Investor Day 2025 September 17 | New York City 1 2025 Investor Day INTRODUCTION Welcome & Opening Remarks Noah Weiss Vice President, Investor Relations & Corporate Communications 2025 Investor Day 2 2 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 th ...

Financial Data and Key Metrics Changes - In Q1 2025, net sales were $1.8 billion, down 4% year-over-year, while gross profit dollars increased by 12%, with margins up 350 basis points to 25.7% [17][18] - Adjusted operating income rose by 26% year-over-year to $273 million, driven by lower raw material costs and greater sales volume [17][18] - Adjusted EPS increased by $0.89 per share, primarily due to an operating margin increase of $0.60 and other income of $0.17 [22] Business Line Data and Key Metrics Changes - The Texture and Healthful Solutions segment saw net sales up 1% and operating income up 34%, with a margin of 16.4%, reflecting lower input costs and greater volumes [20] - Food and Industrial Ingredients LATAM experienced a 7% decline in net sales, but operating income improved by 26% to $127 million due to lower raw material costs [20] - In the U.S./Canada segment, net sales were down 4%, but operating income increased by 6% to $92 million, driven by lower raw material costs [21] Market Data and Key Metrics Changes - Organic growth was driven by a 3% increase in net sales volume, with Texture and Healthful Solutions growing by 7% across all geographies [8] - LATAM's net sales volumes decreased by 2%, primarily due to soft volumes in brewing, while the U.S./Canada segment saw strong volumes in brewing offset by weaker specialty starch sales [9][10] Company Strategy and Development Direction - The company is focusing on three strategic pillars: business growth, cost competitiveness, and a people-centric culture, with significant investments in expanding specialty industrial starch capacity [12][13][14] - The commitment to sustainability is highlighted by recognitions from Fortune and Ethisphere, reflecting the company's ethical practices and environmental efforts [14][16] - The company is actively monitoring the evolving trade environment and has set up a tariff response hub to navigate complexities [28] Management's Comments on Operating Environment and Future Outlook - Management remains cautiously optimistic about 2025, citing customer collaborations driving volume growth and a diversified ingredient portfolio [29][30] - Key economic indicators such as low unemployment and moderating food inflation are viewed as positive signs for future performance [30] - The company anticipates minimal impact from current tariffs, with a strong local production and sales model [27][30] Other Important Information - The company repurchased $55 million of outstanding common shares and paid out $52 million in dividends in the first quarter [23] - Full-year cash from operations is expected to be between $825 million and $950 million, reflecting updates to working capital investments [25] Q&A Session Summary Question: Can you provide insights on the updated guidance for Q2? - Management indicated that Q2 guidance is against a record year and expects solid performance in Texture and Healthful Solutions, while LATAM may see seasonal weakness [32][34] Question: What are the implications of recent corn planting data on costs? - Management noted that while some corn costs are unhedged, they have hedged 80-85% of their needs, which helps stabilize pricing [36][37] Question: How does the company view volumes amid consumer uncertainty? - Management remains optimistic about volume growth, particularly in Texture and Healthful Solutions, driven by affordable formulation trends [44][46] Question: What is the outlook for the LATAM segment? - The LATAM segment is expected to perform well, with positive operating income growth despite some volume declines in beverages [64][66] Question: How does the company plan to handle potential trade downs in consumer behavior? - Management stated that their product mix is resilient, with growth in private label products and clean label solutions, which are in demand regardless of economic conditions [58][60]

Financial Data and Key Metrics Changes - In Q1 2025, the company reported net sales of $1.8 billion, a decrease of 4% compared to the prior year, while gross profit dollars increased by 12%, leading to a gross margin of 25.7%, up 350 basis points [16][19][20] - Adjusted operating income rose by 26% year over year to $273 million, driven by lower raw material costs and increased sales volume [16][19] - Adjusted earnings per share (EPS) for the quarter increased by $0.89, primarily due to an operating margin increase and lower financing costs [22][26] Business Line Data and Key Metrics Changes - The Texture and Healthful Solutions segment saw net sales increase by 1% and operating income grow by 34%, with a margin of 16.4%, up 400 basis points from the previous year [19][20] - Food and Industrial Ingredients LATAM reported a 7% decrease in net sales, but operating income improved by 26% to $127 million, benefiting from lower raw material costs [19][20] - In the U.S./Canada segment, net sales decreased by 4%, while operating income increased by 6% to $92 million, driven by lower raw material costs [19][20] Market Data and Key Metrics Changes - The company achieved a 3% organic growth in net sales volume, with a 7% increase in the Texture and Healthful Solutions segment [7][19] - The LATAM segment experienced a 2% decline in net sales volumes, primarily due to soft demand in brewing, although there was recovery in confectionery and bakery markets [8][19] - The U.S./Canada segment's strong volumes in brewing were offset by weaker sales of specialty starches for papermaking and packaging [8][19] Company Strategy and Development Direction - The company is focused on three strategic pillars: business growth, cost competitiveness, and a people-centric performance culture [10][12][13] - A $50 million investment was announced for the Cedar Rapids facility to expand specialty industrial starch capacity and support innovation in sustainable food packaging [11] - The company is committed to reducing earnings volatility through expanded hedging practices and operational excellence [10][12] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism for the remainder of 2025, highlighting customer collaborations driving volume growth and the importance of monitoring economic indicators such as unemployment and food inflation [29][30] - The company does not anticipate significant financial impacts from current tariffs, as most products are produced and sold locally [27][30] - Management is actively monitoring the evolving trade environment and has set up a tariff response hub to navigate complexities [28][30] Other Important Information - The company received several recognitions, including being named one of Fortune's World's Most Admired Companies and one of Ethisphere's World's Most Ethical Companies [13][14] - Cash generated from operations was $77 million, with capital expenditures of $92 million planned for organic growth initiatives [22][23] Q&A Session Summary Question: Can you provide insights on the updated guidance for Q2 and segment performance? - Management indicated that Q2 guidance is against a strong prior year, with expectations for the U.S./Canada segment to remain strong despite seasonal weakness in LATAM [34][35] Question: How do you view the impact of recent prospective plantings on corn costs? - Management noted that while some corn costs are unhedged, they have hedged 80-85% of their needs, which helps stabilize pricing [38] Question: What are the expectations for volumes in the context of consumer uncertainty? - Management remains optimistic about mid-single-digit sales volume growth, driven by trends towards affordable formulations [46][49] Question: How does the sales mix look in light of potential consumer trade downs? - Management stated that the ingredients supplied to private label customers are not significantly impacted by trade downs, and clean label solutions are performing well [56][60] Question: Can you elaborate on the performance in LATAM and any portfolio shifts? - Management highlighted improved performance in LATAM due to a stable Argentine peso and strategic shifts in product mix to higher-margin uses [65][66] Question: What is the size of the Pakistan affiliate business and potential sale implications? - Management indicated that the Pakistan business is similar in size to the South Korea business, but details on potential sale proceeds are not yet available [68][70]