Slide 1: First Quarter 2024 Earnings Call
© Ingredion. Be what’s next. First Quarter 2024 Earnings Call Jim Zallie President and CEO James Gray Executive Vice President and CFO
Slide 2: Non-GAAP Financial Measures and Forward-Looking Statements
Nj Non-GAAP Financial Measures Ingredion. 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, ge what’s next the “non-GAAP financial measures") wh
Slide 3: Agenda
Ny Ingredion. Ag en d a Be what's next. CEO comments Financial performance Closing remarks Q&A
Slide 4: CEO Perspective
NN Ingredion. Be what's next. Jim Zallie President and CEO Q1 2024 Earnings Call CEO Perspective
Slide 5: First quarter results on trend and second highest Q1 adj. operating income
First quarter results on trend and second highest Q1 adj. operating income in the Company's history $ in millions $2,137 $1,882 Q1 2020 Q1 2021 Q1 2022 Q1 2023 Q1 2024 HiNetsales [J Adj. operating income See appendix for a reconciliation of these non-GAAP financial measures to the comparable GAAP fi
Slide 6: Quarterly highlights against our strategic pillars
Business Growth Completed reorganization and introduced new segments Sequential volume growth trend continues PureCircle capacity expansion commissioned Strong industrial starch demand for paper/packaging Texture solutions customer engagements up 60% year over year Cost Competitiveness through Opera
Slide 7: Steady volume recovery through the variabilities of seasonal demand
NN Steady volume recovery through the variabilities meradion of seasonal demand “ernatene x 125% 4 ou 5 120% s 2 ' ; 3 115% 4 Ukraine Supply chain \ = conflict pressures peak Adjusting for cold % «110% @ Q2 weather impact in line ¥% with prior quarter o a 5 105% <= ee OO mpvtsseeseseeseeneeecceseeee
Slide 8: The implementation of our new segment structure
. . NV The implementation of our new segment structure weredion is already leading to higher-quality customer engagements *”"" Texture & Food & Industrial Food & Industrial _ AllOther* — Healthful Ingredients Ingredients (rel prakait tecalicationt Solutions US/Can LATAM *All other consists of the bu
Slide 9: Launched $50m savings CostCompete initiative
Ni 2 2 oe Ingredion. Launched $50m savings Cost>Compete initiative Sewnatsnene Reducing impact of raw material cost volatility * CostyCompete to drive $50m run-rate savings by 2025 * SG&A savings: $25M * COGS savings: $25m » Leveraging low-cost shared service centers * Key appointment to lead shared
Slide 10: Financial Update
\) Ingredion. Be what's next James Gray Executive Vice President and CFO Q1 2024 Earnings Call Financial Update
Slide 11: Q1 2024: Income statement highlights
NN Ingredion Q1 2024: Income statement highlights sewarsnen $ in millions, unless noted Q1 2023 Q1 2024 Change Net Sales $2,137 $1,882 -12% Gross Profit $487 $417 -14% Gross Profit Margin 22.8% 22.2% -60 bps Reported Operating Income* $291 $213 -27% Reported Diluted EPS $2.85 $3.23 $0.38/share Adjus
Slide 12: Q1: Net sales bridge
Nj Ingredion. Q1: Net sales bridge Petar nex $ in millions f -12% $2137 = || $(40) $(51) $(176) Q1 2023 FX Volume South Korea Price/Mix Q1 2024 Volume Totals may not foot due to rounding 12
Slide 13: Q1: Net sales variance by segment
NN Ingredion Q1: Net sales variance by segment sewarsnen Foreign Volume Price Mix Net sales Exchange Change Texture and Healthful Solutions -1% 0% -9% -10% Food & Industrial Ingredients - LATAM 4% -3% -9% -8% Food & Industrial Ingredients - US/CAN 0% -4% -7% -11% Ingredion* 1% -4% -9% -12% Excluding
Slide 14: Texture and Healthful Solutions; Food & Industrial Ingredients - LATAM
Texture and Healthful Solutions Absent FX Net Sales anaes $in millions t “9% $665 Q1 2023 Q1 2024 Q1 Op Income $ $127 $74 Q1 Opinc Margin 19.1% 12.4% 2024 Op Income 13% to 16% Margin Outlook Food & Industrial © ° Ingredion. Ingredients - LATAM cee Net Sales ‘me Absent FX soy $616 Q1 2023 Q1 2024 Q1
Slide 15: Food & Industrial Ingredients - US/CAN; All Other
Food & Industrial Ingredients - US/CAN Net Sales $in millions Absent FX impacts -11% Q1 2023 Q1 Op Income $ $92 Q1Opinc Margin 15.1% 2024 Op Income Margin Outlook Q1 2024 $87 16.1% 15% to 18% Ni Ingredion. All Other Be what's next Absent FX Net Sales Impacts and S. Korea -7% ' -35% $197 t | $128 Q1
Slide 16: Q1: EPS bridge
NN Ingredion Q1: EPS bridge Be what's next Amounts are dollars/share 2023 Reported Diluted EPS $2.85 Margin $ (0.47) Restructuring/impairment costs 0.00 Volume (0.34) Foreign exchange rates 0.04 T. d oth tt 0.05 —— ( ) Other income (0.09) 2023 Adjusted Diluted EPS* $ 2.80 Changes from operations $ (
Slide 17: Q1: Cash from operations and capital allocation
Q1: Cash from operations and capital allocation Totals may not foot due to rounding $ millions Net income $218 Depreciation and amortization $53 Working capital $(25) Other $(37) Cash from operations $209 Capital allocation Capital expenditures, net $(65) To shareholders Dividend payments to INGR sh
Slide 18: Full year 2024 outlook
