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2025 Investor Day 1 Investor Day 2025 September 17 | New York City
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2025 Investor Day 2 22025 Investor Day INTRODUCTION Welcome & Opening Remarks Noah Weiss Vice President, Investor Relations & Corporate Communications 2
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2025 Investor Day 3 This presentation contains or may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Ingredion intends these forward-looking statements to be covered by the safe harbor provisions for such statements. Forward-looking statements include, among others, any statements regarding our expectations for 2025–2027 overall and segment net sales, operating income, earnings per share, corporate costs, cash from operations, and capital expenditures, and any other statements regarding our prospects and our future operations, financial condition, growth targets, volumes, cash flows, expenses or other financial items, including management’s plans or strategies and objectives for any of the foregoing and any assumptions, expectations, or beliefs underlying any of the foregoing. These statements can sometimes be identified by the use of forward-looking words such as “may,” “will,” “should,” “anticipate,” “assume,” “believe,” “plan,” “project,” “estimate,” “expect,” “intend,” “continue,” “pro forma,” “forecast,” “outlook,” “opportunities,” “potential,” or other similar expressions or the negative thereof. All statements other than statements of historical facts therein are “forward-looking statements.” These statements are based on current circumstances or expectations, but are subject to certain inherent risks and uncertainties, many of which are difficult to predict and beyond our control. Although we believe our expectations reflected in these forward-looking statements are based on reasonable assumptions, investors are cautioned that no assurance can be given that our expectations will prove correct. Actual r esults and developments may differ materially from the expectations expressed in or implied by these statements, based on various risks and uncertainties, including changes in consumer practices, preferences, demand and perceptions that may lessen demand for the products we make; geopolitical conflicts and actions arising from them, including the impacts on the availability and prices of raw materials and energy supplies, supply chain interruptions, and volatility in foreign exchange and interest rates; the effects of global economic conditions and the general political, economic, business, and market conditions that affect customers and consumers in the various geographic regions and countries in which we buy our raw materials or manufacture or sell our products, and the impact these factors may have on our sales volumes, the pricing of our products and our ability to collect our receivables from customers; our reliance on purchases of our products by major industries which we serve and from which we derive a significant portion of our sales, including, without limitation, the food, beverage, animal nutrition and brewing industries; the risks associated with pandemics; our ability to develop or acquire new products and services at rates or of qualities sufficient to gain market acceptance; increased competitive and/or customer pressure in the corn- refining industry and related industries, including with respect to the markets and prices for our primary products and our co-products, particularly corn oil, and the ability to pass through price increases in our key inputs; price fluctuations, supply chain disruptions, tariffs, duties and shortages affecting inputs to our procurement, production processes and delivery channels, including raw materials, energy costs and availability and cost of freight and logistics; our ability to contain costs, achieve budgets and realize expected synergies, including our ability to complete planned maintenance and investment projects on time and on budget as well as to effectively manage freight and shipping costs and hedging activities; operating difficulties at our manufacturing facilities and liabilities relating to product safety and quality; the effects of climate change and legal, regulatory, and market measures to address climate change; our ability to successfully identify and complete acquisitions, divestitures, or strategic alliances on favorable terms, as well as to successfully conduct due diligence, integrate acquired businesses or implement and maintain strategic alliances and achieve anticipated synergies with respect to such transactions; economic, political and other r isks inherent in conducting operations in foreign countries and in foreign currencies; the failure to maintain satisfactory labor relations; our ability to attract, develop, motivate, and maintain good relationships with our workforce; the impact of legal and regulatory proceedings, lawsuits, claims and investigations; the impact of any impairment charges on our goodwill or long-lived assets; the impact on our business of political events, trade and international disputes, war, threats or acts of terrorism, and natural disasters; changes in government policy, law, or regulation and costs of legal compliance, including compliance with environmental regulation or the occurrence of other significant events beyond our control; changes in our tax rates or exposure to additional income tax liability; risks affecting our ability to raise funds at reasonable rates and other factors affecting our access to sufficient funds for future growth and expansion; increases in interest rates that could increase our borrowing costs; interruptions, security incidents, or failures with respect to information technology systems, processes, and sites; risks affecting the continuation of our dividend policy; and our ability to maintain effective internal control over financial reporting. Our f orward -looking statements speak only as of the date on which they are made, and we do not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of the statement as a result of new information or future events or developments or otherwise. If we do update or correct one or more of these statements, investors and others should not conclude that we will make additional updates or corrections. For a further description of these and other risks, see “Risk Factors” and other information included in our Annual Report on Form 10-K for the year ended December 31, 2024, and our subsequent reports on Form 10-Q and Form 8-K filed with the Securities and Exchange Commission. Non-GAAP Financial Measures This presentation provides information about adjusted diluted earnings per share (“adjusted EPS”), adjusted operating income, and other financial measures (collectively, the “non- GAAP financial measures”) which are not measurements of financial performance calculated in accordance with U.S. generally accepted accounting principles (“GAAP”). We have provided a reconciliation of each of these non-GAAP financial measures to the most directly comparable GAAP financial measures in the appendix. Forward-looking statements
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2025 Investor Day 4 9:00 AM Welcome & Opening Remarks Noah Weiss | VP, Investor Relations & Corporate Communications Strategic Vision to Drive Growth Jim Zallie | President & CEO Texture & Healthful Solutions: Segment Review & Outlook Mike O’Riordan | SVP, Texture & Healthful Solutions, EMEA & Asia-Pacific Food & Industrial Ingredients—LATAM Segment Review & Outlook Rob Ritchie | EVP, Food & Industrial Ingredients U.S./Canada and LATAM, & Sugar Reduction Food & Industrial Ingredients—U.S./CAN Segment Review & Outlook Rob Ritchie | EVP, Food & Industrial Ingredients U.S./Canada and LATAM, & Sugar Reduction 10:15 AM Q&A Session with Above Presenters 10:35 AM BREAK 10:45 AM Consumer & Customer-relevant Innovation Mike Leonard | SVP, Chief Innovation Officer & Head of Protein Fortification Financial Overview & Long-term Outlook Jim Gray | EVP & CFO Closing Remarks – Invest with Us Jim Zallie | President & CEO 11:30 AM Q&A Session with All Presenters 12:00 PM Leadership Luncheon Today’s agenda 4
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2025 Investor Day 5 Ingredion sizzle reel
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2025 Investor Day 6 62025 Investor Day COMPANY OVERVIEW Strategic Vision to Drive Growth Jim Zallie President & CEO 6
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2025 Investor Day 7 Strategic vision to drive growth key messages 1 Continuing business transformation to strengthen market leadership positions through portfolio optimization, innovation and cost competitiveness 2 Diversifying our presence and offerings through geographic expansion, capabilities building and solutions selling Building on our proven track record of value creation with disciplined capital allocation, strong risk management and centers of excellence to drive efficiency and productivity 3 Establishing long-term growth targets that build on industry- leading financial strength and maximize shareholder returns4
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2025 Investor Day 8 Leveraging strong cash flows from F&II to invest in higher growth opportunities in T&HS 1 As of 8/29/2025. 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. Ingredion snapshot (NYSE: INGR) Westchester, IL HEADQUARTERS 100+ YEARS IN BUSINESS $8.3B MARKET-CAP1 $7.4B 2024 TOTAL NET SALES ~11,000 GLOBAL EMPLOYEES 120 COUNTRIES SERVED 30 IDEA LABS® IN 22 COUNTRIES ~16,000 CUSTOMERS2 73% 19% 8% Food & Beverage Industrial Applications4 Animal Nutrition Category 32% 33% 29% 6% Segment Texture & Healthful Solutions Food & Industrial Ingredients—LATAM Food & Industrial Ingredients—U.S./CAN Other businesses 3 Segment 2024 NET SALES BREAKDOWN
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2025 Investor Day 9 Since 2024, we have made significant progress on our business transformation journey… Completed recast of segments and portfolio actions Achieved record earnings and cash flow plus strong gross profit margins Delivered on 2022–2025 growth outlook announced Investor Day 2022 Exceeded expectations since 2024 Texture Day Provides complementary enterprise approach to growth, innovation and cash generation Purposeful portfolio changes: - Divested South Korea and selling majority stake in Pakistan business - Actioned asset footprint optimization and growth investments Adj. diluted EPS1 reached a record $10.65 (+13% YoY) Record cash from operations: $1.4 B (+36% YoY) Gross profit margin: 24.1% (+270bps YoY) Exceeded growth goals for net sales, operating income and cash from operations Record FY 2024 results Delivering above target Cost to Compete savings Investments in key production plants and capabilities building Note: Figures as of FY 2024. 1 See appendix for a reconciliation of this non -GAAP financial measure to the comparable GAAP financial measure.
