Tate & Lyle PLC — Call Transcript 2026

Good morning. Thank you for joining us today, both in person and online. Sarah and I are pleased to announce and present Tate & Lyle's results for the year ended the 31st of March 2026. Before we start, I want to acknowledge that a week ago, we made an announcement under Rule 2.4 of the U.K. Takeover Code, in which we confirmed that Ingredion has made a conditional proposal to acquire Tate & Lyle. Details of the proposal are on the slide. At this stage, there can be no certainty that any offer will be made, nor as to the terms of such an offer. Clearly, we can't say anything more than we said in our announcement last week. Today, I'm purely going to focus on our results and the encouraging progress our business is making. We have four key messages for you today. Firstly, the integration of CP Kelco has been successfully completed, and the entire Tate & Lyle team is focused on delivering on our priority of volume-led top-line growth. Secondly, our full year results are in line with the revised guidance we gave in October, with performance impacted by muted market demands. Thirdly, we are making good progress on the strategic actions we set out in November to drive top-line growth and strengthen our performance. Finally, with the integration of CP Kelco complete, our focus is on leveraging the power of the combination to accelerate growth. What's encouraging is that the combination is starting to gain real traction with our customers, and as we move into the new financial year, we are seeing early signs of top-line momentum. Let's start then by looking at the first of those key messages in more detail. Integrating two large global businesses is always challenging and takes focus and time. The fact that the integration has gone smoothly and has been completed without disruption to our customers is a testament to the energy and commitment of all our colleagues. The integration was made more challenging by both softer market demand than we expected and the complex geopolitical environments, notably the evolving tariff situation last year. While successfully completing the integration in these circumstances was a significant achievement, our financial performance was disappointing. As we move into the 2027 financial year, we are determined to put that right. Looking forward, our number one priority is to deliver volume-led top-line growth. That's why when we renewed customer framework agreements for the 2026 calendar year, we selectively chose to drive volume and revenue growth. We are also acting at pace to deliver on the four strategic priorities we set out in November, and I will come back to these in more detail later. Finally, we continue to operate in a highly unpredictable geopolitical environment, and as we have done in the past, we will look to navigate whatever external challenges we face. Overall, our focus is on delivering top-line growth and stronger performance. With that, let me hand over to Sarah to talk through the financial results. Thank you, Nick, good morning, everyone. I'd like to remind you that I will focus on adjusted measures and items with percentage growth or in constant currency. Comparatives are pro forma unless I indicate otherwise, as if the acquisition of CP Kelco had completed on 1 April 2024. Before I start, I want to describe our performance in the round. Despite a challenging year, we saw solid performance in our largest market of North America, encouraging performance in Asia Pacific, despite the impact of tariffs. Specific challenges affected us in Europe, where we're impacted by lower bulk sweetener revenue, and in Latin America, where we saw lower sweetener volumes. It's encouraging that around two-thirds of the portfolio continued to grow. The challenge moving forward is to build on the early signs of top-line momentum that Nick talked about earlier. That all said, our overall financial performance last year was disappointing, and let me take you through the headlines. On a statutory basis, including the impact of the acquisition of CP Kelco in November 2024, revenue was 16% higher, and adjusted EBITDA was 13% higher. On an adjusted and like-for-like pro forma basis, muted market demand led to 3% lower revenue, and we delivered EBITDA of GBP 415 million, also 3% lower, in line with the revised guidance we set out in October last year. Adjusted profit before tax were 5% lower at GBP 238 million, and adjusted earnings per share were GBP 0.404 on a reported basis. We delivered GBP 164 million free cash flow with cash conversion of 70%, slightly below our target. Given lower earnings, the board is proposing to hold the full-year dividend flat, maintaining a healthy dividend yield. This chart shows the key drivers of lower revenue. Volume and mix impacted revenue by GBP 34 million, with some mix improvements more than offset by volume declines. We invested GBP 33 million in pricing, such that overall, revenue was 3% lower in constant currency. There were some specific challenges which impacted performance. Approximately 20% of the revenue decline was from our bulk sweetener business in Europe. Over time, as demand for fiber grows, we will transition that bulk capacity into specialty products. Until then, its role is to help absorb fixed costs. It is likely to continue to be just less than a 1 percentage point drag on growth in this financial year. Softness in the sweetening market in Latin America, notably in Mexico, accounted for a further 30% of the top-line decline. Looking into the coming year, any further softness should be offset by growth of other ingredients. Elsewhere in the portfolio, we saw more resilience, including CP Kelco ingredients, growing volume on broadly flat pricing and a more encouraging performance in Asia Pacific. Turning now to the performance of our geographic segments, where, as I mentioned earlier, the underlying performance is more reassuring than the headline figures may convey. In the Americas, revenue is 3% lower, with EBITDA 4% lower. While pricing was broadly flat, volume was lower. As just highlighted, much of this underperformance was in Latin America for sweeteners. Encouragingly, in the U.S., despite muted market demand, notably in beverage, bakery and snacks, revenue was stable. In Europe, Middle East and Africa, revenue decreased by 5% and EBITDA by 6%. Volume was flat while pricing was lower. We came into the year expecting lower pricing, reflecting our decision to invest in price back into the market, particularly in Europe, in customer framework agreements for the 2025 calendar year. Performance across our core categories was varied, with positive demand in dairy and beverage somewhat offset by softness in soups, sauces and dressings. As previously stated, bulk sweeteners in Europe was the principal driver of revenue decline in the region, driven largely by lower sugar pricing. Asia Pacific delivered robust performance, with revenue broadly in line despite tariff pressures, and EBITDA was up 9%. Our North Asia business continued to grow well, while our China business was flat, reflecting the challenging tariff environment since July 2025. Looking ahead, we see encouraging momentum as the power of our combined business and solutions offering increases customer engagement. Moving on to EBITDA, which was 3% lower on a constant currency basis. EBITDA decreased as a result of the lower volumes and investment in price. COGS increases were broadly offset by GBP 53 million of productivity gains, while the incremental growth investments were more than offset by cost synergies, lower sales incentives, and focused cost discipline. Our EBITDA margin on a constant currency basis was broadly flat. The reported margin of 20.7% remains attractive and well-positioned compared to our specialty ingredient peers. Now turning to other lines on the income statement. On exceptional items, net pre-tax exceptional charges were GBP 45 million, largely driven by CP Kelco related integration costs and the buyout of U.K. and U.S. pension schemes. Overall, there was a net GBP 48 million cash outflow associated with these one-offs. The adjusted effective tax rate was 23.9%, up 130 basis points. This increase is due to CP Kelco's operations being located in higher tax jurisdictions. We expect the adjusted effective tax rate in the 2027 financial year to be in the range of 23%-25%. The Board remains committed to a progressive dividend policy to grow the dividend when earnings allow and to hold dividends in other periods. Given the reduction in earnings this year, the Board is recommending a final dividend of GBP 0.132 per share, bringing the full-year dividend to GBP 0.198, in line with last year. Turning now to free cash flow, for which comparatives are as we reported a year ago. Overall, free cash flow is GBP 164 million, some GBP 26 million lower than the prior year. Reported adjusted EBITDA was GBP 34 million higher. Net working capital changed by GBP 51 million. The majority of this movement related to higher inventory to mitigate the impact of tariffs on our supply chain and support customer supply continuity while we manage the consolidation of bio-gum capacity. I will talk to this more later. Receivables also increased, given extensions in the terms of framework agreements with some customers to support our volume-led growth priority. Capital expenditure was GBP 4 million higher at GBP 125 million. For the 2027 financial year, we expect capital expenditure to be in the GBP 110 million-GBP 130 million range. Net interest increased by GBP 26 million to reflect higher borrowings following the acquisition of CP Kelco, while cash taxes and other items fell by a similar amount, benefiting from in-year tax reimbursements and lower taxable earnings. Our balance sheet remains robust. Long-term debt financing is in place at a competitive mix of fixed and floating interest rates and with a well-balanced range of maturities running out to 2037. We continue to target long-term leverage to be between 1x and 2.5x net debt to EBITDA, and our leverage stands currently at 2.3x. Net debt at 31 March was GBP 939 million, a GBP 22 million reduction. At the end of October last year, we entered a GBP 180 million, two-year term loan facility and drew it down. These funds were used to repay an expiring GBP 180 million U.S. private placement fixed rate note on maturity. Consequently, our weighted average cost of debt is currently 4%, with a weighted average maturity of 4.7 years. We put a slide in the appendix illustrating our maturity profile. We continue to have strong liquidity with an access to nearly GBP 1 billion through cash in hand and a committed and undrawn revolving cash credit facility of GBP 800 million, which we have recently extended to 2031. We have good financial stability, providing attractive optionality to support future organic investment and return of capital to shareholders. Now, how about you, Nick? Thank you, Sarah. Moving now to the good progress we are making on the actions we set out in November to drive top-line growth and stronger performance. By way of a reminder, these actions are focused on four priorities. The first is targeted investment to accelerate customer wins in key growth areas. Second is delivering the benefits of the CP Kelco combination. Third is accelerating productivity, and lastly, to strengthen our balance sheet and deliver shareholder returns. Let me start with the first priority. We continue to make a series of targeted investments to ensure we have the insights, capabilities, resources, and tools we need to win with our customers. Given our significantly expanded portfolio and solutions offering, over the last few months, we've undertaken a detailed customer segmentation exercise, which has characterized our customers into four distinct groups: partner accounts, enterprise accounts, accelerators, and core accounts. We are taking the output from this exercise and realigning our customer-facing teams, including our sales, technical services, applications, and marketing teams, to focus on those customers and subcategories where we can accelerate growth. Alongside this segmentation exercise, we are recalibrating which customers are best served through distributors. To ensure we have the capabilities in our global and regional teams to capture this growth, we are increasing our investment in areas such as applications, sensory science, nutrition science, and process development. We are also accelerating the rollout of our Solutions Chassis Program to speed up customer innovation. Eight chassis, mainly for mouthfeel solutions, were launched during the year, meaning we now have 18 chassis available in the market with a further 9 in development. To accelerate their adoption, we trained over 300 colleagues during the year, supporting the delivery of many customer projects across our core categories. We also continue to selectively invest in technology to enhance the effectiveness and agility of our customer-facing teams. We have invested in developing a new generative AI tool with the ability to search our broad technical and scientific libraries to provide faster and deeper insights for our sales and technical teams as they develop solutions to solve customer formulation challenges. The rollout of this new tool started in February and is already having a positive impact on how we serve our customers. We are also working to improve our customer relationship management tools, and this year we will implement a single integrated platform, which will improve the visibility of pipeline progression, technical resource allocation, and enhance our sales team's performance management. Moving to our second priority, which is to deliver the benefits of the CP Kelco combination. We are targeting revenue synergies of 10% of CP Kelco's revenue, or around $70 million by the end of the 2029 financial year. While it's still early days, we are making good progress with around 10% of our target delivered to date. Cross-selling, which is the sale of CP Kelco's ingredients and solutions to Tate & Lyle customers and vice versa, is a key way we will deliver these synergies. It's therefore pleasing to see the value of the cross-selling pipeline more than doubled in the second half and now stands at over $100 million. I'm now going to hand back to Sarah to talk about cost synergies and productivity. Thank you, Nick. When we acquired CP Kelco, we targeted annualized run rate cost synergies of at least GBP 50 million by the end of the 2027 financial year. As this slide illustrates, we have made strong progress in pursuit of this target. Last year, we delivered synergies of GBP 24 million, predominantly people related, but supported by indirect cost savings and some procurement benefits. The annualized run rate of these actions already taken means we have now met our target of GBP 50 million, one year ahead of our plan. Moving to our third action, which is increased productivity across the enlarged group. In addition to the delivery of cost synergies, I'm pleased to say that productivity, once again, showed excellent progress. We delivered a further GBP 53 million of productivity savings in the year with GBP 33 million of this coming from operational efficiencies and cost reduction and GBP 20 million from procurement and supply chain. This brings our total productivity savings over the last three years to GBP 144 million. In November, we announced that we were increasing our five-year target of GBP 150 million savings by the end of the 2028 financial year by an additional GBP 50 million to GBP 200 million. Given the strength of our productivity pipeline, we are confident we could reach that increased target. Our productivity culture is deeply embedded across our global operations organization, and we recently launched a campaign to extend this productivity mindset across the entire organization. The success of the program is based on a very granular Six Sigma approach to driving productivity. This is illustrated by the breadth of projects we employed to deliver savings. Last year, we initiated over 500 productivity projects, of which some 27 delivered savings of over half a million pounds each. Three examples of these larger projects are on this slide. Process improvements at our sucralose plant is saving GBP 1.4 million annually. Finding ways to increase airflow in the spray dryer at our corn wet mill in Indiana is saving GBP 1 million. The optimization of ocean freight transit times is saving GBP 1.2 million. A major productivity and cost-saving project that is currently underway is the consolidation of our bio-gums production capacity. We had expected to see a financial benefit from this consolidation in the 2027 financial year of some GBP 20 million. However, due to rescheduling, we now expect this financial benefit will be delivered in the 2028 financial year. Turning to our fourth action to strengthen our balance sheet and shareholder returns. We remain very focused on cash generation. Our target is to achieve cash conversion greater than 75% each year while delivering our priority to drive top-line growth. This year, we'll be undertaking a group-wide project to optimize our warehousing activities. We will also look to improve inventory management across the business with the continued expansion of procurement and planning optimization tools, as well as our operational excellence programs. Another area of focus is the disciplined investment of capital. We continue to bring rigor to the investment appraisal process, and new capital investments need to meet attractive rates of return. Our capital allocation policy remains unchanged. With that, I'll hand back to you, Nick. Thank you, Sarah. Moving to our fourth key message for today, which is how we leverage the power of the combination to accelerate growth. The combination with CP Kelco has created a unique customer proposition. This is based on three strengths. Firstly, we have the broadest ingredients portfolio and solutions toolbox across our three platforms. Secondly, our unique capability to formulate across our three platforms to provide the solutions our customers need. Thirdly, our unrivaled scientific and technical expertise. We operate in a large and attractive market. The global specialty food ingredients market is around $70 billion, with about $20 billion of this market addressable by Tate & Lyle's three ingredient platforms. In each of our three platforms, we have a market-leading position. In total, we have over 1,000 different sweeteners, starches, pectins, speciality gums, and dietary fibers, all with their own different functional attributes or nutritional benefits. Each platform has a large addressable market. The sweetening and mouthfeel markets are already sizable and have significant growth potential given the food trends we are seeing. As sugar still makes up around 80% of the global sweetening market, there is an estimated GBP 3 billion of sugar replacement opportunity in addition to the GBP 20 billion addressable market. While comparatively small today, the fortification platform also has significant growth potential, given increasing awareness of the importance of fiber in the diets. I will talk more about this opportunity later. All this gives me confidence that despite the current market environment, the fundamental growth drivers of our business remain strong and continue to offer significant market penetration opportunities. I see these coming from three areas. Firstly, societal trends such as population growth, heightened awareness of the link between diet and health, and the continued need for convenience. Secondly, food industry trends, with arguably the biggest opportunity being to reformulate ultra-processed foods to improve their nutritional content. Other areas which are of course interrelated, include increasing demand for sugar and calorie reduction, as well as fiber and protein fortification, cleaner labels, and cost optimization in today's world. The third driver is capturing the benefits of the CP Kelco combination. In addition to delivering on targeted revenue synergies, this includes leveraging our expanded portfolio and enhanced technical capabilities with both existing and new customers, particularly our leadership in mouthfeel, and also benefiting from our increased presence in the fast-growing markets of Asia, Middle East and Africa, and Latin America. With the growth opportunity clear, our focus is on leveraging the power of the combination to drive top-line growth. This will build over time, and I am pleased that we are now starting to see that happen in the marketplace. Let me give you some tangible examples. A large customer in China wanted to improve the mouthfeel experience of one of its premium yogurt drinks, while at the same time developing a cleaner label. We would have had difficulty providing the right solution before, but with our combined portfolio, a solution based on our CLARIA clean label starch and pectin provided the answer. In the U.S., a customer wanted to create a new chocolate milk product with no added sugar, an organic certification, and obviously provide a great taste experience for the consumer. Our technical team created a series of prototypes, which led to a blend of stevia gellan gum, giving the customer the perfect solution. In Europe, a large multinational dairy customer wanted to enter the high-growth meal replacement category for the first time by creating a plant-based product targeting on-the-go nutrition. The customer came to us and told us that the product had to have a creamy mouthfeel, a clean label, and meet certain other technical requirements. In this case, a combination of CLARIA gellan gum provided both a strong sensory experience and the required technical protein and mineral suspension. Finally, in Latin America, a combination of sucralose and NUTRAVA citrus fiber provided the solution for 1 of our largest global accounts who wanted to optimize the costs of its ketchup and maintain its important mouthfeel characteristics. What's clear around the world is that customers are increasingly recognizing a much stronger solutions offering and the benefits the combinations bring. Moving to look briefly at fiber, which we see as another significant growth opportunity. Fiber is a key nutrient for people at all stages of life. Awareness is increasing of the importance of fiber in the diet, with 58% of consumers