Tate & Lyle Plc · LSE:TATE
Tate & Lyle — FY2026 Earnings Presentation
37 slides from Tate & Lyle's earnings presentation, May 21, 2026
Slide 1: Results for year ended 31 March 2026
Results for year ended 31 March 2026 21 May 2026 Nick Hampton, Chief Executive Sarah Kuijlaars, Chief Financial Officer
Slide 2: Cautionary statement
Year ended 31 March 2026 Cautionary statement This presentation of the Full-Year Results for the year ended 31 March 2026 contains certain forward-looking statements with respect to the financial condition, results, operations and businesses of Tate & Lyle PLC. These statements and forecasts involve
Slide 3: Possible offer for Tate & Lyle
Year ended 31 March 2026 Possible offer for Tate & Lyle ▪ On 14 May, under Rule 2.4 of UK Takeover Code, we confirmed that Ingredion has made a conditional proposal to acquire Tate & Lyle ▪ Under the proposal, Tate & Lyle shareholders will receive value of up to 615 pence for each Tate & Lyle share
Slide 4: Key messages
Year ended 31 March 2026 Key messages 1 2 3 4 Integration of CP Kelco Full-year results Good progress on strategic Leveraging the successfully completed; in-line with guidance; actions to drive top-line power of the focused on delivering performance impacted growth and strengthen combination to volu
Slide 5: Integration of CP Kelco successfully completed; focused on delivering volume-led growth
Year ended 31 March 2026 Key messages 1 Integration of CP Kelco successfully completed; focused on delivering volume-led growth 5
Slide 6: Integration complete; focused on delivering volume-led growth
Year ended 31 March 2026 Integration complete; focused on delivering volume-led growth Year ended 31 March 2026 Year ending 31 March 2027 ▪ Integrated two large global businesses ▪ Deliver volume-led growth ▪ Softer market demand than anticipated ▪ Execute our four strategic priorities ▪ Complex geo
Slide 7: Results in-line with guidance; performance impacted by muted market demand
Year ended 31 March 2026 Key messages 2 Results in-line with guidance; performance impacted by muted market demand 7
Slide 8: Financial highlights
Year ended 31 March 2026 Financial highlights Tate & Lyle Statutory Revenue1 Adjusted EBITDA1 Pro forma Revenue2 Pro forma Adjusted EBITDA2 +16% +13% (3)% (3)% £2,006 million £415 million £2,006 million £415 million Pro forma Adjusted profit before tax2 Adjusted earnings per share1 Free cash flow Fu
Slide 9: Revenue impacted by challenging market backdrop
Year ended 31 March 2026 Revenue impacted by challenging market backdrop £(34)m £(33)m ▪ Reported revenue (3)% lower1 at £2,006m > £(51)m impact of foreign exchange ▪ Specific market challenges £1 056m > Bulk sweeteners in Europe: c.20% of overall Group’s decline £2,124m (3)% £2,057m > Latin America
Slide 10: Segmental performance
Year ended 31 March 2026 Segmental performance Adjusted ▪ Americas Region Revenue1 EBITDA1 > Volume2 lower particularly in Latin America > Pricing broadly flat £995m £258m Americas (3)% (4)% ▪ Europe, Middle East and Africa > Pricing lower in competitive environment Europe, Middle East £636m £101m >
Slide 11: Adjusted EBITDA margin broadly flat on constant currency basis
Year ended 31 March 2026 Adjusted EBITDA margin broadly flat on constant currency basis Adjusted EBITDA lower from top-line softness and growth investments Adjusted EBITDA Adjusted EBITDA ▪ Adjusted EBITDA (3%) lower2 due to: Margin3: 21.0% Margin: 20.7% @CC: 20.9% Lower volumes & price investment £
Slide 12: Exceptional items, Taxation and Dividend
Year ended 31 March 2026 Exceptional items, Taxation and Dividend Pre-tax Adjusted Full-year exceptional charges effective tax rate dividend £(45)m 23.9% 19.8p per share +130bps in-line ▪ £(35)m integration costs Expect to be in range of Recommending ▪ £(15)m costs from UK & US 23% to 25% final divi
