Tate & Lyle Plc · LSE:TATE
Tate & Lyle — Investor Day (July 2025)
125 slides from Tate & Lyle's investor day presentation, Jul 1, 2025
Slide 1: Capital Markets Day
Capital Markets Day 1 July 2025
Slide 2: Main Room/Ground Floor
Main Room/Ground Floor Ladies ) Entrance from Toilets ) Committ t e IO Entrance from Lombard Street Not to scale Sizes rounded up
Slide 3: New Tate & Lyle
New Tate & Lyle Nick Hampton Chief Executive 3
Slide 4: The world is facing major health- and food-related challenges
Capital Markets Day The world is facing major health- and food-related challenges Obesity Population growth Climate change 4
Slide 5: Health Nutrition
Health Nutrition 5
Slide 6: Global leader in food and drink reformulation
Global leader in food and drink reformulation Experts in taking out sugar, calories and fat, and adding fibre and protein 6
Slide 7: Brand video
TATE (Y LYLE Science\ Solutions \ Society Brand video
Slide 8: Structural transformation into a speciality solutions business is complete
Following the combination with CP Kelco, the structural transformation of Tate & Lyle into a speciality solutions business is complete 8
Slide 9: Leading positions across sweetening, mouthfeel and fortification
With our leading positions across sweetening, mouthfeel and fortification, we are well-placed to meet growing global demand for healthier, more nutritious food and drink 9
Slide 10: Unique portfolio and enhanced capabilities
Our unique portfolio and enhanced capabilities significantly increases our ability to be the solutions partner of choice for customers 10
Slide 11: Clear strategy for accelerating growth
We have a clear strategy for accelerating growth and delivering attractive shareholder returns 11
Slide 12: Our objective today is to show you
Our objective today is to show you…… 1 2 3 The transformed What makes Our ability to Tate & Lyle us different accelerate growth 12
Slide 13: The transformed Tate & Lyle
The transformed Tate & Lyle 13
Slide 14: Transformation into speciality business complete
Transformed Tate & Lyle Transformation into speciality business complete New category Portfolio Strategic model reshaping acceleration Sales and applications Four strategic acquisitions CP Kelco combination 2018 2025 Focus on innovation Sold commodity and solution selling business Accelerated R&D in
Slide 15: Scale, higher margin speciality business
Transformed Tate & Lyle Scale, higher margin speciality business Revenue Adjusted EBITDA Margin Scale speciality business Compares well to speciality peers 2020 2025 2020 2025 Tate & Lyle1 Speciality Speciality1 (incl. CP Kelco) peers2,3 Commodity £2.1bn Tate & Lyle 21% 19% £1.7bn 17% Speciality £1.
Slide 16: Leading market positions across our three platforms
Transformed Tate & Lyle Leading market positions across our three platforms Sweetening Mouthfeel Fortification ▪ Reduce sugar and calories ▪ Enhance texture and mouthfeel ▪ Improve nutrition (fibres/protein) ▪ Improve nutrition ▪ Sensory experience ▪ Added health benefits ▪ Cleaner label ▪ Cleaner l
Slide 17: Focused strategy for growth
Transformed Tate & Lyle Focused strategy for growth Strategic focus A leading and differentiated speciality food and beverage solutions business Platform focus Sweetening Mouthfeel Fortification Soups, Sauces Bakery Category focus Beverage Dairy and Snacks and Dressings 17
Slide 18: Successfully delivering strategic growth framework
Transformed Tate & Lyle Successfully delivering strategic growth framework Accelerate Innovation Portfolio Expansion Customer Integrated Solutions Market Focus Key growth enablers: Science and technical know-how, solutions capability, global supply chain, talent and culture 18
Slide 19: Purpose-driven business
Transformed Tate & Lyle Purpose-driven business Purpose: Transforming Lives through the Science of Food Supporting healthy living Building thriving communities Caring for our planet Calories removed from diets Meals donated to food banks Reduction in Scope 3 Forest, Land by sugar reduction1 and char
