Tate & Lyle: Post Results Agenda

Research evidence excerpt

Tate & Lyle: Post Results Agenda

Equity Research

European Consumer Staples

21 May 2026

Tate & Lyle

Post Results Agenda

First LookEarly top-line momentum and reformulation engagement are

improving, but growth remains H2-weighted, supported by

easy comps. Bio-gums delay (~$20m) caps near-term TATE.L/TATE LN EQUAL WEIGHT European Consumer

Staplesearnings, while pricing reinvestment and China competition NEUTRAL

Price Target GBp 395

keep margin sustainability a key debate. Price (20-May-26) GBp 522

Potential Upside/Downside -24.3%

Source: Bloomberg, Barclays Research

H2-weighted top line recovery – early signs encouraging, but delivery back-end-loaded:

Management guided to FY27 volume-led growth with a clear H2 weighting, supported by easing

comparables (tariff impact and North America slowdown last year) and strengthening European Consumer Staples

commercial momentum. Early-year trading was highlighted as positive (good April/May top Alex Sloane

line), alongside improving pipeline, cross-selling and customer segmentation benefits. At the +44 (0)20 3555 0645

same time, they pointed to increasing customer engagement in the US around reformulation alexander.sloane@barclays.com

Barclays, UK(healthier diets, GLP-1, nutrition), with more active conversations and project pipelines.

However, they stopped short of confirming that this is yet translating into a step-up in product Warren Ackerman

launches, particularly given ongoing macro uncertainty (including Middle-East-driven inflation +44 (0)20 3134 1903

pressures). As such, the reliance on easier comps and internal execution, rather than a clear warren.ackerman@barclays.com

Barclays, UKend-market demand inflection or accelerated innovation conversion, leaves some risk around

the pace of recovery. Setu Sharda