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Ingredion 2026 CAGNY Presentation February 17, 2026 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
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2 Non-GAAP Financial Measures This presentation provides information about adjusted diluted earnings per share, adjusted operating income, adjusted EBITDA, adjusted ROIC, and other financial measures (collectively, the “non-GAAP financial measures”) which are not 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 non-GAAP financial measures have not been reconciled to their corresponding GAAP measures because the information needed to make such reconciliations is not available without unreasonable effort. Forward-Looking Statements 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 growth rates for 2025-2028 net sales, adjusted operating income, corporate costs, and adjusted earnings per share, for 2025-2028 segment net sales, gross profit, and adjusted operating income, and any other statements regarding our prospects, future operations, future financial condition, volumes, capital expenditures, 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 results 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, price sensitivity, behaviors, demand and perceptions; the impact of geopolitical developments, tensions, threats or conflicts on the availability and prices of raw materials and energy supplies; supply chains and foreign exchange and interest rates; the impact of global business and economic conditions on demand for our products or our access to global credit and equity markets; our reliance on certain industries for a significant portion of our sales; operating difficulties at our manufacturing facilities and liabilities relating to product safety and quality; our ability to keep pace with technological developments in research and development and continue to offer innovative products; competitive pressures that may adversely affect our market share, revenue and profitability; market volatility that may adversely affect our ability to pass through potential increases in the cost of corn and other raw materials to customers, to purchase quantities of corn and other raw materials at prices sufficient to sustain or increase our profitability, or to supply product quantities and meet shipment delivery requirements that our customers demand; the impact on inputs to our procurement, production processes and delivery channels, such as raw material, energy, and freight and logistics, of price fluctuations, supply chain interruptions, tariffs, duties, and shortages; our ability to contain costs, manage working capital, and achieve budgets, including completion of planned maintenance and investment projects on time and on budget; global climate change and legal, regulatory, or market measures to address climate change; our ability to identify and complete acquisitions, divestitures, or strategic alliances on favorable terms or achieve anticipated synergies; the economic, political and other risks inherent in conducting operations in foreign countries and with foreign currencies; our ability to maintain satisfactory labor relations; our ability to attract, develop, retain, motivate and maintain good relationships with our workforce, including key personnel; the impact of legal and regulatory proceedings; the risks associated with pandemics; the impact of any impairment charges on intangible assets and goodwill; global and regional economic policies and changes to existing laws and regulations; changes in our tax rates or exposure to additional income tax liabilities; increases in interest rates that could increase our borrowing costs; risks affecting our ability to raise funds at reasonable rates and other factors affecting our access to sufficient funds for future growth and expansion; risks relating to the use of artificial intelligence and other advanced technologies, and our reliance on third-party technology providers; 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 forward-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 and uncertainties, see “Risk Factors” and other information included in our Annual Report on Form 10-K for the year ended December 31, 2025, and our subsequent reports on Form 10-Q and Form 8-K filed with the Securities and Exchange Commission. Forward-looking statements
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3 3 COMPANY OVERVIEW Strategic Vision to Drive Growth Jim Zallie Chairman, President & CEO 3
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4 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. Ingredion snapshot (NYSE: INGR) Westchester, IL HEADQUARTERS 100+ YEARS IN BUSINESS $7.7B MARKET-CAP1 $7.2B 2025 TOTAL NET SALES ~11,000 GLOBAL EMPLOYEES 120 COUNTRIES SERVED 30 IDEA LABS® IN 22 COUNTRIES ~16,000 CUSTOMERS2 74% 19% 7% Food & Beverage Industrial Applications4 Animal Nutrition Category 33% 32% 28% 7% Segment Texture & Healthful Solutions Food & Industrial Ingredients—LATAM Food & Industrial Ingredients—U.S./CAN Other businesses 3 Segment 2025 NET SALES BREAKDOWN
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5 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 See appendix for a reconciliation of these non -GAAP financial measures to the comparable GAAP financial measures Returned to shareholders through share repurchase and dividends 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
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6 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 Scalable, profitable businesses
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7 $437 $493 17% 21% 2022 2025 Our F&II segments have demonstrated significant profit growth and cash generation Adj. Operating Income ($M) and Margin (%) LATAM U.S./CAN $209 $315 9% 16% 2022 2025 ~4% CAGR ~15% CAGR See appendix for a reconciliation of these non -GAAP financial measures to the comparable GAAP financial measures Adj. Operating Income ($M) and Margin (%)