Slide 20: Tate & Lyle today
Transformed Tate & Lyle Tate & Lyle today 4,971 £2.1 billion 18% Employees1 Revenue2 Revenue1,2 21 £446 million by region 51% Innovation and Customer 31% Collaboration centres1 Adjusted EBITDA2 120 2.2x Americas Countries where we serve customers1 Net debt to EBITDA1 Europe, Middle East and Africa A
Slide 21: What makes us different
What makes us different 21
Slide 22: What makes us different
What makes us different….. Broadest ingredient Unique capability to Unrivalled scientific portfolio and solutions formulate across and technical toolbox across our our three platforms expertise three platforms 22
Slide 23: Broadest ingredient portfolio and solutions toolbox
What makes us different Broadest ingredient 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
Slide 24: Portfolio provides a broad offering in each platform
What makes us different Portfolio provides a broad offering in each platform Revenue by platform and type Year ended 31 March 20251 Sweetening Mouthfeel Fortification 25% 24% 35% Revenue Revenue Revenue 54% £545m 55% £1,331m £155m 21% 10% 76% Functional sugar replacement Starches (including clean-la
Slide 25: Unique capability to formulate across three platforms
What makes us different Unique capability to formulate across our three platforms Sweetening Mouthfeel Fortification Cost Sugar optimisation Fat Added reduction/ reduction nutrition replacement Cleaner label Calorie Enhance Fibre reduction Sensory texture fortification experience 25
Slide 26: Unrivalled scientific and technical expertise
What makes us different Unrivalled scientific and technical expertise Scientific expertise Technical expertise Bio- Crystallisation fermentation Gellation Sensory Blending Separation Bio- conversion Formulation Nutrition Fractionation Extraction Purification Technical Regulatory service 26
Slide 27: High-quality management team focused on delivering growth
What makes us different High-quality management team focused on delivering growth Nick Hampton Bill Magee Jerome Bera Remington Zhu ▪ Purpose-led President, Europe, Chief Executive President, Americas President, Asia Pacific Middle East and Africa ▪ Performance-focused Melissa Law Didier Viala Victo
Slide 28: Ability to accelerate growth
Ability to accelerate growth 28
Slide 29: Attractive financial algorithm over the medium-term
Ability to accelerate growth Attractive financial algorithm over the medium-term Organic revenue growth Adjusted EBITDA growth Adjusted EPS growth 4-6% Ahead of revenue Ahead of EBITDA Higher end with additional benefit of cost synergies in fiscal 2027 Free cash flow conversion1 of >75% 1.0x to 2.5x
Slide 30: Addressable market expected to grow ahead of wider market
Ability to accelerate growth Addressable market expected to grow ahead of wider market Global speciality food ingredient market1 Estimated value growth, 2025-281 Market Growth c.US$70bn CAGR Global speciality ingredients ~2% Addressable by Tate & Lyle’s three platforms Addressable by Tate & Lyle ~3%
Slide 31: 70% of addressable market in our core categories
Ability to accelerate growth 70% of addressable market in our core categories Tate & Lyle Soups, Sauces Bakery core category Beverage Dairy and Dressings and Snacks Addressable Speciality Ingredient Market1 $3.2bn $4.4bn $2.8bn $4.4bn Estimated value growth 2025-28 ~4% ~3% ~2% ~3% CAGR1 31 1. Market
Slide 32: Substantial further sugar replacement opportunity
Ability to accelerate growth Substantial further sugar replacement opportunity Sugar has ~80% share Sugar replacement opportunity across of global sweetener market1 Tate & Lyle’s core categories2 Non-Sugar 20% ~US$3 billion Sugar 80% 32 1. Euromonitor International 2025. 2. Market research data, Tat
Slide 33: Pathway to higher end of 4-6% revenue growth