in the U.K. saying they plan to increase their fiber intake in 2026. The reality is that intake remains low, with only 3% of U.K. adults getting enough fiber each day. We know that consumers cannot eat enough fiber purely from whole foods, so it is increasingly accepted that people will need to consume foods fortified with added fibers to close the fiber intake gap. This is shown by a 13% increase in new products launched globally in 2025 with a fiber claim. Fiber is also very important for GLP-1 users. GLP-1s suppress appetite, and so users can't and don't eat as much food. This means every bite counts when it comes to nutrition. We are increasingly providing solutions for customers specifically targeted at GLP-1 users. Let me give you just one example. In North America, one of our largest customers in the snacking category wanted to reformulate some of their products to make them healthier and directly target GLP-1 users. We created a solution using our PROMITOR and STA-LITE soluble fibers, which provided an additional 6 grams of fiber per serving and a front-of-pack fiber claim. The customer has now launched four products with the solution and has given us three new briefs to work on fiber fortification on other product lines. The increasing traction with customers is showing through in the growth we are seeing in our new business pipeline. Last year, the value of our new business pipeline increased by 15%. Revenue from new products increased by 9% on a like-for-like basis, and revenue from solutions as a percentage of new business wins was 35%. While the market environment remains challenging, the progress we are seeing gives me real confidence that we're on the right track and that we are well positioned to benefit as and when market demand improves. Turning now to the outlook and summary. For the year ending 31st of March 2027, on a constant currency basis, we currently expect to deliver modest revenue growth underpinned by volume growth weighted to the second half, and broadly flat EBITDA before the around $20 million impact of rescheduling the consolidation of bio-gums. Our outlook currently assumes a limited impact from the conflict in the Middle East, and we are taking actions to mitigate cost inflation through a range of initiatives, including procurement activities, operational discipline, and pricing action. To conclude, with the CP Kelco integration complete, our priority is clear: to drive volume-led top-line growth, and we are seeing early signs of progress. We are making good progress on the strategic priorities we set out in November and on leveraging the power of the combination to accelerate growth. Over the last six years, the business has been repositioned to be at the center of the future of food. Today, we have a portfolio that is perfectly placed to address growing consumer demand for healthier, more nutritious, and sustainable food and drink. The power of the combination is clear, and our focus now is on execution, driving top-line growth, and strengthening our performance. With that, Sarah and I would be happy to take your questions. May I remind you that under the U.K. Takeover Code, we can't comment on anything relating to Ingredion's proposal we announced last week. We will take questions both from the floor and those joining remotely. For the purposes of the recording, please state your name and institution. With that, can we have the first question from the floor? At the front here. Hello. Can you hear me? Yep. Yep. This is Joan Lim from BNP Paribas. I just had a couple of questions. You mentioned that your H2 weighted growth for 2027, what gives you the confidence that volume growth will recover? Are you seeing any trends in April and May, as you spoke about some momentum? Sure start of the year? That's my first question. Okay. Let me take that one. What gives us confidence? A number of things. Firstly, we're seeing good momentum coming into the year. Q4 ended as we expected, which is obviously the 1st year of this calendar year, and we saw good revenue growth in April as we started the year. We started strongly. Secondly, we always said that momentum would build through the year, given the power of the combination amplifying. The pipeline strength will grow through the year. The segmentation exercise and focusing our sales team on the customers we want to grow with faster will grow through the year, as will the cross-selling pipeline. That's the second reason. The third reason is when you think about the shape of last year, we really started to get significantly impacted by tariffs in North America and to a lesser extent, China in the second half. Remember, the North American slowdown in volume was weighted the second half for us when we looked at the market. We're starting to lap that as we go into the second year, go into the second half, in the sense that the tariffs are already built into the base. Lastly, of course, as we build momentum with customers and the power of the combination grows, and remember, we've only just annualized the point where we put our sales teams together. We should see more momentum going into the contracting round for the following year as well. It's really a combination of all of those things put together. Okay. For Americas, it still declined 3% in volumes. Why has beverages been weak? What are some of the ways you think you can outgrow markets? Look, specifically in the Americas, we saw more weakness in sweeteners in Latin America. North America actually was relatively stable from a revenue perspective. Ultimately, the repositioning of the portfolio and the growth of the new products in the portfolio and the newer sweeteners to offset some of that weakness is what we will start to see flow through this year. Of course, we are lapping out of that now. That is really the shape of it. We are absolutely seeing the momentum in the new portfolio and the solution selling start to flow through. As markets stabilize, that will offset some of the declines we saw in the rest of the portfolio. Thank you. Next question in the room. Matthew? Matthew from Investec. Oh, sorry. Going the wrong way up. There, that's better. I wonder if you could just comment on the new product development and launches, particularly in the U.S., but more broadly. Specifically, it feels like there's two factors here. On the one hand, there's clearly a lot of change going on in consumer demand, for different types of foods with different properties. On the other hand, we've still got quite a subdued consumer environment, which typically slows that process. Yeah. I just wonder if you could comment on where you think we are now in terms of the balance between those two and maybe how you see that playing out over the next 12 months or so. Yeah. Good question. Let me start with North America, because it is still the biggest part of our business. Clearly what we saw last year was a lot of noise around regulation, MAHA, GLP-1, but all of which pointed towards healthier diets over time. In our case, in the business that we're in, reformulation to create better nutritional outcomes. Lots of conversations with customers about what to do in that regard. I've given you a very good fiber example in the presentation that led to launch of new products. Environmentally, though, what happened last year was you saw this massive impact of tariffs, significant consumer inflation, volume slowdown, and a natural slowdown in innovation as well, because people were trying to figure out how to manage those impacts. What we're now seeing as MAHA starts to become a little bit clearer, is real engagement in those trends that I've talked about. I think the question is, as we see how the Middle Eastern conflict impacts overall consumer sentiment and demand, do we see an acceleration in product launches or not? We're definitely seeing an acceleration in conversations. At what point that translates into real launches and therefore new business, we're still watching to see how that evolves. Encouragingly, though, we have seen momentum coming into the year on the top line, and all of the indicators in the pipeline suggest that that will happen over time. The question is, what time? Second question, I don't know whether you're going to be able to answer this one given the restrictions you're under, but just specifically on the delay to the bio-gums capacity consolidation. Is that something that you have been aware of for a while, long enough for Ingredion to have been aware of that in their due diligence and therefore comfortable with that in terms of the offer that they've made? There is no comment I can make on that specifically. No, I can't. Okay. Worth asking. I've got my handlers looking at me. Understood. Fair enough. Okay. Thank you. Why don't we go to a question online, I'll come back to the room. I think we've got Karel Zoete on the line. Karel, good morning. Can you hear me? Yes. Good morning, thanks all for taking the question. I have a question with regards to the outlook. You say, we kind of assume there are no real impact from the conflict in the Middle East, but can you discuss a bit what the higher energy cost mean for the cost base and what you've seen in terms of demand trends? The second question is about reinvestment. You're optimistic about the savings and the synergies that are coming in, but at the same time, we see a stable profit in the current fiscal year. What are areas you say this is where we really reinvest, which is holding back profit growth? Your first question. On the Middle East, we've got limited exposure to the affected countries. About 1% of our revenue goes in there. We're actually seeing a lot of customer demand still. We're finding ways of shipping into the Middle East now through going through different ports, et cetera. We are now shipping in. Actually, I think we'll see that continue and obviously there might be a rebalancing of stocks. In terms of overall demand, as I said, we're seeing some encouraging signs coming into the year, so no real near-term impact on demand. In terms of cost, we've got a very rigorous hedging policy on energy, so we're well-covered through the first half of the year. There are incremental costs as we go through the balance of the year, and we're going to have to look to balance that off with productivity and procurement initiatives, and selectively pricing and passing through things for like freight cost where necessary. We're assuming a limited impact in our outlook at this point. If you can predict what's going to happen tomorrow in the Middle East, I'll tell you what the impact's going to be for the full year. Currently, we're assuming a limited impact, and we're controlling the things that we can control. I don't know whether you want to say anything more specifically about energy and then take the question on the reinvestment versus the stability and earnings. Okay. Thanks, Nick. It's morning, Karel. I think indeed, it's just to remind you that energy is about 5% of our costs, and as Nick mentioned, we're well covered in this calendar year. I think in the near term, the freight costs, which of course is seeing some increase, that's a more straightforward conversation to have with customers. Again, it's got to be considered in the round that number one priority is growing volume-led top line. I think we're watching and seeing very much in the near term. Your first question about investment. It's how do we ensure we have the right people and capabilities in the front line to support the volume-led revenue growth? It's the people, but it's also training the people, the technology support, the digital investments to give them even more confidence. Giving them the tools and the investments to give us confidence that we can grow the top line. Of course, we're trying to offset some of that. We've talked about delivering the cost synergies. You've got a GBP 15 million-GBP 20 million help into FY 2027. Again, remember, there's always the drag of inflation. We want to reset sales incentives. We work really hard to try and stay still. Number one priority in the organization is investing capability to give us confidence about top-line growth. Karel, if I take us back and just add one more point to that, which is the benefits of bringing the two organizations together is allowing us to reinvest in a more challenging environment than we had anticipated in the last couple of years and still maintain a very attractive earnings profile and margin structure in the business. It's another example of the power of the two businesses coming together. It's giving us the flexibility that we might not have had as one business. Let's come back into the room. Any questions in the room? I think over here. Morning. Thank you. This is Artem from Rothschild & Co Redburn. One of the messages we get from the presentation is that the integration with CP Kelco is successfully complete. I'm very keen to hear about your learnings about the new business after about a year or so. Specifically, first about the portfolio. It sounds like some categories are performing better than others. Do you expect the underperformance to improve, or do you see that a bit more structural? Secondly, about competition by region, have you seen any unexpected intensification of competition in any particular region? That would be interesting to hear. Thank you. Sure. Look, as you rightly said, we've said today that the integration is complete, and it's been very successful in what we've been trying to achieve. We've learned a lot, a lot of positives, and a couple of learnings that we could maybe have done things differently. What we've really learned is the power of the combination together makes a difference with our customers. Our sales teams and our application scientists working together are creating things that we couldn't do before for solutions for our customers. That's the underpin of our confidence in the medium term and the future of the business because that is the future that we are trying to create, this idea of a company that can really help with improving the nutritional content of food in a way that consumers are looking for. We can do things today that we couldn't do. The four examples I gave you, we couldn't do as the old Tate & Lyle. We can do as the new Tate & Lyle. That's giving us huge confidence in the future. We've learned a lot about the power of common cultures coming together. The benefits of the fact that both companies believed this was really the right thing to do really stood us in good stead as we went through an integration process that's never easy because you're changing organizations. I'd say the couple of things that we maybe learn on the more challenging side is, if I'd had my time again, I would probably have accelerated the commercial integration. We spent six months putting that together and only started to face into customers as one in April last year. Doing that quicker, I think, would have benefited what we're seeing today more. Hindsight's a wonderful thing. Of course, as we've talked about, unfortunately the significant benefit of the productivity investment that was made in bio-gums, even before we acquired CP Kelco, is taking longer to deliver than we thought. It's there, it's going to be delivered, but it's a phasing issue that is impacting the near term. From everything we've learned, by far the most important thing is, a different view on us from our customers and the different capabilities for us to serve their future needs. In terms of the medium term, that gives us huge confidence. I'll come back to you in a minute, Matthew, if I will, because Alex has been very patiently waiting online. Alex, I'll come to you if you can hear us. Yeah. Hi, Nick. Thanks for taking the question. It's Alex Sloane from Barclays. Just the first one, just in terms of bio-gums, the GBP 20 million impact, could you give us a bit more color on maybe what's gone wrong versus your plan and how confident you are that that drag couldn't be worse than the GBP 20 million this year? Just in terms of thinking about how that unwinds in 2028, is it just the GBP 20 million headwind that goes to neutral or is it kind of a swing to a GBP 20 million positive, so more like a GBP 40 million year-over-year swing? That would be helpful. Secondly, can you remind us in terms of the key terms of the Primient 20-year supply agreement, is there any change of control clause on either side? Can you maybe just remind us how much of Tate's current supply is sourced from Primient, and versus what Tate still produces on Primient's behalf? Thank you very much. Sure. Let me take the second question first. In terms of the Primient supply agreement, we've always said that it's a long-term agreement that survives change of control. I can't say any more than that because that's all we've said in the public domain. There is documentation out there that's available, and I'm being looked at again by my advisors. Obviously, the amount of our business that comes from Primient has significantly decreased since the CP Kelco transaction. It's much less than it was, but it's still an important part of our business. In terms of the bio-gums, I wouldn't say anything has gone wrong. Sometimes when you're scaling up new technologies, we're significantly scaling up the fermentation technology, and it's taking a little bit longer to stabilize the process, and it's taking a little bit longer to reference new products with customers from the new technology. It's just a phasing issue. We're 100% confident that it's going to flow through, and we're really clear about the phasing now in terms of when the delivery is going to happen. As we go into next year, Sarah can probably comment more on the numbers, but we're going to see a benefit of GBP 20 million for sure as we go in, and over time that will increase. Is that? Yeah, absolutely. Maybe just to add, so as we complete this consolidation, that GBP 20 million falls away. Obviously, as we go through this year, we'll talk more about the outlook into FY 2028. Matthew, I said I'd come back to you. Thank you. Yes. This is also related to the bio-gums, but just a broader question on working capital guidance for next year. I think you've mentioned that the bio-gums delay will have some inventory implications. Obviously, in the year just gone, there were some issues that meant that you had to increase inventory levels. Just any overall comments and any specific numbers of guidance would be very helpful. Thank you. I'll take that, shall I? I would think so. Yeah, great question. Indeed, we have this GBP 50 million headwind in FY 2026. Going into FY 2027, that turns to a more neutral position, because yes, there's some continued build of the bio-gums, but also as we implement the tighter working capital management across the organization, we are confident that we can offset. It'll be a neutral impact for cash for FY 2027. Great. I fear the answer to this will be no, but on a purely factual basis without making any comment about competition implications, can you make any observations about the extent to which you compete directly with Ingredion in any particular categories on a purely factual basis? On a purely factual basis, yes. In detail, no. We both make starches. Would you like to elaborate at all on that? No. At this stage, no, I'm afraid. You tried. Worth a try. All right, let's go back onto online. I think we've got Matthew Abraham from Berenberg with a question. Morning all. Thanks for taking my question. Just looking to get a bit more color on the pricing that you've taken in response to the Middle East. Just looking to understand what specific markets and categories you've pushed pricing in, and the magnitude of pricing that you've taken in response to the Middle East impact. Just wondering to follow up if there will be the opportunity for you to take follow-up pricing actions if the initial view of the limited impact from the Middle East is exceeded. Sure. In simple terms, to answer your first question, to date, we've taken limited pricing actions to offset freight costs primarily, because that's the primary thing that's hitting our business. As we did in the Ukraine crisis, if you remember when that hit just after contracts had been renewed for the new year, we did revisit pricing as a result, and successfully passed through what, at the time, were very significant cost increases. We have that flexibility. We'll navigate and see how things evolve through the next few months to see if we need to do that or not. At the moment, our focus actually on is recovering the freight costs we're seeing and continuing to maintain top-line momentum. Any more questions in the room? At the back there. Priya from UBS. I just had one question. On APAC, obviously did a lot better in terms of top line and EBITDA performance compared to the other regions. You talk about some competition, in parts of Asia due to excess capacity in China. I was wondering if you could give some color on which ingredients that you're seeing these oversupply pressures and how that plays out in 2027. The competition that we're principally referring to is the still relatively muted demand in China. We're seeing stability but not significant growth yet. Across some of the portfolio, things like sweeteners and some of the gum business, there is competition out of China that is locally having some impact. I'd probably pick out those things as being the most significant, and it's primarily on xanthan not gellan gum. any more hands in the room? If there are no more questions, let me finish. I'll just finish with three final points. Firstly, as I said, with the CP Kelco integration successfully completed, the entire Tate & Lyle team is focused on delivering volume-led top-line growth and improving performance. The power of the combination really is starting to gain traction with customers. This is reflected in some early signs of top-line growth as we come into the new year. Finally, longer term, we remain very confident in the future growth potential of the business. It's clear that consumer demand for healthier, more nutritious, and sustainable food and drink is going to grow strongly. Our leading positions across sweetening, mouthfeel, and fortification make us very well-placed to capture that growth going forward. With that, thank you for joining us, both in the room and on the webcast. We wish you all a very good day. Thank you.

