Ingredion narrows FY25 adjusted EPS view to $11.10-$11.30 from $11.10-$11.60

FY25 consensus $11.37. This guidance reflects tariff levels in effect as of the end of October 2025. In addition, this guidance excludes any acquisition-related integration and restructuring costs, as well as any potential impairment costs. The Company now expects full-year 2025 net sales to be flat to down low single-digits, reflecting volume growth in T&HS, offset by lower price mix on pass through of lower raw material costs and expected foreign exchange impacts. Reported and adjusted operating income are both expected to be up low single-digits to mid-single-digits for full-year 2025. The 2025 full-year outlook further assumes the following: Texture & Healthful Solutions operating income is now expected to be up high double-digits, driven by sales volume growth; Food & Industrial Ingredients-LATAM operating income is now expected to be flat to up low single-digits; Food & Industrial Ingredients-U.S./CAN operating income is now expected to be down low double-digits; and All Other operating income is still anticipated to approach breakeven profitability. Corporate costs for full-year 2025 are still expected to be up high single-digits, driven by IT investments and project-related costs to advance our digital infrastructure. For full-year 2025, the Company expects a reported effective tax rate of 25.5% to 26.5%, and an adjusted effective tax rate of 26.0% to 27.0%. Cash from operations for full-year 2025 is expected to be in the range of $800 million to $900 million, which includes a return to investing in working capital balances. Capital expenditures for the full year are expected to be approximately $400 to $425 million.