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8 Leading portfolio of plant-based ingredients enabling texture and healthful solutions Leading macrotrends offer INGR growth opportunities Clean Label Sugar ReductionAffordability Weight-loss Drugs Protein & Fiber Fortification Multi-sensory Engagement 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 Innovativelow sugar, high-protein and fiber fortification offerings that provide satiety and supports metabolic health and muscle maintenance
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9 $116B $127B $133B $138B $145B Ingredient transparency is the new standard: global consumers are paying more and expecting better Clean label foods are demonstrating market volume and revenue growth 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 ~6% CAGR 2021 2022 2023 2024 2025 estimated1 #1 consumers are checking labels more than ever before 2 74% consider natural claims important when deciding which products to buy 2 64% willing to pay more for natural products 2 Shopping behaviors U.S. grocery/AOC
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10 Buying trends across the demographic spectrum signal changes to consumers’ preference toward healthy eating High Protein High Protein High Protein High Protein High Fiber Reduced Sugar HFCS Reduced Sugar Artificial Dyes Artificial Dyes Reduced Sugar HFCS Eco Friendly High Fiber High Fiber Reduced Sodium Artificial Flavors Artificial Flavors High Fiber Ultra-processed Artificial Dyes Reduced Fat Artificial Flavors Gen Z Millennials Gen X Boomers Source: NIQ Consumer life study, GfK market Intelligence. All ingredient/health trends listed are relevant to at least 33% of the cohort
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11 2025 U.S. F&B sales est. Protein Fortified $28B 7% CAGR Fiber Fortified 2% CAGR $10B Clean Label ~6% CAGR $145B Reduced Sugar 11% CAGR $35B Source: Nielsen Rolling 52-week data – annual sales of packaged food with clean label claims (as defined by Nielsen IQ). Front-of-pack, better-for-you claims represent large consumer benefit areas that are growing
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12 Breakthrough innovation fuels commercial growth, cash flow and reinvestment in future tech 4 Investments in texture science, 2 biotransformation, AI and data science Co-creation with customers transforms insights into market- ready, margin-accretive customized solutions 3 Insights-based Innovation 1 agenda targetingunmet consumer and customer needs A repeatable, insight-driven engine that powers consumer-preferred innovation Driving innovation through a combination of consumer and market insights and scientific discovery
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13 Our strategic pillars o Leverage strong customer relationships to support reformulation, co-creation and innovation o Increase addressable market through penetrating new customer channels for growth and geographic expansion o Expand solutions selling across food and beverage and selectively target industrial growth (e.g., pharma, beauty & home, advanced packaging) o Leveraging our global operating model to drive operational excellence – early in our journey to deliver best-in-class efficiency and effectiveness o Making service and quality differentiators and improving operating leverage for cost competitiveness and ROIC o Invest in R&D and differentiating capabilities to meet emerging customer needs with cutting-edge solutions o Align with industry trends and deliver novel texture and healthful solutions o Focused on four priority science- based technology platforms: o Predictive formulation o Bio-transformation o Measurement science o Material science Profitable Growth Innovation Enterprise Productivity
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14 14 SEGMENT OVERVIEW Texture & Healthful Solutions 14 Patrick Kalotis Executive Vice President, Texture & Healthful Solutions
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15 T&HS delivering above-market performance Driven by breadth of product lines, solutions selling and innovation Recognized leader in specialty and clean-label starches, texturizers and health-focused ingredient solutions Key Capabilities $2.4 $2.4 2024 2025 28% 31% 2024 2025 15% 17% 2024 2025 Net Sales ($B) Gross Margin (%) OI Margin (%) ~1% +290 bps +200 bps Ingredient Solutions 1,000+ Global Idea Labs ® 30 Global Mfg. Facilities 20 +4% net sales volume growth
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16 Large, addressable market with opportunities to capture above-market growth Texture is driving consumer choice Texture Market 2%–4%1 Industry CAGR Over Next 3 Years $2.4B T&HS 2025 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. Ingredion Texture Market Position #1 U.S./CAN #1 EUROPE #1 APAC 85% of consumers are (highly) likely to recommend their favorite food based on its texture2 76% of consumers say texture is more important than flavor3
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17 Key trends driving texture 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 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 Unique Ethnic Textures 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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18 90% of our texture solutions create value across large and growing categories Savory o Sauces, dressings o Meat, fish, poultry o Ready meals o Batters, breadings o Noodles o Soups Dairy o Yogurt and yogurt alternatives o Processed cheese/ cheese alternatives o Creamers, milk alternatives Bakery o Cake, donut, pastry, including fillings and toppings o 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) ~$6B ~$2.0B-2.5B ~$8B ~$2.5B-3B ~$1B Texturizer Market Growth (% CAGR) 2%–3% 4%–5% 1%–2% 2%–3% 6%–7% Priority Categories Source: Euromonitor and Ingredion internal analysis. Assumptions: Global Texture Solutions only.
