# EDGAR Filing Document

**Accession Number:** 0001046257
**File Stem:** 0001628280-26-032703
**Filing Date:** 2026-5
**Character Count:** 181761
**Document Hash:** 8ef806d6defd259ca47bf55e3201ea06
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-26-032703.hdr.sgml**: 20260508

**ACCESSION NUMBER**: 0001628280-26-032703

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 78

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260508

**DATE AS OF CHANGE**: 20260508

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Ingredion Inc
- **CENTRAL INDEX KEY:** 0001046257
- **STANDARD INDUSTRIAL CLASSIFICATION:** GRAIN MILL PRODUCTS [2040]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 223514823
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-13397
- **FILM NUMBER:** 26957423

**BUSINESS ADDRESS:**
- **STREET 1:** 5 WESTBROOK CORPORATE CENTER
- **CITY:** WESTCHESTER
- **STATE:** IL
- **ZIP:** 60154
- **BUSINESS PHONE:** 7085512600

**MAIL ADDRESS:**
- **STREET 1:** INGREDION INCORPORATED
- **STREET 2:** 5 WESTBROOK CORPORATE CENTER
- **CITY:** WESTCHESTER
- **STATE:** IL
- **ZIP:** 60154

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CORN PRODUCTS INTERNATIONAL INC
- **DATE OF NAME CHANGE:** 19970917

?xml version='1.0' encoding='ASCII'? ingr-20260331

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**Form 10-Q**

**(Mark One)**

⌧ **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the quarterly period ended March 31, 2026**

**or**

□ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the transition period from &nbsp;&nbsp;&nbsp;&nbsp;to**

**Commission file number 1-13397**

![Ingredion_Logo_SM_rgbHEX.gif](ingr-20260331_g1.gif)

**INGREDION INCORPORATED**

(Exact name of registrant as specified in its charter)

---

| | |
|:---|:---|
| **Delaware** | **22-3514823** |
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
| **5 Westbrook Corporate Center, Westchester, Illinois** | **60154** |
| (Address of principal executive offices) | (Zip Code) |

---

Registrant's telephone number, including area code **(708) 551-2600**

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Common Stock, par value $0.01 per share | INGR | New York Stock Exchange |

---

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☒ | Accelerated filer | ☐ |
| Non-accelerated filer | ☐ | Smaller reporting company | ☐ |
| | | Emerging growth company | ☐ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Indicate the number of shares outstanding of each of the registrant's classes of common stock, as of the latest practicable date.

---

| | |
|:---|:---|
| **Class** | **Outstanding as of May 5, 2026** |
| Common Stock, par value $0.01 per share | 63,059,061 shares |

---

------

**INGREDION INCORPORATED**

**FORM 10-Q** 

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| | | **Page No.** |
| **<u>[Part I](#i78fa9578848f47bda6ab2d7c1519a696_10)</u>** | <u>[Financial Information](#i78fa9578848f47bda6ab2d7c1519a696_10)</u> | |
| <u>[Item 1.](#i78fa9578848f47bda6ab2d7c1519a696_13)</u> | <u>[Financial Statements](#i78fa9578848f47bda6ab2d7c1519a696_13)</u> | <u>[3](#i78fa9578848f47bda6ab2d7c1519a696_13)</u> |
| | <u>[Condensed Consolidated Statements of Income (Unaudited) for the three](#i78fa9578848f47bda6ab2d7c1519a696_16)[months ended](#i78fa9578848f47bda6ab2d7c1519a696_16)[March](#i78fa9578848f47bda6ab2d7c1519a696_16)[3](#i78fa9578848f47bda6ab2d7c1519a696_16)[1](#i78fa9578848f47bda6ab2d7c1519a696_16)[, 202](#i78fa9578848f47bda6ab2d7c1519a696_16)[6](#i78fa9578848f47bda6ab2d7c1519a696_16)[and 2](#i78fa9578848f47bda6ab2d7c1519a696_16)[025](#i78fa9578848f47bda6ab2d7c1519a696_16)</u> | <u>[3](#i78fa9578848f47bda6ab2d7c1519a696_16)</u> |
| | <u>[Condensed Consolidated Statements of Comprehensive Income (Unaudited) for the three](#i78fa9578848f47bda6ab2d7c1519a696_19)[months](#i78fa9578848f47bda6ab2d7c1519a696_19)[ended](#i78fa9578848f47bda6ab2d7c1519a696_19)[March](#i78fa9578848f47bda6ab2d7c1519a696_19)[3](#i78fa9578848f47bda6ab2d7c1519a696_19)[1](#i78fa9578848f47bda6ab2d7c1519a696_19)[, 202](#i78fa9578848f47bda6ab2d7c1519a696_19)[6](#i78fa9578848f47bda6ab2d7c1519a696_19)[and 202](#i78fa9578848f47bda6ab2d7c1519a696_19)[5](#i78fa9578848f47bda6ab2d7c1519a696_19)</u> | <u>[4](#i78fa9578848f47bda6ab2d7c1519a696_19)</u> |
| | <u>[Condensed Consolidated Balance Sheets as of](#i78fa9578848f47bda6ab2d7c1519a696_22)[March](#i78fa9578848f47bda6ab2d7c1519a696_22)[3](#i78fa9578848f47bda6ab2d7c1519a696_22)[1](#i78fa9578848f47bda6ab2d7c1519a696_22)[, 202](#i78fa9578848f47bda6ab2d7c1519a696_22)[6](#i78fa9578848f47bda6ab2d7c1519a696_22)[(Unaudited) and December 31, 202](#i78fa9578848f47bda6ab2d7c1519a696_22)[5](#i78fa9578848f47bda6ab2d7c1519a696_22)</u> | <u>[5](#i78fa9578848f47bda6ab2d7c1519a696_22)</u> |
| | <u>[Condensed Consolidated Statements of Equity and Redeemable Equity (Unaudited) for the](#i78fa9578848f47bda6ab2d7c1519a696_25)[three](#i78fa9578848f47bda6ab2d7c1519a696_25)[months ended](#i78fa9578848f47bda6ab2d7c1519a696_25)[March](#i78fa9578848f47bda6ab2d7c1519a696_25)[3](#i78fa9578848f47bda6ab2d7c1519a696_25)[1](#i78fa9578848f47bda6ab2d7c1519a696_25)[, 202](#i78fa9578848f47bda6ab2d7c1519a696_25)[6](#i78fa9578848f47bda6ab2d7c1519a696_25)[and 202](#i78fa9578848f47bda6ab2d7c1519a696_25)[5](#i78fa9578848f47bda6ab2d7c1519a696_25)</u> | <u>[6](#i78fa9578848f47bda6ab2d7c1519a696_25)</u> |
| | <u>[Condensed Consolidated Statements of Cash Flows (Unaudited) for the](#i78fa9578848f47bda6ab2d7c1519a696_28)[three](#i78fa9578848f47bda6ab2d7c1519a696_28)[months ended](#i78fa9578848f47bda6ab2d7c1519a696_28)[March](#i78fa9578848f47bda6ab2d7c1519a696_28)[3](#i78fa9578848f47bda6ab2d7c1519a696_28)[1](#i78fa9578848f47bda6ab2d7c1519a696_28)[, 202](#i78fa9578848f47bda6ab2d7c1519a696_28)[6](#i78fa9578848f47bda6ab2d7c1519a696_28)[and 202](#i78fa9578848f47bda6ab2d7c1519a696_28)[5](#i78fa9578848f47bda6ab2d7c1519a696_28)</u> | <u>[7](#i78fa9578848f47bda6ab2d7c1519a696_28)</u> |
| | <u>[Notes to the Condensed Consolidated Financial Statements](#i78fa9578848f47bda6ab2d7c1519a696_31)</u> | <u>[8](#i78fa9578848f47bda6ab2d7c1519a696_31)</u> |
| <u>[Item 2.](#i78fa9578848f47bda6ab2d7c1519a696_82)</u> | <u>[Management's Discussion and Analysis of Financial Condition and Results of Operations](#i78fa9578848f47bda6ab2d7c1519a696_82)</u> | <u>[21](#i78fa9578848f47bda6ab2d7c1519a696_82)</u> |
| <u>[Item 3.](#i78fa9578848f47bda6ab2d7c1519a696_112)</u> | <u>[Quantitative and Qualitative Disclosures About Market Risk](#i78fa9578848f47bda6ab2d7c1519a696_112)</u> | <u>[2](#i78fa9578848f47bda6ab2d7c1519a696_112)[4](#i78fa9578848f47bda6ab2d7c1519a696_112)</u> |
| <u>[Item 4.](#i78fa9578848f47bda6ab2d7c1519a696_115)</u> | <u>[Controls and Procedures](#i78fa9578848f47bda6ab2d7c1519a696_115)</u> | <u>[25](#i78fa9578848f47bda6ab2d7c1519a696_115)</u> |
| **<u>[Part II](#i78fa9578848f47bda6ab2d7c1519a696_118)</u>** | <u>[Other Information](#i78fa9578848f47bda6ab2d7c1519a696_118)</u> | |
| <u>[Item 1.](#i78fa9578848f47bda6ab2d7c1519a696_121)</u> | <u>[Legal Proceedings](#i78fa9578848f47bda6ab2d7c1519a696_121)</u> | <u>[26](#i78fa9578848f47bda6ab2d7c1519a696_121)</u> |
| <u>[Item 2.](#i78fa9578848f47bda6ab2d7c1519a696_124)</u> | <u>[Unregistered Sales of Equity Securities and Use of Proceeds](#i78fa9578848f47bda6ab2d7c1519a696_124)</u> | <u>[26](#i78fa9578848f47bda6ab2d7c1519a696_124)</u> |
| <u>[Item 5.](#i78fa9578848f47bda6ab2d7c1519a696_127)</u> | <u>[Other Information](#i78fa9578848f47bda6ab2d7c1519a696_127)</u> | <u>[26](#i78fa9578848f47bda6ab2d7c1519a696_127)</u> |
| <u>[Item 6.](#i78fa9578848f47bda6ab2d7c1519a696_133)</u> | <u>[Exhibits](#i78fa9578848f47bda6ab2d7c1519a696_133)</u> | <u>[27](#i78fa9578848f47bda6ab2d7c1519a696_133)</u> |
| <u>[Signatures](#i78fa9578848f47bda6ab2d7c1519a696_136)</u> | | <u>[28](#i78fa9578848f47bda6ab2d7c1519a696_136)</u> |

---

------

<u>[**Table of Contents**](#i78fa9578848f47bda6ab2d7c1519a696_7)</u>

 **PART I. FINANCIAL INFORMATION**

 **ITEM 1. FINANCIAL STATEMENTS**

**Ingredion Incorporated**

**Condensed Consolidated Statements of Income**

**(Unaudited)**

(dollars and shares in millions, except per share data)

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| Net sales | $1792 | $1813 |
| Cost of sales | 1391 | 1347 |
| &nbsp;&nbsp;Gross profit | 401 | 466 |
| Operating expenses | 200 | 193 |
| Other operating (income), net | (13) | (10) |
| Restructuring/impairment charges | 11 | 7 |
| &nbsp;&nbsp;Operating income | 203 | 276 |
| Financing costs | 9 | 9 |
| &nbsp;&nbsp;Income before income taxes | 194 | 267 |
| Provision for income taxes | 50 | 68 |
| &nbsp;&nbsp;Net income | 144 | 199 |
| Less: Net income attributable to non-controlling interests | 2 | 2 |
| &nbsp;&nbsp;Net income attributable to Ingredion | $142 | $197 |
| Earnings per common share attributable to Ingredion common shareholders: |  |  |
| Weighted average common shares outstanding: |  |  |
| &nbsp;&nbsp;&nbsp;Basic | 63.2 | 64.5 |
| &nbsp;&nbsp;&nbsp;Diluted | 64.0 | 65.6 |
| Earnings per common share of Ingredion: |  |  |
| &nbsp;&nbsp;&nbsp;Basic | $2.25 | $3.05 |
| &nbsp;&nbsp;&nbsp;Diluted | 2.22 | 3.00 |

---

See the Notes to the Condensed Consolidated Financial Statements.

------

<u>[**Table of Contents**](#i78fa9578848f47bda6ab2d7c1519a696_7)</u>

**Ingredion Incorporated**

**Condensed Consolidated Statements of Comprehensive Income**

**(Unaudited)**

(dollars in millions)

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| Net income | $144 | $199 |
| Other comprehensive income: |  |  |
| &nbsp;&nbsp;Gains on cash flow hedges, net of income tax effect of $1 and $4 | 4 | 13 |
| (Gains) on cash flow hedges reclassified to earnings, net of income tax effect of $— |  | (2) |
| &nbsp;&nbsp;Currency translation adjustment | 6 | 50 |
| Comprehensive income | 154 | 260 |
| &nbsp;&nbsp;Less: Comprehensive income attributable to non-controlling interests | 1 | 3 |
| Comprehensive income attributable to Ingredion | $153 | $257 |

---

See the Notes to the Condensed Consolidated Financial Statements.

------

<u>[**Table of Contents**](#i78fa9578848f47bda6ab2d7c1519a696_7)</u>

**Ingredion Incorporated**

**Condensed Consolidated Balance Sheets**

(dollars and shares in millions, except per share amounts)

---

| | | |
|:---|:---|:---|
| | | **December 31,<br>2025** |
| | **March 31,<br>2026**<br>(Unaudited) | **December 31,<br>2025** |
| **Assets** |  |  |
| &nbsp;&nbsp;Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $914 | $1030 |
| &nbsp;&nbsp;&nbsp;Short-term investments | 4 | 3 |
| &nbsp;&nbsp;&nbsp;Accounts receivable, net | 1358 | 1185 |
| &nbsp;&nbsp;&nbsp;Inventories | 1183 | 1227 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and assets held for sale | 66 | 60 |
| &nbsp;&nbsp;Total current assets | 3525 | 3505 |
| &nbsp;&nbsp;&nbsp;&nbsp;Property, plant and equipment, net of accumulated depreciation of $3,748 and $3,727 | 2561 | 2526 |
| &nbsp;&nbsp;&nbsp;Goodwill | 920 | 922 |
| &nbsp;&nbsp;&nbsp;&nbsp;Intangible assets, net of accumulated amortization of $360 and $354 | 339 | 347 |
| &nbsp;&nbsp;Other non-current assets | 583 | 597 |
| **Total assets** | $7928 | $7897 |
| **Liabilities and stockholders' equity** |  |  |
| &nbsp;&nbsp;Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Short-term borrowings | $83 | $48 |
| &nbsp;&nbsp;&nbsp;Accounts payable | 613 | 693 |
| &nbsp;&nbsp;&nbsp;Accrued liabilities and liabilities held for sale | 581 | 575 |
| &nbsp;&nbsp;Total current liabilities | 1277 | 1316 |
| &nbsp;&nbsp;Long-term debt | 1742 | 1742 |
| &nbsp;&nbsp;Other non-current liabilities | 463 | 473 |
| &nbsp;&nbsp;Total liabilities | 3482 | 3531 |
| &nbsp;&nbsp;Share-based payments subject to redemption | 41 | 64 |
| &nbsp;&nbsp;Redeemable non-controlling interests |  | 7 |
| &nbsp;&nbsp;Ingredion stockholders' equity: |  |  |
| &nbsp;&nbsp;&nbsp;Preferred stock — authorized 25.0 shares — $0.01 par value, none issued |  |  |
| &nbsp;&nbsp;&nbsp;Common stock — authorized 200.0 shares — $0.01 par value, 77.8 shares issued at March 31, 2026 and December 31, 2025 | 1 | 1 |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 1162 | 1155 |
| &nbsp;&nbsp;&nbsp;Less: Treasury stock (common stock: 14.8 shares at March 31, 2026 and December 31, 2025) at cost | (1553) | (1555) |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (927) | (937) |
| &nbsp;&nbsp;&nbsp;Retained earnings | 5700 | 5610 |
| &nbsp;&nbsp;Total Ingredion stockholders' equity | 4383 | 4274 |
| &nbsp;&nbsp;Non-redeemable non-controlling interests | 22 | 21 |
| &nbsp;&nbsp;Total stockholders' equity | 4405 | 4295 |
| **Total liabilities and stockholders' equity** | $7928 | $7897 |

---

See the Notes to the Condensed Consolidated Financial Statements.

