Tate & Lyle PLC: Results for the Year Ended 31 March 2026

Tate & Lyle PLC: Results for the Year Ended 31 March 2026

Issued: 21 May 2026

Full-year results in-line with guidance¹; good progress on strategic actions to drive top-line growth and strengthen performance

Key headlines

• Challenging market environment impacted financial performance

  • Group revenue^2,3 (3)% reflecting muted market demand

  • Group adjusted EBITDA^2,3 (3)% with top-line softness and growth investments partially offset by delivery of cost synergies and productivity savings

• Integration of CP Kelco complete⁴ – focused on leveraging power of the combination to drive volume-led growth

  • 15% increase in value of new business pipeline in-year; value of cross-selling pipeline more than doubled in H2

  • 9% increase in revenue from New Products on a like-for-like basis^2,5

  • Structural trends towards healthier, more nutritious food reinforcing growth opportunity

• Continue to act with urgency to deliver on strategic actions to drive top-line growth and strengthen performance

1. Targeted investments to accelerate growth and deliver customer wins in key growth areas

• Customer segmentation driving realignment of customer-facing teams to accelerate growth

• Investing in technology and digital tools to enhance capabilities and effectiveness of customer-facing teams

• £86m invested in innovation and solution selling in areas such as solution chassis and nutrition science

2. Delivery of the benefits of the CP Kelco combination – progress ahead of our plan

• US$24m cost synergies delivered in-year; met annualised run-rate target of US$50m a year ahead of plan

• Revenue synergies on track including from cross-selling and distribution takeback

3. Driving productivity across the enlarged Group – five-year target increased by US$50m in November 2025

• US$53m productivity savings delivered in-year bringing total savings over last 3 years to US$144m

• Consolidation of capacity for bio-gums production ongoing

• Strong pipeline gives confidence in delivery of increased US$200m savings target by 31 March 2028

4. Continued balance sheet focus aligned with clear capital allocation priorities

• Free cash flow of £164m and cash conversion of 70%

• Net debt reduced by £22m to £939m; 2.3x net debt to EBITDA – remain focused on deleveraging

• Final dividend of 13.2p per share to bring total dividend to 19.8p, in-line with prior year

Financial summary

Nick Hampton, Chief Executive, Tate & Lyle said:

“The year has been one of significant progress and challenge. Progress as shown by the successful completion of the integration of the CP Kelco business with the power of the combination driving increased levels of customer traction and a stronger new business pipeline. Challenge as we simultaneously faced softer market demand than anticipated, an increasingly complex geopolitical landscape and the integration of two large global businesses.

Overall, our financial performance has been disappointing. We are acting with urgency to return the business to top-line growth, and the targeted actions we set out in November are progressing well. Following a detailed customer segmentation exercise of our expanded customer base, we are focusing our customer-facing teams on those customers and sub-categories where we can accelerate growth. Our productivity programme is delivering ahead of our plan, we recently achieved our annualised US$50 million cost synergy target, and cost discipline across the business remains strong.

With our leading positions across sweetening, mouthfeel and fortification supporting customers to meet growing consumer demand for healthier, more nutritious and sustainable food and drink, we are confident in the medium-term growth potential of the business. In the near-term, with the integration complete, our focus is to turn the strength of our new business pipeline and increased levels of customer engagement into volume-led growth. The focus of everyone at Tate & Lyle remains on execution, driving top-line growth and strengthening performance.”

Outlook

For the year ending 31 March 2027 on a constant currency basis we currently expect to deliver:

• Modest revenue growth, underpinned by volume growth, weighted to the second half

• Broadly flat EBITDA before the c.US$20 million impact of the rescheduling of the consolidation of 
  bio-gums capacity.

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.

Financial highlights

Overview

• Group revenue⁸ (3)% reflecting muted market demand

• Group adjusted EBITDA^8,9 (3)% reflecting top-line softness and growth investments partially offset by successful delivery of cost synergies and productivity savings

• Adjusted EBITDA margin^8,9 (30)bps lower at 20.7% or (10)bps lower on constant currency basis

• Adjusted profit before tax^8,9 (5)% lower at £238m

• Statutory diluted EPS⁷ (continuing operations) at 21.7p, compared to 11.6p in prior year

• Free cash flow^7,9 of £164m, £26m lower due to higher working capital outflows; cash conversion of 70%

• Net debt⁹ £939m at 31 March 2026 (£22m lower); Net debt to EBITDA leverage⁹ at 2.3x (2025 – 2.2x)

• Return on capital employed⁹ of 8.0% (2025 – 12.8%)

