where he delivered outstanding results doubling EBITDA between FY '22 and FY '24, achieving significant gains in customer partnerships and reducing employee turnover through a systematic focus on people, partnerships and innovation. You will hear from Ed shortly. Aside from our CEO transition, there were no changes to the composition or membership of the Board during FY '25. We were very pleased to welcome Rob Gordon back to Board duties following his approved medical leave of absence at the beginning of FY '25. At this year's AGM, pursuant to the ASX listing rules and the company's constitution, both Rob and Tim are standing for reelection. You will hear from them both as in their reelection resolutions a little later. Turning now to a review of remuneration, starting with the FY '25 outcomes. and starting with our short-term incentive plan or STIP. Payments under this plan are conditional on the achievement of performance objectives against a key financial measure, three nonfinancial ESG measures and the individual's overall performance in contributing to the achievement of our group strategic objectives. The financial performance measure is underlying pre-AASB 16 EBITDA, representing 70% of the STIP scorecard. Based on overall company performance, the balanced scorecard outcome in FY '25 was 69.5 out of a total of 120, resulting in 57.9% of maximum. This outcome reflects a below target financial performance, partially offset by strong outcomes across all three ESG measures. For KMP, our former CEO achieved an initial STIP outcome of 46.3% of maximum based on the scorecard result and his 100% individual multiplier. The Board determined that it was appropriate to apply downward discretion to reduce the former CEO's FY '25 STIP outcome by 35%, primarily as a result of the weaker FY '26 outlook due to the volume reduction from the New Woolworths supply agreement. This resulted in a final SIP outcome for Andrew Reeves of 30.1% of maximum. Our CFO, Gary Mallett, achieved a STIP outcome of 41.7% of maximum, which also included a downward discretion of 10%. Downward adjustments were also made to the remuneration outcomes of several other executives. For the long-term incentive plan, or LTIP, the vesting for the FY '23 to FY '25 plan was 91.05%. The performance of the company on the relative total shareholder return measure was at the 72nd percentile, which resulted in 93.4% of rights vesting for 50% of the LTIP scorecard. The return on invested capital measure was 19.6% in FY '25, resulting in a vesting level of 88.71% for the remaining 50% of the LTIP scorecard. Following the company's FY '25 results, the absolute total shareholder return was calculated for the 2022 one-off performance rights grant to the then CEO, Andrew Reeves; and CFO, Gary Mallett, as approved by shareholders at the 2022 AGM. Due to the significant share price decline after the release of our FY '25 results, the total shareholder return outcome resulting in -- resulted in this award vesting at 0%. On Board remuneration in FY '25, there was a benchmarking process undertaken to review the Board fee structure. As a result of this review, the Board determined there would be no increase in nonexecutive director Board fees. More results -- more details on nonexecutive director remuneration can be found starting on Page 71 of the 2025 annual report. As keen followers of the company have previously heard me note, Inghams' remuneration strategy and structure is designed to support our purpose, ambition, values and behaviors with incentives to create value for our shareholders, customers and the community over the short, medium and long term. The performance-based elements include an equity component, which is designed to foster a business ownership approach. Total fixed remuneration is reviewed annually with each review considering a variety of factors such as comparable market rates, responsibilities and experience in the role, business impact and the recognition of desired behaviors. The announcement on the 4th of December last year of Ed's appointment as Inghams' new CEO and MD included disclosure of his remuneration arrangements. I would like to note that Ed's remuneration arrangements for FY '26 are lower than those of our former CEO and MD. There was no change to the FY '26 total fixed remuneration for our CFO, Gary Mallett. During FY '25, the Board carried out a review of both the short- and long-term incentive plans. This work is detailed more fully in the remuneration report, which forms part of our annual report. The basic structure of the FY '26 short-term incentive plan remains unchanged with a 70-30 mix between financial and nonfinancial measures -- financial and nonfinancial measures, the nonfinancial measures emphasizing the importance of ESG to our business. While the people safety and food safety measures remain unchanged, we are altering the water usage measure from water consumption to a water withdrawn measure. This change provides a better measure of our environmental impact by capturing the total demand we place on local water sources, recognizing the capital outlays on water treatment and reclamation and aligns with our sustainability-linked loan measure. For our long-term incentive plan, the FY '26 to '28 structure also remains unchanged from the prior year being based on two equally weighted performance measures of underlying pre-AASB 16 based return on invested capital and relative total shareholder return. This mix of performance measures seeks to achieve the close alignment of our executives with shareholders as indicated by the strong shareholder support it has previously received. The FY '26 to '28 ROIC measure has a lower threshold and maximum levels than prior years. The levels set by our Board reflect both the earnings forecast outlined in our FY '26 earnings guidance and an upward trend in capital employed as Inghams invests in the refurbishment, efficiency and expansion of its production capacity. The Board acknowledges that while the ROIC hurdles for FY '26 to '28 have been lowered due to both an increase in capital employed and a softer earnings outlook, the company is still investing above its weighted average cost of capital, and the Board remains focused on ensuring future targets align -- continue to align with shareholder value creation beyond FY '26. I would also like to emphasize the fact that the Board has set the plan hurdles with greater emphasis on stretch outcomes. Overall, the Board is committed to ensuring the remuneration strategy reflects good governance and is transparent in its design to support the business strategy and drive sustainable outperformance for shareholders over the short, medium and long term. For those who wish to read more, the remuneration report starts on Page 50 of the 2025 annual report. As we look ahead, the poultry sector remains an attractive and growing one, underpinned by several significant advantages, including a price advantage and well-established health benefits over red meat. We have work to do to restore the operational, financial and therefore, share price performance of the business. And I want to assure you that we're responding with urgency and discipline. Your Board has complete confidence in our new CEO and the refreshed leadership team now in place across the business. The depth of experience they bring, combined with the fresh perspectives and renewed energy that is evident throughout the business positions us very well to address the challenges that we currently face and capitalize on the opportunities that lie ahead. The Board looks forward to working closely with them as they build momentum across our operations and deliver on our collective ambitions for the company. and I really look forward to being able to present an improved picture and outlook to you next year. I will now hand over to your Chief Executive Officer and Managing Director, Ed Alexander, to take you through more of the detail that underpins our business and performance. Thank you, Ed.