Speaker 7: Good morning. Thank you for joining us today, both in person and online. Sarah and I are pleased to announce and present Tate & Lyle's results for the year ended the 31st of March 2026. Before we start, I want to acknowledge that a week ago, we made an announcement under Rule 2.4 of the U.K. Takeover Code, in which we confirmed that Ingredion has made a conditional proposal to acquire Tate & Lyle. Details of the proposal are on the slide. At this stage, there can be no certainty that any offer will be made, nor as to the terms of such an offer. Clearly, we can't say anything more than we said in our announcement last week. Today, I'm purely going to focus on our results and the encouraging progress our business is making. We have four key messages for you today. Good morning. good morning Thank you for joining us today, both in person and online. thank you for joining us today both in person and online Sarah and I are pleased to announce and present Tate & Lyle's results for the year ended the 31st of March 2026. sarah and i are pleased to announce and present tate & lyle's results for the year ended the 31st of march 2026 Before we start, I want to acknowledge that a week ago, we made an announcement under Rule 2.4 of the U.K. before we start i want to acknowledge that a week ago we made an announcement under rule 2.4 of the u.k Takeover Code, in which we confirmed that Ingredion has made a conditional proposal to acquire Tate & Lyle. takeover code in which we confirmed that ingredion has made a conditional proposal to acquire tate & lyle Details of the proposal are on the slide. details of the proposal are on the slide At this stage, there can be no certainty that any offer will be made, nor as to the terms of such an offer. at this stage there can be no certainty that any offer will be made nor as to the terms of such an offer Clearly, we can't say anything more than we said in our announcement last week. clearly we can't say anything more than we said in our announcement last week Today, I'm purely going to focus on our results and the encouraging progress our business is making. today i'm purely going to focus on our results and the encouraging progress our business is making We have four key messages for you today. we have four key messages for you today Firstly, the integration of CP Kelco has been successfully completed, and the entire Tate & Lyle team is focused on delivering on our priority of volume-led top-line growth. Secondly, our full year results are in line with the revised guidance we gave in October, with performance impacted by muted market demands. Thirdly, we are making good progress on the strategic actions we set out in November to drive top-line growth and strengthen our performance. Finally, with the integration of CP Kelco complete, our focus is on leveraging the power of the combination to accelerate growth. What's encouraging is that the combination is starting to gain real traction with our customers, and as we move into the new financial year, we are seeing early signs of top-line momentum. Let's start then by looking at the first of those key messages in more detail. Firstly, the integration of CP Kelco has been successfully completed, and the entire Tate & Lyle team is focused on delivering on our priority of volume-led top-line growth. firstly the integration of cp kelco has been successfully completed and the entire tate & lyle team is focused on delivering on our priority of volume-led top-line growth Secondly, our full year results are in line with the revised guidance we gave in October, with performance impacted by muted market demands. secondly our full year results are in line with the revised guidance we gave in october with performance impacted by muted market demands Thirdly, we are making good progress on the strategic actions we set out in November to drive top-line growth and strengthen our performance. thirdly we are making good progress on the strategic actions we set out in november to drive top-line growth and strengthen our performance Finally, with the integration of CP Kelco complete, our focus is on leveraging the power of the combination to accelerate growth. finally with the integration of cp kelco complete our focus is on leveraging the power of the combination to accelerate growth What's encouraging is that the combination is starting to gain real traction with our customers, and as we move into the new financial year, we are seeing early signs of top-line momentum. what's encouraging is that the combination is starting to gain real traction with our customers and as we move into the new financial year we are seeing early signs of top-line momentum Let's start then by looking at the first of those key messages in more detail. let's start then by looking at the first of those key messages in more detail Integrating two large global businesses is always challenging and takes focus and time. The fact that the integration has gone smoothly and has been completed without disruption to our customers is a testament to the energy and commitment of all our colleagues. The integration was made more challenging by both softer market demand than we expected and the complex geopolitical environments, notably the evolving tariff situation last year. While successfully completing the integration in these circumstances was a significant achievement, our financial performance was disappointing. As we move into the 2027 financial year, we are determined to put that right. Looking forward, our number one priority is to deliver volume-led top-line growth. That's why when we renewed customer framework agreements for the 2026 calendar year, we selectively chose to drive volume and revenue growth. Integrating two large global businesses is always challenging and takes focus and time. integrating two large global businesses is always challenging and takes focus and time The fact that the integration has gone smoothly and has been completed without disruption to our customers is a testament to the energy and commitment of all our colleagues. the fact that the integration has gone smoothly and has been completed without disruption to our customers is a testament to the energy and commitment of all our colleagues The integration was made more challenging by both softer market demand than we expected and the complex geopolitical environments, notably the evolving tariff situation last year. the integration was made more challenging by both softer market demand than we expected and the complex geopolitical environments notably the evolving tariff situation last year While successfully completing the integration in these circumstances was a significant achievement, our financial performance was disappointing. while successfully completing the integration in these circumstances was a significant achievement our financial performance was disappointing As we move into the 2027 financial year, we are determined to put that right. as we move into the 2027 financial year we are determined to put that right Looking forward, our number one priority is to deliver volume-led top-line growth. looking forward our number one priority is to deliver volume-led top-line growth That's why when we renewed customer framework agreements for the 2026 calendar year, we selectively chose to drive volume and revenue growth. that's why when we renewed customer framework agreements for the 2026 calendar year we selectively chose to drive volume and revenue growth We are also acting at pace to deliver on the four strategic priorities we set out in November, and I will come back to these in more detail later. Finally, we continue to operate in a highly unpredictable geopolitical environment, and as we have done in the past, we will look to navigate whatever external challenges we face. Overall, our focus is on delivering top-line growth and stronger performance. With that, let me hand over to Sarah to talk through the financial results. We are also acting at pace to deliver on the four strategic priorities we set out in November, and I will come back to these in more detail later. we are also acting at pace to deliver on the four strategic priorities we set out in november and i will come back to these in more detail later Finally, we continue to operate in a highly unpredictable geopolitical environment, and as we have done in the past, we will look to navigate whatever external challenges we face. finally we continue to operate in a highly unpredictable geopolitical environment and as we have done in the past we will look to navigate whatever external challenges we face Overall, our focus is on delivering top-line growth and stronger performance. overall our focus is on delivering top-line growth and stronger performance With that, let me hand over to Sarah to talk through the financial results. with that let me hand over to sarah to talk through the financial results

Speaker 9: Thank you, Nick, good morning, everyone. I'd like to remind you that I will focus on adjusted measures and items with percentage growth or in constant currency. Comparatives are pro forma unless I indicate otherwise, as if the acquisition of CP Kelco had completed on 1 April 2024. Before I start, I want to describe our performance in the round. Despite a challenging year, we saw solid performance in our largest market of North America, encouraging performance in Asia Pacific, despite the impact of tariffs. Specific challenges affected us in Europe, where we're impacted by lower bulk sweetener revenue, and in Latin America, where we saw lower sweetener volumes. It's encouraging that around two-thirds of the portfolio continued to grow. The challenge moving forward is to build on the early signs of top-line momentum that Nick talked about earlier. Thank you, Nick, good morning, everyone. thank you nick good morning everyone I'd like to remind you that I will focus on adjusted measures and items with percentage growth or in constant currency. i'd like to remind you that i will focus on adjusted measures and items with percentage growth or in constant currency Comparatives are pro forma unless I indicate otherwise, as if the acquisition of CP Kelco had completed on 1 April 2024. comparatives are pro forma unless i indicate otherwise as if the acquisition of cp kelco had completed on 1 april 2024 Before I start, I want to describe our performance in the round. before i start i want to describe our performance in the round Despite a challenging year, we saw solid performance in our largest market of North America, encouraging performance in Asia Pacific, despite the impact of tariffs. despite a challenging year we saw solid performance in our largest market of north america encouraging performance in asia pacific despite the impact of tariffs Specific challenges affected us in Europe, where we're impacted by lower bulk sweetener revenue, and in Latin America, where we saw lower sweetener volumes. specific challenges affected us in europe where we're impacted by lower bulk sweetener revenue and in latin america where we saw lower sweetener volumes It's encouraging that around two-thirds of the portfolio continued to grow. it's encouraging that around two-thirds of the portfolio continued to grow The challenge moving forward is to build on the early signs of top-line momentum that Nick talked about earlier. the challenge moving forward is to build on the early signs of top-line momentum that nick talked about earlier That all said, our overall financial performance last year was disappointing, and let me take you through the headlines. On a statutory basis, including the impact of the acquisition of CP Kelco in November 2024, revenue was 16% higher, and adjusted EBITDA was 13% higher. On an adjusted and like-for-like pro forma basis, muted market demand led to 3% lower revenue, and we delivered EBITDA of GBP 415 million, also 3% lower, in line with the revised guidance we set out in October last year. Adjusted profit before tax were 5% lower at GBP 238 million, and adjusted earnings per share were GBP 0.404 on a reported basis. We delivered GBP 164 million free cash flow with cash conversion of 70%, slightly below our target. Given lower earnings, the board is proposing to hold the full-year dividend flat, maintaining a healthy dividend yield. That all said, our overall financial performance last year was disappointing, and let me take you through the headlines. that all said our overall financial performance last year was disappointing and let me take you through the headlines On a statutory basis, including the impact of the acquisition of CP Kelco in November 2024, revenue was 16% higher, and adjusted EBITDA was 13% higher. on a statutory basis including the impact of the acquisition of cp kelco in november 2024 revenue was 16% higher and adjusted ebitda was 13% higher On an adjusted and like-for-like pro forma basis, muted market demand led to 3% lower revenue, and we delivered EBITDA of GBP 415 million, also 3% lower, in line with the revised guidance we set out in October last year. on an adjusted and like-for-like pro forma basis muted market demand led to 3% lower revenue and we delivered ebitda of gbp 415 million also 3% lower in line with the revised guidance we set out in october last year Adjusted profit before tax were 5% lower at GBP 238 million, and adjusted earnings per share were GBP 0.404 on a reported basis. adjusted profit before tax were 5% lower at gbp 238 million and adjusted earnings per share were gbp 0.404 on a reported basis We delivered GBP 164 million free cash flow with cash conversion of 70%, slightly below our target. we delivered gbp 164 million free cash flow with cash conversion of 70% slightly below our target Given lower earnings, the board is proposing to hold the full-year dividend flat, maintaining a healthy dividend yield. given lower earnings the board is proposing to hold the full-year dividend flat maintaining a healthy dividend yield This chart shows the key drivers of lower revenue. Volume and mix impacted revenue by GBP 34 million, with some mix improvements more than offset by volume declines. We invested GBP 33 million in pricing, such that overall, revenue was 3% lower in constant currency. There were some specific challenges which impacted performance. Approximately 20% of the revenue decline was from our bulk sweetener business in Europe. Over time, as demand for fiber grows, we will transition that bulk capacity into specialty products. Until then, its role is to help absorb fixed costs. It is likely to continue to be just less than a 1 percentage point drag on growth in this financial year. Softness in the sweetening market in Latin America, notably in Mexico, accounted for a further 30% of the top-line decline. Looking into the coming year, any further softness should be offset by growth of other ingredients. This chart shows the key drivers of lower revenue. this chart shows the key drivers of lower revenue Volume and mix impacted revenue by GBP 34 million, with some mix improvements more than offset by volume declines. volume and mix impacted revenue by gbp 34 million with some mix improvements more than offset by volume declines We invested GBP 33 million in pricing, such that overall, revenue was 3% lower in constant currency. we invested gbp 33 million in pricing such that overall revenue was 3% lower in constant currency There were some specific challenges which impacted performance. there were some specific challenges which impacted performance Approximately 20% of the revenue decline was from our bulk sweetener business in Europe. approximately 20% of the revenue decline was from our bulk sweetener business in europe Over time, as demand for fiber grows, we will transition that bulk capacity into specialty products. over time as demand for fiber grows we will transition that bulk capacity into specialty products Until then, its role is to help absorb fixed costs. until then its role is to help absorb fixed costs It is likely to continue to be just less than a 1 percentage point drag on growth in this financial year. Softness in the sweetening market in Latin America, notably in Mexico, accounted for a further 30% of the top-line decline. it is likely to continue to be just less than a 1 percentage point drag on growth in this financial year. softness in the sweetening market in latin america notably in mexico accounted for a further 30% of the top-line decline Looking into the coming year, any further softness should be offset by growth of other ingredients. looking into the coming year any further softness should be offset by growth of other ingredients Elsewhere in the portfolio, we saw more resilience, including CP Kelco ingredients, growing volume on broadly flat pricing and a more encouraging performance in Asia Pacific. Turning now to the performance of our geographic segments, where, as I mentioned earlier, the underlying performance is more reassuring than the headline figures may convey. In the Americas, revenue is 3% lower, with EBITDA 4% lower. While pricing was broadly flat, volume was lower. As just highlighted, much of this underperformance was in Latin America for sweeteners. Encouragingly, in the U.S., despite muted market demand, notably in beverage, bakery and snacks, revenue was stable. In Europe, Middle East and Africa, revenue decreased by 5% and EBITDA by 6%. Volume was flat while pricing was lower. Elsewhere in the portfolio, we saw more resilience, including CP Kelco ingredients, growing volume on broadly flat pricing and a more encouraging performance in Asia Pacific. elsewhere in the portfolio we saw more resilience including cp kelco ingredients growing volume on broadly flat pricing and a more encouraging performance in asia pacific Turning now to the performance of our geographic segments, where, as I mentioned earlier, the underlying performance is more reassuring than the headline figures may convey. turning now to the performance of our geographic segments where as i mentioned earlier the underlying performance is more reassuring than the headline figures may convey In the Americas, revenue is 3% lower, with EBITDA 4% lower. in the americas revenue is 3% lower with ebitda 4% lower While pricing was broadly flat, volume was lower. while pricing was broadly flat volume was lower As just highlighted, much of this underperformance was in Latin America for sweeteners. as just highlighted much of this underperformance was in latin america for sweeteners Encouragingly, in the U.S., despite muted market demand, notably in beverage, bakery and snacks, revenue was stable. encouragingly in the u.s despite muted market demand notably in beverage bakery and snacks revenue was stable In Europe, Middle East and Africa, revenue decreased by 5% and EBITDA by 6%. in europe middle east and africa revenue decreased by 5% and ebitda by 6% Volume was flat while pricing was lower. volume was flat while pricing was lower We came into the year expecting lower pricing, reflecting our decision to invest in price back into the market, particularly in Europe, in customer framework agreements for the 2025 calendar year. Performance across our core categories was varied, with positive demand in dairy and beverage somewhat offset by softness in soups, sauces and dressings. As previously stated, bulk sweeteners in Europe was the principal driver of revenue decline in the region, driven largely by lower sugar pricing. Asia Pacific delivered robust performance, with revenue broadly in line despite tariff pressures, and EBITDA was up 9%. Our North Asia business continued to grow well, while our China business was flat, reflecting the challenging tariff environment since July 2025. Looking ahead, we see encouraging momentum as the power of our combined business and solutions offering increases customer engagement. Moving on to EBITDA, which was 3% lower on a constant currency basis. We came into the year expecting lower pricing, reflecting our decision to invest in price back into the market, particularly in Europe, in customer framework agreements for the 2025 calendar year. we came into the year expecting lower pricing reflecting our decision to invest in price back into the market particularly in europe in customer framework agreements for the 2025 calendar year Performance across our core categories was varied, with positive demand in dairy and beverage somewhat offset by softness in soups, sauces and dressings. performance across our core categories was varied with positive demand in dairy and beverage somewhat offset by softness in soups sauces and dressings As previously stated, bulk sweeteners in Europe was the principal driver of revenue decline in the region, driven largely by lower sugar pricing. as previously stated bulk sweeteners in europe was the principal driver of revenue decline in the region driven largely by lower sugar pricing Asia Pacific delivered robust performance, with revenue broadly in line despite tariff pressures, and EBITDA was up 9%. asia pacific delivered robust performance with revenue broadly in line despite tariff pressures and ebitda was up 9% Our North Asia business continued to grow well, while our China business was flat, reflecting the challenging tariff environment since July 2025. our north asia business continued to grow well while our china business was flat reflecting the challenging tariff environment since july 2025 Looking ahead, we see encouraging momentum as the power of our combined business and solutions offering increases customer engagement. looking ahead we see encouraging momentum as the power of our combined business and solutions offering increases customer engagement Moving on to EBITDA, which was 3% lower on a constant currency basis. moving on to ebitda which was 3% lower on a constant currency basis EBITDA decreased as a result of the lower volumes and investment in price. COGS increases were broadly offset by GBP 53 million of productivity gains, while the incremental growth investments were more than offset by cost synergies, lower sales incentives, and focused cost discipline. Our EBITDA margin on a constant currency basis was broadly flat. The reported margin of 20.7% remains attractive and well-positioned compared to our specialty ingredient peers. Now turning to other lines on the income statement. On exceptional items, net pre-tax exceptional charges were GBP 45 million, largely driven by CP Kelco related integration costs and the buyout of U.K. and U.S. pension schemes. Overall, there was a net GBP 48 million cash outflow associated with these one-offs. The adjusted effective tax rate was 23.9%, up 130 basis points. This increase is due to CP Kelco's operations being located in higher tax jurisdictions. EBITDA decreased as a result of the lower volumes and investment in price. ebitda decreased as a result of the lower volumes and investment in price COGS increases were broadly offset by GBP 53 million of productivity gains, while the incremental growth investments were more than offset by cost synergies, lower sales incentives, and focused cost discipline. cogs increases were broadly offset by gbp 53 million of productivity gains while the incremental growth investments were more than offset by cost synergies lower sales incentives and focused cost discipline Our EBITDA margin on a constant currency basis was broadly flat. our ebitda margin on a constant currency basis was broadly flat The reported margin of 20.7% remains attractive and well-positioned compared to our specialty ingredient peers. the reported margin of 20.7% remains attractive and well-positioned compared to our specialty ingredient peers Now turning to other lines on the income statement. now turning to other lines on the income statement On exceptional items, net pre-tax exceptional charges were GBP 45 million , largely driven by CP Kelco related integration costs and the buyout of U.K. and U.S. pension schemes. on exceptional items net pre-tax exceptional charges were gbp 45 million largely driven by cp kelco related integration costs and the buyout of u.k and u.s pension schemes Overall, there was a net GBP 48 million cash outflow associated with these one-offs. overall there was a net gbp 48 million cash outflow associated with these one-offs The adjusted effective tax rate was 23.9%, up 130 basis points. the adjusted effective tax rate was 23.9% up 130 basis points This increase is due to CP Kelco's operations being located in higher tax jurisdictions. this increase is due to cp kelco's operations being located in higher tax jurisdictions We expect the adjusted effective tax rate in the 2027 financial year to be in the range of 23%-25%. The Board remains committed to a progressive dividend policy to grow the dividend when earnings allow and to hold dividends in other periods. Given the reduction in earnings this year, the Board is recommending a final dividend of GBP 0.132 per share, bringing the full-year dividend to GBP 0.198, in line with last year. We expect the adjusted effective tax rate in the 2027 financial year to be in the range of 23%-25%. we expect the adjusted effective tax rate in the 2027 financial year to be in the range of 23%-25% The Board remains committed to a progressive dividend policy to grow the dividend when earnings allow and to hold dividends in other periods. the board remains committed to a progressive dividend policy to grow the dividend when earnings allow and to hold dividends in other periods Given the reduction in earnings this year, the Board is recommending a final dividend of GBP 0.132 per share, bringing the full-year dividend to GBP 0.198, in line with last year. given the reduction in earnings this year the board is recommending a final dividend of gbp 0.132 per share bringing the full-year dividend to gbp 0.198 in line with last year Turning now to free cash flow, for which comparatives are as we reported a year ago. Overall, free cash flow is GBP 164 million, some GBP 26 million lower than the prior year. Reported adjusted EBITDA was GBP 34 million higher. Net working capital changed by GBP 51 million. The majority of this movement related to higher inventory to mitigate the impact of tariffs on our supply chain and support customer supply continuity while we manage the consolidation of bio-gum capacity. Turning now to free cash flow, for which comparatives are as we reported a year ago. turning now to free cash flow for which comparatives are as we reported a year ago Overall, free cash flow is GBP 164 million, some GBP 26 million lower than the prior year. overall free cash flow is gbp 164 million some gbp 26 million lower than the prior year Reported adjusted EBITDA was GBP 34 million higher. reported adjusted ebitda was gbp 34 million higher Net working capital changed by GBP 51 million. net working capital changed by gbp 51 million The majority of this movement related to higher inventory to mitigate the impact of tariffs on our supply chain and support customer supply continuity while we manage the consolidation of bio-gum capacity. the majority of this movement related to higher inventory to mitigate the impact of tariffs on our supply chain and support customer supply continuity while we manage the consolidation of bio-gum capacity I will talk to this more later. Receivables also increased, given extensions in the terms of framework agreements with some customers to support our volume-led growth priority. Capital expenditure was GBP 4 million higher at GBP 125 million. For the 2027 financial year, we expect capital expenditure to be in the GBP 110 million-GBP 130 million range. Net interest increased by GBP 26 million to reflect higher borrowings following the acquisition of CP Kelco, while cash taxes and other items fell by a similar amount, benefiting from in-year tax reimbursements and lower taxable earnings. I will talk to this more later. i will talk to this more later Receivables also increased, given extensions in the terms of framework agreements with some customers to support our volume-led growth priority. receivables also increased given extensions in the terms of framework agreements with some customers to support our volume-led growth priority Capital expenditure was GBP 4 million higher at GBP 125 million. capital expenditure was gbp 4 million higher at gbp 125 million For the 2027 financial year, we expect capital expenditure to be in the GBP 110 million-GBP 130 million range. for the 2027 financial year we expect capital expenditure to be in the gbp 110 million-gbp 130 million range Net interest increased by GBP 26 million to reflect higher borrowings following the acquisition of CP Kelco, while cash taxes and other items fell by a similar amount, benefiting from in-year tax reimbursements and lower taxable earnings. net interest increased by gbp 26 million to reflect higher borrowings following the acquisition of cp kelco while cash taxes and other items fell by a similar amount benefiting from in-year tax reimbursements and lower taxable earnings Our balance sheet remains robust. Long-term debt financing is in place at a competitive mix of fixed and floating interest rates and with a well-balanced range of maturities running out to 2037. We continue to target long-term leverage to be between 1x and 2.5x net debt to EBITDA, and our leverage stands currently at 2.3x. Our balance sheet remains robust. our balance sheet remains robust Long-term debt financing is in place at a competitive mix of fixed and floating interest rates and with a well-balanced range of maturities running out to 2037. long-term debt financing is in place at a competitive mix of fixed and floating interest rates and with a well-balanced range of maturities running out to 2037 We continue to target long-term leverage to be between 1x and 2.5x net debt to EBITDA, and our leverage stands currently at 2.3x . we continue to target long-term leverage to be between 1x and 2.5x net debt to ebitda and our leverage stands currently at 2.3x Net debt at 31 March was GBP 939 million, a GBP 22 million reduction. At the end of October last year, we entered a GBP 180 million, two-year term loan facility and drew it down. These funds were used to repay an expiring GBP 180 million U.S. private placement fixed rate note on maturity. Consequently, our weighted average cost of debt is currently 4%, with a weighted average maturity of 4.7 years. We put a slide in the appendix illustrating our maturity profile. We continue to have strong liquidity with an access to nearly GBP 1 billion through cash in hand and a committed and undrawn revolving cash credit facility of GBP 800 million, which we have recently extended to 2031. We have good financial stability, providing attractive optionality to support future organic investment and return of capital to shareholders. Now, how about you, Nick? Net debt at 31 March was GBP 939 million, a GBP 22 million reduction. net debt at 31 march was gbp 939 million a gbp 22 million reduction At the end of October last year, we entered a GBP 180 million, two-year term loan facility and drew it down. at the end of october last year we entered a gbp 180 million two-year term loan facility and drew it down These funds were used to repay an expiring GBP 180 million U.S. private placement fixed rate note on maturity. these funds were used to repay an expiring gbp 180 million u.s private placement fixed rate note on maturity Consequently, our weighted average cost of debt is currently 4%, with a weighted average maturity of 4.7 years. consequently our weighted average cost of debt is currently 4% with a weighted average maturity of 4.7 years We put a slide in the appendix illustrating our maturity profile. We continue to have strong liquidity with an access to nearly GBP 1 billion through cash in hand and a committed and undrawn revolving cash credit facility of GBP 800 million, which we have recently extended to 2031. we put a slide in the appendix illustrating our maturity profile. we continue to have strong liquidity with an access to nearly gbp 1 billion through cash in hand and a committed and undrawn revolving cash credit facility of gbp 800 million which we have recently extended to 2031 We have good financial stability, providing attractive optionality to support future organic investment and return of capital to shareholders. we have good financial stability providing attractive optionality to support future organic investment and return of capital to shareholders Now, how about you, Nick? now how about you nick