Ability to accelerate growth Pathway to higher end of 4-6% revenue growth from fiscal 2027 Revenue growth Food trends ▪ Acceleration in reformulation Higher end of 4-6% Benefits of combination ▪ Expanded customer offering ▪ Increased customer access ▪ Delivery of revenue synergies ▪ CP Kelco recover
Slide 34: Pathway driven by market penetration opportunities
Ability to accelerate growth Pathway driven by 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 ▪ Population growth
Slide 35: What we will see today
Ability to accelerate growth What we will see today….. Macro trends Food trends Benefits of the combination Structural Acceleration Expanded Increased Deliver consumer trends in reformulation customer offering customer access revenue synergies Addressed in today’s presentations on: Addressing Scienc
Slide 36: Today's agenda
Capital Markets Day Today’s agenda New Power of the 13:30 – 14:45 CP Kelco Tate & Lyle combination 14:45 – 15:00 BREAK Science, Customer Addressing key Financial 15:00 – 16:30 Mouthfeel solutions societal trends Innovation and framework technology 16:30 – 17:00 Summary Q&A 36
Slide 37: CP Kelco
CP Kelco Didier Viala Chief Solutions Development Officer 37
Slide 38: CP Kelco in three words
CP Kelco CP Kelco in three words Science Customer Nature 38
Slide 39: At a glance
CP Kelco At a glance Well-established 90+ years 10+ years of industry experience innovation work (founded in 1929) with Tate & Lyle Global business 7 9 2 manufacturing regional global facilities innovation labs innovation centers Strong culture High World-class safety c.1,700 engagement and environm
Slide 40: Harnessing the power of nature to make our ingredients
CP Kelco Harnessing the power of nature to make our ingredients Technology Extraction Bio-fermentation From/How Mainly from oranges and other citrus peel Microbial fermentation ▪ Pectin ▪ Gellan Gum ▪ Carrageenan ▪ Diutan gum Products ▪ Refined locust bean gum ▪ Xanthan gum ▪ Citrus fibre ▪ Fermenta
Slide 41: Well-balanced business
CP Kelco Well-balanced business CP Kelco revenue by geography and technology Year ended 31 March 2025 32% 35% 42% Revenue Revenue 46% £612m £612m 33% 12% Americas Pectin (extraction) Europe, Middle East and Africa Speciality gums (bio-fermentation) Asia Pacific Other extraction ingredients 41
Slide 42: Main products are pectins and gums for food and beverage
CP Kelco Main products are pectins and gums for food and beverage industry Revenue by application and product Revenue by category Year ended 31 March 2025 Year ended 31 March 2025 LBG, 2% Carrageenan, Food and Beverage Dairy 8% 77% 24% Diutan Gum, 7% Beverage 40% Soups, Pectin Revenue Xanthan Gum, R
Slide 43: Creating healthier, tastier and more sustainable food and drink
CP Kelco Creating healthier, tastier and more sustainable food and drink High functionality…. …across four core categories …addressing key consumer trends ▪ Gelling ▪ Beverage ▪ Cleaner label ▪ Stabilising ▪ Plant-based ▪ Dairy ▪ Suspending ▪ Better-for-you ▪ Soups, sauces and dressings ▪ Thickening
Slide 44: 80% of revenue from market-leading positions
CP Kelco 80% of revenue comes from products with market-leading positions Leading position Good coverage Some coverage Tate & Lyle / Product Peer 1 Peer 2 Peer 3 Other players CP Kelco Pectin Carrageenan Dairy and desserts Gellan gum Xanthan gum Diutan gum Refined locust bean gum 44
Slide 45: Diverse raw material supply
CP Kelco Diverse raw material supply Pectins Carrageenan Key raw material Orange Lemon Lime and Key Lime ▪ Orange is #1 processed fruit in the world ▪ Warm water seaweed (Zanzibar) ▪ 70% of global orange processing in Brazil ▪ Cold water seaweed (Latin America) ▪ Well-diversified base of fresh peel
Slide 46: What makes us different to our customers
CP Kelco What makes us different to our customers Product quality Technical knowledge Customer service 46
Slide 47: Video: CP Kelco customer testimonials
Video: CP Kelco customer testimonials 47
Slide 48: Welcome to Lille Skensved on 3 July 2025
