Ingredion Incorporated · NYSE:INGR
Ingredion — Investor Day (September 2025)
100 slides from Ingredion's investor day presentation, Sep 17, 2025
Slide 1: Investor Day 2025
Investor Day 2025 September 17 | New York City 2025 Investor Day 1
Slide 2: Welcome & Opening Remarks
INTRODUCTION Welcome & Opening Remarks Noah Weiss Vice President, Investor Relations & Corporate Communications 2025 Investor Day 2
Slide 3: Forward-looking statements
Forward-looking statements This presentation 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 Securities Exchange Act of 1934, as amended. Ingredion intends these forward-looking statements to be co
Slide 4: Today's agenda
Today’s agenda 9:00 AM Welcome & Opening Remarks 10:45 AM Consumer & Customer-relevant Innovation Noah Weiss | VP, Investor Relations & Corporate Mike Leonard | SVP, Chief Innovation Officer Communications & Head of Protein Fortification Strategic Vision to Drive Growth Jim Zallie | President & CEO
Slide 5: Ingredion sizzle reel
Ingredion sizzle reel 2025 Investor Day 5
Slide 6: Strategic Vision to Drive Growth
COMPANY OVERVIEW Strategic Vision to Drive Growth Jim Zallie President & CEO 2025 Investor Day 6
Slide 7: Strategic vision to drive growth key messages
Strategic vision to drive growth key messages Continuing business transformation to strengthen market 1 leadership positions through portfolio optimization, innovation and cost competitiveness Diversifying our presence and offerings through 2 geographic expansion, capabilities building and solutions
Slide 8: Ingredion snapshot (NYSE: INGR)
Ingredion snapshot (NYSE: INGR) Westchester, IL 100+ $8.3B $7.4B HEADQUARTERS YEARS IN BUSINESS MARKET-CAP1 2024 TOTAL NET SALES ~11,000 120 30 ~16,000 GLOBAL EMPLOYEES COUNTRIES SERVED IDEA LABS® IN 22 COUNTRIES CUSTOMERS2 2024 NET SALES BREAKDOWN 6% 8% 32% 19% 29% Segment Segment Texture & Healthf
Slide 9: Significant progress on our business transformation journey
Since 2024, we have made significant progress on our business transformation journey… Completed Achieved record Delivered on 2022–2025 Exceeded recast of segments earnings and cash flow growth outlook expectations and portfolio actions plus strong gross profit margins announced Investor Day 2022 sin
Slide 10: Delivering strong shareholder returns
…while delivering strong shareholder returns… Total Shareholder Return Total Shareholder Return Total Shareholder Return (Last 1-Year) (Last 3-Years) (Last 5-Years) 56% 86% -1% 35% -8% -15% IN GR Pe rGroup Ingredion Peer Average1 2025 Investor Day Source: FactSet data as of August 29, 2025. 1 Based
Slide 11: Well positioned to continue to build on recent success
…and we are well positioned to continue to build on our recent success Building clear Executing strategically Driving profitable growth with competitive advantages and financially disciplined capital allocation Being the go-to-provider for Maintaining leading market Investing in organic growth
Slide 12: Segment structure combines global reach with local expertise
Segment structure combines global reach with local expertise and provides better customer connectivity Texture & Healthful Food & Industrial Food & Industrial Other businesses1 Solutions Ingredients—LATAM Ingredients—U.S./CAN o Global, multinational and o Strategic asset footprint provides o Core sw
Slide 13: Top tier positions in attractive markets
Top tier positions in attractive markets Texture & Healthful Food & Industrial Solutions Ingredients TOTAL LATAM U.S./CAN Market Size ~$20B ~$5B ~$10B ~$35B Industry 2%–4% 2%–3% 0.9%–1.3% 2%–3%2 Growth Rates1 Ingredion 2025–2027 4%–6% 2%–3% 0%–1% 2%–4% Growth Rate (0.5%–1.5% excluding HFCS) Ingredio
Slide 14: Long-term strategic framework: Key priorities
Long-term strategic framework: Key priorities Profitable Growth Innovation Operational Excellence o Leverage strong customer o Invest in R&D and differentiating o Solid progress to date by leveraging relationships to support capabilities to meet emerging our global operating model to reformulation,
Slide 15: Macro trends offer growth opportunities
Profitable Macro trends offer growth opportunities Growth Clean Sugar Protein & Fiber Weight-loss Affordability Label Reduction Fortification Drugs Consumer Desire for Enable affordable Reduced and no Growing demand Medical weight- Behavior transparency price points across sugar foods and for produc