------

<u>[**Table of Contents**](#i78fa9578848f47bda6ab2d7c1519a696_7)</u>

**Ingredion Incorporated**

**Condensed Consolidated Statements of Equity and Redeemable Equity**

**(Unaudited)**

(dollars in millions)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Total Equity** | **Total Equity** | **Total Equity** | **Total Equity** | **Total Equity** | **Total Equity** | **Total Equity** | **Share-based<br>Payments<br>Subject to<br>Redemption** | **Redeemable<br>Non-<br>Controlling<br>Interests** |
| | **Preferred<br>Stock** | **Common<br>Stock** | **Additional<br>Paid-In<br>Capital** | **Treasury<br>Stock** | **Accumulated Other<br>Comprehensive<br>Loss** | **Retained<br>Earnings** | **Non-<br>Redeemable<br>Non-<br>Controlling<br>Interests** | **Share-based<br>Payments<br>Subject to<br>Redemption** | **Redeemable<br>Non-<br>Controlling<br>Interests** |
| **Balance as of December 31, 2025** | $— | $1 | $1155 | $(1555) | $(937) | $5610 | $21 | $64 | $7 |
| &nbsp;&nbsp;&nbsp;Net income attributable to Ingredion |  |  |  |  |  | 142 |  |  |  |
| &nbsp;&nbsp;&nbsp;Net income attributable to non-controlling interests |  |  |  |  |  |  | 2 |  |  |
| &nbsp;&nbsp;&nbsp;Dividends declared, common stock ($0.82/share) |  |  |  |  |  | (52) |  |  |  |
| &nbsp;&nbsp;&nbsp;Repurchases of common stock, net |  |  |  | (14) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Share-based compensation, net of issuance |  |  | 7 | 16 |  |  |  | (23) |  |
| &nbsp;&nbsp;&nbsp;Purchases of non-controlling interests |  |  |  |  |  |  |  |  | (7) |
| &nbsp;&nbsp;&nbsp;Other comprehensive income (loss) |  |  |  |  | 10 |  | (1) |  |  |
| **Balance as of March 31, 2026** | $— | $1 | $1162 | $(1553) | $(927) | $5700 | $22 | $41 | $— |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Total Equity** | **Total Equity** | **Total Equity** | **Total Equity** | **Total Equity** | **Total Equity** | **Total Equity** | **Share-based<br>Payments<br>Subject to<br>Redemption** | **Redeemable<br>Non-<br>Controlling<br>Interests** |
| | **Preferred<br>Stock** | **Common<br>Stock** | **Additional<br>Paid-In<br>Capital** | **Treasury<br>Stock** | **Accumulated Other<br>Comprehensive<br>Loss** | **Retained<br>Earnings** | **Non-<br>Redeemable<br>Non-<br>Controlling<br>Interests** | **Share-based<br>Payments<br>Subject to<br>Redemption** | **Redeemable<br>Non-<br>Controlling<br>Interests** |
| **Balance as of December 31, 2024** | $— | $1 | $1152 | $(1355) | $(1086) | $5092 | $19 | $60 | $7 |
| &nbsp;&nbsp;&nbsp;Net income attributable to Ingredion |  |  |  |  |  | 197 |  |  |  |
| &nbsp;&nbsp;&nbsp;Net income attributable to non-controlling interests |  |  |  |  |  |  | 2 |  |  |
| &nbsp;&nbsp;&nbsp;Dividends declared, common stock ($0.80/share) |  |  |  |  |  | (53) |  |  |  |
| &nbsp;&nbsp;&nbsp;Repurchases of common stock, net |  |  |  | (55) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Share-based compensation, net of issuance |  |  | 6 | 17 |  |  |  | (18) |  |
| &nbsp;&nbsp;&nbsp;Other comprehensive income |  |  |  |  | 61 |  |  |  | 1 |
| **Balance as of March 31, 2025** | $— | $1 | $1158 | $(1393) | $(1025) | $5236 | $21 | $42 | $8 |

---

See the Notes to the Condensed Consolidated Financial Statements.

------

<u>[**Table of Contents**](#i78fa9578848f47bda6ab2d7c1519a696_7)</u>

**Ingredion Incorporated**

**Condensed Consolidated Statements of Cash Flows**

**(Unaudited)**

(dollars in millions)

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| **Cash from operating activities** |  |  |
| &nbsp;&nbsp;Net income | $144 | $199 |
| &nbsp;&nbsp;Non-cash charges to net income: |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 55 | 55 |
| &nbsp;&nbsp;&nbsp;Mechanical stores expense | 18 | 16 |
| &nbsp;&nbsp;&nbsp;Impairment charges |  | 6 |
| &nbsp;&nbsp;&nbsp;Other non-cash charges | 11 | 15 |
| &nbsp;&nbsp;Changes in working capital: |  |  |
| &nbsp;&nbsp;&nbsp;Accounts receivable and prepaid expenses | (178) | (172) |
| &nbsp;&nbsp;&nbsp;Inventories | 47 | 28 |
| &nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | (74) | (76) |
| &nbsp;&nbsp;&nbsp;Margin accounts | 8 | (3) |
| &nbsp;&nbsp;Other | 2 | 9 |
| &nbsp;&nbsp;Cash provided by operating activities | 33 | 77 |
| **Cash from investing activities** |  |  |
| &nbsp;&nbsp;Capital expenditures and mechanical stores purchases, net | (110) | (92) |
| &nbsp;&nbsp;Proceeds from sale of business | 12 | 12 |
| &nbsp;&nbsp;Purchases of equity securities, net | (1) |  |
| &nbsp;&nbsp;Other | (1) | 2 |
| &nbsp;&nbsp;Cash used for investing activities | (100) | (78) |
| **Cash from financing activities** |  |  |
| &nbsp;&nbsp;Proceeds from borrowings | 158 | 106 |
| &nbsp;&nbsp;Payments on debt | (123) | (154) |
| &nbsp;&nbsp;Repurchases of common stock, net | (14) | (55) |
| &nbsp;&nbsp;Common stock activity for share-based compensation, net | (10) | (11) |
| &nbsp;&nbsp;Purchases of non-controlling interests | (7) |  |
| &nbsp;&nbsp;Dividends paid, including to non-controlling interests | (52) | (52) |
| &nbsp;&nbsp;Cash used for financing activities | (48) | (166) |
| &nbsp;&nbsp;Effects of foreign exchange rate changes on cash and cash equivalents | (1) | 7 |
| &nbsp;&nbsp;(Decrease) in cash and cash equivalents | (116) | (160) |
| &nbsp;&nbsp;Cash and cash equivalents, beginning of period | 1030 | 997 |
| &nbsp;&nbsp;Cash and cash equivalents, end of period | $914 | $837 |

---

See the Notes to the Condensed Consolidated Financial Statements.

------

<u>[**Table of Contents**](#i78fa9578848f47bda6ab2d7c1519a696_7)</u>

**Ingredion Incorporated**

Notes to the Condensed Consolidated Financial Statements

(dollars in millions, except per share data, unless otherwise noted)

 **1. Basis of Presentation and New Accounting Standards**

Unless the context otherwise requires, all references herein to the "Company," "Ingredion," "we," "us," and "our" shall mean Ingredion Incorporated and its consolidated subsidiaries. These statements should be read in conjunction with the consolidated financial statements and the related notes to those statements contained in Ingredion's Annual Report on Form 10-K for the year ended December 31, 2025. The significant accounting policies and estimates used in preparing these Condensed Consolidated Financial Statements were applied on the same basis and consistent with those reflected in Ingredion's Annual Report on Form 10-K for the year ended December 31, 2025.

The unaudited Condensed Consolidated Financial Statements as of March 31, 2026 and for the first quarter of 2026 and 2025 included herein were prepared by us on the same basis as our audited Consolidated Financial Statements for the year ended December 31, 2025 and reflect all adjustments (consisting solely of normal recurring items unless otherwise noted) that are, in our opinion, necessary for the fair presentation of the Condensed Consolidated Statements of Income, Condensed Consolidated Statements of Comprehensive Income, Condensed Consolidated Balance Sheets, Condensed Consolidated Statements of Equity and Redeemable Equity, and Condensed Consolidated Statements of Cash Flows. The results for the interim period are not necessarily indicative of the results expected for the full year or any other future period. Certain prior period amounts have been reclassified to conform with current presentation.

***New Accounting Standards Not Yet Adopted***

In November 2024, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ("ASU") No. 2024-03, *Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosure (Subtopic 220-40).* The amendments in this update enhance disclosures about a public business entity's expenses and provide more detailed information about the types of expenses included in certain notes in the Condensed Consolidated Financial Statements. This ASU is effective for annual periods beginning after December 15, 2026, with early adoption permitted. We are currently assessing the impact of this ASU on our Condensed Consolidated Financial Statements.

In November 2025, the FASB issued ASU No. 2025-09, *Derivatives and Hedging (Topic 815): Hedge Accounting Improvements*. The new standard aligns hedge accounting with the economics of an entity's risk management activities and amends the existing requirement that hedges of groups of individual forecasted transactions that use a single derivative as the hedging instrument must share the same risk exposure to be accounted as a cash flow hedge. Under the ASU, hedges of groups of individual forecasted transactions that use a single derivative as the hedging instrument need only share similar risk exposure to be accounted as a cash flow hedge, with the quantitative threshold consistent with the high effective threshold used in the assessment of cash flow hedges. The ASU also clarifies risk assessment approaches for risk exposures in a group of forecasted transactions. This ASU is effective for annual periods beginning after December 15, 2026, with early adoption permitted. We are currently assessing the impact of this ASU on our Condensed Consolidated Financial Statements.

**2. Acquisitions and Divestitures**

***PureCircle Acquisition***

In the first quarter of 2026, we purchased the remaining shares of PureCircle Limited ("PureCircle") from minority shareholders for $7 million, which increased our ownership from 98 percent as of December 31, 2025 to 100 percent as March 31, 2026.

***Pakistan Business Divestiture***

On September 25, 2025, we entered into a definitive agreement to sell a 51% ownership interest in Rafhan Maize Products Co. Ltd. (the "Pakistan business") to Nishat Group, a diversified group of companies headquartered in Lahore, Pakistan. The transaction remains subject to the satisfaction of specified closing conditions and receipt of regulatory approvals from the Competition Commission of Pakistan. In addition, the transaction is subject to the Nishat Group's successful completion of a tender offer for shares of the Pakistan business on the Pakistani Stock Exchange and to action by the State

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<u>[**Table of Contents**](#i78fa9578848f47bda6ab2d7c1519a696_7)</u>

**Ingredion Incorporated**

Notes to the Condensed Consolidated Financial Statements

(dollars in millions, except per share data, unless otherwise noted)

Bank of Pakistan allowing us to receive our share of the proceeds in U.S. dollars. Based on the conditions required for the transaction to close, we have determined that the Pakistan business does not qualify for held for sale classification as of March 31, 2026.

***South Korea Business Divestiture***

During the first quarter of 2025 and 2026, we received the first and second installment payments of 18 billion South Korean won, or $12 million, of consideration for the February 1, 2024 sale of our South Korea business. We expect to receive the final installment payment of 18 billion South Korean won, or approximately $12 million, in February 2027, which we recorded in Accounts receivable, net on the Condensed Consolidated Balance Sheets as of March 31, 2026.

**3. Investments**

Investments were as follows:

---

| | | |
|:---|:---|:---|
| | **As of <br>March 31, 2026** | **As of <br>December 31, 2025** |
| &nbsp;&nbsp;&nbsp;Equity method investments | $126 | $117 |
| &nbsp;&nbsp;&nbsp;Equity investments | 27 | 27 |
| &nbsp;&nbsp;&nbsp;Marketable securities | 6 | 6 |
| Total investments | $159 | $150 |

---

Our equity method investments, which require us to use the equity method of accounting, primarily include our 49% joint venture equity ownership in Ingrear Holding S.A., for the periods ended March 31, 2026 and December 31, 2025.

During the first quarter of 2025, we recorded other-than-temporary impairment charges of $5 million on certain equity investments. During the first quarter of 2026, there was no such activity.

**4. Derivative Instruments and Hedging Activities**

*Commodity price hedging*: We had outstanding futures and option contracts that hedged the forecasted purchase of approximately 75 million and 84 million bushels of corn as of March 31, 2026 and December 31, 2025. We also had outstanding swap contracts that hedged the forecasted purchase of approximately 28 million and 26 million mmbtus of natural gas as of March 31, 2026 and December 31, 2025.

*Foreign currency hedging*: We hedge certain assets using foreign currency derivatives not designated as hedging instruments, which had a notional value of $380 million and $395 million as of March 31, 2026 and December 31, 2025. We also hedge certain liabilities using foreign currency derivatives not designated as hedging instruments, which had a notional value of $146 million and $192 million as of March 31, 2026 and December 31, 2025.

We hedge certain assets using foreign currency cash flow hedging instruments, which had a notional value of $347 million and $425 million as of March 31, 2026 and December 31, 2025. We also hedge certain liability positions and forecasted expenditures using foreign currency cash flow hedging instruments, which had a notional value of $407 million and $358 million as of March 31, 2026 and December 31, 2025.

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<u>[**Table of Contents**](#i78fa9578848f47bda6ab2d7c1519a696_7)</u>

**Ingredion Incorporated**

Notes to the Condensed Consolidated Financial Statements

(dollars in millions, except per share data, unless otherwise noted)

The derivative instruments designated as cash flow hedges included in accumulated other comprehensive loss ("AOCL") were as follows:

---

| | | |
|:---|:---|:---|
| | **(Losses) Gains included in AOCL as of** | **(Losses) Gains included in AOCL as of** |
| | **March 31,<br>2026** | **December 31,<br>2025** |
| Commodity contracts, net of income tax effect of $1 and $3 | $(2) | $(7) |
| Foreign currency contracts, net of income tax effect of $2 and $3 | 2 | 3 |
| Interest rate contracts, net of income tax effect of $1 | (1) | (1) |
| Total | $(1) | $(5) |

---

As of March 31, 2026, AOCL included $1 million of net losses (net of income taxes of an insignificant amount) on commodities-related derivative instruments, T-Locks and foreign currency hedges designated as cash flow hedges that we expect to reclassify into earnings during the next twelve months.

The fair value and balance sheet location of our derivative instruments, presented gross on the Condensed Consolidated Balance Sheets, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Fair Value of Hedging Instruments as of March 31, 2026** | **Fair Value of Hedging Instruments as of March 31, 2026** | **Fair Value of Hedging Instruments as of March 31, 2026** | **Fair Value of Hedging Instruments as of March 31, 2026** | **Fair Value of Hedging Instruments as of March 31, 2026** | **Fair Value of Hedging Instruments as of March 31, 2026** |
| | **Designated Hedging Instruments** | **Designated Hedging Instruments** | **Designated Hedging Instruments** | **Non-Designated Hedging Instruments** | **Non-Designated Hedging Instruments** | **Non-Designated Hedging Instruments** |
|<br>**Balance Sheet Location** | **Commodity Contracts** | **Foreign Currency Contracts** | **Total** | **Commodity Contracts** | **Foreign Currency Contracts** | **Total** |
| Accounts receivable, net | $17 | $11 | $28 | $1 | $7 | $8 |
| Other non-current assets | 1 | 1 | 2 |  |  |  |
| Assets | 18 | 12 | 30 | 1 | 7 | 8 |
| Accounts payable | 21 | 11 | 32 | 1 | 5 | 6 |
| Other non-current liabilities | 3 |  | 3 |  |  |  |
| Liabilities | 24 | 11 | 35 | 1 | 5 | 6 |
| Net Assets/(Liabilities) | $(6) | $1 | $(5) | $— | $2 | $2 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Fair Value of Hedging Instruments as of December 31, 2025** | **Fair Value of Hedging Instruments as of December 31, 2025** | **Fair Value of Hedging Instruments as of December 31, 2025** | **Fair Value of Hedging Instruments as of December 31, 2025** | **Fair Value of Hedging Instruments as of December 31, 2025** | **Fair Value of Hedging Instruments as of December 31, 2025** |
| | **Designated Hedging Instruments** | **Designated Hedging Instruments** | **Designated Hedging Instruments** | **Non-Designated Hedging Instruments** | **Non-Designated Hedging Instruments** | **Non-Designated Hedging Instruments** |
|<br>**Balance Sheet Location** | **Commodity Contracts** | **Foreign Currency Contracts** | **Total** | **Commodity Contracts** | **Foreign Currency Contracts** | **Total** |
| Accounts receivable, net | $4 | $13 | $17 | $1 | $5 | $6 |
| Other non-current assets |  |  |  |  | 1 | 1 |
| Assets | 4 | 13 | 17 | 1 | 6 | 7 |
| Accounts payable | 13 | 11 | 24 | 1 | 3 | 4 |
| Other non-current liabilities |  |  |  |  |  |  |
| Liabilities | 13 | 11 | 24 | 1 | 3 | 4 |
| Net Assets/(Liabilities) | $(9) | $2 | $(7) | $— | $3 | $3 |

---

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<u>[**Table of Contents**](#i78fa9578848f47bda6ab2d7c1519a696_7)</u>

**Ingredion Incorporated**

Notes to the Condensed Consolidated Financial Statements

(dollars in millions, except per share data, unless otherwise noted)

Additional information relating to our derivative instruments in cash flow hedging relationships were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Gains (Losses)<br>Recognized in OCL on Derivatives** | **Gains (Losses)<br>Recognized in OCL on Derivatives** | | **Gains (Losses)<br>Reclassified from AOCL into Income** | **Gains (Losses)<br>Reclassified from AOCL into Income** |
| **Derivatives in Cash Flow Hedging Relationships** | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Income Statement<br>Location** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| **Derivatives in Cash Flow Hedging Relationships** | **2026** | **2025** | **Income Statement<br>Location** | **2026** | **2025** |
| Commodity contracts | $10 | $13 | *Cost of sales* | $3 | $(3) |
| Foreign currency contracts | (5) | 4 | *Net sales/Cost of sales* | (3) | 5 |
| Total | $5 | $17 |  | $— | $2 |

---

**5. Fair Value Measurements**

We measure certain assets and liabilities at fair value, which is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the "exit price") in an orderly transaction between market participants at the measurement date. In determining fair value, we use various valuation approaches. The hierarchy of those valuation approaches is in three levels based on the reliability of inputs. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Below is a summary of the hierarchy levels:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 inputs consist of quoted prices (unadjusted) in active markets for identical assets or liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. Level 2 inputs are based on quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability or can be derived principally from or corroborated by observable market data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 inputs are unobservable inputs for the asset or liability. Unobservable inputs are used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date.

Assets and liabilities measured at fair value on a recurring basis were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| | **Level 1** | **Level 2** | **Level 3** | **Total** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Marketable securities | $6 | $— | $— | $6 | $6 | $— | $— | $6 |
| Derivative assets | 16 | 22 |  | 38 | 22 | 2 |  | 24 |
| Derivative liabilities | 14 | 27 |  | 41 | 18 | 10 |  | 28 |
| Long-term debt |  | 1630 |  | 1630 |  | 1649 |  | 1649 |

---

The carrying values of cash equivalents, short-term investments, accounts receivable, short-term borrowings and accounts payable approximate fair values. Commodity futures, options and swap contracts are recognized at fair value. Foreign currency forwards, options and swap contracts are also recognized at fair value. The fair value of our long-term debt is estimated based on quotations of major securities dealers who are market makers in the securities.

