Tate & Lyle Plc · LSE:TATE
Tate & Lyle — H1 FY2026 Earnings Presentation
39 slides from Tate & Lyle's earnings presentation, Nov 6, 2025
Slide 1: Results for six months to 30 September 2025
Results for six months to 30 September 2025 6 November 2025 Nick Hampton, Chief Executive Sarah Kuijlaars, Chief Financial Officer
Slide 2: Cautionary statement
Six months to 30 September 2025 Cautionary statement This presentation of the Half-Year Results for the six months to 30 September 2025 contains certain forward-looking statements with respect to the financial condition, results, operations and businesses of Tate & Lyle PLC. These statements and for
Slide 3: Key messages
Six months to 30 September 2025 Key messages 1 2 3 Power of combination Slowdown in market Accelerating actions driving high levels of demand impacting to drive top-line growth customer engagement current performance and stronger performance 3
Slide 4: Power of combination driving high levels of customer engagement
Six months to 30 September 2025 Key messages 1 Power of combination driving high levels of customer engagement 4
Slide 5: High levels of customer engagement
Six months to 30 September 2025 High levels of customer engagement >4,000 >250 $420m Customer interactions Increase in the number New business pipeline2 since 1 April 20251 of customers we’ve at 30 September 2025 engaged in technical interactions since 1 April 2025 5 1. Interactions include technica
Slide 6: Combination increasing customer innovation and solution selling
Six months to 30 September 2025 Combination increasing customer innovation and solution selling New Products Solutions Innovation +55% 39% +68% LFL: +7%1 LFL: 22%1 LFL: +4%1 Increase in Solutions by value from Investment in innovation New Products revenue2 new business wins3 and solution selling4 1.
Slide 7: Unlocking revenue synergies through cross-selling
Six months to 30 September 2025 Unlocking revenue synergies through cross-selling Cross-selling pipeline growing strongly Revenue synergies ▪ >85% increase in all regions in Q2 Cross-selling pipeline value1,2 On track to deliver2 at 30 September 2025 c. $60m ▪ Global training programme in place c.$7
Slide 8: Unlocking revenue synergies: cross-selling customer examples
Six months to 30 September 2025 Unlocking revenue synergies: cross-selling customer examples Tate & Lyle customer CP Kelco customer US Australia US Spain High protein shakes Granola bars Yoghurts Sugar free gummies Mouthfeel solution Pectin solution delivering Solutions including pectin, Fibre forti
Slide 9: Fundamental drivers of growth remain strong
Six months to 30 September 2025 Fundamental drivers of growth remain strong Macro trends Food trends Benefits of the combination Structural Acceleration Expanded Increased Deliver consumer trends in reformulation customer offering customer access revenue synergies ▪ Population growth ▪ Reformulate U
Slide 10: Confidence in growth potential of combined business
Six months to 30 September 2025 Confidence in growth potential of combined business Tate & Lyle is a global leader in: Sweetening Mouthfeel Fortification With a leading portfolio and unique combination of capabilities to support our customers: Science Applications Formulation Nutrition Insights Regu
Slide 11: Slowdown in market demand impacting current performance
Six months to 30 September 2025 Key messages 2 Slowdown in market demand impacting current performance 11
Slide 12: Market demand: US
Six months to 30 September 2025 Market demand: US Higher pricing in Q2 accelerated volume decline US F&B market over last 12 months1 US F&B market over last 3 months1 +4.7% +3.8% +2.4% 1.9% (1.3)% (2.7)% Value Volume Price Value Volume Price 12 1. Nielsen data for latest 12 weeks and 52 weeks, chang
Slide 13: Financial results
Six months to 30 September 2025 Financial results ▪ Focus on adjusted measures > Items with percentage growth in constant currency ▪ Comparatives are pro forma unless indicated otherwise > As if the acquisition of CP Kelco had completed on 1 April 2024 ▪ In analysing the drivers of revenue change, w
Slide 14: Financial highlights