Slide 16: Innovation as an engine for growth
Innovation Innovation as an engine for growth Clean Label Texturizers Leadership Global leadership – including major markets in Europe, U.S. and China – nonchemically modified, clean label starches backed by decades of investments in proprietary manufacturing and clean label formulating Investment i
Slide 17: Operational excellence journey
Operational Operational excellence journey: Excellence Service differentiation and cost competitiveness to win Customer Support customer demand by localizing supply chains, embracing perfect order service and delivering quality ingredients on time Cost Capacity Reduce costs through Ensure reliabilit
Slide 18: Renewing long-term financial outlook
Continuing to raise the bar: Renewing long-term financial outlook Net Sales Adj. Operating Growth Income Adj. EPS 2%–4% 5%–7% 7%–9% 2025–2027 2025–2027 2025–2027 2024 Base: $7.4B 2024 Base: $1,016M 2024 Base: $10.65 2025 Investor Day 18
Slide 19: Experienced, execution-focused leadership team
An experienced, high-performing and execution-focused leadership team Today’s presenters Prior Experiences Jim Zallie Jim Gray Mike O’Riordan Rob Ritchie Mike Leonard President & CEO EVP & CFO SVP, Texture & Healthful EVP, F&II, LATAM & SVP, Chief Innovation Joined: 1983 2014 Solutions, EMEA & U.S./
Slide 20: Texture & Healthful Solutions
SEGMENT OVERVIEW Texture & Healthful Solutions Mike O’Riordan SVP, Texture & Healthful Solutions, EMEA & Asia- Pacific 2025 Investor Day 20
Slide 21: T&HS key messages
T&HS key messages Increasing market penetration and enhancing margins 1 through scalable solutions, superior functionality and local manufacturing presence, particularly in developing markets Enabling consumer-preferred, customer new product 2 launches through co-creation and reformulation Developin
Slide 22: Delivering above-market performance
Delivering above-market performance Driven by breadth of product lines, solutions selling and innovation Net Sales ($B) Gross Margin (%) OI Margin (%) Key Stats ~1% +400 +200 CAGR bps bps $3.0 $2.5 $2.3 $2.4 24% 28% 13% 15% Ingredient Solutions 1,000+ $2.0 $1.5 Active 1,600+ $1.0 Patents $0.5 $0.0 2
Slide 23: Year to date progress since 2024 Texture Innovation Day
Year to date progress since our 2024 Texture Innovation Day Operationalized texture solutions selling globally supported by formal customer briefs Increased value of new project pipeline since November 2024 Launched new, clean label texturizing and emulsifying citrus fibers Advancing predictive form
Slide 24: Large, addressable market with above-market growth opportunities
Large, addressable market with opportunities to capture above-market growth Texture Market Texture and health driving consumer choice 2%–4%1 Industry CAGR Over Next 3 Years o 85%2 of consumers are (highly) likely to recommend their favorite food based on its texture $600B o 76%3 of consumers say tex
Slide 25: Key market trends driving growth over next 5 years
Key market trends driving growth over next 5 years Clean Label Wellness Mochi Texture Convenience Delivery Consumers’ need for Increased preference 60% of consumers Driven by 2 billion deliveries to transparency and to eat healthy and prefer multi-textural urbanization and consumers in 2024 desire f
Slide 26: Texture solutions create value across large and growing categories
Our texture solutions create value across large and growing categories Savory Dairy Bakery Snacks Beverage Priority • Sauces and dressings • Yogurt and yogurt • Cake, donut, pastry, • Biscuits, cookies, • Sports nutrition and Categories • Meat, fish and poultry alternatives including fillings and nu
Slide 27: Texture & Healthful Solutions key priorities
Texture & Healthful Solutions key priorities Profitable Innovation Operational Growth Excellence 2025 Investor Day 27
Slide 28: Emerging markets: significant growth opportunity for texture
Profitable Emerging markets represent a significant Growth growth opportunity for texture solutions Significant Modified Starch Growth Opportunity in Emerging Markets Factors Most Influencing Modified Starch Consumption per Capita Modified Starch Growth 6x Consumption o GDP and Middle-class vs. Emer
Slide 29: Driving innovation through a differentiated solutions model