NN Ingredion Full year 2024 outlook sewarsnen Net sales Flat to up low single-digits Adjusted operating income* Up mid-single-digits Financing costs $85 - $105 million Corporate costs Up mid-single-digits Adjusted effective tax rate” 26.5% - 27.5% Adjusted EPS* $9.20 to $9.85 Diluted weighted avg. s
Slide 19: Well positioned for growth - momentum anticipated through 24
Well positioned for growth - momentum anticipated through 2024 Volumes anticipated to continue to improve Distributors restocking Customer project engagements up significantly Better fixed cost absorption as volumes continue to recover Strong cash flow from favorable changes in working capital Launc
Slide 20: Q&A
\) Ingredion. Be what's next. Q&A Our Purpose Bringing the potential of people, nature and technology together to make life better Winning Aspiration Be recognized as the go-to provider for texture and SFL healthful solutions that make healthy taste better 20
Slide 21: Upcoming investor activities
Upcoming investor activities Ingredion Annual Meeting of Stockholders Virtual | May 15, 2024 BMO Global Farm to Market Conference New York | May 16, 2024 ees en
Slide 22: Appendix
Appendix © Ingredion Be what's next
Slide 23: 2024 Full year segment operating income outlook
2024 Full year segment operating income outlook Texture & Healthful Solutions Ny Ingredion Be what's next. Food & Industrial Ingredients - LATAM 2023 Net Sales (unaudited) ~$2.4 - $2.58 2023 Net Sales (unaudited) ~$2.5 - $2.68 Flat to up low 2024 Net Sales Outlook Flat 2024 Net Sales Outlook single
Slide 24: Non-GAAP Information
NN Ingredion. Be what's next. Non-GAAP Information To supplement the consolidated financial results prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), the company uses non-GAAP historical financial measures, which exclude certain GAAP items such as resegmentation cos
Slide 25: Reconciliation of GAAP net income and diluted EPS to non-GAAP
Ni Reconciliation of GAAP net income and diluted earnings per share _ingredion (EPS) to non-GAAP adjusted net income and adjusted diluted EPS Pennarsnes Three Months Ended Three Months Ended March 31, 2024 March 31, 2023 (in millions) Diluted EPS (in millions) Diluted EPS Net income attributable to
Slide 26: Reconciliation of GAAP net income and diluted EPS (continued)
Ni Reconciliation of GAAP net income and diluted earnings per share (EPS) Ingredion to non-GAAP adjusted net income and adjusted diluted EPS (continued) “““""" Notes i. During the first quarter of 2024, the company recorded pre-tax resegmentation costs of $3 million primarily related to the company’
Slide 27: Reconciliation of GAAP operating income to non-GAAP adjusted operating income
Ni Reconciliation of GAAP operating income to non-GAAP Ingredion. adjusted operating income Be what's next Three Months Ended March 31, (in millions, pre-tax) 2024 2023 Operating income $ 213 $ 291 Add back: Resegmentation costs (i) a = Other matters (iii) — 5 Non-GAAP adjusted operating income $ 21
Slide 28: Historical reconciliation of GAAP operating income to non-GAAP
Ni Historical reconciliation of GAAP operating income to non- Ingredion GAAP adjusted operating income sewmessnes Three months ended March 31, (in millions, pre-tax) 2022 2021 2020 Operating (loss) income $ 210 $ (170) $ 153 Add back: Acquisition/integration costs (v) 1 1 Restructuring/impairment co
Slide 29: Historical reconciliation of GAAP operating income to non-GAAP (notes)
Ni Historical reconciliation of GAAP operating income to non- Ingredion GAAP adjusted operating income sewmessnes Notes: (v) During the first quarter of 2022, the Company recorded pre-tax acquisition and integration charges of $1 million for our acquisition and integration of KaTech, as well as our
Slide 30: Reconciliation of GAAP effective income tax rate to non-GAAP
Ni Reconciliation of GAAP effective income tax rate to non-GAAP Ingredion. . . . Be what's xt. adjusted effective income tax rate “ Three Months Ended March 31, 2024 Income before Provision for Effective Income Taxes Income Taxes Income (in millions) (a) (b) Tax Rate (b/a) As Reported $ 276 $ 58 21.
Slide 31: Reconciliation of GAAP effective income tax rate (continued)
Ni Reconciliation of GAAP effective income tax rate to non-GAAP Ingredion adjusted effective income tax rate (continued) enero Three Months Ended March 31, 2023 Income before Provision for Effective Income Taxes Income Taxes Income (in millions) (a) (b) Tax Rate (b/a) As Reported $ 259 $ 65 25.1% Ad
Slide 32: Reconciliation of anticipated GAAP diluted EPS to adjusted EPS
Ny Reconciliation of anticipated GAAP diluted earnings per share to lngredion anticipated non-GAAP adjusted diluted earnings per share Expected EPS a for Full-Year 202: Low End of High End of Guidance juidance GAAP EPS $ 10.35 §$ 11.00 Add: Resegmentation costs (i) 0.03 0.03 Net gain on sale of busi
Slide 33: Reconciliation of anticipated GAAP effective tax rate to adjusted
Ny Reconciliation of anticipated reported GAAP effective tax rate to lngredion anticipated non-GAAP adjusted effective income tax rate Expected Effective Tax Rate ange for Full-Year 2024 Low End of High End of Guidance uidance GAAP ETR 24.5 % 25.5 % Add: Resegmentation costs (i) —% —% Net gain on sa