Ingredion Inc (NYSE: INGR)

Ingredion Incorporated is a leading global ingredient solutions provider that transforms grains, fruits, vegetables and other plant based materials into value added ingredient solutions for the food, beverage, animal nutrition, brewing, and industrial markets.

The company generates revenue by developing, producing, and selling a diverse portfolio of starches and sweeteners, as well as animal feed products and edible corn oil, to customers in more than 60 industries worldwide. In 2025, starches accounted for approximately 50% of net sales and sweeteners for approximately 34%.

The company operates through the following segments: Texture & Healthful Solutions, Food & Industrial Ingredients–Latin America, and Food & Industrial Ingredients–U. S./Canada.

• Texture & Healthful Solutions: This segment focuses on providing global customers with innovative ingredient solutions that maintain or enhance texture and deliver healthful product attributes, offering modified and native starches, clean label texturizers, hydrocolloids, and customized formulations. It competes with Archer-Daniels-Midland Company, Tate & Lyle, Cargill and Roquette and operates 20 manufacturing facilities across the United States, Canada, Asia Pacific, and Europe.

• Food & Industrial Ingredients–Latin America: This segment consists of nine manufacturing facilities in Mexico and South America that convert primarily corn, but also some tapioca and sugar, into starches, sweeteners and co products for the food and industrial markets of the region. It serves applications in food production, brewing, beverages, paper manufacturing, textiles, adhesives, pharmaceuticals, and cosmetics, with a significant presence in the brewing industry using high maltose corn syrup and starches. The segment faces competition from U. S. imports, local producers such as ALMEX and Cargill’s operations in Brazil and Argentina.

• Food & Industrial Ingredients–U. S./Canada: This segment comprises six manufacturing facilities in the United States and Canada that convert corn into starches, sweeteners and co products for the food and industrial markets of the region. It supplies products for food and beverages, paper and packaging, and pharmaceuticals and personal care, and competes with Archer-Daniels-Midland Company, Cargill and Primient. Customer sales contracts are typically one year or shorter, although about one third are multi year, fee based agreements.

Ingredion Incorporated holds a leading position as a global provider of ingredient solutions, competing with major agribusinesses such as Archer-Daniels-Midland Company, Cargill, Tate & Lyle, and Roquette. Its competitive advantages stem from a broad product portfolio spanning starches, sweeteners, and specialty ingredients, a strong research and development capability with over 500 scientists, and a worldwide manufacturing footprint that enables it to serve diverse customer needs.

The company serves a broad customer base that includes food manufacturers, beverage producers, brewing companies, animal nutrition providers, and industrial users across more than 60 sectors. No single customer or group of related customers accounted for ten percent or more of net sales in 2025, 2024 or 2023.