# EDGAR Filing Document

**Accession Number:** 0001046257
**File Stem:** 0001628280-26-008603
**Filing Date:** 2026-2
**Character Count:** 612806
**Document Hash:** e2d2be20c8eab7561cb7477b2c17acf3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-26-008603.hdr.sgml**: 20260217

**ACCESSION NUMBER**: 0001628280-26-008603

**CONFORMED SUBMISSION TYPE**: 10-K

**PUBLIC DOCUMENT COUNT**: 193

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260217

**DATE AS OF CHANGE**: 20260217

**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-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-13397
- **FILM NUMBER:** 26642009

**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-20251231

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 10-K**

**(Mark One)**

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

**For the fiscal year ended December 31, 2025**

**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-20251231_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<br>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 |

---

Securities registered pursuant to Section 12(g) of the Act: **None**

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ⌧ No □

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes □ No ⌧

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 has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C.7262(b)) by the registered public accounting firm that prepared or issued its audit report Yes ⌧ No □

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. □

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). □

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

The aggregate market value of the registrant's voting stock held by non-affiliates of the registrant on the last day of the most recently completed second fiscal quarter (based upon the per share closing price of $135.62 as reported on the New York Stock Exchange on June 30, 2025, and, for the purpose of this calculation only, the assumption that all of the registrant's directors and executive officers are affiliates) was approximately $8,692,000,000.

The number of shares outstanding of the registrant's common stock, par value $0.01 per share, as of February 12, 2026 was 62,945,041.

Documents Incorporated by Reference:

Information required by Part III (Items 10, 11, 12, 13 and 14) of this report is incorporated by reference to certain portions of the registrant's definitive Proxy Statement to be distributed in connection with its 2026 Annual Meeting of Stockholders, which will be filed with the Securities and Exchange Commission within 120 days after December 31, 2025.

------

**INGREDION INCORPORATED**

**FORM 10-K** 

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| | | **Page No.** |
| **<u>[Part I](#id6bd44f4a75f417691bd0d01e5d3defc_13)</u>** | | |
| <u>[Item 1.](#id6bd44f4a75f417691bd0d01e5d3defc_16)</u> | <u>[Business](#id6bd44f4a75f417691bd0d01e5d3defc_16)</u> | <u>[4](#id6bd44f4a75f417691bd0d01e5d3defc_16)</u> |
| <u>[Item 1A.](#id6bd44f4a75f417691bd0d01e5d3defc_46)</u> | <u>[Risk Factors](#id6bd44f4a75f417691bd0d01e5d3defc_46)</u> | <u>[11](#id6bd44f4a75f417691bd0d01e5d3defc_46)</u> |
| <u>[Item 1B.](#id6bd44f4a75f417691bd0d01e5d3defc_49)</u> | <u>[Unresolved Staff Comments](#id6bd44f4a75f417691bd0d01e5d3defc_49)</u> | <u>[20](#id6bd44f4a75f417691bd0d01e5d3defc_49)</u> |
| <u>[Item 1C.](#id6bd44f4a75f417691bd0d01e5d3defc_52)</u> | <u>[Cybersecurity](#id6bd44f4a75f417691bd0d01e5d3defc_52)</u> | <u>[20](#id6bd44f4a75f417691bd0d01e5d3defc_49)</u> |
| <u>[Item 2.](#id6bd44f4a75f417691bd0d01e5d3defc_55)</u> | <u>[Properties](#id6bd44f4a75f417691bd0d01e5d3defc_55)</u> | <u>[23](#id6bd44f4a75f417691bd0d01e5d3defc_55)</u> |
| <u>[Item 3.](#id6bd44f4a75f417691bd0d01e5d3defc_58)</u> | <u>[Legal Proceedings](#id6bd44f4a75f417691bd0d01e5d3defc_58)</u> | <u>[23](#id6bd44f4a75f417691bd0d01e5d3defc_58)</u> |
| <u>[Item 4.](#id6bd44f4a75f417691bd0d01e5d3defc_61)</u> | <u>[Mine Safety Disclosures](#id6bd44f4a75f417691bd0d01e5d3defc_61)</u> | <u>[24](#id6bd44f4a75f417691bd0d01e5d3defc_61)</u> |
| **<u>[Part II](#id6bd44f4a75f417691bd0d01e5d3defc_64)</u>** | | |
| <u>[Item 5.](#id6bd44f4a75f417691bd0d01e5d3defc_67)</u> | <u>[Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](#id6bd44f4a75f417691bd0d01e5d3defc_67)</u> | <u>[25](#id6bd44f4a75f417691bd0d01e5d3defc_67)</u> |
| <u>[Item 6.](#id6bd44f4a75f417691bd0d01e5d3defc_70)</u> | <u>[\[Reserved\]](#id6bd44f4a75f417691bd0d01e5d3defc_70)</u> | <u>[25](#id6bd44f4a75f417691bd0d01e5d3defc_70)</u> |
| <u>[Item 7.](#id6bd44f4a75f417691bd0d01e5d3defc_73)</u> | <u>[Management's Discussion and Analysis of Financial Condition and Results of Operations](#id6bd44f4a75f417691bd0d01e5d3defc_73)</u> | <u>[26](#id6bd44f4a75f417691bd0d01e5d3defc_73)</u> |
| <u>[Item 7A.](#id6bd44f4a75f417691bd0d01e5d3defc_97)</u> | <u>[Quantitative and Qualitative Disclosures About Market Risk](#id6bd44f4a75f417691bd0d01e5d3defc_97)</u> | <u>[35](#id6bd44f4a75f417691bd0d01e5d3defc_97)</u> |
| <u>[Item 8.](#id6bd44f4a75f417691bd0d01e5d3defc_100)</u> | <u>[Financial Statements and Supplementary Data](#id6bd44f4a75f417691bd0d01e5d3defc_100)</u> | <u>[38](#id6bd44f4a75f417691bd0d01e5d3defc_100)</u> |
| <u>[Item 9.](#id6bd44f4a75f417691bd0d01e5d3defc_193)</u> | <u>[Changes in and Disagreements](#id6bd44f4a75f417691bd0d01e5d3defc_193)[W](#id6bd44f4a75f417691bd0d01e5d3defc_193)[ith Accountants on Accounting and Financial Disclosure](#id6bd44f4a75f417691bd0d01e5d3defc_193)</u> | <u>[84](#id6bd44f4a75f417691bd0d01e5d3defc_193)</u> |
| <u>[Item 9A.](#id6bd44f4a75f417691bd0d01e5d3defc_196)</u> | <u>[Controls and Procedures](#id6bd44f4a75f417691bd0d01e5d3defc_196)</u> | <u>[84](#id6bd44f4a75f417691bd0d01e5d3defc_196)</u> |
| <u>[Item 9B.](#id6bd44f4a75f417691bd0d01e5d3defc_199)</u> | <u>[Other Information](#id6bd44f4a75f417691bd0d01e5d3defc_199)</u> | <u>[86](#id6bd44f4a75f417691bd0d01e5d3defc_199)</u> |
| <u>[Item 9C.](#id6bd44f4a75f417691bd0d01e5d3defc_205)</u> | <u>[Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](#id6bd44f4a75f417691bd0d01e5d3defc_205)</u> | <u>[86](#id6bd44f4a75f417691bd0d01e5d3defc_205)</u> |
| **<u>[Part III](#id6bd44f4a75f417691bd0d01e5d3defc_208)</u>** | | |
| <u>[Item 10.](#id6bd44f4a75f417691bd0d01e5d3defc_211)</u> | <u>[Directors, Executive Officers and Corporate Governance](#id6bd44f4a75f417691bd0d01e5d3defc_211)</u> | <u>[87](#id6bd44f4a75f417691bd0d01e5d3defc_211)</u> |
| <u>[Item 11.](#id6bd44f4a75f417691bd0d01e5d3defc_214)</u> | <u>[Executive Compensation](#id6bd44f4a75f417691bd0d01e5d3defc_214)</u> | <u>[87](#id6bd44f4a75f417691bd0d01e5d3defc_214)</u> |
| <u>[Item 12.](#id6bd44f4a75f417691bd0d01e5d3defc_217)</u> | <u>[Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](#id6bd44f4a75f417691bd0d01e5d3defc_217)</u> | <u>[87](#id6bd44f4a75f417691bd0d01e5d3defc_217)</u> |
| <u>[Item 13.](#id6bd44f4a75f417691bd0d01e5d3defc_220)</u> | <u>[Certain Relationships and Related Transactions, and Director Independence](#id6bd44f4a75f417691bd0d01e5d3defc_220)</u> | <u>[87](#id6bd44f4a75f417691bd0d01e5d3defc_220)</u> |
| <u>[Item 14.](#id6bd44f4a75f417691bd0d01e5d3defc_223)</u> | <u>[Principal Accountant Fees and Services](#id6bd44f4a75f417691bd0d01e5d3defc_223)</u> | <u>[87](#id6bd44f4a75f417691bd0d01e5d3defc_223)</u> |
| **<u>[Part IV](#id6bd44f4a75f417691bd0d01e5d3defc_226)</u>** | | |
| <u>[Item 15.](#id6bd44f4a75f417691bd0d01e5d3defc_229)</u> | <u>[Exhibits and Financial Statement Schedules](#id6bd44f4a75f417691bd0d01e5d3defc_229)</u> | <u>[88](#id6bd44f4a75f417691bd0d01e5d3defc_229)</u> |
| <u>[Item 16.](#id6bd44f4a75f417691bd0d01e5d3defc_232)</u> | <u>[Form 10-K Summary](#id6bd44f4a75f417691bd0d01e5d3defc_232)</u> | <u>[93](#id6bd44f4a75f417691bd0d01e5d3defc_232)</u> |
| <u>[Signatures](#id6bd44f4a75f417691bd0d01e5d3defc_235)</u> | | <u>[94](#id6bd44f4a75f417691bd0d01e5d3defc_235)</u> |

