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

February 17, 2026

C O M P A N Y O V E R V I E W

Strategic Vision to Drive Growth

Jim Zallie

Chairman, President & CEO

3

$7.2B

2025 TOTAL NET SALES

~16,000

CUSTOMERS2

$7.7B

MARKET-CAP1

30

IDEA LABS® IN 22 COUNTRIES

100+

YEARS IN BUSINESS

120

COUNTRIES SERVED

Westchester, IL

HEADQUARTERS

~11,000

GLOBAL EMPLOYEES

Ingredion snapshot (NYSE: INGR)

2025 NET SALES BREAKDOWN

7% 7%

33%

28%

19%

Segment

Category

32%

Texture & Healthful Solutions

Food & Industrial Ingredients-LATAM Food & Industrial Ingredients-U.S./CAN Other businesses3

Food & Beverage

74%

Industrial Applications4

Animal Nutrition

Leveraging strong cash flows from F&II segments to invest in higher growth opportunities in T&HS segment

1 As of 2/4/2026. 2 Revised based on divestment of South Korea business. 3 Includes sugar reduction, protein fortification and our Pakistan business. 4 Includes papermaking/packaging, pharma and personal care. 4

Delivered record performance in 2025…

carrying pockets of growth momentum into 2026

Increased customer collaboration, optimizing solutions for specific client needs to drive value

$435M

FY NET SALES

$7.2B

FY GROSS PROFIT MARGIN

25.3%

FY ADJ. OPERATING INCOME

$1,028M

FY ADJ. EPS

$11.13

FY CASH FROM OPERATIONS

+$944M

Returned to shareholders through share repurchase and dividends

See appendix for a reconciliation of these non-GAAP financial measures to the comparable GAAP financial measures 5

Our businesses combine global scale and local expertise to create unique customer value

Texture & Healthful Solutions

(global)

$2.4B

Food & Industrial Ingredients LATAM

$2.3B

Food & Industrial Ingredients U.S./CAN

$2.0B

Other businesses

$500M

Consumer-Preferred Innovation

6

Scalable, profitable businesses

Our F&II segments have demonstrated significant profit growth and cash generation

Adj. Operating Income ($M) and Margin (%)

Adj. Operating Income ($M) and Margin (%)

$437

~4% CAGR

$493

$209

~15% CAGR

$315

17%

21%

16%

9%

2022 2025

2022 2025

LATAM U.S./CAN

See appendix for a reconciliation of these non-GAAP financial measures to the comparable GAAP financial measures 7

Leading macrotrends offer INGR growth opportunities

Clean Label

Affordability

Sugar Reduction

Multi-sensory Engagement

Protein & Fiber Fortification

Weight-loss Drugs

Developed solutions providing cleaner, shorter and easier-to-understand labels while still delivering health and taste benefits

Cost effective texture and functional solutions

as substitutes for inflation-impacted ingredients (e.g., eggs and cocoa)

Leading-edge, high-intensity, natural Stevia offerings, rare sugars

and functional fibers

Providing a complete texture and sensory toolbox behind today's multi-sensory food experiences with one of the industries largest texture portfolios

Broad portfolio of plant-based protein isolates

and fibers enables formulation of macronutrient-rich products

Innovative low sugar, high-protein and fiber fortification offerings that provide satiety and supports metabolic health and muscle maintenance

Leading portfolio of plant-based ingredients enabling texture and healthful solutions

8

Clean label foods are demonstrating market volume and revenue growth

$145B

$127B

$133B

$138B

~6% CAGR

$116B

U.S.

grocery/AOC

2021

2022

2023

2024

2025

estimated1

Shopping behaviors

consumers are

#1

checking

consider natural claims important

willing to pay more for

labels more

than ever before2

74%

when deciding which products to buy2

64%

natural products2

Ingredient transparency is the new standard: global consumers are paying more and expecting better

1. Nielsen Rolling 52-week data - annual sales of packaged food with clean label claims (as defined by Nielsen IQ); 2. ATLAS, Ingredion's Proprietary Consumer Research 2025 9

Buying trends across the demographic spectrum signal changes to consumers' preference toward healthy eating

Gen Z Millennials Gen X Boomers

High Protein High Fiber

Artificial Dyes Eco Friendly

High Protein Reduced Sugar Artificial Dyes High Fiber

Artificial Flavors

High Protein HFCS

Reduced Sugar High Fiber

Artificial Flavors

High Protein Reduced Sugar HFCS

Reduced Sodium High Fiber

Ultra-processed Artificial Dyes Reduced Fat

Source: NIQ Consumer life study, GfK market Intelligence. All ingredient/health trends listed are relevant to at least 33% of the cohort

Artificial Flavors

10

Front-of-pack, better-for-you claims represent large consumer benefit areas that are growing

