Ingredion Incorporated · NYSE:INGR
Ingredion — CAGNY 2026
53 slides from Ingredion's conference presentation, Feb 17, 2026
Slide 1: Ingredion 2026 CAGNY Presentation
Ingredion 2026 CAGNY Presentation James Zallie Chairman, President and CEO Patrick Kalotis Executive Vice President, Texture & Healthful Solutions Rob Ritchie Executive Vice President, Food & Industrial Ingredients U.S./Canada and LATAM, and Sugar Reduction Jim Gray Executive Vice President and CFO
Slide 2: Forward-looking statements
Forward-looking statements Non-GAAP Financial Measures This presentation provides information about adjusted diluted earnings per share, adjusted operating income, adjusted EBITDA, adjusted ROIC, and other financial measures (collectively, the “non-GAAP financial measures”) which are not measurement
Slide 3: Strategic Vision to Drive Growth
COMPANY OVERVIEW Strategic Vision to Drive Growth Jim Zallie Chairman, President & CEO 3 3
Slide 4: Ingredion snapshot (NYSE: INGR)
Ingredion snapshot (NYSE: INGR) Westchester, IL 100+ $7.7B $7.2B HEADQUARTERS YEARS IN BUSINESS MARKET-CAP1 2025 TOTAL NET SALES ~11,000 120 30 ~16,000 IDEA LABS® IN 22 GLOBAL EMPLOYEES COUNTRIES SERVED CUSTOMERS2 COUNTRIES 2025 NET SALES BREAKDOWN 7% 7% 33% 19% 28% Segment Segment Texture & Healthf
Slide 5: Delivered record performance in 2025
Delivered record performance in 2025… carrying pockets of growth momentum into 2026 Increased customer collaboration, optimizing solutions for specific client needs to drive value FY NET SALES FY GROSS PROFIT MARGIN FY ADJ. OPERATING INCOME $7.2B 25.3% $1,028M FY ADJ. EPS FY CASH FROM OPERATIONS $11
Slide 6: Our businesses combine global scale and local expertise
Our businesses combine global scale and local expertise to create unique customer value Texture Food & Food & & Healthful Industrial Industrial Other Solutions Ingredients Ingredients businesses (global) LATAM U.S./CAN $500M $2.4B $2.3B $2.0B Consumer-Preferred Innovation Scalable, profitable busine
Slide 7: Our F&II segments have demonstrated significant profit growth and cash generation
Our F&II segments have demonstrated significant profit growth and cash generation Adj. Operating Income ($M) and Margin (%) Adj. Operating Income ($M) and Margin (%) ~4% CAGR ~15% $493 CAGR $315 $437 $209 21% 17% 16% 9% 2022 2025 2022 2025 LATAM U.S./CAN See appendix for a reconciliation of these no
Slide 8: Leading macrotrends offer INGR growth opportunities
Leading macrotrends offer INGR growth opportunities Clean Sugar Multi-sensory Protein & Fiber Weight-loss Affordability Label Reduction Engagement Fortification Drugs Developed Cost effective Leading-edge, Providing a Broad portfolio Innovative low solutions providing texture and high-intensity, com
Slide 9: Clean label foods are demonstrating market volume and revenue growth
Clean label foods are demonstrating market volume and revenue growth $145B $133B $138B ~6% CAGR $127B U.S. $116B grocery/AOC 2021 2022 2023 2024 2025 estimated1 Shopping behaviors consumers are consider natural willing to pay checking claims important more for #1 labels more 74% when deciding which
Slide 10: Buying trends across the demographic spectrum signal changes in preferences
Buying trends across the demographic spectrum signal changes to consumers’ preference toward healthy eating Gen Z Millennials Gen X Boomers High Protein High Protein High Protein High Protein High Fiber Reduced Sugar HFCS Reduced Sugar Artificial Dyes Artificial Dyes Reduced Sugar HFCS Eco Friendly
Slide 11: Front-of-pack, better-for-you claims represent large growing benefit areas
Front-of-pack, better-for-you claims represent large consumer benefit areas that are growing Clean Protein Fiber Reduced Label Fortified Fortified Sugar ~6% CAGR 7% CAGR 2% CAGR 11% CAGR 2025 U.S. F&B sales $145B $28B $10B $35B est. Source: Nielsen Rolling 52-week data – annual sales of packaged foo
Slide 12: Driving innovation through consumer and market insights and scientific discovery
Driving innovation through a combination of consumer and market insights and scientific discovery Breakthrough innovation fuels Insights-based Innovation commercial growth, cash flow 4 1 agenda targeting unmet and reinvestment in future tech consumer and customer needs Co-creation with customers Inv
Slide 13: Our strategic pillars
