Ingredion Incorporated · NYSE:INGR
Ingredion — Q3 2025 Earnings Presentation
33 slides from Ingredion's earnings presentation, Nov 4, 2025
Slide 1: Third Quarter 2025 Earnings Call
3 Third Quarter 2025 Earnings Call Jim Zallie President and CEO James Gray Executive Vice President and CFO
Slide 2: Non-GAAP Financial Measures and Forward-Looking Statements
Non-GAAP Financial Measures 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, the “non- GAAP financial measures”) which are not measurements of
Slide 3: Agenda
Agenda CEO Perspective CFO Financial Update Closing Remarks Q&A 3
Slide 4: CEO Perspective
Jim Zallie President and CEO CEO Perspective 4
Slide 5: Despite Q3 challenges, we are on track to deliver profitable growth this year
Despite Q3 challenges, we are on track to deliver profitable growth this year Q3 Net Sales Q3 Adjusted Operating Income* $ in millions $ in millions -3% 1,870 1,816 -10% 282 254 Q3 2024 Q3 2025 Q3 2024 Q3 2025 YTD Net $5,630 $5,462 YTD Adj $768 $800 Sales Op Income -3% +4% *See appendix for a reconc
Slide 6: T&HS continues to demonstrate strong net sales volume growth
T&HS continues to demonstrate strong net sales volume growth Net Sales Highlights Volume • Volume growth across U.S./CAN and EMEA • U.S./CAN and APAC clean label up double digits Texture & Healthful Solutions +4% • Batter & breading strength following food service growth • Solutions performance exce
Slide 7: F&II—U.S./CAN: Segment operating income decreased
F&II—U.S./CAN: Segment operating income decreased Production challenges at Argo, our Chicago plant • Argo represents >40% segment net sales • In June, a fire in our feed dryer caused an outage; subsequently, reducing inventory available for sale • Recovery efforts addressed root causes; learnings em
Slide 8: F&II—LATAM decline driven by brewing customer and product mix management
F&II—LATAM decline driven by brewing customer and product mix management Net Sales Significant portion of our brewing sales concentrated in Mexico and Brazil: demand is highly seasonal Brewing Beverage 18% 10% Soft Q3 consumer demand across multiple categories, more pronounced in brewing and beverag
Slide 9: Ingredion continuing to deliver a consistently higher level of profitability
Ingredion continuing to deliver a consistently higher level of profitability Gross Margins 25.6% 24.1% 21.4% 18.8% 2022 2023 2024 2025 YTD Total Gross Profit ($M) $1,494 $1,749 $1,791 9
Slide 10: Q3 progress against our strategic pillars
Q3 progress against our strategic pillars Profitable • Accelerating double-digit growth in clean label ingredients and solutions Growth • Continued strong demand for protein isolates • Solutions selling outpacing T&HS segment net sales Innovation • Increasing engagements for affordability in reformu
Slide 11: Financial Update
James Gray Executive Vice President and CFO Financial Update 11
Slide 12: Q3: Income statement highlights
Q3: Income statement highlights $ in millions, unless noted Q3 2024 Q3 2025 Change Net Sales $1,870 $1,816 -3% Gross Profit $479 $455 -5% Gross Profit Margin 25.6% 25.1% (50) bps Reported Operating Income $268 $249 -7% Reported Diluted EPS $2.83 $2.61 $(0.22)/share Adjusted Operating Income* $282 $2
Slide 13: Q3: Net sales bridge
Q3: Net sales bridge $ in millions -3% $1,870 $15 $1,816 ($39) ($30) Q3 2024 FX Volume Price/Mix Q3 2025 Totals may not sum due to rounding 13
Slide 14: Q3: Net sales variance by segment
Q3: Net sales variance by segment Foreign Sales Net Sales Price Mix Exchange Volume Change Texture & Healthful Solutions 2% 4% -5% 1% Food & Industrial Ingredients—LATAM 1% -7% 0% -6% Food & Industrial Ingredients—U.S./CAN 0% -5% -2% -7% Ingredion 1% -2% -2% -3% Totals may not sum due to rounding 14
Slide 15: Texture & Healthful Solutions and Food & Industrial Ingredients—LATAM
Texture & Healthful Food & Industrial Solutions Ingredients—LATAM Absent FX Absent FX Q3 Net Sales impacts Q3 Net Sales impacts $ in millions -1% $ in millions -7% +1% -6% 600 605 620 585 Q3 2024 Q3 2025 Q3 2024 Q3 2025 Q3 Op Income $96 $105 Q3 Op Income $131 $116 Q3 Op Inc Margin 16.0% 17.4% Q3 Op
Slide 16: Food & Industrial Ingredients—U.S./CAN and All Other
Food & Industrial Ingredients—U.S./CAN All Other Absent FX Absent FX Q3 Net Sales impacts Q3 Net Sales impacts $ in millions -7% $ in millions +18% -7% +17% 548 119 507 102 Q3 2024 Q3 2025 Q3 2024 Q3 2025 Q3 Op Income $99 $81 Q3 Op Income $(4) $(4) Q3 Op Inc Margin 18.1% 16.0% Q3 Op Inc Margin N/M N
Slide 17: Q3: EPS bridge
Q3: EPS bridge Amounts in dollars per share Q3 2024 Q3 2025 Reported Diluted EPS $ 2.83 $2.61 Impairment charges 0.08 --- Restructuring/resegmentation costs 0.08 0.05 Net gain on sale of business (0.21) --- Tax items and other matters 0.27 0.09 Adjusted Diluted EPS* $3.05 $2.75 Total change in adjus
Slide 18: YTD 2025: Income statement highlights
