Q2 2026 operating income down 31% as reported and 5% on an adjusted basis compared to the prior-year period*

Reported and adjusted EPS for Q2 2026 of $1.78 and $2.82, respectively, versus $2.99 and $2.87 in Q2 2025

Revised full-year guidance confirmed — now incorporating the divestiture of a majority stake in the Pakistan operations — targeting reported EPS of $9.15–$9.75 and adjusted EPS of $10.30–$10.90

Ingredion's all-cash offer to acquire Tate & Lyle at 595 pence per share accepted by Tate & Lyle shareholders

WESTCHESTER, Illinois, August 6, 2026 (GLOBE NEWSWIRE) — Ingredion Incorporated (NYSE: INGR), a leading global provider of ingredient solutions for the food and beverage industry, today announced its financial results for the second quarter of 2026.

"Ingredion delivered a solid second quarter: the Texture and Health segment continued its sequential quarterly net sales volume growth, while operating results in the Food and Industrial Ingredients (U.S./Canada) segment improved sequentially," said Jim Zallie, Ingredion's President and Chief Executive Officer. "In addition, we completed the sale of our majority stake in our Pakistan operations, and we are pleased to announce that Tate & Lyle shareholders approved our recommended all-cash offer on July 28, marking an important milestone toward completing the transaction."

The pending acquisition of Tate & Lyle, a UK-listed global provider of specialty food ingredients and solutions — including sweeteners, texturants, and health and wellness formulations — represents one of the largest transactions in the B2B food ingredients sector in recent years. The deal would substantially expand Ingredion's specialty ingredients portfolio and add complementary capabilities in sugar reduction and fiber fortification, categories where consumer packaged goods companies face growing reformulation pressure.

"The Texture and Health segment recorded its ninth consecutive quarter of broad-based net sales volume growth, driven by sustained customer demand for our solutions portfolio — including clean-label ingredients — which reflects the durability and margin-enhancing potential of our solutions-driven selling model."

"In Food and Industrial Ingredients, Latin America continued to deliver results in line with expectations, thanks to disciplined regional execution, the resilience of our diversified operations, and the realization of network optimization opportunities, including the announced closure of our Cabo facility in Brazil. We also successfully navigated foreign exchange headwinds and macroeconomic pressures."

"In Food and Industrial Ingredients (U.S./Canada), reliability at our Argo facility improved, with production rates and yields steadily increasing throughout the quarter. We are pleased to report that the plant is operating at normal production rates across all major operating units."

The Argo facility, located in Bedford Park, Illinois, is Ingredion's largest corn wet milling plant and a critical node in its North American supply chain. The thermal incident earlier in 2026 and the subsequent ramp-up materially affected the segment's first-half results, and the return to normal production rates removes a significant operational overhang heading into the second half.

"Looking ahead, we are focused on continued operational execution within our Food and Industrial Ingredients businesses, as well as accelerating growth across our texture- and health-focused solutions portfolio. We have also begun integration planning for the pending Tate & Lyle acquisition; once completed, this transaction will position Ingredion as an even more comprehensive global leader in ingredient solutions, with the innovation expertise and geographic reach needed to shape the future of food."

* Reported results are prepared in accordance with U.S. Generally Accepted Accounting Principles, or "GAAP." Adjusted financial measures are non-GAAP. Please refer to Section II of the supplemental financial information, titled "Non-GAAP Information," presented following the summary consolidated financial statements for a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measures.

Second Quarter 2026 Results

Consolidated

Net Sales: Net sales for the second quarter increased 1%. The increase was primarily driven by higher net sales volume in the Texture and Health segment and favorable foreign exchange impacts in the Food and Industrial Ingredients (Latin America) segment, partially offset by a less favorable global price-mix and a decline in net sales volume in the Food and Industrial Ingredients (U.S./Canada) segment.