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2025 Investor Day 10 …while delivering strong shareholder returns… Total Shareholder Return (Last 5-Years) Total Shareholder Return (Last 3-Years) Total Shareholder Return (Last 1-Year) -1% -8% 56% -15% 86% 35% I NGR Peer Group Source: FactSet data as of August 29, 2025. 1 Based on selected peer group (ADM, Bunge, Kerry Group and Tate & Lyle). Ingredion Peer Average1
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2025 Investor Day 11 Positive long-term outlook with growth in 2025 and beyond …and we are well positioned to continue to build on our recent success Maintaining leading market positions in target categories Improving profitability and margins Investing in organic growth opportunities Expanding strategic capacity Driving lower-cost position through targeted reliability and infrastructure investments Being the go-to-provider for texture and healthful solutions that make healthy taste better Accelerating on-trend, science- based innovation Pursuing above-market growth opportunities through segment and region focused strategies Driving profitable growth with disciplined capital allocation Executing strategically and financially Building clear competitive advantages
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2025 Investor Day 12 Creating better alignment with market opportunities, customer needs and business objectives 1 Includes sugar reduction, protein fortification and our Pakistan business. Segment structure combines global reach with local expertise and provides better customer connectivity Texture & Healthful Solutions o Global, multinational and regional customers across multiple channels (e.g., branded, private label, food service, etc.) o Limited business seasonality o Higher average sales price (ASP) and gross profit margins Food & Industrial Ingredients—LATAM o Strategic asset footprint provides c ompetitive moat in Mexico, Brazil, Colombia and Peru o Deep and strong customer r elationships o Opportunities afforded by t rend toward urbanization and growing populations Food & Industrial Ingredients—U.S./CAN o Core sweeteners and industrial products with strong customer relationships o Operational excellence to drive cost competitiveness and selective expansion for growth o Proximate supply (e.g., only producer in Canada) Other businesses1 o Leading producer of stevia ingredients o Well positioned with protein isolates for protein fortification
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2025 Investor Day 13 Significant potential for profitable growth and margin enhancement Top tier positions in attractive markets 13 Note: HFCS = High Fructose Corn Syrup. Source: Internal estimates. 1 Industry CAGR over next 3 years. Source: Euromonitor, Innova, and Ingredion internal estimates. 2 Includes All Other. 3 See appendix for a reconciliation of this non- GAAP financial measure to the comparable GAAP financial measure. Texture & Healthful Solutions Food & Industrial Ingredients TOTAL LATAM U.S./CAN Market Size ~$20B ~$5B ~$10B ~$35B Industry Growth Rates1 2%–4% 2%–3% 0.9%–1.3% 2%–3%2 Ingredion 2025–2027 Growth Rate 4%–6% 2%–3% 0%–1% (0.5%–1.5% excluding HFCS) 2%–4% Ingredion 2024 Net Sales $2.4B $2.4B $2.2B $7.4B2 Ingredion 2024 Adj. Operating Income3 $350M $483M $373M $1,016M2
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2025 Investor Day 14 Long-term strategic framework: Key priorities o Leverage strong customer re lationships to support reformulation, co-creation and innovation o Increase addressable market a nd pursue higher growth through international expansion o Expand solutions selling a cross food and beverage and selectively target industrial growth (e.g., pharma, beauty & home, packaging) o Solid progress to date by leveraging o ur global operating model to drive operational excellence – early in our journey to deliver efficiency and savings o Make service and quality d ifferentiators and drive positive operating leverage by focusing on four Cs – Care, Customers, Capacity and Cost o Invest in R&D and differentiating c apabilities to meet emerging customer needs with cutting-edge solutions o Align with industry trends and d eliver novel texture and healthful solutions o Capitalize on c lean label reformulation opportunities leveraging leading product line to address changing regulatory landscape Profitable Growth Innovation Operational Excellence
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2025 Investor Day 15 Clean Label Sugar ReductionAffordability Weight-loss Drugs Protein & Fiber Fortification Macro trends offer growth opportunities Consumer Behavior How We Are Well Positioned Desire for transparency to know what’s in their food Developed solutions providing cleaner, shorter and easier- to-understand labels while still delivering health and taste benefits Reduced and no sugar foods and beverages for metabolic health Leading-edge, high- intensity, natural Stevia offerings and functional fibers Enable affordable price points across retail and food service Cost effective texture and functional solutions as substitutes for inflation-impacted ingredients (e.g., eggs and cocoa) Medical weight- loss alternatives combined with healthier diets Innovativelow sugar, high-protein and fiber fortification offerings that provide metabolic health, satiety and muscle maintenance Growing demand for products supporting digestive health Broad portfolio of plant-based protein isolates and fibers enables formulation of macronutrient-rich products Profitable Growth
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2025 Investor Day 16 Relentlessly pursuing breakthrough innovation in texture science and healthful ingredients Innovation as an engine for growth 16 Innovation Clean Label Texturizers Leadership Global leadership – including major markets in Europe, U.S. and China – nonchemically modified, clean label starches backed by decades of investments in proprietary manufacturing and clean label formulating Investment in Expanding Texture Science Leadership Incremental investment in advancing texture science leadership so that we can most effectively co-create and deliver great tasting texture and healthful solutions First-to-market Texture Solutions Service Insights driven and scientifically-backed consultative service model for accelerated product development – piloted in 2025 with broader rollout in 2026 Next-gen Sustainable Packaging Solutions Developing plant-based packaging solutions to meet growing demand for more sustainable packaging solutions
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2025 Investor Day 17 Continuous improvement mindset enables better data, better decisions and better results Operational excellence journey: Service differentiation and cost competitiveness to win Operational Excellence Care Customer Support customer demand by localizing supply chains, embracing perfect order service and delivering quality ingredients on time Capacity Ensure reliability of existing capacity for returns on invested capital and provide required production volumes for future growth Cost Reduce costs through operational excellence for better fixed cost absorption
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2025 Investor Day 18 Continuing to raise the bar: Renewing long-term financial outlook 18 Net Sales Growth 2%–4% 2025–2027 2024 Base: $7.4B Adj. Operating Income 5%–7% 2025–2027 2024 Base: $1,016M Adj. EPS 7%–9% 2025–2027 2024 Base: $10.65
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2025 Investor Day 19 An experienced, high-performing and execution-focused leadership team Prior Experiences 19 Today’s presenters Broader executive leaders Jim Zallie President & CEO Joined: 1983 Jim Gray EVP & CFO 2014 Mike O’Riordan SVP, Texture & Healthful Solutions, EMEA & Asia-Pacific 1999 Rob Ritchie EVP, F&II, LATAM & U.S./Canada, & Sugar Reduction 1996 Mike Leonard SVP, Chief Innovation Officer & Head of Protein Fortification 2024 Larry Fernandes SVP, Chief Commercial & Sustainability Officer 1990 Tanya Jaeger de Foras SVP, Chief Legal Officer, Corporate Secretary & Chief Compliance Officer 2021 Mark Karns VP, Corporate Development & M&A 2024 Eric Seip SVP, Global Operations, & Chief Supply Chain Officer 2021 Nancy Wolfe SVP & Chief Human Resources Officer 2022