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<u>[**Table of Contents**](#i78fa9578848f47bda6ab2d7c1519a696_7)</u>

**Ingredion Incorporated**

Notes to the Condensed Consolidated Financial Statements

(dollars in millions, except per share data, unless otherwise noted)

**6. Financing Arrangements**

Debt carrying amounts, net of related discounts, premiums and debt issuance costs, were as follows:

---

| | | |
|:---|:---|:---|
| | **As of <br>March 31, 2026** | **As of <br>December 31, 2025** |
| 2.900% senior notes due June 1, 2030 | $597 | $597 |
| 3.200% senior notes due October 1, 2026 *(i)* | 499 | 499 |
| 3.900% senior notes due June 1, 2050 | 392 | 392 |
| 6.625% senior notes due April 15, 2037 | 253 | 253 |
| Revolving credit agreement |  |  |
| Other long-term borrowings | 1 | 1 |
| Total long-term debt | 1742 | 1742 |
| Commercial paper |  |  |
| Other short-term borrowings | 83 | 48 |
| Total short-term borrowings | 83 | 48 |
| Total debt | $1825 | $1790 |

---

_________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(i)The senior notes due October 1, 2026 are classified as long-term debt as we have the intent and ability to refinance the notes on a long-term basis.*

We maintain a commercial paper program under which we may issue senior unsecured notes of short-term maturities up to a maximum aggregate principal amount of $1.0 billion outstanding at any time. The notes may be sold from time to time on customary terms in the U.S. commercial paper market, and we may use the note proceeds for general corporate purposes. As of March 31, 2026 and December 31, 2025, there was no commercial paper outstanding. During the first quarter of 2026 and 2025, there was no activity related to this program. The amount of commercial paper outstanding under this program for the remainder of 2026, if any, may fluctuate.

Other short-term borrowings as of March 31, 2026 and December 31, 2025 primarily include amounts outstanding under various unsecured local country operating lines of credit.

 **7. Pension and Other Postretirement Benefits**

Components of net periodic benefit cost consist of the following for the periods presented:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **U.S. Plans** | **U.S. Plans** | **Non-U.S. Plans** | **Non-U.S. Plans** |
| | **2026** | **2025** | **2026** | **2025** |
| Service cost | $1 | $1 | $1 | $1 |
| Interest cost | 3 | 3 | 2 | 2 |
| Expected return on plan assets | (4) | (4) | (2) | (2) |
| Net periodic benefit cost | $— | $— | $1 | $1 |

---

We anticipate that we will make cash contributions of $1 million and $4 million to the U.S. and non-U.S. pension plans in 2026. For the first quarter of 2026, we made insignificant cash contributions to the U.S. pension plans and $1 million to the non-U.S. pension plans.

During the first quarter of 2026 and 2025, the net periodic benefit cost for the postretirement plans consisted of $1 million of interest costs and no service costs.

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<u>[**Table of Contents**](#i78fa9578848f47bda6ab2d7c1519a696_7)</u>

**Ingredion Incorporated**

Notes to the Condensed Consolidated Financial Statements

(dollars in millions, except per share data, unless otherwise noted)

 **8. Equity**

*Treasury Stock:* On November 3, 2025, the Board of Directors approved a stock repurchase program authorizing us to purchase up to 8.0 million shares of our outstanding common stock until December 31, 2028. We are not obligated to repurchase any shares under the authorization, and the repurchase program may be suspended, discontinued or modified at any time, for any reason and without notice. The parameters of the repurchase program are not established solely with reference to the dilutive impact of shares issued under our stock incentive plan, but we expect that, over time, share repurchases will offset the dilutive impact of shares issued under the plan.

During the first quarter of 2026, we repurchased 120 thousand outstanding shares of common stock in open market transactions at a net cost of $14 million. During the first quarter of 2025, we repurchased 409 thousand outstanding shares of common stock in open market transactions at a net cost of $55 million.

*Share-based Payments*: Share-based compensation expense was as follows:

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| Restricted stock units ("RSUs"): |  |  |
| &nbsp;&nbsp;&nbsp;Pre-tax compensation expense | 6 | 7 |
| &nbsp;&nbsp;&nbsp;Income tax benefit | (1) | (1) |
| RSUs, net of income taxes | 5 | 6 |
| Performance shares and other share-based awards: |  |  |
| &nbsp;&nbsp;&nbsp;Pre-tax compensation expense | 4 | 5 |
| &nbsp;&nbsp;&nbsp;Income tax benefit | (1) |  |
| Performance shares and other share-based compensation expense, net of income taxes | 3 | 5 |
| Stock options: |  |  |
| &nbsp;&nbsp;&nbsp;Pre-tax compensation expense | $— | $1 |
| &nbsp;&nbsp;&nbsp;Income tax benefit |  |  |
| Stock option expense, net of income taxes |  | 1 |
| Total share-based compensation: |  |  |
| &nbsp;&nbsp;&nbsp;Pre-tax compensation expense | 10 | 13 |
| &nbsp;&nbsp;&nbsp;Income tax benefit | (2) | (1) |
| Total share-based compensation expense, net of income taxes | $8 | $12 |

---

*Restricted Stock Units:* We have granted restricted stock units ("RSUs") to certain key employees. The RSUs are primarily subject to either cliff vesting (generally after three years) or three-year graded vesting (vesting one-third each year), provided the employee remains in our service. The fair value of the RSUs is determined based upon the number of shares granted and the quoted market price of our common stock at the grant date.

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<u>[**Table of Contents**](#i78fa9578848f47bda6ab2d7c1519a696_7)</u>

**Ingredion Incorporated**

Notes to the Condensed Consolidated Financial Statements

(dollars in millions, except per share data, unless otherwise noted)

RSU activity for 2026 was as follows:

---

| | | |
|:---|:---|:---|
| | **Number of<br>Restricted<br>Shares<br>(in thousands)** | **Weighted<br>Average<br>Fair Value<br>per Share** |
| Non-vested as of December 31, 2025 | 510 | $112.44 |
| Granted | 209 | 115.93 |
| Vested | (161) | 98.84 |
| Cancelled | (13) | 117.89 |
| Non-vested as of March 31, 2026 | 545 | $117.68 |

---

As of March 31, 2026, the total remaining unrecognized compensation cost related to RSUs was $33 million, which will be amortized on a weighted-average basis over approximately 2.0 years.

*Performance Shares:* We have a long-term incentive plan for senior management in the form of performance share awards. The vesting of the performance shares is generally based on two performance metrics. Fifty percent of the performance shares awarded vest based on our total shareholder return as compared to the total shareholder return of our performance peer group, and the remaining fifty percent vest based on the calculation of our three-year average Adjusted Return on Invested Capital ("Adjusted ROIC") against an established Adjusted ROIC target.

For the 2026 performance shares awarded based on our total shareholder return, the number of shares that ultimately vest can range from zero to 200 percent of the grant depending on our total shareholder return as compared to the total shareholder return of our performance peer group. The share award vesting will be calculated at the end of the three-year period and is subject to approval by management and the People, Culture and Compensation Committee ("Compensation Committee") of the Board of Directors. Compensation expense is based on the fair value of the performance shares at the grant date, established using a Monte Carlo simulation model. We amortize the total compensation expense for these awards over a three-year graded vesting schedule.

For the 2026 performance shares awarded based on Adjusted ROIC, the number of shares that ultimately vest can range from zero to 200 percent of the grant depending on our Adjusted ROIC performance against the target. The share award vesting will be calculated at the end of the three-year period and is subject to approval by management and the Compensation Committee. We base compensation expense on the market price of our common stock on the grant date and the final number of shares that ultimately vest. We estimate the potential share vesting at least annually to adjust the compensation expense for these awards over the vesting period to reflect our estimated Adjusted ROIC performance against the target. We amortize the total compensation expense for these awards over a three-year graded vesting schedule.

For the first quarter of 2026, we awarded 116 thousand performance shares at a weighted average fair value of $136.63 per share. As of March 31, 2026, the unrecognized compensation cost related to these awards was $25 million, which we will amortize over the remaining service period of 2.45 years. The 2023 performance share awards that vested in February 2026 achieved a 181 percent payout of the granted performance shares. As of March 31, 2026, we estimate the 2024 performance share awards will pay out at 187 percent.

*Stock Options:* Under our stock incentive plan, stock options are granted at exercise prices that equal the market value of the underlying common stock on the date of grant. The options have a 10-year term and are exercisable upon vesting, which occurs over a three-year period at the anniversary dates of the date of grant. We generally recognize compensation expense on a straight-line basis for all awards over the employee's vesting period. We estimate a forfeiture rate at the time of grant and update the estimate throughout the vesting period of the stock options within the amount of compensation costs recognized in each period.

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<u>[**Table of Contents**](#i78fa9578848f47bda6ab2d7c1519a696_7)</u>

**Ingredion Incorporated**

Notes to the Condensed Consolidated Financial Statements

(dollars in millions, except per share data, unless otherwise noted)

We granted 158 thousand shares of stock options to purchase for the first quarter 2025 and did not grant any stock options for the first quarter of 2026. We estimated the fair value of each option grant by using the Black-Scholes option-pricing model with the following assumptions for 2025:

---

| | |
|:---|:---|
| | **Three Months Ended March 31, 2025** |
| Expected life (in years) | 5.5 |
| Risk-free interest rate | 4.1% |
| Expected volatility | 28.2% |
| Expected dividend yield | 2.5% |

---

The expected life of options represents the weighted average period that we expect options granted to be outstanding in view of vesting schedules and our historical exercise patterns. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the grant date for the period corresponding to the expected life of the options. Expected volatility is based on historical volatilities of our common stock, and dividend yields are based on our dividend yield at the date of issuance.

Stock option activity for the first quarter of 2026 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of Options<br>(in thousands)** | **Weighted Average Exercise Price per Share** | **Average Remaining Contractual Term (in years)** | **Aggregate Intrinsic Value<br>(in millions)** |
| Outstanding as of December 31, 2025 | 1269 | $105.75 | 5.3 | $13 |
| Granted |  |  |  |  |
| Exercised | (12) | 99.75 |  |  |
| Cancelled | (14) | 99.75 |  |  |
| Outstanding as of March 31, 2026 | 1243 | $105.88 | 5.1 | $15 |
| Exercisable as of March 31, 2026 | 1106 | $103.48 | 4.6 | $15 |

---

For the first quarter of 2026, cash received from the exercise of stock options was $1 million. As of March 31, 2026, the unrecognized compensation cost related to non-vested stock options totaled $1 million, which we expect to amortize over the weighted-average period of approximately 1.6 years.

Additional information pertaining to stock option activity was as follows:

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| Weighted average grant date fair value of stock options granted (per share) | $— | $33.53 |
| Total intrinsic value of stock options exercised |  | 1 |

---

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<u>[**Table of Contents**](#i78fa9578848f47bda6ab2d7c1519a696_7)</u>

**Ingredion Incorporated**

Notes to the Condensed Consolidated Financial Statements

(dollars in millions, except per share data, unless otherwise noted)

*Accumulated Other Comprehensive Loss:* A summary of accumulated other comprehensive loss for 2026 and 2025 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Cumulative Translation Adjustment** | **Hedging Activities** | **Pension and Postretirement Adjustment** | **AOCL** |
| Balance as of December 31, 2025 | $(899) | $(5) | $(33) | $(937) |
| Other comprehensive income before reclassification adjustments | 6 | 5 |  | 11 |
| (Income) reclassified from AOCL |  |  |  |  |
| Tax effect |  | (1) |  | (1) |
| Net other comprehensive income | 6 | 4 |  | 10 |
| Balance as of March 31, 2026 | $(893) | $(1) | $(33) | $(927) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Cumulative Translation Adjustment** | **Hedging Activities** | **Pension and Postretirement Adjustment** | **AOCL** |
| Balance as of December 31, 2024 | $(1061) | $4 | $(29) | $(1086) |
| Other comprehensive income before reclassification adjustments | 50 | 17 |  | 67 |
| (Income) reclassified from AOCL |  | (2) |  | (2) |
| Tax effect |  | (4) |  | (4) |
| Net other comprehensive income | 50 | 11 |  | 61 |
| Balance as of March 31, 2025 | $(1011) | $15 | $(29) | $(1025) |

---

*Supplemental Information*: The following table presents information about the computation of basic and diluted earnings per common share ("EPS"):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** |
| | **Net Income<br>Attributable<br>to Ingredion** | **Weighted<br>Average<br>Shares** | **Per<br>Share<br>Amount** | **Net Income<br>Attributable<br>to Ingredion** | **Weighted<br>Average<br>Shares** | **Per<br>Share<br>Amount** |
| Basic EPS | $142 | 63.2 | $2.25 | $197 | 64.5 | $3.05 |
| Effect of Dilutive Securities *(i)* |  | 0.8 |  |  | 1.1 |  |
| Diluted EPS | $142 | 64.0 | $2.22 | $197 | 65.6 | $3.00 |

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_________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(i)Incremental shares from assumed exercise of dilutive stock options, vesting of dilutive stock options, and vesting of dilutive RSUs and other awards.*

For the first quarter of 2026 and 2025, approximately 0.5 million and 0.1 million share-based awards of common stock were excluded from the calculation of the weighted average number of shares outstanding for diluted EPS because their effects were anti-dilutive.

**9. Segment Information**

We are principally engaged in the production and sale of starches and sweeteners for a wide range of industries. Our Texture & Healthful Solutions ("T&HS") segment has a global focus and primarily manufactures texturizing food ingredients. Our Food & Industrial Ingredients–Latin America ("F&II–LATAM") segment has a local focus and primarily manufactures food, ingredient, and industrial products, which we process from raw materials that we primarily source within South America and Mexico. Our Food & Industrial Ingredients–United States/Canada ("F&II–U.S./Canada") segment has a local focus and primarily manufactures food, ingredient, and industrial products, which we process from raw materials sourced within the U.S. and Canada. All Other consists of the businesses of multiple operating segments that are

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<u>[**Table of Contents**](#i78fa9578848f47bda6ab2d7c1519a696_7)</u>

**Ingredion Incorporated**

Notes to the Condensed Consolidated Financial Statements

(dollars in millions, except per share data, unless otherwise noted)

not individually or collectively classified as reportable segments. Net sales from All Other are generated primarily by sweetener and starch sales by our Pakistan business, sales of stevia and other ingredients from our PureCircle and Sugar Reduction businesses, and pea protein ingredients from our Protein Fortification business. Net sales by product are not presented because such presentation is not practicable.

Adjusted operating income presented by segment includes an arms-length profit margin for sales of manufactured products sold to other segments. We include specified and certain corporate costs in our reportable segments and All Other because the Chief Operating Decision Maker ("CODM") evaluates each segment's performance inclusive of these costs.

Net sales to affiliated and unaffiliated customers by reportable segment and All Other was as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** |
| | **T&HS** | **F&II–LATAM** | **F&II–U.S./Canada** | **All Other** | **Corporate** | **Total** |
| Segment net sales | $626 | $589 | $502 | $125 | $— |  |
| Inter-segment net sales | (9) | (10) | (27) | (4) |  |  |
| Net sales to unaffiliated customers | $617 | $579 | $475 | $121 | $— | $1792 |
| Segment cost of sales | $437 | $433 | $418 | $103 | $— |  |
| Other operating expenses | 80 | 31 | 23 | 15 | 40 |  |
| Adjusted operating income (loss) | $100 | $115 | $34 | $3 | $(40) | $212 |
| Unallocated (costs) *(i)* |  |  |  |  |  | (9) |
| Operating income |  |  |  |  |  | $203 |
|  | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** |
|  | **T&HS** | **F&II–LATAM** | **F&II–U.S./Canada** | **All Other** | **Corporate** | **Total** |
| Segment net sales | $611 | $586 | $553 | $121 | $— |  |
| Inter-segment net sales | (9) | (13) | (33) | (3) |  |  |
| Net sales to unaffiliated customers | $602 | $573 | $520 | $118 | $— | $1813 |
| Segment cost of sales | $426 | $420 | $405 | $101 | $— |  |
| Other operating expenses | 77 | 26 | 23 | 17 | 45 |  |
| Adjusted operating income (loss) | $99 | $127 | $92 | $— | $(45) | $273 |
| Unallocated income *(i)* |  |  |  |  |  | 3 |
| Operating income |  |  |  |  |  | $276 |

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<u>[**Table of Contents**](#i78fa9578848f47bda6ab2d7c1519a696_7)</u>

**Ingredion Incorporated**

Notes to the Condensed Consolidated Financial Statements

(dollars in millions, except per share data, unless otherwise noted)

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| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| *(i)* Unallocated (costs) income: | **2026** | **2025** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restructuring costs | $(11) | $(1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other matters | 2 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment charges |  | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total unallocated (costs) income | $(9) | $3 |

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The CODM evaluates performance, makes strategic decisions, and allocates resources based on Property, plant and equipment, net for internal and external reporting purposes. Property, plant and equipment, net by reportable segment and All Other was as follows:

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| | | |
|:---|:---|:---|
| | **As of <br>March 31, 2026** | **As of <br>December 31, 2025** |
| &nbsp;&nbsp;Texture & Healthful Solutions | $984 | $979 |
| &nbsp;&nbsp;Food & Industrial Ingredients–LATAM | 605 | 592 |
| &nbsp;&nbsp;Food & Industrial Ingredients–U.S./Canada | 625 | 612 |
| &nbsp;&nbsp;All Other *(i)* | 347 | 343 |
| Total property, plant and equipment, net | $2561 | $2526 |

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_____________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(i)For purposes of presentation, All Other includes Corporate assets.*

 **10. Commitments and Contingencies**

On November 17, 2025, we entered into a lease for a new Global Innovation headquarters facility that will be built in Bridgewater, New Jersey, where we currently lease another facility for research and operations. When the Global Innovation headquarters construction is substantially complete and ready for our use, which we estimate will be in the first half of 2028, subject to environmental conditions, structural dependencies and regulatory approvals, we will begin lease payments for a term of 25 years. Lease payments will be primarily based on the cost to construct the facility, which we estimate will be approximately $145 million.

