Ingredion Incorporated · NYSE:INGR
Ingredion — Q2 2026 Earnings Presentation
33 slides from Ingredion's earnings presentation, Aug 4, 2026
Slide 1: Second Quarter 2026 Earnings Call
Second Quarter 2026 Earnings Call Jim Zallie Chairman, President and CEO Jason Payant Vice President and Interim 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 f
Slide 3: Agenda
Agenda CEO Perspective CFO Financial Update Closing Remarks Q&A 3
Slide 4: CEO Perspective
Jim Zallie Chairman, President and CEO CEO Perspective 4
Slide 5: Q2 performance in line with expectations led by strong T&HS momentum
Q2 performance in line with expectations led by strong T&HS momentum Q2 Net Sales Q2 Adjusted Operating Income* $ in millions $ in millions +1% 1,833 1,850 -5% 273 258 Q2 2025 Q2 2026 Q2 2025 Q2 2026 YTD Net $3,646 $3,642 YTD Adj $546 $470 Sales 0% Op Income -14% *See appendix for a reconciliation o
Slide 6: Strong T&HS volume reinforces solutions growth strategy
Strong T&HS volume reinforces solutions growth strategy Net Sales Highlights Volume • 9th consecutive quarter of sales volume growth Texture & Healthful • Solutions and clean-label sales growth strong in EMEA +7% Solutions and APAC • Tapioca supply constraints pressured APAC volumes • Solid performa
Slide 7: YTD 2026 progress against our strategic pillars
YTD 2026 progress against our strategic pillars • Announced pending acquisition of Tate & Lyle, expanding our solutions capabilities with innovation expertise and geographic reach Profitable • Solutions-led growth and market share gains contributed to strong volume performance across Growth T&HS in
Slide 8: Tate & Lyle acquisition progressing according to plan
Tate & Lyle acquisition progressing according to plan ◆ WE ARE HERE Jun 8, 2026 Jul 3, 2026 Jul 28, 2026 2026–H1 2027 H2 2027 Post-close ✓ ✓ ✓ ◆ Rule 2.7 Scheme Document T&L shareholder vote Regulatory & Expected Execute integration announcement — published approved antitrust reviews closing subject
Slide 9: Strategic rationale rooted in accelerating growth and expanding capabilities
Strategic rationale rooted in accelerating growth and expanding capabilities Global Service Solutions-Driven Portfolio Technical Capabilities Strengthens our ability to more Creates industry-leading Enhances IP, data, and reliably and cost-effectively solutions-driven portfolios technological capabi
Slide 10: Financial Update
TBU Jason Payant Vice President and Interim CFO Financial Update 10
Slide 11: Q2: Income statement highlights
Q2: Income statement highlights $ in millions, unless noted Q2 2025 Q2 2026 Change Net Sales $1,833 $1,850 +1% Gross Profit $477 $426 -11% Gross Profit Margin 26.0% 23.0% (300) bps Reported Operating Income $271 $188 -31% Reported Diluted EPS $2.99 $1.78 $(1.21)/share Adjusted Operating Income* $273
Slide 12: Q2: Net sales bridge
Q2: Net sales bridge $ in millions +1% $36 $20 $1,850 $1,833 ($39) Q2 2025 FX Net Sales Price Mix Q2 2026 Totals may not sum due to rounding Volume 12
Slide 13: Q2: Net sales variance by segment
Q2: Net sales variance by segment Foreign Net Sales Price Net Sales Exchange Volume Mix Change Texture & Healthful Solutions 1% 7% -3% 5% Food & Industrial Ingredients—LATAM 5% -1% -1% 3% Food & Industrial Ingredients—U.S./CAN 0% -4% -3% -7% Ingredion 2% 1% -2% 1% Totals may not sum due to rounding
Slide 14: Texture & Healthful Solutions; Food & Industrial Ingredients—LATAM
Texture & Healthful Food & Industrial Solutions Ingredients—LATAM Absent FX Absent FX Q2 Net Sales impacts Q2 Net Sales impacts $ in millions 4% $ in millions -3% +5% +3% 599 627 596 611 Q2 2025 Q2 2026 Q2 2025 Q2 2026 Q2 Op Income $ $111 $117 Q2 Op Income $ $127 $118 Q2 Op Inc Margin 18.5% 18.7% Q2
Slide 15: Food & Industrial Ingredients—U.S./CAN; All Other
Food & Industrial Ingredients—U.S./CAN All Other Absent FX Absent FX Q2 Net Sales impacts Q2 Net Sales impacts $ in millions -7% $ in millions +7% -7% +8% 523 124 488 115 Q2 2025 Q2 2026 Q2 2025 Q2 2026 Q2 Op Income $ $86 $58 Q2 Op Income $ $(1) $6 Q2 Op Inc Margin 16.4% 11.9% 15
Slide 16: Q2: EPS bridge
Q2: EPS bridge Amounts in dollars per share Q2 2025 Q2 2026 Reported Diluted EPS $ 2.99 $1.78 Acquisition/integration costs - 0.64 Impairment charges (0.02) 0.34 Restructuring costs 0.03 0.14 Net gain on sale of business - (0.27) Tax items and other matters (0.13) 0.19 Adjusted Diluted EPS* $2.87 $2
Slide 17: YTD 2026: Income statement highlights
YTD 2026: Income statement highlights $ in millions, unless noted YTD 2025 YTD 2026 Change Net Sales $3,646 $3,642 0% Gross Profit $943 $827 -12% Gross Profit Margin 25.9% 22.7% (320) bps Reported Operating Income $547 $391 -29% Reported Diluted EPS $5.99 $4.01 $(1.98)/share Adjusted Operating Incom