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2025 Investor Day 20202025 Investor Day SEGMENT OVERVIEW Texture & Healthful Solutions 20 Mike O’Riordan SVP, Texture & Healthful Solutions, EMEA & Asia- Pacific
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2025 Investor Day 21 1 Increasing market penetration and enhancing margins through scalable solutions, superior functionality and local manufacturing presence, particularly in developing markets 2 Enabling consumer-preferred, customer new product launches through co-creation and reformulation 3 Developing differentiated R&D and go-to-market capabilities to meet evolving customer needs and unlock new growth opportunities 4 Capitalizing on significant growth capital investments in recent years – early days of generating expected returns T&HS key messages
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2025 Investor Day 22 Recognized leader in specialty and clean-label starches, texturizers and health-focused ingredient solutions Delivering above-market performance Driven by breadth of product lines, solutions selling and innovation Product Portfolio Key Stats $2.3 $2.4 $0.0 $0.5 $1.0 $1.5 $2.0 $2.5 $3.0 2022 2024 24% 28% 2022 2024 13% 15% 2022 2024 Net Sales ($B) Gross Margin (%) OI Margin (%) ~1% CAGR +400 bps +200 bps Ingredient Solutions 1,000+ Active Patents 1,600+ Global Idea Labs ® 30 Global Mfg. Facilities 22 Texture Solutions Clean Label & High-Performance Starches • Hydrocolloids • Customized Formulations Healthful Solutions Texture for Fiber Fortification • Pharma • Beauty & Home
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2025 Investor Day 23 Building “Texture House” capabilities to be the “Go-to-Provider” and deliver above-market growth Year to date progress since our 2024 Texture Innovation Day Operationalized texture solutions selling globally supported by formal customer briefs Increased value of new project pipeline since November 2024 Launched new, clean label texturizing and emulsifying citrus fibers Advancing predictive formulation capabilities to reduce innovation cycle time with customers Investing in cutting-edge texture imaging capabilities Piloting selective Texture Elevation co-creation engagements with customers to test new service model Confocal laser scanning micrographs of a French fry coating
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2025 Investor Day 24 Large, addressable market with opportunities to capture above-market growth Texture and health driving consumer choice o 85%2 of consumers are (highly) likely to recommend their favorite food based on its texture o 76%3 of consumers say texture is more important than flavor o 77%4 would pay more for food and beverages with health benefits Texture Market 2%–4%1 Industry CAGR Over Next 3 Years $600B Packaged Food Retail $2.4B T&HS 2024 Net Sales $20B Global Texture Ingredients & Solutions Source: Internally compiled detail across various sources including: Markets and Markets, Technavio, Market Data Research, Stati sta, 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. 4 ATLAS: Advanced Texturizer Library and Analytics System, 2023.
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2025 Investor Day 25 Key market trends driving growth over next 5 years Source: Innova Market Insights, Global Food & Beverage Trends 2025, Ingredion research. Clean Label Consumers’ need for transparency and desire for more natural and better-for- you products Convenience Driven by urbanization and lifestyle trends Delivery 2 billion deliveries to consumers in 2024 supported by acceleration in delivery technologies (e.g., GrubHub, Deliveroo, etc.) Mochi Texture 60% of consumers prefer multi-textural foods capturing new and diverse cultural preferences Wellness Increased preference to eat healthy and tailor nutrition to their personal needs
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2025 Investor Day 26 We expect >90% of the texture solutions opportunity will come from these categories Our texture solutions create value across large and growing categories Savory • Sauces and dressings • Meat, fish and poultry • Ready meals • Batters and breadings • Noodles Dairy • Yogurt and yogurt a lternatives • Processed cheese a nd cheese alternatives • Creamers and m ilk alternatives Bakery • Cake, donut, pastry, in cluding fillings and toppings • Bread, bread mixes a nd tortillas Snacks • Biscuits, cookies, n utrition bars and crackers Beverage • Sports n utrition and energy drinks, including ready-to- drink and ready-to- mix applications Global Texturizer Market Size (2024) ~$6B ~$2B ~$9B ~$2B ~$1B Texturizer Market Growth (% CAGR) 2%–3% 3%–4% 1%–2% 1%–2% 6%–7% Priority Categories Source: Euromonitor and Ingredion internal analysis. Assumptions: Global Texture Solutions only.
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2025 Investor Day 27 Texture & Healthful Solutions key priorities Profitable Growth Operational Excellence Innovation
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2025 Investor Day 28 Emerging markets represent a significant growth opportunity for texture solutions Source: Internal Estimates, World Population Review, Statista, Census, United Nations. Significant Modified Starch Growth Opportunity in Emerging Markets Modified Starch Consumption per CapitaFactors Most Influencing Modified Starch Growth o GDP and Middle-cla ss Growth o Urbanization o Affordability o Convenience Developed Emerging Profitable Growth 6x Consumption vs. Emerging Significant Headroom for Growth
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2025 Investor Day 29 Delivering high-value solutions Driving innovation through a differentiated solutions model Our Solutions Approach Our most differentiated and innovative ingredients, customized formulations and value-added services o Now d eveloping solutions through co-created briefs discovering unmet customer needs o Extensive solutions library and master f ormulation experts to enable faster and more efficient formulation o Proprietary co nsumer insights and predictive formulation capabilities to enable more successful launches faster o Global procurement and operations p roviding required sourcing and supply chain capabilities 2024 2027E Lower Higher $7.4 ~$8.0 Revenue Generated from Solutions ($B) Average Selling Price Innovation 5%–6% CAGR 1%–2% CAGR
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2025 Investor Day 30 Global operating model improving cost competitiveness and go-to-market effectiveness Operational excellence to support growth and enable cost competitiveness Operational Excellence Customer Service and Delivery Efficiency o Delivering consistent, high-q uality texture solutions at competitive cost through localizing of our supply chains Manufacturing Capacity Upgrades o $100M+ investment in U.S. plants to improve cost position o $200M+ strategic growth investments in Asia-Pacific Productivity Gains o Optimizing a sset footprint and sourcing flexibility for better fixed cost absorption o Simplifying a nd reducing product lines/SKUs
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2025 Investor Day 31 Co-created with speed and efficiency Clean label meal replacement beverage for private label Customer Need o Develop a high protein, g ood source of fiber, meal replacement beverage - Consumer preferred i ngredients - Texture to resemble b rand leader o Rapid development for qu ick market entry Results Achieved rapid market entry Extensive retailer promotion Successful launch due to locally supplied, consumer- preferred texture and wellness solution Our Unique Solution o Leveraged pro prietary insights, global formulation expertise and breadth of clean label texture solutions o Piloted and facilitated cost-effect ive testing and scaling on customer production line CASE STUDY Ingredion’s formulation expertise and technical knowledge made all the difference. This project helped strengthen our relationship and set the stage for future innovation together. Head of Product Development Specialty Food Manufacturer