Reported and Adjusted Operating Income: Reported and adjusted operating income for the second quarter were $188 million and $258 million, respectively. The difference between reported and adjusted operating income was primarily attributable to impairment charges and costs related to the closure of the Cabo, Brazil facility, as well as costs stemming from the thermal incident at the Argo plant, as previously announced. Excluding foreign exchange impacts, reported operating income declined 32% year over year, and adjusted operating income declined 7%.

Texture and Health

Segment operating income for the second quarter was $117 million, up $6 million from the prior year, driven by sales volume growth, partially offset by unfavorable price-mix and higher tapioca costs. Excluding foreign exchange impacts, segment operating income increased 5%.

Food and Industrial Ingredients — Latin America

Segment operating income for the second quarter was $118 million, a decrease of $9 million from the prior year, primarily due to the impact of exchange rates on transactions in Mexico and more challenging demand. Excluding foreign exchange impacts, segment operating income declined 10%.

Food and Industrial Ingredients — U.S./Canada

Segment operating income for the second quarter was $58 million, a decrease of $28 million from the prior year. The decline resulted from lower production at the Argo facility — which returned to normal levels by the end of the quarter — as well as lower volumes and unfavorable price-mix. Excluding foreign exchange impacts, segment operating income declined 33%.

All Other Businesses*

Operating income attributable to All Other businesses increased $7 million from the prior year, reflecting continued improvement in the Protein Fortification business.

* "All Other businesses" refers to the activities of several operating segments that are not individually or collectively classified as reportable segments. Net sales for the "All Other" category are primarily attributable to sweetener and starch sales from the Pakistan operation, stevia and other ingredient sales through the PureCircle business and other sugar-reduction activities, and pea-protein ingredient sales through the Protein Fortification business.

Other Financial Highlights

As of June 30, 2026, total debt and cash (including short-term investments) stood at $1.8 billion and $952 million, respectively, compared with $1.8 billion and $1.0 billion as of December 31, 2025.

Net financial expenses totaled $55 million in the second quarter of 2026, versus $12 million in the same quarter of the prior year, primarily due to a $47 million loss related to the fair-value remeasurement of foreign exchange derivative instruments used to hedge the British pound exposure associated with the pending Tate & Lyle acquisition.

Reported and adjusted effective tax rates for the quarter were 33.7% and 27.2%, respectively, compared with 23.6% and 27.2% in the same period of the prior year. The increase in the effective tax rate was primarily attributable to the capital gain realized on the divestiture of the majority stake in the Pakistan operations and the movement of the Mexican peso against the U.S. dollar. These effects were partially offset by the utilization of capital losses not previously recognized.

As of June 30, 2026, net capital expenditures totaled $210 million.

Dividends and Share Repurchases

In the second quarter, the Company paid a total of $52 million in dividends to shareholders. On May 20, 2026, the Company announced a quarterly dividend of $0.82 per share, which was paid on July 21, 2026. Year to date, the Company has repurchased $14 million of common stock and maintains its target of $100 million for the full year.

Full-Year 2026 Outlook

Ingredion confirms its full-year 2026 outlook after accounting for the impact of the divestiture of its majority stake in the Pakistan operations on the second half of the year. The Company expects full-year 2026 reported EPS in the range of $9.15–$9.75 and adjusted EPS in the range of $10.30–$10.90.

The Company still expects full-year 2026 net sales to remain stable or grow modestly (low single digits), reflecting volume growth and favorable foreign exchange impacts, partially offset by lower price-mix and the impact of the previously announced divestiture of the majority stake in the Pakistan operations.

Reported operating income is expected to decline in the low double-digit range, while adjusted operating income is now expected to decline in the mid-single-digit range for full-year 2026, reflecting the second-half impact of the divestiture of the majority stake in the Pakistan operations.

