Tate & Lyle Plc · LSE:TATE
Tate & Lyle — H1 FY2027 Earnings Presentation
28 slides from Tate & Lyle's earnings presentation, Nov 5, 2026
Slide 1: Results for six months to 30 September 2026
Results for six months to 30 September 2026 5 November 2026 Nick Hampton, Chief Executive Sarah Kuijlaars, Chief Financial Officer
Slide 2: Cautionary statement
Six months to 30 September 2026 Cautionary statement This presentation of the Half-Year Results for the six months to 30 September 2026 contains certain forward-looking statements with respect to the financial condition, results, operations and businesses of Tate & Lyle PLC. These statements and for
Slide 3: Agenda
Six months to 30 September 2026 Agenda 1 Overview 2 Financial results 3 Strategic progress 4 Outlook and Summary 3
Slide 4: Recommended offer for Tate & Lyle
Six months to 30 September 2026 Recommended offer for Tate & Lyle On 8 June 2026, the Boards of Tate & Lyle and Ingredion announced they had agreed on the terms of a recommended cash acquisition by Ingredion of the entire issued and to be issued share capital of Tate & Lyle ‒ Under the offer, Tate
Slide 5: Key messages
Six months to 30 September 2026 Key messages 1 2 3 Return to Strategic actions Outlook volume-led to accelerate customer for 2027 financial revenue growth wins delivering results year maintained 5
Slide 6: Successfully delivering on our priorities
Six months to 30 September 2026 Successfully delivering on our priorities Good progress executing on the priorities we set out in May 2026: Deliver Execute Navigate unpredictable volume-led growth strategic priorities geopolitical environment +2% underlying1 Actions to drive commercial Navigating un
Slide 7: Successfully delivering on our purpose
Six months to 30 September 2026 Successfully delivering on our purpose Reducing greenhouse gas emissions Updated emissions targets validated by Science Based Targets initiative on 1.5oC trajectory Targets are absolute reduction1 in both Scope 1&2 emissions and Scope 3 emissions of 63% by 2036, a
Slide 8: Agenda
Six months to 30 September 2026 Agenda 1 Overview 2 Financial Results 3 Strategic progress 4 Outlook and Summary 8
Slide 9: Financial highlights
Six months to 30 September 2026 Financial highlights Tate & Lyle Revenue Adjusted EBITDA1 Adjusted profit before tax1 +1% (8)% (18)% £1,039 million £197 million £102 million +2% Adjusted earnings per share Free cash flow Excluding bulk sweeteners and co-products in Europe and tariff 17.5p £100m reim
Slide 10: Improving revenue performance
Six months to 30 September 2026 Improving revenue performance Volume-driven revenue growth1 Underlying revenue growth of 2% £32m £(25)m > Excluding European bulk sweeteners and co-products and US tariff reimbursements > Volume/mix of 4% £1,024m +1% £1,031m Reported volume-led revenue growth of 1
Slide 11: Adjusted EBITDA
Six months to 30 September 2026 Adjusted EBITDA EBITDA lower due to price investment to drive volume, cost inflation and investments in growth Adjusted EBITDA (8)% lower2 due to: £215m Revenue Volume/mix £197m Cost synergy annualisation and productivity Price investment Cost inflation Investments
Slide 12: Segmental performance
Six months to 30 September 2026 Segmental performance Adjusted Americas Region Revenue1 EBITDA1 > Strategic pricing actions drove 2% volume/mix growth > Revenue +2% excluding tariff reimbursement > EBITDA reflects lower pricing offset by volume/mix and positive £521m £134m Americas operating lever
Slide 13: Productivity programme
Six months to 30 September 2026 Productivity programme On track to deliver 5-year productivity target of $200m1 by 31 March 2028 Productivity programme Productivity savings of $27m delivered in H1 $200m ‒ $17m from operational efficiencies and cost reduction $171m ‒ $10m from procurement and suppl
Slide 14: Exceptional items, Taxation and Dividend
Six months to 30 September 2026 Exceptional items, Taxation and Dividend M&A and pre-tax Adjusted Interim exceptional charges effective tax rate dividend £(33)m 23.5% 6.8p per share (90)bps +0.2p £(18)m M&A costs £(11)m integration costs Expect to be in range of In line with £(7)m plant equipm