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2025 Investor Day 32 On track to deliver profitable, innovation-led growth T&HS 2025–2027 growth outlook Note: Above estimates made during the November 2024 Texture Innovation Day remain unchanged. 32 Net Sales Growth 4%–6% CAGR 2024 Base: $2.4B Gross Profit Margin 28%–30% Over Plan Period 2024 Base: 27.6% Adj. Operating Income 8%–10% CAGR 2024 Base: $350M
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2025 Investor Day 33 T&HS key takeaways Increasing market penetration and enhancing margins through scalable solutions, superior functionality and local manufacturing presence, particularly in developing markets 1 Enabling consumer- preferred, customer new product launches through co-creation and reformulation 2 Developing differentiated R&D and go-to-market capabilities to meet evolving customer needs and unlock new growth opportunities 3 Capitalizing on significant growth capital investments in recent years – early days of generating expected returns 4
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2025 Investor Day 34 342025 Investor Day Rob Ritchie Executive Vice President, Food & Industrial Ingredients U.S./Canada & LATAM, & Sugar Reduction SEGMENT OVERVIEW Food & Industrial Ingredients— LATAM 34
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2025 Investor Day 35 F&II—LATAM key messages 1 Leveraging 90+ years of experience – which has positioned us as #1 throughout LATAM markets – to drive innovation and growth for our customers 2 Delivering consistent, profitable growth through long-standing customer relationships, operational excellence and network optimization Innovating in line with consumer trends and anticipating customer needs to further strengthen regional market positions 3
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2025 Investor Day 36 Serving >1,300 customers with a complete portfolio of >950 unique products 1 Includes 5 production plants through Grupo Arcor JV in Argentina, Chile and Uruguay. Strong track record of results 21% 26% 2022 2024 4 Innovation Centers 15 Production Plants 1 vs. Competitors’ 6 Production Plants Long History of LATAM Operations Years in Operation Colombia 92 Brazil 96 Mexico 100 17% 20% 2022 2024 Driven by strong, local manufacturing presence in some of the world’s most dynamic CPG markets Gross Margin (%) OI Margin (%) +500 bps +300 bps Product Applications Manufacturing Footprint Food & Beverage • Brewing • Papermaking • Corrugating • Beauty & Home • Animal Nutrition $2.6 $2.4 2022 2024 Net Sales ($B) Peru 61
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2025 Investor Day 37 Well positioned for current and future growth 1 Native and modified starch include potato and tapioca sources. 2 Polyols, also known as polyhydric alcohols or sugar alcohols, are carbohydrate systems with about half the calories of sugar an d the same bulk. 3 A hydrocolloid is a substance that forms a gel when mixed with water. Most extensive portfolio of ingredients and solutions differentiates us in LATAM Category Food Ingredients Sugar Reduction Products o Native starch1 o Modified starch1 o Sweeteners o Polyols2 o Gums and Hydrocolloids3 o Stevia o Sweeteners o Polyols2 o Fibers Applications o Confectionery o Dairy o Bakery o Savory o Snacks o Beverage Texturizers o Starch-based texturizer o Polyols2 o Confectionery o Dairy o Bakery o Savory o Snacks o Beverage o Confectionery o Dairy o Sports nutrition o Beverages Beauty & Home Care o Native starch1 o Modified starch1 o Polyols2 o Personal care o Cosmetics o Homecare Industrial o Native starch1 o Modified starch1 o Paper & corrugated o Adhesives o Textile o Construction o Biomaterials Agri- products o Gluten meal o Gluten feed o Corn protein o Germ o Animal nutrition o Pet food o Agriculture
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2025 Investor Day 38 Economics & Government Demographics Food Consumption Ingredients that provide functionality, wellness and affordability will continue to drive future growth in region Note: p.p. = percentage points. Source: Euromonitor 2024, International Labor Organization, Statista, The Guardian, Brazil go v.br/Senate, Brazilian Central Bank, Ernst & Young, World Bank and Nielsen IQ. LATAM trends are driving long-term growth ~2% GDP growth (2025–2028) +7 p.p. Increase in formal economy (2004–2024) 62% population under 40 years old vs. 51% in U.S. 82% of Latin America and Caribbean population living in cities (2023), expected to grow to 86%+ by 2050 +3.9% Consumer packaged goods CAGR (2023–2028F) Stronger than more mature markets (+2.3% U.S. and +2.6% U.K.) ~24% of consumers’ disposable income spent on food, driving value consciousness Progressive Gov’t Regulation o Taxes to promote healthier consumption o Nutrition labeling
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2025 Investor Day 39 Long-term volume growth in CPG is expected to continue to grow Source: Euromonitor 2024, Statista, Ernst & Young, World Bank, Nielsen IQ. LATAM includes Mexico, Brazil and Columbia in this study. Favorable long-term consumption trends in LATAM Strong volume growth potential for packaged foods and beverages – currently half of U.S. total volume Packaged Food Volume per Capita (KG) Beverage Volume per Capita (L) 325 335 186 212 2022 2027E 463 482 235 270 2022 2027E U.S. LATAM
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2025 Investor Day 40 1 Internally compiled detail across various sources including: Markets and Markets, Technavio, Market Data Research, Statista, and Ingredion internal intelligence. 2 Estimates include food and industrial ingredients; source: Euromonitor, Innova, and Ingredion internal estimates. Large, addressable market with opportunity to capitalize on strong market growth ~$5B Estimated Addressable Market1 $2.4B F&II—LATAM 2024 Net Sales Market CAGR2: 2.0%–3.0% (2025–2027) Key Factors Driving Addressable Market Growth + Demographic shifts + Preference for packaged foods + Affordability + Innovation within texturizers + Diversification of end-product ? FX impact
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2025 Investor Day 41 Deep knowledge in how to adapt to changing and challenging business environments A sustainable competitive advantage Local go-to-market and innovation presence enabling customer intimacy and co-creation Historical presence with 90+ years experience in growing markets Complete ingredient portfolio for today and tomorrow Scale and cost advantaged asset footprint provides competitive moat
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2025 Investor Day 42 LATAM’s strategic priorities Profitable Growth Operational Excellence Innovation
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2025 Investor Day 43 Profitable Growth Well positioned with low-cost plants, innovation and new opportunities to further drive growth Key initiatives to enable profitable growth in LATAM Diversify beyond corn and brewing and improve mix Expand specialty syrups for confectionary Elevate Idea Labs® to accelerate growth in sugar reduction and texturizer portfolio Grow solutions portfolio for beauty and home care
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2025 Investor Day 44 Strengthening market position, gaining channel expertise and driving long-term value through innovation Accelerating bold innovations in LATAM Focus Areas o Texture solutions and su gar reduction o Affordable cost-i n-use solutions o Sustainable innovation pro jects o Solutions in response to taxes a nd regulations to promote healthier consumption o Optimize local presence to e xpand regional market reach Innovation Spotlight ASTRAEA® Liquid Allulose Locally produced in Mexico Provides low calorie sweetness and functional bulking properties Enables significant calorie reduction Enhances flavor and mouthfeel Expands sugar reduction formulating capabilities Innovation