We will file to recover previously taxable local government tax incentives in Brazil when we believe that the recovery will be probable. As of March 31, 2026 and December 31, 2025, we had $17 million and $21 million of remaining tax incentives, which have decreased due to use of the tax credits. We expect to use a portion of these credits within one year. As of March 31, 2026, $11 million was recorded in Accounts receivable, net and $6 million in Other non-current assets on the Condensed Consolidated Balance Sheets.

We are currently subject to claims and suits arising in the ordinary course of business, including workplace and labor matters, asbestos related claims, environmental proceedings and other commercial claims. We also routinely receive inquiries from regulators and other government authorities relating to various aspects of our business, including with respect to compliance with laws and regulations relating to the environment, and at any given time we have matters at various stages of resolution with the applicable government authorities. The outcomes of these matters are not within our complete control and may not be known for prolonged periods. We do not believe that the results of currently known legal proceedings and inquiries will be material to us. There can be no assurance, however, that such proceedings, matters, claims, suits or investigations or those arising in the future, whether taken individually or in the aggregate, will not have a material adverse effect on our financial condition or results of operations.

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<u>[**Table of Contents**](#i78fa9578848f47bda6ab2d7c1519a696_7)</u>

**Ingredion Incorporated**

Notes to the Condensed Consolidated Financial Statements

(dollars in millions, except per share data, unless otherwise noted)

**11. Supplementary Information**

*Accounts receivable, net*

Accounts receivable, net was as follows:

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| | | |
|:---|:---|:---|
| | **As of <br>March 31, 2026** | **As of <br>December 31, 2025** |
| &nbsp;&nbsp;&nbsp;Accounts receivable – trade | $1193 | $1031 |
| &nbsp;&nbsp;&nbsp;Accounts receivable – other | 175 | 164 |
| &nbsp;&nbsp;&nbsp;Allowance for credit losses | (10) | (10) |
| Total accounts receivable, net | $1358 | $1185 |

---

There were no significant contract assets or contract liabilities associated with our customers as of March 31, 2026 or December 31, 2025. Liabilities for volume discounts and incentives were also not significant as of March 31, 2026 or December 31, 2025.

*Inventories*

Inventories were as follows:

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| | | |
|:---|:---|:---|
| | **As of <br>March 31, 2026** | **As of <br>December 31, 2025** |
| &nbsp;&nbsp;&nbsp;Finished and in process | $734 | $753 |
| &nbsp;&nbsp;&nbsp;Raw materials | 366 | 389 |
| &nbsp;&nbsp;&nbsp;Manufacturing supplies | 83 | 85 |
| Total inventories | $1183 | $1227 |

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*Property, Plant and Equipment, Net*

On May 1, 2026, we committed to a plan to cease operations at our Cabo, Brazil manufacturing facility as of June 30, 2026. We expect to incur pre-tax non-recurring charges of approximately $43 million under the plan, of which approximately $36 million is expected to consist of impairment charges relating to fixed assets and inventory write-downs and approximately $7 million is expected to consist of cash expenditures for employee-related costs, severance payments, and other termination-related costs. We expect to incur most of these charges in the second quarter of 2026.

On April 10, 2026, our manufacturing facility in Bedford Park, Illinois experienced a thermal event in our corn germ processing operations ("Argo thermal event"). As a result of the Argo thermal event, we expect to incur direct costs of approximately $20 million primarily related to inventory write-downs and machinery repairs, which we expect to recognize in the second quarter of 2026.

We evaluated the Argo thermal event as a subsequent event and estimated direct costs disclosed above as of May 8, 2026. We continue to diagnose circumstances related to the event, and estimates and actual amounts may change as our evaluations progress, costs are incurred, and expenditures are realized.

*Supply Chain Finance Programs*

Under supply chain finance programs administered by third-party banks, our suppliers have the opportunity to sell receivables due from us to participating financing institutions and receive earlier payment at a discount. Our responsibility is limited to making payment on the terms originally negotiated with our supplier, regardless of whether such supplier sells its receivable to a financial institution. The payment terms we negotiate with a supplier are independent of whether such

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<u>[**Table of Contents**](#i78fa9578848f47bda6ab2d7c1519a696_7)</u>

**Ingredion Incorporated**

Notes to the Condensed Consolidated Financial Statements

(dollars in millions, except per share data, unless otherwise noted)

supplier participates in a supply chain finance program, and participation in any such program by a supplier has no effect on our income or cash flows.

As of March 31, 2026 and December 31, 2025, participating financial institutions held $131 million and $148 million of our liabilities recorded in Accounts payable and Accrued liabilities and liabilities held for sale on our Condensed Consolidated Balance Sheets. As of March 31, 2026, supply chain finance programs existed primarily for operations in Brazil, Thailand, the U.S., China, Mexico, certain PureCircle entities, Colombia and Peru.

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**ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

*Unless otherwise indicated or the context otherwise requires, as used in this "Management's Discussion and Analysis of Financial Condition and Results of Operations," the terms the "Company," "Ingredion," "we," "us," and "our" and similar terms refer to Ingredion Incorporated and its consolidated subsidiaries. This discussion should be read in conjunction with the unaudited interim Condensed Consolidated Financial Statements and related notes included elsewhere in this report and with the audited Condensed Consolidated Financial Statements and the related notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2025. This discussion contains forward-looking statements that are subject to numerous risks and uncertainties. Actual results may differ materially from those contained or implied in any forward-looking statements. See "Forward-Looking Statements" at the end of this discussion.*

**Overview**

We are a leading global ingredients solutions provider that transforms grains, fruits, vegetables and other plant-based materials into value-added ingredient solutions for the food, beverage, animal nutrition, brewing and industrial markets. Our innovative ingredient solutions help customers stay on trend with simple ingredients and other in-demand ingredients. We are organized into three reportable segments that consist of Texture & Healthful Solutions ("T&HS"), Food & Industrial Ingredients ("F&II")*–*Latin America ("LATAM"), and F&II–U.S./Canada, as well as All Other.

Net income attributable to Ingredion for the first quarter of 2026 decreased to $142 million from $197 million for the first quarter of 2025. Operating income decreased 26 percent to $203 million for the first quarter of 2026 from $276 million for the first quarter of 2025, which included lower gross profit and increased operating expenses. Gross profit decreased 14 percent to $401 million for the first quarter of 2026 from $466 million for the first quarter of 2025, primarily from lower fixed cost absorption from lower volumes. Net sales decreased 1 percent to $1,792 million for the first quarter of 2026 from $1,813 million for the first quarter of 2025.

**Results of Operations**

We have significant operations globally. Fluctuations in foreign currency exchange rates affect the U.S. dollar amounts of our foreign subsidiaries' net sales and expenses. For most of our foreign subsidiaries, the local foreign currency is the functional currency. Accordingly, net sales and expenses denominated in the functional currencies of these subsidiaries are translated into U.S. dollars at the applicable average exchange rates for the period.

**First Quarter of 2026**

**With Comparatives to First Quarter of 2025**

**Net sales**. Net sales decreased 1 percent to $1,792 million for the first quarter of 2026 compared to $1,813 million for the first quarter of 2025. The decrease was primarily driven by lower volume and less favorable mix in the F&II–U.S./Canada business, partially offset by higher net sales in T&HS and favorable foreign exchange impacts.

**Cost of sales**. Cost of sales increased 3 percent to $1,391 million for the first quarter of 2026 compared to $1,347 million for the first quarter of 2025. The increase was due primarily to increased operating costs in the F&II–U.S./Canada business. Gross profit margin decreased to 22 percent for the first quarter of 2026 from 26 percent for the first quarter of 2025 due to lower fixed cost absorption from lower volumes.

**Operating expenses**. Operating expenses increased 4 percent to $200 million for the first quarter of 2026 compared to $193 million for the first quarter of 2025. Operating expenses as a percentage of net sales was 11 percent for both the first quarter of 2026 and 2025. The increase in operating expenses was primarily attributable to increased employee costs.

**Other operating (income), net.** Other operating (income), net was $(13) million for the first quarter of 2026 compared to $(10) million for the first quarter of 2025.

**Restructuring/impairment charges**. Restructuring/impairment charges were $11 million for the first quarter of 2026 compared to $7 million for the first quarter of 2025, and were primarily related to estimated legal entity restructuring costs in the current quarter.

**Financing costs**. Financing costs of $9 million for the first quarter of 2026 were unchanged from the first quarter of 2025.

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**Provision for income taxes**. Our effective income tax rate for the first quarter of 2026 was 25.8 percent compared to 25.5 percent for the first quarter of 2025. The increase in the effective tax rate was primarily driven by the impact estimated costs related to a legal entity restructuring in the quarter. This impact was partially offset by the change in value of the Mexican peso relative to the U.S. dollar.

**Net income attributable to Ingredion**. Net income attributable to Ingredion for the first quarter of 2026 decreased to $142 million from $197 million for the first quarter of 2025. The decrease was primarily due to the decrease in operating income, partially offset by a lower provision for income taxes.

**<u>Segment Results</u>**

*Texture & Healthful Solutions*

**Net sales**. T&HS net sales increased to $617 million for the first quarter of 2026 from $602 million for the first quarter of 2025. The increase was primarily due to higher volumes and favorable foreign exchange impacts, partially offset by unfavorable price mix.

**Segment operating income**. T&HS operating income increased 1 percent to $100 million for the first quarter of 2026 compared to $99 million for the first quarter of 2025. The increase was primarily due to foreign exchange impacts.

*Food & Industrial Ingredients–LATAM*

**Net sales**. F&II–LATAM net sales increased 1 percent to $579 million for the first quarter of 2026 from $573 million for the first quarter of 2025. The increase was primarily due to favorable foreign exchange impacts, partially offset by lower volumes and product mix.

**Segment operating income**. F&II–LATAM operating income decreased 9 percent to $115 million for the first quarter of 2026 compared to $127 million for the first quarter of 2025. The decrease was driven primarily by Mexico transactional currency impacts and softer volumes.

*Food & Industrial Ingredients–U.S./Canada*

**Net sales**. F&II–U.S./Canada net sales decreased 9 percent to $475 million for the first quarter of 2026 from $520 million for the first quarter of 2025. The decrease was primarily due to lower volumes and unfavorable price mix partly offset by favorable foreign exchange impacts.

**Segment operating income**. F&II–U.S./Canada operating income decreased 63 percent to $34 million for the first quarter of 2026 from $92 million for the first quarter of 2025. The decrease resulted primarily from production challenges at our Argo facility and softer volumes and mix.

*All Other*

**Net sales**. All Other net sales increased 3 percent to $121 million for the first quarter of 2026 from $118 million for the first quarter of 2025. The increase was primarily due to improved price mix.

**Segment operating income**. All Other operating income was $3 million for the first quarter of 2026 and zero for the first quarter of 2025, reflecting improvements in the plant-based protein business.

**Liquidity and Cash** 

As of March 31, 2026, we had total available liquidity of $3.8 billion. Domestic liquidity of $1.5 billion consisted of $546 million in cash and cash equivalents and $1.0 billion available through our commercial paper program. The commercial paper program is backed by $1.0 billion of borrowing availability under a five-year revolving credit agreement.

As of March 31, 2026, we had international liquidity of $2.3 billion, consisting of $368 million of cash and cash equivalents and $4 million of short-term investments held by our operations outside the U.S., as well as $1.9 billion of unused operating lines of credit in foreign countries where we operate. As the parent company, we guarantee certain obligations of our consolidated subsidiaries, which totaled $39 million as of March 31, 2026. We believe that our consolidated subsidiaries will be able to meet their financial obligations as they become due.

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As of March 31, 2026, we had total debt outstanding of $1.8 billion. Our outstanding debt consists primarily of senior notes under which repayment at maturity will occur in various years commencing in 2026 through 2050. We classify senior notes due in 2026 as long-term as we have the intent and ability to refinance the principal amount on a long-term basis. The weighted average interest rate on our total indebtedness was 4.1 percent for the first quarter of 2026 and 4.0 percent for the first quarter of 2025.

The principal source of our liquidity is our internally generated cash flow, which we supplement as necessary with our ability to borrow under our credit facilities and commercial paper program and to raise funds in the capital markets. We currently expect that our available cash balances, future cash flow from operations, access to debt markets and borrowing capacity under our revolving credit facility and commercial paper program will provide us with sufficient liquidity to fund our anticipated capital expenditures, dividends and other operating, investing and financing activities for at least the next twelve months and for the foreseeable future thereafter. Our future cash flow needs will depend on many factors, including our rate of revenue growth, cost of raw materials, changing working capital requirements, the timing and extent of our expansion into new markets, the timing of introductions of new products, potential acquisitions of complementary businesses and technologies, continuing market acceptance of our new products and general economic and market conditions. We may need to raise additional capital or incur indebtedness to fund our needs for less predictable strategic initiatives, such as acquisitions.

**Net Cash Flows**

Our cash provided by operating activities was $33 million for the first quarter of 2026 compared to cash provided by operating activities of $77 million for the first quarter of 2025. The decrease was primarily attributable to a decrease in net income of $55 million partly off by a $26 million change in working capital primarily driven by decreased inventories.

We used $110 million of cash for capital expenditures and mechanical stores purchases to update, expand and improve our facilities during the first quarter of 2026 compared to $92 million of cash we applied during the first quarter of 2025 for the same purposes. Capital investment commitments for the remainder of 2026 are anticipated to be between $400 million and $440 million.

We used $48 million of cash for financing activities during the first quarter of 2026 compared to cash used for financing activities of $166 million during the first quarter of 2025. The difference primarily reflected proceeds from net borrowings of $35 million during the first quarter of 2026 compared to $48 million of net repayments of borrowings during the first quarter of 2025. In addition, during the first quarter of 2026, we repurchased 120 thousand outstanding shares of common stock in open market transactions at a net cost of $14 million, compared to the first quarter of 2025 when we repurchased 409 thousand outstanding shares of common stock at a net cost of $55 million.

We declare and pay cash dividends to our common stockholders of record on a quarterly basis. Dividends paid, including those to non-controlling interests, was $52 million during the first quarter of 2026 and 2025. This reflects an increase in our quarterly dividend rate to $0.82 per share in 2026 from $0.80 per share in 2025, offset by a decrease in our outstanding common shares.

**Critical Accounting Policies and Estimates**

Our critical accounting policies and estimates are described in Management's Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the year ended December 31, 2025. There have been no changes to our critical accounting policies and estimates during year-to-date 2026.

**New Accounting Pronouncements**

Information relating to new accounting pronouncements is incorporated herein by reference to Note 1 to the Condensed Consolidated Financial Statements included in this report.

**Forward-Looking Statements**

This Form 10-Q contains or may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Ingredion intends these forward-looking statements to be covered by the safe harbor provisions for such statements.

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Forward-looking statements include, among others, any statements regarding our prospects, future operations, or future financial condition, earnings, net sales, tax rates, capital expenditures, cash flows, expenses or other financial items, including management's plans or strategies and objectives for any of the foregoing and any assumptions, expectations or beliefs underlying any of the foregoing.

These statements can sometimes be identified by the use of forward-looking words such as "may," "will," "should," "anticipate," "assume," "believe," "plan," "project," "estimate," "expect," "intend," "continue," "pro forma," "forecast," "outlook," "opportunities," "potential," or other similar expressions or the negative thereof. All statements other than statements of historical facts therein are "forward-looking statements."

These statements are based on current circumstances or expectations, but are subject to certain inherent risks and uncertainties, many of which are difficult to predict and beyond our control. Although we believe our expectations reflected in these forward-looking statements are based on reasonable assumptions, investors are cautioned that no assurance can be given that our expectations will prove correct.

Actual results and developments may differ materially from the expectations expressed in or implied by these statements, based on various risks and uncertainties, including changes in consumer practices, preferences, price sensitivity, behaviors, demand and perceptions; the impact of geopolitical developments, tensions, threats or conflicts on the availability and prices of raw materials and energy supplies; supply chains and foreign exchange and interest rates; the impact of global business and economic conditions on demand for our products or our access to global credit and equity markets; our reliance on certain industries for a significant portion of our sales; operating difficulties at our manufacturing facilities and liabilities relating to product safety and quality; our ability to keep pace with technological developments in research and development and continue to offer innovative products; competitive pressures that may adversely affect our market share, revenue and profitability; market volatility that may adversely affect our ability to pass through potential increases in the cost of corn and other raw materials to customers, to purchase quantities of corn and other raw materials at prices sufficient to sustain or increase our profitability, or to supply product quantities and meet shipment delivery requirements that our customers demand; the impact on inputs to our procurement, production processes and delivery channels, such as raw material, energy, and freight and logistics, of price fluctuations, supply chain interruptions, tariffs, duties, and shortages; our ability to contain costs, manage working capital, and achieve budgets, including completion of planned maintenance and investment projects on time and on budget; global climate change and legal, regulatory, or market measures to address climate change; our ability to identify and complete acquisitions, divestitures, or strategic alliances on favorable terms or achieve anticipated synergies; the economic, political and other risks inherent in conducting operations in foreign countries and with foreign currencies; our ability to maintain satisfactory labor relations; our ability to attract, develop, retain, motivate and maintain good relationships with our workforce, including key personnel; the impact of legal and regulatory proceedings; the risks associated with pandemics; the impact of any impairment charges on intangible assets and goodwill; global and regional economic policies and changes to existing laws and regulations; changes in our tax rates or exposure to additional income tax liabilities; increases in interest rates that could increase our borrowing costs; risks affecting our ability to raise funds at reasonable rates and other factors affecting our access to sufficient funds for future growth and expansion; risks relating to the use of artificial intelligence and other advanced technologies, and our reliance on third-party technology providers; interruptions, security incidents, or failures with respect to information technology systems, processes, and sites; risks affecting the continuation of our dividend policy; and our ability to maintain effective internal control over financial reporting.