---

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**Forward-Looking Statements**

This annual report on Form 10-K 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 Incorporated intends these forward-looking statements to be covered by the safe harbor provisions for such statements.

Forward-looking statements include, among others, any statements regarding our prospects, future operations, or future financial condition, earnings, net sales, 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 and uncertainties, see Item 1A. "Risk Factors" below and our subsequent reports on Form 10-Q and Form 8-K.

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<u>[**Table of Contents**](#id6bd44f4a75f417691bd0d01e5d3defc_7)</u>

**PART I.**

**ITEM 1. BUSINESS**

**Our Company**

Ingredion Incorporated (together with its consolidated subsidiaries, the "Company," "Ingredion," "we," "us," and "our") is a leading global ingredient 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 purpose is to bring the potential of people, nature and technology together to make life better. We develop, produce and sell a variety of food and beverage ingredients, primarily starches and sweeteners, for a broad range of customers in over 60 industries worldwide.

**Products**

Our innovative ingredient solutions help customers stay on trend with consumer-friendly, in-demand ingredients. Ingredion derives most of our products by processing corn and other starch-based materials, such as tapioca, potato, peas and rice. Our product lines include starches and sweeteners, animal feed products and edible corn oil. Our starch-based products include both food-grade and industrial starches, as well as biomaterials and non-GMO (genetically modified organism) products. Our sweetener products include glucose syrups, high maltose syrups, high fructose corn syrup, caramel color, dextrose, polyols, maltodextrins, glucose and syrup solids, high-intensity sweeteners, and various non-GMO products.

Starches are an important component in a wide range of processed foods and non-food applications. Food companies use starches for adhesion, clouding, dusting, expansion, fat replacement, freshness, gelling, glazing, mouthfeel, stabilization and texture. The paper industry uses starches to provide strength properties as well as adhesion in the conversion of corrugated boxes, and various industrial companies use paper starches for enhanced drainage, fiber retention, oil and grease resistance, improved printability and biochemical oxygen demand control. Industrial starches are used in the production of construction materials, textiles, adhesives, pharmaceuticals and cosmetics, as well as in mining and water filtration. The textile industry uses starches for sizing (abrasion resistance) to provide size and finishes for manufactured products. Specialty industrial starches are used for biomaterial applications, including biodegradable plastics, fabric softeners and detergents, hair and skin care applications, dusting powders for surgical gloves, and in the production of glass fiber and insulation. Our starch products represented 50 percent, 49 percent and 47 percent of our net sales in 2025, 2024 and 2023.

Sweeteners have broad application in food, beverage and brewing products. Food companies use our sweeteners in a wide variety of food and beverage products, such as baked goods, snack foods, canned fruits, condiments, candy and other sweets, dairy products, ice cream, jams and jellies, prepared mixes, table syrups, and beverages. These sweetener products offer functionality in addition to sweetness, such as texture, body and viscosity; help control freezing points, crystallization and browning; add humectancy (ability to add moisture) and flavor; and act as binders. Our high maltose syrups speed the fermentation process, allowing brewers to increase capacity without adding capital. Dextrose has a wide range of applications in the food and confection industries, in solutions for intravenous ("IV") and other pharmaceutical applications. Some natural high-intensity sweeteners, such as stevia, provide a sweetness or functional alternative to full-caloric sweeteners for our customers. Some food and beverage customers seek these alternatives for their reduced-calorie or sugar-free foods and beverages. Our sweetener products represented 34 percent, 35 percent and 34 percent of our net sales in 2025, 2024 and 2023.

Our products also include pulse-based protein ingredients made from yellow peas, which add protein, dietary fiber, micronutrients and texture to food and beverages. We sell refined corn oil (from germ) to packers of cooking oil and to producers of margarine, salad dressings, shortening, mayonnaise and other foods. We also sell corn gluten feed as animal feed and corn gluten meal as high-protein feed for chickens, pet food and aquaculture. In addition, we sell multi-ingredient systems and blends.

Our products compete with products made from other raw materials. High fructose corn syrup and monohydrate dextrose, for example, compete principally with cane and beet sugar products. Co-products, such as corn oil and gluten meal, compete with products of the corn dry milling industry and with soybean oil, soybean meal and other products. Fluctuations in prices of these competing products may affect prices of and profits derived from our products.

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<u>[**Table of Contents**](#id6bd44f4a75f417691bd0d01e5d3defc_7)</u>

**Business Segments**

Beginning January 1, 2024, we re-aligned our operating segments, which resulted in a change to our reportable business segments. This change in operating segments better aligned our production assets and commercial efforts and resulted in three new reportable segments: Texture & Healthful Solutions ("T&HS"), which focuses on providing its solutions to the global market; and Food & Industrial Ingredients–Latin America ("F&II–LATAM") and Food & Industrial Ingredients–U.S./Canada ("F&II–U.S./Canada"), each of which focuses on providing its products to local markets. In addition, operating segments that are not individually or collectively reportable segments are grouped and identified as "All Other."

*Texture & Healthful Solutions*

T&HS focuses on providing global customers with a wide array of innovative ingredient solutions that maintain or enhance texture and deliver healthful product attributes for global and regional customers. T&HS product categories are primarily comprised of modified and native starches, clean-label texturizers, hydrocolloids, and customized formulations. T&HS ingredients deliver more functionality than our other products, add additional customer value, achieve higher average selling prices, and enable our customers to deliver high-quality, consumer-preferred products aligned with growing market and consumer trends such as health and wellness, clean-label, simple ingredients, affordability, indulgence and sustainability.

T&HS faces competition globally from Archer-Daniels-Midland Company ("ADM"), Tate & Lyle, Cargill, and Roquette. Smaller, local corn, potato, and tapioca processors also operate in some of our markets, targeting other customer needs.

T&HS's customer contracts vary according to each customer's circumstances and primary location. These include both firm- and fee-based contracts, with multi-year, one-year, or shorter terms, depending on market dynamics, customer preferences and our considerations of input cost risks.

T&HS has a global manufacturing footprint with 20 manufacturing facilities in the U.S., Canada, Asia-Pacific and Europe, which produce ingredients based on raw materials that include corn, potato, tapioca, fruit, rice, and tree extracts. In addition, T&HS utilizes a network of tolling manufacturers to produce certain ingredients, which T&HS completes through its finishing channels.

*Food & Industrial Ingredients–LATAM*

F&II–LATAM consists of nine manufacturing facilities in Mexico and South America that convert primarily corn, but also some tapioca and sugar, into starches, sweeteners and co-products for the local needs of food and industrial markets in Latin America. Product applications include food production, brewing, beverages, paper manufacturing, textiles, adhesives, pharmaceuticals and cosmetics. F&II–LATAM has a significant presence in the brewing industry in Latin America, which uses high maltose corn syrup and starches in its brewing products, unlike brewing enterprises in the U.S. and Canada. F&II–LATAM's customers for food and industrial ingredients, including global brands, source raw materials locally in the Latin America region.

F&II–LATAM's facilities typically manufacture liquid or dry products that require minimal modification and are usually shipped by truck to local markets. Although most of our Mexico and Colombia operations use corn raw material inputs that they import from the U.S., our other South American operations procure their corn and other raw inputs from local producers in South America.