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2025 Investor Day 45 Footprint optimization driving continued gross margin improvements over plan period Enhancing cost leadership to maintain high-level margins Operational Excellence Strengthen regional synergies and supply chain with expanded LATAM sourcing model Optimize manufacturing network across Mexico, Brazil and Colombia Boost plant reliability and efficiency through targeted investments and debottlenecking Leverage nearshoring and close customer relationships for solutions selling
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2025 Investor Day 46 Well positioned in all markets with competitive advantages to drive future success F&II—LATAM 2025–2027 growth outlook 46 Net Sales Growth 2%–3% CAGR 2024 Base: $2.4B Gross Profit Margin 26%–28% Over Plan Period 2024 Base: 25.7% Adj. Operating Income 5%–6% CAGR 2024 Base: $483M
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2025 Investor Day 47 F&II—LATAM key takeaways Leveraging 90+ years of experience – which has positioned us as #1 throughout LATAM markets – to drive innovation and growth for our customers 1 Delivering consistent profitable growth through long-standing customer relationships, operational excellence and network optimization 2 Innovating in line with consumer trends and anticipating customer needs to further strengthen regional market positions 3
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2025 Investor Day 48 482025 Investor Day Rob Ritchie Executive Vice President, Food & Industrial Ingredients U.S./Canada & LATAM, & Sugar Reduction SEGMENT OVERVIEW Food & Industrial Ingredients— U.S./CAN 48
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2025 Investor Day 49 F&II—U.S./CAN key messages 1 Maintaining strong position in mature markets delivering stabilized margins through trusted customer relationships and strength of business model 2 Driving profitable growth through expanded industrial product offerings, continued product mix upgrades and implementation of global solutions approach in region – just starting our journey Continuing to drive and accelerate operational efficiencies to maintain margins, enhance customer intimacy and better supply our customers 3 Delivering stable cash generation to fuel growth and support capital priorities across the enterprise4
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2025 Investor Day 50 $2.2 $2.2 2022 2024 13% 22% 2022 2024 9% 17% 2022 2024 +900 bps +800 bps Delivering stable cash generation to fuel growth and support capital priorities across the enterprise Driving resilient performance across Ingredion’s mature, cash-generative markets Note: Stats as of year end 2024. 2 Innovation Centers 6 Production Plants Net Sales ($B) Gross Margin (%) OI Margin (%) Manufacturing Footprint Product Applications Food & Beverage • Paper & Packaging • Pharma & Personal Care • Animal & Pet Nutrition • Corn Oil Production Comprehensive Risk Management Reducing Exposure to Commodity Volatility
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2025 Investor Day 51 ~20% ~20% ~30% ~30% 2024 Net Sales by Products Transforming the portfolio for sustainable profitability Strong local presence with a diversified sweetener and starch portfolio Delivering products competitively with locally-sourced ingredients in both U.S. and Canada (only corn wet miller in Canada) Expanding our leadership in industrial starches for paper and packaging Upgrading mix strategically beyond high fructose corn syrup 1 Other ingredients includes Polyols, Maltodextrin, Corn Oil, Germ, Feed. Dry Dextrose and Other Ingredients1 High Fructose Corn Syrup Starches Sweeteners
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2025 Investor Day 52 ~$10B Estimated Addressable Market1 $2.2B F&II—U.S./CAN 2024 Net Sales Market CAGR2: 0.9%–1.3% (2025–2027) Key Factors Driving Addressable Market Growth o Strategic diversification into growth markets o Demand for sustainable materials in paper and packaging industry o Development of bio-so lutions by repurposing corn grinding outputs for green chemistry markets and applications o Sweeteners with stable to positive performance in baked g oods, confectionary and ready-to-drink beverages 1 Internally compiled detail across various sources including: Markets and Markets, Technavio, Market Data Research, Statista, and Ingredion internal intelligence. 2 Estimates include food and industrial ingredients, source: Euromonitor, Innova, and Ingredion internal estimates. Large, addressable market with opportunity to capture market growth in U.S./CAN
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2025 Investor Day 53 Strong market and customer presence Leading corn wet miller in Canada and strong relationships with small- and medium- sized customers and customers in proximity to our manufacturing sites Delivering a diverse and highly- relevant product portfolio Leading supplier of food and pharma-grade dextrose, corrugating and papermaking starches and specialized glucose syrups Focused on driving value through service, customization and agility Our competitive positions in U.S./CAN
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2025 Investor Day 54 F&II—U.S./CAN’s strategic priorities Profitable Growth Operational Excellence Innovation
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2025 Investor Day 55 Positioned to meet rising demand for sustainable, bio-based and locally sourced solutions in U.S./CAN Shifting mix aligned with sustainability and sourcing trends Profitable Growth Innovation Paperization Lighter weight and higher functionality paper and packaging Plastic Reduction Reduction of single-use plastics and PFAS1 Consumer Preferences A third of consumers prefer sustainable packagingDevelopment of bio-solutions Repurposing of corn for white and green chemistry Local and Reliable Sourcing Differentiated service underpins strong, long-standing business relationships Source: Statista, Bank of Canada, Innova Top Trends U.S. Canada 2024. 1 Perfluoroalkyl and Polyfluoroalkyl Substances (PFAS). 55 Focus Areas Develop and scale a portfolio of plant-based barrier coatings and functional binders to replace plastic Accelerate development of next-gen sustainable packaging solutions Reduce earnings volatility through risk-management and innovation
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2025 Investor Day 56 Innovation Well positioned to leverage starch chemistry and technology toprovide innovation for advanced packaging materials Spotlight: Next-gen sustainable packaging solutions 1 Industrial business net sales growth 2025E–2027E. Supporting paper and packaging trends with deep customer relationships and industry expertise Ingredion’s Strong Value Propositions Chemicals Replacement Ability to deliver +4% CAGR1 over next 3 years through our advanced packaging materials Bio-based Materials Biodegradability Improvement
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2025 Investor Day 57 Enables specialty starch coated paper packaging to replace plastic packaging Replacing PFAS with plant-based barrier coatings in oil- and grease-resistant packaging CASE STUDY Customer Need o State PFAS regulations d rove customers to seek compliant, oil- and grease- resistant food packaging alternatives o Balancing performance and c ost competitiveness o Applications included p opcorn bags, pizza boxes, burger wraps and French fry sleeves ResultsOur Unique Solution o Modified corn starch enabling grease r esistance in paper packaging o BPI-c ertified compostable modified starch that preserves package recyclability o Designed to be applied in paper mill size presses or paper converter coating systems Allows customers to produce 100% PFAS-free packaging Packaging with better compliance and sustainability metrics Maintain or improve cost efficiency and performance Innovation BPI = Biodegradable Products Institute. PFAS = Per- and Polyfluoroalkyl Substances.
