Tate & Lyle: Key highlights from analyst call

Research evidence excerpt

Tate & Lyle: Key highlights from analyst call

Deutsche Bank Group

Deutsche Numis Research

Rating Company Date

Buy Tate & Lyle 21 May 2026

Europe Reuters Bloomberg Rating Buy

United Kingdom TATE.L TATE LN Price target (GBX) 595.0 Price at 20 May 26 522.0

52-week range 603.5 – 329.4

Consumer Staples

Food Manufacturing Valuation & Risks

Key highlights from analyst call

Damian McNeela

DB View Research Analyst

+44-207-5411565 Despite a challenging market, management expressed confidence in the medium-

term growth potential, reinforced by structural trends towards healthier, more Daniel Tharian

nutritious, and sustainable food. Management reiterate the view that the Research Associate

expanded portfolio and reformulation capabilities following the CP Kelco +44-20-754-50195

acquisition provide a compelling solutions offering for customers, leveraging its

expertise in mouthfeel, sweetening and fortification. That said, the near-term

performance expectations is for modest, 2H weighted, revenue growth. We have

reflected the new guidance in forecasts which results in a reduction in adj EPS of

~6% across the forecast period. There was no further commentary on the

potential Ingredion offer. As previously indicated, we think the combination of

Ingredion and Tate makes sense and that Ingredion’s offer is fair. Reiterate Buy.

Analyst Meeting Key Points:

Demand Outlook: The company acknowledges a challenging market environment

but sees strong underlying growth drivers, including societal trends towards

healthier food, demand for sugar and calorie reduction, and clean labels. While

market demand was soft, especially in Europe and Latin America, there is

increasing customer engagement and early signs of top-line momentum in the