Thank you, Helen, and good morning, everyone. It's great to be here with you today as Inghams Chief Executive Officer, and I want to start by adding my welcome to you all, whether you're joining online or in person. Inghams is the largest integrated poultry producer operating across Australia and New Zealand, and our diverse network provides us with important and real advantage. Our national network means that we can manage biosecurity risk, we can ensure great service to our customers, and we can efficiently and effectively service every major retail and food service channel with confidence. Because we are vertically integrated from feed milling and farming through to production and distribution, we have control over every step of the production process. That control means that we can manage quality and cost, and we can keep the right balance between supply and demand. When we get this balance right and we pair it with operational excellence, we grow returns sustainably over time. As Helen noted earlier, Inghams delivered solid financial results in FY '25. It showed the strength and resilience of our business even in a tough market and through a period of significant change. FY '25 was a tale of two markets. Group core poultry volumes were down 1.4%, driven by a decline in Australian volumes, partially offset by strong growth through New Zealand, which was aided by the strong retail channel performance as well as the Bostock Brothers acquisition. Group revenue totaled $3.15 billion, which was slightly lower than FY '24 and in line with our volume performance. EBITDA pre-AASB 16 was $236.4 million, slightly above the prior corresponding period and representing a solid performance despite market conditions in Australia in the final quarter. In Australia, cost of living pressures and changes to the Woolworths supply agreement created headwinds. But we've made real progress, broadening our customer base, and that's something we'll continue to build upon. In New Zealand, the story was different. The turnaround there has been strong with stable operations, great brand performance and the Bostock acquisition, all combining to drive volume and earnings growth. Underlying net profit post-AASB 16 was $97.2 million, down 2.9% on the prior corresponding period, and we paid total dividends of $0.19, which was slightly below the $0.20 paid in FY '25 and representing a healthy payout ratio of just over 72%. As Helen mentioned earlier, the softer-than-expected FY '26 outlook we released in August has clearly had an impact on our share price. That outlook was shaped by a slower FY '25 exit run rate, weaker wholesale economics and some temporary production inefficiencies as we work through frozen excess inventory and adjusted down our production settings. The company has initiatives in place to address the above issues, and I'll discuss current trading and our outlook in more detail shortly. Since stepping into the role of CEO in July of this year, I've spent time examining how we're structured and how we operate as a business. In a market that's moving as quickly as ours, it's essential that we're organized for speed, accountability, productivity and growth. Through that review, it became clear that we needed to reshape our operating model and refresh our leadership team to set the business up for its next era. That work started in June of this year with the appointment of Caroline Hays as Inghams' new Chief Growth Officer. Caroline joined Inghams in 2020 as General Manager, Procurement before being appointed General Manager, Sales and Marketing in New Zealand in 2022. In 2023, her remit was expanded to include both New Zealand strategy as well as the newly acquired Bostock Brothers business. Caroline has delivered results in every facet of remit from delivering top line growth to revitalizing the Inghams and Waitoa brands in New Zealand to successfully integrating Bostock Brothers. As Chief Growth Officer, Caroline will lead our growth agenda across both countries, driving innovation, building our brands and finding new ways to create new value. In September, Clair Stevenson was appointed to the role of Chief Customer Officer, replacing Mark Power. Since joining Inghams in January 2023, Clair has unified our retail channel into a truly customer-focused team and amplified the voice of the customer right across the organization. In the most recent Advantage survey report, Inghams was the top-rated poultry supplier as voted on by our retail partners. Whilst this is certainly reflective of an organization that has become more customer-centric, it is also reflective of everything that Clair brings to the table. With a track record of building partnerships and driving commercial outcomes, I have every confidence that Clair will do a wonderful job in leading the sales team forward. More recently, in October, we made further changes to strengthen our Australian operations, moving from a single centralized operational function to three focused and flatter divisions. This shift gives us a sharper accountability, faster decision-making and strong line of sight from farming through to customer. Susy Klein was appointed Group Executive Agribusiness and Operations Enablement with three decades of Inghams' experience and deep operational expertise, Susy now leads the critical bookends of our supply chain from feedmill and farming through to warehousing and distribution. She also oversees the cross-functional processes that drive operational excellence right across the business. Jacinda Blair was appointed Group Executive Primary Processing and Ingredients. With over 17 years' experience, Jacinda brings a proven combination of operational know-how and commercial acumen as well as people leadership. Her focus is on unlocking productivity in our core business and capturing new value from ingredients and byproduct. Dave West was appointed Group Executive, Value-add in Turkey. Dave has more than 8 years with Inghams and over 15 years leading operations across FMCG and agriculture. He will lead the expansion of our value-added and convenience portfolio, building products that create distinctive value for customers and consumers alike. And finally, Adrian Wilson joins the executive leadership team in the role of Group Executive, Enterprise Alignment and Corporate Affairs. In this role, Adrian will be responsible for ensuring we're focused and aligned as one enterprise, sharpening how we set priorities, strengthening systems and processes that allow us to deliver. His remit also includes communications and external relations, ensuring that the way we engage, both inside and outside the business, reflects a consistent and compelling Inghams story. Together, these changes make us flatter, faster and more connected. with clearer accountability and decisions being made closer to where the action actually happens. It is my belief that these changes to our leadership team structure will result in a more predictable business that can deliver reliable returns to shareholders over time. Moving now to an update on current trading. I'm pleased to report that market fundamentals have underpinned volume, pricing and revenue tracking in line or ahead of the outlook that we shared in August. On volumes, we've seen stabilization across the group with core poultry volumes up 0.8% compared to our FY '25 exit run rate. This is particularly encouraging given the Woolworths volume reduction that took effect in FY '25. Pleasingly, non-Woolworths retail sales have grown by 16.5%, and we have seen solid growth in QSR, which is up 8.6%. This reflects a business that is not only as competitive as ever, but also focused on delivering sustainable growth. Pricing is improving as well, with core poultry net selling prices up 1.5% compared to our FY '25 exit run rate. Importantly, our Australian wholesale margins have improved materially, up 39% versus full year 2025. However, we have experienced operational challenges in the first half of financial year '26. In our farming operations, we've seen higher egg costs due to our decision to reduce volume in late FY '25 and below target feed conversion rates flowing through from late FY '25 into the first quarter of this financial year. These issues have impacted our cost base more than anticipated. We've also experienced temporary supply chain inefficiencies in our processing operations due to changes to our customer portfolio last year. Specifically, we've seen lower processing yields with some material being downgraded to the ingredients channel. We have also reduced turkey production to better match demand, which has seen our unit costs rise. Importantly, we've identified these issues. We've understood the root cause, and we've implemented corrective actions. I'm pleased to say that as a result, our recent operational performance is showing -- is showing positive improvements, and we expect performance to return to target levels in the second half. Our broader cost-out program remains on track and is set to deliver between $60 million and $80 million in annualized savings across labor, procurement and site operations. Feed cost benefits are being realized and are broadly in line with our expectations. So whilst we certainly face some near-term headwinds, the underlying market conditions are very positive and our corrective actions are working. Turning now to an update on outlook and guidance. As you will have seen in our ASX announcement yesterday, we've reaffirmed our FY '26 guidance for underlying EBITDA pre-AASB 16 in the range of $215 million to $230 million. That outlook is underpinned by positive market fundamentals. We expect volume to lift slightly, offset by a small price reduction as we share some of the feed cost benefits with our customers. We also expect improving operational stability to drive unit cost efficiency. In New Zealand, performance remains strong, supported by stable operations, resilient brand performance and favorable market conditions. We also indicated that for the first half of financial year '26, underlying EBITDA is expected to be approximately $80 million. As I mentioned earlier, we've seen some operational cost pressures in the first half, and these will impact results before the full benefits of our corrective actions flow through. Those benefits are building and will be more evident in the second half, where we expect a much stronger earnings performance. So, what's driving this outlook? First, our earnings are weighted to the second half. This reflects the lower FY '25 exit run rate and the timing of benefits from our operational reset, which are now progressively coming through. Second, on volumes and pricing, we expect core poultry volumes to be slightly higher than prior year with net selling prices a little lower. Importantly, wholesale margins continue to improve, and that provides a very meaningful offset. Third, on costs, excluding feed, we're seeing some inflationary pressures and the short-term effects of operational challenges we identified earlier in the year. These are being materially offset by our $60 million to $80 million cost-out program across labor, procurement and site operations. Feed costs, meanwhile, are expected to continue to provide a modest tailwind in the second half. And finally, on capital expenditure, we revised our guidance to between $70 million and $90 million, maintaining disciplined capital allocation whilst investing in the areas that matter most to our long-term growth. So, to summarize, we've reaffirmed our full year guidance. The first half has certainly had its challenges, but our corrective actions are delivering and our cost-out program is on track, and the business is positioned for a stronger second half and a solid full year outlook. All this sets us up very well as we look ahead to FY '27 and beyond. Thank you once again for joining us today, and I'll now hand back to Helen to conduct the formal business of the meeting.

