Ingredion Incorporated · NYSE:INGR
Ingredion — Q1 2026 Earnings Presentation
31 slides from Ingredion's earnings presentation, May 5, 2026
Slide 1: First Quarter 2026 Earnings Call
First Quarter 2026 Earnings Call Jim Zallie Chairman, President and CEO Jason Payant Vice President and Interim CFO Polyols Expansion in Mogi Guaçu, Brazil Q1 2026
Slide 2: Non-GAAP Financial Measures and Forward-Looking Statements
Non-GAAP Financial Measures This presentation provides information about adjusted diluted earnings per share (“adjusted EPS”), adjusted operating income, adjusted effective income tax rate, and other financial measures (collectively, the “non-GAAP financial measures”) which are not measurements of f
Slide 3: Agenda
Agenda CEO Perspective CFO Financial Update Closing Remarks Q&A 3
Slide 4: CEO Perspective
Jim Zallie Chairman, President and CEO CEO Perspective 4
Slide 5: A slower than expected Argo recovery and strong prior-year comps challenged Q1 growth
A slower than expected Argo recovery and strong prior-year comps challenged Q1 growth Q1 Net Sales Q1 Adjusted Operating Income* $ in millions $ in millions -1% 1,813 1,792 -22% 273 212 Q1 2025 Q1 2026 Q1 2025 Q1 2026 *See appendix for a reconciliation of this non-GAAP financial measure to the compa
Slide 6: T&HS maintained net sales volume growth
T&HS maintained net sales volume growth Net Sales Highlights Volume • 8th consecutive quarter of sales volume growth Texture & Healthful • Clean label sales growth up double digits in EMEA +2% Solutions and APAC • Solutions sales continue to exceed segment growth • Overall volumes in line with expec
Slide 7: Argo challenges drove lower-than-expected Q1 results
Argo challenges drove lower-than-expected Q1 results Higher manufacturing costs vs Q1 estimates Incremental Argo Q1 Costs vs. Q1 Estimate (in millions) • Incremental maintenance spend $5 $40 • Elevated rework negatively impacted costs Increased freight costs to service customers $5 • Leveraged U
Slide 8: Solutions continue to drive T&HS growth and higher-value mix
Solutions continue to drive T&HS growth and higher- value mix More meaningful Stronger, co- • Solutions sales outpacing segment growth consumer insights created briefs o Clean label continues to be a significant growth driver • Leveraging in-house formulation expertise to deliver bespoke customer so
Slide 9: Clean taste solutions for sugar reduction and pea protein isolates are propelling solid revenue growth
Clean taste solutions for sugar reduction and pea protein isolates are propelling solid revenue growth Protein Fortification > 50% 6% Revenue Revenue Growth Growth 9
Slide 10: Assessing the direct and secondary impacts of increased energy prices
Assessing the direct and secondary impacts of increased energy prices Increased Freight and Consumer confidence FX packaging costs shipping and purchasing power 10
Slide 11: Financial Update
TBU Jason Payant Vice President and Interim CFO Financial Update 11
Slide 12: Q1: Income statement highlights
Q1: Income statement highlights $ in millions, unless noted Q1 2025 Q1 2026 Change Net Sales $1,813 $1,792 -1% Gross Profit $466 $401 -14% Gross Profit Margin 25.7% 22.4% (330) bps Reported Operating Income $276 $203 -26% Reported Diluted EPS $3.00 $2.22 $(0.78)/share Adjusted Operating Income* $273
Slide 13: Q1: Net sales bridge
Q1: Net sales bridge $ in millions -1% $1,813 $33 $1,792 ($32) ($22) Q1 2025 FX Volume Price/Mix Q1 2026 Totals may not sum due to rounding 13
Slide 14: Q1: Net sales variance by segment
Q1: Net sales variance by segment Foreign Sales Price Net Sales Exchange Volume Mix Change Texture & Healthful Solutions 2% 2% -2% 2% Food & Industrial Ingredients—LATAM 3% -1% -1% 1% Food & Industrial Ingredients—U.S./CAN 0% -7% -2% -9% Ingredion 2% -2% -1% -1% Totals may not sum due to rounding 14
Slide 15: Texture & Healthful Solutions; Food & Industrial Ingredients—LATAM
Texture & Healthful Food & Industrial Solutions Ingredients—LATAM Absent FX Absent FX Q1 Net Sales impacts Q1 Net Sales impacts $ in millions 0% $ in millions -2% +2% +1% 602 617 573 579 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 Op Income $ $99 $100 Q1 Op Income $ $127 $115 Q1 Op Inc Margin 16.4% 16.2% Q1
Slide 16: Food & Industrial Ingredients—U.S./CAN; All Other
Food & Industrial Ingredients—U.S./CAN All Other Absent FX Absent FX Q1 Net Sales impacts Q1 Net Sales impacts $ in millions -9% $ in millions +3% -9% +3% 520 118 121 475 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 Op Income $ $92 $34 Q1 Op Income $ $0 $3 Q1 Op Inc Margin 17.7% 7.2% 16
Slide 17: Q1: EPS bridge
Q1: EPS bridge Amounts in dollars per share Q1 2025 Q1 2026 Reported Diluted EPS $ 3.00 $2.22 Impairment charges 0.08 — Restructuring/resegmentation costs 0.02 0.15 Tax items and other matters (0.13) (0.03) Adjusted Diluted EPS* $2.97 $2.34 Total change in adjusted diluted EPS $(0.63) Total operatin