YTD 2025: Income statement highlights $ in millions, unless noted YTD 2024 YTD 2025 Change Net Sales $5,630 $5,462 -3% Gross Profit $1,342 $1,398 4% Gross Profit Margin 23.8% 25.6% 180 bps Reported Operating Income $721 $796 10% Reported Diluted EPS $8.29 $8.61 $0.32/share Adjusted Operating Income*
Slide 19: YTD: EPS bridge
YTD: EPS bridge Amounts are dollars/share YTD 2024 YTD 2025 Reported Diluted EPS $ 8.29 $8.61 Impairment charges 0.41 0.06 Restructuring/resegmentation costs 0.14 0.09 Net gain on sale of business (1.29) --- Tax items and other matters 0.47 (0.16) Adjusted Diluted EPS* $8.02 $8.60 Total change in ad
Slide 20: YTD cash from operations and capital allocation
YTD cash from operations and capital allocation $ millions YTD 2025 Year End Sept YTD Cash Net income $569 2024 2025 Impact A/R 1,093 1,312 (219) Depreciation and amortization $165 Inventory 1,187 1,225 (38) Working capital $(235) AP (1,237) (1,221) (16) Other $40 Other items 38 Total change in WC (
Slide 21: Full year 2025 outlook
Full year 2025 outlook1 Net sales Flat to down low single-digits Adjusted operating income* Up low single-digits to mid-single-digits Financing costs $35 – $40 million Corporate costs Up high single-digits Adjusted effective tax rate* 26.0% – 27.0% Adjusted EPS* $11.10 to $11.30 Diluted weighted avg
Slide 22: 2025 Full year outlook by segment
2025 Full year outlook by segment 2025 Texture & Healthful • Expect net sales to be up low single-digits vs. Solutions • Expect operating income to be up high double-digits 2024 • Expect net sales to be down mid-single-digits Food & Industrial—LATAM • Expect operating income to be flat to up low sin
Slide 23: Focused on Operational and Strategic Priorities
Focused on Operational and Strategic Priorities • Improve Argo reliability and production and remain agile during uncertain economic climate • Deliver Cost2Compete run-rate savings expected to surpass $55M • Invest capital in organic growth opportunities to expand T&HS • Committed to returning capit
Slide 24: Upcoming investor activities
TBU Upcoming investor activities Stephens Annual Investment Conference Nashville | November 19 Oppenheimer Midwest Industrial Summit Virtual | December 11 24
Slide 25: Appendix
Appendix NN Ingredion Be what's next.
Slide 26: Non-GAAP Information
Non-GAAP Information To supplement the consolidated financial results prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), non-GAAP historical financial measures are used, which exclude certain GAAP items such as restructuring and resegmentation costs, net gain on sale
Slide 27: Reconciliation of GAAP net income and diluted EPS to non-GAAP adjusted
Reconciliation of GAAP net income and diluted earnings per share (EPS) to non-GAAP adjusted net income and adjusted diluted EPS Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 (in millions) Diluted
Slide 28: Reconciliation of GAAP 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. For the three and nine months ended September 30, 2025, we recorded pre-tax restructuring charges of $3 million and $7 million, primarily related to de
Slide 29: Reconciliation of GAAP operating income to non-GAAP adjusted operating income
Reconciliation of GAAP operating income to non-GAAP adjusted operating income Three Months Ended Nine Months Ended September 30, September 30, ($ in millions, pre-tax) 2025 2024 2025 2024 Operating income $ 249 $ 268 $ 796 $ 721 Adjustments: Restructuring and resegmentation costs (i) 3 6 7 12 Impair
Slide 30: Reconciliation of GAAP effective income tax rate to non-GAAP adjusted
Reconciliation of GAAP effective income tax rate to non-GAAP adjusted effective income tax rate Three Months Ended September 30, 2025 Nine Months Ended September 30, 2025 Income before Provision for Effective Income before Provision for Effective Income Taxes Income Taxes Income Income Taxes Income
Slide 31: Reconciliation of GAAP effective income tax rate (continued)
Reconciliation of GAAP effective income tax rate to non-GAAP adjusted effective income tax rate (continued) Three Months Ended September 30, 2024 Nine Months Ended September 30, 2024 Income before Provision for Effective Income before Provision for Effective Income Taxes Income Taxes Income Income T
Slide 32: Reconciliation of expected GAAP diluted EPS to expected non-GAAP adjusted
Reconciliation of expected GAAP diluted earnings per share to expected non-GAAP adjusted diluted earnings per share Expected EPS Range for Full-Year 2025 Low End of High End of Guidance Guidance GAAP EPS $ 11.11 $ 11.31 Adjustments: Restructuring and resegmentation costs (i) 0.09 0.09 Impairment cha
Slide 33: Reconciliation of expected GAAP effective tax rate to non-GAAP adjusted
Reconciliation of expected reported GAAP effective tax rate to expected non-GAAP adjusted effective income tax rate Expected Effective Income Tax Rate Range for Full-Year 2025 Low End of High End of Guidance Guidance GAAP ETR 25.5 % 26.5 % Adjustments: Restructuring and resegmentation costs (i) (0.1