Six months to 30 September 2025 Financial highlights Tate & Lyle Statutory Revenue1 Statutory EBITDA1 Pro forma Revenue2 Adjusted EBITDA2 +32% +24% (3)% (6)% £1,024 million £184 million £1,024 million £215 million Adjusted profit before tax2 Adjusted earnings per share Free cash flow Return on capit
Slide 15: Revenue drivers
Six months to 30 September 2025 Revenue drivers Revenue lower driven by slowdown in market demand £(22)m £(10)m ▪ Reported revenue (3)% lower at £1,024m £1 056m 2 £1 088m > £(32)m impact of foreign exchange £1 056m ▪ Sucralose delivered robust performance > Revenue broadly in-line (3)% ▪ Based on ta
Slide 16: Adjusted EBITDA margin remains attractive
Six months to 30 September 2025 Adjusted EBITDA margin remains attractive Adjusted EBITDA lower from top-line softness, growth investments and phasing of cost synergies Adjusted EBITDA Margin: 21.9% ▪ Adjusted EBITDA (6%) lower2 due to: Adjusted EBITDA Softer market demand Margin: 21.0% £237m Price
Slide 17: Segmental performance
Six months to 30 September 2025 Segmental performance Adjusted ▪ Americas Region Revenue1 EBITDA1 > Volume2 lower as market demand slowed > Pricing slightly higher £512m £134m Americas (2)% (7)% ▪ Europe, Middle East and Africa > Market demand more stable Europe, Middle East £319m £49m > Pricing low
Slide 18: Exceptional items, Taxation and Dividend
Six months to 30 September 2025 Exceptional items, Taxation and Dividend Pre-tax Adjusted Interim exceptional charges effective tax rate dividend £(17)m 24.4% 6.6p per share +280bps +0.2p ▪ £(20)m integration costs Expect to be in range of One third of previous ▪ £(10)m US pension buy-out cost 24% t
Slide 19: Free cash flow
Six months to 30 September 2025 Free cash flow Solid performance with free cash flow of £98m and cash conversion2 of 71% £27m £(37)m £(5)m £127m £(20)m £6m £98m FY25 H1 FCF Adjusted EBITDA Working capital Capital expenditure Net interest Tax and other FY26 H1 FCF Capital expenditure expected to be t
Slide 20: Balance sheet
Six months to 30 September 2025 Balance sheet Maintaining financial strength ▪ Attractive long-term funding in place > Target long-term leverage to be between 1.0x and 2.5x net debt to EBITDA > Significant headroom compared to 3.5x net debt to EBITDA covenant threshold Net debt to EBITDA1 ▪ Net debt
Slide 21: Accelerating actions to drive top-line growth and stronger performance
Six months to 30 September 2025 Key messages 3 Accelerating actions to drive top-line growth and stronger performance 21
Slide 22: Actions focused on four priority areas
Six months to 30 September 2025 Actions focused on four priority areas 1 Targeted investment to accelerate customer wins in key growth areas 2 Deliver the benefits of the CP Kelco combination 3 Accelerate productivity across the enlarged Group 4 Strengthen the balance sheet and shareholder returns 2
Slide 23: Targeted investment to accelerate customer wins in key growth areas
Six months to 30 September 2025 Targeted investment to accelerate customer wins in key growth areas Developing Strengthening Accelerating Increasing Investing enhanced customer customer-facing roll-out of spend on science in technology to drive segmentation capabilities customer solutions and innova
Slide 24: Investing in enhanced customer segmentation and capabilities
Six months to 30 September 2025 Investing in enhanced customer segmentation and capabilities Enhanced customer segmentation Strengthening customer-facing capabilities ▪ Global customer base ▪ Expanded portfolio and capabilities Applications Sensory ▪ Target higher growth sub-categories ▪ Focus on cu
Slide 25: Accelerating roll-out of customer solutions
Six months to 30 September 2025 Accelerating roll-out of customer solutions Ramp-up of mouthfeel chassis solutions programme Recent mouthfeel chassis solutions for customers High protein yoghurt Low-fat mayonnaise Pectin and starch Citrus fibre, xanthan, starch 10 Mouthfeel chassis solutions launche
Slide 26: Investing in technology to drive sales effectiveness