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19 Consumers are avoiding complex ingredient statements and unclear labels Foods need to maintain texture without compromising affordability or functionality Manufacturers must balance innovation, sustainability and functionality Regulatory impacts are accelerating change Manufacturers face challenges of “texture deficiency” of global manufacturers are currently reformulating existing products to be clean label 174% 1. ATLAS, Ingredion Proprietary Global Consumer Research, 2023 1 3 4 2
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20 Stronger, co- created briefs Formulation and scaling expertise Customized blends and formulations More meaningful consumer insights Faster approvals and GTM timing Higher product success rates Leveraging proprietary capabilities to accelerate speed to market and increase win rates for customers Ingredion’s Solutions approach addresses texture deficiency and drives customer growth…
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21 Understanding and delivering the unique texture, taste and label attributes that drive a product’s success Elevating texture Solutions with a holistic services approach with end-to-end scientific capabilities 21 Texture science/ applications Consumer ingredient preference Sensory science to drive consumer enjoyment Predictive formulation Technical & Scientific Differentiators Predictive Texture Intelligence 80-90% accuracy High-Throughput Predictive Scale – 100’s of formulations Advanced Measurement Science using dynamic CT and 4D imaging Innovation Engine at Scale ~1,800 active & granted patents
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22 Outsized financial performance continues to be driven by two structural changes in demand Sources: Estimates based on Ingredion’s data on the Clean Label and Private Label markets ~$1B 2025 Solutions net sales +7% Solutions net sales growth rate 5%pts compared to avg T&HS gross profit margin 8% CAGR Ingredion global clean label sales Clean Label 5-7% CAGR global private label growth Private Label
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23 Delivering natural, indulgent texture with simple labeling Patented plant science Proprietary finishing channels Differentiated solutions Consumer-friendly labels Powered by clean label starches, fibers and protein isolates
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24 Ingredion maintains competitive strengths through localized production and raw material breadth Ingredion’s Clean Label category leadership has a substantial runway for growth #1 In Clean Label leading supplier vs. all peers combined Sources: Estimates based on Ingredion’s data on the Clean Label market 4% EMEA Clean label penetration of retail F&B market U.S.APAC 6% 9% Potential
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25 Shifting consumer habits are impacting our customer channel approach toward growth Foodservice & Private Label Growth Category growth above other food and beverage channels Value-Seeking Behavior Shoppers are prioritizing affordability over brand loyalty, leading to declines in premium product purchases Shift to Affordable Brands 54% of consumers are switching to cheaper brands to manage budgets amid economic uncertainty Sources: Estimates based on Ingredion’s data on the Private Label market
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26 Private label shifts complexity upstream — toward ingredient suppliers & co-manufacturers Private label value growth drivers Affordability & Convenience Enable Cleaner Label Enhanced Nutrition & Functionality Inventive Textures for Premium Offerings Sustainability Claims Replacement of expensive ingredients e.g. eggs, fat, cocoa o E.g. eggs, fat, cocoa o Shelf-life stability & improvement o Reformulation to reduce capital cost Consumer preferred solutions to replace: o Aspartame, Ace K, Sucralose o Methylcellulose, Maltodextrin o Mono/diglycerides of fatty acids, Lecithin Address health, nutrition & caloric concerns through: o Sugar reduction o Protein fortification o Fiber fortification Enhanced eating experience and taste: o Novel textures (e.g.. Mochi) o Texture improvements o Indulgence o Taste and flavor enhancement Comprehensive programs to support claims: o Regenerative agriculture o Sustainable formulation o Emissions reduction o Sustainable packaging o HowGood metrics
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27 Growing private label demand favors suppliers that can deliver quality, cost, and reliability at scale Leading share in private label in EMEA provides a clear roadmap for white-space growth in other regions 5-7% CAGR Global private label growth Private label F&B total retail market penetration ~15% APACU.S. ~20% EMEA ~40% INGR EMEA Net Sales ~50% to private label Sources: Estimates based on Ingredion’s data on the Private Label index; Market Forecast based on Nielsen data
