Slide 1: Second Quarter 2025 Earnings Call
TBU Option 1 Second Quarter 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: CEO Perspective
Jim Zallie President and CEO CEO Perspective 4
Slide 5: T&HS Q2 profit growth contributes to 12% adjusted operating income increase for H1
T&HS Q2 profit growth contributes to 12% adjusted operating income increase for H1 Q2 Net Sales Q2 Adjusted Operating Income* $ in millions $ in millions -2% $1,878 $1,833 +1% $270 $273 Q2 2024 Q2 2025 Q2 2024 Q2 2025 YTD Net $3,760 $3,646 YTD Adj $486 $546 Sales -3% Op Income +12% *See appendix for
Slide 6: T&HS continues strong net sales volume growth
T&HS continues strong net sales volume growth Net Sales Highlights Volume • Volume growth across US/CAN and APAC • US/CAN clean label up double digits Texture & Healthful Solutions +3% • Global strategic key accounts up double digits • Strong U.S. performance from customized formulations Food & Indu
Slide 7: Increasing consumer wellness preferences fueling reformulation and clean label growth
Increasing consumer wellness preferences fueling reformulation and clean label growth • Leadership in clean label • On-trend clean label portfolio benefitting starches, fibers, proteins and stevia product lines • Enabling “better-for-you” innovation with great taste, texture, and affordability refor
Slide 8: Sustaining our higher level of profitability
Sustaining our higher level of profitability Gross Margins 25.7% 26.0% 25.6% 25.0% 23.7% 22.2% 21.3% 20.7% 20.8% Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Total Gross Profit ($M) $441 $421 $400 $417 $446 $479 $449 $466 $477 8
Slide 9: Q2 progress against our strategic pillars
Q2 progress against our strategic pillars People-Centric Business Growth Cost Competitiveness through Operational Excellence Performance- Based Growth Culture • Texture & Healthful Solutions • Confident to exceed our 2025 • Released 2024 Sustainability • Strong sales volume growth run-rate savings t
Slide 10: Financial Update
James Gray Executive Vice President and CFO Financial Update 10
Slide 11: Q2: Income statement highlights
Q2: Income statement highlights $ in millions, unless noted Q2 2024 Q2 2025 Change Net Sales $1,878 $1,833 -2% Gross Profit $446 $477 7% Gross Profit Margin 23.7% 26.0% 230 bps Reported Operating Income $240 $271 13% Reported Diluted EPS $2.22 $2.99 $0.77/share Adjusted Operating Income* $270 $273 1
Slide 12: Q2: Net sales bridge
Q2: Net sales bridge $ in millions -2% $1,878 $1,833 $(3) $(15) $(27) Q2 2024 FX Volume Price/Mix Q2 2025 Totals may not sum due to rounding 12
Slide 13: Q2: Net sales variance by segment
Q2: Net sales variance by segment Foreign Net Sales Volume Price Mix Exchange Change Texture & Healthful Solutions 3% 3% -4% 2% Food & Industrial Ingredients— -2% -4% 1% -5% LATAM Food & Industrial Ingredients— -1% -3% -2% -6% US/CAN Ingredion 0% -1% -1% -2% Totals may not sum due to rounding 13
Slide 14: Texture & Healthful Solutions and Food & Industrial Ingredients—LATAM
Texture & Healthful Food & Industrial Solutions Ingredients—LATAM Absent FX Absent FX Q2 Net Sales impacts Q2 Net Sales impacts $ in millions -1% $ in millions -3% -5% +2% $630 $596 $588 $599 Q2 2024 Q2 2025 Q2 2024 Q2 2025 Q2 Op Income $ $86 $111 Q2 Op Income $ $130 $127 Q2 Op Inc Margin 14.6% 18.5
Slide 15: Food & Industrial Ingredients—US/CAN and All Other
Food & Industrial Ingredients—US/CAN All Other Q2 Net Sales Absent FX impacts Q2 Net Sales Absent FX impacts $ in millions -5% $ in millions +10% -6% $555 $523 +10% $105 $115 Q2 2024 Q2 2025 Q2 2024 Q2 2025 Q2 Op Income $ $105 $86 Q2 Op Income $ $(10) $(1) Q2 Op Inc Margin 18.9% 16.4% Q2 Op Inc Marg
Slide 16: Q2: EPS bridge
Q2: EPS bridge Amounts are dollars/share Q2 2024 Q2 2025 Reported Diluted EPS $ 2.22 $2.99 Impairment charges 0.33 (0.02) Restructuring/resegmentation costs 0.03 0.03 Net gain on sale of business 0.01 --- Tax items and other matters 0.28 (0.13) Adjusted Diluted EPS* $2.87 $2.87 Total change in adjus
Slide 17: YTD 2025: Income statement highlights
YTD 2025: Income statement highlights $ in millions, unless noted YTD 2024 YTD 2025 Change Net Sales $3,760 $3,646 -3% Gross Profit $863 $943 9% Gross Profit Margin 23.0% 25.9% 290 bps Reported Operating Income $453 $547 21% Reported Diluted EPS $5.46 $5.99 $0.53/share Adjusted Operating Income* $48