F&II–LATAM faces competition from U.S. imports into Mexico and from local producers, including ALMEX, a Mexican joint venture between ADM and Primient. South America is a more fragmented market of local producers, but Cargill maintains starch processing operations in Brazil and Argentina.

Most of F&II–LATAM's customer contracts reflect country and industry practices. The brewing industry throughout Latin America primarily uses fee-based, multi-year contracts with pricing that updates quarterly. In Mexico, a significant portion of our volume is sold through annual, firm-priced contracts. Most customer contracts in South America are one-year contracts which have shorter pricing periods that adjust to factors such as inflation and local raw input prices, as well as spot sales and contracts that have pricing periods of three months or less.

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<u>[**Table of Contents**](#id6bd44f4a75f417691bd0d01e5d3defc_7)</u>

F&II–LATAM holds a 49 percent ownership in Ingrear Holding S.A. (the "Argentina joint venture"), a joint venture with Grupo Arcor, an Argentine multinational company. The joint venture, which has operations in Argentina and is impacted by Argentine peso currency fluctuations, serves customers in Argentina, Chile and Uruguay.

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

F&II–U.S./Canada consists of six manufacturing facilities in the U.S. and Canada that convert corn into starches and sweeteners and co-products for the local needs of food and industrial markets. F&II–U.S./Canada has a significant presence in the industrial market. Product applications include food and beverages, paper and packaging, pharmaceuticals and personal care. F&II–U.S./Canada's facilities manufacture liquid or dry products that require minimal modification and are usually shipped using bulk rail cars or tanker trucks. The manufacturing process also generates co-products that customers use for animal nutrition and corn oil production. F&II–U.S./Canada's customers include global brands that generally tend to source ingredients locally.

The starch and sweetener industry in the U.S. and Canada is highly competitive, and competition within these markets is largely based on product functionality, price and quality. F&II–U.S./Canada's competitors include, among others, ADM, Cargill, and Primient.

F&II–U.S./Canada's customer sales contracts are typically one year in length or shorter, although one-third of sales are multi-year, fee-based contracts.

*All Other*

We do not separately report results for operating segments that we classify in All Other, which includes sweetener and starch sales by our Pakistan business, sales of stevia by our PureCircle business, sales of other sweeteners from our Sugar Reduction businesses, and pea protein from our Protein Fortification business. In September 2025, we entered into a definitive agreement, which is subject to certain conditions and approvals, to sell a 51 percent ownership interest in the Pakistan business. We amended the agreement in December 2025 to grant Nishat Group an option to purchase additional shares for commensurate consideration per share.

We sold our South Korea business on February 1, 2024.

*Industries Served*

The approximate portion of total net sales by industry for each of our reportable segments and All Other in 2025 was as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Industries Served** | **Total<br>Ingredion** | **T&HS** | **F&II–LATAM** | **F&II–U.S./Canada** | **All Other** |
| Food | 58% | 83% | 49% | 40% | 55% |
| Beverage | 9 | 3 | 9 | 16 | 12 |
| Brewing | 7 |  | 17 | 4 |  |
| &nbsp;&nbsp;&nbsp;Food and Beverage Ingredients | 74 | 86 | 75 | 60 | 67 |
| Animal Nutrition | 7 | 2 | 12 | 8 | 10 |
| Other | 19 | 12 | 13 | 32 | 23 |
| &nbsp;&nbsp;&nbsp;Total Net sales | 100% | 100% | 100% | 100% | 100% |

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No customer or group of related customers accounted for 10 percent or more of our net sales in 2025, 2024 or 2023.

*Customer Contracts*

Some of our customer contracts provide for spot sales, while others are fee-based and adjust our selling prices based upon raw material input costs. Longer term customer contracts, such as those with the beverage industry, may have terms of one year or multiple years. Firm-based pricing reflects fixed prices for our products, which transfers risk to us for underlying

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input costs over the contract period. Conversely, fee-based pricing allocates the risk for the underlying input costs to our customers. Most of our multi-year contracts are fee-based and adjust our selling prices at intervals during the contract term.

**Operations**

Through our operations, we seek to leverage the power of our Ingredion Performance System to deliver consistent, sustainable improvement through five pillars—people, reliability, quality, management and safety. For each of these pillars, we assign leadership to corporate, segment and manufacturing facility levels. Our centralized production planning, distribution and financial functions give us the ability to serve global customers, leverage digital solutions and artificial intelligence, ration production capacity, identify synergies, and maximize the benefits of our global presence. We delegate authority for production improvements and empower local management to seek tailored innovation solutions throughout our worldwide operations, allowing us to bring added value to our customers and providing us with a unique understanding of the cultures and product requirements in each of our geographic markets. As of December 31, 2025, we utilized our global network of 41 active manufacturing facilities and joint venture partnerships to support our global product lines.

Most of our manufacturing processes are based on a capital-intensive, two-step process that involves the wet-milling and processing of starch-based materials. During the front-end process, we steep starch-based materials in a water-based solution and separate them into a starch slurry, protein, fiber or germ. We then further process the starch slurry to produce starches, sweeteners and other ingredients for various industries.

**Raw Materials**

Corn (primarily yellow dent) is the primary basic raw material we use to produce starches and sweeteners. We also use tapioca in certain of our T&HS production processes in the Asia-Pacific region and in South America. We use chips and slices from potato processors as the primary raw material to manufacture potato-based starches. In addition to corn, potatoes, and tapioca, we use pulses, gums, rice, stevia, yellow peas and sugar as raw materials, among others.

Corn is grown in many areas of the world, including the U.S., Canada, Mexico, Brazil, Argentina, Europe, South Africa and Pakistan. Our operations in the U.S. source corn produced in the U.S. Our subsidiaries outside the U.S. utilize supplies of corn from their local regions, as well as corn imported from other geographic areas, including the U.S. We generally expect the supply of corn for our subsidiaries to be adequate for our needs.

The price of corn fluctuates in response to various factors, including farmers' planting decisions, climate, crop-related disease, domestic and foreign government policies (including those related to the production of ethanol), livestock feeding, shortages or surpluses of world grain supplies, and trade policies and agreements. Corn prices for our non-U.S. subsidiaries fluctuate as a result of the same factors that affect U.S. corn prices, although the impact of these factors on local markets may vary.

We also utilize specialty grains, such as waxy and high amylose corn, as well as proprietary seed varietals in our operations. In general, the planning cycle for our sourcing of specialty grains begins three years in advance of the anticipated delivery of the specialty corn, since farmers must grow the necessary seed in the season before we contract to buy the grain. To secure these specialty grains at the time of our anticipated needs, we contract approximately two years in advance of delivery with farmers to grow the specialty corn. These specialty grains have a higher cost due to their more limited supply and require longer planning cycles to mitigate the risk of potential supply shortages.

Ingredients sold by our Sugar Reduction businesses include stevia sweeteners, polyols, dextrose, allulose and fructooligosaccharides, which come from a variety of GMO and non-GMO raw material bases. Due to the competitive nature of our industry and the availability of substitute products, we may sell our products at prices that may differ from the raw material costs of corn, stevia leaf, or other input costs we incur.

We use derivative hedging contracts to protect the gross margin of our firm-priced business, primarily in each of our Food and Industrial Ingredient reportable segments. See Item 7A. *Quantitative and Qualitative Disclosures about Market Risk* for additional information.

**Research and Development**

Our Research and Development ("R&D") organization is dedicated to driving innovation and enhancing Ingredion's competitive position within the ingredient industry. The R&D function focuses on the discovery, development, and

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commercialization of high-performance, value-added ingredient solutions that meet evolving consumer preferences and industry demands in both food and non-food applications. We achieve this through the physical, chemical, and biochemical transformation of agricultural inputs, primarily corn. We invest in cutting-edge technology, proprietary formulations, and process innovations to expand our product portfolio while maintaining compliance with regulatory, food safety, and quality standards in all geographies in which we operate.

Our R&D team consists of over 500 scientists and engineers who work collaboratively across our global network of 30 Ingredion Idea Labs®, with headquarters in Bridgewater, New Jersey. Our core capabilities include food and non-food product design and development, molecular discovery, analytical and sensory characterization, regulatory affairs, manufacturing process innovation, plant science, and project portfolio management. We collaborate with customers to develop specific application solutions either in the customers' facilities, in our Idea Labs® and technical service centers, or at third-party contractors. Additionally, we partner with academic institutions, research organizations, and industry stakeholders to foster collaborative innovation and accelerate the development of new technologies. Our intellectual property portfolio, including patents and proprietary know-how, supports our strategic innovation initiatives and reinforces our commitment to delivering differentiated, high-performance ingredients to our customers around the world.