Innovation Driving innovation through a differentiated solutions model Our Solutions Approach Revenue Generated from Solutions ($B) Our most differentiated and innovative Average Selling Price ingredients, customized formulations and value-added services ~$8.0 $7.4 5%–6% o Now developing solutions t
Slide 30: Operational excellence to support growth and cost competitiveness
Operational Operational excellence to support growth Excellence and enable cost competitiveness Customer Service and Delivery Efficiency o Delivering consistent, high-quality texture solutions at competitive cost through localizing of our supply chains Manufacturing Capacity Upgrades o $100M+ invest
Slide 31: Clean label meal replacement beverage for private label
CASE STUDY Clean label meal replacement beverage for private label Customer Need Our Unique Solution Results o Develop a high protein, o Leveraged proprietary insights, global good source of fiber, meal formulation expertise and breadth Achieved rapid replacement beverage of clean label texture solu
Slide 32: T&HS 2025–2027 growth outlook
T&HS 2025–2027 growth outlook Net Sales Gross Profit Adj. Operating Growth Margin Income 4%–6% 28%–30% 8%–10% CAGR Over Plan Period CAGR 2024 Base: $2.4B 2024 Base: 27.6% 2024 Base: $350M On track to deliver profitable, innovation-led growth 2025 Investor Day Note: Above estimates made during the No
Slide 33: T&HS key takeaways
T&HS key takeaways 1 2 3 4 Increasing market Enabling consumer- Developing Capitalizing on penetration and preferred, customer differentiated R&D significant growth enhancing margins new product launches and go-to-market capital investments in through scalable through co-creation capabilities to mee
Slide 34: Food & Industrial Ingredients—LATAM
SEGMENT OVERVIEW Food & Industrial Ingredients— LATAM Rob Ritchie Executive Vice President, Food & Industrial Ingredients U.S./Canada & LATAM, & Sugar Reduction 2025 Investor Day 34
Slide 35: F&II—LATAM key messages
F&II—LATAM key messages Leveraging 90+ years of experience – which has 1 positioned us as #1 throughout LATAM markets – to drive innovation and growth for our customers Delivering consistent, profitable growth through 2 long-standing customer relationships, operational excellence and network optimiz
Slide 36: Strong track record of results
Strong track record of results Driven by strong, local manufacturing presence in some of the world’s most dynamic CPG markets Net Sales ($B) Gross Margin (%) OI Margin (%) Manufacturing Footprint +500 +300 $2.6 bps bps 4 Innovation $2.4 Centers 26% 20% 15 Production 21% 17% Plants1 vs. Competitors’
Slide 37: Most extensive portfolio of ingredients and solutions in LATAM
Most extensive portfolio of ingredients and solutions differentiates us in LATAM Category Food Texturizers Sugar Beauty & Industrial Agri- Ingredients Reduction Home Care products Products o Native starch1 o Starch-based o Stevia o Native starch1 o Native starch1 o Gluten meal o Modified starch1 tex
Slide 38: LATAM trends are driving long-term growth
LATAM trends are driving long-term growth Economics & Food Demographics Government Consumption ~2% GDP growth (2025–2028) 62% population under 40 years old vs. +3.9% Consumer packaged goods CAGR 51% in U.S. (2023–2028F) +7 p.p. Increase in formal economy Stronger than more mature markets (2004–2024)
Slide 39: Favorable long-term consumption trends in LATAM
Favorable long-term consumption trends in LATAM Strong volume growth potential for packaged foods and beverages – currently half of U.S. total volume Packaged Food Volume per Capita (KG) Beverage Volume per Capita (L) 325 335 463 482 212 186 270 235 2022 2027E 2022 2027E U.S. LATAM Long-term volume
Slide 40: Large, addressable market with strong market growth
Large, addressable market with opportunity to capitalize on strong market growth Market CAGR2: 2.0%–3.0% (2025–2027) ~$5B Key Factors Driving Addressable Market Growth + Demographic shifts Estimated Addressable + Preference for packaged foods Market1 + Affordability + Innovation within texturizers +
Slide 41: A sustainable competitive advantage
A sustainable competitive advantage Historical presence with 90+ years experience in growing markets Local go-to-market and innovation presence enabling customer intimacy and co-creation Complete ingredient portfolio for today and tomorrow Scale and cost advantaged asset footprint provides competiti