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28 Thailand Hamburg Indianapolis Belcamp Strategically investing in capacities to support growth
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29 29 Rob Ritchie Executive Vice President, Food & Industrial Ingredients U.S./Canada & LATAM, & Sugar Reduction SEGMENTS OVERVIEW Food & Industrial Ingredients 29
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30 Two well positioned Food & Industrial Ingredients segments ~$2.0B 2025 NET SALES ~16% 2025 SEGMENT Op Income margin ~$2.4B 2025 NET SALES ~21% 2025 SEGMENT Op Income margin U.S. & CANADA Production plants Innovation centers Strong local presence, focused on customer relationships and innovating in existing and new growing markets LATAM Ingredion is a trusted partner with a significant footprint across the region for ingredients and innovative solutions 9 LATAM Production Plants1 vs. Competitors’ 6 Production Plants Only corn refiner in Canada 6 U.S./CAN Production Plants
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31 F&II-LATAM market leadership driving higher operating income margins and delivering consistent growth LATAM Leveraging 90+ years of experience – #1 position throughout LATAM markets – to drive innovation and growth for our customers Delivering consistent, profitable growth through long-standing customer relationships, operational leadership and network agility Innovating in line with consumer trends and anticipating customer needs to further strengthen regional market positions $437 $452 $483 $493 17% 17% 20% 21% 2022 2023 2024 2025 ~4% CAGR Adj. Operating Income ($M) and Margin (%)
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32 Right to win in LATAM Consistently meeting customer needs in dynamic environments Efficient producer Local legacy & Idea Labs® Improving mix Leading portfolio Repurposing grind
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33 LATAM trends are driving long-term growth opportunities Favorable market trends position Ingredion for long-term, consistent growth Source: International Monetary Fund, International Labor Organization, Euromonitor 2024, World Bank, Inter -American Development Bank Group, IBGE, INEGI, Ministerio de Salud y Protección Social - Mexico, Nielsen IQ Consumer Affordability +14.2% LATAM private label growth vs. 2023 Younger population/ urbanization 46% under 30 years Market Growth CPG food growth +3.9% Value % CAGR 2023-2028F Urbanization 82% % of Latin America and Caribbean population living in cities (2023) Economics & Government GDP ~2% LATAM growth 2025-2028 Inflation ~5% LATAM average 2025-2027
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34 F&II-U.S./CAN: Strong financial performance over time leading to 15% profit growth and 16% OI margins U.S./CAN Maintaining strong position in mature markets delivering stable margins Driving profitable growth through expanded industrial product offerings, continued product mix upgrades Continuing to drive and accelerate operational efficiencies to maintain margins, enhance customer intimacy and optimize supply chain Delivering stable cash generation to fuel growth and support capital priorities across the enterprise $209 $298 $373 $315 9% 12% 17% 16% 2022 2023 2024 2025 ~15% CAGR Adj. Operating Income ($M) and Margin (%)
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35 Leading market positions in the U.S. and Canada with wide competitive moats built on a century of experience Thousands of farmers Reduced raw material cost volatility Stable industry market structure/high barriers to entry Pricing excellence Strong cash generation supporting continued reliability investment to deliver sufficient ROIC Few competitors Thousands of customers
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36 Driving accretive growth through product mix trade-up Expanding innovation, upgrading mix, and scaling economically advantaged applications Gradual decline in HFCS demand is driving mix shift and improving margins. Industrial SweetenersBioSolutions Differentiated Markets Packaging, industrial and food applications Feedstocks for green chemistry, advanced bio-fermentation Consumer Packaged Goods, Pharma Beauty and Home, Pharma and Sugar Reduction markets Improved product mix New customer applications Native Starch Modified Starch Dry Dextrose Glucose Liquid Dextrose Polyols
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37 F&II—LATAM F&II—U.S./CAN Our market positions and differentiated capabilities across both segments provide competitive advantage o Deep knowledge and 90+ years of experience o Favorable consumer and demographic trends o Four innovation centers fostering trusted partnerships with customers for ingredients and solutions o Serves all F&B categories, including growing texture and healthful solutions locally o 120 years of history operating with excellence and delivering customer satisfaction o Comprehensive and diverse product portfolio: 130 different products o A leading position in Canada o Strong relationships and broad customer reach
