Slide 1: Fourth Quarter and Full Year 2025 Earnings Call
3 Fourth Quarter and Full Year 2025 Earnings Call Jim Zallie President and CEO James Gray Executive Vice President and CFO
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
Slide 3: Agenda
Agenda CEO Perspective CFO Financial Update Closing Remarks Q&A 3
Slide 4: Jim Zallie, CEO Perspective
Jim Zallie President and CEO CEO Perspective 4
Slide 5: Full-year profit growth driven by Texture & Healthful Solutions
Full-year profit growth driven by Texture & Healthful Solutions FY Net Sales FY Adjusted Operating Income* $ in millions $ in millions -3% 7,430 7,219 +1% 1,016 1,028 FY 2024 FY 2025 FY 2024 FY 2025 Q4 Net $1,800 $1,757 Q4 Adj $248 $228 Sales -2% Op Income -8% *See appendix for a reconciliation of t
Slide 6: During Q4 T&HS continued to demonstrate strong net sales volume growth
During Q4 T&HS continued to demonstrate strong net sales volume growth Net Sales Highlights Volume • 7th consecutive quarter of sales volume growth • Clean label net sales growth in U.S./CAN up double digits Texture & Healthful Solutions +4% in Q4 and FY • Solutions sales growth exceeding segment gr
Slide 7: Robust 2025 T&HS results despite soft industry volume demand
Robust 2025 T&HS results despite soft industry volume demand +4% $405M sales volume record adjusted higher solutions sales completed significant capital growth for the operating income, growth outpaced the projects to drive future full year +16% versus prior year segment’s growth growth and cost sav
Slide 8: Despite regional volatility, F&II—LATAM delivered record operating income in 2025
Despite regional volatility, F&II—LATAM delivered record operating income in 2025 21.1% Mexico delivered Signed long-term Op. income a record year contracts with key margins up benefitting brewing customers +140 bps from FX Successful network optimization for long-term cost competitiveness • Closed
Slide 9: F&II—U.S./CAN segment operating income decreased due to Argo challenges
F&II—U.S./CAN segment operating income decreased due to persistent operational challenges at Argo • Op income down double digits, driven predominantly by Argo operational setbacks • Higher maintenance costs, lower yields and fixed cost absorption • Lower co-product values realized • Estimated 2025 i
Slide 10: FY 2025 progress against our strategic pillars
FY 2025 progress against our strategic pillars • Solutions including clean label ingredients has been gaining momentum throughout 2025 and has outpaced T&HS segment growth in H2 Profitable • Record quarterly sales for our pea protein isolate business in Q4 Growth • Doubled production vs. PY; increas
Slide 11: Segment transformation is delivering greater profitability
The increased focus from Ingredion’s segment transformation is delivering greater profitability Gross Margins 25.3% 24.1% 21.4% 18.8% 2022 2023 2024 2025 Total Gross Profit ($M) $1,494 $1,749 $1,791 $1,828 11
Slide 12: James Gray, Financial Update
James Gray Executive Vice President and CFO Financial Update 12
Slide 13: Q4: Income statement highlights
Q4: Income statement highlights $ in millions, unless noted Q4 2024 Q4 2025 Change Net Sales $1,800 $1,757 -2% Gross Profit $449 $430 -4% Gross Profit Margin 24.9% 24.5% (40) bps Reported Operating Income $162 $220 36% Reported Diluted EPS $1.43 $2.56 $1.13/share Adjusted Operating Income* $248 $228
Slide 14: Q4: Net sales bridge
Q4: Net sales bridge $ in millions -2% $1,800 $36 $1,757 ($40) ($39) Q4 2024 FX Volume Price/Mix Q4 2025 Totals may not sum due to rounding 14
Slide 15: Q4: Net sales variance by segment
Q4: Net sales variance by segment Foreign Sales Price Net Sales Exchange Volume Mix Change Texture & Healthful Solutions 2% 4% -4% 2% Food & Industrial Ingredients—LATAM 4% -3% 0% 1% Food & Industrial Ingredients—U.S./CAN 0% -7% -2% -9% Ingredion 2% -2% -2% -2% Totals may not sum due to rounding 15
Slide 16: Q4: EPS bridge
Q4: EPS bridge Amounts in dollars per share Q4 2024 Q4 2025 Reported Diluted EPS $ 1.43 $2.56 Impairment charges 1.20 0.05 Restructuring/resegmentation costs 0.06 0.08 Net gain on sale of business --- --- Tax items and other matters (0.06) (0.16) Adjusted Diluted EPS* $2.63 $2.53 Total change in adj
Slide 17: FY 2025: Income statement highlights
FY 2025: Income statement highlights $ in millions, unless noted FY 2024 FY 2025 Change Net Sales $7,430 $7,219 -3% Gross Profit $1,791 $1,828 2% Gross Profit Margin 24.1% 25.3% 120 bps Reported Operating Income $883 $1,016 15% Reported Diluted EPS $9.71 $11.18 $1.47/share +15.1% Adjusted Operating
Slide 18: FY: Net sales bridge
FY: Net sales bridge $ in millions -3% $7,430 $8 $7,219 $(75) $(144) • Estimate >$200M of cost pass-through • Favorable customer and product mix FY 2024 FX Volume Price/Mix FY 2025 Totals may not sum due to rounding 18
Slide 19: FY: Net sales variance by segment
FY: Net sales variance by segment Foreign Sales Net Sales Price Mix Exchange Volume Change Texture & Healthful Solutions 2% 4% -5% 1% Food & Industrial Ingredients—LATAM 0% -4% 0% -4% Food & Industrial Ingredients—U.S./CAN -1% -4% -2% -7% Ingredion 0% -1% -2% -3% Totals may not sum due to rounding 1