Our strategic pillars Profitable Growth Innovation Enterprise Productivity o Leverage strong customer o Invest in R&D and differentiating o Leveraging our global operating relationships to support capabilities to meet emerging model to drive operational reformulation, co-creation customer needs with
Slide 14: Texture & Healthful Solutions
SEGMENT OVERVIEW Texture & Healthful Solutions Patrick Kalotis Executive Vice President, Texture & Healthful Solutions 14 14
Slide 15: T&HS delivering above-market performance
T&HS delivering above-market performance Driven by breadth of product lines, solutions selling and innovation Net Sales ($B) Gross Margin (%) OI Margin (%) Key Capabilities +290 Ingredient ~1% bps 31% +200 Solutions 1,000+ bps 17% $2.4 $2.4 28% 15% Global Idea Labs® 30 Global Mfg. 2024 2025 2024 202
Slide 16: Large, addressable market with opportunities to capture above-market growth
Large, addressable market with opportunities to capture above-market growth Texture Market Texture is driving consumer choice 2%–4%1 Industry CAGR Over Next 3 Years 85% of consumers are (highly) likely to recommend their favorite food based on its texture2 $20B Global Texture Ingredients & Solutions
Slide 17: Key trends driving texture growth over next 5 years
Key trends driving texture growth over next 5 years Unique Ethnic Affordable Convenience/ Clean Label Wellness Textures Reformulation Delivery Consumers’ need Increased 60% of consumers Cost of living Billions of deliveries for transparency preference to eat prefer multi- pressures, inflation to con
Slide 18: 90% of our texture solutions create value across large and growing categories
90% of our texture solutions create value across large and growing categories Savory Dairy Bakery Snacks Beverage Priority o Sauces, dressings o Yogurt and yogurt o Cake, donut, o Biscuits, cookies, o Sports nutrition Categories o Meat, fish, poultry alternatives pastry, including nutrition bars, an
Slide 19: Manufacturers face challenges of texture deficiency
Manufacturers face challenges of “texture deficiency” 1 Consumers are avoiding complex ingredient statements and unclear labels 2 Foods need to maintain texture without compromising affordability or functionality 3 Manufacturers must balance innovation, sustainability and functionality 4 Regulatory
Slide 20: Ingredion's Solutions approach addresses texture deficiency
Ingredion’s Solutions approach addresses texture deficiency and drives customer growth… More meaningful Stronger, co- Customized blends consumer insights created briefs and formulations Higher product Formulation and Faster approvals success rates scaling expertise and GTM timing Leveraging propriet
Slide 21: Elevating texture Solutions with end-to-end scientific capabilities
Elevating texture Solutions with a holistic services approach with end-to-end scientific capabilities Technical & Scientific Differentiators Predictive Texture Intelligence 80-90% accuracy High-Throughput Predictive Scale – 100’s of formulations Sensory science Advanced Measurement Science Consumer
Slide 22: Outsized financial performance driven by two structural changes in demand
Outsized financial performance continues to be driven by two structural changes in demand ~$1B +7% 5%pts Solutions compared to 2025 Solutions net sales growth avg T&HS gross net sales rate profit margin Clean Label Private Label Sources: Estimates based on Ingredion’s data on the Clean 8% CAGR 5-7%
Slide 23: Delivering natural, indulgent texture with simple labeling
Delivering natural, indulgent texture with simple labeling Patented plant science Proprietary finishing channels Differentiated solutions Powered by clean label starches, fibers and protein Consumer-friendly isolates labels 23
Slide 24: Clean Label category leadership has a substantial runway for growth
Ingredion’s Clean Label category leadership has a substantial runway for growth Potential #1 In Clean Label 9% 6% leading supplier vs. all peers combined 4% APAC U.S. EMEA Clean label penetration of retail F&B market Ingredion maintains competitive strengths through localized production and raw mate
Slide 25: Shifting consumer habits are impacting our customer channel approach