Slide 42: LATAM's strategic priorities
LATAM’s strategic priorities Profitable Innovation Operational Growth Excellence 2025 Investor Day 42
Slide 43: Key initiatives to enable profitable growth in LATAM
Profitable Key initiatives to enable profitable Growth growth in LATAM Diversify beyond corn and brewing and improve mix Elevate Idea Labs® to accelerate growth in sugar reduction and texturizer portfolio Expand specialty syrups for confectionary Grow solutions portfolio for beauty and home care Wel
Slide 44: Accelerating bold innovations in LATAM
Innovation Accelerating bold innovations in LATAM Focus Areas Innovation Spotlight o Texture solutions and ASTRAEA® Liquid Allulose sugar reduction Locally produced in Mexico o Affordable cost-in-use Provides low calorie sweetness and solutions functional bulking properties o Sustainable innovatio
Slide 45: Enhancing cost leadership to maintain high-level margins
Operational Enhancing cost leadership Excellence to maintain high-level margins Strengthen regional synergies and supply chain with expanded LATAM sourcing model Optimize manufacturing network across Mexico, Brazil and Colombia Boost plant reliability and efficiency through targeted investments and
Slide 46: F&II—LATAM 2025–2027 growth outlook
F&II—LATAM 2025–2027 growth outlook Net Sales Gross Profit Adj. Operating Growth Margin Income 2%–3% 26%–28% 5%–6% CAGR Over Plan Period CAGR 2024 Base: $2.4B 2024 Base: 25.7% 2024 Base: $483M Well positioned in all markets with competitive advantages to drive future success 2025 Investor Day 46
Slide 47: F&II—LATAM key takeaways
F&II—LATAM key takeaways 1 2 3 Leveraging 90+ years of Delivering consistent Innovating in line with experience – which has profitable growth through consumer trends and positioned us as #1 long-standing customer anticipating customer throughout LATAM relationships, operational needs to further mark
Slide 48: Food & Industrial Ingredients—U.S./CAN
SEGMENT OVERVIEW Food & Industrial Ingredients— U.S./CAN Rob Ritchie Executive Vice President, Food & Industrial Ingredients U.S./Canada & LATAM, & Sugar Reduction 2025 Investor Day 48
Slide 49: F&II—U.S./CAN key messages
F&II—U.S./CAN key messages Maintaining strong position in mature markets delivering 1 stabilized margins through trusted customer relationships and strength of business model Driving profitable growth through expanded industrial product 2 offerings, continued product mix upgrades and implementation
Slide 50: Driving resilient performance across mature, cash-generative markets
Driving resilient performance across Ingredion’s mature, cash-generative markets Net Sales ($B) Gross Margin (%) OI Margin (%) Manufacturing Footprint +900 +800 $2.2 $2.2 bps bps 17% 22% 13% 9% 2022 2024 2022 2024 2022 2024 Food & Beverage • Paper & Packaging • Pharma & Personal Care • Animal & Prod
Slide 51: Strong local presence with diversified sweetener and starch portfolio
Strong local presence with a diversified sweetener and starch portfolio Dry Dextrose and Other Ingredients1 Starches Delivering products competitively with ~20% ~30% locally-sourced ingredients in both U.S. and Canada (only corn wet miller in Canada) 2024 Net Sales Expanding our leadership in in
Slide 52: Large, addressable market in U.S./CAN
Large, addressable market with opportunity to capture market growth in U.S./CAN Market CAGR2: 0.9%–1.3% (2025–2027) ~$10B Key Factors Driving Addressable Market Growth o Strategic diversification into growth markets Estimated o Demand for sustainable materials in paper and packaging industry Address
Slide 53: Our competitive positions in U.S./CAN
Our competitive positions in U.S./CAN Strong market and customer presence Leading corn wet miller in Canada and strong relationships with small- and medium- sized customers and customers in proximity to our manufacturing sites Delivering a diverse and highly- relevant product portfolio Leading suppl
Slide 54: F&II—U.S./CAN's strategic priorities
F&II—U.S./CAN’s strategic priorities Profitable Innovation Operational Growth Excellence 2025 Investor Day 54
Slide 55: Shifting mix aligned with sustainability and sourcing trends