Speaker 7: Thank you, Sarah. Moving now to the good progress we are making on the actions we set out in November to drive top-line growth and stronger performance. By way of a reminder, these actions are focused on four priorities. The first is targeted investment to accelerate customer wins in key growth areas. Second is delivering the benefits of the CP Kelco combination. Third is accelerating productivity, and lastly, to strengthen our balance sheet and deliver shareholder returns. Let me start with the first priority. We continue to make a series of targeted investments to ensure we have the insights, capabilities, resources, and tools we need to win with our customers. Given our significantly expanded portfolio and solutions offering, over the last few months, we've undertaken a detailed customer segmentation exercise, which has characterized our customers into four distinct groups: partner accounts, enterprise accounts, accelerators, and core accounts. Thank you, Sarah. thank you sarah Moving now to the good progress we are making on the actions we set out in November to drive top-line growth and stronger performance. moving now to the good progress we are making on the actions we set out in november to drive top-line growth and stronger performance By way of a reminder, these actions are focused on four priorities. by way of a reminder these actions are focused on four priorities The first is targeted investment to accelerate customer wins in key growth areas. the first is targeted investment to accelerate customer wins in key growth areas Second is delivering the benefits of the CP Kelco combination. second is delivering the benefits of the cp kelco combination Third is accelerating productivity, and lastly, to strengthen our balance sheet and deliver shareholder returns. third is accelerating productivity and lastly to strengthen our balance sheet and deliver shareholder returns Let me start with the first priority. let me start with the first priority We continue to make a series of targeted investments to ensure we have the insights, capabilities, resources, and tools we need to win with our customers. we continue to make a series of targeted investments to ensure we have the insights capabilities resources and tools we need to win with our customers Given our significantly expanded portfolio and solutions offering, over the last few months, we've undertaken a detailed customer segmentation exercise, which has characterized our customers into four distinct groups: partner accounts, enterprise accounts, accelerators, and core accounts. given our significantly expanded portfolio and solutions offering over the last few months we've undertaken a detailed customer segmentation exercise which has characterized our customers into four distinct groups partner accounts enterprise accounts accelerators and core accounts We are taking the output from this exercise and realigning our customer-facing teams, including our sales, technical services, applications, and marketing teams, to focus on those customers and subcategories where we can accelerate growth. Alongside this segmentation exercise, we are recalibrating which customers are best served through distributors. To ensure we have the capabilities in our global and regional teams to capture this growth, we are increasing our investment in areas such as applications, sensory science, nutrition science, and process development. We are also accelerating the rollout of our Solutions Chassis Program to speed up customer innovation. Eight chassis, mainly for mouthfeel solutions, were launched during the year, meaning we now have 18 chassis available in the market with a further 9 in development. To accelerate their adoption, we trained over 300 colleagues during the year, supporting the delivery of many customer projects across our core categories. We are taking the output from this exercise and realigning our customer-facing teams, including our sales, technical services, applications, and marketing teams, to focus on those customers and subcategories where we can accelerate growth. we are taking the output from this exercise and realigning our customer-facing teams including our sales technical services applications and marketing teams to focus on those customers and subcategories where we can accelerate growth Alongside this segmentation exercise, we are recalibrating which customers are best served through distributors. alongside this segmentation exercise we are recalibrating which customers are best served through distributors To ensure we have the capabilities in our global and regional teams to capture this growth, we are increasing our investment in areas such as applications, sensory science, nutrition science, and process development. to ensure we have the capabilities in our global and regional teams to capture this growth we are increasing our investment in areas such as applications sensory science nutrition science and process development We are also accelerating the rollout of our Solutions Chassis Program to speed up customer innovation. we are also accelerating the rollout of our solutions chassis program to speed up customer innovation Eight chassis, mainly for mouthfeel solutions, were launched during the year, meaning we now have 18 chassis available in the market with a further 9 in development. eight chassis mainly for mouthfeel solutions were launched during the year meaning we now have 18 chassis available in the market with a further 9 in development To accelerate their adoption, we trained over 300 colleagues during the year, supporting the delivery of many customer projects across our core categories. to accelerate their adoption we trained over 300 colleagues during the year supporting the delivery of many customer projects across our core categories We also continue to selectively invest in technology to enhance the effectiveness and agility of our customer-facing teams. We have invested in developing a new generative AI tool with the ability to search our broad technical and scientific libraries to provide faster and deeper insights for our sales and technical teams as they develop solutions to solve customer formulation challenges. The rollout of this new tool started in February and is already having a positive impact on how we serve our customers. We are also working to improve our customer relationship management tools, and this year we will implement a single integrated platform, which will improve the visibility of pipeline progression, technical resource allocation, and enhance our sales team's performance management. Moving to our second priority, which is to deliver the benefits of the CP Kelco combination. We also continue to selectively invest in technology to enhance the effectiveness and agility of our customer-facing teams. we also continue to selectively invest in technology to enhance the effectiveness and agility of our customer-facing teams We have invested in developing a new generative AI tool with the ability to search our broad technical and scientific libraries to provide faster and deeper insights for our sales and technical teams as they develop solutions to solve customer formulation challenges. we have invested in developing a new generative ai tool with the ability to search our broad technical and scientific libraries to provide faster and deeper insights for our sales and technical teams as they develop solutions to solve customer formulation challenges The rollout of this new tool started in February and is already having a positive impact on how we serve our customers. the rollout of this new tool started in february and is already having a positive impact on how we serve our customers We are also working to improve our customer relationship management tools, and this year we will implement a single integrated platform, which will improve the visibility of pipeline progression, technical resource allocation, and enhance our sales team's performance management. we are also working to improve our customer relationship management tools and this year we will implement a single integrated platform which will improve the visibility of pipeline progression technical resource allocation and enhance our sales team's performance management Moving to our second priority, which is to deliver the benefits of the CP Kelco combination. moving to our second priority which is to deliver the benefits of the cp kelco combination We are targeting revenue synergies of 10% of CP Kelco's revenue, or around $70 million by the end of the 2029 financial year. While it's still early days, we are making good progress with around 10% of our target delivered to date. Cross-selling, which is the sale of CP Kelco's ingredients and solutions to Tate & Lyle customers and vice versa, is a key way we will deliver these synergies. It's therefore pleasing to see the value of the cross-selling pipeline more than doubled in the second half and now stands at over $100 million. I'm now going to hand back to Sarah to talk about cost synergies and productivity. We are targeting revenue synergies of 10% of CP Kelco's revenue, or around $70 million by the end of the 2029 financial year. we are targeting revenue synergies of 10% of cp kelco's revenue or around $70 million by the end of the 2029 financial year While it's still early days, we are making good progress with around 10% of our target delivered to date. while it's still early days we are making good progress with around 10% of our target delivered to date Cross-selling, which is the sale of CP Kelco's ingredients and solutions to Tate & Lyle customers and vice versa, is a key way we will deliver these synergies. cross-selling which is the sale of cp kelco's ingredients and solutions to tate & lyle customers and vice versa is a key way we will deliver these synergies It's therefore pleasing to see the value of the cross-selling pipeline more than doubled in the second half and now stands at over $100 million. it's therefore pleasing to see the value of the cross-selling pipeline more than doubled in the second half and now stands at over $100 million I'm now going to hand back to Sarah to talk about cost synergies and productivity. i'm now going to hand back to sarah to talk about cost synergies and productivity