Shifting consumer habits are impacting our customer channel approach toward growth Value-Seeking Shift to Foodservice & Behavior Affordable Brands Private Label Shoppers are prioritizing 54% of consumers Growth affordability over brand are switching to cheaper Category growth loyalty, leading to b
Slide 26: Private label value growth drivers
Private label value growth drivers Enable Enhanced Inventive Textures Affordability & Sustainability Cleaner Nutrition & for Premium Convenience Claims Label Functionality Offerings Replacement of Consumer preferred Address health, Enhanced eating Comprehensive expensive ingredients solutions to rep
Slide 27: Leading share in private label in EMEA provides roadmap for white-space growth
Leading share in private label in EMEA provides a clear roadmap for white-space growth in other regions Private label F&B total retail market penetration ~40% 5-7% ~20% CAGR ~15% Global private label growth EMEA U.S. APAC INGR EMEA Net Sales ~50% to private label Growing private label demand favors
Slide 28: Strategically investing in capacities to support growth
Strategically investing in capacities to support growth Thailand Hamburg Indianapolis Belcamp 28
Slide 29: Food & Industrial Ingredients
SEGMENTS OVERVIEW Food & Industrial Ingredients Rob Ritchie Executive Vice President, Food & Industrial Ingredients U.S./Canada & LATAM, & Sugar Reduction 29 29
Slide 30: Two well positioned Food & Industrial Ingredients segments
Two well positioned Food & Industrial Ingredients segments LATAM U.S. & CANADA Ingredion is a trusted partner with a significant Strong local presence, focused on customer footprint across the region for ingredients and relationships and innovating in existing and new innovative solutions growing ma
Slide 31: F&II-LATAM market leadership driving higher operating income margins
F&II-LATAM market leadership driving higher operating income margins and delivering consistent growth Adj. Operating Income ($M) and Margin (%) Leveraging 90+ years of experience – #1 position throughout LATAM markets – to drive innovation and growth for our customers ~4% CAGR $483 $493 Delivering c
Slide 32: Right to win in LATAM
Right to win in LATAM Consistently meeting customer needs in dynamic environments Leading portfolio Repurposing grind Improving Efficient mix Local legacy producer & Idea Labs® 32
Slide 33: LATAM trends are driving long-term growth opportunities
LATAM trends are driving long-term growth opportunities Favorable market trends position Ingredion for long-term, consistent growth Consumer Market Growth Economics & Government Affordability CPG food growth +14.2% +3.9% GDP LATAM private label Value % CAGR ~2% growth vs. 2023 2023-2028F LATAM growt
Slide 34: F&II-U.S./CAN: Strong financial performance over time
F&II-U.S./CAN: Strong financial performance over time leading to 15% profit growth and 16% OI margins Maintaining strong position in mature Adj. Operating Income ($M) and Margin (%) markets delivering stable margins ~15% Driving profitable growth through expanded CAGR industrial product offerings, c
Slide 35: Leading market positions in the U.S. and Canada with wide competitive moats
Leading market positions in the U.S. and Canada with wide competitive moats built on a century of Thousands experience of farmers Few Reduced raw material cost volatility competitors Stable industry market structure/high barriers to entry Pricing excellence Thousands of customers Strong cash
Slide 36: Driving accretive growth through product mix trade-up
Driving accretive growth through product mix trade-up Expanding innovation, upgrading mix, and scaling economically advantaged applications Improved Differentiated Industrial BioSolutions Sweeteners product mix Markets Native Starch Liquid Dry Dextrose New customer Modified Starch Dextrose Glucose P
Slide 37: Market positions and differentiated capabilities provide competitive advantage
Our market positions and differentiated capabilities across both segments provide competitive advantage F&II—LATAM o Deep knowledge and 90+ years of experience o Favorable consumer and demographic trends o Four innovation centers fostering trusted partnerships with customers for ingredients and solu
Slide 38: Financial Overview & Long-term Outlook
FINANCIAL OVERVIEW Financial Overview & Long-term Outlook Jim Gray EVP & CFO 38 38
Slide 39: Historical financial performance ($M)