Our forward-looking statements speak only as of the date on which they are made, and we do not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of the statement as a result of new information or future events or developments or otherwise. If we do update or correct one or more of these statements, investors and others should not conclude that we will make additional updates or corrections. For a further description of these and other risks, see "Risk Factors" and other information included in our Annual Report on Form 10-K for the year ended December 31, 2025 and in our subsequent reports on Form 10-Q and Form 8-K filed with the Securities and Exchange Commission.

**ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK**

See the discussion set forth in Part II, Item 7A. Quantitative and Qualitative Disclosures About Market Risk in our Annual Report on Form 10-K for the year ended December 31, 2025 for a discussion of the manner in which we address risks with respect to raw material and energy costs, interest rates, and foreign currencies. There have been no material changes in the information provided with respect to those risks during the first quarter of 2026.

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**ITEM 4. CONTROLS AND PROCEDURES**

Our management, including our Chief Executive Officer and our Interim Chief Financial Officer, performed an evaluation of the effectiveness of our disclosure controls and procedures as of March 31, 2026. Based on that evaluation, our Chief Executive Officer and our Interim Chief Financial Officer concluded that, as of March 31, 2026, our disclosure controls and procedures (a) are effective in providing reasonable assurance that all information required to be disclosed in the reports that we file or submit under the Securities Exchange Act of 1934, as amended (the "Exchange Act") has been recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms and (b) are designed to ensure that information required to be disclosed in the reports we file or submit under the Exchange Act is accumulated and communicated to our management, including our principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

There have been no changes in our internal control over financial reporting during the quarter ended March 31, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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**PART II. OTHER INFORMATION**

**ITEM 1. LEGAL PROCEEDINGS**

As of the date of this report, there have been no material developments in the environmental proceedings related to our Bedford Park, Illinois manufacturing facility discussed in Part I, Item 3. Legal Proceedings in our Annual Report on Form 10-K for the year ended December 31, 2025.

In addition to the forgoing matter, we are currently subject to claims and suits arising in the ordinary course of business, including those relating to labor matters, certain environmental proceedings, and commercial claims. We also routinely receive inquiries from regulators and other government authorities relating to various aspects of our business, including with respect to compliance with laws and regulations relating to the environment, and at any given time, we have matters at various stages of resolution with the applicable governmental authorities. The outcomes of these matters are not within our complete control and may not be known for prolonged periods of time. We do not believe that the results of currently known legal proceedings and inquires will be material to us. There can be no assurance, however, that such claims, suits, or investigations or those arising in the future, whether taken individually or in the aggregate, will not have a material adverse effect on our financial condition or results of operations.

**ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS**

**Purchases of common stock**

The following table presents information regarding our repurchase of shares of our common stock during the first quarter of 2026:

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| | | | | |
|:---|:---|:---|:---|:---|
| **(shares in thousands)** | **Total<br>Number<br>of Shares<br>Purchased** | **Average<br>Price<br>Paid<br>per Share** | **Total Number of<br>Shares Purchased as<br>Part of Publicly<br>Announced Plans or<br>Programs** | **Maximum Number<br>(or Approximate<br>Dollar Value) of<br>Shares That May Yet<br>be Purchased Under<br>Publicly Announced Plans or Programs** |
| January 1 – January 31, 2026 | 120 | $111.68 | 120 | 7310 |
| February 1 – February 28, 2026 |  |  |  | 7310 |
| March 1 – March 31, 2026 |  |  |  | 7310 |
| Total | 120 | $111.68 | 120 |  |

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On November 3, 2025, the Board of Directors approved a stock repurchase program authorizing us to purchase up to 8.0 million shares of our outstanding common stock until December 31, 2028. As of March 31, 2026, we had 7.3 million shares available for repurchase under the repurchase program.

**ITEM 5. OTHER INFORMATION**

*<u>Trading Arrangements</u>*

On January 9, 2026, James Gray, at that time the Company's Executive Vice President and Chief Financial Officer, terminated an existing written plan that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act. The original plan was adopted on November 19, 2025 and provided for the sale of up to 11,322 shares of our common stock between March 31, 2026 and December 31, 2026. As of the date of termination, Mr. Gray had not sold any shares of common stock pursuant to the terms of the plan.

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**ITEM 6. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES**

a) Exhibits

We hereby file or furnish the exhibits listed below:

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| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 10.1\*† | <u>[Form of Restricted Share Award Agreement for use in connection with awards under the 2023 Stock Incentive Plan.](ingr-20260331xex101.htm)</u> |
| 31.1† | <u>[Certification of Chief Executive Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](ingr-20260331xex311.htm)</u> |
| 31.2† | <u>[Certification of Chief Financial Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](ingr-20260331xex312.htm)</u> |
| 32.1†† | <u>[Certification of Chief Executive Officer pursuant to Rule 13a-14(b) or Rule 15d-14(b) under the Securities Exchange Act of 1934 and Section 1350 of Chapter 63 of Title 18 of the United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](ingr-20260331xex321.htm)</u> |
| 32.2†† | <u>[Certification of Chief Financial Officer pursuant to Rule 13a-14(b) or Rule 15d-14(b) under the Securities Exchange Act of 1934 and Section 1350 of Chapter 63 of Title 18 of the United States Code, as adopted pursuant to Section 906 of the Sarbanes Oxley Act of 2002.](ingr-20260331xex322.htm)</u> |
| 101.INS† | XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document). |
| 101.SCH† | Inline XBRL Taxonomy Extension Schema Document. |
| 101.CAL† | Inline XBRL Taxonomy Extension Calculation Linkbase Document. |
| 101.DEF† | Inline XBRL Taxonomy Extension Definition Linkbase Document. |
| 101.LAB† | Inline XBRL Taxonomy Extension Label Linkbase Document. |
| 101.PRE† | Inline XBRL Taxonomy Extension Presentation Linkbase Document. |
| 104† | Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document, which is contained in Exhibit 101). |

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_____________________

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| | |
|:---|:---|
| \* | Management contract or compensatory plan or arrangement |
| † | Filed with this report. |
| †† | Furnished with this report. |

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**<u>SIGNATURES</u>**

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

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| | | |
|:---|:---|:---|
| | **INGREDION INCORPORATED** | **INGREDION INCORPORATED** |
| Date: May 8, 2026 | By: | /s/ Jason A. Payant |
|  | Jason A. Payant | Jason A. Payant |
|  | Vice President and Interim Chief Financial Officer | Vice President and Interim Chief Financial Officer |
| Date: May 8, 2026 | By: | /s/ Davida M. Gable |
|  | Davida M. Gable | Davida M. Gable |
|  | Vice President, Corporate Controller, Finance and Environmental, Social and Governance | Vice President, Corporate Controller, Finance and Environmental, Social and Governance |

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## Exhibit 10.1

**Exhibit 10.1**

**Ingredion Incorporated**

**Stock Incentive Plan**

**Global Restricted Stock Unit Award Agreement**

Pursuant to this Global Restricted Stock Unit Award Agreement (individually and collectively with any Addendum, this "**Award Agreement**"), Ingredion Incorporated (the "**Company**") has granted you an award of Restricted Stock Units ("**Award**") under the Ingredion Incorporated Stock Incentive Plan (as may be amended from time to time, the "**Plan**"). Capitalized terms used in this Award Agreement shall have the meanings ascribed to them in the Plan or in this Award Agreement, as applicable. If there is any inconsistency between the terms of this Award Agreement and the terms of the Plan, except as otherwise expressly provided in the Plan, the Plan's terms shall supersede and replace the conflicting terms of this Award Agreement (other than the specific provisions in Part B of the Addendum to this Award Agreement, which shall have effect where they conflict with the Plan's terms).

Subject to the terms of this Award Agreement and the Plan, the Award represents the right to receive in the future (a) a number of whole shares of Common Stock equal to the number of Restricted Stock Units vesting on the Vesting Date (as defined below), or (b) a cash payment equal to the product of the number of Restricted Stock Units vesting on such Vesting Date and the Fair Market Value of one Share on such vesting date or (c) a combination of the foregoing.

The grant date of the Award and the number of Restricted Stock Units covered by the Award are set forth in that certain separate communication provided to you by the Company concurrently with the delivery of this Award Agreement. By accepting the Award, you acknowledge that the Company has provided you with the details of the Award in (i) the electronic stock administration account established for you by the Company, or (ii) other applicable electronic or written communication that sets forth the grant date and the number of Restricted Stock Units covered by the Award. The Award Agreement and the Plan together govern your rights under the Award and the Plan and set forth all of the conditions and limitations affecting such rights.

**Overview of Your Grant**

1.**General**. Except as provided below, you shall not be entitled to any privileges of ownership with respect to the shares of Common Stock subject to the Award unless and until, and only to the extent, the Restricted Stock Units subject to the Award are settled and you become a stockholder of record with respect to such shares as provided herein.

2.**Vesting Period**. The Restricted Stock Units awarded and/or credited under the Award Agreement will become fully vested on the third anniversary of the grant date (the "**Vesting Date**"). During the period beginning on the grant date and ending on the Vesting Date (the "**Vesting Period**"), the Restricted Stock Units awarded and/or credited under the Award Agreement may not be sold, transferred, assigned, pledged, hypothecated or otherwise encumbered or disposed of, except as provided in the Plan or the Award Agreement. If all of the terms and conditions of the Award Agreement and the Plan are met on the Vesting Date, subject to Sections 5, 8 and 9 of this Award Agreement, then you will be issued the number of shares of Common Stock subject to the Restricted Stock Units then held by you which were issued and/or credited to you under the Award Agreement. The issuance shall occur upon the Vesting Date or as soon as administratively practicable thereafter (but in no event later than thirty (30) days following the Vesting Date).

Notwithstanding the effect that Section 5.8(a)(1) of the Plan would otherwise have, unless otherwise determined by the Board of Directors of the Company ("**Board**") or as otherwise required under

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Section 409A of the Internal Revenue Code ("**Section 409A of the Code**"), in the event of a Change in Control pursuant to Section 5.8(b)(3) or (4) of the Plan in connection with which the holders of Common Stock receive shares of common stock that are registered under Section 12 of the Exchange Act (and, for the avoidance of doubt, not in the event of a Change in Control to which Section 5.8(a)(2) of the Plan applies):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)The Restriction Period applicable to the Restricted Stock Units shall lapse upon the earliest to occur of: (A) the Vesting Date, subject to your continued employment or service with the Company or any of its Subsidiaries or affiliates (individually, collectively, or in any combination thereof, the "**Company Group**") through such date, (B) the termination of your employment by the Company Group without Cause (as defined below) within two (2) years following such Change in Control (the "**Protection Period**"), and (C) the termination of your employment with the Company Group due to your resignation for Good Reason (as defined below) within the Protection Period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)There shall be substituted for each share of Common Stock relating to the Restricted Stock Units the number, type and class of shares into which each outstanding share of Common Stock shall be converted pursuant to such Change in Control.

For purposes of the foregoing and this Award Agreement, "**Cause**" shall mean:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Your willful engagement in conduct which involves dishonesty or moral turpitude which either (A) results in your substantial personal enrichment at the expense of the Company Group or (B) is demonstrably and materially injurious to the financial condition or reputation of the Company Group or (C) is a material violation of the Company's Code of Conduct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Your willful violation of any provision of Section 25 of this Award Agreement, as well as the Employee Confidentiality and Intellectual Property Assignment Agreement, and Employee Restrictive Covenant Agreement entered into between the Company Group and you, all of which remain in effect and survive to afford the Company Group the greatest protection allowed by law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)The commission by you of a felony; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)Your failure or refusal to perform the duties or responsibilities of your position or as otherwise assigned within ten (10) days written notice.

An act or omission shall be deemed "**willful**" only if done, or omitted to be done, in bad faith and without reasonable belief that it was in the best interest of the Company Group. Notwithstanding the foregoing, you shall not be deemed to have been terminated for Cause unless and until there shall have been delivered to you a written notice of termination from the People, Culture and Compensation Committee of the Board or its delegate (the "**Committee**") after reasonable notice to you and an opportunity for you, together with your counsel, to be heard before the Committee (or designee), finding that, in the good faith opinion of such Committee (or designee), you were guilty of conduct set forth above in clause (i), (ii), or (iv) of the definition of "Cause" above and specifying the particulars in detail.

For purposes of the foregoing, "**Good Reason**" shall mean the occurrence of any one or more of the following events without your consent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)A material reduction in your base salary, unless reduction is applied uniformly to all Section 16 Officers;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)A change in the geographic location where you must perform services of more than a fifty (50) mile radius from your designated office location, and that also substantially increases your commute time to such new geographic location from your residence, unless location change is applied uniformly to all similarly situated Section 16 Officers; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)A material reduction in your duties or responsibilities, excluding any change in title, position, or reporting relationship.

Notwithstanding the foregoing, you will not be deemed to have resigned for Good Reason unless (A) you provide the Committee (or designee) with written notice setting forth in reasonable detail the facts and circumstances claimed by you to constitute Good Reason within ninety (90) days after the date on which the Participant becomes aware, or reasonably should have become aware of the initial occurrence of any event that constitutes Good Reason, (B) the Company Group fails to cure such acts or omissions within thirty (30) days following the Committee's (or designee) receipt of such notice, and (C) you terminate your employment within thirty (30)-days after the end of such cure period.

For the avoidance of doubt, your termination of employment shall be for Good Reason, if you have satisfied the Good Reason conditions, notwithstanding that you may have other reasons for terminating employment, including an offer of employment by another employer that you desire to accept.

3.**Termination of Employment**. Subject to Section 2 of this Award Agreement and Section 3 of the Plan, in the event that you terminate your employment with the Company Group for any reason, or in the event that the Company Group terminates your employment with or without Cause, all of the unvested Restricted Stock Units you hold at the time your employment terminates shall be forfeited to the Company; provided, however, that in the event (a) your employment with the Company Group is terminated due to death or (b) the Company Group terminates your employment as a result of your disability (meaning permanent and total disability as determined under the procedures established by the Company Group for purposes of its Long Term Disability Plan), the Restricted Stock Units awarded and/or credited under the Award Agreement will fully vest on the date of termination.

4.**Voting Rights and Dividends**. You do not have the right to vote any shares of Common Stock or to receive dividends on them prior to the date such shares are issued to you pursuant to the terms of the Award Agreement. As of each date on which dividends are paid on the shares of Common Stock, the Company shall credit to the Award additional Restricted Stock Units, the number of which shall be determined by multiplying the amount of such dividend per share of Common Stock by the number of shares of Common Stock then subject to the Award, and dividing the product thereof by the Fair Market Value of a share of Common Stock on the applicable dividend payment date.

5.**Income Tax and Social Insurance Contribution Withholding**. Prior to the issuance or delivery of any shares of Common Stock, the Company or the Subsidiary or affiliate that employs you (the "**Employer**") (if applicable) shall have the right to require you to pay any U.S. Federal, state, local or other taxes (including non-U.S. taxes, social insurance, payroll tax, payment on account or other tax-related withholding) ("**Tax-Related Items**") which may be required to be withheld or paid in connection with the Restricted Stock Units. Such obligation shall be satisfied either:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)by the Company by withholding whole shares of Common Stock which would otherwise be delivered to you, having an aggregate Fair Market Value determined as of the date the obligation to withhold or pay taxes arises in connection with the Restricted Stock Units (the "**Tax Date**"), or by the Company or Employer withholding an amount of cash which would otherwise be payable to you, in the amount necessary to satisfy any such obligation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)by you by any of the following means: (i) a cash payment to the Company or the Employer in the amount necessary to satisfy any such obligation, (ii) delivery (either actual delivery or by attestation procedures established by the Company) to the Company of shares of Common Stock having an aggregate Fair Market Value, determined as of the Tax Date, equal to the amount necessary to satisfy any such obligation, (iii) authorizing the Company to withhold whole shares of Common Stock which would otherwise be delivered having an aggregate Fair Market Value, determined as of the Tax Date, or withhold an amount of cash which would otherwise be payable to you, equal to the amount necessary to satisfy any such obligation, or (iv) any combination of (i), (ii) and (iii).

Regardless of any action the Company or the Employer (if applicable) takes with respect to any or all Tax-Related Items, you acknowledge and agree that the ultimate liability for all Tax-Related Items legally due by you is and remains your responsibility and that the Company and/or the Employer (i) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the Restricted Stock Units or the shares of Common Stock issued as a result of the vesting of the Restricted Stock Units, and (ii) do not commit to structure the terms of the Award (or any aspect of the Restricted Stock Units) to reduce or eliminate your liability for Tax-Related Items.

6.**Continuation of Employment**. The Award Agreement shall not confer upon you any right to continuation of employment by the Company Group, nor shall the Award Agreement interfere in any way with the Company Group's right to terminate your employment at any time, except to the extent expressly provided otherwise in a written agreement between you and the Company Group or prohibited by law.