Thank you, Ed. I'll now move to the formal items of business. The notice of meeting was lodged with the ASX on the 10 of October and is available. I propose the notice of meeting be taken as read. Each resolution set out in the notice of meeting is to be considered as an ordinary resolution and to be approved by a simple majority of votes cast by shareholders entitled to vote. For all items of business and in accordance with any voting exclusions that apply to each resolution, undirected proxies that have been given to the Chair or my fellow directors will be voted in favor of these items. The results of today's meeting will be released to the ASX and published on the Inghams Group Limited website in the Investor Center later today. The first item of business is to receive and consider the financial report of the company and its controlled entities and the reports of the directors and auditor for the year ended 28th of June 2025. The annual financial report, directors' report and auditor's report are contained in the company's 2025 annual report, which was released to the market on the 10th of October. As I noted earlier, KPMG partner, Trent Duvall, is here with us today and available to respond to questions relevant to the conduct of the audit and the preparation of the content of the independent auditor's report and the independence declaration. This item of business is for discussion only, the Corporations Act directing there is no formal vote required. I'll now take questions on this item of business, starting with questions in the room. Are there any questions on this item?

Look, the first question is -- I'm sorry, I'm representing the ASA. Got a proxy for about 33 of the shareholders. Has there been any discussion on potential -- with potential purchases?

I think that you will have noted that we released an ASX announcement a couple of weeks ago, now stating no.

Okay. And so that is the answer is no. Fine. The CEO said in the results, the update yesterday and also today, the market fundamentals have developed favorably over the first 18 weeks with stable demand in volume in Australia, and this is great, none Woolworths, Retail was up 15.5% and QSR, 8.6%, which is all fantastic. However, with all that, your volume are still down 1.1% over the prior year, the same period last year, which I thought was still a good period. I thought we were talking about the bad period being those last 18 weeks. But even if we look at those last 18 weeks, you're only up 0.8% over that disastrous time. How is this really indicating a recovery or just a slightly worse result than last year really is what you're projecting. I don't quite understand that.