Historical financial performance ($M) Net Sales ($B) Adj. Operating Adj. EBITDA1 ($M) Cash from Adj. ROIC1,2 Income1 ($M) Operations ($M) & Margin (%) $7.4 $7.2 $1,230 $1,245 $944 $1,016 $1,028 15% 17.2% 16.5% 14% 14% 2024 2025 2024 2025 2024 2025 2025 2025 Key Drivers o Accelerated shift toward o S
Slide 40: Summary of our 2025–2028 financial outlook
Summary of our 2025–2028 financial outlook Consolidated By Segment Potential Risks Net Sales 1%–3% T&HS F&II—LATAM F&II— U.S./CAN o Tariffs and trade Adj. Operating Net Sales Growth o Regulatory 5%–7% Vs. ’24 base 4%–6% 1%–3% Flat to ’24 Income1 o FX impacts Adj. Operating Adj. Operating Target +40
Slide 41: Pursuing Enterprise Productivity across $3B cost base
Pursuing Enterprise Productivity across $3B cost base to reach new levels of efficiency and greater effectiveness Enterprise Productivity is removing barriers to execution, advancing cost leadership and investing resources with greater precision Urgency given dynamic market environments and AI oppor
Slide 42: Capital allocation prioritizes future growth, then disciplined shareholder return
Capital allocation prioritizes future growth, then disciplined shareholder return 3-year Historical Uses of Cash1 Future Priorities Debt Reduction2 Organic Growth and Reliability Investment o $80M–$100M annual investment in growth CAPEX Share o One-time investment in infrastructure for a step-up in
Slide 43: Consistent track record of returning capital to shareholders
Consistent track record of returning capital to shareholders Dividend and Share Repurchases ($M) 11 Consecutive years of dividend per share growth $594 $1.5B+ Shares repurchased $216 $224 $304 $123 $68 $112 $101 over last decade $41 $8 $182 $184 $181 $194 $210 $211 $165 $174 $178 $128 $126 $141 2014
Slide 44: A strategic and disciplined approach to M&A
A strategic and disciplined approach to M&A Strategic Filters Focus upon Texture & Create a winning culture Open to opportunities Improve Healthful Solutions for to build talent and across size spectrum, market position higher revenue growth accelerate capability only if value accretive and profitab
Slide 45: 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
Slide 46: Appendix
Appendix NN Ingredion Be what's next.
Slide 47: Non-GAAP Information
Non-GAAP Information To supplement the consolidated financial results prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), we use non-GAAP historical financial measures, which exclude certain GAAP items such as restructuring and resegmentation costs, net gain on sale o
Slide 48: 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 December 31, Twelve Months Ended December 31, 2025 2024 2025 2024 Operating income $ 220 $ 162 $ 1,016 $ 883 Adjustments: Restructuring and resegmentation costs (i) 6 6 13 18 Impairment charges (iii) 2 8
Slide 49: Reconciliation of GAAP operating income to non-GAAP adjusted operating income
Reconciliation of GAAP operating income to non-GAAP adjusted operating income 2025 2024 Operating income $ 1,016 $ 883 Adjustments: Restructuring and resegmentation costs (i) 13 18 Impairment charges (iii) 8 109 Other matters (iv) (9) 6 Non-GAAP adjusted operating income $ 1,028 $ 1,016 For notes (i
Slide 50: 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 2025 2024 (in millions) Diluted EPS (in millions) Diluted EPS Net income attributable to Ingredion $ 729 $ 11.18 $ 647 $ 9.71 Adjustments: Restructuring and resegmentation
Slide 51: 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. During 2025, we recorded pre-tax restructuring charges of $13 million primarily related to decommissioning costs for previously announced plant closure
Slide 52: Net Debt to Adjusted EBITDA
Net Debt to Adjusted EBITDA Net Debt to Adjusted EBITDA ratio 2025 2024 Short-term debt $ 48 $ 44 Long-term debt 1,742 1,787 Less: Cash and cash equivalents (1,030) (997) Short-term investments (3) (11) Total net debt (a) 757 823 Income before income taxes (b) 974 931 Adjusted for: Depreciation and
Slide 53: Return on Invested Capital
Return on Invested Capital Return on Invested Capital (dollars in millions) 2025 2024 Net income (a) $ 736 $ 654 Adjusted for: Provision for income taxes 238 277 Other non-operating expense 5 3 Financing costs 37 39 Restructuring and resegmentation costs (i) 13 18 Net (gain) on sale of business (ii)