The full-year 2026 outlook also incorporates the following assumptions:

• Texture and Health segment operating income is now expected to grow in the mid-to-high single-digit range, driven by sales volume growth but partially offset by anticipated higher input cost inflation.
• Food and Industrial Ingredients — Latin America segment operating income is still expected to decline in the low single-digit range, reflecting the continued strength of the Mexican peso.
• Food and Industrial Ingredients — U.S./Canada segment operating income is now expected to decline 20–25%, due to the operational challenges at Argo in the first half of 2026.
• All Other businesses operating loss is expected to be approximately $15 million, reflecting the exclusion of Pakistan's earnings contribution for the second half.

General and administrative expenses for full-year 2026 are expected to decline by a few points.

For full-year 2026, the Company expects a reported effective tax rate of 27.4%–28.9% and an adjusted effective tax rate of 26.0%–27.5%.

Cash from operating activities for 2026 is now expected to be between $700 million and $800 million. Capital expenditures for the full year are expected to be between $450 million and $490 million.

These forecasts take into account tariffs in effect as of the end of July 2026. They exclude acquisition-related integration and restructuring costs and potential impairment charges.

Third Quarter 2026 Outlook

For the third quarter of 2026, the Company expects net sales to be flat to up a few points compared with the third quarter of 2025. Both reported and adjusted operating income are expected to decline by a few percent (mid-single-digit range), reflecting, again, the impact of the divestiture of the majority stake in the Pakistan operations.

Conference Call and Webcast Details

Ingredion hosted a conference call on Tuesday, August 4, 2026, at 8:00 a.m. Central Time (9:00 a.m. Eastern Time), jointly hosted by Jim Zallie, President and CEO, and Jason Payant, Vice President and Interim Chief Financial Officer. The conference call was broadcast live at: A presentation with additional financial and operational data is available on the Company's website and could be downloaded a few hours before the call. A replay is available for a limited time at:

About Ingredion

Ingredion Incorporated (NYSE: INGR), headquartered in the Chicago suburbs, is a leading global ingredient solutions provider serving customers in more than 120 countries. With annual net sales of approximately $7.2 billion in 2025, the Company turns grains, fruits, vegetables, and other plants into value-added ingredient solutions for the food, beverage, animal nutrition, brewing, and industrial sectors. Through its global Idea Labs® innovation centers and approximately 11,000 employees, Ingredion co-creates with customers to develop ingredient solutions that combine the potential of people, nature, and technology to make life better. Visit ingredion.com for more information and the latest Company news.

Forward-Looking Statements

This release contains or may contain forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. Ingredion Incorporated intends these forward-looking statements to be covered by the safe-harbor provisions for forward-looking statements under U.S. federal securities laws.

Forward-looking statements include, among others, any statement regarding the Company's expectations for the third quarter of 2026 with respect to net sales and reported and adjusted operating income, for full-year 2026 with respect to reported and adjusted EPS, net sales, reported and adjusted operating income, operating income by segment, general and administrative expenses, reported and adjusted effective tax rates, operating cash flow, capital expenditures, and any other statement relating to the Company's forecasts or future operations, financial position, demand for its products, cash flows, expenses, or other financial items, including plans, strategies, and objectives developed by management in connection with any of the foregoing, and any underlying assumptions, expectations, or beliefs related thereto. These statements also include statements regarding the Company's expectations as to the completion and benefits of the pending acquisition of Tate & Lyle, including plans, objectives, intentions, and expectations regarding the future activities and financial performance of the combined group.

These statements are sometimes identified by the use of forward-looking language. Words such as "may," "will," "should," "anticipates," "assumes," "believes," "forecasts," "contemplates," "estimates," "expects," "intends," "continues," "pro forma," "forecasts," "outlook," "opportunities," "potential," or other similar expressions or their negative forms constitute forward-looking statements.

Forward-looking statements reflect current circumstances or expectations and are subject to a number of inherent risks and uncertainties, most of which are difficult to predict and beyond the Company's control. While Ingredion believes the expectations expressed in these forward-looking statements are based on reasonable assumptions, none guarantees investors that its forecasts will prove correct.

