TATE & LYLE : H226 conf call: Reassuring

Research evidence excerpt

TATE & LYLE : H226 conf call: Reassuring

EQUITIES

CONSUMER INGREDIENTS

TATE & LYLE OUTPERFORMPRICE* 522p  TARGET PRICE 497p (DOWNSIDE 5%)

TATE & LYLE ADR OUTPERFORMPRICE* USD28.8  TARGET PRICE USD26.5 (DOWNSIDE 8%)

FLASH NOTE

H226 conf call: Reassuring

21 MAY 2026 Securities Research Report Production time: 12:01* (London time)

Research Analyst & Publishing Entities

Joan Lim BNP Paribas London Branch +(44) 207 039 9410 joan.lim@uk.bnpparibas.com

BNPP View

A reassuring call, with Tate seeing a strong start to April and good momentum into FY27. North America remained

relatively stable, and Tate is seeing an acceleration in customer conversations around healthier products. The biogum

facility is taking longer than expected, but the benefits (~USD20m) are expected to come through in FY28. There were

no incremental details on the Ingredion bid. In general, with FY26 results not too terrible and out of the way, investors

can now focus on the outcome of the deal, and the shares should remain in positive territory today.

What’s really important from the call

– Confidence in growth acceleration H227: Tate is seeing good momentum coming into the year, and started April

strongly. The pipeline strength and the customer segmentation exercise will grow through the year. Easier comps, as

market softness in North America and to a lesser extent China started in H2 last year, and Tate will start to lap that in H227.

– Americas: Saw more weakness in sweeteners in Latam America; North America was relatively stable. Expect the new

product portfolio and solution selling to start to flow through as markets stabilise which should offset some of the declines.

Seeing an acceleration in customer engagement around healthier products, such as fibre fortification.