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2025 Investor Day 58 Well positioned to build on positive momentum with opportunities for future expansion Driving cost leadership to support higher margins Operational Excellence Maximize profitability through disciplined cost and portfolio management Streamline plant operations through automation, AI, digital tools and targeted investments Improve customer order fulfillment and demand forecasting across manufacturing footprint Rationalize SKUs and reduce complexity across portfolio Further improve reliability and profitability across major manufacturing facilities
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2025 Investor Day 59 Cash generative and high ROIC business with profitable growth in industrial product offerings F&II—U.S./CAN 2025–2027 growth outlook 59 1 0.5%–1.5% excluding high fructose corn syrup. Net Sales Growth 0%–1% CAGR1 2024 Base: $2.2B Gross Profit Margin 21%–23% Over Plan Period 2024 Base: 21.5% Adj. Operating Income 1%–2% CAGR 2024 Base: $373M
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2025 Investor Day 60 F&II—U.S./CAN key takeaways Maintaining strong position in mature markets delivering stabilized margins through trusted customer relationships and strength of business model 1 Driving profitable growth through expanded industrial product offerings, continued product mix upgrades and implementation of global solutions approach – just starting our journey 2 Continuing to drive and accelerate operational efficiencies to maintain margins, enhance customer intimacy and better supply our customers 3 Delivering stable cash generation to fuel growth and support capital priorities across the enterprise 4
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2025 Investor Day 6161 ABOVE PRESENTERS Q&A Session 61 2025 Investor Day
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2025 Investor Day 6262 ~10 MINUTE Break 62 2025 Investor Day
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2025 Investor Day 63632025 Investor Day Mike Leonard Senior Vice President, Chief Innovation Officer & Head of Protein Fortification R&D OVERVIEW Consumer & Customer-relevant Innovation 63
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2025 Investor Day 64 Innovation key messages 1 Driving a focused, consumer relevant and customer-centric innovation agenda that is delivering growth for texture, clean label and healthful solutions and functional ingredients for sustainable packaging 2 Investing and partnering to extend our capabilities in texture science, sugar reduction and protein technology , enabling us to design new solutions to fuel these growing consumer benefit areas Building proprietary AI-assisted predictive formulation capabilities that will enable us to co-create and scale innovation more quickly and effectively 3
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2025 Investor Day 65 Consumer-led, insights-driven innovation and customer co-creation enabling scalable growth platforms 1 New Product Sales defined as products launched within the last 5 years. One innovation team: Global reach with extensive local expertise ~500 Global R&D Scientists 30 State-of-the-Art Idea Labs® 1,600+ Patents 1,000+ Ingredient Solutions 2024 Key Stats ~3% R&D as a % of Total T&HS Sales ~$300M Annual New Product Sales1 Differentiated Capabilities Texture Science Food Design Product Development Molecular Discovery Underpinned by Process Innovation, Data Science, Scientific & Regulatory Affairs, IP Management and Open Innovation
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2025 Investor Day 66 Breakthrough innovation fuels commercial growth, cash flow and reinvestment in future tech 4 Investments in texture science, biotransformation, AI and data science 2 Co-creation process transforms insights into market-ready, margin-accretive solutions 3 Insights-based Innovation agenda grounded in unmet consumer and customer needs 1 We don’t just sell ingredients—we are seeking to create new categories A repeatable, insight-driven engine that powers innovation, margin and growth Driving scalable innovation through science and a continuous flywheel
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2025 Investor Day 67 Positioned to win across major food trends with scalable, on-trend ingredient solutions Our innovation is focused on products that are on-trend and delivering real benefits for customers Clean Label Sugar ReductionAffordability Weight-loss Drugs Protein Fortification Consumer Behavior Innovative Solutions Enabling consumer trust with simple, recognizable ingredients that deliver outstanding texture o NOVATION® functional native starches that are process tolerant and clean label o HOMECRAFT multi- functional rice flours are process tolerant and deliver luscious textures Meeting demand for low sugar, low calorie products with plant-based, label- friendly sweeteners o PureCircle by Ingredion stevia solutions enable sugar reduction in a label friendly way o ASTRAEA® Allulose acts and tastes like sugar while adding almost no calories Mitigating ingredient shortages and price fluctuations with innovative affordable solutions o DOLCERRA and SIMPLISTICA solutions enable significant cocoa powder reduction in confectionary, bakery and nutraceutical drinks Supporting digestive health trends with soluble fibers and resistant starches o NUTRAFLORA® soluble probiotic fiber helps increase level of good bacterial in gut and is scientifically proven to support digestive health Enabling plant-based and high-protein innovation with sustainably-sourced proteins o VITESSENCE® Pulse pea protein isolates deliver outstanding performance in ready- to-mix, ready-to-drink and cold-pressed bar applications
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2025 Investor Day 68 Eating is simple, but food is complicated Eating Experience Continuum TASTE ORAL PROCESS ING FOOD STRUCTURE
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2025 Investor Day 69 Texture leadership in action: Unparalleled texture and texture science knowledge MORPHOLOGY Investment in new-to- industry equipment to link morphometric changes to the texture experience RHEOLOGY Establishing a world-class external innovation ecosystem to access cutting- edge science, equipment and thought leaders SENSORY Partnerships to establish the drivers of liking for texture and leveraging AI to predict the best clean label solutions for specific applications
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2025 Investor Day 70 Enabling optimization of texture, nutrition and consumer acceptance Linking sensory perception and eating experience to protein formulation based on product morphology CASE STUDY Technical Challenge o Develop a high-pro tein- based extruded snack where the eating experience can be tuned with protein selection Pea protein Airy structure – thin walls/low density Pea and rice protein Dense structure – thick walls/high density ResultsComputed Tomography Analysis Pea protein product significantly more crispy, airy, and less hard than pea and rice protein Technology can help us fine tune product design and performance
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2025 Investor Day 71 CT scan video: Puff
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2025 Investor Day 72 CT scan video: Bread
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2025 Investor Day 73 CT scan video: Crust
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2025 Investor Day 74 Lead the way in the ready-to-mix beverage market with our new pea-protein ingredient Nutritional beverages that deliver on protein content and product performance CASE STUDY Customer Need o Nutritional beverage c ustomers are looking to deliver beverages with increasingly higher plant protein content o Beverages still need to de liver same dairy-like taste and smooth texture that consumers love ResultsOur Unique Solution VITESSENCE® 200D: A pea protein isolate with unparalleled solubility specifically developed for ready-to-mix and ready-to- drink nutritional beverages Excellent solubility for easy dispersion and outstanding texture Optimal viscosity for improved stability and reduced sedimentation Delivering 80% protein on a dry basis, enabling front-of-pack claims o Faster dispersibility o Smooth texture o Neutral flavor
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2025 Investor Day 75 Leveraging predictive formulation to increase speed and probability of successful launches Elevated texture solutions through product development as a service CASE STUDY Customer Need o Rapid and more reliable pro duct development process to deliver solutions that resonate in the market, drive consumer liking and meet cost targets ResultsOur Unique Solution First-to-market texture solutions service o Consulting service for early-s tage product development o Leveraging artificial and hum an intelligence to develop validated pilot-scale products that resonate with customers Successful pilots in 2025 poised to launch globally in 2026 Strengthened strategic partnerships with key customers Faster, more effective co-creation than traditional product development processes
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2025 Investor Day 76 Bringing sustainable packaging products to market that address our customers’ toughest challenges Molded fiber packaging for improved performance and sustainability CASE STUDY Enable end-of-life claims: recyclability, biodegradability and compostability Customer Need o Molded Fiber Type 3 p ackaging is an alternative to traditional plastics o Manage high cost to m anufacture: production time, energy usage and weight o Cost and sustainability of s olutions to enhance strength ResultsOur Unique Solution Range of plant-based, biodegradable binders for use in existing production operation o Enhanced fiber-to-f iber retention, improves drainage, increases processing speed o Improves bonding, imparts greater r igidity and internal strength, enables light-weighting o Replace synthetics with n atural biopolymers Reduced material usage Eliminate usage of synthetic additives Expand size of addressable market
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2025 Investor Day 77 Better for you and the planet New and preferred textures Clean label and fully functional Innovation priorities: Investing in R&D that drives customer demand and sustainable growth
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2025 Investor Day 78 Innovation key takeaways Driving a focused, consumer relevant and customer-centric Innovation agenda that is delivering growth for texture, clean label and healthful solutions and functional ingredients for sustainable packaging 1 Investing and partnering to extend our capabilities in texture science, sugar reduction and protein technology, enabling us to design new solutions to fuel these growing consumer benefit areas 2 Building proprietary AI-assisted predictive formulation capabilities that will enable us to co-create and scale innovation more quickly and effectively 3
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2025 Investor Day 79792025 Investor Day Jim Gray EVP & CFO FINANCIAL OVERVIEW Financial Overview & Long-term Outlook 79
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2025 Investor Day 80 1 Driving bottom-line growth through a balanced portfolio and resilient global business model 2 Advancing operational excellence to unlock efficiencies and improve margins Strong operating cash flow generation enables reinvestment for growth, provides strategic flexibility and reinforces balance sheet health 3 Deploying capital strategically to scale organic growth and enable long-term value creation4 Finance key messages
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2025 Investor Day 81 1 Percentages shown represent CAGR from 2021–2024. 2 The average of the trailing three-year cash from operations as a percentage of average of the three years of net sales Successfully executed a meaningful transformation since 2022 Investor Day o Evolved f rom ingredients supplier to integrated global solutions provider o Repositioned portfolio toward higher-value ingredients o Re-segmentation better positions portfolio with customers for future growth o Delivering earnings growth with enhanced visibility and stability 2022–2025 Growth Goals Progress to Date 2022–2024 Net Sales 2%–4% 3%1 Adj. Operating Income 7%–9% 14%1 Adj. Operating Income Margin 30–50 bps p.a. from 10% 80–100 bps p.a. to 14% Normalized Cash from Operations 2 >10% >11% Capital Investment Commitment >$1.4B ~$900M + + +
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2025 Investor Day 82 Historical financial performance ($M) Key Drivers $7.9 $7.4 2022 2024 Net Sales ($B) Normalized Cash from Operations2 ($M) 2025 Investor Day 82 o Accelerated shift toward higher-value ingredients o Leveraged pricing, supply chain agility and productivity to offset inflationary pressures o Balanced investment approach focused on high-ROI initiatives o Managed corn value decline of 30% over period o Strong operational discipline and mix enhancement o Improved balance sheet flexibility enabling strategic reinvestment and capital returns $787 10% 14% 2022 2024 Adj. Operating Income1 ($M) & Margin (%) $1,016 Adj. EBITDA1 ($M) 11% 15% 2022 2024 Adj. ROIC1,3 $1,002 $1,230 2022 2024 $458 2022 2024 $882 1 See appendix for a reconciliation of this non- GAAP financial measure to the comparable GAAP financial measure. 2 Normalized cash from operations calculated using 3 -year trailing average of reported cash from operations. 3 Adj. ROIC is not a financial measure calculated in accordance with U.S. generally accepted accounting principles (“GAAP”). See Appendix for a reconciliation of this non- GAAP financial measure to diluted earnings per common share, as calculated in accordance with GAAP.