We continuously evaluate and refine our R&D investments to align them with our long-term business strategy, improve operational efficiencies, and drive sustainable growth for our company. On November 17, 2025, we entered into a lease for a new Global Innovation headquarters facility to be constructed in Bridgewater, New Jersey, which we expect will be ready for our use in the first half of 2028.

**Sales and Distribution**

Members of our salaried sales workforce, who are generally dedicated to customers in a geographic region, sell our products directly to manufacturers and distributors. In addition, we have employees who provide technical support to our sales personnel on an industry basis. We generally contract with trucking companies to deliver our bulk products to customer destinations. In North American countries serviced by our F&II segments, we generally use trucks to ship to nearby customers. For those customers located considerable distances from our manufacturing facilities, we primarily use either rail transport or a combination of rail transport and trucks to deliver our products.

**Patents and Trademarks**

As of December 31, 2025, we owned more than 1,800 patents and patents pending, which relate to a variety of products and processes, as well as a number of established trademarks under which we market our products. We also have the right to use other patents and trademarks under patent and trademark licenses. We do not believe that any individual patent or group of related patents or any trademark is material to our business.

**Human Capital** 

Our core values—Care First, Be Preferred, Everyone Belongs, Innovate Boldly, and Owner's Mindset—provide us with guidelines and expectations for ethical behavior among our employees. Our Code of Conduct is well-defined, and we have governance processes in place to manage compliance with our Code of Conduct, policies and procedures, and applicable laws and regulations.

Through our Care First value, we actively work to safeguard and enable the well-being of our people, the quality of our products, and our reputation for trust and integrity. We believe the strength of our workforce is one of the significant contributors to our success as a global company. Attracting, developing and retaining global talent with the right skills to drive our business is central to our values and long-term growth strategy. As a result, we believe our employees feel connected to our culture and through their actions demonstrate their identification with our values and their commitment to our purpose, innovation, and pursuit of our sustainability goals.

*Workforce Profile* 

As of December 31, 2025, we employed approximately 11,200 people, of whom approximately 3,200 were located in the U.S. and Canada. Approximately 33 percent of our U.S. and Canadian employees are members of labor unions. We have collective bargaining agreements that expire in 2026 for approximately 160 total employees working in our manufacturing plants in Cedar Rapids, Iowa; Mapleton, Illinois; and London, Ontario.

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The approximate number of employees by reportable segment and All Other as of December 31, 2025 was as follows:

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| | |
|:---|:---|
| | **Approximate Number of Employees** |
| &nbsp;&nbsp;&nbsp;&nbsp;Texture & Healthful Solutions | 3200 |
| &nbsp;&nbsp;&nbsp;&nbsp;Food & Industrial Ingredients–LATAM | 3900 |
| &nbsp;&nbsp;&nbsp;&nbsp;Food & Industrial Ingredients–U.S./Canada | 1300 |
| &nbsp;&nbsp;&nbsp;&nbsp;All Other *(i)* | 2800 |
| Total Ingredion | 11200 |

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 *(i) All Other includes corporate employees.*

*Workplace Safety and Employee Wellness*

The overall well-being and safety of our employees and customers is one of our top priorities. We believe we make a positive contribution to our employees' health and quality of life through our strong focus on maintaining an injury-free workplace and investments in programs, training, workplace resources and continuous improvement methodologies that encourage safe working practices. We continue to improve safety results and ensure responsible management of all our facilities, particularly in our manufacturing facilities, which continue to represent the greatest safety and health risks. A workplace safety goal represents a part of each employee's personal performance objectives each year as we strive to achieve an injury-free work environment.

Ingredion provides our employees with a variety of wellness programs and offers incentives for weight management, smoking cessation and health club memberships. We also offer Employee Assistance Programs to provide counseling services in support of the emotional, social and financial health of each employee.

*Culture and Employee Engagement*

We conduct confidential engagement surveys of our global workforce. Executive officers and leaders throughout the organization review aggregate survey results and create action plans at global, regional, functional and managerial levels. We employ a flexible approach for our office-based employees on how and where we work. We focus on agile ways of working that enable colleagues to work remotely when appropriate and organize our offices to foster connection and collaboration.

**Government Regulation**

As a manufacturer and marketer of ingredients used in food and pharmaceutical industries, our products and operations are subject to federal, state, foreign and local statutes and regulations, including the Federal Food, Drug and Cosmetic Act and the Occupational Safety and Health Act. We and many of our products are also subject to regulation by the U.S. Food and Drug Administration and other government agencies. Among other things, applicable regulations of these agencies prescribe requirements and establish standards for product quality, purity and labeling. Failure to comply with one or more regulatory requirements can result in a variety of sanctions, including monetary fines. No material fines were imposed on us in 2025. We may also be required to comply with federal, state, foreign and local laws regulating food handling and storage. We believe our compliance with these laws and regulations have not negatively affected our financial results or competitive position.

Our operations are also subject to federal, state, foreign and local laws and regulations for environmental matters, including air and water quality, as well as other regulations intended to protect public health and the environment. We operate industrial boilers that fire natural gas, coal, or biofuels to operate our manufacturing facilities. Those boilers, along with product dryers, are our primary source of greenhouse gas emissions. During 2025, we spent $63 million for environmental control and wastewater treatment equipment to be incorporated into existing facilities and in planned construction projects. We currently expect that we will invest approximately $57 million for environmental facilities and programs in 2026.

Based on current laws and regulations and their enforcement and interpretation, we do not expect that the costs of future environmental compliance will be a material expense, although there can be no assurance that we will remain in compliance with those laws and regulations or that the costs of remaining in compliance will not have a material adverse effect on our future financial condition and results of operations.

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**Additional Information**

Our website address is www.ingredion.com and our investor website is ir.ingredionincorporated.com. We make available, free of charge through our investor website, our annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended. We make these reports available as soon as reasonably practicable after we electronically file them with or furnish them to the Securities and Exchange Commission. Our corporate governance guidelines, board committee charters and code of ethics are posted on our investor website and will be made available in print without charge to any stockholder upon request in writing to our principal executive offices at Ingredion Incorporated, 5 Westbrook Corporate Center, Westchester, Illinois 60154, Attention: Corporate Secretary. The information on, or accessible through, our website is not a part of, and is not incorporated by reference into, this report.

**Information about our Executive Officers**

Our executive officers and their positions with us as of February 17, 2026 are as follows:

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|:---|:---|:---|
| **Name** | **Age** | **Positions, Offices and Business Experience** |
| James P. Zallie | 64 | Chairman, President and Chief Executive Officer since January 2018 (appointed chairman in February 2026). Director of Sylvamo Corporation, a global producer of uncoated papers. |
| Larry Fernandes | 61 | Senior Vice President and Chief Commercial and Sustainability Officer since July 2018. |
| Davida M. Gable | 59 | Vice President, Corporate Controller since joining Ingredion in October 2021. Before that, Head of Global Accounting and External Reporting at Wayfair Inc., an e-commerce company. |
| James D. Gray | 59 | Executive Vice President and Chief Financial Officer since March 2017. |
| Tanya Jaeger de Foras | 55 | Senior Vice President, Chief Legal Officer, Corporate Secretary and Chief Compliance Officer since joining Ingredion in November 2021. Before that, Deputy General Counsel at Whirlpool Corporation, a global home appliance manufacturer. |
| Patrick I. Kalotis | 52 | Executive Vice President, Global Texture & Healthful Solutions since joining Ingredion in December 2025. Chief Executive Officer of Tissues International North America at APP Group, a pulp and paper manufacturer, from August 2024 to November 2025, and positions of increasing responsibilities at beverage companies Tropicana Brands Group from January 2022 to July 2024 and PepsiCo before that. |
| Michael J. Leonard | 50 | Senior Vice President, Chief Innovation Officer and Head of Protein Fortification, since May 2024. Chief Executive Officer at MycoTechnology, a food products supplier, from November 2023 to May 2024. Chief Executive Officer from August 2022 to November 2023 and Chief Technology Officer before that at Motif FoodWorks, a food processing company. |
| Michael O'Riordan | 56 | Senior Vice President, Texture & Healthful Solutions, EMEA and Asia-Pacific, since January 2024, and Board Chairman, Rafhan Maize Ltd., an Ingredion affiliate in Pakistan, since March 2023. Before 2024, Regional President, EMEA. |
| Rob Ritchie | 56 | Senior Vice President, Food & Industrial Ingredients, LATAM and U.S./Canada, since January 2024. Senior Vice President, Food & Industrial Ingredients, Americas, from May 2023 to December 2023. Before that, Regional President, Mexico, U.S./Canada Sweetener Solutions, Industrial Solutions and Kerr Concentrates. |
| Eric Seip | 58 | Senior Vice President, Global Operations and Chief Supply Chain Officer since joining Ingredion in January 2021. Before that, Senior Vice President, Global Supply Chain at ChampionX Holding Inc. (formerly Ecolab), an oil and gas equipment and services company. |
| Nancy Wolfe | 56 | Senior Vice President and Chief Human Resources Officer since joining Ingredion in January 2022. Before that, Senior Vice President, Human Resources at Bayer Crop Science (formerly Monsanto), an agriculture, chemical and biochemical solutions company. |

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**ITEM 1A. RISK FACTORS**

There are many factors that could adversely affect our business, results of operations and cash flows, some of which are beyond our control. The following is a description of some important factors that may cause our business, results of operations, financial condition and cash flows in future periods to differ materially from those currently expected or desired. Factors not currently known to us or that we currently deem to be immaterial may also materially and adversely affect our business, results of operations, financial condition and cash flows.