Speaker 9: Thank you, Nick. When we acquired CP Kelco, we targeted annualized run rate cost synergies of at least GBP 50 million by the end of the 2027 financial year. As this slide illustrates, we have made strong progress in pursuit of this target. Last year, we delivered synergies of GBP 24 million, predominantly people related, but supported by indirect cost savings and some procurement benefits. The annualized run rate of these actions already taken means we have now met our target of GBP 50 million, one year ahead of our plan. Moving to our third action, which is increased productivity across the enlarged group. In addition to the delivery of cost synergies, I'm pleased to say that productivity, once again, showed excellent progress. Thank you, Nick. thank you nick When we acquired CP Kelco, we targeted annualized run rate cost synergies of at least GBP 50 million by the end of the 2027 financial year. when we acquired cp kelco we targeted annualized run rate cost synergies of at least gbp 50 million by the end of the 2027 financial year As this slide illustrates, we have made strong progress in pursuit of this target. as this slide illustrates we have made strong progress in pursuit of this target Last year, we delivered synergies of GBP 24 million, predominantly people related, but supported by indirect cost savings and some procurement benefits. last year we delivered synergies of gbp 24 million predominantly people related but supported by indirect cost savings and some procurement benefits The annualized run rate of these actions already taken means we have now met our target of GBP 50 million, one year ahead of our plan. the annualized run rate of these actions already taken means we have now met our target of gbp 50 million one year ahead of our plan Moving to our third action, which is increased productivity across the enlarged group. moving to our third action which is increased productivity across the enlarged group In addition to the delivery of cost synergies, I'm pleased to say that productivity, once again, showed excellent progress. in addition to the delivery of cost synergies i'm pleased to say that productivity once again showed excellent progress We delivered a further GBP 53 million of productivity savings in the year with GBP 33 million of this coming from operational efficiencies and cost reduction and GBP 20 million from procurement and supply chain. This brings our total productivity savings over the last three years to GBP 144 million. In November, we announced that we were increasing our five-year target of GBP 150 million savings by the end of the 2028 financial year by an additional GBP 50 million to GBP 200 million. Given the strength of our productivity pipeline, we are confident we could reach that increased target. We delivered a further GBP 53 million of productivity savings in the year with GBP 33 million of this coming from operational efficiencies and cost reduction and GBP 20 million from procurement and supply chain. we delivered a further gbp 53 million of productivity savings in the year with gbp 33 million of this coming from operational efficiencies and cost reduction and gbp 20 million from procurement and supply chain This brings our total productivity savings over the last three years to GBP 144 million. this brings our total productivity savings over the last three years to gbp 144 million In November, we announced that we were increasing our five-year target of GBP 150 million savings by the end of the 2028 financial year by an additional GBP 50 million to GBP 200 million. in november we announced that we were increasing our five-year target of gbp 150 million savings by the end of the 2028 financial year by an additional gbp 50 million to gbp 200 million Given the strength of our productivity pipeline, we are confident we could reach that increased target. given the strength of our productivity pipeline we are confident we could reach that increased target Our productivity culture is deeply embedded across our global operations organization, and we recently launched a campaign to extend this productivity mindset across the entire organization. The success of the program is based on a very granular Six Sigma approach to driving productivity. This is illustrated by the breadth of projects we employed to deliver savings. Our productivity culture is deeply embedded across our global operations organization, and we recently launched a campaign to extend this productivity mindset across the entire organization. our productivity culture is deeply embedded across our global operations organization and we recently launched a campaign to extend this productivity mindset across the entire organization The success of the program is based on a very granular Six Sigma approach to driving productivity. the success of the program is based on a very granular six sigma approach to driving productivity This is illustrated by the breadth of projects we employed to deliver savings. this is illustrated by the breadth of projects we employed to deliver savings Last year, we initiated over 500 productivity projects, of which some 27 delivered savings of over half a million pounds each. Three examples of these larger projects are on this slide. Process improvements at our sucralose plant is saving GBP 1.4 million annually. Finding ways to increase airflow in the spray dryer at our corn wet mill in Indiana is saving GBP 1 million. Last year, we initiated over 500 productivity projects, of which some 27 delivered savings of over half a million pounds each. Three examples of these larger projects are on this slide. last year we initiated over 500 productivity projects of which some 27 delivered savings of over half a million pounds each. three examples of these larger projects are on this slide Process improvements at our sucralose plant is saving GBP 1.4 million annually. process improvements at our sucralose plant is saving gbp 1.4 million annually Finding ways to increase airflow in the spray dryer at our corn wet mill in Indiana is saving GBP 1 million. finding ways to increase airflow in the spray dryer at our corn wet mill in indiana is saving gbp 1 million The optimization of ocean freight transit times is saving GBP 1.2 million. A major productivity and cost-saving project that is currently underway is the consolidation of our bio-gums production capacity. We had expected to see a financial benefit from this consolidation in the 2027 financial year of some GBP 20 million. However, due to rescheduling, we now expect this financial benefit will be delivered in the 2028 financial year. Turning to our fourth action to strengthen our balance sheet and shareholder returns. We remain very focused on cash generation. The optimization of ocean freight transit times is saving GBP 1.2 million. the optimization of ocean freight transit times is saving gbp 1.2 million A major productivity and cost-saving project that is currently underway is the consolidation of our bio-gums production capacity. a major productivity and cost-saving project that is currently underway is the consolidation of our bio-gums production capacity We had expected to see a financial benefit from this consolidation in the 2027 financial year of some GBP 20 million. we had expected to see a financial benefit from this consolidation in the 2027 financial year of some gbp 20 million However, due to rescheduling, we now expect this financial benefit will be delivered in the 2028 financial year. however due to rescheduling we now expect this financial benefit will be delivered in the 2028 financial year Turning to our fourth action to strengthen our balance sheet and shareholder returns. turning to our fourth action to strengthen our balance sheet and shareholder returns We remain very focused on cash generation. we remain very focused on cash generation Our target is to achieve cash conversion greater than 75% each year while delivering our priority to drive top-line growth. This year, we'll be undertaking a group-wide project to optimize our warehousing activities. We will also look to improve inventory management across the business with the continued expansion of procurement and planning optimization tools, as well as our operational excellence programs. Another area of focus is the disciplined investment of capital. We continue to bring rigor to the investment appraisal process, and new capital investments need to meet attractive rates of return. Our capital allocation policy remains unchanged. With that, I'll hand back to you, Nick. Our target is to achieve cash conversion greater than 75% each year while delivering our priority to drive top-line growth. our target is to achieve cash conversion greater than 75% each year while delivering our priority to drive top-line growth This year, we'll be undertaking a group-wide project to optimize our warehousing activities. this year we'll be undertaking a group-wide project to optimize our warehousing activities We will also look to improve inventory management across the business with the continued expansion of procurement and planning optimization tools, as well as our operational excellence programs. we will also look to improve inventory management across the business with the continued expansion of procurement and planning optimization tools as well as our operational excellence programs Another area of focus is the disciplined investment of capital. another area of focus is the disciplined investment of capital We continue to bring rigor to the investment appraisal process, and new capital investments need to meet attractive rates of return. we continue to bring rigor to the investment appraisal process and new capital investments need to meet attractive rates of return Our capital allocation policy remains unchanged. our capital allocation policy remains unchanged With that, I'll hand back to you, Nick. with that i'll hand back to you nick

Speaker 7: Thank you, Sarah. Moving to our fourth key message for today, which is how we leverage the power of the combination to accelerate growth. The combination with CP Kelco has created a unique customer proposition. This is based on three strengths. Firstly, we have the broadest ingredients portfolio and solutions toolbox across our three platforms. Secondly, our unique capability to formulate across our three platforms to provide the solutions our customers need. Thirdly, our unrivaled scientific and technical expertise. We operate in a large and attractive market. The global specialty food ingredients market is around $70 billion, with about $20 billion of this market addressable by Tate & Lyle's three ingredient platforms. In each of our three platforms, we have a market-leading position. In total, we have over 1,000 different sweeteners, starches, pectins, speciality gums, and dietary fibers, all with their own different functional attributes or nutritional benefits. Thank you, Sarah. thank you sarah Moving to our fourth key message for today, which is how we leverage the power of the combination to accelerate growth. moving to our fourth key message for today which is how we leverage the power of the combination to accelerate growth The combination with CP Kelco has created a unique customer proposition. the combination with cp kelco has created a unique customer proposition This is based on three strengths. this is based on three strengths Firstly, we have the broadest ingredients portfolio and solutions toolbox across our three platforms. firstly we have the broadest ingredients portfolio and solutions toolbox across our three platforms Secondly, our unique capability to formulate across our three platforms to provide the solutions our customers need. secondly our unique capability to formulate across our three platforms to provide the solutions our customers need Thirdly, our unrivaled scientific and technical expertise. thirdly our unrivaled scientific and technical expertise We operate in a large and attractive market. we operate in a large and attractive market The global specialty food ingredients market is around $70 billion, with about $20 billion of this market addressable by Tate & Lyle's three ingredient platforms. the global specialty food ingredients market is around $70 billion with about $20 billion of this market addressable by tate & lyle's three ingredient platforms In each of our three platforms, we have a market-leading position. in each of our three platforms we have a market-leading position In total, we have over 1,000 different sweeteners, starches, pectins, speciality gums, and dietary fibers, all with their own different functional attributes or nutritional benefits. in total we have over 1,000 different sweeteners starches pectins speciality gums and dietary fibers all with their own different functional attributes or nutritional benefits Each platform has a large addressable market. The sweetening and mouthfeel markets are already sizable and have significant growth potential given the food trends we are seeing. As sugar still makes up around 80% of the global sweetening market, there is an estimated GBP 3 billion of sugar replacement opportunity in addition to the GBP 20 billion addressable market. While comparatively small today, the fortification platform also has significant growth potential, given increasing awareness of the importance of fiber in the diets. I will talk more about this opportunity later. All this gives me confidence that despite the current market environment, the fundamental growth drivers of our business remain strong and continue to offer significant market penetration opportunities. I see these coming from three areas. Firstly, societal trends such as population growth, heightened awareness of the link between diet and health, and the continued need for convenience. Each platform has a large addressable market. each platform has a large addressable market The sweetening and mouthfeel markets are already sizable and have significant growth potential given the food trends we are seeing. the sweetening and mouthfeel markets are already sizable and have significant growth potential given the food trends we are seeing As sugar still makes up around 80% of the global sweetening market, there is an estimated GBP 3 billion of sugar replacement opportunity in addition to the GBP 20 billion addressable market. as sugar still makes up around 80% of the global sweetening market there is an estimated gbp 3 billion of sugar replacement opportunity in addition to the gbp 20 billion addressable market While comparatively small today, the fortification platform also has significant growth potential, given increasing awareness of the importance of fiber in the diets. while comparatively small today the fortification platform also has significant growth potential given increasing awareness of the importance of fiber in the diets I will talk more about this opportunity later. i will talk more about this opportunity later All this gives me confidence that despite the current market environment, the fundamental growth drivers of our business remain strong and continue to offer significant market penetration opportunities. all this gives me confidence that despite the current market environment the fundamental growth drivers of our business remain strong and continue to offer significant market penetration opportunities I see these coming from three areas. i see these coming from three areas Firstly, societal trends such as population growth, heightened awareness of the link between diet and health, and the continued need for convenience. firstly societal trends such as population growth heightened awareness of the link between diet and health and the continued need for convenience Secondly, food industry trends, with arguably the biggest opportunity being to reformulate ultra-processed foods to improve their nutritional content. Other areas which are of course interrelated, include increasing demand for sugar and calorie reduction, as well as fiber and protein fortification, cleaner labels, and cost optimization in today's world. The third driver is capturing the benefits of the CP Kelco combination. In addition to delivering on targeted revenue synergies, this includes leveraging our expanded portfolio and enhanced technical capabilities with both existing and new customers, particularly our leadership in mouthfeel, and also benefiting from our increased presence in the fast-growing markets of Asia, Middle East and Africa, and Latin America. With the growth opportunity clear, our focus is on leveraging the power of the combination to drive top-line growth. This will build over time, and I am pleased that we are now starting to see that happen in the marketplace. Secondly, food industry trends, with arguably the biggest opportunity being to reformulate ultra-processed foods to improve their nutritional content. secondly food industry trends with arguably the biggest opportunity being to reformulate ultra-processed foods to improve their nutritional content Other areas which are of course interrelated, include increasing demand for sugar and calorie reduction, as well as fiber and protein fortification, cleaner labels, and cost optimization in today's world. other areas which are of course interrelated include increasing demand for sugar and calorie reduction as well as fiber and protein fortification cleaner labels and cost optimization in today's world The third driver is capturing the benefits of the CP Kelco combination. the third driver is capturing the benefits of the cp kelco combination In addition to delivering on targeted revenue synergies, this includes leveraging our expanded portfolio and enhanced technical capabilities with both existing and new customers, particularly our leadership in mouthfeel, and also benefiting from our increased presence in the fast-growing markets of Asia, Middle East and Africa, and Latin America. in addition to delivering on targeted revenue synergies this includes leveraging our expanded portfolio and enhanced technical capabilities with both existing and new customers particularly our leadership in mouthfeel and also benefiting from our increased presence in the fast-growing markets of asia middle east and africa and latin america With the growth opportunity clear, our focus is on leveraging the power of the combination to drive top-line growth. with the growth opportunity clear our focus is on leveraging the power of the combination to drive top-line growth This will build over time, and I am pleased that we are now starting to see that happen in the marketplace. this will build over time and i am pleased that we are now starting to see that happen in the marketplace Let me give you some tangible examples. A large customer in China wanted to improve the mouthfeel experience of one of its premium yogurt drinks, while at the same time developing a cleaner label. We would have had difficulty providing the right solution before, but with our combined portfolio, a solution based on our CLARIA clean label starch and pectin provided the answer. In the U.S., a customer wanted to create a new chocolate milk product with no added sugar, an organic certification, and obviously provide a great taste experience for the consumer. Our technical team created a series of prototypes, which led to a blend of stevia gellan gum, giving the customer the perfect solution. In Europe, a large multinational dairy customer wanted to enter the high-growth meal replacement category for the first time by creating a plant-based product targeting on-the-go nutrition. Let me give you some tangible examples. let me give you some tangible examples A large customer in China wanted to improve the mouthfeel experience of one of its premium yogurt drinks, while at the same time developing a cleaner label. a large customer in china wanted to improve the mouthfeel experience of one of its premium yogurt drinks while at the same time developing a cleaner label We would have had difficulty providing the right solution before, but with our combined portfolio, a solution based on our CLARIA clean label starch and pectin provided the answer. we would have had difficulty providing the right solution before but with our combined portfolio a solution based on our claria clean label starch and pectin provided the answer In the U.S., a customer wanted to create a new chocolate milk product with no added sugar, an organic certification, and obviously provide a great taste experience for the consumer. in the u.s a customer wanted to create a new chocolate milk product with no added sugar an organic certification and obviously provide a great taste experience for the consumer Our technical team created a series of prototypes, which led to a blend of stevia gellan gum, giving the customer the perfect solution. our technical team created a series of prototypes which led to a blend of stevia gellan gum, giving the customer the perfect solution In Europe, a large multinational dairy customer wanted to enter the high-growth meal replacement category for the first time by creating a plant-based product targeting on-the-go nutrition. in europe a large multinational dairy customer wanted to enter the high-growth meal replacement category for the first time by creating a plant-based product targeting on-the-go nutrition The customer came to us and told us that the product had to have a creamy mouthfeel, a clean label, and meet certain other technical requirements. In this case, a combination of CLARIA gellan gum provided both a strong sensory experience and the required technical protein and mineral suspension. Finally, in Latin America, a combination of sucralose and NUTRAVA citrus fiber provided the solution for 1 of our largest global accounts who wanted to optimize the costs of its ketchup and maintain its important mouthfeel characteristics. What's clear around the world is that customers are increasingly recognizing a much stronger solutions offering and the benefits the combinations bring. Moving to look briefly at fiber, which we see as another significant growth opportunity. Fiber is a key nutrient for people at all stages of life. The customer came to us and told us that the product had to have a creamy mouthfeel, a clean label, and meet certain other technical requirements. the customer came to us and told us that the product had to have a creamy mouthfeel a clean label and meet certain other technical requirements In this case, a combination of CLARIA gellan gum provided both a strong sensory experience and the required technical protein and mineral suspension. Finally, in Latin America, a combination of sucralose and NUTRAVA citrus fiber provided the solution for 1 of our largest global accounts who wanted to optimize the costs of its ketchup and maintain its important mouthfeel characteristics. in this case a combination of claria gellan gum provided both a strong sensory experience and the required technical protein and mineral suspension. finally in latin america a combination of sucralose and nutrava citrus fiber provided the solution for 1 of our largest global accounts who wanted to optimize the costs of its ketchup and maintain its important mouthfeel characteristics What's clear around the world is that customers are increasingly recognizing a much stronger solutions offering and the benefits the combinations bring. what's clear around the world is that customers are increasingly recognizing a much stronger solutions offering and the benefits the combinations bring Moving to look briefly at fiber, which we see as another significant growth opportunity. moving to look briefly at fiber which we see as another significant growth opportunity Fiber is a key nutrient for people at all stages of life. fiber is a key nutrient for people at all stages of life Awareness is increasing of the importance of fiber in the diet, with 58% of consumers in the U.K. saying they plan to increase their fiber intake in 2026. The reality is that intake remains low, with only 3% of U.K. adults getting enough fiber each day. We know that consumers cannot eat enough fiber purely from whole foods, so it is increasingly accepted that people will need to consume foods fortified with added fibers to close the fiber intake gap. This is shown by a 13% increase in new products launched globally in 2025 with a fiber claim. Fiber is also very important for GLP-1 users. GLP-1s suppress appetite, and so users can't and don't eat as much food. This means every bite counts when it comes to nutrition. We are increasingly providing solutions for customers specifically targeted at GLP-1 users. Awareness is increasing of the importance of fiber in the diet, with 58% of consumers in the U.K. saying they plan to increase their fiber intake in 2026. awareness is increasing of the importance of fiber in the diet with 58% of consumers in the u.k saying they plan to increase their fiber intake in 2026 The reality is that intake remains low, with only 3% of U.K. adults getting enough fiber each day. the reality is that intake remains low with only 3% of u.k adults getting enough fiber each day We know that consumers cannot eat enough fiber purely from whole foods, so it is increasingly accepted that people will need to consume foods fortified with added fibers to close the fiber intake gap. we know that consumers cannot eat enough fiber purely from whole foods so it is increasingly accepted that people will need to consume foods fortified with added fibers to close the fiber intake gap This is shown by a 13% increase in new products launched globally in 2025 with a fiber claim. this is shown by a 13% increase in new products launched globally in 2025 with a fiber claim Fiber is also very important for GLP-1 users. fiber is also very important for glp-1 users GLP-1s suppress appetite, and so users can't and don't eat as much food. glp-1s suppress appetite and so users can't and don't eat as much food This means every bite counts when it comes to nutrition. this means every bite counts when it comes to nutrition We are increasingly providing solutions for customers specifically targeted at GLP-1 users. we are increasingly providing solutions for customers specifically targeted at glp-1 users Let me give you just one example. In North America, one of our largest customers in the snacking category wanted to reformulate some of their products to make them healthier and directly target GLP-1 users. We created a solution using our PROMITOR and STA-LITE soluble fibers, which provided an additional 6 grams of fiber per serving and a front-of-pack fiber claim. The customer has now launched four products with the solution and has given us three new briefs to work on fiber fortification on other product lines. The increasing traction with customers is showing through in the growth we are seeing in our new business pipeline. Last year, the value of our new business pipeline increased by 15%. Revenue from new products increased by 9% on a like-for-like basis, and revenue from solutions as a percentage of new business wins was 35%. Let me give you just one example. let me give you just one example In North America, one of our largest customers in the snacking category wanted to reformulate some of their products to make them healthier and directly target GLP-1 users. in north america one of our largest customers in the snacking category wanted to reformulate some of their products to make them healthier and directly target glp-1 users We created a solution using our PROMITOR and STA-LITE soluble fibers, which provided an additional 6 grams of fiber per serving and a front-of-pack fiber claim. we created a solution using our promitor and sta-lite soluble fibers which provided an additional 6 grams of fiber per serving and a front-of-pack fiber claim The customer has now launched four products with the solution and has given us three new briefs to work on fiber fortification on other product lines. the customer has now launched four products with the solution and has given us three new briefs to work on fiber fortification on other product lines The increasing traction with customers is showing through in the growth we are seeing in our new business pipeline. the increasing traction with customers is showing through in the growth we are seeing in our new business pipeline Last year, the value of our new business pipeline increased by 15%. last year the value of our new business pipeline increased by 15% Revenue from new products increased by 9% on a like-for-like basis, and revenue from solutions as a percentage of new business wins was 35%. revenue from new products increased by 9% on a like-for-like basis and revenue from solutions as a percentage of new business wins was 35% While the market environment remains challenging, the progress we are seeing gives me real confidence that we're on the right track and that we are well positioned to benefit as and when market demand improves. Turning now to the outlook and summary. For the year ending 31st of March 2027, on a constant currency basis, we currently expect to deliver modest revenue growth underpinned by volume growth weighted to the second half, and broadly flat EBITDA before the around $20 million impact of rescheduling the consolidation of bio-gums. Our outlook currently assumes a limited impact from the conflict in the Middle East, and we are taking actions to mitigate cost inflation through a range of initiatives, including procurement activities, operational discipline, and pricing action. To conclude, with the CP Kelco integration complete, our priority is clear: to drive volume-led top-line growth, and we are seeing early signs of progress. While the market environment remains challenging, the progress we are seeing gives me real confidence that we're on the right track and that we are well positioned to benefit as and when market demand improves. while the market environment remains challenging the progress we are seeing gives me real confidence that we're on the right track and that we are well positioned to benefit as and when market demand improves Turning now to the outlook and summary. turning now to the outlook and summary For the year ending 31st of March 2027, on a constant currency basis, we currently expect to deliver modest revenue growth underpinned by volume growth weighted to the second half, and broadly flat EBITDA before the around $20 million impact of rescheduling the consolidation of bio-gums. for the year ending 31st of march 2027 on a constant currency basis we currently expect to deliver modest revenue growth underpinned by volume growth weighted to the second half and broadly flat ebitda before the around $20 million impact of rescheduling the consolidation of bio-gums Our outlook currently assumes a limited impact from the conflict in the Middle East, and we are taking actions to mitigate cost inflation through a range of initiatives, including procurement activities, operational discipline, and pricing action. our outlook currently assumes a limited impact from the conflict in the middle east and we are taking actions to mitigate cost inflation through a range of initiatives including procurement activities operational discipline and pricing action To conclude, with the CP Kelco integration complete, our priority is clear: to drive volume-led top-line growth, and we are seeing early signs of progress. to conclude with the cp kelco integration complete our priority is clear to drive volume-led top-line growth and we are seeing early signs of progress We are making good progress on the strategic priorities we set out in November and on leveraging the power of the combination to accelerate growth. Over the last six years, the business has been repositioned to be at the center of the future of food. Today, we have a portfolio that is perfectly placed to address growing consumer demand for healthier, more nutritious, and sustainable food and drink. The power of the combination is clear, and our focus now is on execution, driving top-line growth, and strengthening our performance. With that, Sarah and I would be happy to take your questions. May I remind you that under the U.K. Takeover Code, we can't comment on anything relating to Ingredion's proposal we announced last week. We will take questions both from the floor and those joining remotely. For the purposes of the recording, please state your name and institution. We are making good progress on the strategic priorities we set out in November and on leveraging the power of the combination to accelerate growth. we are making good progress on the strategic priorities we set out in november and on leveraging the power of the combination to accelerate growth Over the last six years, the business has been repositioned to be at the center of the future of food. over the last six years the business has been repositioned to be at the center of the future of food Today, we have a portfolio that is perfectly placed to address growing consumer demand for healthier, more nutritious, and sustainable food and drink. today we have a portfolio that is perfectly placed to address growing consumer demand for healthier more nutritious and sustainable food and drink The power of the combination is clear, and our focus now is on execution, driving top-line growth, and strengthening our performance. the power of the combination is clear and our focus now is on execution driving top-line growth and strengthening our performance With that, Sarah and I would be happy to take your questions. with that sarah and i would be happy to take your questions May I remind you that under the U.K. may i remind you that under the u.k Takeover Code, we can't comment on anything relating to Ingredion's proposal we announced last week. takeover code we can't comment on anything relating to ingredion's proposal we announced last week We will take questions both from the floor and those joining remotely. we will take questions both from the floor and those joining remotely For the purposes of the recording, please state your name and institution. for the purposes of the recording please state your name and institution With that, can we have the first question from the floor? At the front here. With that, can we have the first question from the floor? with that can we have the first question from the floor At the front here. at the front here