Profitable Growth Shifting mix aligned with sustainability Innovation and sourcing trends Focus Areas Paperization Consumer Preferences Lighter weight and higher A third of consumers prefer Develop and scale a functionality paper and packaging sustainable packaging portfolio of plant-based barrier c
Slide 56: Spotlight: Next-gen sustainable packaging solutions
Innovation Spotlight: Next-gen sustainable packaging solutions Supporting paper and packaging trends with deep customer relationships and industry expertise Ingredion’s Strong Value Propositions Chemicals Biodegradability Replacement Improvement Ability to deliver Bio-based Materials +4% CAGR1 over
Slide 57: Replacing PFAS with plant-based barrier coatings
CASE STUDY Innovation Replacing PFAS with plant-based barrier coatings in oil- and grease-resistant packaging Customer Need Our Unique Solution Results o State PFAS regulations o Modified corn starch enabling grease Allows customers to drove customers to seek resistance in paper packaging produce
Slide 58: Driving cost leadership to support higher margins
Operational Driving cost leadership Excellence to support higher margins Maximize profitability through disciplined cost and portfolio management Streamline plant operations through automation, AI, digital tools and targeted investments Improve customer order fulfillment and demand forecasting acros
Slide 59: F&II—U.S./CAN 2025–2027 growth outlook
F&II—U.S./CAN 2025–2027 growth outlook Net Sales Gross Profit Adj. Operating Growth Margin Income 0%–1% 21%–23% 1%–2% CAGR1 Over Plan Period CAGR 2024 Base: $2.2B 2024 Base: 21.5% 2024 Base: $373M Cash generative and high ROIC business with profitable growth in industrial product offerings 2025 Inve
Slide 60: F&II—U.S./CAN key takeaways
F&II—U.S./CAN key takeaways 1 2 3 4 Maintaining strong Driving profitable Continuing to drive and Delivering stable cash position in mature growth through accelerate operational generation to fuel markets delivering expanded industrial efficiencies to growth and support stabilized margins product of
Slide 61: Q&A Session
ABOVE PRESENTERS Q&A Session 2025 Investor Day 61
Slide 62: Break
~10 MINUTE Break 2025 Investor Day 62
Slide 63: Consumer & Customer-relevant Innovation
R&D OVERVIEW Consumer & Customer-relevant Innovation Mike Leonard Senior Vice President, Chief Innovation Officer & Head of Protein Fortification 2025 Investor Day 63
Slide 64: Innovation key messages
Innovation key messages Driving a focused, consumer relevant and customer-centric innovation agenda that is delivering growth for texture, 1 clean label and healthful solutions and functional ingredients for sustainable packaging Investing and partnering to extend our capabilities in texture science
Slide 65: One innovation team: global reach with local expertise
One innovation team: Global reach with extensive local expertise 2024 Key Stats Differentiated Capabilities ~500 ~3% Global R&D R&D as a % of Texture Food Product Molecular Scientists Total T&HS Sales Science Design Development Discovery 30 1,000+ State-of-the-Art Ingredient Idea Labs® Solutions ~$3
Slide 66: Scalable innovation through science and a continuous flywheel
Driving scalable innovation through science and a continuous flywheel Breakthrough innovation fuels Insights-based Innovation commercial growth, cash flow 4 1 agenda grounded in unmet and reinvestment in future tech consumer and customer needs We don’t just sell ingredients—we are seeking to create
Slide 67: Innovation focused on on-trend products delivering real benefits
Our innovation is focused on products that are on-trend and delivering real benefits for customers Clean Sugar Protein Weight-loss Affordability Label Reduction Fortification Drugs Consumer Enabling consumer Mitigating ingredient Meeting demand for low Enabling plant-based and Supporting digestive t
Slide 68: Eating is simple, but food is complicated
Eating is simple, but food is complicated Eating Experience Continuum ORAL FOOD TASTE PROCESSING STRUCTURE 2025 Investor Day 68
Slide 69: Texture leadership in action
Texture leadership in action: Unparalleled texture and texture science knowledge MORPHOLOGY RHEOLOGY SENSORY Investment in new-to- Establishing a world-class Partnerships to establish industry equipment to link external innovation the drivers of liking for morphometric changes to ecosystem to access