Six months to 30 September 2025 Investing in technology to drive sales effectiveness Generative AI sales tool ALFIE (Automated Laboratory for Ingredient Experimentation) ▪ >$3m investment1 ▪ Accelerating solutions development ▪ Accesses technical and scientific libraries ▪ Working closely with custo
Slide 27: Actions focused on four priority areas
Six months to 30 September 2025 Actions focused on four priority areas 1 Targeted investment to accelerate customer wins in key growth areas 2 Deliver the benefits of the CP Kelco combination 3 Accelerate productivity across the enlarged Group 4 Strengthen the balance sheet and shareholder returns 2
Slide 28: Increasing customer access and penetration
Six months to 30 September 2025 Increasing customer access and penetration Moving targeted CP Kelco customers to direct-service model 10% of revenue from CP Kelco’s portfolio moving to direct- service customer model by end of 2026 financial year ▪ Consolidating distribution partners ▪ Moving smaller
Slide 29: Delivery of run-rate cost synergies ahead of plan
Six months to 30 September 2025 Delivery of run-rate cost synergies ahead of plan To-date Target Examples ▪ Removed and delayered senior roles >$30m $50m run-rate1 run-rate1 ▪ Closed office space in US and Dubai at 30 September 2025 by end of 2027 financial year ▪ Supply chain efficiencies Already E
Slide 30: Actions focused on four priority areas
Six months to 30 September 2025 Actions focused on four priority areas 1 Targeted investment to accelerate customer wins in key growth areas 2 Deliver the benefits of the CP Kelco combination 3 Accelerate productivity across the enlarged Group 4 Strengthen the balance sheet and shareholder returns 3
Slide 31: Accelerate productivity across the enlarged Group
Six months to 30 September 2025 Accelerate productivity across the enlarged Group 5-Year productivity target1 increased by $50m to $200m 5-year productivity Productivity savings delivered in H1 target to 31 March 2028 $21m New target Original target $200m Delivered to-date2 $150m $14m $7m $112m Oper
Slide 32: Actions focused on four priority areas
Six months to 30 September 2025 Actions focused on four priority areas 1 Targeted investment to accelerate customer wins in key growth areas 2 Deliver the benefits of the CP Kelco combination 3 Accelerate productivity across the enlarged Group 4 Strengthen the balance sheet and shareholder returns 3
Slide 33: Stronger cashflow to drive deleverage
Six months to 30 September 2025 Stronger cashflow to drive deleverage Focus on cash Consistent generation capital allocation policy ▪ Drive improvement in CP Kelco cash conversion cycle Long-term target > Optimise and reassess minimum inventory requirements for cash conversion to exceed ▪ Increase w
Slide 34: Driving stronger shareholder returns
Six months to 30 September 2025 Driving stronger shareholder returns Consistent capital allocation policy Acquisitions, Return Invest in joint ventures, Dividend surplus capital organic growth partnerships to shareholders Maintain strong and efficient balance sheet, Target long-term leverage between
Slide 35: Strengthening focus on commercial execution
Six months to 30 September 2025 Strengthening focus on commercial execution Organisational changes To drive our focus on commercial execution and growth ▪ Didier Viala appointed President, Americas ▪ Platforms, Solutions, Marketing and Commercial Transformation being combined into one commercial tea
Slide 36: Outlook and Summary
Six months to 30 September 2025 Conclusion 4 Outlook and Summary 36
Slide 37: Outlook for 2026 financial year
Six months to 30 September 2025 Outlook for 2026 financial year Outlook unchanged from pre-close statement on 1 October 2025 For the year ending 31 March 2026, in constant currency and compared to pro forma comparatives, we continue to expect revenue and EBITDA to decline by low-single digit percent
Slide 38: Summary
Six months to 30 September 2025 Summary ▪ Stronger together, power of the combination driving high customer engagement ▪ Taking decisive actions to deliver top-line growth and improve performance ▪ Long-term structural growth drivers of business remain strong ▪ Focused on execution, delivery for our
Slide 39: Q&A
Q&A 39