Slide 20: Texture & Healthful Solutions and Food & Industrial Ingredients - LATAM
Texture & Healthful Food & Industrial Solutions Ingredients - LATAM Absent FX Absent FX FY Net Sales impacts FY Net Sales impacts $ in millions 0% $ in millions -4% +1% -4% 2,366 2,397 2,450 2,341 FY 2024 FY 2025 FY 2024 FY 2025 FY Op Income $ $350 $405 FY Op Income $ $483 $493 FY Op Inc Margin 14.8
Slide 21: Food & Industrial Ingredients - US/CAN and All Other
Food & Industrial Ingredients - US/CAN All Other Absent FX FY Net Sales impacts FY Net Sales* Absent FX impacts* $ in millions -6% $ in millions +3% -7% +2% 2,155 459 468 2,013 FY 2024 FY 2025 FY 2024 FY 2025 FY Op Income $ $373 $315 FY Op Income $ $(22) $(2) FY Op Inc Margin 17.3% 15.6% FY Op Inc M
Slide 22: Full year EPS bridge
Full year EPS bridge Amounts are dollars/share YTD 2024 YTD 2025 Reported Diluted EPS $ 9.71 $11.18 Impairment charges 1.63 0.11 Restructuring/resegmentation costs 0.20 0.17 Net gain on sale of business (1.29) --- Tax items and other matters 0.40 (0.33) Adjusted Diluted EPS* $10.65 $11.13 Total chan
Slide 23: Full year cash from operations and capital allocation
Full year cash from operations and capital allocation $ millions FY 2025 FY Cash Net income $736 FY 2024 FY 2025 Impact A/R 1,093 1,185 (92) Depreciation and amortization $222 Inventory 1,187 1,227 (40) Working capital $(75) AP (1,237) (1,268) 31 Other $61 Other items 26 Total change in WC (75) Cash
Slide 24: Full year 2026 outlook
Full year 2026 outlook1 Net sales Up low single-digits to mid-single-digits Adjusted operating income* Up low single-digits Financing costs $40 – $50 million Corporate costs Flat to up low single-digits Adjusted effective tax rate* 25.5% – 27.0% Adjusted EPS* $11.00 to $11.80 Diluted weighted avg. s
Slide 25: 2026 Full year outlook by segment
2026 Full year outlook by segment • Expect net sales to be up low single-digits to mid- Texture & Healthful single-digits Solutions • Expect operating income to be up low single-digits to 2026 mid-single-digits vs. 2025 • Expect net sales to be up low single-digits to mid- single-digits Food & Indus
Slide 26: Well positioned to build on 2025's solid results
Well positioned to build on 2025’s solid results • Strong sales volume momentum for Texture & Healthful Solutions, driven by wellness trends and reformulations • Exceeded Cost2Compete target, delivering $59 million of run rate savings • Introducing Enterprise Productivity as a new strategic pillar •
Slide 27: Upcoming investor activities
Upcoming investor activities CAGNY 2026 Orlando | February 17 JP Morgan Consumer Ingredients Forum London | March 10 BNP Paribas Exane Consumer Ingredients Conference London | March 10, 11 London non-deal roadshow London | March 12 27
Slide 28: Appendix
Appendix NN Ingredion Be what's next.
Slide 29: Non-GAAP Information
Non-GAAP Information To supplement the consolidated financial results prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), we use non-GAAP historical financial measures, which exclude certain GAAP items such as restructuring and resegmentation costs, net gain on sale o
Slide 30: 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 Twelve Months Ended Twelve Months Ended December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024 (in millions) Diluted
Slide 31: Reconciliation of GAAP net income and diluted EPS (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 and twelve months ended December 31, 2025, we recorded pre-tax restructuring charges of $6 million and $13 million, respectively, prim
Slide 32: 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 December 31, Twelve Months Ended December 31, 2025 2024 2025 2024 Operating income $ 220 $ 162 $ 1,016 $ 883 Adjustments: Restructuring and resegmentation costs (i) 6 6 13 18 Impairment charges (iii) 2 8
Slide 33: Reconciliation of GAAP effective income tax rate to non-GAAP adjusted
Reconciliation of GAAP effective income tax rate to non-GAAP adjusted effective income tax rate Three Months Ended December 31, 2025 Twelve Months Ended December 31, 2025 Income before Provision for Effective Income before Provision for Effective Income Taxes Income Taxes Income Income Taxes Income
Slide 34: Reconciliation of GAAP effective income tax rate (continued)
Reconciliation of GAAP effective income tax rate to non-GAAP adjusted effective income tax rate (continued) Three Months Ended December 31, 2024 Twelve Months Ended December 31, 2024 Income before Provision for Effective Income before Provision for Effective Income Taxes Income Taxes Income Income T
Slide 35: Reconciliation of expected GAAP diluted EPS to expected adjusted diluted 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 $ 11.00 $ 11.80 Adjustments: Adjusted EPS $ 11.00 $ 11.80 Above are reconciliations of our expec
Slide 36: Reconciliation of expected GAAP effective tax rate to expected adjusted
Reconciliation of expected GAAP effective tax rate to expected non- GAAP adjusted effective income tax rate Expected Effective Tax Rate Range for Full-Year 2026 Low End of High End of Guidance Guidance GAAP ETR 25.5 % 27.0 % Adjustments: Adjusted ETR 25.5 % 27.0 % Above are reconciliations of our ex