**<u>Risks Related to Our Business and Our Industry</u>**

***Changes in consumer practices, preferences, price sensitivity, behaviors, demand and perceptions may reduce the demand for our products.***

The demand for food products that contain our ingredients, including agricultural products developed through biotechnology, may be adversely affected by changes in consumer practices, preferences, price sensitivities, tastes, and national, regional and local economic conditions. Consumer preferences and purchasing behaviors relating to food and beverage products continue to evolve and may be influenced by nutrition guidance, education campaigns, and public-health initiatives. These developments may cause consumers to avoid food or beverage products that contain added sugars, sweeteners, carbohydrates, highly-processed foods, high fructose corn syrup, or biotechnology-derived ingredients, in favor of foods or beverages that are perceived as being "healthier" or of contributing to a "cleaner" ingredient label. These perceptions have negatively affected the demand for some of our ingredients.

Some of our customers, including those engaged in the food and beverage industries, may incur significant costs to address increasing concern among consumers, public health professionals and government agencies about the potential health impacts associated with obesity and inactive lifestyles, which could materially affect price sensitivity and the demand for our products. Similarly, the increasing availability, use and acceptance of weight loss medications, including the expanded use of medications designed for weight loss in people without diabetes, may reduce sales of food and beverage products that contain our ingredients, since the medications regulate appetite and may reduce the overall amount of food and beverages consumed.

As a result, certain customers may reformulate products, reduce volumes, or discontinue products that incorporate certain of our ingredients, including sweeteners, starches, texturizers, and other specialty ingredients, or seek alternative ingredients from our competitors. Such changes could reduce demand for our products, increase pricing pressure, require additional investment by us in reformulation and product development, influence customer procurement decisions and mix, or result in underutilization of manufacturing assets. While we continue to invest in innovation and solutions that we believe aligns with evolving customer and consumer needs, these efforts may not fully offset those adverse demand, pricing, or cost impacts. Any of the foregoing could materially and adversely affect our production volumes, profit margins, results of operations, financial condition, and cash flows.

***Geopolitical developments, tensions, threats or conflicts could harm our business by adversely affecting the availability and prices of raw materials and energy supplies; disrupting global markets, supply chains, and foreign exchange and interest rates, and causing changes in migration patterns.***

Ingredion operates a global manufacturing and sourcing network and relies on agricultural commodities, energy, logistics services, and international customers, suppliers, and other counterparties. Our operations could be adversely affected by actions taken in connection with cross-border actions by the governments of countries in which we conduct business or through which our products may travel. Heightened geopolitical tensions, a perceived reduction in multilateral security cooperation, or changes to geopolitical policies or relationships, could contribute to increased or more volatile energy or freight costs, shortages or delays in raw materials or other inputs, sanctions or export controls, changes in trade policy, currency volatility, and reduced customer demand in certain markets. In addition, these factors may spur secondary or tertiary conflicts with or between other countries or regions, which could increase volatility in the availability and prices of raw materials and energy supplies, create supply chain disruptions or delays, or reduce customer or consumer demand.

These developments, together with ongoing conflicts and tensions in other regions, including the ongoing conflict between Russia and Ukraine and the continuing situation in the Middle East, could disrupt international trade flows, energy and commodity markets, transportation networks, and financial markets. Certain of these locations are in regions that provide sources of raw material and energy supplies for both us and some companies whose products we distribute, particularly in our Texture & Healthful Solutions segment and our Pakistan business.

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In addition, heightened geopolitical uncertainty may increase the risk of cyber incidents, disrupt capital markets, and adversely affect foreign exchange and interest rate conditions, all of which could negatively affect our financial results. While we seek to mitigate these risks through diversification, risk management, and contingency planning, such efforts may not be successful. Any of the foregoing developments could materially and adversely affect our results of operations, financial condition, and cash flows.

***Economic conditions may adversely impact demand for our products, reduce our access to credit, affect our investment returns and cause our customers and others with whom we do business to suffer financial hardship.***

General business and economic conditions that could affect us include barriers to trade (including as a result of tariffs, duties and border taxes, among other factors), the strength of the economies in which we operate, unemployment, inflation, interest rates, tighter or uneven credit conditions, and fluctuations in debt and equity markets. While currently these conditions have not impaired our ability to access credit and equity markets to finance our operations, we are subject to the risk of further deterioration in the financial markets, including their impacts on our suppliers, customers, and consumers.

These economic developments could negatively affect our operations through reduced consumer demand for our products, pressure to extend our customers' payment terms, insolvency of our customers and increased provisions for credit losses, product order delays or cancellations, less advantageous supplier finance terms and conditions, and counterparty failures.

In connection with our defined benefit pension plans, adverse changes in investment returns earned on pension assets and discount rates used to calculate pension and related liabilities or changes in required pension funding levels may have an unfavorable impact on future pension expenses and cash flows.

Volatile worldwide economic conditions and market instability may make it difficult for us, our customers and our suppliers to accurately forecast future product demand trends, which could cause us to produce products in excess of demand, increase our inventory carrying costs, and incur additional charges for aged, obsolete or spoiled inventory. This forecasting difficulty also may cause a shortage of products that could affect our ability to satisfy the demand for our products.

***Our reliance on certain industries for a significant portion of our sales could have a material adverse effect on our business.***

Of our 2025 net sales, approximately 58 percent were generated by sales to the food industry, approximately 9 percent by sales to the beverage industry, approximately 7 percent by sales to the animal nutrition industry, and approximately 7 percent by sales to the brewing industry. If our customers in any of these industries were to substantially decrease their purchases, our business might be materially adversely affected.

***Operating difficulties at our manufacturing facilities and liabilities relating to product safety and quality could adversely affect our business and harm our reputation.***

Producing starches, sweeteners and other food and industrial ingredients is a capital-intensive industry. We conduct preventive maintenance and de-bottlenecking programs at our manufacturing facilities designed to maintain and improve capacity and facility reliability. If we encounter operating difficulties at a facility for an extended period or start-up problems with any capital improvement projects, we may not be able to meet a portion of our sales order commitments and could incur significantly higher operating expenses, either of which could adversely affect our operating results, financial condition, cash flows and prospects and result in adverse publicity. Furthermore, we use boilers to generate steam required in our production processes. An event that impairs the operation of a boiler for an extended period could have a significant adverse effect on the operations of other manufacturing facilities in addition to the facility where the event occurred. If we are unable to contain our operating costs and maintain the productivity and reliability of our production facilities, our profitability and growth could be adversely affected.

In addition, we are subject to risks related to such matters as product safety and quality issues, product recalls, and customer claims, including product liability claims. The liabilities that could result from these risks may not always be covered by, or could exceed the limits of, our insurance coverage related to product liability and the other applicable forms of insurance that we carry. In addition, adverse publicity about our products, or our customers' products that contain our ingredients, including concerns about product safety or similar issues, whether real or perceived, could harm our reputation and result in an immediate adverse effect on our sales and customer relationships, as well as require us to devote significant resources to rebuild our reputation. The occurrence of any of the foregoing matters could adversely affect our operating results, financial condition, cash flows and prospects.