Ed, would you -- I can see you nodding. I can tell you'd like to answer that. So, yes, please go ahead.

I think -- I mean, look, firstly, from a growth perspective, it's worth reminding that in the first quarter of this year, we're lapping full Woolworths business. And so whilst we did talk about total volumes being down 1.8%, I think the non-Woolworths business is up significantly, which, as I said in my speech, is reflective, I think, that we've done a very successful job in winning new business to offset the impacts of the Woolworths contract adjustment. In terms of then -- as -- I think then these things are all connected. What we said is in the final quarter of financial year '25, oversupply led to a significant deterioration of wholesale pricing economics -- wholesale pricing. What we've done in the first quarter of this financial year is then a slight reduction in our processing numbers to ultimately tighten up the market. And that's then why we're talking about a marginal increase in volume on the FY '25 run rate, but we talked about a 40% increase in wholesale margins through that period as well. And you wouldn't get that 40% increase in wholesale margins unless we had materially tightened our volume position.

Okay. Great. You talked today and previously about $60 million to $80 million annualized cost coming out of the business, $8 million to $10 million comes out from this new structure. By the way, that $60 million to $80 million, I assume that there's also some one-off redundancy costs that will come out of that. But how much of that has been achieved so far?

Look, the $60 million to $80 million, so that does include partly the restructuring. It also includes things such as procurement, some of the benefits from our capital program and then our ongoing continuous improvement programs. As we said, the restructure itself was $8 million to $10 million of annualized benefit. And in terms of then, there's probably $4 million or so of redundancy costs that will end up hitting this financial year.

Right. Okay. So that other -- well, so what? The other $50 million to $70 million is basically from inefficiencies that are there that are going to be improved? Or I'm just trying to understand because you're also saying your operational costs are higher this year than you anticipated because you have an increase in soybean costs and things like that. I think you have to assume that soybean, particularly is going to stay up there. It's not going to fall, even though China is starting to take some perhaps, but still -- so I'm just trying to figure out where this money is coming from, the savings. I think it's fantastic. You're doing it, but I understand where.

I probably think about costs in three lumps. I'd say there's certainly feed, which, in many respects, macroeconomics determines what the feed cost is going to be, and that's not included in the $60 million to $80 million that we've identified. I think the $60 million to $80 million more is continuous improvement in terms of programs that just drive continual efficiencies in how we work and the processes that ultimately are required to deliver great product at the end of the day. And then as we said, there's certainly inefficiencies that have been in our supply chain in the first quarter of this financial year that we're addressing. But the addressing or the delta between our current performance and where we expect to be in the second half isn't included in the $60 million to $80 million cost-out program.

Thanks, Alan. So just clarifying, are there any questions for our auditor? No.

To the auditor, has any of your upper staff, higher staff work for PwC during the illegalities that PwC engaged in several years ago. As I'm a newish shareholder, I may have been asked before, but if it hasn't, you can tell us now.

There's definitely no one in our team that has worked at PwC from time to time the firm -- there is definitely no one in our team that has worked from PwC.

We just get you a mic. Yes, thank you. Yes.

Sorry, sir. There is definitely no one from our team that has worked for PwC. From time to time, the firm across the 10,000-odd staff of KPMG, we do recruit from other firms. So I can't tell you if there are individuals who's been recruited where. There is no one from the executive leadership of PwC at KPMG.

It goes to trustworthiness of the audit.

Yes. So I think I covered that. There's no one in the audit practice, no one in the audit team from PwC.

Hopefully, no lessons -- I mean, hopefully, lessons have been learned.

Thank you. But -- yes, Peter.

David Kingston, K Capital.

Sorry, Dave.

I just got a couple of comments and a couple of questions. Look, Inghams is an iconic company. It's been around for a long time. High quality in core poultry business. Look, it's great that you've been very frank today, both the Chair and the CEO. You've acknowledged the disappointment of the earnings downgrade, and you've acknowledged the poor share price performance. But it's not just the fall from $380 million six months ago to $240 million today or yesterday, which is a loss of $500 million of market cap. I tend to look long term to get a guide on companies. And it is concerning that the Inghams' IPO price in 2016 was $3.15. And here it is today, nine years later, significantly lower. So, in assessing an investment, is this a great investment opportunity given the fall? Or is it a value trap? I tend to look at what's gone wrong and are you dealing with those issues. And I appreciate the frankness and the honesty today. Nothing. Sorry. Okay. And I think it's good to have a frank discussion today. Look, the couple of key issues are clearly Baiada and Woolies. Baiada continues to gain market share as well as Hazeldenes. Look, most industry observers comment that Baiada is more aggressive and more commercial than Inghams. Clearly, Baiada has taken part of the Woolies business. I accept it's got the advantage of being private and nimble. You've got the constraints of being public and with governance issues and whatever. It is a concern that Baiada is also going to open a new state-of-the-art processing plant in Tamworth in early 2016 (sic) [ 2026 ], processing a massive 3 million chickens a week. I'm not sure whether that's been taken into account in your assessment of future earnings. Clearly, the partial loss of volumes on Woolies replaced by QSR and others is having a big impact because the volumes might have been largely replaced, but the margins have gone down. In '25, there was a 9.2% drop in Inghams wholesale margins. Look, the other big issue, I think, in trying to work out objectively why this great company has declined and hopefully, it can return. But the other big issue, to be frank, is the legacy of TPG. Look, private equity is smart. They're very capable. They make money. But look, following the purchase by Inghams in 2013 by TPG Private Equity, they made a terrible mistake in my view of selling the major Inghams properties, processing properties. That's left you with a legacy that your lease costs are now heavy at $166 million a year, majority being principal part interest. It's a classic PE strategy to strip properties out. It might work for the PE people, but it leaves a legacy. And now the irony is you're starting to buy back some of those properties they sold. Now look, I welcome that because I think -- those properties are core properties, processing plants. I think you're doing the right thing to buy them back. But I accept in assessing how you're going that TPG have left you with some tough legacies that not your fault. That's private equity. Unfortunately, the TPG property sales means that your NTA has dropped because they pull a lot of money out through dividends. Your NTA has dropped now to a modest $215 million relative to your market cap of around about $900 million. Also, you've got significant debt of $530 million. And with reduced earnings, there's limited debt headroom. So, coming to a couple of questions, Chair. I appreciate the frankness today, but while Inghams has paid solid dividends, the total shareholder return, which is the critical issue for shareholders, has been weak, both over the short term and the long term. Dividend is good, but the equity value has gone down. First question, how can you deal with this ongoing erosion of market share that keeps on putting pressure on Inghams from Baiada and Hazeldenes continuing to take market share and continuing as nimble private companies to invest in state-of-the-art facilities, which is putting a lot of pressure on Inghams. My second question, just to give you both at the same time. Look, I do have some concerns about the key financial metrics. Market cap, $890 million, debt over $530 million, NTA $215 million. Gearing, according to some brokers, may go above 2x EBITDA, which is the top end of your range, a target range. So, the question is, with margins tightening, and I don't see that changing given the competition, are you concerned about the debt level and the low-ish NTA? Why does -- also why does Inghams do you think trade? I know you're going to say you can't control the share market, but why does Inghams trade at a 20% to 30% discount to relevant international peers?