Slide 70: Linking sensory perception to protein formulation
CASE STUDY Linking sensory perception and eating experience to protein formulation based on product morphology Technical Computed Results Challenge Tomography Analysis Pea protein product o Develop a high-protein- significantly more crispy, based extruded snack airy, and less hard than where the eat
Slide 71: CT scan video: Puff
CT scan video: Puff 2025 Investor Day 71
Slide 72: CT scan video: Bread
CT scan video: Bread 2025 Investor Day 72
Slide 73: CT scan video: Crust
CT scan video: Crust 2025 Investor Day 73
Slide 74: Nutritional beverages that deliver on protein content
CASE STUDY Nutritional beverages that deliver on protein content and product performance Customer Need Our Unique Solution Results o Nutritional beverage VITESSENCE® 200D: A pea protein isolate customers are looking to with unparalleled solubility specifically Excellent solubility for deliver bevera
Slide 75: Elevated texture solutions through product development as a service
CASE STUDY Elevated texture solutions through product development as a service Customer Need Our Unique Solution Results o Rapid and more reliable First-to-market texture product development solutions service Successful pilots in 2025 process to deliver solutions poised to launch globally that reson
Slide 76: Molded fiber packaging for improved performance and sustainability
CASE STUDY Molded fiber packaging for improved performance and sustainability Customer Need Our Unique Solution Results o Molded Fiber Type 3 Range of plant-based, biodegradable packaging is an alternative binders for use in existing production Reduced material usage to traditional plastics operatio
Slide 77: Innovation priorities
Innovation priorities: Investing in R&D that drives customer demand and sustainable growth Clean label New and Better for and fully preferred you and functional textures the planet 2025 Investor Day 77
Slide 78: Innovation key takeaways
Innovation key takeaways 1 2 3 Driving a focused, Investing and partnering to Building proprietary consumer relevant and extend our capabilities in AI-assisted predictive customer-centric Innovation texture science, sugar formulation capabilities agenda that is delivering reduction and protein that
Slide 79: Financial Overview & Long-term Outlook
FINANCIAL OVERVIEW Financial Overview & Long-term Outlook Jim Gray EVP & CFO 2025 Investor Day 79
Slide 80: Finance key messages
Finance key messages Driving bottom-line growth through a balanced portfolio and 1 resilient global business model Advancing operational excellence to unlock efficiencies and 2 improve margins Strong operating cash flow generation enables 3 reinvestment for growth, provides strategic flexibility and
Slide 81: Executed meaningful transformation since 2022 Investor Day
Successfully executed a meaningful transformation since 2022 Investor Day 2022–2025 Progress to Date Growth Goals 2022–2024 Net Sales 2%–4% 3%1 o Evolved from ingredients supplier to integrated global solutions provider Adj. Operating Income 7%–9% 14%1 + o Repositioned portfolio toward higher-value
Slide 82: Historical financial performance
Historical financial performance ($M) Net Sales ($B) Adj. Operating Adj. EBITDA1 ($M) Normalized Cash Adj. ROIC1,3 Income1 ($M) from Operations2 ($M) & Margin (%) $7.9 $1,230 $7.4 $1,016 $882 $1,002 15% $787 11% $458 14% 10% 2022 2024 2022 2024 2022 2024 2022 2024 2022 2024 Key Drivers o Accelerated
Slide 83: Advancing operational excellence to unlock efficiencies
Advancing operational excellence to unlock efficiencies Customer Support customer demand by localizing supply chains, embracing perfect order service and delivering quality ingredients on time Cost Reduce costs through operational excellence for better fixed cost absorption Capacity Ensure reliabili
Slide 84: Positive momentum to build upon strong performance
Positive momentum to build upon strong performance Net Sales CAGR Adj. EBITDA2 CAGR Average Adj. EBITDA2 2024 EV/Adj. EBITDA2,3 (2022–2024) (2022–2024) Margin vs. Peers (2022–2024) 11% 15% 12% 9.0x 8.2x -3% -8% -6% Ingredion Peers1 Maintaining strong financial fundamentals against peers Source: Fact
Slide 85: Summary of our 2025–2027 financial outlook