The following factors related to the pending acquisition, among others, could cause actual results to differ materially: the pending acquisition may not be completed on the expected timeline, or at all, due to the inability to satisfy conditions related to competition law or other requirements, or for other reasons; the risk that anticipated benefits of the pending acquisition may not be fully realized or may take longer than expected; the inability to effectively integrate the operations of Ingredion and Tate & Lyle or to manage the expanded activities of the combined group; the incurrence of significant expenses and indebtedness by Ingredion and the combined group to complete the acquisition and operate the business following completion; and the risk of loss of contracts, customers, distributors, suppliers, and other commercial partners of Tate & Lyle as a result of the pending acquisition.

Additional risks and uncertainties that could cause actual results to differ include: changes in consumer habits, preferences, behaviors, perceptions, price sensitivity, and demand; the impact of geopolitical developments, tensions, threats, or conflicts on the availability and pricing of raw materials and energy, supply chains, exchange rates, and interest rates; the effect of global economic and business conditions on demand for the Company's products or access to global credit and equity markets; dependence on certain industries for a significant portion of sales; operational difficulties at production facilities and product safety and quality obligations; the ability to keep pace with technological developments in research and development and to continue offering innovative products; competitive pressures that could negatively affect market share, revenues, and profitability; market volatility that could impair the ability to pass on potential increases in corn and other raw material costs to customers; the impact of price fluctuations, supply-chain disruptions, tariffs, taxes, and shortages on inputs used in sourcing, production, and distribution; the ability to control costs, manage working capital, and adhere to budgets; global climate change and legal, regulatory, or market measures to address it; the ability to identify and execute acquisitions, divestitures, or strategic alliances on favorable terms; economic, political, and other risks inherent in foreign operations and foreign currency use; the ability to attract, train, retain, and motivate personnel, including key employees; the impact of legal and regulatory proceedings; pandemic-related risks; potential impairment charges on intangible assets and goodwill; global and regional economic policies and changes in laws and regulations; variations in tax rates or exposure to additional tax obligations; interest rate increases that could raise borrowing costs; risks affecting the ability to raise capital at reasonable rates; risks related to the use of artificial intelligence and other advanced technologies; disruptions, security incidents, or failures affecting IT systems; risks that could affect the maintenance of the dividend policy; and the ability to maintain effective internal control over financial reporting.

Forward-looking statements are valid only as of the date of issuance. Ingredion disclaims any obligation to update them to reflect facts or circumstances after the date of issuance as a result of new information, future events, or developments. For further detail on these and other risks, please refer to the "Risk Factors" section and other information in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, as well as subsequent reports on Forms 10-Q and 8-K filed with the Securities and Exchange Commission.

This press release is issued for informational purposes only and does not constitute, or form part of, an offer, invitation, or solicitation of an offer to purchase, acquire, subscribe for, sell, or dispose of securities, nor a solicitation of any vote or approval in any jurisdiction, in connection with the Company's all-cash offer for the entire issued and to-be-issued ordinary share capital of Tate & Lyle or otherwise. The proposed acquisition will be implemented solely by means of a scheme of arrangement (or, if the proposed acquisition is implemented by way of a takeover offer within the meaning of the UK Companies Act 2006, by means of an offer document), which will contain the full terms and conditions of the proposed acquisition.

Supplemental Financial Information (Unaudited)

Segment Net Sales to Unaffiliated Customers and Operating Income

Notes on net sales to unaffiliated customers:

(i) Net of intersegment sales of $35 million and $9 million for the second quarters of 2026 and 2025, respectively, and $44 million and $18 million for year-to-date 2026 and 2025.

(ii) Net of intersegment sales of $11 million and $14 million for the second quarters of 2026 and 2025, respectively, and $21 million and $27 million for year-to-date 2026 and 2025.

(iii) Net of intersegment sales of $48 million and $27 million for the second quarters of 2026 and 2025, respectively, and $75 million and $60 million for year-to-date 2026 and 2025.

(iv) Net of intersegment sales of $8 million and $4 million for the second quarters of 2026 and 2025, respectively, and $12 million and $7 million for year-to-date 2026 and 2025.

