Ingredion Incorporated · NYSE:INGR
Ingredion — Merger or Acquisition (June 2026)
27 slides from Ingredion's merger presentation, Jun 8, 2026
Slide 1: Better positioned to create the future of food
+ Better positioned to create the future of food June 8, 2026
Slide 2: Important Notices & Disclaimers
Important Notices & Disclaimers Forward-Looking Statements This presentation by Ingredion Incorporated (“Ingredion” and the “Company”) contains or may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act.
Slide 3: Important Notices & Disclaimers (cont.)
Important Notices & Disclaimers (cont.) Further Information; No Offer or Solicitation This presentation by Ingredion is for information purposes and is not intended to and does not constitute, or form part of, an offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subsc
Slide 4: Agenda
1. Acquisition Overview 2. Strategic Rationale Agenda 3. Financial Framework 4. Q&A 5. Appendix 4
Slide 5: 1. Acquisition Overview
1. Acquisition Overview
Slide 6: Creating a more global, scaled ingredients solutions platform
Creating a more global, scaled ingredients solutions platform + A global leader in ingredients for texture A global leader in mouthfeel, and healthful solutions across food, sweetening & fortification beverages, and industrial 6
Slide 7: A combined platform to deliver differentiated customer value
A combined platform to deliver differentiated customer value Integrated Solutions Localized Innovation Accelerated speed-to-market and Enables integrated, multi-functional deepened co-creation tailored to local solutions for taste, texture and nutrition taste enabled by global innovation network Rel
Slide 8: Tate & Lyle at-a-glance
at-a-glance London, UK 100+ Revenue Breakdown HQ YEARS IN BUSINESS FY 2026 BY GEOGRAPHY FY 2025 BY SEGMENT1 ~$2.7B ~$570M* 50% 66% FY 2026 REVENUE FY 2026 ADJ. EBITDA 8% 19% ~5,000 ~120 32% 27% GLOBAL EMPLOYEES COUNTRIES SERVED Americas EMEA Asia Pacific Mouthfeel Sweetening Fortification 21 ~1,000
Slide 9: Ingredion and Tate & Lyle each have storied, 100+ year histories
Ingredion and Tate & Lyle each have storied, 100+ year histories as innovators and leaders in the ingredients space Ingredion’s acquisition of Tate & Lyle is a compelling and transformative step in its corporate evolution Corn Products forms via leading U.S. corn Expands globally, targeting emerging
Slide 10: Acquiring Tate & Lyle creates a platform with >50% exposure to higher-value ingredients
Acquiring Tate & Lyle creates a platform with >50% exposure to higher-value, downstream ingredients Combining two complementary portfolios to create a more scaled and diversified player in ingredients REVENUE Revenue by Segment ($B) LTM Q1 FY 2026 $9.9 / 100% T&HS $2.7 / 27% $9.9B $7.2 / 73% F&II -
Slide 11: Headline terms of this strategically compelling transaction
Headline terms of this strategically compelling transaction • All-cash purchase price of £5.95 per Tate & Lyle share KEY HIGHLIGHTS • The transaction implies a total enterprise value of approximately £3.7B ($5.0B)1 and represents an TRANSACTION acquisition multiple of 8.8x2 FY 2026 Adj. EBITDA* • Ta
Slide 12: 2. Strategic Rationale
2. Strategic Rationale
Slide 13: Strategic rationale rooted in accelerating growth and expanding capabilities
Strategic rationale rooted in accelerating growth and expanding capabilities Global Service Solutions-Driven Portfolio Technical Capabilities Strengthens our ability to more Creates industry-leading Enhances IP, data, and technological reliably and cost-effectively solutions-driven portfolios capabi
Slide 14: Scaled global platform with deep local market expertise
Global Service Solutions-Driven Portfolio Technical Capabilities Scaled global platform with deep local market expertise Underpinned by technology platforms, scientific and regulatory affairs, IP and open innovation Differentiated Capabilities Texture Science Food Design Product Molecular Fermentati