Slide 18: YTD: EPS bridge
YTD: EPS bridge Amounts are dollars/share YTD 2024 YTD 2025 Reported Diluted EPS $ 5.46 $5.99 Impairment charges 0.33 0.06 Restructuring/resegmentation costs 0.06 0.05 Net gain on sale of business (1.08) --- Tax items and other matters 0.19 (0.26) Adjusted Diluted EPS* $4.96 $5.84 Total change in ad
Slide 19: Year to date cash from operations and capital allocation
Year to date cash from operations and capital allocation $ millions YTD 2025 Year End June YTD Cash Net income $397 2024 2025 Impact A/R 1,093 1,359 (266) Depreciation and amortization $108 Inventory 1,187 1,223 (36) Working capital $(241) AP (1,237) (1,218) (19) Other $(2) Other items 80 Total chan
Slide 20: Full year 2025 outlook
Full year 2025 outlook1 Net sales Flat Adjusted operating income* Up mid-single-digits Financing costs $40 – $60 million Corporate costs Up high single-digits Adjusted effective tax rate* 26.0% – 27.5% Adjusted EPS* $11.10 to $11.60 Diluted weighted avg. shares outstanding 65.0 – 66.0 million shares
Slide 21: 2025 Full year outlook by segment
2025 Full year outlook by segment 2025 Texture & Healthful • Expect net sales to be up mid-single-digits vs. Solutions • Expect operating income to be up low double-digits 2024 • Expect net sales to be flat to down low single-digits Food & Industrial—LATAM • Expect operating income to be up low sing
Slide 22: Strong first half performance and solid outlook for H2 2025
Strong first half performance and solid outlook for H2 2025 • Texture & Healthful Solutions momentum expected to continue driven by customer reformulations • Experienced team navigating short-term LATAM macroeconomic headwinds • Rebuilding inventories in F&II—U.S./CAN to meet customer demand • Cost2
Slide 23: Upcoming investor activities
Upcoming investor activities TBU Ingredion Investor Day St. Regis Hotel | New York City | September 17 Agenda preview: • Multi-year outlook • Growth strategy • Management Q&A session • Interactive lunch 23
Slide 24: Appendix
Appendix NN Ingredion Be what's next.
Slide 25: 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 and resegmentation costs, net gain on sale
Slide 26: GAAP net income to adjusted EPS
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 Six Months Ended Six Months Ended June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024 (in millions) Diluted EPS (in millions) Dilu
Slide 27: GAAP net income to adjusted EPS (notes)
Reconciliation of GAAP net income and diluted earnings per share (EPS) to non-GAAP adjusted net income and adjusted diluted EPS (continued) Notes i. For the three and six months ended June 30, 2025, we recorded pre-tax restructuring charges of $3 million and $4 million, primarily related to decommis
Slide 28: GAAP operating income to adjusted operating income
Reconciliation of GAAP operating income to non-GAAP adjusted operating income Three Months Ended Six Months Ended June 30, June 30, ($ in millions, pre-tax) 2025 2024 2025 2024 Operating income $ 271 $ 240 $ 547 $ 453 Adjustments: Restructuring and resegmentation costs (i) 3 3 4 6 Impairment charges
Slide 29: GAAP tax rate to adjusted tax rate
Reconciliation of GAAP effective income tax rate to non-GAAP adjusted effective income tax rate Three Months Ended June 30, 2025 Six Months Ended June 30, 2025 Income before Provision for Effective Income before Provision for Effective Income Taxes Income Taxes Income Income Taxes Income Taxes Incom
Slide 30: GAAP tax rate to adjusted tax rate (continued)
Reconciliation of GAAP effective income tax rate to non-GAAP adjusted effective income tax rate (continued) Three Months Ended June 30, 2024 Six Months Ended June 30, 2024 Income before Provision for Effective Income before Provision for Effective Income Taxes Income Taxes Income Income Taxes Income
Slide 31: Expected GAAP EPS to 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 2025 Low End of High End of Guidance Guidance GAAP EPS $ 11.25 $ 11.75 Adjustments: Restructuring and resegmentation costs (i) 0.05 0.05 Impairment cha
Slide 32: Expected GAAP tax rate to adjusted tax 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 2025 Low End of High End of Guidance Guidance GAAP ETR 25.1 % 26.6 % Adjustments: Restructuring and resegmentation costs (i) —% —