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2025 Investor Day 83 Continuous improvement mindset enables better data, better decisions and better results Advancing operational excellence to unlock efficiencies Care Customer Support customer demand by localizing supply chains, embracing perfect order service and delivering quality ingredients on time Capacity Ensure reliability of existing capacity for returns on invested capital and provide required production volumes for future growth Cost Reduce costs through operational excellence for better fixed cost absorption o COGS – Net Structural Savings o Digital Solutions t hrough AI o Enterprise Productivity
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2025 Investor Day 84 Maintaining strong financial fundamentals against peers Source: FactSet and company disclosures. 1 Based on selected peer group (ADM, Bunge, Kerry Group and Tate & Lyle). Of note, Tate & Lyle’s fiscal year ends March 31. 2 Adj. EBITDA is not a financial measure calculated in accordance with U.S. generally accepted accounting principles (“GAAP”). See Appendix for a reconciliation of th is non-GAAP financial measure to diluted earnings per common share, as calculated in accordance with GAAP. 3 EV/Adj. EBITDA calculated as 12/31/24; March 31, 2025 for Tate and Lyle. Positive momentum to build upon strong performance -3% -8% Net Sales CAGR (2022–2024) 11% -6% Adj. EBITDA2 CAGR (2022–2024) 15% 12% Average Adj. EBITDA2 Margin (2022–2024) 8.2x 9.0x 2024 EV/Adj. EBITDA2,3 vs. Peers Ingredion Peers1
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2025 Investor Day 85 Note: Represents real margin dollar growth; actual net sales and margins vary due to pass- through of changes in raw material costs and FX. Net sales growth objective assumes constant currency and corn/raw material costs equivalent to year-end 2024. 1 See appendix for a reconciliation of this non- GAAP financial measure to the comparable GAAP financial measure. Summary of our 2025–2027 financial outlook By Segment T&HS F&II—LATAM F&II— U.S./CAN 2024 Net Sales $2.4B $2.4B $2.2B Net Sales Growth 4%–6% 2%–3% 0%–1% 2024 Adj. Operating Income $350M $483M $373M Adj. Operating Income1 8%–10% 5%–6% 1%–2% (All Percentages Are CAGRs Over 2025–2027 Period) Potential Risks Consolidated Net Sales 2%–4% Adj. Operating Income1 5%–7% Adj. Operating Income Margin 1 +40–60 BPS P.A. Corporate Costs 3%–4% Adj. EPS1 7%–9% o Tariffs and Trade o Raw Material Cost Inflation o Low Economic Growth o FX Impacts
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2025 Investor Day 86 Key Drivers Robust cash generation supports growth, M&A and shareholder returns Robust free cash flow fuels strategic and financial flexibility $529 $92 $(148) $741 $1,135 56% 10% -15% 62% 92% -70% -20% 30% 80% 130% 180% $(400) $(200) $- $200 $400 $600 $800 $1,000 $1,200 2020 2021 2022 2023 2024 Free Cash Flow ($M) and FCF Conversion (%) o Strong Adj. EBITDA and A dj. EBITDA growth o Working Capital efficiency o Disciplined capital expenditure f or reliability and organic growth Note: Free cash flow is defined as cash from operations minus capital expenditures.
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2025 Investor Day 87 Net Debt to Adj. EBITDA 1.7x 1.9x 2.2x 1.5x 0.7x 2020 2021 2022 2023 2024 Strong balance sheet provides flexibility for capital allocation priorities 2.3x 2.2x Optimal Long-term Range
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2025 Investor Day 88 Anticipating >$1B capital investment over 3-year plan Capital allocation priorities emphasize growth while recognizing shareholder return 44% 6% 28% 21% 2% $2.1B 3-year Historical Uses of Cash1 Capex Dividends Share Repurchases M&A Share Repurchase o Plan to repurchase at least $100M in FY2025 o Remain opportunistic with disciplined buybacks Organic Growth Investment o $80M–$100M annual investment in growth CAPEX o One-t ime investment in infrastructure for a step -up in cost savings Strong and Consistent Dividend o Maintain dividend growth in line with earnings o Continue 10+ year track record of increases Value-Accretive M&A o Advance strategic pipeline of investments o Execute disciplined M&A and purposeful JVs Debt Reduction2 Future Priorities 1 Percentages shown represent 3-year average from FY2022–FY2024. 2 Calculated as YoY change in total debt (excluding leases).