Gosh, that's an incredibly well considered set of questions, David. Thank you. And you've obviously read our results and our report intimately. So, let me try and tackle a couple of things, and then I may ask Gary, put Gary on notice to give a perspective on our financials as well. So I think you've acknowledged that we've been very frank about the performance of where the business is at today. And I do want to reiterate that we are very dissatisfied with where our current share price is. How do you deal with erosion of market share to your first question? Well, you have to have a strategy that ultimately grows your share over your medium to long term. And that is what our team are working on now. So it is premature for me to unveil what they're working on. But what you've seen from Ed is a refreshment of the executive leadership team in this business that we're pretty excited about. And that team are head down at the moment refreshing the strategy for Inghams and are looking very acutely at those challenges that you've raised and how we can win against the competition. So the plan for that is not to discuss that today. It's premature, but the plan is to share that with investors in the second half of this calendar year when that's been finalized. Turning to the financials. Are we concerned about our financials? Of course, we are, and we're acutely focused on them. We do believe that they're managed very well. And as Ed's already talked about, we're expecting -- we're already seeing a tick up in some very important operational and financial measures across the business, and we expect those to strengthen in the second half and beyond. But I will just see if Gary would like to make any additional comments on debt. Gary? We might get Gary a microphone if we could. Thank you.

So, the NTA position, I think you rightly talk about the major impact of that is the property sales from 9, 10 years ago. As far as debt, the $530 million debt, net debt is $430 million under that scenario. So there's cash that sits in there. We do see our upper limits of leverage. So our guidelines of 1x to 2x, I think they will be breached at the half year. So it will be higher at the half year, largely through the prediction of earnings, but also some significant multiyear CapEx that's already been committed coming through. So I think we will be higher than our debt leverage range at the half, we expect that to return back to around the top of the range at the full year under that. Significant headroom sits above our determined range as to where our covenant sits and that we have plenty of liquidity in our commitments as well. But I think your observations are fair. And we need to improve the financial performance in the year, and that will bring those levels back into line.

Thanks, Gary. Okay. There's a question. Yes. The lady on the right, please face with the microphone. Yes, please do introduce yourself.

Yes. My name is Vani. Very simple question. I have been shopping at Woolies, and I would say that I'm going through the 13 pages of your product, okay? And they are more for very large ones like maybe a kilogram, two kilograms products. And you don't have too many things that are, let's say, I would like sausages, I would like cold cuts. I think the structure has changed. Like I do see in Woolies, you have chickens like marinated in different flavors these days, but the weather is hot. I'm not going to open an oven to cook a chicken, okay? I want something that's simple to cook. You have something like skews on the chickens, but skews is more like you just put in some marinade and put the chicken through the rods like the skews. But you don't have the higher processing like sausages, okay? They are -- if you look at the Woolies, there are different types of sausages that have different, let's say, with goat cheese or maybe with wine, like different flavors. So these are easier to cook and not that easy for us, house wife to do it like to reproduce it like for us. Skewers is just meat marinated in different sources. We can do it very easily. but not sausages, okay? Cold cuts will be very handy in the hot summer. So there are two things I think has changed. First, the family structure is getting smaller. We're not living in a big house with a big fridge where I can tug in one or two kilos of stuff in there. I'm living in a smaller apartment these days, maybe a smaller family. So something like 400, 500 grams is better. And secondly, you have a lot of -- as I go through the pages, lots of crispy stuff like tenders, schnitzel that have bread crumbs. And look, it's healthy eating these days. I don't want to have all the stuff that I have to put in either deep fried or either I put in an oven or a deep fryer. It doesn't go these days. If I go for chicken, I want white meat. I want something that's more pertaining to be on a diet, not so heavy deep-fried stuff. And first is the family structure getting smaller. We're moving into apartments. Second, make it easier to cook, more flavorable. And third, it's hard. So the weather is getting hotter. So don't expect us to open an oven and a whole chicken or a bigger turkey like sort of doesn't make sense.

Okay. Thank you. Thank you. I can see Caroline I'm taking notes there as our Chief Growth Officer. Yes, the gentleman at the back. Thank you.