Slide 18: YTD: EPS bridge
YTD: EPS bridge Amounts are dollars/share YTD 2025 YTD 2026 Reported Diluted EPS $ 5.99 $4.01 Acquisition/integration costs - 0.64 Impairment charges 0.06 0.34 Restructuring costs 0.05 0.30 Net gain on sale of business - (0.27) Tax items and other matters (0.26) 0.14 Adjusted Diluted EPS* $5.84 $5.1
Slide 19: YTD cash from operations and capital allocation
YTD cash from operations and capital allocation $ millions YTD 2026 Year End June YTD Cash Net income $260 2025 2026 Impact A/R 1,185 1,386 (201) Depreciation and amortization $110 Inventory 1,227 1,109 118 Change in working capital $(231) A/P 1,268 1,218 (50) Other $(16) Other items (98) Change in
Slide 20: Full year 2026 outlook
Full year 2026 outlook1 Net sales Flat to up low single-digits Adjusted operating income* Down mid-single-digits Adjusted financing costs* $35 – $45 million Corporate costs Down mid-single-digits Adjusted effective tax rate* 26.0% – 27.5% Adjusted EPS* $10.30 to $10.90 Diluted weighted avg. shares o
Slide 21: 2026 Full year outlook by segment
2026 Full year outlook by segment 2026 • Expect net sales to be up mid-single-digits vs. Texture & Healthful • Expect operating income to be up mid-to-high single- 2025 Solutions digits • Expect net sales to be up low single-digits Food & Industrial—LATAM • Expect operating income to be down low sin
Slide 22: Encouraged by continued T&HS growth momentum and focused on execution and integration
Encouraged by continued T&HS growth momentum and focused on execution and integration • Strong net sales volume growth and share gains drove the second-highest quarterly OI in T&HS history • Normalized production at Argo and sequential improvement across unit operations • Enterprise Productivity sav
Slide 23: Upcoming investor activities
Upcoming investor activities Barclays Global Consumer Conference Boston | Sept. 8 BMO Midwest Crop Tour Chicago | Sept. 16 23
Slide 24: Appendix
Appendix NN Ingredion Be what's next.
Slide 25: Non-GAAP Information
Non-GAAP Information To supplement the consolidated financial results prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), non-GAAP historical financial measures are used, which exclude certain GAAP items such as acquisition/integration costs, restructuring costs, impa
Slide 26: Reconciliation of GAAP net income and diluted EPS to non-GAAP adjusted
Reconciliation of GAAP net income and diluted earnings per share (EPS) to non-GAAP adjusted net income and adjusted diluted EPS Three Months Ended Three Months Ended Six Months Ended Six Months Ended June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 ($ in millions) (in millions) Diluted EPS (i
Slide 27: 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 the three and six months ended June 30, 2026, we recorded pre-tax acquisition and integration costs of $53 million primarily related to our pen
Slide 28: Reconciliation of GAAP operating income to non-GAAP adjusted operating income
Reconciliation of GAAP operating income to non-GAAP adjusted operating income Three Months Ended Six Months Ended June 30, June 30, ($ in millions, pre-tax) 2026 2025 2026 2025 Operating income $ 188 $ 271 $ 391 $ 547 Adjustments: Acquisition/integration costs (i) 6 — 6 — Impairment charges (ii) 31
Slide 29: Reconciliation of GAAP financing costs to non-GAAP adjusted financing costs
Reconciliation of GAAP financing costs to non-GAAP adjusted financing costs Three Months Ended Six Months Ended June 30, June 30, ($ in millions, pre-tax) 2026 2025 2026 2025 Financing costs $ 55 $ 12 $ 64 $ 21 Adjustments: Acquisition/integration costs (i) (47) — (47) — Non-GAAP adjusted financing
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 June 30, 2026 Six Months Ended June 30, 2026 Income before Provision for Effective Income before Provision for Effective Income Taxes Income Taxes Income Income Taxes Income Taxes Incom
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 June 30, 2025 Six Months Ended June 30, 2025 Income before Provision for Effective Income before Provision for Effective Income Taxes Income Taxes Income Income Taxes Income
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 2026 Low End of High End of Guidance Guidance GAAP EPS $ 9.15 $ 9.75 Adjustments: Acquisition/integration costs (i) 0.64 0.64 Impairment charges (ii) 0
Slide 33: Reconciliation of expected GAAP effective tax rate to 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 2026 Low End of High End of Guidance Guidance GAAP ETR 27.4 % 28.9 % Adjustments: Acquisition/integration costs (i) (0.3 %) (0.3