Speaker 3: Hello. Can you hear me? Hello. hello Can you hear me? can you hear me

Speaker 7: Yep. Yep. yep

Speaker 3: Yep. This is Joan Lim from BNP Paribas. I just had a couple of questions. You mentioned that your H2 weighted growth for 2027, what gives you the confidence that volume growth will recover? Are you seeing any trends in April and May, as you spoke about some momentum? Yep. yep This is Joan Lim from BNP Paribas. this is joan lim from bnp paribas I just had a couple of questions. i just had a couple of questions You mentioned that your H2 weighted growth for 2027, what gives you the confidence that volume growth will recover? you mentioned that your h2 weighted growth for 2027 what gives you the confidence that volume growth will recover Are you seeing any trends in April and May, as you spoke about some momentum? are you seeing any trends in april and may as you spoke about some momentum

Speaker 7: Sure Sure sure

Speaker 3: start of the year? That's my first question. start of the year? start of the year That's my first question. that's my first question

Speaker 7: Okay. Let me take that one. What gives us confidence? A number of things. Firstly, we're seeing good momentum coming into the year. Q4 ended as we expected, which is obviously the 1st year of this calendar year, and we saw good revenue growth in April as we started the year. We started strongly. Secondly, we always said that momentum would build through the year, given the power of the combination amplifying. The pipeline strength will grow through the year. The segmentation exercise and focusing our sales team on the customers we want to grow with faster will grow through the year, as will the cross-selling pipeline. That's the second reason. Okay. okay Let me take that one. let me take that one What gives us confidence? what gives us confidence A number of things. a number of things Firstly, we're seeing good momentum coming into the year. firstly we're seeing good momentum coming into the year Q4 ended as we expected, which is obviously the 1st year of this calendar year, and we saw good revenue growth in April as we started the year. q4 ended as we expected which is obviously the 1st year of this calendar year and we saw good revenue growth in april as we started the year We started strongly. we started strongly Secondly, we always said that momentum would build through the year, given the power of the combination amplifying. secondly we always said that momentum would build through the year given the power of the combination amplifying The pipeline strength will grow through the year. the pipeline strength will grow through the year The segmentation exercise and focusing our sales team on the customers we want to grow with faster will grow through the year, as will the cross-selling pipeline. the segmentation exercise and focusing our sales team on the customers we want to grow with faster will grow through the year as will the cross-selling pipeline That's the second reason. that's the second reason The third reason is when you think about the shape of last year, we really started to get significantly impacted by tariffs in North America and to a lesser extent, China in the second half. Remember, the North American slowdown in volume was weighted the second half for us when we looked at the market. We're starting to lap that as we go into the second year, go into the second half, in the sense that the tariffs are already built into the base. Lastly, of course, as we build momentum with customers and the power of the combination grows, and remember, we've only just annualized the point where we put our sales teams together. We should see more momentum going into the contracting round for the following year as well. It's really a combination of all of those things put together. The third reason is when you think about the shape of last year, we really started to get significantly impacted by tariffs in North America and to a lesser extent, China in the second half. the third reason is when you think about the shape of last year we really started to get significantly impacted by tariffs in north america and to a lesser extent china in the second half Remember, the North American slowdown in volume was weighted the second half for us when we looked at the market. remember the north american slowdown in volume was weighted the second half for us when we looked at the market We're starting to lap that as we go into the second year, go into the second half, in the sense that the tariffs are already built into the base. we're starting to lap that as we go into the second year go into the second half in the sense that the tariffs are already built into the base Lastly, of course, as we build momentum with customers and the power of the combination grows, and remember, we've only just annualized the point where we put our sales teams together. lastly of course as we build momentum with customers and the power of the combination grows and remember we've only just annualized the point where we put our sales teams together We should see more momentum going into the contracting round for the following year as well. we should see more momentum going into the contracting round for the following year as well It's really a combination of all of those things put together. it's really a combination of all of those things put together

Speaker 3: Okay. For Americas, it still declined 3% in volumes. Why has beverages been weak? What are some of the ways you think you can outgrow markets? Okay. okay For Americas, it still declined 3% in volumes. for americas it still declined 3% in volumes Why has beverages been weak? why has beverages been weak What are some of the ways you think you can outgrow markets? what are some of the ways you think you can outgrow markets

Speaker 7: Look, specifically in the Americas, we saw more weakness in sweeteners in Latin America. North America actually was relatively stable from a revenue perspective. Ultimately, the repositioning of the portfolio and the growth of the new products in the portfolio and the newer sweeteners to offset some of that weakness is what we will start to see flow through this year. Of course, we are lapping out of that now. That is really the shape of it. We are absolutely seeing the momentum in the new portfolio and the solution selling start to flow through. As markets stabilize, that will offset some of the declines we saw in the rest of the portfolio. Look, specifically in the Americas, we saw more weakness in sweeteners in Latin America. look specifically in the americas we saw more weakness in sweeteners in latin america North America actually was relatively stable from a revenue perspective. north america actually was relatively stable from a revenue perspective Ultimately, the repositioning of the portfolio and the growth of the new products in the portfolio and the newer sweeteners to offset some of that weakness is what we will start to see flow through this year. ultimately the repositioning of the portfolio and the growth of the new products in the portfolio and the newer sweeteners to offset some of that weakness is what we will start to see flow through this year Of course, we are lapping out of that now. of course we are lapping out of that now That is really the shape of it. that is really the shape of it We are absolutely seeing the momentum in the new portfolio and the solution selling start to flow through. we are absolutely seeing the momentum in the new portfolio and the solution selling start to flow through As markets stabilize, that will offset some of the declines we saw in the rest of the portfolio. as markets stabilize that will offset some of the declines we saw in the rest of the portfolio

Speaker 3: Thank you. Thank you. thank you

Speaker 7: Next question in the room. Matthew? Next question in the room. next question in the room Matthew? matthew

Speaker 6: Matthew from Investec. Oh, sorry. Going the wrong way up. There, that's better. I wonder if you could just comment on the new product development and launches, particularly in the U.S., but more broadly. Specifically, it feels like there's two factors here. On the one hand, there's clearly a lot of change going on in consumer demand, for different types of foods with different properties. On the other hand, we've still got quite a subdued consumer environment, which typically slows that process. Matthew from Investec. matthew from investec Oh, sorry. oh sorry Going the wrong way up. going the wrong way up There, that's better. there that's better I wonder if you could just comment on the new product development and launches, particularly in the U.S., but more broadly. i wonder if you could just comment on the new product development and launches particularly in the u.s but more broadly Specifically, it feels like there's two factors here. specifically it feels like there's two factors here On the one hand, there's clearly a lot of change going on in consumer demand, for different types of foods with different properties. on the one hand there's clearly a lot of change going on in consumer demand for different types of foods with different properties On the other hand, we've still got quite a subdued consumer environment, which typically slows that process. on the other hand we've still got quite a subdued consumer environment which typically slows that process

Speaker 7: Yeah. Yeah. yeah

Speaker 6: I just wonder if you could comment on where you think we are now in terms of the balance between those two and maybe how you see that playing out over the next 12 months or so. I just wonder if you could comment on where you think we are now in terms of the balance between those two and maybe how you see that playing out over the next 12 months or so. i just wonder if you could comment on where you think we are now in terms of the balance between those two and maybe how you see that playing out over the next 12 months or so