Non-GAAP Information

To supplement the consolidated financial results prepared in accordance with U.S. GAAP, the Company uses historical non-GAAP financial measures that exclude certain items from GAAP results, such as restructuring and segment-redefinition costs, net gains on business divestitures, impairment charges, the Mexican tax provision, and other specific items. The term "adjusted" is generally used to describe these non-GAAP financial measures.

Management applies non-GAAP financial measures internally for strategic decision-making, forecasting future results, and evaluating current performance. By specifying non-GAAP financial measures, management aims to provide investors with a clearer and more consistent comparison of the Company's operating results and trends across reference periods. Non-GAAP financial measures are used in addition to, and in conjunction with, GAAP results to provide further analysis of the Company's operations. These financial measures may not reflect certain future costs or gains that are inherently difficult to predict or estimate due to uncertainties regarding timing, effects, and/or magnitude.

Non-GAAP financial measures are intended as a supplement to, and not a replacement for or superior alternative to, the corresponding GAAP measures. Because non-GAAP information is not prepared in accordance with GAAP, the Company's non-GAAP information is not necessarily comparable to similarly titled measures presented by other companies.

Reconciliation Notes

(i) During the three- and six-month periods ended June 30, 2026, the Company recognized $53 million in pre-tax acquisition and integration costs, primarily related to the pending Tate & Lyle acquisition, including $47 million in losses on foreign exchange hedging instruments related to the acquisition. No such activity occurred during the three- and six-month periods ended June 30, 2025.

(ii) During the three- and six-month periods ended June 30, 2026, the Company recognized $33 million in pre-tax impairment charges, primarily related to the closure of the Cabo, Brazil facility. During the quarter ended June 30, 2025, the Company recognized a tax benefit related to impairment charges on equity-method investments. During the six months ended June 30, 2025, the Company recognized $6 million in pre-tax impairment charges related to certain equity securities.

(iii) During the quarter and six-month period ended June 30, 2026, the Company recognized pre-tax restructuring costs of $14 million and $25 million, respectively, primarily related to the closure of the Cabo, Brazil facility, costs associated with the sale of the Pakistan operations, and other restructuring activities. During the quarter and six-month period ended June 30, 2025, pre-tax restructuring costs were $3 million and $4 million, respectively, primarily from decommissioning expenses following plant closures.

(iv) During the quarter and six-month period ended June 30, 2026, the Company recognized a $44 million pre-tax net gain related to the sale of the Pakistan operations. No such activity occurred during the three- and six-month periods ended June 30, 2025.

(v) During the three- and six-month periods ended June 30, 2026, the Company recognized pre-tax charges of $19 million and $17 million, respectively, primarily related to the Argo thermal incident. During the quarter and six-month period ended June 30, 2025, the Company recorded gross benefits of $1 million and $11 million, respectively, primarily from insurance recoveries and a favorable judgment related to certain indirect taxes in Brazil.

(vi) Tax benefits resulting from the movement of the Mexican peso against the U.S. dollar and its impact on the remeasurement of the Company's Mexican financial statements during the period.

(vii) During the quarter and six-month period ended June 30, 2026, the Company recorded a variation in its provision for permanent reinvestment of foreign earnings, tax liabilities recognized for prior years, tax effects associated with the aforementioned non-GAAP adjustments (for the current and prior years), and the reversal of U.S. tax benefits obtained in prior years. These items were partially offset by the utilization of capital losses not previously benefiting from a tax benefit, the recognition of a deferred tax asset, and interest income on previously recognized tax benefits related to certain local incentive programs in Brazil that were previously taxable.

For notes (i) through (v), see notes (i) through (v) in the Reconciliation of GAAP Net Income Attributable to Ingredion and Diluted EPS to Adjusted Non-GAAP Net Income Attributable to Ingredion and Adjusted Diluted EPS.

CONTACT:
Investors: Noah Weiss, 773-896-5242
Media: Rick Wion, 708-209-6323