7.**No Right to Future Grants; No Right of Employment; Extraordinary Item**. In accepting the Award, you acknowledge that: (a) the Plan is established voluntarily by the Company, is discretionary in nature and may be modified, suspended or terminated by the Company at any time, as provided in the Plan and the Award Agreement; (b) the Award is voluntary and occasional and does not create any contractual or other right to receive future grants of Restricted Stock Units, or benefits in lieu of Restricted Stock Units, even if Restricted Stock Units have been granted repeatedly in the past; (c) all decisions with respect to future grants, if any, will be at the sole discretion of the Company; (d) your participation in the Plan is voluntary; (e) the Restricted Stock Units and any shares of Common Stock subject to the Restricted Stock Units are not part of normal or expected compensation or salary for any purposes, including, but not limited to, calculating any severance, resignation, termination, redundancy, end of service payments, bonuses, long-service awards, pension or retirement benefits or similar payments; (f) the Award is provided for future services to the Company Group and is not under any circumstances to be considered compensation for past services; (g) in the event that you are an employee of an affiliate or Subsidiary of the Company, the Award will not be interpreted to form an employment contract or relationship with the Company or an employment contract with the affiliate or Subsidiary that is your employer; (h) the future value of the underlying shares of Common Stock is unknown and cannot be predicted with certainty; (i) no claim or entitlement to compensation or damages arises from forfeiture or termination of the Restricted Stock Units or diminution in value of the Restricted Stock Units or the shares of Common Stock, and you irrevocably release the Company, its affiliates and/or its Subsidiaries from any such claim that may arise; (j) in the event of involuntary termination of your employment, your right to receive Restricted Stock Units and vest in Restricted Stock Units and/or Common Stock under the Plan, if any, will terminate in accordance with the terms of the Plan and will not be extended by any notice period mandated under local law; furthermore, your right to vest in the Restricted Stock Units after such termination of employment, if any, will be

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measured by the date of termination of your active employment and will not be extended by any notice period mandated under local law; and (k) if you are a resident or employed outside the United States, the Company Group shall not be liable for any change in the value of the Restricted Stock Units, the amount realized upon settlement of the Restricted Stock Units or the amount realized upon a subsequent sale of any shares of Common Stock, resulting from any fluctuation of the United States Dollar/local currency exchange rate.

8.**Requirements of Law**. The granting of Restricted Stock Units under the Plan, and the issuance or delivery of any certificate or certificates for shares of Common Stock upon the vesting of Restricted Stock Units, shall be subject to, and conditioned upon, satisfaction of all applicable laws, rules, and regulations, and to such approvals by any governmental agencies or national securities exchanges as may be required.

9.**Alternative Form of Settlement in Non-U.S. Jurisdictions**. Notwithstanding anything in the Award Agreement to the contrary, if you are a resident or employed outside of the United States, the Company may, in its sole discretion, settle the Restricted Stock Units in the form of a cash payment to the extent settlement in shares of Common Stock: (a) is prohibited under local law; (b) would require you and/or the Company Group to obtain the approval of any governmental and/or regulatory body in your country of residence (or country of employment, if different); (c) would result in adverse tax consequences for you or the Company; or (d) is administratively burdensome. Alternatively, the Company may, in its sole discretion, settle the Restricted Stock Units in the form of shares of Common Stock but require you to sell such shares immediately or within a specified period following your termination of employment (in which case, the Award Agreement shall give the Company the authority to issue sales instructions on your behalf).

10.**Compliance with Local Law**. If you are a resident or employed outside of the United States, as a condition to the grant of Restricted Stock Units, you agree to repatriate all payments attributable to the shares of Common Stock and/or cash acquired under the Plan in accordance with local foreign exchange rules and regulations in your country of residence (and country of employment, if different). In addition, you agree to take any and all actions, and consent to any and all actions taken by the Company Group, as may be required to allow the Company Group to comply with local laws, rules and regulations in your country of residence (and country of employment, if different). Finally, you agree to take any and all actions as may be required to comply with your personal legal and tax obligations under local laws, rules and regulations in your country of residence (and country of employment, if different).

11.**Employee Data Privacy**. You hereby explicitly and unambiguously consent to the collection, use, disclosure, processing and transfer, in electronic or other form, of your Personal Data (as defined below) as described in this document by and among, as applicable, the Company Group for the exclusive purpose of implementing, administering and managing your participation in the Plan.

![image_0a.jpg](image_0a.jpg)You understand that the Company (and/or the Employer, if applicable) holds certain information relating to or reasonably capable of being associated with an identified or identifiable person, device, or household, including, but not limited to, your name, home address and telephone number, date of birth, email address, family size, marital status, sex, beneficiary information, emergency contacts, passport/visa information, age, language skills, driver's license information, nationality, C.V. (or resume), wage history, employment references, social insurance number, resident registration number or other identification number, salary, job title, employment or severance contract, current wage and benefit information, personal bank account number, tax-related information, plan or benefit enrollment forms and elections, option or benefit statements, any shares of stock or

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directorships in the company, details of all options or any other entitlements to shares of stock awarded, canceled, purchased, vested, unvested or outstanding for purpose of managing and administering the Plan ("**Personal Data**").

You understand that we may share your Personal Data with any third parties assisting in the implementation, administration and management of the Plan including, but not limited to, the affiliates of the Company and/or its third-party stock plan administrator, or any successor. These third-party recipients may be located in your country or elsewhere, and the recipient's country may have different data privacy laws and protections than your country. You understand that you may request a list with the names and addresses of any potential recipients of the Personal Data by contacting the Global Total Rewards team.

We may also share your Personal Data as required or permitted by law to comply with a subpoena or similar legal process or government request, or when we believe in good faith that disclosure is legally required or otherwise necessary to protect our rights and property or the rights, property or safety of others, including to law enforcement agencies, and judicial and regulatory authorities. We may also share your Personal Data with third parties to help detect and protect against fraud or data security vulnerabilities. And we may transfer your Personal Data to a third party in the event of a sale, merger, reorganization of our entity or other restructuring.

You authorize the recipients of your Personal Data to receive, possess, use, retain and transfer the Personal Data, in electronic or other form, for the purposes of implementing, administering and managing your participation in the Plan, including any requisite transfer of such Personal Data as may be required to a broker or other third party with whom you may elect to deposit any shares of Common Stock acquired. You understand that Personal Data will be held as long as is necessary to implement, administer and manage your participation in the Plan.

You understand that you may, at any time, view Personal Data, request additional information about the storage and processing of Personal Data, require any necessary amendments to Personal Data or refuse or withdraw the consents herein, by contacting in writing the Global Total Rewards team.

You understand, however, that refusing or withdrawing your consent may affect your ability to participate in the Plan. For more information on the consequences of your refusal to consent or withdrawal of consent, you understand that you may contact the Global Total Rewards team.

Finally, upon request of the Company or the Employer, you agree to provide an executed data privacy consent form (or any other agreements or consents that may be required by the Company and/or the Employer) that the Company and/or the Employer may deem necessary to obtain from you for the purpose of implementing, administering and maintaining your participation in the Plan in compliance with the data privacy laws in your country, either now or in the future. You understand and agree that you will be unable to participate in the Plan if you fail to provide any such consent or agreement requested by the Company and/or the Employer.

12.**Compliance with Section 409A of the Code**. It is intended that the Award Agreement and the Plan be exempt from or compliant with the provisions of Section 409A of the Code to the maximum extent permissible under law. To the extent Section 409A of the Code applies to the Award Agreement and the Plan, it is intended that the Award Agreement and the Plan comply with the provisions of Section 409A of the Code. The Award Agreement and the Plan shall be administered and interpreted in a manner consistent with this intent. In the event that the Award Agreement or the Plan does not comply with Section 409A of the Code (to the extent applicable thereto), the Company shall have the authority to amend the terms of the Award Agreement or the Plan (which amendment may be retroactive to the

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extent permitted by Section 409A of the Code and may be made by the Company without your consent) to avoid excise taxes and other penalties under Section 409A of the Code, to the extent possible. Notwithstanding the foregoing, no particular tax result for you with respect to any income recognized by you in connection with the Award Agreement is guaranteed, and you solely shall be responsible for any taxes, penalties, interest or other losses or expenses incurred by you under Section 409A of the Code in connection with the Award Agreement. To the extent any amounts under the Award Agreement are payable by reference to your "termination of employment," such term shall be deemed to refer to your "separation from service," within the meaning of Section 409A of the Code. Notwithstanding any other provision in this Plan, if you are a "specified employee," as defined in Section 409A of the Code, as of the date of your separation from service, then to the extent any amount payable under the Award Agreement (a) constitutes the payment of nonqualified deferred compensation, within the meaning of Section 409A of the Code, (b) is payable upon your separation from service, and (c) under the terms of the Award Agreement would be payable prior to the six (6)-month anniversary of your separation from service, such payment shall be delayed until the earlier to occur of (i) the six (6)-month anniversary of your separation from service or (ii) the date of your death.

13.**Administration**. The Award Agreement and your rights under the Award Agreement are subject to all the terms and conditions of the Plan, as the same may be amended from time to time, as well as to such rules and regulations as the Board or the Committee may adopt for administration of the Plan.

14.**Not a Public Offering in Non-U.S. Jurisdictions**. If you are a resident or employed outside of the United States, neither the grant of the Restricted Stock Units under the Plan nor the issuance of the underlying shares of Common Stock upon vesting of the Restricted Stock Units is intended to be a public offering of securities in your country of residence (and country of employment, if different). The Company has not submitted any registration statement, prospectus or other filings to the local securities authorities in jurisdictions outside of the United States unless otherwise required under local law. No employee of the Company is permitted to advise you on whether you should accept a grant of Restricted Stock Units under the Plan or provide you with any legal, tax or financial advice with respect to the grant of Restricted Stock Units. Before deciding to accept the grant of Restricted Stock Units, you should carefully consider all risk factors and tax considerations relevant to the acquisition of shares of Common Stock under the Plan or the disposition of them. Further, you should carefully review all of the materials related to the Restricted Stock Units and the Plan, and you should consult with your personal legal, tax and financial advisors for professional advice in relation to your personal circumstances.

15.**Insider Trading/Market Abuse Laws**. You acknowledge that, depending on your or your broker's country of residence or where the shares of Common Stock are listed, you may be subject to insider trading restrictions and/or market abuse laws that may affect your ability to accept, acquire, sell or otherwise dispose of shares of Common Stock, rights to shares of Common Stock or rights linked to the value of shares of Common Stock during such times you are considered to have "inside information" regarding the Company as defined in the laws or regulations in your country. Local insider trading laws and regulations may prohibit the cancellation or amendment of orders you placed before you possessed inside information. Furthermore, you could be prohibited from (a) disclosing the inside information to any third party (other than on a "need to know" basis), and (b) "tipping" third parties or causing them otherwise to buy or sell securities. Third parties include fellow employees. Any restrictions under these laws or regulations are separate from and in addition to any restrictions that may be imposed under the Company's insider trading policy. You acknowledge that it is your responsibility to comply with any restrictions and you are advised to speak to your personal advisor on this matter.

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16.**Right to Amend or Terminate Agreement**. With the approval of the Board, the Committee may terminate, amend, or modify the Award Agreement; provided, however, that no such termination, amendment, or modification of the Award Agreement may in any way adversely affect your rights under the Award Agreement without your written consent.

17.**Governing Law**. All questions concerning the construction, validity and interpretation of the Award Agreement and the Plan shall be governed and construed according to the laws of the State of Delaware, without regard to the application of the conflicts of laws provisions thereof. Any disputes regarding the Award or the Plan may be brought in the state or federal courts of the State of Delaware.

18.**Severability**. The invalidity or unenforceability of any provision of the Plan or the Award Agreement will not affect the validity or enforceability of any other provision of the Plan or the Award Agreement, and each provision of the Plan and the Award Agreement will be severable and enforceable to the extent permitted by law.

19.**Waiver**: You understand that the waiver by the Company with respect to your compliance with any provision of the Award Agreement shall not operate or be construed as a waiver of any other provision of the Award Agreement, or of any subsequent breach of such party of a provision of the Award Agreement.

20.**Addendum to Award Agreement**. Notwithstanding any provisions of the Award Agreement to the contrary, the Restricted Stock Units shall be subject to such special terms and conditions for your country of residence (and country of employment, if different), as the Company may determine in its sole discretion and which shall be set forth in an addendum to these terms and conditions (the "**Addendum**"). If you transfer your residence and/or employment to another country, any special terms and conditions for such country will apply to the Restricted Stock Units to the extent the Company determines, in its sole discretion, that the application of such terms and conditions is necessary or advisable in order to comply with local laws, rules and regulations, or to facilitate the operation and administration of the Award and the Plan (or the Company may establish additional terms and conditions as may be necessary or advisable to accommodate your transfer). In all circumstances, the Addendum shall constitute part of these terms and conditions.

21.**Electronic Delivery**. The Company may, in its sole discretion, decide to deliver any documents related to the Restricted Stock Units or other awards granted to you under the Plan by electronic means. You hereby consent to receive such documents by electronic delivery and agree to participate in the Plan through an online or electronic system established and maintained by the Company or a third party designated by the Company.

22.**English Language**. If you are a resident and/or employed outside of the United States, you acknowledge and agree that it is your express intent that the Award Agreement, the Plan and all other documents, notices and legal proceedings entered into, given or instituted pursuant to the Restricted Stock Units, be drawn up in English. If you have received the Award Agreement, the Plan or any other documents related to the Restricted Stock Units translated into a language other than English, and to the extent the meaning of any term in the translated version is different than the English version, the English version will control.

23.**Additional Requirements**. The Company reserves the right to impose other requirements on the Restricted Stock Units, any shares of Common Stock acquired pursuant to the Restricted Stock Units, and your participation in the Plan, to the extent the Company determines, in its sole discretion, that such other requirements are necessary or advisable in order to comply with local laws, rules and regulations, or to facilitate the administration of the Award and the Plan. Such requirements may

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include (but are not limited to) requiring you to sign any agreements or undertakings that may be necessary to accomplish the foregoing.

24.**Clawback Policy**. The Award Agreement and the Restricted Stock Units are subject to the Company's Policy on Recoupment of Incentive Compensation and any similar policy or policies that have been or may be adopted by the Company.

25.**Non-Competition and Non-Solicitation**. In consideration of this Award, you agree and covenant not to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.During your employment and for 12 months following your termination of employment for any reason with the Company Group, you shall not directly or indirectly, in whole or in part, engage in any Competitive Activities within any geographic area in which you provided services for or otherwise impacted the Company Group. "**Competitive Activities**" includes contributing your knowledge, directly or indirectly, in whole or in part, as an employee, officer, owner, manager, advisor, consultant, agent, partner, director, shareholder, volunteer, intern, or in any other similar capacity to an entity engaged in the same or similar Business – or undertake any planning or preparation to engage in the same or similar Business - as the Company Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.For purposes of this Section 25(a), "**Business**" means (1) the development, production, manufacture, sale, or distribution of plant-based ingredients for use in food and beverage products, animal nutrition products, industrial applications, beauty and home applications, and pharmaceutical applications. Ingredients include, but are not limited to, starches, modified starches, sugars, syrups, high intensity sweeteners, stevia-based sweeteners, hydrocolloids, fibers, flours, plant-based proteins, thickeners, fruit and vegetable essences, juices, and purees, as well as systems and blends containing any of the forgoing; and (2) the research and development of seeds and varieties of corn, tapioca, potato, stevia, and other agricultural raw materials by the Company Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.Notwithstanding the above definition of Business, following your termination of employment with the Company Group for any reason, the definition of Business shall include those areas of the Business in which you, during the 12-month period before your termination of employment with the Company Group, performed services for the Company Group in that area of the Business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Directly or indirectly, solicit, hire, recruit, attempt to hire or recruit, encourage or induce the termination of employment of any employee of the Company Group during your employment and for 12 months following your termination of employment with the Company Group; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Directly or indirectly, solicit, contact (including, but not limited to, e-mail, regular mail, express mail, telephone, fax, text message, and instant message) attempt to contact or meet with the current, former, or prospective customers of the Company Group for purposes of offering or accepting goods or services similar to or competitive with those offered by the Company Group during your employment with the Company Group and for a period of 12 months following your termination of employment with the Company Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Notwithstanding the foregoing, to the extent you are a licensed attorney, nothing in Section 25(a) shall be interpreted to, or is intended to, restrict your ability to practice law or seek your agreement that you will take any action that conflicts with any ethical rights or obligations you have, or might have at the time you terminate employment with the Company Group, under any applicable rules of professional conduct regarding the restrictions on the right to practice law,

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including, without limitation, as generally outlined in Rule 5.6 of the ABA Model Rules of Professional Conduct, applicable to you as a licensed attorney. Section 25(a) applies to your performance of any business-related activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.Notwithstanding the foregoing, if you primarily reside and work in California, the restrictions set forth in Sections 25 and 26 and their subparts shall not apply after your employment with the Company Group ends. However, any conduct relating to the solicitation of the Company Group's customers or employees that involves the misappropriation of the Company Group's trade secret information, such as its protected customer information, will remain prohibited conduct at all times.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f.Notwithstanding the foregoing, if you primarily reside and work in Oklahoma and Minnesota, the restrictions set forth in Section 25 (a) and its subparts shall not apply after your employment with the Company Group ends. Notwithstanding the forgoing, if you primarily reside and work in North Dakota, the restrictions set forth in Section 25 (a) and its subparts and Section 25 (c) shall not apply after your employment with the Company Group ends. However, any conduct relating to the solicitation of the Company Group's customers or employees that involves the misappropriation of the Company Group's trade secret information, such as its protected customer information, will remain prohibited conduct at all times. Notwithstanding the foregoing, if Participant primarily resides in Wyoming, Participant understands and acknowledges that the trade secret information that the restrictions in Section 25 and its subparts seeks to protect is consistent with the definition of Trade Secret under WY Stat § 6-3-501.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g.You agree that the restrictions set forth in Section 25 and its subpart are no broader than necessary to protect the Company Group's legitimate business interests, including, but not limited to, the Company Group's trade secrets, confidential information, and customer goodwill.