Speaker 7: Yeah. Good question. Let me start with North America, because it is still the biggest part of our business. Clearly what we saw last year was a lot of noise around regulation, MAHA, GLP-1, but all of which pointed towards healthier diets over time. In our case, in the business that we're in, reformulation to create better nutritional outcomes. Lots of conversations with customers about what to do in that regard. I've given you a very good fiber example in the presentation that led to launch of new products. Environmentally, though, what happened last year was you saw this massive impact of tariffs, significant consumer inflation, volume slowdown, and a natural slowdown in innovation as well, because people were trying to figure out how to manage those impacts. Yeah. yeah Good question. good question Let me start with North America, because it is still the biggest part of our business. let me start with north america because it is still the biggest part of our business Clearly what we saw last year was a lot of noise around regulation, MAHA, GLP-1, but all of which pointed towards healthier diets over time. clearly what we saw last year was a lot of noise around regulation maha glp-1 but all of which pointed towards healthier diets over time In our case, in the business that we're in, reformulation to create better nutritional outcomes. in our case in the business that we're in reformulation to create better nutritional outcomes Lots of conversations with customers about what to do in that regard. lots of conversations with customers about what to do in that regard I've given you a very good fiber example in the presentation that led to launch of new products. i've given you a very good fiber example in the presentation that led to launch of new products Environmentally, though, what happened last year was you saw this massive impact of tariffs, significant consumer inflation, volume slowdown, and a natural slowdown in innovation as well, because people were trying to figure out how to manage those impacts. environmentally though what happened last year was you saw this massive impact of tariffs significant consumer inflation volume slowdown and a natural slowdown in innovation as well because people were trying to figure out how to manage those impacts What we're now seeing as MAHA starts to become a little bit clearer, is real engagement in those trends that I've talked about. I think the question is, as we see how the Middle Eastern conflict impacts overall consumer sentiment and demand, do we see an acceleration in product launches or not? We're definitely seeing an acceleration in conversations. At what point that translates into real launches and therefore new business, we're still watching to see how that evolves. Encouragingly, though, we have seen momentum coming into the year on the top line, and all of the indicators in the pipeline suggest that that will happen over time. The question is, what time? What we're now seeing as MAHA starts to become a little bit clearer, is real engagement in those trends that I've talked about. what we're now seeing as maha starts to become a little bit clearer is real engagement in those trends that i've talked about I think the question is, as we see how the Middle Eastern conflict impacts overall consumer sentiment and demand, do we see an acceleration in product launches or not? i think the question is as we see how the middle eastern conflict impacts overall consumer sentiment and demand do we see an acceleration in product launches or not We're definitely seeing an acceleration in conversations. we're definitely seeing an acceleration in conversations At what point that translates into real launches and therefore new business, we're still watching to see how that evolves. at what point that translates into real launches and therefore new business we're still watching to see how that evolves Encouragingly, though, we have seen momentum coming into the year on the top line, and all of the indicators in the pipeline suggest that that will happen over time. encouragingly though we have seen momentum coming into the year on the top line and all of the indicators in the pipeline suggest that that will happen over time The question is, what time? the question is what time

Speaker 6: Second question, I don't know whether you're going to be able to answer this one given the restrictions you're under, but just specifically on the delay to the bio-gums capacity consolidation. Is that something that you have been aware of for a while, long enough for Ingredion to have been aware of that in their due diligence and therefore comfortable with that in terms of the offer that they've made? Second question, I don't know whether you're going to be able to answer this one given the restrictions you're under, but just specifically on the delay to the bio-gums capacity consolidation. second question i don't know whether you're going to be able to answer this one given the restrictions you're under but just specifically on the delay to the bio-gums capacity consolidation Is that something that you have been aware of for a while, long enough for Ingredion to have been aware of that in their due diligence and therefore comfortable with that in terms of the offer that they've made? is that something that you have been aware of for a while long enough for ingredion to have been aware of that in their due diligence and therefore comfortable with that in terms of the offer that they've made

Speaker 7: There is no comment I can make on that specifically. No, I can't. There is no comment I can make on that specifically. there is no comment i can make on that specifically No, I can't. no i can't

Speaker 6: Okay. Worth asking. Okay. okay Worth asking. worth asking

Speaker 7: I've got my handlers looking at me. I've got my handlers looking at me. i've got my handlers looking at me

Speaker 6: Understood. Fair enough. Okay. Thank you. Understood. understood Fair enough. fair enough Okay. okay Thank you. thank you

Speaker 7: Why don't we go to a question online, I'll come back to the room. I think we've got Karel Zoete on the line. Karel, good morning. Can you hear me? Why don't we go to a question online, I'll come back to the room. why don't we go to a question online i'll come back to the room I think we've got Karel Zoete on the line. i think we've got karel zoete on the line Karel, good morning. karel good morning Can you hear me? can you hear me

Speaker 4: Yes. Good morning, thanks all for taking the question. I have a question with regards to the outlook. You say, we kind of assume there are no real impact from the conflict in the Middle East, but can you discuss a bit what the higher energy cost mean for the cost base and what you've seen in terms of demand trends? The second question is about reinvestment. You're optimistic about the savings and the synergies that are coming in, but at the same time, we see a stable profit in the current fiscal year. What are areas you say this is where we really reinvest, which is holding back profit growth? Yes. yes Good morning, thanks all for taking the question. good morning thanks all for taking the question I have a question with regards to the outlook. i have a question with regards to the outlook You say, we kind of assume there are no real impact from the conflict in the Middle East, but can you discuss a bit what the higher energy cost mean for the cost base and what you've seen in terms of demand trends? you say we kind of assume there are no real impact from the conflict in the middle east but can you discuss a bit what the higher energy cost mean for the cost base and what you've seen in terms of demand trends The second question is about reinvestment. the second question is about reinvestment You're optimistic about the savings and the synergies that are coming in, but at the same time, we see a stable profit in the current fiscal year. you're optimistic about the savings and the synergies that are coming in but at the same time we see a stable profit in the current fiscal year What are areas you say this is where we really reinvest, which is holding back profit growth? what are areas you say this is where we really reinvest which is holding back profit growth

Speaker 7: Your first question. On the Middle East, we've got limited exposure to the affected countries. About 1% of our revenue goes in there. We're actually seeing a lot of customer demand still. We're finding ways of shipping into the Middle East now through going through different ports, et cetera. We are now shipping in. Actually, I think we'll see that continue and obviously there might be a rebalancing of stocks. In terms of overall demand, as I said, we're seeing some encouraging signs coming into the year, so no real near-term impact on demand. In terms of cost, we've got a very rigorous hedging policy on energy, so we're well-covered through the first half of the year. Your first question. your first question On the Middle East, we've got limited exposure to the affected countries. on the middle east we've got limited exposure to the affected countries About 1% of our revenue goes in there. about 1% of our revenue goes in there We're actually seeing a lot of customer demand still. we're actually seeing a lot of customer demand still We're finding ways of shipping into the Middle East now through going through different ports, et cetera. we're finding ways of shipping into the middle east now through going through different ports et cetera We are now shipping in. we are now shipping in Actually, I think we'll see that continue and obviously there might be a rebalancing of stocks. actually i think we'll see that continue and obviously there might be a rebalancing of stocks In terms of overall demand, as I said, we're seeing some encouraging signs coming into the year, so no real near-term impact on demand. in terms of overall demand as i said we're seeing some encouraging signs coming into the year so no real near-term impact on demand In terms of cost, we've got a very rigorous hedging policy on energy, so we're well-covered through the first half of the year. in terms of cost we've got a very rigorous hedging policy on energy so we're well-covered through the first half of the year There are incremental costs as we go through the balance of the year, and we're going to have to look to balance that off with productivity and procurement initiatives, and selectively pricing and passing through things for like freight cost where necessary. We're assuming a limited impact in our outlook at this point. If you can predict what's going to happen tomorrow in the Middle East, I'll tell you what the impact's going to be for the full year. Currently, we're assuming a limited impact, and we're controlling the things that we can control. I don't know whether you want to say anything more specifically about energy and then take the question on the reinvestment versus the stability and earnings. There are incremental costs as we go through the balance of the year, and we're going to have to look to balance that off with productivity and procurement initiatives, and selectively pricing and passing through things for like freight cost where necessary. there are incremental costs as we go through the balance of the year and we're going to have to look to balance that off with productivity and procurement initiatives and selectively pricing and passing through things for like freight cost where necessary We're assuming a limited impact in our outlook at this point. we're assuming a limited impact in our outlook at this point If you can predict what's going to happen tomorrow in the Middle East, I'll tell you what the impact's going to be for the full year. if you can predict what's going to happen tomorrow in the middle east i'll tell you what the impact's going to be for the full year Currently, we're assuming a limited impact, and we're controlling the things that we can control. currently we're assuming a limited impact and we're controlling the things that we can control I don't know whether you want to say anything more specifically about energy and then take the question on the reinvestment versus the stability and earnings. i don't know whether you want to say anything more specifically about energy and then take the question on the reinvestment versus the stability and earnings

Speaker 9: Okay. Thanks, Nick. It's morning, Karel. I think indeed, it's just to remind you that energy is about 5% of our costs, and as Nick mentioned, we're well covered in this calendar year. I think in the near term, the freight costs, which of course is seeing some increase, that's a more straightforward conversation to have with customers. Again, it's got to be considered in the round that number one priority is growing volume-led top line. I think we're watching and seeing very much in the near term. Your first question about investment. It's how do we ensure we have the right people and capabilities in the front line to support the volume-led revenue growth? It's the people, but it's also training the people, the technology support, the digital investments to give them even more confidence. Okay. okay Thanks, Nick. thanks nick It's morning, Karel. it's morning karel I think indeed, it's just to remind you that energy is about 5% of our costs, and as Nick mentioned, we're well covered in this calendar year. i think indeed it's just to remind you that energy is about 5% of our costs and as nick mentioned we're well covered in this calendar year I think in the near term, the freight costs, which of course is seeing some increase, that's a more straightforward conversation to have with customers. i think in the near term the freight costs which of course is seeing some increase that's a more straightforward conversation to have with customers Again, it's got to be considered in the round that number one priority is growing volume-led top line. again it's got to be considered in the round that number one priority is growing volume-led top line I think we're watching and seeing very much in the near term. i think we're watching and seeing very much in the near term Your first question about investment. your first question about investment It's how do we ensure we have the right people and capabilities in the front line to support the volume-led revenue growth? it's how do we ensure we have the right people and capabilities in the front line to support the volume-led revenue growth It's the people, but it's also training the people, the technology support, the digital investments to give them even more confidence. it's the people but it's also training the people the technology support the digital investments to give them even more confidence Giving them the tools and the investments to give us confidence that we can grow the top line. Of course, we're trying to offset some of that. We've talked about delivering the cost synergies. You've got a GBP 15 million-GBP 20 million help into FY 2027. Again, remember, there's always the drag of inflation. We want to reset sales incentives. We work really hard to try and stay still. Number one priority in the organization is investing capability to give us confidence about top-line growth. Giving them the tools and the investments to give us confidence that we can grow the top line. giving them the tools and the investments to give us confidence that we can grow the top line Of course, we're trying to offset some of that. of course we're trying to offset some of that We've talked about delivering the cost synergies. we've talked about delivering the cost synergies You've got a GBP 15 million-GBP 20 million help into FY 2027. you've got a gbp 15 million-gbp 20 million help into fy 2027 Again, remember, there's always the drag of inflation. again remember there's always the drag of inflation We want to reset sales incentives. we want to reset sales incentives We work really hard to try and stay still. we work really hard to try and stay still Number one priority in the organization is investing capability to give us confidence about top-line growth. number one priority in the organization is investing capability to give us confidence about top-line growth

Speaker 7: Karel, if I take us back and just add one more point to that, which is the benefits of bringing the two organizations together is allowing us to reinvest in a more challenging environment than we had anticipated in the last couple of years and still maintain a very attractive earnings profile and margin structure in the business. It's another example of the power of the two businesses coming together. It's giving us the flexibility that we might not have had as one business. Let's come back into the room. Any questions in the room? I think over here. Karel, if I take us back and just add one more point to that, which is the benefits of bringing the two organizations together is allowing us to reinvest in a more challenging environment than we had anticipated in the last couple of years and still maintain a very attractive earnings profile and margin structure in the business. karel if i take us back and just add one more point to that which is the benefits of bringing the two organizations together is allowing us to reinvest in a more challenging environment than we had anticipated in the last couple of years and still maintain a very attractive earnings profile and margin structure in the business It's another example of the power of the two businesses coming together. it's another example of the power of the two businesses coming together It's giving us the flexibility that we might not have had as one business. it's giving us the flexibility that we might not have had as one business Let's come back into the room. let's come back into the room Any questions in the room? any questions in the room I think over here. i think over here

Speaker 2: Morning. Thank you. This is Artem from Rothschild & Co Redburn. One of the messages we get from the presentation is that the integration with CP Kelco is successfully complete. I'm very keen to hear about your learnings about the new business after about a year or so. Specifically, first about the portfolio. It sounds like some categories are performing better than others. Do you expect the underperformance to improve, or do you see that a bit more structural? Secondly, about competition by region, have you seen any unexpected intensification of competition in any particular region? That would be interesting to hear. Thank you. Morning. morning Thank you. thank you This is Artem from Rothschild & Co Redburn. this is artem from rothschild & co redburn One of the messages we get from the presentation is that the integration with CP Kelco is successfully complete. one of the messages we get from the presentation is that the integration with cp kelco is successfully complete I'm very keen to hear about your learnings about the new business after about a year or so. i'm very keen to hear about your learnings about the new business after about a year or so Specifically, first about the portfolio. specifically first about the portfolio It sounds like some categories are performing better than others. it sounds like some categories are performing better than others Do you expect the underperformance to improve, or do you see that a bit more structural? do you expect the underperformance to improve or do you see that a bit more structural Secondly, about competition by region, have you seen any unexpected intensification of competition in any particular region? secondly about competition by region have you seen any unexpected intensification of competition in any particular region That would be interesting to hear. that would be interesting to hear Thank you. thank you

Speaker 7: Sure. Look, as you rightly said, we've said today that the integration is complete, and it's been very successful in what we've been trying to achieve. We've learned a lot, a lot of positives, and a couple of learnings that we could maybe have done things differently. What we've really learned is the power of the combination together makes a difference with our customers. Our sales teams and our application scientists working together are creating things that we couldn't do before for solutions for our customers. That's the underpin of our confidence in the medium term and the future of the business because that is the future that we are trying to create, this idea of a company that can really help with improving the nutritional content of food in a way that consumers are looking for. Sure. sure Look, as you rightly said, we've said today that the integration is complete, and it's been very successful in what we've been trying to achieve. look as you rightly said we've said today that the integration is complete and it's been very successful in what we've been trying to achieve We've learned a lot, a lot of positives, and a couple of learnings that we could maybe have done things differently. we've learned a lot a lot of positives and a couple of learnings that we could maybe have done things differently What we've really learned is the power of the combination together makes a difference with our customers. what we've really learned is the power of the combination together makes a difference with our customers Our sales teams and our application scientists working together are creating things that we couldn't do before for solutions for our customers. our sales teams and our application scientists working together are creating things that we couldn't do before for solutions for our customers That's the underpin of our confidence in the medium term and the future of the business because that is the future that we are trying to create, this idea of a company that can really help with improving the nutritional content of food in a way that consumers are looking for. that's the underpin of our confidence in the medium term and the future of the business because that is the future that we are trying to create this idea of a company that can really help with improving the nutritional content of food in a way that consumers are looking for We can do things today that we couldn't do. The four examples I gave you, we couldn't do as the old Tate & Lyle. We can do as the new Tate & Lyle. That's giving us huge confidence in the future. We've learned a lot about the power of common cultures coming together. The benefits of the fact that both companies believed this was really the right thing to do really stood us in good stead as we went through an integration process that's never easy because you're changing organizations. I'd say the couple of things that we maybe learn on the more challenging side is, if I'd had my time again, I would probably have accelerated the commercial integration. We spent six months putting that together and only started to face into customers as one in April last year. We can do things today that we couldn't do. we can do things today that we couldn't do The four examples I gave you, we couldn't do as the old Tate & Lyle. the four examples i gave you we couldn't do as the old tate & lyle We can do as the new Tate & Lyle. we can do as the new tate & lyle That's giving us huge confidence in the future. that's giving us huge confidence in the future We've learned a lot about the power of common cultures coming together. we've learned a lot about the power of common cultures coming together The benefits of the fact that both companies believed this was really the right thing to do really stood us in good stead as we went through an integration process that's never easy because you're changing organizations. the benefits of the fact that both companies believed this was really the right thing to do really stood us in good stead as we went through an integration process that's never easy because you're changing organizations I'd say the couple of things that we maybe learn on the more challenging side is, if I'd had my time again, I would probably have accelerated the commercial integration. i'd say the couple of things that we maybe learn on the more challenging side is if i'd had my time again i would probably have accelerated the commercial integration We spent six months putting that together and only started to face into customers as one in April last year. we spent six months putting that together and only started to face into customers as one in april last year Doing that quicker, I think, would have benefited what we're seeing today more. Hindsight's a wonderful thing. Of course, as we've talked about, unfortunately the significant benefit of the productivity investment that was made in bio-gums, even before we acquired CP Kelco, is taking longer to deliver than we thought. It's there, it's going to be delivered, but it's a phasing issue that is impacting the near term. From everything we've learned, by far the most important thing is, a different view on us from our customers and the different capabilities for us to serve their future needs. In terms of the medium term, that gives us huge confidence. I'll come back to you in a minute, Matthew, if I will, because Alex has been very patiently waiting online. Alex, I'll come to you if you can hear us. Doing that quicker, I think, would have benefited what we're seeing today more. doing that quicker i think would have benefited what we're seeing today more Hindsight's a wonderful thing. hindsight's a wonderful thing Of course, as we've talked about, unfortunately the significant benefit of the productivity investment that was made in bio-gums, even before we acquired CP Kelco, is taking longer to deliver than we thought. of course as we've talked about unfortunately the significant benefit of the productivity investment that was made in bio-gums even before we acquired cp kelco is taking longer to deliver than we thought It's there, it's going to be delivered, but it's a phasing issue that is impacting the near term. it's there it's going to be delivered but it's a phasing issue that is impacting the near term From everything we've learned, by far the most important thing is, a different view on us from our customers and the different capabilities for us to serve their future needs. from everything we've learned by far the most important thing is a different view on us from our customers and the different capabilities for us to serve their future needs In terms of the medium term, that gives us huge confidence. in terms of the medium term that gives us huge confidence I'll come back to you in a minute, Matthew, if I will, because Alex has been very patiently waiting online. i'll come back to you in a minute matthew if i will because alex has been very patiently waiting online Alex, I'll come to you if you can hear us. alex i'll come to you if you can hear us