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***Our ability to expand our business may suffer if we do not keep pace with technological developments and continue to offer innovative products, including more sustainable production methods.***

A significant portion of our growth depends on innovation in products, processes and services. Our R&D efforts may not result in new products and services at a rate or of a quality sufficient to gain or maintain market acceptance. Increasing capabilities from generative artificial intelligence may increase the ability of competitors or customers to identify or develop new solutions that could compete with or reduce demand for our products and services. If our R&D efforts lag those of our competition or do not align to customer or consumer demand, our business might be materially adversely affected.

***Competitive pressures may adversely affect our market share, revenue and profitability.***

We operate in a highly competitive environment. Competition in markets in which we compete is largely based on price, quality and product availability. Many of our products compete with virtually identical or similar products manufactured by other companies in the food and ingredients industry. In the U.S., our competitors include divisions of larger enterprises that have greater financial resources than we do. Some of these competitors, unlike us, have vertically integrated their corn refining and other operations. Many of our products also compete with products made from raw materials other than corn, including cane and beet sugar. Fluctuation in prices of these competing products may affect prices of, and profits derived from, our products. In addition, government programs supporting sugar prices indirectly impact the price of corn sweeteners, especially high fructose corn syrup. Furthermore, co-products such as corn oil and gluten meal compete with products of the corn dry milling industry and with soybean oil, soybean meal and other products, the price of some of which may be affected by government programs such as tariffs, duties or quotas. If we do not successfully respond to these market forces and developments, our business might be materially adversely affected.

***Market volatility may adversely affect our ability to pass through potential increases in the cost of corn and other raw materials to customers via product price increases, 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 price and availability of corn and other raw materials are subject to volatility as a result of economic and industry conditions, including supply and demand factors such as supply chain disruptions, crop disease and severe weather conditions that include drought, floods, frost and ocean currents. These conditions are difficult to anticipate, are beyond our control and could adversely impact our profitability by affecting the prices we pay for raw materials.

Our finished products are made primarily from corn. Purchased corn and other raw material costs generally account for between 40 percent and 60 percent of our finished product costs. Some of our products are based upon specific varieties of corn that are produced in significantly smaller volumes than yellow dent corn. These specialty grains cost more due to their more limited availability and require planning cycles of up to three years to ensure we receive an adequate supply. We also manufacture certain starch-based products from potatoes. The T&HS segment's current potato starch requirements constitute a substantial portion of the total available supply of feedstock in the U.S. and Canada. In the long term, continued growth in demand for potato starch-based ingredients and new product development could result in capacity constraints. Also, we utilize tapioca in the manufacturing of starch products, primarily in Thailand, as well as pulses, gum, rice, stevia and other raw materials around the world. A significant supply disruption or sharp increase in prices of any of these raw materials that we are unable to recover through pricing increases to our customers could have an adverse impact on our growth and profitability, especially if such an event disproportionately affects us as compared to our competitors.

In North American countries served by our F&II segments, we sell a large portion of our finished products derived from corn at firm prices established in supply contracts typically with a term of one year, though some terms may be shorter and some contracts have multi-year terms. To minimize the effect of volatility in the cost of corn related to these firm-priced supply contracts, we enter into corn futures and options contracts or take other hedging positions in the corn and soy futures market. These derivative contracts typically mature within one year. At expiration, we settle the derivative contracts at a net amount equal to the change in the price of the commodity from the date we entered the derivative contract, with the intention of offsetting the change in commodity prices from the time we entered the firm-priced supply contracts. The fluctuations in the fair value of these hedging instruments may adversely affect our cash flows. We fund any unrealized losses or receive cash for any unrealized gains on futures contracts on a daily basis. Although the corn and soy futures contracts or hedging positions are intended to minimize the effect of volatility of corn costs on operating profits, the hedging activity can result in losses, some of which may be material. In addition, our hedging activities may not be fully successful in limiting the effect of volatility on the cost of corn.

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***Inputs to our procurement, production processes and delivery channels, such as raw material, energy, and freight and logistics, may experience price fluctuations, supply chain interruptions, tariffs, duties, and shortages that could adversely affect our results of operations.***

Our business in the past has been adversely affected by fluctuations in our energy costs, which represented approximately 9 percent of our finished product costs in 2025 and could be negatively affected by such fluctuations in future periods. We use energy primarily to create steam required for our production processes and to dry products. We consume natural gas, electricity, coal, fuel oil, wood and other biomass sources to generate energy.

Because we ship products worldwide, our business in the past has been, and in future periods could be, adversely affected by fluctuations in freight and logistics costs, tariffs, duties, and disruptions in supply channels between parties and locations that include our suppliers, production and storage facilities, tolling and packaging partners, distributors and customers. Risks to our business include impacts from labor strikes or weather-related events that affect transportation by rail, air, shipping or ground.

The market prices for our raw materials, supply chain freight and logistics, and energy may vary considerably depending on supply and demand, global economic conditions, trade policies and agreements, tariffs, duties and other factors. We purchase these commodities and services based on our anticipated usage and future outlook for these costs. Changes in trade policy, including the imposition of new or increased tariffs, duties or border measures, and retaliatory actions by trading partners, could increase our input and logistics costs or disrupt supply chains. We may not be able to purchase these commodities and services at prices that we can adequately pass on to customers, which could have an adverse impact on our growth and profitability.

***An inability to contain costs, manage working capital, or achieve budgets, including completing planned maintenance and investment projects on time and on budget, could adversely affect our future profitability or cash flows.***

Our future profitability and growth depend on our ability to contain operating costs and per unit product costs and to maintain and implement effective cost control programs, while also maintaining competitive pricing and superior quality products, customer service and support. Our ability to maintain a competitive cost structure depends on continued containment of manufacturing, delivery and administrative costs, as well as the implementation of cost-effective purchasing programs for raw materials, energy and related manufacturing requirements. Our working capital requirements, including margin requirements on open positions on futures exchanges, are directly affected by the price of corn and other agricultural commodities, which may fluctuate significantly and change quickly. In addition, our future profitability and growth depend on our ability to achieve budgets, including completing planned maintenance and investment projects on time and on budget. If we do not successfully manage these activities, our business might be materially adversely affected.

***Global climate change and legal, regulatory, or market measures to address climate change, may negatively affect our business, operating results, financial condition, cash flows, and prospects.***

We are subject to risks associated with the long-term effects of climate change on the global economy and on our industry in particular. Extreme weather and natural disasters that occur around the globe, such as drought, wildfires, storms, floods, and changes in ocean currents, could make it more difficult and costly for us to manufacture, store, and deliver our products to our customers, obtain raw materials from our suppliers, or perform other critical corporate functions. In particular, if such climate change impacts negatively affect agricultural productivity, we may be subject to decreased availability or less favorable pricing from certain commodities that are necessary for our products, including corn, specialty grains, rice, stevia, peas and sugar. Adverse weather conditions and natural disasters could reduce crop size and crop quality, which could reduce our supplies of raw materials, lower recoveries of usable raw materials, increase the prices of our raw materials, increase our costs of storing and transporting raw materials, or disrupt production schedules. Our manufacturing operations also could be adversely affected by reduced water availability resulting from droughts or other interruptions from acute and chronic physical climate events due to climate change, including droughts, heat waves, freezing temperatures, changing precipitation patterns and heat stress.

There is a global concern that carbon dioxide and other greenhouse gases in the atmosphere may have an adverse effect on global temperatures, weather patterns and the frequency and severity of natural disasters. The increasing concern over climate change could result in new domestic or international legal requirements for us to reduce greenhouse gas emissions and other environmental impacts of our operations, improve our energy efficiency, or undertake sustainability measures that exceed those we currently pursue. Furthermore, such measures may result in the taxation of greenhouse gas emissions. Any such regulatory requirements could cause disruptions in the manufacture of our products and result in increased

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capital, procurement, manufacturing and distribution costs. Our reputation could be harmed if we fail, or are seen as having failed, to respond responsibly and effectively to changes in legal and regulatory measures adopted to address climate change. The occurrence of any of the foregoing matters could adversely affect our operating results, financial condition, cash flows and prospects and could require us to devote significant resources to rebuild our reputation.

In addition, changing customer preferences may result in increased demands regarding packaging materials and other components in our products and their environmental impact on sustainability. Moreover, customers may place increasing importance on purchasing products that are sustainably grown and made, requiring us to incur additional costs for increased due diligence and reporting. These demands may cause us to incur additional costs or make other changes to other operations to respond to such demands, which could adversely affect our financial results.

