Ingredion Incorporated Reports Third Quarter 2026 Results

• T&HS delivered its 10^th consecutive quarter of net sales volume growth, with share gains in strategic categories, including continued clean label growth globally
• Third quarter 2026 reported and adjusted^* operating income both decreased 19% compared to the third quarter 2025
• Third quarter 2026 reported and adjusted diluted EPS were $2.23 and $2.28, compared with $2.61 and $2.75 in the third quarter 2025
• Adjusting full-year guidance for reported diluted EPS to be in the range of $8.04 to $8.49 and adjusted diluted EPS to be in the range of $9.25 to $9.70

WESTCHESTER, Ill., Nov. 05, 2026 (GLOBE NEWSWIRE) — Ingredion Incorporated (NYSE: INGR), a leading global provider of ingredient solutions to the food and beverage manufacturing industry, today reported its third quarter 2026 results.

“Our third quarter results fell short of our expectations, largely due to Argo’s slower than anticipated financial recovery, with incremental pressure from higher input costs and consumer softness,” said Jim Zallie, chairman, president and CEO of Ingredion. “While production at Argo remained stable for a second consecutive quarter and inventories are largely rebuilt, high manufacturing costs coupled with softer food and beverage demand impacted profitable volume growth. With plant reliability improved, our focus has shifted to sustainably lowering operating costs and improving volume growth. While we expect these actions to improve earnings, the recovery is taking longer than we expected.”

“For Texture & Healthful Solutions, net sales volume growth was a bright spot again this quarter. Volume grew for the tenth consecutive quarter, supported by continued strong demand for clean label globally as customers reformulate for simpler labels, affordability and nutrition. However, higher tapioca costs and manufacturing input cost inflation negatively impacted profit growth in the segment. In Food & Industrial Ingredients-LATAM, stronger volume from brewing and beverage customers in Mexico and Brazil was offset by foreign exchange impacts from a stronger Mexican peso and the impact to our Andean operations from the August earthquake in Colombia.”

“As a result, we are lowering our full-year outlook, primarily to reflect the slower earnings recovery in Food & Industrial Ingredients-U.S./CAN, along with the impacts of higher input costs and softer demand.”

“Looking ahead, we are taking action to improve financial performance through operating cost discipline and spend management, while we continue to invest in our specialty growth platforms. As we progress the integration planning for the pending acquisition of Tate & Lyle, we are building the foundation for an even stronger company with greater opportunities for growth, innovation and shareholder value creation in 2027 and beyond.”

^{*Reported results are in accordance with U.S. generally accepted accounting principles “GAAP.” Adjusted financial measures are non-GAAP financial measures. See “II. Non-GAAP Information” in the Supplemental Financial Information that follows the Condensed Consolidated Financial Statements for a reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures.}

Diluted Earnings Per Share (EPS)

Factors affecting changes in Reported and Adjusted Diluted EPS

** Totals may not sum or recalculate due to rounding

Business Review

Total Ingredion

Net Sales

^*Represents loss of volume due to the sale of the majority stake in our Pakistan business

• Third quarter net sales decreased 1%, primarily reflecting the sale of the majority stake in our Pakistan business. Excluding results of the Pakistan business, net sales increased 2%, driven by favorable foreign exchange and by higher volumes in F&II-LATAM and T&HS.

Reported Operating Income

Adjusted Operating Income

• Third quarter reported and adjusted operating income were $201 million and $206 million, respectively. The $5 million difference between reported and adjusted operating income reflects acquisition-related costs, impairment charges and Argo thermal event costs, largely offset by a net restructuring benefit. Excluding foreign exchange translation impacts, reported and adjusted operating income were both down 21% from a year ago.

Texture & Healthful Solutions

Net Sales

Segment Operating Income

• Third quarter operating income for Texture & Healthful Solutions was $95 million, down $10 million from a year ago, driven by unfavorable tapioca costs and manufacturing expense, as well as unfavorable price mix, partially offset by positive volumes and operating expense. Excluding foreign exchange translation impacts, segment operating income was down 9%.

Food & Industrial Ingredients-LATAM

Net Sales

Segment Operating Income

• Third quarter operating income for Food & Industrial Ingredients-LATAM was $109 million, a $7 million decrease from a year ago, driven primarily by Mexico’s transactional currency impact and the business disruption resulting from the earthquake in Colombia, partially offset by higher volumes. Excluding foreign exchange translational impacts, segment operating income was down 10%.