[ Simon Merrick ] a minor, minor, minor shareholder. But my simple question is Woolworths has been on or off. I'm not quite sure what's the current situation? Do Woolworths buy from Inghams? And if so, roughly what percentage do we believe that they are buying from us?

Yes. Okay. So we still supply the majority of Inghams -- of Woolies' chicken to them. They are an incredibly valued and important customer. We've just renewed -- as you know, we've got a new contract with them. It's a multiyear contract, and we're working really constructively with them on joint partnership opportunities. So, yes, we still supply them. We're still their biggest supplier. We just supply slightly less than we did before.

I suppose the obvious thing question is, what have you learned from your previous discussions with Woolworths? You've been with them for a long time. They dropped you, obviously, for a certain extent. What lessons were learned from that?

I'm going to ask Clair to comment because Clair has been intimately involved with working with Woolworths for a period of time now and deserves a lot of credit for the recent joint business partnership. So, Clair, would you like to just add a little bit of color as to what we've learned through the Woolies process?

Just checking you can hear me is perfect. So what have we learned? Well, we've learned that it's really important that we have a relationship that thinks about growth into the future versus a tactical relationship. And we've made significant room in terms of building our relationship. And as Helen just mentioned, we've actually just agreed a joint business plan with them that stops us just talking about supply and chicken and actually talks to them about creating categories like sausages and various other things with them. So we've significantly stepped into our relationship. We've also learned that it's important we have other relationships outside of Woolies. And so you can see from the results, our 16% growth in other retail is really the results from the last year or so of us building those relationships, and there's plenty more opportunity there that we're going after.

Thank you.

Thanks, Simon. Okay. Alan, would you like to ask -- so the gentleman in the front row. Yes. Please do introduce yourself.

Good morning, Chair, and the Board. My name is [ Wolfgang Schwarz ], and I'm fairly new recent shareholder. So when I saw the price dropping below $2.50, I thought I'd buy some shares and see how the company will be going.

You're welcome.

My thing is you're producing chicken there. But we have a large aging population, have ever considered producing ducks. And maybe another question is, you're trading in New Zealand in what's called in Australia actually. What about our next neighbor north, Indonesia, with 270 million people. Have you ever considered going out of Australia and New Zealand?

Okay. So let me take the duck question, first of all. I mean, I'm sure, Wolfgang, you'd appreciate we look at all sorts of growth opportunities, and that does include -- we look regularly at other proteins. I'm not going to say that duck is on the agenda at the moment, but you would expect us to look at growth opportunities. And you're absolutely right about the Asian markets and the appeal of different flavors and delivery mechanisms that we can do for poultry. So I would say we focus more on that is looking at the appetite and the appeal and the need states of Lebanese and Asian consumers, but applying that to the poultry market. We do export. It's a relatively small part of our business. And at the moment, we are very much focused on Australia and New Zealand. Thank you. Alan, did you have another question?

Yes. It's just following up what a couple of other people have said and what I wanted to ask I was wondering, last year, last -- sorry, let's -- in your results in 2024, you projected an EBITDA of $236 million to $250 million. At your half year, you used the same figures. You ended up at $236.4 million, right at the bottom. The reason seems to be primarily that you thought you were going to lose less business from Woolworths. You thought that Baiada and Hazeldenes, I'm not sure which one -- I know Baiada is doing amazingly at the moment, but I'm not sure which one actually took that business away much -- to a much greater extent than you thought they would. You went and overproduced because you didn't think that was going to happen. Why did they take that business? Long term is great, fantastic, and that's wonderful, but they cut you off short term. Why?

So I might give you a headline comment, and then I'll ask Ed to expand on that. I think one of the -- we have enjoyed an incredible relationship with Woolworths for a very, very long period of time. But if you were to look at their supply, they were very heavily weighted to Inghams, way more than a diversification or a balanced portfolio approach would take. So it's simply a customer diversification strategy from their point of view. Now it's equally important for us, as Clair was saying just a moment ago, to have a balanced and spread portfolio for Inghams across a variety of channels and customers. That's the headline reason is they were far too heavily weighted. And from a resilience and a diversification point of view, it made sense for them to do that as it does for us over time. But Ed, would you like to add anything to that?

Yes. I mean I think that's exactly. The rationale largely from a Woolworths' perspective was one of wanting to diversify their supply base. In terms of then the adjustment of volumes in the second half, we knew the Woolworths adjustment was coming. We knew 12 to 18 months before that final tranche was adjusted in late February of financial year '25. What we did, and there's probably a reflective moment for us as an organization is we held our production settings flat despite the adjustment. And the reason for holding our production settings flat is twofold. Firstly, we wanted to hold on to our market share. I think as you quite rightly pointed out, we have been losing to Baiada, and there was a sense of putting a stake in the ground to say, no, we don't want to lose any more market share. And the second was a belief that based on how we see Baiada play out in the market prior to that point in time that we thought Baiada would adjust down the other competitors would adjust down their processing volumes as well. Now as it happened, I think that led to a significant oversupply in the market in the final quarter, which led to the wholesale pricing that you saw deteriorate the way that it has, and we've since seen it come up some 40% again. But -- and so that's really as it played out. It wasn't so much a short-term shock from Woolworths perspective. It was the decisions we subsequently made from a processing volume perspective.

Great. Thank you. And I assume you've learned from that, and that won't happen again.

Watch your space.

Thanks, Alan. Brett -- yes, David.

