Ingredion Incorporated · NYSE:INGR
Ingredion — Investor Day (2025)
14 slides from Ingredion's investor day presentation, 2025
Slide 1: Financial Overview & Long-term Outlook
FINANCIAL OVERVIEW Financial Overview & Long-term Outlook Jim Gray EVP & CFO 2025 Investor Day 79
Slide 2: 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 3: Successfully executed a 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 4: Historical financial performance ($M)
Historical financial performance ($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 5: 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 6: 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 7: 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 $2.2B 5%–7% Income1 o Raw Material Cost Inflation Adj. Operating 4%–6% 2%–3% 0%–1% Income Margin1 +40–60
Slide 8: Robust free cash flow fuels strategic and financial flexibility
Robust free cash flow fuels strategic and financial flexibility Free Cash Flow ($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 9: Strong balance sheet provides flexibility for capital allocation priorities
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 10: Capital allocation priorities emphasize growth while recognizing 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–$100M annual investment in growth CAPEX Share 2% Repurchases o One-time investment in infrastructure for a step-up in
Slide 11: A strategic and disciplined approach to M&A
A strategic and disciplined approach to M&A Strategic Filters Focus upon Texture & Open to opportunities Improve Healthful Solutions for Alignment of winning culture to accelerate across size spectrum, market position higher revenue growth capability building only if value accretive and profitabilit
Slide 12: Consistent track record of returning capital to shareholders
Consistent track record of returning capital to shareholders Dividend and Share Repurchases ($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 13: Invest with Us
CLOSING REMARKS Invest with Us Jim Zallie President & CEO 2025 Investor Day 91
Slide 14: 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