We look forward to welcoming you to Lille Skensved on 3 July 2025 48
Slide 49: Power of the combination
Power of the combination Bill Magee President, Americas 49
Slide 50: Two highly complementary businesses
Power of the combination Two highly complementary businesses CP Kelco’s revenue: Mouthfeel leadership Category overlap Market presence 77% from Mouthfeel platform 90% from Tate & Lyle four core categories1 46% from faster-growing markets2 50 1. Food-related revenue in dairy, beverage, soups sauces a
Slide 51: Significantly increased customer access and growth opportunity
Power of the combination Significantly increased customer access and growth opportunity 58% 1/3rd CP Kelco’s CP Kelco’s revenue revenue from from directly-served distribution partners customers are new to Tate & Lyle 51
Slide 52: Enhanced speciality portfolio and solutions offering
Power of the combination Enhanced speciality portfolio and solutions offering Sweetening Mouthfeel Fortification ▪ Enhance texture ▪ Improved nutrition (fibres/protein) ▪ Sugar and calorie reduction ▪ Sensory experience ▪ Add health benefits ▪ Nutrition improvement ▪ Cleaner label solutions ▪ Sugar
Slide 53: Video: Regional Presidents on the combination
Video: Three regional Presidents talking about the power of the combination with customers 53
Slide 54: 15 Minute Break
15 Minute Break 54
Slide 55: Mouthfeel
Mouthfeel Dr. John Stewart Vice President, Mouthfeel Platform 55
Slide 56: Key messages
Mouthfeel Key messages 1 2 3 Mouthfeel is at the Combination creates Unique portfolio and centre of food and a leadership position technical expertise are drink formulation in Mouthfeel accelerating solutions 56
Slide 57: Photos: Experiencing mouthfeel
Photos: Experiencing mouthfeel 57
Slide 58: What mouthfeel is
Mouthfeel is the texture and sensation you experience when consuming food and drink, including how it tastes, sounds and feels in your mouth 58
Slide 59: Taste is the #1 driver; mouthfeel is a key component
Taste is the #1 driver when people buy food and drink, and mouthfeel is a key component 59 Source: 2024 IFIC Food & Health Survey Report
Slide 60: 1 in 4 product launches had a texture claim
1in4 product launches in 2024 had a texture claim 60 Source: Mintel
Slide 61: Food reformulation is complex
Mouthfeel Food reformulation is complex Mouthfeel Taste Nutrition Cost Convenience Clean-label Sustainable 61
Slide 62: Mouthfeel is critical to successful reformulation
Mouthfeel Mouthfeel is critical to delivering a successful food reformulation Healthier Clean-Label Convenient Affordable 62
Slide 63: Mouthfeel tasting: Cake
TATE (Y LYLE Science\ Solutions \ Society Mouthfeel tasting: Cake
Slide 64: What gives us a leadership position?
Mouthfeel What gives us a leadership position? 1 2 3 Insights Cutting-edge Market-leading on the mouthfeel mouthfeel future of food science portfolio 64
Slide 65: First industry trends report on the future of mouthfeel
Mouthfeel Published first industry trends report on the future of mouthfeel Air – The Elevated Multi-layered experiences Hyper crunch next magic mouthfeel ingredient Nourishment Next-gen Veggie Blissfully 2.0 naturality celebration boosted Mouthfeel Convenience for a Mouthfeel Climate and shelf Mode
Slide 66: Cutting-edge science and technical capabilities
Mouthfeel Cutting-edge science and technical capabilities Sensory Application Ingredient 66
Slide 67: Broadest product portfolio for texture and mouthfeel
Mouthfeel Broadest product portfolio for texture and mouthfeel Starches Pectins Gums 67
Slide 68: Portfolio and capabilities support wide range of customer needs
Mouthfeel Leading portfolio and capabilities support wide range of customer needs Optimise Reformulate Innovate 68
Slide 69: Video: Tate & Lyle Solutions
Video: Tate & Lyle Solutions 69
Slide 70: Customer Solutions
Customer Solutions Veronica Cueva Vice President, Applications & Solutions Development 70
Slide 71: What is a solution?