Summary of our 2025–2027 financial outlook Consolidated By Segment Potential Risks Net Sales 2%–4% T&HS F&II—LATAM F&II— U.S./CAN o Tariffs and Trade Adj. Operating 2024 Net Sales $2.4B $2.4B $2.2B 5%–7% Income1 o Raw Material Cost Inflation Adj. Operating 4%–6% 2%–3% 0%–1% Income Margin1 +40–60
Slide 86: Robust free cash flow fuels strategic and financial flexibility
Robust free cash flow fuels strategic and financial flexibility Free Cash Flow ($M) and FCF Conversion (%) $1,200 $1,135 Key Drivers 180 % o Strong Adj. EBITDA and $1,000 $741 $529 Adj. EBITDA growth $800 130 % $600 80% o Working Capital efficiency $400 92% $200 56% $92 62% 30% o Disciplined capital
Slide 87: Strong balance sheet provides flexibility for capital allocation
Strong balance sheet provides flexibility for capital allocation priorities Net Debt to Adj. EBITDA Optimal Long-term Range 2.3x 2.2x 2.2x 1.7x 1.9x 1.5x 0.7x 2020 2021 2022 2023 2024 2025 Investor Day 87
Slide 88: Capital allocation priorities emphasize growth and shareholder return
Capital allocation priorities emphasize growth while recognizing shareholder return 3-year Historical Uses of Cash1 Future Priorities Debt Reduction2 Organic Growth Investment o $80M–$100M annual investment in growth CAPEX Share 2% Repurchases o One-time investment in infrastructure for a step-up in
Slide 89: A strategic and disciplined approach to M&A
A strategic and disciplined approach to M&A Strategic Filters Focus upon Texture & Open to opportunities Improve Healthful Solutions for Alignment of winning culture to accelerate across size spectrum, market position higher revenue growth capability building only if value accretive and profitabilit
Slide 90: Consistent track record of returning capital to shareholders
Consistent track record of returning capital to shareholders Dividend and Share Repurchases ($M) 10+ Consecutive years of dividend growth $594 $1.5B+ Shares repurchased $216 $304 $123 $68 $112 $101 over last decade $41 $8 $182 $184 $181 $194 $210 $165 $174 $178 $128 $126 $141 2014 2015 2016 2017 201
Slide 91: Invest with Us
CLOSING REMARKS Invest with Us Jim Zallie President & CEO 2025 Investor Day 91
Slide 92: Investment thesis
Investment thesis 1. Market-leading, diversified, ingredients solutions provider trusted by a large, well-established and growing global customer base 2. Strong, stable financial position and performance demonstrated by top-line growth and solid margin expansion 3. Consistent, free cash flow generat
Slide 93: Q&A Session
ALL PRESENTERS Q&A Session 2025 Investor Day 93
Slide 94: Non-GAAP to GAAP Reconciliation Tables
APPENDIX Non-GAAP to GAAP Reconciliation Tables 2025 Investor Day 94
Slide 95: 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 96: Reconciliation of GAAP net income and diluted EPS to non-GAAP
Reconciliation of GAAP net income and diluted earnings per share (EPS) to non-GAAP adjusted net income and adjusted diluted EPS Twelve Months Ended Twelve Months Ended December 31, 2024 December 31, 2023 (in millions) Diluted EPS (in millions) Diluted EPS Net income attributable to Ingredion $ 647 $
Slide 97: Reconciliation of 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 twelve months ended December 31, 2024, we recorded pre-tax restructuring charges of $18 million primarily related to restructuring activitie
Slide 98: Reconciliation of GAAP operating income to adjusted operating income
Reconciliation of GAAP operating income to non-GAAP adjusted operating income Twelve Months Ended December 31, 2024 2022 Operating income $ 883 $ 762 Adjustments: Restructuring and resegmentation costs; Acquisition/integration costs (i) 18 5 Impairment charges (iii) 109 — Other matters (iv) 6 20. No
Slide 99: Reconciliation of GAAP ROIC to adjusted ROIC
Reconciliation of GAAP return on invested capital to adjusted return on invested capital Year Ended December 31, Return on Invested Capital ratio (dollar in millions) 2024 2022 Net income (a) $ 654 $ 502.... Adjusted for: Provision for income taxes 277 166 Other non-operating expense (income) 3 (5)
Slide 100: Reconciliation of EBIT to adjusted EBITDA
Reconciliation of EBIT to adjusted EBITDA Adjusted EBITDA, which is a non-GAAP financial measure, is defined by the Company for these purposes as income before income taxes, calculated in accordance with GAAP, adjusted for the following items: depreciation and amortization; financing costs; other no