宜瑞安 2025年度报告

ANNUALREPORT2025 Focused StrategySolid ExecutionRecord Results. operations reached $944 million. We returned s435 million toshareholders through share repurchases and dividends, includingour repurchase of s224 milion of outstanding common shares,more than the target we set at the beginning of the year. Our record results in 2025 highlight the power of our portfolioand the value of the resegmentation we undertook in 2024. Thecontinued strength of our Texture & Healthful Solutions segment,combined with solid results from our Food & Industrial Ingredients-LATAM business,led to all-time highs in adjusted operating incomeand earnings per share Our Segmentation is Sharpening Our Focus While navigating a challenging business environment, we deliveredrecord gross profit and expanded margins to 25%—a clear testamentto our agility and operational discipline. This performance reflectsour ability to leverage our local manufacturing network, adaptquickly to shifting demand and focus on higher-value solutions. Weare creating newopportunities fortexturizationby expandingour solutions portfolio and meeting increased consumerdemand for clean-label ingredients. This resulted in the Texture& Healthful Solutions segment posting its seventh straightquarter of sales volume growth in the last quarter of 2025, whileoperating incomefortheyearincreased16%toS405million. These factors led to a 1% year-over-year increase in adjustedoperating income to $1billion and a 4.5% year-over-year increasein adjusted diluted earnings per share to S11.13. Full-year cash from Ingredion continues to be a leader in the fast-growing cleanlabelspacedueto thebreadthofourofferings,supportedbyproprietary technology, patents, consumer insights and years offormulation expertise. Againsta backdrop of regional, economic and political volatility,our Food & Industrial Ingredients-LATAM team managed todeliver record operating income and operating income marginsof greater than 21%, up 140 basis points. In pursuitofmoreprofitablegrowth,Mexicorepurposedaportion of its capacity to strategically diversify its customer andproduct mix towards higher-margin ingredients serving foodand confectionery customers,resulting in another strong year ofoperating income growth. In addition, we successfully completeda complex local manufacturing network optimization in Brazil tosupport long-term cost competitiveness. $944MCASH FROMOPERATIONS 1%ADJUSTEDOPERATINGINCOME' $7.2ANET SALES RETURNEDTOSHAREHOLDERSTHROUGH SHAREREPURCHASE ANDDIVIDENDS $11.13TUPADJUSTEDEARNINGSPER SHARE' Our Food & Industrial Ingredients-U.S./CAN segment sawa 7% decrease in net sales for the year, primarily driven byongoingproductionchallengesat our Argofacility.Despitetheseheadwinds, the segment delivered operating income marginsabove 15% for the year. TheTeam BehindThis Year'sSuccess Our success this year starts with our 11,o00 employeesworldwide. Their dedication helped deliver on the potential ofour resegmentation while their creativity and resilience helped usnavigate multiple unforeseen challenges.Iwould like to especiallyrecognize Jim Gray, who retired after more than nine years as CFoHe has been an invaluable partner to me and has made significantcontributions to our success. Delivering Against Our Strategic Pillars AtIngredion,ourthreestrategicpillars-profitablegrowth,innovation and operational excellence-drive our performanceThis year, we made significant strides in each one. I would also like to thank our shareholders for their continuedtrust in Ingredion and extend my appreciation to our board ofdirectors for their guidance and support. As Ilook ahead to 2026,Iam confident that the company will continue to capitalize ongrowth opportunities guided by our winning aspirationto makehealthy tastebetter. we have been working diligently in recent years to optimize ourprotein fortification businessand these efforts have paid off. In2025, we posted record net sales exceeding 40%. We doubledproductionand were ableto increase the average selling pricethrough new product innovation. Supported by strong and clearconsumer demand, we expect protein fortification to become a long-term growth opportunity. We continue to pursue innovation that helps customers impactedby ingredient shortages and higher costs. For example, our suiteofsolutionstoreplacecocoainproductreformulationshaveseensteady sales increases throughout 2025 Sincerely, Finally, we are pleased to report that our Cost,Compete initiative,a two-year cost-savings program that ended in 2025, delivered$59 million of run-rate savings, exceeding our target of $50milion.This achievement reflects our ability to optimize acrossourmanufacturing network as well as leverageour scaletodeliverprocurement and SG&A savings. James P. ZallieCHAIRMAN, PRESIDENT ANDCHIEF EXECUTIVE OFFICER See Financial Performance Metrics on page 61of the Annual Reportfor areconciliation of these metrics, which is not calculated Texture &Healthful Solutions At I