Slide 13: Free cash flow
Year ended 31 March 2026 Free cash flow Solid performance with free cash flow of £164m and cash conversion1 of 70% £34m £(51)m £(4)m £190m £(26)m £21m £164m FY25 FCF Adjusted EBITDA Working capital Capital expenditure Net interest Tax and other FY26 FCF Capital expenditure expected to be £110m to £1
Slide 14: Balance sheet
Year ended 31 March 2026 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 ▪ Net debt to EBITDA 2.3x at 31 March 2026 Net debt ▪ Entered into new US$180m two-year term loan facility in Octob
Slide 15: Good progress on strategic actions to drive top-line growth and strengthen performance
Year ended 31 March 2026 Key messages 3 Good progress on strategic actions to drive top-line growth and strengthen performance 15
Slide 16: Accelerating actions focused on four priorities
Year ended 31 March 2026 Accelerating actions focused on four priorities 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
Slide 17: Customer segmentation driving commercial realignment to focus on growth
Year ended 31 March 2026 1 Customer segmentation driving commercial realignment to focus on growth Customer segmentation Commercial realignment ▪ Focus on customers who Partners ▪ Realigning customer-facing teams value our capabilities (sales, technical, marketing etc.) Enterprise ▪ Target higher gr
Slide 18: Targeted investments to support commercial realignment and customer growth
Year ended 31 March 2026 1 Targeted investments to support commercial realignment and customer growth Capabilities Solutions Technology ▪ Investing to strengthen capabilities ▪ Investing to accelerate ▪ Investing to increase speed and in key customer-facing areas: customer’s route to market effectiv
Slide 19: Good early progress unlocking revenue synergies
Year ended 31 March 2026 2 Good early progress unlocking revenue synergies Revenue synergies Cross-selling pipeline Target Delivery to-date Growth to-date c.$70m c. 10% >US$100m By end of At end of More than doubled 2029 financial year 2026 financial year in value in H2 19
Slide 20: Delivery of cost synergies a year ahead of plan
Year ended 31 March 2026 2 Delivery of cost synergies a year ahead of plan Target1 Target already delivered1 Run-rate: $50m Run-rate: $50m+ $50m $20m $24m $24m annualised run-rate Run-rate: $8m by end of fiscal 2027 $6m2 $6m2 $6m2 2025 2026 2027 1. US Dollars 20 2. Includes US$5 million of cost avoi
Slide 21: Productivity programme ahead of plan
Year ended 31 March 2026 3 Productivity programme ahead of plan On track to deliver 5-year increased productivity target of $200m1 by 31 March 2028 Productivity programme Productivity savings in year $53m $200m $144m $53m $33m $20m Operational efficiencies Procurement and and cost reduction supply c
Slide 22: Strong productivity culture embedded within the business
Year ended 31 March 2026 3 Strong productivity culture embedded within the business Continuous improvement at the core of our productivity programme McIntosh, Alabama: US$1.4m annualised savings >500 ▪ Process improvements to washing equipment used during sucralose production enabling longer asset l
Slide 23: Capacity consolidation
Year ended 31 March 2026 3 Capacity consolidation Increasing operational efficiency ▪ Consolidation of bio-gums capacity ▪ Cost benefit of c.US$20m: – Originally expected in 2027 financial year – Due to rescheduling, now expected in 2028 financial year 23
Slide 24: Maintaining financial strength
Year ended 31 March 2026 4 Maintaining financial strength Continued strong focus on cash generation Consistent capital allocation policy ▪ Focus on increasing working capital efficiency with upcoming projects to: Target for – Assess inventory management and minimum requirements cash conversion to ex