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38 38 Jim Gray EVP & CFO FINANCIAL OVERVIEW Financial Overview & Long-term Outlook 38
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39 Historical financial performance ($M) $7.4 $7.2 2024 2025 Net Sales ($B) Cash from Operations ($M) $1,016 14% 14% 2024 2025 Adj. Operating Income1 ($M) & Margin (%) $1,028 Adj. EBITDA1 ($M) 15% 2025 Adj. ROIC1,2 $1,230 $1,245 2024 2025 $944 2025 Key Drivers o Accelerated shift toward higher-value ingredients o Strong operational discipline and mix enhancement o Balanced investment approach focused on high-ROI initiatives 1 See appendix for a reconciliation of this non -GAAP financial measure to the comparable GAAP financial measure. 2 Adj. ROIC is not a financial measure calculated in accordance with U.S. generally accepted accounting principles (“GAAP”) 16.5% 17.2%
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40 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 2025–2028 financial outlook By Segment T&HS F&II—LATAM F&II— U.S./CAN Net Sales Growth Vs. ’24 base 4%–6% 1%–3% Flat to ’24 Adj. Operating Income1 growth Vs. ’24 base 8%–10% 3%–6% Target $350M by ‘28 ’28 Target Adj. Operating Income1 margin 18%-19% 20%-21% 16%-17% (CAGRs over 2025–2028 period; except OI margins) Potential Risks Consolidated Net Sales 1%–3% Adj. Operating Income1 5%–7% Adj. Operating Income Margin1 +40–60 BPS P.A. Corporate Costs 2%–4% Adj. EPS1 7%–9% o Tariffs and trade o Regulatory o FX impacts o Input cost inflation (direct and indirect) o Population change o Low economic growth
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41 Pursuing Enterprise Productivity across $3B cost base to reach new levels of efficiency and greater effectiveness Enterprise Productivity Urgency given dynamic market environments and AI opportunity Embracing an ongoing productivity mindset Reduce costs to release 100bps of incremental Op Income margin expansion over the next three years Enterprise Productivity is removing barriers to execution, advancing cost leadership and investing resources with greater precision
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42 Anticipating >$1B capital investment over 3-year plan Capital allocation prioritizes future growth, then disciplined shareholder return 41% 2%24% 21% 12% $2.5B 3-year Historical Uses of Cash1 Capex Dividends Share Repurchases M&A Share Repurchase o Plan to repurchase at least $100M in FY2026 o Opportunistic buybacks Organic Growth and Reliability Investment o $80M–$100M annual investment in growth CAPEX o One-time investment in infrastructure for a step-up in cost savings o $215M average annual capex to maintain reliability Strong and Consistent Dividend o Follow earnings growth 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 FY2025–FY2023. 2 Calculated as YoY change in total debt (excluding leases).
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43 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 $211 $304 $41 $8 $123 $594 $68 $112 $101 $216 $224 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Dividends Share Repurchases Dividend and Share Repurchases ($M) 11 Consecutive years of dividend per share growth $1.5B+ Shares repurchased over last decade ~2.8% Dividend yield as of Feb. 2026
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44 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 Create a winning culture to build talent and 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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45 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 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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Appendix
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47 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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48 Three Months Ended December 31, Twelve Months Ended December 31, 2025 2024 2025 2024 Operating income $ 220 $ 162 $ 1,016 $ 883 Adjustments: Restructuring and resegmentation costs (i) 6 6 13 18 Impairment charges (iii) 2 83 8 109 Other matters (iv) — (3) (9) 6 Non-GAAP adjusted operating income $ 228 $ 248 $ 1,028 $ 1,016 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. Totals may not sum due to rounding Reconciliation of GAAP operating income to non-GAAP adjusted operating income
