Nick Hampton, Chief Executive said:
“Tate & Lyle’s third quarter operating performance was in line with our expectations and consistent with the first half.
In November, at our interim results, we outlined a series of actions to drive top-line growth and improve performance. We made good progress on these actions during the quarter. We continued to make targeted investments in capabilities and technology to strengthen our customer offering, and saw further encouraging momentum in customer engagement in our combined portfolio. The value of cross-selling opportunities in the new business pipeline increased significantly in the third quarter.
Delivering the benefits of the CP Kelco combination continues to progress well with run-rate cost synergies and revenue synergies tracking in line with our expectations. Our 5-year US$200m productivity programme remains on-track with further savings delivered during the quarter.
The renewal of customer framework agreements for the 2026 calendar year is well-advanced. With our number one priority returning the business to top-line growth, we have selectively chosen to invest to drive volume* and revenue growth. This is the right thing to do for the business, giving us a stronger platform for future growth and we are pleased with the engagement we are seeing from customers to our expanded offering.
In the near term, I am confident that the actions we are taking will improve the top-line performance of the business. Looking further ahead, our leading positions in sweetening, mouthfeel and fortification put us in a strong position to benefit from consumer demand for healthier, more nutritious food and drink. The breadth of our portfolio coupled with the targeted investments we are making to accelerate customer wins in key growth areas position us well to drive profitable revenue growth over time."
Trading
For the three months to 31 December 2025, Group revenue was 15% higher on a reported basis and in constant currency, reflecting the combination with CP Kelco on 15 November 2024. On a pro forma basis and in constant currency, revenue was 2% lower reflecting continued muted market demand. Performance in all regions was broadly in line with the first half.
For the nine months to 31 December 2025, on a pro forma basis revenue in the Americas was 2% lower than the prior period, with modestly higher pricing more than offset by lower volume*. In Europe, Middle East and Africa lower pricing resulted in 5% lower revenue, while in Asia Pacific revenue was up 1%, driven by higher volume*.
Financial results
Outlook
Our outlook for the 2026 financial year is unchanged from our interim results statement on 6 November 2025. For the year ending 31 March 2026, in constant currency and compared to pro forma comparatives, we continue to expect revenue and EBITDA to decline by low-single digit percent compared to the prior year.
* Volume is the change in revenue in the period attributable to both the change in volume and the change in composition or mix of revenue.
END
Conference call
The third quarter conference call will be held today at 08.00am GMT hosted by Nick Hampton, Chief Executive and Sarah Kuijlaars, Chief Financial Officer. Please note that participants are required to pre-register for the call using this link. Following registration, participants will be sent an email containing dial in numbers and their unique pin codes. Participants are requested to dial-in at least 10 minutes before the start of the call. Dial in details are as follows:
UK dial in number: +44 (0)33 0551 0202
UK toll free number: 0808 109 0701
US dial in number: +1 786 496 5601
US toll free number: +1 866 571 0905
Conference ID: 6840649#
User ID: Provided upon registration (register here)
14 day conference call replay:
UK replay number: +44 (0)20 8196 1480
UK toll free replay number: 0800 640 6344
US toll free replay number: +1 866 583 1035
Access code: 6840649#
For more information contact Tate & Lyle PLC:
Kate Postans, VP, Investor Relations
Mobile: +44 (0)7388 702 934
Nick Hasell (FTI Consulting), Media Relations
Mobile: +44 (0)7825 523 383