Just one follow-up, please. It's really on medium-term outlook. Look, when you look at this business, it's got ongoing heavy CapEx, which is well above depreciation in recent years. Secondly, as we've all talked, you've got heavy competition from fellow suppliers like Baiada and et cetera. Thirdly, you've got the challenge of dealing with non-generous customers such as Woolies. Look, they're a fantastic company, but we all know they're not particularly generous, which is fair enough. When we look at FY '25, you've delivered $90 million NPAT on $3.2 billion of revenue. That's an NPAT to revenue margin of sub-3%. You're actually now in the supermarket company territory, whose margins are traditionally fairly low, but you are down at their level. That's the sort of margin that they deliver. So my question really is, is the future that this is a branded business, which can get decent margins? Or is this business migrating to being a commodity type business where the competitors are big, the customers are tough. So do you see that it is a branded business? It's got some brands, but are they becoming a little bit meaningless? Is this becoming a commodity type industry, which necessarily, if it is, unfortunately, the margins are going to migrate lower?

No, it's a great question, David, and I'm going to get dangerously close to talking about future strategy, which I'm just not going to do. But I think there is a role for both. We have to play in core poultry, and we have to be competitive. And I think Ed's talked about how we're making significant efficiency and operational improvements in that area, and they're in play. So we need to do a better job there. But there's also a role for branded and for value add and for things that our competitors cannot do. And we believe that, that's a real strength of ours and a particular strength of the team assembled now around Ed. So a role for both, but definitely a role for driving our growth agenda in the future. Brett, are there any questions on the line?

Chair, there are no questions on the line or on the phones.

Okay. I am now going to move to the resolutions.

Item 2 is, concerns the reelection of Rob Gordon as a Non-Executive Director of the company. Rob was first appointed as a Non-Executive Director on the 11th of April 2019 and was last elected by shareholders on the 8th of November 2022. Rob is currently a member of the Finance and Audit Committee and a member of the Nomination Committee. Rob has nearly 40 years' experience in fast-moving consumer and agribusiness sectors and was most recently the Chief Executive Officer and Director of Ricegrowers Limited. The Board has reviewed Rob's performance and believes he continues to provide a very valuable contribution to the Board and accordingly unanimously supports his reelection. I'd now like to invite Rob to say a few words in support of his reelection. Rob?

Thank you very much, Chair. Well, good morning, everyone. My name is Rob Gordon, and I have had the privilege of being an NED of the Inghams business for two terms. And today, I'm seeking your support for a third term. The majority of my experience comes from the 40 years I spent in executive roles in the international food industry. And so I'd like to share a few highlights of my background, which I consider may be relevant to the current trading situation at Inghams. I'm actually originally an automation and supply chain specialist, believe it or not, graduating in the U.K. with an honors degree in electrical and electronic engineering and joining Unilever's engineering management training program before taking a number of supply chain roles, including systems engineer, factory Chief Engineer and at the age of 26 being appointed factory manager and going on to run the largest tea factory in Europe. I then spent time in Unilever's corporate center, modeling the network and supply chain implications of the introduction of the single European common market. At 31, I was expatriated to Australia to take on the role of Technical Director for Streets Ice Cream and managed the launch of Magnum Ice Cream here and in New Zealand despite local management believing that consumers wouldn't pay for real chocolate on ice cream. It comes back to the previous point, consumers flocked to pay a premium for a differentiated branded product. After leaving Unilever to join Goodman Fielder to run their commercial oils business, a number of other roles followed, including Marketing and Strategy Director for Goodman Fielder Baking, Managing Director of Medley Foods; and finally, Managing Director of Goodman Fielder Consumer Foods, which included at the time, Uncle Tobys, MeadowLea, [indiscernible] and White Wings to name some of the brands. I then spent four years as CEO of Dairy Farmers turning around a poorly performing co-op and eventually selling it to Kirin at a close to 13 multiple and starting the rationalization of the Australian dairy industry. A brief couple of years as President of the Southeast Asia for the grain accumulator and trader Viterra before taking on the role of CEO for SunRice, which had just emerged from the Millennium drought, heavily in debt and narrowly avoiding being taken over by a Spanish rice company. The business was completely restructured over my 12 years in the role. Debt was reduced significantly and now around 2/3 of sales are from international markets, including from a mill I opened in Vietnam, supply sourced from China and South America. The domestic brand was also relaunched and extended. In 2019, I listed the business on the ASX and the share price, which was at $2.05 when I joined, recently peaked north of $18. At the previous AGM of Inghams, I was asked how I could possibly be the CEO of a business like SunRice and make a meaningful contribution to Inghams. Well, I had the energy to do both the professional standard of both companies, but now I have retired from my executive positions and have kept my NED involvement focused purely on Inghams. I'm very encouraged by the recent transformative moves made by our new and highly capable CEO, Ed Alexander. I believe there are many parallels between my background and the challenges facing Ed and his rejuvenated team. And I stand ready to share experiences and advice when needed. There is a very collaborative and transparent culture around our Board table, fostered by our Chair, Helen, and focused on bringing the correct solution even when tough decisions are needed. In anticipation, I'd like to thank you for your support for this third term. Thank you.

Thank you, Rob. I'll now take questions on this item. Are there any questions about Rob's reelection? None, Rob. Brett, are there any questions on the line?

Chair, there are no questions on the line either.

Okay. Thank you, Brett. Moving to the proxy results. Wow, pick it up, Rob. I will briefly pause if there is anyone in the room that hasn't cast their vote. Okay. Moving to item #3. Item 3 concerns the reelection of Tim Longstaff as a Non-Executive Director of the company. Tim was appointed as a Non-Executive Director on the 20th of January 2022 and was elected by shareholders on the 8th of November 2022. Tim is currently the Chair of the People and Remuneration Committee, a member of the Finance and Audit Committee and a member of the Nomination Committee. Tim's professional background as a chartered accountant encompasses a 25-year career in investment banking and senior executive roles as well as serving as a senior adviser to a senior federal cabinet minister. He now has a broad range of experience as a net of large ASX-listed companies. The Board has reviewed Tim's performance and believes he continues to provide a very valuable contribution to the Board and accordingly unanimously supports his reelection. I would now like to invite Tim to say a few words in support of his reelection.