26.**Enforcement of Non-Competition and Non-Solicitation Restrictions**. In the event of a breach or threatened breach by you of any of the covenants contained in Section 25:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Any unvested portion of the Award shall be forfeited effective as of the date of such breach, unless sooner terminated by operation of another term or condition of this Award Agreement of the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.If the Company pursues legal action to secure your compliance with Section 25 this Award Agreement, you will pay all reasonable attorneys' fees, costs and expenses incurred by the Company Group in enforcing this Award Agreement. If under applicable law, the foregoing cannot be enforced without also you the right to recover attorneys' fees and costs if deemed the prevailing party, then the foregoing sentence shall not apply and both parties shall bear their own attorneys' fees and costs instead. The Company Group shall be deemed the prevailing party if it is awarded any part of the legal or equitable relief it seeks, irrespective of whether some of the relief it seeks is denied or modified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.You hereby consent and agree that the Company Group shall be entitled to seek, in addition to other available remedies, a temporary or permanent injunction or other equitable relief against such breach or threatened breach from any court of competent jurisdiction, without the necessity of showing any actual damages or that money damages would not afford an adequate remedy, and without the necessity of posting any bond or other security. The aforementioned equitable relief shall be in addition to, not in lieu of, legal remedies, monetary damages, or other available forms of relief.; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.The running of the timer periods set forth in Section 25 shall be tolled during the period of any breach by you of Section 25 and during the period of any dispute involving the breach, applicability, scope, duration, or other aspect of any of the provisions of Sections 25 and 26, whether or not any party has filed a lawsuit, unless such provisions would invalidate this Award Agreement or is otherwise a violation of applicable law. The provisions of Section 25 shall remain in full force and effect for the duration of such breach or dispute, until the breach or dispute is fully and finally resolved by either (1) the written agreement of the parties to each such dispute or (2) a final, non-appealable order from a court of competent jurisdiction, at which point the time period of such provisions shall again commence running, unless such agreement or order (as applicable) expressly provides otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;27.**Acknowledgment and Right to Counsel.** I acknowledge that prior to executing this Award Agreement, I received a copy of this Award Agreement in advance of the date I was expected to sign it. I read all of the provisions contained herein, including Sections 25 and 26 of this Award Agreement, and all questions I had about the Award Agreement were answered to my satisfaction. I understand that I have a right to consult with an attorney and acknowledge that I have been advised to consult with an attorney and provided to opportunity to see the advice of an attorney of my choice before signing this Award Agreement.

**Ingredion Incorporated**

\* \* \* \* \*

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**Ingredion Incorporated Stock Incentive Plan**

**Addendum to the Award Agreement**

This Addendum forms part of the Award Agreement relating to your Award.

Your participation in the Plan is governed exclusively by the Plan and the Agreement (comprising the Notice of Grant, if applicable, and Award Agreement relating to your Award, including this Addendum), each as amended from time to time. This Addendum prevails in the event of any inconsistency with any other documents or communications relating to your participation in the Plan.

Capitalized terms that are used without definition in the Addendum have the meanings given in the Plan and the Agreement, as applicable. In this Addendum, the term "Company Group" means the Company and its Subsidiaries and affiliates (or any member of the Company Group, as applicable), and the term "Shares" means shares of Common Stock. For the purposes of this Addendum, references to an Award include any form of equity granted under the Plan.

You should review all the provisions in Part A below and also the provisions in Part B below that are specific to any jurisdiction which may be applicable to you. You should also review the Plan, the Agreement and any other documents or communications provided to you in connection with the Plan.

**Part A: Provisions Applicable to All Participants**

By participating in the Plan, you acknowledge and agree to each of the following provisions. <u>Documentation</u>

You have read, understood and agree with the Plan and the Agreement, including any jurisdiction-specific notices in Part B below which may be applicable to you.

<u>No Public Offer</u>

The Plan is strictly limited to eligible Participants within the Company Group, as prescribed in the Plan. Rights under the Plan are personal and may not be transferred except in the limited circumstances prescribed in the Plan and the Agreement.

The offer to participate in the Plan and any subsequent participation is not intended to constitute a public offer in any jurisdiction, nor intended for registration or regulation in any jurisdiction outside of the United States of America.

You should keep all Plan-related documents confidential, and you may not reproduce, distribute or otherwise make public any such documents without the Company's express written consent. If you have received any such documents and you are not the intended recipient, please disregard and destroy them.

<u>Transferability</u>

Any provisions permitting transfers to a third party in the Plan documents will not apply to you: (i) to the extent that the applicability of those provisions would affect the availability of relevant exemptions or tax favorable treatment; or (ii) otherwise in circumstances determined by the Company in its sole discretion

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from time to time.

<u>Independent Advice Recommended</u>

The information provided by the Company Group or its service providers (including, without limitation, Plan administrators) in respect of the Plan does not take into account your individual circumstances, objectives, needs or financial situation and does not constitute legal, tax, investment or financial advice. Any tax or other information provided should therefore be considered guidance only, as relevant.

The Plan benefits are in no way secured, guaranteed or warranted by the Company Group, and the Plan involves certain risks. You should exercise caution in relation to Plan offers and/or participation. You should obtain independent professional advice if you are in doubt about any of the contents of the Plan documents and before taking actions in relation to the Plan, and you acknowledge that you have been given adequate opportunity to obtain such advice.

<u>No Additional Entitlements</u>

The offer by the Company of participation in the Plan and similar benefits is strictly discretionary, and neither this nor your employment contract provides or implies any expectation or right in relation to:

(i)your participation in the Plan or similar benefits in the future;

(ii)the terms, conditions and amount of any Plan participation or similar benefits that the Company may decide to offer in the future; or

(iii)your continued employment with the Company Group.

The Company may at any time unilaterally modify, suspend or terminate the Plan and any similar benefits, and/or your participation in such benefits, at its entire discretion in accordance with the Plan documents.

You acknowledge that you are not automatically entitled to the exercise of any discretion under the Plan in your favor, and that you do not have any claim or right of action in respect of any decision or omission which may operate to your disadvantage (even if such decision or omission is unreasonable, irrational or might otherwise be regarded as perverse or in breach of any duties). You accept that decisions made on behalf of the Company in respect of the Plan are final and binding in all respects.

These provisions apply regardless of whether offers or participation in the Plan are regular and repeated or on a one-off or otherwise exceptional basis, and whether the Plan administration involves your Employer and/or its payroll.

<u>No Effect on Employment-Related Rights</u>

Any compensation you receive (whether on a regular and repeated basis or on a one-off or otherwise exceptional basis, and regardless of whether the administration of such compensation involves your Employer and/or its payroll) in connection with the Plan is not part of your base salary or wages.

The forfeiture (including reduction, cancellation, clawback or recoupment) provisions relating specifically to your participation in the Plan are prescribed in the Plan and the Agreement. Such provisions are limited

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to your participation in the Plan alone, and nothing in the Plan documents and no aspect of your participation in the Plan:

(i)will be taken into account (except to the extent otherwise required by applicable law) in determining your wages, salary, other remuneration or compensation, bonuses, long-service payments,

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payments of any kind upon termination of your employment for any reason (whether or not found to be invalid, unlawful or in breach of employment laws in the jurisdiction where you are employed or providing services or the terms of your employment or service agreement, if any), pension or retirement arrangements and payments, or any similar payments to these or other employee benefits; or

(ii)confers on you the right to continue as an employee of the Company Group.

No Plan documents form part of your employment contract with your Employer, and they do not change in any way the terms of such contract.

Any participation in the Plan is entirely voluntary and will have no impact on your employment or your career with the Company Group, either positive or negative.

<u>No Substantive Employer Involvement</u>

The Plan is offered and administered by the Company and not by your Employer (if different). All documents related to the Plan, including the Plan, the Agreement and the links by which you access these documents, originate from and are maintained by the Company.

<u>Electronic Communications</u>

All Plan-related documents and correspondence may be communicated and stored electronically using means which are secure, private and accessible to the relevant parties. You consent to the sole use of electronic communications and storage (including, without limitation, offer and acceptance) in connection with the Plan.

You may, however, request that hard copies of any Plan-related documents be provided to you (free of charge) by contacting the Global Total Rewards team – total rewards@ingredion.com

<u>Data Protection</u>

You acknowledge that your personal data will be processed in accordance with each data privacy policy, notice and/or agreement that is applicable to you in connection with your employment.

<u>Risk Warnings</u>

**Share price risk**: there is a risk that Shares may fall as well as rise in value. Market forces will impact the price of Shares, and in the worst case, the market value of the Shares may become zero. You agree that the Company Group is not liable for any loss due to movements in Share value.

**Currency risk**: if Shares are traded in a currency which is not the currency in your jurisdiction, the value of the Shares to you may also be affected by movements in the exchange rate. There may also be an exchange rate risk in relation to any Plan-related currency which is not the currency of your jurisdiction. You agree that the Company Group is not liable for any loss due to movements in the exchange rate or any charges imposed in relation to the conversion or transfer of currency.

<u>Insider Trading and Market Abuse</u>

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You acknowledge that rules on dealing notification, insider trading and market abuse (including the terms of any relevant dealing policy) may apply to the Plan benefits and may prohibit or delay actions or decisions in relation to such benefits. You agree that you are solely responsible for compliance with such rules and that the Company Group is not liable for any loss due to such rules or for any breaches of such rules by you.

<u>Exchange Control and Resale Obligations</u>

Under local exchange controls, currency controls or foreign asset reporting requirements, you may be subject to certain notification, approval and/or repatriation obligations with respect to Shares and any funds you may receive in connection with the Plan.

Among other things, such obligations may affect your ability to hold Shares, bring Shares into your jurisdiction, reinvest dividends and receive any applicable dividends or dividend equivalents, Share sale proceeds and other payments in a local or foreign account. You may further be subject to local securities law and/or exchange control restrictions and other obligations on the resale of Shares.

You agree that you are solely responsible for ensuring compliance with any such obligations that may apply to you in connection with the Plan, and the Company recommends that you obtain independent professional advice in this regard. In the event that you fail to comply with any such obligations, you agree that the Company Group is not liable in any way for resulting fines or other penalties.

You further agree to take any and all actions, and consent to any and all actions taken by the Company Group, as may be deemed appropriate by the Company Group to enable compliance with any such obligations that may be applicable to you or the Company Group.

<u>Tax and Withholding</u>

You acknowledge and agree that:

(i)all Plan benefits may be subject to tax and social security in the jurisdiction(s) where you are employed, reside or are otherwise subject to tax;

(ii)the Company Group may withhold amounts in any Share and/or cash payments and make arrangements (including without limitation withholding Plan benefits, withholding other payments in any form that may be due to you, net settlement, 'sell-to-cover' arrangements and requiring you to make payments in any form to the Company Group or a relevant authority) as considered appropriate by the Company Group to meet any tax or social security liability. This may include withholding amounts at the locally applicable maximum rates. Your liability may also exceed any amounts withheld and paid on your behalf;

(iii)you are responsible for and bear any liability for any personal tax and social security charges or similar payments due in relation to your participation in the Plan; and

(iv)you indemnify the Company Group and agree to make any arrangements (including without limitation those described above) deemed appropriate by the Company Group in order to satisfy such payments and to effect any adjustments required in the event of over-payment or under-payment in respect of them.

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The Company Group does not warrant any particular tax treatment in relation to the Plan benefits and is not obliged to structure such benefits with the aim of achieving any particular tax treatment.

<u>Mobile Employees</u>

If you are a mobile employee, meaning that you are based in different jurisdictions during the course of your employment and/or your participation in the Plan or that you are or may be subject to tax in more than one jurisdiction, you are strongly encouraged to inform the Company and to consult your personal tax adviser(s) regarding the tax treatment of any Plan benefits. You should also review the provisions in Part B below that are specific to each jurisdiction which may be applicable to you.

If you transfer your residence and/or employment to another jurisdiction during the course of your participation in the Plan, the Company may in its sole discretion unilaterally determine that different or additional terms and conditions will apply to your participation in the Plan. This provision applies to the extent that any such terms and conditions are considered by the Company to be necessary or advisable in order to comply with local laws, rules and regulations, to facilitate the operation and administration of the Award and the Plan or to otherwise accommodate your transfer.

<u>English Language</u>

You accept that the Plan documents, including all related communications, may be in the English language only and it is possible that no translated or interpreted versions will be provided. The English version of such documents will always prevail in the event of any inconsistency with translated or interpreted documents. You agree that you are responsible for ensuring that you fully understand the Plan documents.

<u>Governing Law</u>

The Plan is governed as prescribed in the Plan and the Agreement, and you waive any entitlement to have any Plan-related disputes determined under an alternative jurisdiction except as required by applicable laws.

<u>Severability</u>

If any provision (in whole or in part) of this Addendum or the other Plan documents is to any extent illegal, otherwise invalid, or incapable of being enforced, that provision will be excluded to the extent (only) of such invalidity or unenforceability.

All other provisions will remain in full effect and, to the extent possible, the invalid or unenforceable provision will be deemed replaced by a provision that is valid and enforceable and that comes closest to expressing the intention of such invalid or unenforceable provision.

<u>Adequate Information</u>

You certify that you:

(i)have been given access to all relevant information and materials with respect to the operations and financial condition of the Company and your participation in the Plan;

(ii)have read and understood such information and materials;

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(iii)are fully aware and knowledgeable of the terms and conditions of the Plan; and

(iv)completely and voluntarily agree to the terms and conditions of the Plan.

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**Part B: Provisions Applicable to Participants in Particular Jurisdictions**

You are subject to the wording set out below in relation to each jurisdiction which is or may be applicable to you. Any relevant jurisdiction-specific provisions prevail in the event of any inconsistency with other provisions of this Addendum, your Award Agreement, or other Plan documents.

This wording is based on the securities, exchange control and other laws that are understood to be in effect in the relevant jurisdictions as of January 2026. Such laws are often complex and change frequently and the wording does not take into account your individual circumstances. As a result, the Company strongly recommends that you do not rely on such information as your only source of information relating to the consequences of your participation in the Plan, and that you seek ongoing independent professional advice as appropriate.

**EUROPEAN UNION ("EU") / EUROPEAN ECONOMIC AREA ("EEA")**

<u>Securities Laws</u>. This offer is being made to selected employees as part of an employee incentive programme in order to provide an additional incentive and to encourage employee share ownership and to increase your interest in the success of the Company. The company offering these rights is Ingredion Incorporated. The Shares which are the subject of these rights are ordinary Shares in the Company. The Shares have the same rights to information, dividends and voting as other ordinary Shares.

More information in relation to the Company including the share price can be found at the following web address: www.ingredion.com

The obligation to publish a prospectus does not apply because of Article 1(4)(i) of the EU Prospectus Regulation. The total maximum number of Shares which are the subject of this offer is 5,000,000.

**ARGENTINA**

1.<u>Securities Laws</u>. Your Award is being offered to you solely in your capacity as an employee of the Company and is not aimed at the general public. By receiving and accepting your Award, you are deemed to (i) acknowledge that the Company has not made, and will not make, any application to obtain an authorization from the Argentinian Securities and Exchange Commission (Comisión Nacional de Valores) for the public offering of the Awards or underlying Shares in Argentina nor has it taken any action that would permit a public offering of the underlying Awards or Shares in Argentina within the meaning of Argentine Capital Markets Law No. 26,831 (as amended), the Argentine Securities and Exchange Commission General Resolution No. 622/2013 (as amended and supplemented) and ancillary regulations; (ii) acknowledge that the Argentinian Securities and Exchange Commission has not approved the offering of the Awards or the underlying Shares nor any document relating to the offering; (iii) acknowledge the offer is being made on a private basis in accordance with Sub-title I, Chapter I, Title XX of the CNV Rules, and is exempt from the requirements applicable to a public offering; and (iv) agree that you will not sell or offer to sell the Awards or any Shares acquired upon settlement of your Award in Argentina within the following 6 months after acquisition if it is not a primary placement pursuant to section 17, of sub-title II, Chapter I, Title XX of the CNV Rules.

Further, receipt and acceptance of the Plan documents shall constitute your agreement that the information contained in the Plan documents may not be (i) reproduced or used, in whole or in part,

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for any purpose whatsoever other than as a representation of your holding Awards or Shares, as applicable or

(ii) furnished to or discussed with any person without the prior written permission from the Company.

2.<u>Labor Law.</u> Please be advised that your participation in the Plan is entirely voluntary. The Company does not guarantee any benefit or gain in connection with the Awards offered under the Plan. Furthermore, the benefits that could eventually arise from the Plan do not constitute a granted right for the future and may be amended, modified or terminated at any time. Legal, tax and accounting advice should be asked if needed, to completely understand the Plan effects and consequences.

3.<u>Data Privacy.</u> The Access to Public Information Agency, as the enforcing authority of Act 25.326, has the power to attend to the reports and claims from those whose rights are affected as a consequence of non-fulfilment of data protection provisions.

