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Net Sales: $1.8 billion, down 3% versus the prior year.

Gross Margin: 25.1%, slightly lower due to volume headwinds partially offset by lower input costs.

Adjusted Operating Income: $254 million.

Operating Income Impact: $22 million impact from Argo plant issues, with $12 million in Q3.

Texture and Healthful Solutions Sales Volume Growth: 4%.

Food and Industrial Ingredients US-Canada Net Sales Decline: 7%.

Food and Industrial Ingredients Lattam Operating Income Decline: 11% versus last year.

Year-to-Date Net Sales: Approximately $5.5 billion, down 3% versus prior year.

Year-to-Date Gross Margin: Increased to 25.6%, up 180 basis points.

Year-to-Date Cash from Operations: $539 million.

Capital Expenditures: $298 million year-to-date.

Share Repurchase: $134 million, exceeding the $100 million target.

Dividend Increase: Increased to $0.82 per share for the quarter.

Full Year Net Sales Outlook: Flat to down low single-digits.

Full Year Adjusted EPS Range: $11.10 to $11.30.

Full Year Cash from Operations Outlook: $800 million to $900 million.

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Release Date: November 04, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Ingredion Inc (NYSE:INGR) reported a solid performance in its Texture and Healthful Solutions segment, with a 4% sales volume growth across the US, Canada, and EBITDA.

The company experienced double-digit sales increases for clean label ingredient solutions, reflecting strong demand.

Ingredion Inc (NYSE:INGR) is making progress in strategically diversifying its customer and product mix in Latin America towards higher margin sweeteners.

The company is on track to surpass its $50 million cost savings target, expecting to achieve more than $55 million in run rate savings by the end of 2025.

Ingredion Inc (NYSE:INGR) has increased its share repurchase target to $200 million for 2025, demonstrating confidence in its financial position and commitment to returning capital to shareholders.

Ingredion Inc (NYSE:INGR) faced operational challenges at its Argo facility, leading to a $12 million operating income impact in Q3.

The company experienced a 5% decline in net sales volume in its US-Canada segment due to production challenges and overall softness in beverage and food volumes.

Weaker demand in Latin America was evident, with higher inflation and interest rates impacting consumer spending.

Ingredion Inc (NYSE:INGR) reported a decrease in net sales for the third quarter, down 3% compared to the prior year.

The company faced a decrease in operating income in its Latin America segment, down 11% versus last year, primarily due to lower brewing industry volumes.

Q: Can you elaborate on the current demand environment and any signs of stabilization, particularly in Latam and the US? A: In Latam, particularly Brazil and Mexico, inflation and high interest rates are impacting consumer spending. Mexico's GDP is forecasted to grow only 0.5%, and Brazil's 2%. In the US, sweetener demand decreased in July and August but recovered in September. The texture and healthful solutions segment did not see a decline, with the US contributing most to growth.

Q: What drove the change in outlook for the texture and healthful solutions segment? A: The segment benefits from a diverse customer base, including food service, private label, and branded CPGs. Growth is driven by affordability and value trends, with strong demand for clean label solutions. The segment's focus on solution selling and innovation in clean label ingredients has contributed to its positive outlook.

Q: Can you clarify the impact of the Argo plant issues and market weakness on US-Canada FNI volumes? A: The Argo plant issues contributed to $12 million of the $18 million decline in operating income, with the remainder due to market weakness. The plant's recovery was slower than expected, impacting production and sales. However, production rates returned to normal in September, and the team is focused on stabilizing operations.

Q: How are you approaching price/cost dynamics for 2026, considering recent volatility and one-time costs? A: Contracting is still underway, with firm price contracting in the US and Europe ongoing. Inflationary pressures on input costs and higher US corn costs are expected. The company is cautiously optimistic about modest profit growth in 2026, leveraging pricing centers of excellence to manage these dynamics.

Q: How might the proposed Mexican tax on sweetened beverages impact your business in 2026? A: The tax, effective January 2026, could initially dampen demand, but consumer behavior may adjust over time. Ingredion produces locally in Mexico, focusing more on glucose than HFCS, which may mitigate direct impacts. The company is monitoring the situation and expects consumer adaptation similar to past tax implementations.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.