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49 2025 2024 Operating income $ 1,016 $ 883 Adjustments: Restructuring and resegmentation costs (i) 13 18 Impairment charges (iii) 8 109 Other matters (iv) (9) 6 Non-GAAP adjusted operating income $ 1,028 $ 1,016 For notes (i) 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. Totals may not sum due to rounding Reconciliation of GAAP operating income to non-GAAP adjusted operating income
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50 2025 2024 (in millions) Diluted EPS (in millions) Diluted EPS Net income attributable to Ingredion $ 729 $ 11.18 $ 647 $ 9.71 Adjustments: Restructuring and resegmentation costs (i) 11 0.17 13 0.20 Net (gain) on sale of business (ii) — — (86) (1.29) Impairment charges (iii) 7 0.11 109 1.63 Other matters (iv) (7) (0.11) 5 0.07 Tax item–Mexico (v) (14) (0.22) 18 0.27 Other tax matters (vi) — — 4 0.06 Non-GAAP adjusted net income attributable to Ingredion $ 726 $ 11.13 $ 710 $ 10.65 Net income and EPS may not sum or recalculate due to rounding. Reconciliation of GAAP net income and diluted earnings per share (EPS) to non-GAAP adjusted net income and adjusted diluted EPS
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51 Notes i. During 2025, we recorded pre-tax restructuring charges of $13 million primarily related to decommissioning costs for previously announced plant closures and restructuring activities that occurred during the year. During 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. ii. During 2024, we recorded pre-tax gains of $90 million on the sale of the business in South Korea. iii. During 2025, we recorded $10 million of pre-tax impairment charges on our equity investments and equipment due to restructuring activities. During 2024, we recorded pre-tax impairment charges of $83 million, which primarily related to the cessation of 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 $8million related to the cessation of manufacturing operations in the United Kingdom. iv. During 2025, there were pre-tax benefits of $9 million primarily related to insurance recoveries and a favorable judgment related to certain indirect taxes. During 2024, we recorded a pre-tax net charge of $7 million for tornado damage incurred at a U.S. warehouse. v. We recorded tax provisions of $14 million for 2025 as a result of the movement of the Mexican peso against the U.S. dollar and its impact on the Mexico financial statements. vi. During 2025, we changed our permanent reinvestment status of a foreign affiliate, U.S. state deferred tax remeasurement, and tax impacts of the above non-GAAP adjustments. These were partially offset by a benefit from our ability to realize future tax losses in Canada, reversal of prioryear tax contingencies, 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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52 Net Debt to Adjusted EBITDA ratio 2025 2024 Short-term debt $ 48 $ 44 Long-term debt 1,742 1,787 Less: Cash and cash equivalents (1,030) (997) Short-term investments (3) (11) Total net debt (a) 757 823 Income before income taxes (b) 974 931 Adjusted for: Depreciation and amortization 222 214 Financing costs 37 39 Other non-operating expense 5 3 Restructuring and resegmentation costs (i) 7 18 Net (gain) on sale of business (ii) — (90) Impairment charges (iii) 8 109 Other matters (iv) (9) 6 Adjusted EBITDA (c) $ 1,244 $ 1,230 Net Debt to Income before income tax ratio (a ÷b) 0.8 0.9 Net Debt to Adjusted EBITDA ratio (a ÷ c) 0.6 0.7 Note: In 2025, restructuring and resegmentation costs were reduced by $6 million as it included depreciation expense that was already included in the depreciation and amortization line. Also, impairment charges were reduced by $2 million as it was included in Other non-operating expense. Net Debt to Adjusted EBITDA
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53 Return on Invested Capital (dollars in millions) 2025 2024 Net income (a) $ 736 $ 654 Adjusted for: Provision for income taxes 238 277 Other non-operating expense 5 3 Financing costs 37 39 Restructuring and resegmentation costs (i) 13 18 Net (gain) on sale of business (ii) — (90) Impairment charges (iii) 8 109 Other matters (iv) (9) 6 Income taxes (at adjusted effective rates of 25.8% and 26.4%, respectively) (v) (265) (268) Adjusted operating income, net of tax (b) 763 748 Short-term debt 48 44 Long-term debt 1,742 1,787 Less: Cash and cash equivalents (1,030) (997) Short-term investments (3) (11) Total net debt 757 823 Share-based payments subject to redemption 64 60 Total redeemable non-controlling interests 7 7 Total equity 4,295 3,823 Total net debt and equity $ 5,123 $ 4,713 Average current and prior year Total net debt and equity (c) $ 4,918 $ 5,071 Return on Invested Capital (a ÷ c) 15.0 % 12.9 % Adjusted Return on Invested Capital (b ÷ c) 15.5 % 14.8 % Note: In 2025, impairment charges were reduced by $2 million as it was included in Other non- operating expense. Return on Invested Capital