Customer solutions What is a solution? Services Capabilities Outcomes Insights ▪ R&D / product development ▪ Customer intimacy ▪ Differentiated functionality ▪ Higher margin Creating solutions for our customers ▪ Technical support ▪ ‘Stickier’ sale ▪ Production know-how ▪ Innovation partnership 71
Slide 72: Solution chassis
Customer solutions Solution chassis A formulation chassis is the base framework or foundational piece of technical knowledge within a given application, which addresses customer challenges and consumer needs. Developed by a global team, chassis provide toolkits which regional teams then tailor for c
Slide 73: Video: Tate & Lyle Sensation
Video: Tate & Lyle Sensation 73
Slide 74: Better-for-you low-fat yoghurt
Case study Better-for-you low-fat yoghurt Solution: Delightfully textured, low-fat, high-protein yogurt Powered by: Our starches, pectins, proteins and fibres 74
Slide 75: Reformulation challenge
Customer solutions Reformulation challenge Customer challenge: Remove gelatin and fat while keeping the indulgence, and add a more premium lightness to the overall mouthfeel And also… Optimise mouthfeel and maintain stability under various process conditions and market demands Taste Texture Nutritio
Slide 76: Creating customer solutions
Customer solutions Creating customer solutions 1 2 3 Consumer Cutting-edge Leading insights science portfolio 76
Slide 77: Consumer insights build understanding of mouthfeel experience
Customer solutions Consumer insights build understanding of mouthfeel experience 77
Slide 78: Cutting-edge sensory science
Customer solutions Cutting-edge sensory science Tate & Lyle Sensation Assessing sensory attributes Surface Shininess Surface Sweet Roughness Sour Syneresis Astringency Mounding Chalkiness Adhesiveness Mouth Coating Thickness Mouth Cuttability Thinning Slipperiness Firmness Fatty Translates consumer
Slide 79: Combined portfolio creates unique offering
Customer solutions Combined portfolio creates unique offering Starches Pectins Delivers enhanced and Fibres and Protein functional benefits Enhance mouthfeel GENU® Pectin Optimise cost Cleaner label and mouthfeel GENU® Pectin Stability and mouthfeel SIMPLESSE Fortification Microparticulated Whey Pro
Slide 80: Delivering on customer's requirements
Customer solutions Delivering on customer’s requirements To create a healthier, lower-fat yoghurt without gelatin: ▪ Tate & Lyle’s CLARIA® Bliss and CLARIA EVERLAST® starches provide product stability and label simply as ‘starch’ ▪ CP Kelco’s GENU® Pectin provides a soft gel texture ▪ Combination of
Slide 81: We make healthy food tastier and tasty food healthier
We make healthy food tastier and tasty food healthier. 81
Slide 82: Key messages
Mouthfeel Key messages 1 2 3 Mouthfeel is at the Combination creates a Unique portfolio and centre of food and leadership position technical expertise are drink formulation in Mouthfeel accelerating solutions 82
Slide 83: Addressing key societal trends
Addressing key societal trends Dr. Clare Leonard Vice President, Global Nutrition and Health Science 83
Slide 84: Trillion calories removed from people's diets
40 trillion calories removed from people’s diets over last five years1 84 1. Calories removed by Tate & Lyle’s no- and low-calorie sweeteners and fibres
Slide 85: Rising obesity levels focus attention on AOMs and UPF
Addressing key societal trends Rising obesity levels is focusing attention on AOMs and UPF Obesity Anti-obesity medicine (AOM) Ultra-processed foods (UPF) 43% Adults globally are overweight1 1 in 9 US adults expected to use AOMs by 20352 >50% Calories consumed by UK adults from UPF3 1. World Health
Slide 86: Opportunity to rebalance nutrition of UPF
Addressing key societal trends Significant opportunity to rebalance nutrition of UPF Our portfolio and capabilities are well-placed to nutritionally rebalance UPFs Reduce sugar, calories and fat Mouthfeel is the key unlock to the Add fibre and protein successful nutritional rebalancing of food and d
Slide 87: Five critical needs for AOM users
Addressing key societal trends Proprietary research has identified five critical needs for AOM users Nutrient Permissible Gut health Satiety Hydration density indulgence AOM users may: ▪ Find it harder to meet nutritional needs due to reduced hunger, thirst and lower intakes ▪ Experience gastrointes
Slide 88: Our portfolio supports the needs of AOM users
Addressing key societal trends Our portfolio supports the needs of AOM users 200+ solutions available to support AOM users AOM users’ needs Categories 1. Nutrient density Our solutions 2. Gut health support consumers before, during and 3. Satiety after taking anti- obesity medicine 4. Hydration 5. P
Slide 89: Healthy snacking for AOM users: Protein Cracker / Hummus
Addressing key societal trends Healthy snacking for AOM users: Protein Cracker / Hummus Protein Cracker Hummus Protein cracker with hummus formulated with: ▪ Polydextrose fibre ▪ Modified Food Starch ▪ ARTESA Chickpea Protein to improve nutrition density while maintaining consumer desired appeal and
Slide 90: Improving nutrient density: High Protein Milk Shake
Addressing key societal trends Improving nutrient density: High Protein Milk Shake High Protein Milk Shake formulated with: ▪ PROMITOR® Soluble Fibre ▪ SPLENDA® Sucralose ▪ Stabilizer and cocoa blend to improve nutrition density while maintaining consumer desired appeal and expected taste performanc
Slide 91: Fibre intake remains low
Addressing key societal trends Awareness of the importance of fibre is growing but intake remains low Global shortfall in fibre intakes1 Average daily fibre intakes by country (in grammes) Recommendations (25-38g/day) FIBRE GAP 91 1. Tate & Lyle analysis; data from various scientific papers.