Slide 15: Free cash flow
Six months to 30 September 2026 Free cash flow Good performance with free cash flow1 of £100m and cash conversion2 of 75% £7m £(2)m £(18)m £15m £98m £100m 3 3 FY26 H1 FCF Adjusted EBITDA Working capital Capital expenditure Net interest, FY27 H1 FCF tax and other Continue to expect capital expenditur
Slide 16: Balance sheet
Six months to 30 September 2026 Balance sheet Maintaining financial strength Attractive long-term funding in place Net debt to EBITDA > Target long-term leverage remains between 1.0x and 2.5x net debt to EBITDA 2.3x > Significant headroom compared to 3.5x net debt to EBITDA covenant threshold at 3
Slide 17: Agenda
Six months to 30 September 2026 Agenda 1 Overview 2 Financial Results 3 Strategic progress 4 Outlook and Summary 17
Slide 18: Targeted investments to accelerate customer wins delivering results
Six months to 30 September 2026 Targeted investments to accelerate customer wins delivering results Enhanced Stronger Accelerating Investing Investing customer customer-facing roll-out of in science in technology to drive segmentation capabilities customer solutions and innovation sales effectivenes
Slide 19: Good progress on actions to drive commercial excellence across business
Six months to 30 September 2026 Good progress on actions to drive commercial excellence across business Enhanced customer segmentation Investing in new tools and insights Focus on customers who Partners Implemented single, common, value our capabilities integrated CRM platform Enterprise Targe
Slide 20: Key target areas driving growth: dietary fibre
Six months to 30 September 2026 Key target areas driving growth: dietary fibre Formulating with soluble fibres brings multiple benefits for customers and consumers Increases Fibre Enables Supports Improves 1 Nutrition 2 Fortification 3 Diets 4 Health Benefits 5 Labelling Density More nutrition High
Slide 21: Building deeper relationships with customers
Six months to 30 September 2026 Building deeper relationships with customers Customer challenge Customer solution Customer collaboration “Tate & Lyle scientists have supported Achieve ‘source of fibre’ claim our fibre fortification work across a number of brands, helping our technical team to deli
Slide 22: Targeted customer marketing campaigns address key consumer trends
Six months to 30 September 2026 Targeted customer marketing campaigns address key consumer trends June September Mastering the Science of ValueTM Deliciously Healthy Affordability Healthier and tastier. You don't have to choose. 22
Slide 23: Solutions, innovation and pipeline momentum
Six months to 30 September 2026 Solutions, innovation and pipeline momentum 58% +4 Solutions from new Solutions chassis business wins by value1 launched into the market +4% +17% Increase in revenue Increase in value of from New Products2 new business pipeline3 1. Proportion of business wins which re
Slide 24: Agenda
Six months to 30 September 2026 Agenda 1 Overview 2 Financial Results 3 Strategic progress 4 Outlook and Summary 24
Slide 25: Outlook for full-year maintained
Six months to 30 September 2026 Outlook for full-year maintained Tate & Lyle Outlook for year ending 31 March 2027 maintained On a constant currency basis, we expect to deliver: – Modest revenue growth, underpinned by volume growth, weighted to the second half – Broadly flat EBITDA before the c.
Slide 26: Summary
Six months to 30 September 2026 Summary Top-line growth, profit in line with our expectations and full-year outlook maintained Strategic execution to accelerate customer wins delivering results Long-term structural growth drivers of the business remain attractive Continue to expect sale of C
Slide 27: Live Management Q&A
Six months to 30 September 2026 Live Management Q&A Speakers: Date: 5 November 2026 Time: 09.00 GMT Dial-in details UK: +44 (0) 33 0551 0200 UK Toll Free: 0808 109 0700 USA Local: +1 786 697 3501 Nick Hampton Sarah Kuijlaars USA Toll Free: 866 580 3963 Chief Executive Chief Financial Officer Passwor
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