Source: Nielsen Rolling 52-week data - annual sales of packaged food with clean label claims (as defined by Nielsen IQ). 11

Driving innovation through a combination of consumer and market insights and scientific discovery

Breakthrough innovation fuels

commercial growth, cash flow 4

and reinvestment in future tech

Insights-based Innovation

1. agenda targeting unmet consumer and customer needs

   Co-creation with customers transforms insights into market- 3

   ready, margin-accretive

   customized solutions

   Investments in texture science,

2. biotransformation, AI and data science

A repeatable, insight-driven engine that powers consumer-preferred innovation

12

Our strategic pillars

Profitable Growth Innovation Enterprise Productivity

• Leverage strong customer relationships to support reformulation, co-creation and innovation

• Increase addressable market through penetrating new customer channels for growth and geographic expansion

• Expand solutions selling across food and beverage and selectively target industrial growth

  (e.g., pharma, beauty & home, advanced packaging)

• Invest in R&D and differentiating capabilities to meet emerging customer needs with cutting-edge solutions

• Align with industry trends and deliver novel texture and healthful solutions

• Focused on four priority science-based technology platforms:

  • Predictive formulation

  • Bio-transformation

  • Measurement science

  • Material science

  • Leveraging our global operating model to drive operational excellence - early in our journey to deliver best-in-class efficiency and effectiveness

  • Making service and quality differentiators and improving operating leverage for cost competitiveness and ROIC

13

S E G M E N T O V E R V I E W

Texture & Healthful Solutions

Patrick Kalotis

Executive Vice President, Texture & Healthful Solutions

14

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

~1%

$2.4 $2.4

28%

+290

bps

31%

15%

+200

bps

17%

Ingredient Solutions

1,000+

Global

® 30

20

Idea Labs

2024 2025

+4% net sales volume growth

2024 2025

2024 2025

Global Mfg. Facilities

Recognized leader in specialty and clean-label starches, texturizers and health-focused ingredient solutions

15

Large, addressable market with opportunities to capture above-market growth

Texture Market

2%-4%1 Industry CAGR Over Next 3 Years

$20B

Global Texture Ingredients & Solutions

$2.4B

T&HS 2025

Net Sales

Texture is driving consumer choice

85% 76%

of consumers are (highly) likely to recommend

their favorite food based on its texture2

of consumers say texture is more important than flavor3

Ingredion Texture Market Position

#1

U.S./CAN

#1

EUROPE

#1

APAC

16

Source: Internally compiled detail across various sources including: Markets and Markets, Technavio, Market Data Research, Statista, and Ingredion internal intelligence. 1 Euromonitor, Innova, and Ingredion internal estimates. 2 Ingredion Proprietary Texture Study 2024/25. 3 Ingredion Proprietary Texture Consumer Research, 2024.

Key trends driving texture growth over next 5 years

Clean Label

Consumers' need for transparency and desire for more natural and better-for-you products

Wellness

Increased preference to eat healthy and tailor nutrition to their personal needs

Unique Ethnic Textures

60% of consumers prefer multi-textural foods capturing new and diverse cultural preferences

Affordable Reformulation

Cost of living pressures, inflation and economic uncertainty driving acceleration in affordable options

Convenience/ Delivery

Billions of deliveries to consumers supported by acceleration in delivery technologies

Source: Innova Market Insights, Global Food & Beverage Trends 2025, Ingredion research. 17

90% of our texture solutions create value across large and growing categories

Priority Categories

Savory

o Sauces, dressings

• Meat, fish, poultry

• Ready meals

• Batters, breadings

• Noodles

• Soups

  Dairy

• Yogurt and yogurt alternatives

• Processed cheese/ cheese alternatives

• Creamers,

  milk alternatives

  Bakery

• Cake, donut, pastry, including fillings and toppings

• Bread, bread mixes, tortillas

Snacks

o Biscuits, cookies, nutrition bars, crackers

Beverage

o Sports nutrition and energy drinks, including ready-to-drink, ready-to-mix applications

Global Texturizer Market Size (2024)

Texturizer Market Growth (% CAGR)

~$6B ~$2.0B-2.5B ~$8B ~$2.5B-3B ~$1B 2%-3% 4%-5% 1%-2% 2%-3% 6%-7%

Source: Euromonitor and Ingredion internal analysis. Assumptions: Global Texture Solutions only. 18

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

74%

Regulatory impacts are accelerating change

of global manufacturers are currently reformulating existing products to be clean label1

1. ATLAS, Ingredion Proprietary Global Consumer Research, 2023 19

Ingredion's Solutions approach addresses texture deficiency and drives customer growth…

More meaningful

consumer insights

Higher product

success rates

Stronger, co-created briefs

Formulation and scaling expertise

Customized blends and formulations

Faster approvals

and GTM timing

Leveraging proprietary capabilities to accelerate speed to market and increase win rates for customers

20