Slide 92: Combined portfolio supports dietary needs
Addressing key societal trends Combined portfolio supports dietary needs with clear nutritional benefits Dietary fibres Pectin Low- and no-calorie sweeteners Benefits1 GENU® Pectin Source of fibre Digestive health Satiety Gut microbiome health2 Weight management Digestive tolerance Glycaemic respons
Slide 93: Key messages
Addressing key societal trends Key messages 1 2 3 Demand for healthier, Nutritional rebalancing We are well-placed to deliver nutritious and tastier food of food is a significant AOM-friendly solutions and is systemic and growing growth opportunity nutritionally rebalance UPFs 93
Slide 94: Science, innovation and technology
Science, innovation and technology Dr. Victoria Spadaro Grant, Chief Science and Innovation Officer 94
Slide 95: Ingredient science is at the centre of the future of food
Science, innovation and technology Ingredient science is at the centre of the future of food Ingredients & Solutions Agriculture Customer Consumer Driving innovation and technology to enable the next-generation of speciality ingredients and solutions 95
Slide 96: Starch molecules and hydrocolloids working together
Graphical explanation of starch molecules and hydrocolloids working together 96
Slide 97: Investing in new technology to accelerate customer solutions
Science, innovation and technology Investing in new technology to accelerate customer solutions Speed Precision Innovation Revolutionising ingredient experimentation 97
Slide 98: Video: ALFIE
TATE (Y LYLE Science\ Solutions \ Society Video: ALFIE
Slide 99: Expanded global network of labs
Science, innovation and technology Expanded global network of labs to serve our customers in local markets Lille Skensved, Denmark 21 Mold, UK Customer Collaboration Lübeck, Germany and Innovation Centres1 Tokyo, Japan Sycamore, IL Hoffman Estates, IL Shanghai, China Dubai, UAE Atlanta, Georgia Mexi
Slide 100: Track record of innovation delivery
Science, innovation and technology Strong and consistent track record of innovation delivery New Products New Product Revenue New Product Revenue 2020-25 Reported Like-for-like2 12% 18% of FBS revenue1 of FBS revenue1 63 14% CAGR £216m 26% New Products Average growth per added to our portfolio year
Slide 101: Key messages
Science, innovation and technology Key messages 1 2 3 Ingredient science is Investing in partnerships Strong and consistent at the centre of the and technology to track record of future of food accelerate solutions innovation delivery 101
Slide 102: Financial Framework
Financial Framework Sarah Kuijlaars Chief Financial Officer 102
Slide 103: Tate & Lyle at a glance
Financial framework Tate & Lyle at a glance Revenue >1,000 £2.1 billion 5% Americas (51%) EMEA (31%) Ingredients Revenue1 CAGR 2021-252,3 Asia Pacific (18%) 120 Sweetening (27%) Countries in which we serve customers £446 million 10% Mouthfeel (66%) Adjusted EBITDA1 CAGR 2021-252 Fortification (8%) 2
Slide 104: Regional manufacturing network provides security of supply
Financial framework Regional manufacturing network provides security of supply Our main production facilities Corn wet mills1 Speciality gums ▪ Lafayette, Indiana, US ▪ Okmulgee, Oklahoma, US ▪ Koog aan de Zaan, ▪ San Diego, California, US the Netherlands ▪ Wulian, Shandong, China ▪ Boleráz, Slovaki
Slide 105: New disclosure framework
Financial framework New disclosure framework Composition Revenue2 Adjusted EBITDA2 of revenue1 10% 70% 64% 20% Americas 51% (CAGR3 6%) Margin 26.6% 10% 5% 55% 24% 30% Europe, Middle East and Africa 31% (CAGR3 5%) Margin 16.2% 10% 40% 12% 50% Asia Pacific 18% (CAGR3 2%) Margin 13.6% Food & Beverage S
Slide 106: Attractive financial algorithm over the medium-term
Ability to accelerate growth Attractive financial algorithm over the medium-term Organic revenue growth Adjusted EBITDA growth Adjusted EPS growth 4-6% Ahead of revenue Ahead of EBITDA Higher end with additional benefit of cost synergies in fiscal 2027 Free cash flow conversion1 of >75% 1.0x to 2.5x
Slide 107: Steps taken to deliver cost synergy realisation
Financial framework Concrete steps already taken to deliver cost synergy realisation Confident in delivering targeted cost synergies of US$50m by end of 2027 financial year, and >US$25m in 2026 financial year Removed Closed Delivered Consolidated Reduced duplication of senior office space in cross-s
Slide 108: Actions taken to realise revenue synergies