Slide 25: Leveraging the power of the combination to accelerate growth
Year ended 31 March 2026 Key messages 4 Leveraging the power of the combination to accelerate growth 25
Slide 26: Power of the combination
Year ended 31 March 2026 Power of the combination Combination has created a unique customer proposition….. Broadest ingredient portfolio Unique capability to Unrivalled scientific and solutions toolbox across formulate across and technical our three platforms our three platforms expertise Operating
Slide 27: Broadest portfolio and solutions toolbox across our platforms
Year ended 31 March 2026 Broadest portfolio and solutions toolbox across our platforms Sweetening Mouthfeel Fortification GENU® KELCOGEL® Pectin Gellan Gum Ingredients GENU® Carrageenan ▪ Low- and no-calorie sweeteners ▪ Starches ▪ Carrageenan ▪ Soluble corn fibres Type ▪ Rare sugars ▪ FOS/GOS fibre
Slide 28: Structural trends and benefits offer significant market penetration opportunities
Year ended 31 March 2026 Structural trends and benefits offer significant market penetration opportunities Macro trends Food trends Benefits of the combination Structural Acceleration Expanded Increased Deliver consumer trends in reformulation customer offering customer access revenue synergies ▪ Po
Slide 29: New customer wins being driven by combined portfolio and capabilities
Year ended 31 March 2026 New customer wins being driven by combined portfolio and capabilities Asia North America Europe Latin America GENU® KELCOGEL® KELCOGEL® Nutrava® Pectin Gellan Gum Gellan Gum Citrus Fibre Cleaner label No added sugar Mouthfeel Zero sugar Yoghurt Chocolate milk Meal replacemen
Slide 30: Fibre is an attractive growth opportunity
Year ended 31 March 2026 Fibre is an attractive growth opportunity Consumers are looking to fibre for… GLP-1 users are looking to fibre for… Digestive Nutrient Satiety Gut health health density Low Permissible Energy Satiety sugar indulgence 58% of consumers in UK plan to 31% of current GLP-1 users
Slide 31: Nutrient density and gut health for GLP-1 users
Year ended 31 March 2026 Nutrient density and gut health for GLP-1 users Party snacks with an excellent source of fibre Customer challenge Added fibre Health-focused snacks to +6g/serving attract GLP-1 users Customer claim Customer solution Excellent source PROMITOR® Soluble Fibre of fibre and STA-L
Slide 32: Confidence in growth potential of business
Year ended 31 March 2026 Confidence in growth potential of business +15% +9% 35% Increase in value of Increase in revenue from Solutions from new new business pipeline1 New Products1,2 business wins by value3 32 1. Risk adjusted value 2. New Products revenue on a like-for-like basis (i.e. no product
Slide 33: Outlook and Summary
Year ended 31 March 2026 Conclusion Outlook and Summary 33
Slide 34: Outlook
Year ended 31 March 2026 Outlook Outlook for year ending 31 March 2027 ▪ For the year ending 31 March 2027 on a constant currency basis we currently expect to deliver: – Modest revenue growth, underpinned by volume growth, weighted to the second half – Broadly flat EBITDA before the c.US$20m impact
Slide 35: Conclusion
Year ended 31 March 2026 Conclusion ▪ Integration successfully completed ▪ Good progress on strategic priorities ▪ Leveraging power of the combination to accelerate growth ▪ Focused on execution, driving top-line growth and strengthening performance 35
Slide 36: Q&A
Q&A 36
Slide 37: Strong balance sheet
Year ended 31 March 2026 Strong balance sheet Maintaining financial strength 800 Debt maturities at 31 March 2026 (£m)1,2 ▪ Long-term financing in place 600 ▪ £900m+ available liquidity 400 ▪ Net debt to EBITDA at 2.3x 200 ▪ Weighted average cost of debt 4.0% 0 2026 2027 2028 2029 2030 2031 2032 203