Food & Industrial Ingredients-U.S./CAN

Net Sales

Segment Operating Income

• Third quarter operating income for Food & Industrial Ingredients-U.S./CAN was $52 million, a $29 million decrease from the prior year. The decline resulted from higher manufacturing expenses at our Argo facility, as well as volume declines, partially offset by favorable price mix. Excluding foreign exchange translation impacts, operating income was down 36%.

All Other^**

Net Sales

*Represents loss of volume due to the sale of the majority stake in our Pakistan business

All Other Operating Loss

• Third quarter operating loss for All Other increased $7 million from the prior year, reflecting the impact of the sale of the majority stake in our Pakistan business partially offset by continued improvements in the Protein Fortification business.

^{** All Other consists of the businesses of multiple operating segments that are not individually or collectively classified as reportable segments. Net sales from All Other are generated primarily by sales of stevia and other ingredients from our PureCircle and other sugar reduction businesses, and pea protein ingredients from our Protein Fortification business.}

Other Financial Items

• At September 30, 2026, total debt was $1.8 billion, and cash, including short-term investments, was $993 million, versus $1.8 billion and $1.0 billion at December 31, 2025.
• Net adjusted financing costs were $10 million in third quarter 2026, compared to $7 million in third quarter 2025.
• Reported and adjusted effective tax rates for the third quarter were 26.8% and 26.4%, respectively, compared to 28.6% and 26.4%, respectively, for the year-ago period. The decrease in the reported effective tax rate was primarily driven by the change in the permanent reinvestment status of our Pakistan business recorded in the prior-year period and a favorable ruling in Brazil related to the taxability of ICMS credits. These favorable impacts were partially offset by the change in the value of the Mexican peso relative to the U.S. dollar.
• Capital expenditures totaled $313 million through September 30, 2026, partially offset by proceeds of $36 million from the sales of certain properties.

Dividends and Share Repurchases

In the third quarter, the Company paid $53 million in dividends to shareholders. On September 17, 2026, the Company declared a quarterly dividend increase to $0.83 per share, which was paid on October 20, 2026, marking the 12^th consecutive year of dividend increases. Through September 30, the Company repurchased $85 million of common stock and is on track to complete its $100 million full-year share repurchase target.

Updated Full-Year 2026 Outlook

The Company now expects its full-year 2026 reported diluted EPS to be in the range of $8.04 to $8.49, and its adjusted diluted EPS to be in the range of $9.25 to $9.70.

The Company now expects full-year 2026 net sales to be flat, reflecting volume growth and favorable foreign exchange, offset by lower price mix as well as the impact of the previously mentioned sale of its majority stake in the Pakistan business. Excluding results of the Pakistan business, net sales is expected to be flat to up low single digits.

Reported operating income is expected to be down low double digits, with adjusted operating income now expected to be down mid-teens for full-year 2026, which reflects the operational challenges in F&II-U.S./CAN.

The 2026 full-year outlook further assumes the following: Texture & Healthful Solutions operating income is now expected to be flat to up low single-digits, driven by sales volume growth, offset by expected higher input cost inflation; Food & Industrial Ingredients-LATAM operating income is now anticipated to be down mid-to-high single-digits, reflecting the continued strength of the Mexican peso; Food & Industrial Ingredients-U.S./CAN operating income is now expected to be down 35-40%, driven by operating costs at Argo; and All Other’s operating loss is still anticipated to be approximately $(15) million, which reflects the absence of a second half earnings contribution from the sale of the Pakistan business.

Corporate costs for full-year 2026 are expected to be down mid-single digits.

For full-year 2026, the Company expects a reported effective tax rate of 27.9% to 28.9% and expects an adjusted effective tax rate of 26.5% to 27.5%.

Cash from operations for the full year 2026 is now expected to be in the range of $650 million to $750 million. Capital expenditures for the full year are still expected to be approximately $450 to $490 million.

This guidance reflects tariff levels in effect as of the end of October 2026. In addition, this guidance excludes acquisition-related integration and restructuring costs, as well as any potential impairment costs.

Conference Call and Webcast Details

Ingredion will host a conference call on Thursday, November 5, 2026, at 8 a.m. CT/9 a.m. ET, hosted by Jim Zallie, chairman, president and chief executive officer and Diego Reynoso, executive vice president and chief financial officer. The call will be webcast in real time and can be accessed at https://ir.ingredionincorporated.com/events-and-presentations. A presentation containing additional financial and operating information will be accessible through the Company’s website and available to