With thanks, Helen, and good morning, fellow shareholders. As Helen said, my name is Tim Longstaff. I've been an Inghams director now since 2022, and I'm seeking your reelection for a second term, confident in the company's fundamentals, its strong team and the contribution I make. Helen has covered and you've seen my background. I'm a chartered accountant, most of my career in investment banking with some time at the most senior levels of government, and I'm now a full-time nonexecutive director on the Boards of four large ASX-listed companies. I want to explain why Inghams is important to me. Over 8,000 Inghams team members show up every day to make Inghams purpose real, to deliver deliciously good food in the best way. Chicken is Australia's favorite protein. Over two to three nights a week, most families have chicken for dinner purchased from one of the many supermarket chains that Inghams supplies. When we're heading out for a picnic, we grab a barbecue bird. And when we're on the run, we get some nuggets or a burger from a fast food, quick service restaurant like McDonald's or KFC that Inghams supplies. But to do these things, Inghams needs to be financially successful and commercially viable. We need to create real shareholder value. After delivering, as was covered earlier, successive record EBITDA results between 2024 and 2025, we must acknowledge that recent performance has been poor. Inghams has been facing into strategic challenges. I acknowledge the shareholder disappointment in the share price. And rest assured that the Board and management team are focused with discipline and urgency on making the decisions necessary to reposition Inghams and create durable, meaningful shareholder performance. That is my focus as a former investment banker and an accountant is creating durable, meaningful shareholder performance. My skills on the Board are in three primary areas. Firstly, as a chartered accountant of over 30 years standing, which comes in quite surprisingly useful chairing the Rem Committee, but also working with Mike on the Audit Committee. Secondly, in strategy, contributing to a strategy that will create this shareholder value and bringing equity market insights to do so. And thirdly, the investment banking skills around capital structure, equity market engagement and M&A that may well be needed as Inghams develops its new path to the future. My background has enabled me to offer valuable insights to support and where needed, constructively challenge to help our team move forward. In closing, I really look forward to partnering with my effective and collegiate Board colleagues very ably led by Helen, Ed as he develops his new strategic vision and his first-class and rejuvenated management team to continue the shareholder value creation journey. I will be delighted to have your support to continue to do so. Thank you.

Thank you, Tim. Are there any questions in the room about Tim's reelection?

David?

Thank you. Look, Tim's got an excellent CV, and so I can make an outstanding contribution to the company. But just a quick question, Tim. Notwithstanding your high-quality CV and your hard work over your three years on the Board, shareholder value has gone down. Would you perhaps comment on what you think has caused that and why you're confident that this company will turn around the underperforming share price?

Brett is going to bring your handheld.

Thanks, David. Look, thanks, David. Very fair questions. So my time on the Board began in the depths of COVID. And -- thanks, David. Look, my time on the Board began in the depths of COVID, and we had struggled to get out of that. I think the challenges that have caused the recent share price decline are really around Woolworths and the recalibration of the business and its strategy to deal with that. And what -- I suppose in the classic phrase, never waste a crisis. What we've been -- what Ed has been leading is a process to really confront the longer-term strategic challenges of the organization and to build something that is durable. With some reluctance you say this, but in a sense, the loss of the Woolworths volume has provided us with the license to make more long-term strategic, perhaps more courageous change than just in a sense, trying to achieve -- make smaller, more -- less -- more modest change to achieve a growth in earnings. And what we have on the Board, what Ed's driving and what the Board as a whole is supporting is a real focus on how do we make Inghams to be the strongest and best company we can in 2030, not necessarily how do we deliver share guidance for next year.

Thanks, Tim. Brett, are there any questions on the line about Tim's reelection?

Chair, there are no questions on the line.

Sorry, we do have another question in the room from Wolfgang. Go ahead, Wolfgang.

As you said, you have four other directorships and four large ASX-listed companies. First of all, what are these four companies? And do you really have enough time and energy to devote to this Inghams business?

Thanks, Wolfgang. If we're in the same position.

This is a chicken company and not a tech company.

As Mike said, we're a chicken company and not a tech company. Wolfgang completely fair question. Let me say my four -- my three other boards are the Nine Entertainment Group, which is the television and media entity that owns the television station and the financial review and the Sydney Herald and things. I'm on the Board of Perenti, a mining services company, and I'm on the Board of a large transport and logistics company called Aurizon. So they're plus Inghams as the four boards. What I find is that each of those boards enables me to bring really different perspectives, whether it's about industrial relations, whether it's about performance efficiency, whether it's about adopting AI. Each of these companies has got its own approach. And it's incredibly valuable to have the wealth of experience on the Board, colleagues who sit on other boards to bring those different perspectives of how other companies are thinking about changing things. So to give you a really real example, it's fascinating to bring the insights from the Nine Board, engaging as we do with most of the consumer-leading companies in Australia and engaging with the consumer sector and bring those broader perspectives to bear at Nine. As you would see, Wolfgang, if you look, I have a 100% attendance record at Board and committees across all those four boards. And really, this is my -- I'm happy to say that in nonexecutive director terms, I'm a young director. This is not a transition to retirement for me. This is a full-time five-day a week role that I throw myself into. And as a technical point, which you shouldn't rely on, I'm well within the proxy adviser guidelines for not being over-Board. But the test is, do I contribute and do I throw myself in? And the answer is yes. And not just the bare minimum, but Helen thoughtfully gives me some special projects from time to time, and I work on colleagues with special projects, and I find time for those as well. And so yes, it's about the journey of creating shareholder value for Inghams shareholders, and that's what I'm engaged in.