We are or will be obligated to comply with new sustainability and climate-related reporting requirements under California climate-related reporting statutes, laws of member states of the European Union implementing the EU Corporate Sustainability Reporting Directive, and other laws and regulations that continue to evolve. These sustainability reporting requirements, under evolving sustainability reporting frameworks, will require us to provide, at least annually, detailed public disclosures about the greenhouse gas emissions and other climate-related effects our activities produce, the climate-related operating and financial risks we face, and the strategies we pursue to reduce and adapt to the impacts of climate change. We expect to incur substantial costs to prepare these disclosures and implement internal controls for sustainability reporting. Changes in the scope, timing, or interpretation of these requirements, and any divergence among reporting regimes across jurisdictions, could increase our compliance costs, create disclosure and control challenges, and expose us to enforcement actions, litigation, or reputational harm. If we fail to compile, assess and report the required operating and accounting information in a timely manner and in accordance with mandatory reporting standards or if public statements regarding sustainability-related matters are alleged to be misleading, we could be exposed to fines and other sanctions and sustain harm to our reputation.

***If we do not identify and complete acquisitions, divestitures, or strategic alliances on favorable terms or achieve anticipated synergies relating to any acquisitions or alliances, we could experience unforeseen operating difficulties, additional expenses and the diversion of significant management resources from our ongoing business.***

We regularly review potential acquisitions, joint ventures, or strategic alliances with candidates who possess complementary businesses, technologies, services, or products. In addition, we regularly review potential divestitures based on our strategic priorities, benefits, impacts, and opportunities of such transactions. We have completed several such divestitures in recent years such as the sale of our South Korea business in February 2024, for which we are still receiving consideration payments. In September 2025, we entered into a definitive agreement to sell a 51 percent ownership interest in the Pakistan business, which we amended in December 2025 to grant Nishat Group an option to purchase additional shares for commensurate consideration per share. We may be unable to find suitable acquisition candidates, purchasers for operations we may wish to sell, or appropriate partners with whom to make investments, form partnerships, joint ventures or strategic alliances. Even if we identify appropriate acquisition, divestiture, investment or alliance candidates, regulatory reviews may prevent a transaction from being consummated, or we may be unable to complete acquisitions, divestitures, investments or alliances on favorable terms, on time, on budget, or at all.

The failure to consummate proposed transactions may result in the diversion of substantial resources, including management time and cash used for transaction-related expenses, which otherwise would be available for developing our ongoing business. Due diligence performed before a transaction may fail to identify a material liability or an issue that could have an adverse impact on our reputation or reduce or delay the anticipated benefits resulting from the transaction. In addition, the process of integrating an acquired business, technology, service, or product into our existing business and operations, or of divesting certain operations or businesses, may result in unforeseen operating difficulties and expenditures, including with respect to the retention of strategic talent, systems integration, and internal control effectiveness. Integration of an acquired company or transition of a divested business or operations to a new owner may also require significant management resources that otherwise would be available for developing our ongoing business. Moreover, we may not realize the anticipated benefits of any acquisition, divestiture, investment or strategic alliance and may have to record impairment charges on goodwill or other write-offs. Future acquisitions, divestitures or investments could also require us to issue equity securities, consolidate financial statements of variable interest entities, incur debt, assume contingent liabilities or amortize expenses related to intangible assets, any of which could harm our business.

In addition, we participate in several joint ventures, some of which are intended to be long-term investments, in which we have limited control over governance, financial reporting, and operations. As a result, we face operating, financial, legal and other risks relating to these investments, including risks related to the financial strength of our joint venture partners or their willingness to provide adequate funding for the joint venture, differences in objectives between us and our partners,

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legal and compliance risks relating to actions or omissions of the joint venture or our partners, and the risk that we will be unable to resolve disputes with the joint venture partners. As a result, these investments may contribute significantly less than we anticipate to our earnings and cash flows.

***We operate a multinational business subject to the economic, political and other risks inherent in conducting operations in foreign countries and with foreign currencies.***

We sell products to, purchase inputs from, and operate in foreign countries where we transact with foreign currencies, and where our results are subject to foreign currency exchange fluctuations. Historically, we have been able to adjust local prices relatively quickly to offset the effect of local currency depreciation versus the U.S. dollar, although we may not be able to do so in the future. If the value of the U.S. dollar changes versus a foreign currency, it could take us an extended period to offset the impact of any such changes. We may hedge transactions that are denominated in a currency other than the currency of the operating unit entering into the underlying transaction. Our hedging activities may not be fully successful in limiting the adverse impacts of currency movements**.** 

Our international operations are subject to political, economic and other risks. There has been and continues to be significant political instability in some countries and regions in which we operate. Additional uncertainties have resulted from changes in the U.S. government's approach to international trade policy, including a review of long standing free trade agreements, both generally and with respect to matters directly and indirectly affecting agricultural commodities such as corn, sugar and soy. Unilateral actions affecting trade, protectionist trade measures, renegotiation of existing bilateral or multi-lateral trade agreements, the formation of new agreements or treaties with or between foreign countries, retaliatory actions by countries, and consequences from market uncertainty related to any of these events could adversely impact our operations, earnings and cash flows. Resulting tariffs, duties, levies, or import or export licensing requirements could also adversely affect our results of operations. Economic changes, terrorist activity and political unrest may result in business interruption or decreased demand for our products. Country capital controls, such as those imposed in Pakistan and Argentina, may prevent the repatriation of dividends or payments due to us from our investments and subsidiaries or transfer of consideration payments for divestitures, such our pending agreement to sell an interest in our Pakistan business, in countries that impose such controls.

***Our profitability could be negatively impacted if we fail to maintain satisfactory labor relations.***

We have employees domiciled in the U.S. and in other countries who belong to labor unions. Strikes, lockouts or other work stoppages or slowdowns involving our unionized employees or attempts to organize for collective bargaining purposes among non-unionized employees could have a material adverse effect on our business. The collective bargaining agreement that we have at our Cedar Rapids, Iowa facility, which experienced a strike from September 2022 to January 2023 involving approximately 103 employees, covers approximately 120 employees and expires on August 1, 2026.

***Our inability to attract, develop, retain, motivate and maintain good relationships with our workforce, including key personnel, could negatively impact our business and our profitability.***

Our future success depends on our ability to attract, develop, retain, motivate and maintain good relationships with qualified personnel, particularly those who have extensive expertise in the ingredient solutions industry and who may also have long service with our company. Such personnel are members of our senior executive leadership and work in key areas throughout our U.S. and international operations such as manufacturing, sales, and innovation, all of which are critical to our future growth and profitability. We face intensive competition in retaining and hiring individuals with the requisite expertise, both within and outside the ingredient solutions industry, including from companies that have greater resources than we do.

Changes in our labor markets and those of our vendors as a result of pandemics, migration, and other socioeconomic and demographic changes have increased the competition for hiring and retaining talent. As a result of this competition, we may be unable to continue to attract, develop, retain, motivate and maintain good relationships with suitably qualified individuals at acceptable compensation levels who have the managerial, operational, and technical knowledge and experience to meet our needs. Furthermore, any failure by us to manage internal succession or to effectively transfer knowledge from departing employees to others in the organization could adversely affect our business and results of operations. Even if we succeed in hiring new personnel to fill vacancies, lengthy training and orientation periods might be required before new employees are able to achieve acceptable productivity levels. Any failure by us to attract, develop, retain, motivate and maintain good relationships with qualified individuals could adversely affect our business and results of operations.

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***Our business and financial results may be adversely affected by legal and regulatory proceedings.***

We may from time to time become involved in legal and regulatory proceedings, lawsuits, claims, and investigations in the ordinary course of business, some of which could be material. The outcome of such legal matters, including failure to comply with applicable laws and regulations, workplace and labor matters, asbestos related claims, environmental proceedings, and product liability, tort, and commercial claims, may differ from our expectations because the outcomes of such legal matters may be difficult to predict with certainty. Various factors and developments could lead us to change current estimates of liabilities and related insurance receivables, where applicable, or permit us to make such estimates for matters previously not susceptible to reasonable estimates, such as a significant judicial ruling or judgment, a significant settlement, or unfavorable development, any of which could result in material charges. The occurrence of any of the foregoing matters could adversely affect our operating results, financial condition, cash flows and prospects and could require us to devote significant resources to rebuild our reputation.

***Pandemics could have a material adverse effect on our business.***

Pandemics, such as the coronavirus pandemic in 2020 and subsequent years, have had, and could continue to have, negative impacts on our business, including by causing significant volatility in the commodity and currency markets, changes in consumer demand, behavior or preference, disruptions in our supply chain and manufacturing capacity, limitations on our employees' ability to work and changes in the economic or political conditions in markets we serve, some of which could constrain or halt shipments from suppliers or to customers. Future epidemics or pandemics could affect the demand for and pricing of our co-products or products.