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2025 Investor Day 89 Clear parameters to screen for value-accretive M&A and accelerate enterprise strategy A strategic and disciplined approach to M&A Strategic Filters Improve market position Alignment of winning culture to accelerate capability building Focus upon Texture & Healthful Solutions for higher revenue growth and profitability Open to opportunities across size spectrum, only if value accretive Financial Criteria Strong organic growth potential Margin accretive and synergistic Exceeds return hurdle High FCF generation
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2025 Investor Day 90 Sustained capital returns supported by strong cash flow and a decade of dividend growth Consistent track record of returning capital to shareholders $128 $126 $141 $165 $182 $174 $178 $184 $181 $194 $210 $304 $41 $8 $123 $594 $68 $112 $101 $216 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Dividends Share Repurchases Dividend and Share Repurchases ($M) 10+ Consecutive years of dividend growth $1.5B+ Shares repurchased over last decade ~2.4% Dividend yield as of June 30, 2025
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2025 Investor Day 91 912025 Investor Day CLOSING REMARKS Invest with Us Jim Zallie President & CEO 91
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2025 Investor Day 92 1. Market-leading, diversified, ingredients solutions provider trusted by a large, well-established and growing global customer base 3. Consistent, free cash flow generation supported by business model stability and a deeper competitive moat 4. Proven track record of disciplined and effective capital allocation to drive growth and total shareholder return 5. Deeply experienced management team operating with an owner’s mindset Potential to consistently deliver >10% total shareholder returns Investment thesis 2. Strong, stable financial position and performance demonstrated by top-line growth and solid margin expansion
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2025 Investor Day 9393 ALL PRESENTERS Q&A Session 93 2025 Investor Day
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2025 Investor Day 9494 APPENDIX Non-GAAP to GAAP Reconciliation Tables 94 2025 Investor Day
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2025 Investor Day 95 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 of business, impairment charges, Mexico tax items, and other specified items. We generally use the term “adjusted” when referring to these non-GAAP amounts. Management uses non-GAAP financial measures internally for strategic decision making, forecasting future results and evaluating current performance. By disclosing non-GAAP financial measures, management intends to provide investors with a more meaningful, consistent comparison of our operating results and trends for the periods presented. These non-GAAP financial measures are used in addition to and in conjunction with results presented in accordance with GAAP and reflect an additional way of viewing aspects of our operations that, when viewed with our GAAP results, provide a more complete understanding of factors and trends affecting our business. These non-GAAP measures should be considered as a supplement to, and not as a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP. Non-GAAP financial measures are not prepared in accordance with GAAP; so our non-GAAP information is not necessarily comparable to similarly titled measures presented by other companies. A reconciliation of each non-GAAP financial measure to the most comparable GAAP measure is provided in the tables that follow. Non-GAAP information
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2025 Investor Day 96 Twelve Months Ended December 31, 2024 Twelve Months Ended December 31, 2023 (in millions) Diluted EPS (in millions) Diluted EPS Net income attributable to Ingredion $ 647 $ 9.71 $ 643 $ 9.60 Adjustments: Restructuring and resegmentation costs (i) 13 0.20 1 0.02 Net gain on sale of business (ii) (86) (1.29) — — Impairment charges (iii) 109 1.63 7 0.10 Other matters (iv) 5 0.07 1 0.01 Tax item - Mexico (v) 18 0.27 (15) (0.22) Other tax matters (vi) 4 0.06 (6) (0.09) Non-GAAP adjusted net income attributable to Ingredion $ 710 $ 10.65 $ 631 $ 9.42 Reconciliation of GAAP net income and diluted earnings per share (EPS) to non-GAAP adjusted net income and adjusted diluted EPS Net income and EPS may not sum or recalculate due to rounding.
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2025 Investor Day 97 Notes i. During the twelve months ended December 31, 2024, we recorded pre-tax restructuring charges of $18 million primarily related to restructuring activities that occurred during the year and the resegmentation of the business that was effective January 1, 2024. During the twelve months ended December 31, 2023, we recorded pre-tax restructuring charges of $1 million primarily related to the sale of the business in South Korea. During the twelve months ended December 31, 2022, we recorded $5 million of pre-tax acquisition and integration charges primarily related to our investment in the Argentina joint venture. Also in 2022, we recorded $4 million of remaining pre-tax restructuring-related charges for the Cost Smart programs. ii. During the twelve months ended December 31, 2024, we recorded pre-tax gains of $90 million on the sale of the business in South Korea. iii. During the twelve months ended December 31, 2024, we recorded pre-t ax impairment charges of $83 million, which primarily related to our plans to cease operations at our Vanscoy, Canada and Alcantara, Brazil manufacturing facilities. Also in 2024, we recorded pre-tax impairment charges of $18 million to equity method investments and $8 million related to the planned cessation of manufacturing operations in the United Kingdom. iv. During the twelve months ended December 31, 2024, we recorded a pre-tax net charge of $7 million for tornado damage incurred at a U.S. warehouse. During the twelve months ended December 31, 2023, we recorded pre-tax charges of $5 million primarily related to the impacts of a U.S.-based work stoppage, which was partially offset by $4 million of insurance recoveries. During the twelve months ended December 31, 2022, we recorded pre-tax charges of $20 million primarily related to the impacts of a U.S.-based work stoppage. v. Due to the impact the Mexican peso movement in value against the U.S. dollar has on the remeasurement of our Mexico financial state ments, we recognized a tax provision of $18 million for the twelve months ended December 31, 2024, and a tax benefit of $15 million for the twelve months ended December 31, 2023. vi. During the twelve months ended December 31, 2024, we recognized prior year tax contingencies and net liabilities, recapture of pri or year U.S. tax benefits, and tax impacts of the above non-GAAP adjustments. These were partially offset by a benefit from our ability to realize tax loss carryforwards in Canada and interest on previously recognized tax benefits for certain Brazilian local incentives that were previously taxable. Reconciliation of GAAP net income and diluted earnings per share (EPS) to non-GAAP adjusted net income and adjusted diluted EPS (continued)
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2025 Investor Day 98 Twelve Months Ended December 31, 2024 2022 Operating income $ 883 $ 762 Adjustments: Restructuring and resegmentation costs; Acquisition/integration costs (i) 18 5 Impairment charges (iii) 109 — Other matters (iv) 6 20. Non-GAAP adjusted operating income $ 1,016 $ 787 Reconciliation of GAAP operating income to non-GAAP adjusted operating income Totals may not sum due to rounding. For notes (i) through (iv), see notes (i) through (iv) included in the Reconciliation of GAAP Net Income attributable to Ingredion and Diluted EPS to Non- GAAP Adjusted Net Income attributable to Ingredion and Adjusted Diluted EPS.
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2025 Investor Day 99 Year Ended December 31, Return on Invested Capital ratio (dollar in millions) 2024 2022 Net income (a) $ 654 $ 502.... Adjusted for: Provision for income taxes 277 166 Other non-operating expense (income) 3 (5) Financing costs 39 99 Restructuring and resegmentation charges (i) 18 4 Net gain on sale of business (ii) (90) Acquisition/integration costs — 1 Impairment charges (iii) 109 — Other matters (iv) 6 20 Income taxes (at effective rates of 26.4% and 27.0%, respectively) (iv) (268) (212) Adjusted operating income, net of tax (b) 748 575 Short-term debt 44 543 Long-term debt 1,787 1,940 Less: Cash and cash equivalents (997) (236) Short-term investments (11) (3) Total net debt 823 2,244 Share-based payments subject to redemption 60 48 Total redeemable non-controlling interests 7 51 Total equity 3,823 3,163 Total net debt and equity $ 4,713 $ 5,506 Average current and prior year Total net debt and equity (c) $ 5,071 $ 5,22313 Return on Invested Capital (a ÷ c) 12.9 % 9.6 % Adjusted Return on Invested Capital (b ÷ c) 14.8 % 11.0 % Reconciliation of GAAP return on invested capital to adjusted return on invested capital Totals may not sum due to rounding. For notes (i) through (iv), see notes (i) through (iv) included in the Reconciliation of GAAP Net Income attributable to Ingredion and Diluted EPS to Non- GAAP Adjusted Net Income attributable to Ingredion and Adjusted Diluted EPS.
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2025 Investor Day 100 Year Ended December 31, Adjusted EBITDA (dollars in millions) 2024 2023 2022 Income before income taxes $ 931 $ 839 $ 668 Adjusted for: Depreciation and amortization 214 219 215 Financing costs 39 114 99 Other non-operating expense (income) 3 4 (5) Restructuring and resegmentation costs (i) 18 2 4 Net gain on sale of business (ii) (90) —.. —.. Acquisition/integration costs (iii) — — 1 Other matters (iv) 6 1 20 Impairment charges 109 10 — Adjusted EBITDA $ 1,230 $ 1,189 $ 1,002 Adjusted EBITDA, which is a non-GAAP financial measure, is defined by the Company for these purposes as income before income taxes, calculated in accordance with GAAP, adjusted for the following items: depreciation and amortization; financing costs; other non-operating expense; restructuring and resegmentation costs; net gain on sale of business; impairment charges; and certain other matters outside the normal course of business that may occur during the applicable year. Reconciliation of EBIT to adjusted EBITDA Totals may not sum due to rounding. For notes (i) through (iv), see notes (i) through (iv) included in the Reconciliation of Net Debt to Adjusted EBITDA.