Financial framework Actions taken to realise revenue synergies Confident in delivering targeted revenue synergies of 10% of CP Kelco’s revenue over medium-term Building cross-selling capabilities Increasing direct-service for CP Kelco customers ▪ Global training programme ▪ Regional plans in place ▪
Slide 109: Progress on US$150m productivity target to 2028
Financial framework Strong progress on US$150m productivity target to 2028 Current programme1 productivity savings (cumulative) Target US$150m Actual benefits US$91m 2025 2028 US$270m productivity savings delivered since first programme initiated in 2018 109 1. Productivity programme does not includ
Slide 110: EBITDA margin compares well to speciality peers
Financial framework EBITDA margin compares well to speciality peers Adjusted EBITDA margin % Tate & Lyle1 Speciality Peers2,3 21.0% 19% 17.4% 2020 2025 2025 1. Financial years ended 31 March, continuing operations only; 2025 is pro forma for the acquisition of CP Kelco as if it was acquired on 1 Apr
Slide 111: Consistent EBITDA margin across platforms and categories
Financial framework Consistent EBITDA margin across platforms and categories By platform1 By category1 26% 25% 23% 22% 20% 21% 21% 21% 111 1. Year ended 31 March 2025, pro forma including CP Kelco from 1 April 2024.
Slide 112: Key drivers of speciality margin
Financial framework Key drivers of speciality margin Applications and High functionality R&D development IP Protection technical capabilities Low inclusion rate Investment in innovation Intellectual property Increase in applications and in customer products and solution selling portfolio technical s
Slide 113: Capital allocation framework remains unchanged
Financial framework Capital allocation framework remains unchanged Capital allocation to prioritise growth opportunities and drive shareholder value Acquisitions, Return Invest in joint ventures, Dividend surplus capital organic growth partnerships to shareholders Maintain strong and efficient balan
Slide 114: Disciplined use of capital
Financial framework Disciplined use of capital Flexibility to invest Capital expenditure outlook Capital expenditure outlook FY26-FY281 FY261 FY27 Guidance to FY281 30-40% 50-60% £120m – £140m 6-7% of revenue 5-15% Growth projects: typically IRR of 20% Growth Productivity Sustaining (including maint
Slide 115: Summary
Financial framework Summary 1 2 3 Focused on Delivering on CP Kelco Generating attractive accelerating combination and synergy shareholder returns top-line growth commitments 115
Slide 116: In conclusion
In conclusion….. Nick Hampton Chief Executive 116
Slide 117: Growth-focused speciality food and beverage solutions business
Growth-focused speciality food and beverage solutions business Global leader in food and drink reformulation 117
Slide 118: Opportunities to accelerate top-line growth
In conclusion Significant opportunities to accelerate top-line growth Macro trends Food trends Benefits of the combination Structural Acceleration Expanded Increased Deliver consumer trends in reformulation customer offering customer access revenue synergies 118
Slide 119: Confidence in growth potential of combined business
In conclusion 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 its customers: Science Applications Formulation Nutrition Insights Regulatory At the cent
Slide 120: Structural transformation into a speciality solutions business is complete
Following the combination with CP Kelco, the structural transformation of Tate & Lyle into a speciality solutions business is complete 120
Slide 121: Leading positions across sweetening, mouthfeel and fortification
With our leading positions across sweetening, mouthfeel and fortification, we are well-placed to meet growing global demand for healthier, more nutritious food and drink 121
Slide 122: Solutions partner of choice for customers
Our unique portfolio and enhanced capabilities significantly increases our ability to be the solutions partner of choice for customers 122
Slide 123: Clear strategy for accelerating growth
We have a clear strategy for accelerating growth and delivering attractive shareholder returns 123
Slide 124: Science
Science SCIENCE SOLUTIONS SOCIETY 124 124 External use permitted
Slide 125: Q&A
Q&A….. Nick Hampton, Chief Executive Bill Magee, President, Americas Sarah Kuijlaars, Chief Financial Officer Didier Viala, Chief Solutions Development Officer 125