Speaker 1: Yeah. Hi, Nick. Thanks for taking the question. It's Alex Sloane from Barclays. Just the first one, just in terms of bio-gums, the GBP 20 million impact, could you give us a bit more color on maybe what's gone wrong versus your plan and how confident you are that that drag couldn't be worse than the GBP 20 million this year? Just in terms of thinking about how that unwinds in 2028, is it just the GBP 20 million headwind that goes to neutral or is it kind of a swing to a GBP 20 million positive, so more like a GBP 40 million year-over-year swing? That would be helpful. Secondly, can you remind us in terms of the key terms of the Primient 20-year supply agreement, is there any change of control clause on either side? Yeah. yeah Hi, Nick. hi nick Thanks for taking the question. thanks for taking the question It's Alex Sloane from Barclays. it's alex sloane from barclays Just the first one, just in terms of bio-gums, the GBP 20 million impact, could you give us a bit more color on maybe what's gone wrong versus your plan and how confident you are that that drag couldn't be worse than the GBP 20 million this year? just the first one just in terms of bio-gums the gbp 20 million impact could you give us a bit more color on maybe what's gone wrong versus your plan and how confident you are that that drag couldn't be worse than the gbp 20 million this year Just in terms of thinking about how that unwinds in 2028, is it just the GBP 20 million headwind that goes to neutral or is it kind of a swing to a GBP 20 million positive, so more like a GBP 40 million year-over-year swing? just in terms of thinking about how that unwinds in 2028 is it just the gbp 20 million headwind that goes to neutral or is it kind of a swing to a gbp 20 million positive so more like a gbp 40 million year-over-year swing That would be helpful. that would be helpful Secondly, can you remind us in terms of the key terms of the Primient 20-year supply agreement, is there any change of control clause on either side? secondly can you remind us in terms of the key terms of the primient 20-year supply agreement is there any change of control clause on either side Can you maybe just remind us how much of Tate's current supply is sourced from Primient, and versus what Tate still produces on Primient's behalf? Thank you very much. Can you maybe just remind us how much of Tate's current supply is sourced from Primient, and versus what Tate still produces on Primient's behalf? can you maybe just remind us how much of tate's current supply is sourced from primient and versus what tate still produces on primient's behalf Thank you very much. thank you very much

Speaker 7: Sure. Let me take the second question first. In terms of the Primient supply agreement, we've always said that it's a long-term agreement that survives change of control. I can't say any more than that because that's all we've said in the public domain. There is documentation out there that's available, and I'm being looked at again by my advisors. Obviously, the amount of our business that comes from Primient has significantly decreased since the CP Kelco transaction. It's much less than it was, but it's still an important part of our business. In terms of the bio-gums, I wouldn't say anything has gone wrong. Sure. sure Let me take the second question first. let me take the second question first In terms of the Primient supply agreement, we've always said that it's a long-term agreement that survives change of control. in terms of the primient supply agreement we've always said that it's a long-term agreement that survives change of control I can't say any more than that because that's all we've said in the public domain. i can't say any more than that because that's all we've said in the public domain There is documentation out there that's available, and I'm being looked at again by my advisors. there is documentation out there that's available and i'm being looked at again by my advisors Obviously, the amount of our business that comes from Primient has significantly decreased since the CP Kelco transaction. obviously the amount of our business that comes from primient has significantly decreased since the cp kelco transaction It's much less than it was, but it's still an important part of our business. it's much less than it was but it's still an important part of our business In terms of the bio-gums, I wouldn't say anything has gone wrong. in terms of the bio-gums i wouldn't say anything has gone wrong Sometimes when you're scaling up new technologies, we're significantly scaling up the fermentation technology, and it's taking a little bit longer to stabilize the process, and it's taking a little bit longer to reference new products with customers from the new technology. It's just a phasing issue. We're 100% confident that it's going to flow through, and we're really clear about the phasing now in terms of when the delivery is going to happen. As we go into next year, Sarah can probably comment more on the numbers, but we're going to see a benefit of GBP 20 million for sure as we go in, and over time that will increase. Is that? Sometimes when you're scaling up new technologies, we're significantly scaling up the fermentation technology, and it's taking a little bit longer to stabilize the process, and it's taking a little bit longer to reference new products with customers from the new technology. sometimes when you're scaling up new technologies we're significantly scaling up the fermentation technology and it's taking a little bit longer to stabilize the process and it's taking a little bit longer to reference new products with customers from the new technology It's just a phasing issue. it's just a phasing issue We're 100% confident that it's going to flow through, and we're really clear about the phasing now in terms of when the delivery is going to happen. we're 100% confident that it's going to flow through and we're really clear about the phasing now in terms of when the delivery is going to happen As we go into next year, Sarah can probably comment more on the numbers, but we're going to see a benefit of GBP 20 million for sure as we go in, and over time that will increase. as we go into next year sarah can probably comment more on the numbers but we're going to see a benefit of gbp 20 million for sure as we go in and over time that will increase Is that? is that

Speaker 9: Yeah, absolutely. Maybe just to add, so as we complete this consolidation, that GBP 20 million falls away. Obviously, as we go through this year, we'll talk more about the outlook into FY 2028. Yeah, absolutely. yeah absolutely Maybe just to add, so as we complete this consolidation, that GBP 20 million falls away. maybe just to add so as we complete this consolidation that gbp 20 million falls away Obviously, as we go through this year, we'll talk more about the outlook into FY 2028. obviously as we go through this year we'll talk more about the outlook into fy 2028

Speaker 7: Matthew, I said I'd come back to you. Matthew, I said I'd come back to you. matthew i said i'd come back to you

Speaker 6: Thank you. Yes. This is also related to the bio-gums, but just a broader question on working capital guidance for next year. I think you've mentioned that the bio-gums delay will have some inventory implications. Obviously, in the year just gone, there were some issues that meant that you had to increase inventory levels. Just any overall comments and any specific numbers of guidance would be very helpful. Thank you. Thank you. thank you Yes. yes This is also related to the bio-gums, but just a broader question on working capital guidance for next year. this is also related to the bio-gums but just a broader question on working capital guidance for next year I think you've mentioned that the bio-gums delay will have some inventory implications. i think you've mentioned that the bio-gums delay will have some inventory implications Obviously, in the year just gone, there were some issues that meant that you had to increase inventory levels. obviously in the year just gone there were some issues that meant that you had to increase inventory levels Just any overall comments and any specific numbers of guidance would be very helpful. just any overall comments and any specific numbers of guidance would be very helpful Thank you. thank you

Speaker 9: I'll take that, shall I? I'll take that, shall I? i'll take that shall i

Speaker 7: I would think so. I would think so. i would think so

Speaker 9: Yeah, great question. Indeed, we have this GBP 50 million headwind in FY 2026. Going into FY 2027, that turns to a more neutral position, because yes, there's some continued build of the bio-gums, but also as we implement the tighter working capital management across the organization, we are confident that we can offset. It'll be a neutral impact for cash for FY 2027. Yeah, great question. yeah great question Indeed, we have this GBP 50 million headwind in FY 2026. indeed we have this gbp 50 million headwind in fy 2026 Going into FY 2027, that turns to a more neutral position, because yes, there's some continued build of the bio-gums, but also as we implement the tighter working capital management across the organization, we are confident that we can offset. going into fy 2027 that turns to a more neutral position because yes there's some continued build of the bio-gums but also as we implement the tighter working capital management across the organization we are confident that we can offset It'll be a neutral impact for cash for FY 2027. it'll be a neutral impact for cash for fy 2027

Speaker 6: Great. I fear the answer to this will be no, but on a purely factual basis without making any comment about competition implications, can you make any observations about the extent to which you compete directly with Ingredion in any particular categories on a purely factual basis? Great. great I fear the answer to this will be no, but on a purely factual basis without making any comment about competition implications, can you make any observations about the extent to which you compete directly with Ingredion in any particular categories on a purely factual basis? i fear the answer to this will be no but on a purely factual basis without making any comment about competition implications can you make any observations about the extent to which you compete directly with ingredion in any particular categories on a purely factual basis

Speaker 7: On a purely factual basis, yes. In detail, no. We both make starches. On a purely factual basis, yes. on a purely factual basis yes In detail, no. in detail no We both make starches. we both make starches

Speaker 6: Would you like to elaborate at all on that? Would you like to elaborate at all on that? would you like to elaborate at all on that

Speaker 7: No. At this stage, no, I'm afraid. No. no At this stage, no, I'm afraid. at this stage no i'm afraid

Speaker 9: You tried. You tried. you tried

Speaker 6: Worth a try. Worth a try. worth a try

Speaker 7: All right, let's go back onto online. I think we've got Matthew Abraham from Berenberg with a question. All right, let's go back onto online. all right let's go back onto online I think we've got Matthew Abraham from Berenberg with a question. i think we've got matthew abraham from berenberg with a question

Speaker 5: Morning all. Thanks for taking my question. Just looking to get a bit more color on the pricing that you've taken in response to the Middle East. Just looking to understand what specific markets and categories you've pushed pricing in, and the magnitude of pricing that you've taken in response to the Middle East impact. Just wondering to follow up if there will be the opportunity for you to take follow-up pricing actions if the initial view of the limited impact from the Middle East is exceeded. Morning all. morning all Thanks for taking my question. thanks for taking my question Just looking to get a bit more color on the pricing that you've taken in response to the Middle East. just looking to get a bit more color on the pricing that you've taken in response to the middle east Just looking to understand what specific markets and categories you've pushed pricing in, and the magnitude of pricing that you've taken in response to the Middle East impact. just looking to understand what specific markets and categories you've pushed pricing in and the magnitude of pricing that you've taken in response to the middle east impact Just wondering to follow up if there will be the opportunity for you to take follow-up pricing actions if the initial view of the limited impact from the Middle East is exceeded. just wondering to follow up if there will be the opportunity for you to take follow-up pricing actions if the initial view of the limited impact from the middle east is exceeded

Speaker 7: Sure. In simple terms, to answer your first question, to date, we've taken limited pricing actions to offset freight costs primarily, because that's the primary thing that's hitting our business. As we did in the Ukraine crisis, if you remember when that hit just after contracts had been renewed for the new year, we did revisit pricing as a result, and successfully passed through what, at the time, were very significant cost increases. We have that flexibility. We'll navigate and see how things evolve through the next few months to see if we need to do that or not. At the moment, our focus actually on is recovering the freight costs we're seeing and continuing to maintain top-line momentum. Any more questions in the room? At the back there. Sure. sure In simple terms, to answer your first question, to date, we've taken limited pricing actions to offset freight costs primarily, because that's the primary thing that's hitting our business. in simple terms to answer your first question to date we've taken limited pricing actions to offset freight costs primarily because that's the primary thing that's hitting our business As we did in the Ukraine crisis, if you remember when that hit just after contracts had been renewed for the new year, we did revisit pricing as a result, and successfully passed through what, at the time, were very significant cost increases. as we did in the ukraine crisis if you remember when that hit just after contracts had been renewed for the new year we did revisit pricing as a result and successfully passed through what at the time were very significant cost increases We have that flexibility. we have that flexibility We'll navigate and see how things evolve through the next few months to see if we need to do that or not. we'll navigate and see how things evolve through the next few months to see if we need to do that or not At the moment, our focus actually on is recovering the freight costs we're seeing and continuing to maintain top-line momentum. at the moment our focus actually on is recovering the freight costs we're seeing and continuing to maintain top-line momentum Any more questions in the room? any more questions in the room At the back there. at the back there

Speaker 8: Priya from UBS. I just had one question. On APAC, obviously did a lot better in terms of top line and EBITDA performance compared to the other regions. You talk about some competition, in parts of Asia due to excess capacity in China. I was wondering if you could give some color on which ingredients that you're seeing these oversupply pressures and how that plays out in 2027. Priya from UBS. priya from ubs I just had one question. i just had one question On APAC, obviously did a lot better in terms of top line and EBITDA performance compared to the other regions. on apac obviously did a lot better in terms of top line and ebitda performance compared to the other regions You talk about some competition, in parts of Asia due to excess capacity in China. you talk about some competition in parts of asia due to excess capacity in china I was wondering if you could give some color on which ingredients that you're seeing these oversupply pressures and how that plays out in 2027. i was wondering if you could give some color on which ingredients that you're seeing these oversupply pressures and how that plays out in 2027

Speaker 7: The competition that we're principally referring to is the still relatively muted demand in China. We're seeing stability but not significant growth yet. Across some of the portfolio, things like sweeteners and some of the gum business, there is competition out of China that is locally having some impact. I'd probably pick out those things as being the most significant, and it's primarily on xanthan not gellan gum. any more hands in the room? If there are no more questions, let me finish. I'll just finish with three final points. Firstly, as I said, with the CP Kelco integration successfully completed, the entire Tate & Lyle team is focused on delivering volume-led top-line growth and improving performance. The competition that we're principally referring to is the still relatively muted demand in China. the competition that we're principally referring to is the still relatively muted demand in china We're seeing stability but not significant growth yet. we're seeing stability but not significant growth yet Across some of the portfolio, things like sweeteners and some of the gum business, there is competition out of China that is locally having some impact. across some of the portfolio things like sweeteners and some of the gum business there is competition out of china that is locally having some impact I'd probably pick out those things as being the most significant, and it's primarily on xanthan not gellan gum. any more hands in the room? i'd probably pick out those things as being the most significant and it's primarily on xanthan not gellan gum. any more hands in the room If there are no more questions, let me finish. if there are no more questions let me finish I'll just finish with three final points. i'll just finish with three final points Firstly, as I said, with the CP Kelco integration successfully completed, the entire Tate & Lyle team is focused on delivering volume-led top-line growth and improving performance. firstly as i said with the cp kelco integration successfully completed the entire tate & lyle team is focused on delivering volume-led top-line growth and improving performance The power of the combination really is starting to gain traction with customers. This is reflected in some early signs of top-line growth as we come into the new year. Finally, longer term, we remain very confident in the future growth potential of the business. It's clear that consumer demand for healthier, more nutritious, and sustainable food and drink is going to grow strongly. Our leading positions across sweetening, mouthfeel, and fortification make us very well-placed to capture that growth going forward. With that, thank you for joining us, both in the room and on the webcast. We wish you all a very good day. Thank you. The power of the combination really is starting to gain traction with customers. the power of the combination really is starting to gain traction with customers This is reflected in some early signs of top-line growth as we come into the new year. this is reflected in some early signs of top-line growth as we come into the new year Finally, longer term, we remain very confident in the future growth potential of the business. finally longer term we remain very confident in the future growth potential of the business It's clear that consumer demand for healthier, more nutritious, and sustainable food and drink is going to grow strongly. it's clear that consumer demand for healthier more nutritious and sustainable food and drink is going to grow strongly Our leading positions across sweetening, mouthfeel, and fortification make us very well-placed to capture that growth going forward. our leading positions across sweetening mouthfeel and fortification make us very well-placed to capture that growth going forward With that, thank you for joining us, both in the room and on the webcast. with that thank you for joining us both in the room and on the webcast We wish you all a very good day. we wish you all a very good day Thank you. thank you