Slide 15: An expanded ingredients platform better positioned to serve consumer needs
An expanded ingredients platform better positioned to serve consumer needs and address industry trends Leading portfolio of plant-based ingredients enabling improved texture and healthful solutions Clean Label Affordability Sugar Reduction Innovative solutions providing cleaner, Cost effective textu
Slide 16: Comprehensive ingredient solutions platform addresses texture, sweetness and nutrition needs
Global Service Solutions-Driven Portfolio Technical Capabilities Comprehensive ingredient solutions platform addresses texture, sweetness and nutrition needs SUGAR TEXTURANTS FORTIFICATION REDUCTION Modified Functional-native Native starches Stevia Allulose Fiber systems Prebiotics INGREDIENT starch
Slide 17: Combining complementary capabilities in our solutions business
Global Service Solutions-Driven Portfolio Technical Capabilities Combining complementary capabilities in our solutions business to drive further growth and higher-value mix Clear path to value creation through solutions-led growth CUSTOMER GROWTH MARGINS RETENTION Formulation and Higher product scal
Slide 18: Broader and deeper data insights to strengthen customer-centric flywheel
Global Service Solutions-Driven Portfolio Technical Capabilities Provides broader and deeper data insights to strengthen our customer-centric flywheel for innovation built on tailored solutions Acquisition accelerates transformation into a ~$10B global solutions-led platform, delivering higher value
Slide 19: Purpose-driven organizations sharing a unified set of corporate values
Ingredion and Tate & Lyle are purpose-driven organizations, and share a unified set of corporate values We put the Be preferred customer first Bringing the We empower Transforming potential of Everyone belongs our people lives through people, nature the science and technology Care first Innovate bol
Slide 20: 3. Financial Framework
3. Financial Framework
Slide 21: Strong financial profile enhanced by improved mix, before synergies
Strong financial profile enhanced by improved mix, before synergies Ingredion Tate & Lyle Ingredion LTM Q1 FY 2026 FY 2026 Illustrative Combined Revenue $7.2B $2.7B $9.9B Adj. EBITDA* $1.2B $569M $1.8B (margin) 16.9% 21.1% 18.1% Adj. OI* $967M $386M $1.4B (margin) 13.4% 14.3% 13.7% Capex $451M $168M
Slide 22: Proven track record of successful integrations and realizing synergies
Proven track record of successful integrations and realizing synergies Ingredion has a core competency in thoughtful integration across the full value chain Select examples Ingredion’s disciplined integration playbook drives of successful integration consistent, reliable execution: Initial focus on
Slide 23: Net cost synergies of ~$130M with clear path to delivery
Net cost synergies of ~$130M with clear path to delivery and one-time cash costs of ~$175M Identified Run Rate Cost Synergies Further Potential Synergies COGS SG&A ~40% ~60% • Procurement savings • Network flow optimizations • Operating & IT expenses • Management & + Commercial synergies Cross-selli
Slide 24: Strong track record of deleveraging and disciplined capital allocation
Ingredion has a strong track record of deleveraging post- acquisition and a disciplined capital allocation policy Deleveraging Trajectory Capital Allocation Priorities ~3.0x Prioritize strong investment Deleveraging over grade rating 18 months to ~2.5x ~2.5x Continued disciplined capital Invest in h
Slide 25: 4. Q&A
4. Q&A
Slide 26: 5. Appendix
5. Appendix
Slide 27: Reconciliation of non-GAAP financial measures
Reconciliation of non-GAAP financial measures Twelve Months Ended Mar-26 Twelve Months Ended Mar-26 ($M) (£M) ($M)4 Revenue $7,198 Revenue £2,006 $2,697 Income before taxes $901 Operating Income £180 $242 Depreciation and Amortization 222 Depreciation and Amortization 172 231 Financing Costs 37 Shar