Slide 18: Q1 cash from operations and capital allocation
Q1 cash from operations and capital allocation $ millions Q1 2026 Year End March YTD Cash Net income $144 2025 2026 Impact A/R 1,185 1,358 (173) Depreciation and amortization $55 Inventory 1,227 1,183 44 Change in working capital $(205) A/P 1,268 1,194 (74) Other $39 Other items (2) Change in WC (20
Slide 19: Full year 2026 outlook
Full year 2026 outlook1 Net sales Flat to up low single-digits Adjusted operating income* Flat to down low single-digits Financing costs $35 – $45 million Corporate costs Flat to prior year Adjusted effective tax rate* 26.0% – 27.5% Adjusted EPS* $10.45 to $11.15 Diluted weighted avg. shares outstan
Slide 20: 2026 Full year outlook by segment
2026 Full year outlook by segment 2026 • Expect net sales to be up low single-digits to mid-single- vs. Texture & Healthful digits 2025 Solutions • Expect operating income to be up low single-digits • Expect net sales to be flat to down low single-digits Food & Industrial—LATAM • Expect operating in
Slide 21: Encouraged by T&HS momentum while mindful of macroeconomic conditions
Encouraged by T&HS momentum while mindful of macroeconomic conditions • Continued Texture & Healthful Solutions momentum driven by wellness and clean label trends and reformulations • Targeting sequential operational recovery at Argo through Q2, supported by stabilization efforts and investment • Mo
Slide 22: Upcoming investor activities
Upcoming investor activities The BMO Global Farm to Market Conference New York | May 13 Annual Meeting of Stockholders Virtual | May 20 22
Slide 23: Appendix
Appendix NN Ingredion Be what's next.
Slide 24: Non-GAAP Information
Non-GAAP Information To supplement the consolidated financial results prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), non-GAAP historical financial measures are used, which exclude certain GAAP items such as restructuring costs, impairment charges, Mexico tax item
Slide 25: Reconciliation of GAAP net income and diluted EPS to non-GAAP adjusted
Reconciliation of GAAP net income and diluted earnings per share (EPS) to non-GAAP adjusted net income and adjusted diluted EPS Three Months Ended Three Months Ended March 31, 2026 March 31, 2025 (in millions) Diluted EPS (in millions) Diluted EPS Net income attributable to Ingredion $ 142 $ 2.22 $
Slide 26: Reconciliation of GAAP net income and diluted EPS to non-GAAP adjusted (continued)
Reconciliation of GAAP net income and diluted earnings per share (EPS) to non-GAAP adjusted net income and adjusted diluted EPS (continued) Notes i. During the three months ended March 31, 2026 and 2025, we recorded pre-tax restructuring charges of $11 million and $1 million, primarily related to es
Slide 27: Reconciliation of GAAP operating income to non-GAAP adjusted operating income
Reconciliation of GAAP operating income to non-GAAP adjusted operating income Three Months Ended March 31, ($ in millions, pre-tax) 2026 2025 Operating income $ 203 $ 276 Adjustments: Restructuring costs (i) 11 1 Other matters (ii) (2) (10) Impairment charges (iii) — 6 Non-GAAP adjusted operating in
Slide 28: Reconciliation of GAAP effective income tax rate to non-GAAP adjusted rate
Reconciliation of GAAP effective income tax rate to non-GAAP adjusted effective income tax rate Three Months Ended March 31, 2026 Income before Provision for Effective Income Taxes Income Taxes Income ($ in millions, except for percentages) (a) (b) Tax Rate (b/a) As Reported $ 194 $ 50 25.8% Adjustm
Slide 29: Reconciliation of GAAP effective income tax rate to non-GAAP adjusted rate (continued)
Reconciliation of GAAP effective income tax rate to non-GAAP adjusted effective income tax rate (continued) Three Months Ended March 31, 2025 Income before Provision for Effective Income Taxes Income Taxes Income ($ in millions, except for percentages) (a) (b) Tax Rate (b/a) As Reported $ 267 $ 68 2
Slide 30: Reconciliation of expected GAAP diluted EPS to expected non-GAAP adjusted EPS
Reconciliation of expected GAAP diluted earnings per share to expected non-GAAP adjusted diluted earnings per share Expected EPS Range for Full-Year 2026 Low End of High End of Guidance Guidance GAAP EPS $ 9.60 $ 10.30 Adjustments: Restructuring costs (i) 0.20 0.20 Other matters (ii) 0.20 0.20 Impai
Slide 31: Reconciliation of expected GAAP effective tax rate to expected adjusted rate
Reconciliation of expected reported GAAP effective tax rate to expected non-GAAP adjusted effective income tax rate Expected Effective Income Tax Rate Range for Full-Year 2026 Low End of High End of Guidance Guidance GAAP ETR 26.3 % 27.8 % Adjustments: Restructuring costs (i) (0.1 %) (0.1 %) Other m