*(La Agencia de Acceso a la Información Pública, en su carácter de Órgano de Control de la Ley Nº 25.326, tiene la atribución de atender las denuncias y reclamos que interpongan quienes resulten afectados en sus derechos por incumplimiento de las normas vigentes en materia de protección de datos personales.)*

**AUSTRALIA**

1.<u>Shareholder Approval Requirement</u>. Notwithstanding any provision in the Award Agreement to the contrary, you will not be entitled to, and shall not claim, any benefit under the Plan if the provision of such benefit would give rise to a breach of Part 2D.2 of the Corporations Act 2001 (Cth), any other provision of that act, or any other applicable statute, rule or regulation which limits or restricts the giving of such benefits. Further, the Company's affiliate in Australia is under no obligation to seek or obtain the approval of its shareholders for the purpose of overcoming any such limitation or restriction.

2.<u>Corporations Act</u>. The offer to participate in the Plan is made in reliance of Division 1A of Part 7.12 of the Corporations Act 2001 (Cth).

3.<u>Advice</u>. Any advice given by the Company or any of its associated bodies corporate, in relation to Awards under the Plan is general advice and does not take into account your objectives, financial situation or needs.

This document does not constitute investment advice and does not constitute financial product advice as defined in the *Corporations Act 2001* (Cth) and the Company makes no recommendation about whether you should participate in this offer. You should consider obtaining your own financial product advice from a person who is licensed by the Australian Securities and Investments Commission.

4.<u>Information</u>. The Company undertakes, on request, at no charge and within a reasonable time, to provide you with a full copy of the rules of the Plan.

5.<u>Share Price</u>. As the Company's Shares are listed on the New York Stock Exchange, the market price of ordinary Shares in the Company can be ascertained by visiting the website of the New York Stock Exchange (https://www.nyse.com/quote/XNYS:INGR) and the Australian dollar equivalent of that price by applying the prevailing USD/AUD exchange rate published by the Reserve Bank of Australia, which is accessible at the following link: http://www.rba.gov.au/statistics/frequency/exchange-rates.html.

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6.<u>Risk Warning</u>. There is a risk that Shares, or their cash equivalent, awarded to you under the Plan may fall as well as rise in value through movement of equity markets. Market forces will impact the price of Shares awarded to you, and at their worst, market values of the Shares awarded to you may become zero if adverse market conditions are encountered. As the price of the Shares awarded to you is quoted in USD, the value of those Shares, or their cash equivalent, to you may also be affected by movements in foreign currency exchange rates.

7.<u>Data Protection.</u> If you participate in the Plan:

You consent to Ingredion ANZ Pty Ltd., any of its related bodies corporate or any third-party, collecting the personal information (including sensitive information) necessary to administer the Plan and disclosing any personal information necessary to administer the Plan to that the Company, any of its related bodies corporate or any third-party engaged to assist in implementing the Plan, who may be situated in or outside Australia including in jurisdictions that may not afford your information the same level of protection as under Australian laws do; and Ingredion ANZ Pty Ltd. will not be required to take steps to ensure that the Company, any of its related bodies corporate or any third-party engaged to assist in implementing the Plan do not breach the Australian Privacy Principles.

You acknowledge that neither the Company (nor any other company within the Company Group) will be required to take steps to ensure that any of its related bodies corporate or any third-party engaged to whom your personal information is disclosed do not breach data privacy principles.

8.<u>Tax deferral.</u> This is a scheme to which Subdivision 83A-C of the Income Tax Assessment Act 1997 (Cth) applies, subject to the requirements in that Act.

**BELGIUM**

No country-specific provisions (in addition to the general EU/EEA provisions above).

**BRAZIL**

1.<u>Labor Law Acknowledgment</u>. You agree that (i) the benefits provided under the Award Agreement and the Plan are the result of commercial transactions unrelated to your employment; (ii) the Award Agreement and the Plan are not a part of the terms and conditions of your employment; and (iii) the income from the exercise of the Award, if any, is not part of your remuneration from employment.

2.<u>Securities Laws</u>. The Awards and any securities granted under the Plan have not been and will not be publicly issued, placed, distributed, offered or negotiated in the Brazilian capital markets and, as a result, will not be registered with the Brazilian Securities Commission (*Comissão de Valores Mobiliários*) (CVM). Therefore, the Awards and securities will not be offered or sold in Brazil, except in circumstances which do not constitute a public offering, placement, distribution or negotiation under the Brazilian capital markets regulations.

3.<u>Risk Warning</u>. If you are employed in Brazil, then by accepting your Award you agree and acknowledge that (i) neither your Employer nor any person or entity acting on behalf of your Employer has provided you with financial advice with respect to your Award or the Shares acquired upon settlement of your Award; and (ii) your Employer does not guarantee a specified level of return on your Award or the Shares.

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**CANADA**

1.<u>Use of Previously Owned Shares</u>. Notwithstanding any provision in the Award Agreement, Addendum or the Plan, if you are resident in Canada, you may not use previously owned Shares to pay any Tax-Related Items or other sums due in connection with the Award.

2.<u>Settlement in Shares</u>. Notwithstanding anything to the contrary in the Award Agreement, Addendum or the Plan, your Award shall be settled only in newly issued Shares (and may not be settled in cash).

3.<u>Securities Laws</u>. In addition to any restrictions on resale and transfer noted in the Plan documents, Shares acquired pursuant to the Plan will be subject to certain restrictions on resale imposed by Canadian provincial securities laws (in general, if you are a resident in Canada you may not resell your Shares to Canadian purchasers). Accordingly, you are encouraged to seek legal advice prior to any resale of such Shares.

You acknowledge and agree that you will only sell Shares acquired through participation in the Plan outside of Canada through the facilities of a stock exchange on which the Shares are listed. Currently, the Shares are listed on the New York Stock Exchange.

By accepting your Award, you represent and warrant to the Company that your participation in the Plan is voluntary and that you have not been induced to participate by expectation of engagement, appointment, employment, continued engagement, continued appointment or continued employment, as applicable.

4.<u>English Language</u>. By accepting your Award, you acknowledge that you have expressly requested that all documents evidencing or relating in any way to the grant of the Award (including, for greater certainty, any confirmation or any notice) will be in the English language only.

*(Si vous êtes résident de Québec, vous reconnaissez, en acceptant l'allocation effectuée à votre profit, avoir expressément exigé que tous les documents relatifs à cette allocation ou s'y rapportant de quelque manière que ce soit (incluant, pour plus de certitude, toute confirmation ou tout avis) soient rédigés en anglais uniquement.)*

**CHINA**

1.<u>Cash settlement</u>. Notwithstanding any other provision of the Plan documents (including the Plan and this Agreement), your Award is only capable of being settled in cash. This means that your Award cannot be settled using Shares.

2.<u>Administration</u>. Neither the Company nor any of its Subsidiaries shall be liable for any costs, fees, lost interest or dividends or other losses you may incur or suffer resulting from the enforcement of the terms of this Addendum or otherwise from the Company's operation and enforcement of the Plan, the Award Agreement and the Award in accordance with Chinese law including, without limitation, any applicable SAFE rules, regulations and requirements.

**COLOMBIA**

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1.<u>Securities Laws</u>. The securities granted under the Plan are not and will not be registered with the Colombian registry of publicly traded securities (*Registro Nacional de Valores y Emisores*). Therefore, the securities may not be offered to the public in Colombia. Nothing in the Plan documents should be construed as making a public offer of securities in Colombia.

2.<u>Consent</u>. You confirm that you understand the English language and therefore fully understand the content and consequences of participating in the Plan. You consent that all documents you receive in connection with the Plan will be in the English language only.

Usted confirma que entiendo el idioma inglés y, por lo tanto, entiendo completamente el contenido y las consecuencias de participar en el Plan. Usted consentimiento para que todos los documentos que reciba en relación con el Plan estén solo en inglés.

**FRANCE**

No country-specific provisions (in addition to the general EU/EEA provisions above).

**GERMANY**

No country-specific provisions (in addition to the general EU/EEA provisions above).

**GUATEMALA**

No country-specific provisions.

**INDIA**

<u>Securities Laws</u>. The securities described in the Plan documents are being offered only to a select number of qualifying employees of the Company, its Subsidiaries or any associated company. Such employees may not be acting on behalf of or as an agent for any other person. Securities under the Plan will not be available for subscription or purchase by any other person.

**INDONESIA**

The Awards do not constitute an offer or sale of securities in Indonesia and are being granted to fewer than 51 individuals in Indonesia. For the purposes of calculating the number of individuals, the offer and grant to Indonesian nationals outside of Indonesia shall be considered a grant in Indonesia.

**ITALY**

No country-specific provisions (in addition to the general EU/EEA provisions above).

**KENYA**

No country-specific provisions.

**MALAYSIA**

23

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<u>Securities Laws</u>. If you are employed in Malaysia, you should note that the grant of Awards in Malaysia constitutes or relates to an 'excluded offer', 'excluded invitation' and 'excluded issue' pursuant to Sections 229 and 230 of the Malaysian Capital Markets and Services Act 2007. Copies of the Plan documents may have been delivered to the Securities Commission of Malaysia. The Plan documents do not constitute, and may not be used for the purpose of, a public offering or issue, offer for subscription or purchase, invitation to subscribe for or purchase of any securities requiring the registration of a prospectus with the Securities Commission in Malaysia under the Capital Markets and Services Act 2007.

**MEXICO**

1.<u>Commercial Relationship</u>. You expressly recognize that your participation in the Plan and the Company's grant of the Award does not constitute an employment relationship between you and the Company. You have been granted the Award as a consequence of the commercial relationship between the Company and the Company's affiliate in Mexico that employs you, and the Company's local affiliate in Mexico is your sole Employer. Based on the foregoing, (a) you expressly recognize the Plan and the benefits you may derive from your participation in the Plan do not establish any rights between you and the Company's affiliate in Mexico that employs you, (b) the Plan and the benefits you may derive from your participation in the Plan are not part of the employment conditions and/or benefits provided by the Company's affiliate in Mexico that employs you, and (c) any modifications or amendments of the Plan by the Company, or a termination of the Plan by the Company, shall not constitute a change or impairment of the terms and conditions of your employment with the Company's affiliate in Mexico that employs you.

2.<u>Extraordinary Item of Compensation</u>. You expressly recognize and acknowledge that your participation in the Plan is a result of the discretionary and unilateral decision of the Company, as well as your free and voluntary decision to participate in the Plan in accordance with the terms and conditions of the Plan and the Agreement including this Addendum. As such, you acknowledge and agree that the Company may, in its sole discretion, amend and/or discontinue your participation in the Plan at any time and without any liability. The value of the Award is an extraordinary item of compensation outside the scope of your employment contract, if any. The Award is not part of your regular or expected compensation for purposes of calculating any severance, resignation, redundancy, end of service payments, bonuses, long- service awards, pension or retirement benefits, or any similar payments, which are the exclusive obligations of the Employer.

3.<u>Securities Laws.</u> The Shares underlying your Award have not been registered with the National Register of Securities maintained by the Mexican Banking and Securities Commission and may not be offered or sold publicly in Mexico. The Plan documents may not be publicly distributed in Mexico. These materials are addressed to you only because of your existing labor relationship with the Company Group and may not be reproduced or copied in any form. The offer contained in these materials is addressed solely to the present employees of the Company Group in Mexico and any rights under the Plan may not be assigned or transferred. The Shares underlying your Award will be offered pursuant to a private placement exception under the Mexican Securities Law.

**NETHERLANDS**

No country-specific provisions (in addition to the general EU/EEA provisions above).

24

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**PERU**

1.<u>Labor Law Acknowledgement</u>. By accepting the grant of the Award, you acknowledge, understand and agree that the Award is being granted *ex gratia* to you with the purpose of rewarding you.

2&nbsp;&nbsp;&nbsp;&nbsp;<u>Securities Laws</u>. If you are employed in Peru, the following statement is hereby made part of the Plan documents: the Shares to be issued upon settlement of your Award have not been registered with the Public Register of the Securities Market maintained by the Peruvian Securities Market Superintendence (*Superintendencia del Mercado de Valores* - SMV), and may not be offered or sold publicly in Peru. In addition, the contents of the Plan documents have not been reviewed by any Peruvian regulatory authority.

**SINGAPORE**

<u>Securities Laws</u>. You acknowledge that no Plan documents have been registered as a prospectus with the Monetary Authority of Singapore. Accordingly, the Plan documents and any other document or material in connection with the offer or sale, or invitation for subscription or purchase of the Shares used pursuant to the Plan may not be circulated or distributed, nor may the Shares be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other than pursuant to, and in accordance with the conditions of, an exemption under any provision (other than Section 280) of Subdivision (4) of Division 1 of Part 13 of the Securities and Futures Act 2001 of Singapore (SFA).

The Awards are prescribed capital markets products (as defined in the Securities and Futures (Capital Markets Products) Regulations 2018) and Excluded Investment Products (as defined in MAS Notices SFA 04-N12 and FAA-N16).

**SOUTH AFRICA**

1.<u>Exchange Control Obligations</u>. You are solely responsible for complying with applicable exchange control regulations and rulings (the "Exchange Control Regulations") in South Africa. As the Exchange Control Regulations change frequently and without notice, you should consult your legal advisor prior to the acquisition or sale of Shares under the Plan to ensure compliance with current Exchange Control Regulations. Neither the Company nor any of its Subsidiaries or affiliates will be liable for any fines or penalties resulting from your failure to comply with applicable laws.

2.<u>Securities Laws and Acceptance of the Award</u>. Neither the Award nor the underlying Shares shall be publicly offered or listed on any stock exchange in South Africa. The offer is intended to be private pursuant to Section 96 of the Companies Act and is not subject to the supervision of any South African governmental authority.

**THAILAND**

No country-specific provisions.

**UNITED ARAB EMIRATES**

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This offer document is an Exempt Offer in accordance with the Market Rules of the ADGM Financial Services Regulatory Authority.

This Exempt Offer document is intended for distribution only to Persons of a type specified in the Market Rules. It must not be delivered to, or relied on, by any other Person.

The ADGM Financial Services Regulatory Authority has no responsibility for reviewing or verifying any documents in connection with an Exempt Offer. The ADGM Financial Services Regulatory Authority has not approved this Exempt Offer document nor taken steps to verify the information set out in it and has no responsibility for it.

The Securities to which this Exempt Offer relates may be illiquid and/or subject to restrictions on their resale. Prospective purchasers of the Securities offered should conduct their own due diligence on the Securities.

If you do not understand the contents of this Exempt Offer document, you should consult an authorised financial advisor.

**UNITED KINGDOM**

1.<u>Securities Laws</u>. This offer is being made to employees as part of an employee incentive programme in order to provide an additional incentive and to encourage employee share ownership and to increase your interest in the success of the Company. The company offering these rights is Ingredion Incorporated. The Shares which are the subject of these rights are ordinary Shares in the Company. More information in relation to the Company including the share price can be found at the following web address: www.ingredion.com.

The offer does not contravene the prohibition on public offers of relevant securities, as it falls within the general exception in paragraph 1 of Schedule 1 to The Public Offers and Admissions to Trading Regulations 2024 (POATR) and additionally meets the conditions set out in paragraph 11 of Schedule 1 to POATR. The total maximum number of securities which are the subject of this offer is 5,000,000.

2.<u>Advice.</u> Nothing in the terms of the Awards or any communication issued to you in connection with the Awards is intended to constitute investment advice in relation to the Awards. If you are in any doubt as to whether to proceed in participating in this Plan or in connection with your own financial or tax position, you are recommended to seek advice from a duly authorized independent adviser.

\*Revised January 2026

**\* \*** 

26

## Exhibit 31.1

**EXHIBIT 31.1**

**CERTIFICATION OF CHIEF EXECUTIVE OFFICER**

I, James P. Zallie, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this quarterly report on Form 10-Q of Ingredion Incorporated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15 (f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the Registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: May 8, 2026 | /s/ James P. Zallie |
| | James P. Zallie |
| | Chairman, President and Chief Executive Officer |

---

## Exhibit 31.2

**EXHIBIT 31.2**

**CERTIFICATION OF CHIEF FINANCIAL OFFICER**

I, Jason A. Payant, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this quarterly report on Form 10-Q of Ingredion Incorporated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15 (f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the Registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: May 8, 2026 | /s/ Jason A. Payant |
| | Jason A. Payant |
| | Vice President and Interim Chief Financial Officer |

---

## Exhibit 32.1

**EXHIBIT 32.1**

**Certification Pursuant to**

**18 U.S.C. Section 1350, as Adopted Pursuant to**

**Section 906 of the**

**Sarbanes-Oxley Act of 2002**

I, James P. Zallie, the Chief Executive Officer of Ingredion Incorporated, certify that to my knowledge (i) the report on Form 10-Q for the quarter ended March 31, 2026 as filed with the Securities and Exchange Commission on the date hereof (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and (ii) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Ingredion Incorporated.

---

| |
|:---|
| /s/ James P. Zallie |
| James P. Zallie |
| Chief Executive Officer |
| May 8, 2026 |

---

A signed original of this written statement required by Section 906 has been provided to Ingredion Incorporated and will be retained by Ingredion Incorporated and furnished to the Securities and Exchange Commission or its staff upon request.

## Exhibit 32.2

**EXHIBIT 32.2**

**Certification Pursuant to**

**18 U.S.C. Section 1350, as Adopted Pursuant to**

**Section 906 of the**

**Sarbanes-Oxley Act of 2002**

I, Jason A. Payant, the Interim Chief Financial Officer of Ingredion Incorporated, certify that to my knowledge (i) the report on Form 10-Q for the quarter ended March 31, 2026 as filed with the Securities and Exchange Commission on the date hereof (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and (ii) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Ingredion Incorporated.

---

| |
|:---|
| /s/ Jason A. Payant |
| Jason A. Payant |
| Interim Chief Financial Officer |
| May 8, 2026 |

---

A signed original of this written statement required by Section 906 has been provided to Ingredion Incorporated and will be retained by Ingredion Incorporated and furnished to the Securities and Exchange Commission or its staff upon request.

<br>