• Final dividend of 13.2p per share to bring total dividend to 19.8p, in-line with prior year

   

Possible Offer for Tate & Lyle

Following press speculation, on 14 May 2026, Tate & Lyle’s Board of Directors made an announcement pursuant to Rule 2.4 of the City Code on Takeovers and Mergers (the Code) to confirm that Ingredion Incorporated (Ingredion) had made a conditional proposal regarding a possible cash offer for the entire issued and to be issued ordinary share capital of Tate & Lyle (the Proposal). Under the Proposal, Tate & Lyle shareholders will receive value of up to 615 pence for each Tate & Lyle share through a combination of 595 pence in cash consideration per Tate & Lyle share and the right to receive a final dividend for the financial year ended 31 March 2026 of up to 13 pence per Tate & Lyle share and an interim dividend for the six months to 30 September 2026 of up to 7 pence per Tate & Lyle share. Following the announcement today by Tate & Lyle of a final dividend for the financial year ended 31 March 2026 of 13.2 pence per Tate & Lyle share, Ingredion has adjusted the level of the Permitted Dividends within the Proposal for this final dividend to up to 13.2 pence per Tate & Lyle share and an interim dividend for the six months to 30 September 2026 of up to 6.8 pence per Tate & Lyle share (the Permitted Dividends). The total level of the Permitted Dividends is unchanged at up to 20 pence per Tate & Lyle share. The Permitted Dividends will be paid by Tate & Lyle to its shareholders subject to the receipt of the appropriate Board and shareholder approvals and in line with its ordinary course timetable of paying final and interim dividends. A copy of the full announcement can be found on our website at: https://www.tateandlyle.com/investors-hub.

As Ingredion announced on 14 May 2026, it reserves its rights to make an offer for Tate & Lyle on less favourable terms than those set out in their announcement in the certain circumstances set out in their announcement.

There can be no certainty that any offer will be made. A further announcement will be made when appropriate.

Under Rule 2.6(a) of the Code, Ingredion is required, by not later than 5.00 pm on 11 June 2026, to either announce a firm intention to make an offer for Tate & Lyle in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This deadline can be extended with the consent of the Takeover Panel in accordance with Rule 2.6(c) of the Code.

Results presentation and webcast

A presentation to analysts of the results for the year ended 31 March 2026 will be hosted by Chief Executive, Nick Hampton, and Chief Financial Officer, Sarah Kuijlaars, at 9.30 hrs (BST) on Thursday 21 May 2026. This presentation will be broadcast live on our website on a view-only basis here. A webcast replay of the presentation will be available shortly after the end of the live broadcast on the link above.

For more information contact Tate & Lyle PLC:

Kate Postans, VP Investor Relations 

Tel: Mobile: +44 (0) 7388 702 934 

Nick Hasell, FTI Consulting (Media)

Tel: Mobile: +44 (0) 7825 523 383

Tel: Office: +44 (0) 203 727 1340

[email protected]

Cautionary statement

This statement of full-year results for the year ended 31 March 2026 (Statement) contains certain forward-looking statements with respect to the financial condition, results, operations and businesses of Tate & Lyle PLC. These statements and forecasts involve risk and uncertainty because they relate to events and depend upon circumstances that will occur in the future. There are a number of factors that could cause actual results or developments to differ materially from those expressed or implied by these forward-looking statements and forecasts. A copy of this Statement can be found on our website at www.tateandlyle.com. A hard copy is also available from the Company Secretary, Tate & Lyle PLC, 5 Marble Arch, London W1H 7EJ.

1. Guidance provided in pre-close statement on 1 October 2025.

2. Comparative financial information is pro forma information, presented as if CP Kelco was acquired on 1 April 2024.

3. Revenue growth, adjusted EBITDA and adjusted EBITDA margin, adjusted earnings per share, free cash flow, return on capital employed, net debt and net debt to EBITDA

are non-GAAP measures (see pages 9 to 14). Changes in adjusted performance metrics are in constant currency and for continuing operations.

4. Organisational and people changes now complete; systems integration ongoing. 

5. New Products revenue on a like-for-like basis (i.e. no products removed from disclosure due to age); revenue was in-line on a reported pro forma basis. 

6. Statutory performance metrics changes are in reported currency. 

7. Comparative financial information is on an ‘as reported’ basis, i.e. including CP Kelco from date of completion on 15 November 2024

8. Comparative financial information is pro forma information, presented as if CP Kelco was acquired on 1 April 2024. Changes in constant currency.

9. Non-GAAP measures (see pages 9 to 14)