***The recognition of impairment charges on long-lived assets, goodwill or investments could adversely impact our future financial position and results of operations.***

As of December 31, 2025, our intangible assets and goodwill, net had a combined carrying value of $1,269 million, representing approximately 16 percent of our total consolidated assets. We perform an annual impairment assessment for our indefinite-lived intangible assets and goodwill and as required for investments and other long-lived assets. If the results of such assessments were to show that the fair value of these assets were less than the carrying values, we could be required to recognize a charge for impairment of long-lived assets, goodwill or investments, which could be material.

The future occurrence of a potential indicator of impairment, such as a significant adverse change in the business climate that would require a change in our assumptions or strategic decisions made in response to economic or competitive conditions, could require us to perform an assessment prior to the next required assessment date for our indefinite-lived assets and goodwill of July 1, 2026.

**<u>Risks Related to Our Regulatory Compliance</u>**

***Global and regional economic policies and changes to existing laws and regulations may have an adverse impact on our business.***

Political events, trade and international disputes, war, threats or acts of terrorism, natural disasters, monetary and fiscal policies, tariffs, duties, laws and regulations, public health issues, including pandemics such as COVID-19, and other activities of the U.S. and foreign governments, agencies and similar organizations, may have an adverse effect on our business. These conditions include, among others, changes in a country's or region's economic or political conditions, modification or termination of trade agreements or treaties promoting free trade, creation of new trade agreements or treaties, trade regulations affecting production, pricing and marketing of products, local labor conditions and regulations, including regulations regarding child labor, reduced protection of intellectual property rights, changes in the regulatory or legal environment, restrictions on currency exchange activities, currency exchange rate fluctuations, burdensome taxes, tariffs and duties, and other trade disputes or trade barriers. In general, changes in general government policy, law, or regulation and costs of legal compliance, including compliance with environmental regulation, and international risks and uncertainties, including changing social and economic conditions as well as terrorism, political hostilities and war, could limit our ability to transact business in certain markets and could adversely affect our operating results, financial condition, cash flows and prospects.

In addition, recent and potential future changes in the priorities and scope of U.S. federal or state regulatory agencies may increase legal, regulatory, and operational uncertainty for us, including with respect to environmental regulation, immigration enforcement and labor availability, trade policy, and tax and fiscal legislation. Such changes could increase

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costs, disrupt supply chains, limit access to talent, affect demand, and reduce predictability in regulatory oversight and enforcement.

***Changes in our tax rates or exposure to additional income tax liabilities could impact our profitability.***

We are subject to income taxes in the U.S. and in foreign jurisdictions. Our effective tax rates could be adversely affected by changes in the mix of earnings by jurisdiction, changes in tax laws, tax rate changes in the valuation of deferred tax assets and liabilities and material adjustments from tax audits.

The recoverability of our deferred tax assets is dependent upon our ability to generate future taxable income. In addition, we are subject to ongoing audits in various jurisdictions and final determinations of prior-year tax liabilities are dependent upon many factors, including negotiations and dispute resolutions with tax or other governmental authorities. The outcome of these final determinations could have a material effect on our profitability and cash flows.

The Organisation for Economic Co-operation and Development (the "OECD"), an international association of countries including the United States, is continuing discussions regarding fundamental changes in allocation of profits among tax jurisdictions in which companies do business, as well as the implementation of a global minimum tax, referred to as the "Pillar One" and "Pillar Two" proposals. Many countries, including countries in which we have operations, have enacted or are in the process of enacting laws based on the Pillar Two proposals. While the Pillar Two minimum tax requirement did not have a material impact on our current effective tax rate, we continue to monitor developments and administrative guidance in addition to evaluating the potential impact on our consolidated financial statements for future periods.

**<u>Risks Related to Our Financing Activities</u>**

***Increased interest rates could increase our borrowing costs.***

We continue to issue debt securities to finance capital expenditures, working capital and acquisitions, and for other general corporate purposes. Sustained or higher interest rates, tighter or uneven credit conditions, and capital market volatility could increase our cost of borrowing, constrain our access to liquidity, and heighten refinancing risk as debt maturities approach. An increase in interest rates in the general economy could result in an increase in our borrowing costs for these financings, as well as under our revolving credit facility, which bears interest at an unhedged floating rate. We have senior notes with $499 million principal, net of discounts, which incur interest at 3.2 percent annually, that mature on October 1, 2026. If we are unable to secure refinancing of these notes at a favorable interest rate, our financial results and cash flows could be adversely affected.

***We may not have access to the funds required for future growth and expansion.***

We may not have access to additional funds we need to grow and expand our operations. We expect to fund our capital expenditures from our cash flows from operations if we are able. If our operating cash flow is insufficient to fund our capital expenditures, we may either reduce our capital expenditures or utilize borrowings under our commercial paper program or our revolving credit facility, which also provides liquidity support for our commercial paper program. For further strategic growth through mergers or acquisitions, we may also seek to generate additional liquidity through the sale of debt or equity securities in private or public markets, through the sale of assets, or through the sale or divestiture of certain businesses or operations. Our cash flows from operations may not be sufficient to fund anticipated capital expenditures and, in such an event, we may not be able to obtain additional funds from financial markets, from the sale of assets, or from the sale or divestiture of certain businesses or operations at terms favorable to us. If we are unable to generate sufficient cash flows or raise sufficient additional funds to cover our capital expenditures or to finance strategic growth opportunities, we may not be able to achieve our desired operating efficiencies and expansion plans, which may adversely impact our competitiveness and our results of operations.

**<u>Risks Related to Artificial Intelligence, Our Data, and Our Information Technology Systems</u>**

***Our increasing use of artificial intelligence and other advanced technologies, and our reliance on third-party technology providers, could expose us to operational, legal, regulatory, cybersecurity, and reputational risks that may adversely affect our business.***

We and our customers, suppliers, and service providers increasingly develop, deploy, and rely on artificial intelligence ("AI"), machine learning and other advanced technologies to support product innovation, manufacturing operations, quality and safety processes, supply-chain planning, customer service, and other administrative functions. These technologies are

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complex and may be less transparent or predictable than other technologies, and may fail, underperform, or produce incorrect, biased, or otherwise unreliable outputs, which could disrupt operations, adversely affect decision making, compromise product quality, or otherwise result in financial loss. Our use of and the value derived from AI may lag behind that of our competition. In addition, AI regulations are rapidly evolving and may diverge across jurisdictions, which could increase our compliance costs and limit how we deploy AI. How AI-related technologies are trained and the output from such tools could be the subject of infringement claims or other types of litigation. We may also incur significant capital expenditures and operating costs to acquire, implement, maintain and update AI capabilities, and may not realize the expected benefits of these capabilities. Further, AI may affect our workforce needs and may create challenges related to recruiting, retention, training and employee relations. If we fail to develop or use AI responsibly, or if public statements regarding our use of AI are alleged to be misleading, we could suffer reputational harm, regulatory scrutiny, or litigation, any of which could adversely affect our business, results of operations, financial condition and cash flows.

***Our information technology systems, processes and sites may suffer interruptions, security incidents, or failures that may affect our ability to conduct our business and cause significant damage to our reputation.***

Our operations rely on certain key information technology systems, which are dependent on services provided by third parties and provide critical data connectivity, information and services for internal and external users. These interactions include, among others, ordering and managing materials from suppliers, risk management activities, converting raw materials to finished products, inventory management, shipping products to customers, processing transactions, summarizing and reporting results of operations, administering human resources benefits and payroll management, complying with regulatory, legal and tax requirements, and other processes necessary to manage our business. Increased information technology security and social engineering threats and more sophisticated cyber crime, including advanced persistent threats, pose potential risks to the security of our information technology systems, networks and services, as well as the confidentiality, availability and integrity of our third-party and employee data. Threat actors increasingly leverage AI, including deepfakes and other tools, to enhance phishing and social-engineering attacks, which may make it more difficult for us to prevent, detect and respond to cybersecurity incidents. We also face risks from zero-day vulnerabilities, supply-chain attacks, and cybersecurity incidents involving third-party service providers, cloud platforms, or software vendors upon which we rely. In addition, evolving cybersecurity and privacy regulations, including tighter incident reporting timelines and increased enforcement, may increase our compliance costs and potential liability, and our insurance coverage for cybersecurity-related losses may be unavailable, insufficient, or subject to increased premiums, retentions or exclusions.

The frequency, sophistication and unpredictability of cybersecurity events globally have increased, and can be acute during times of geopolitical tension or instability between countries or when we make changes to our information technology systems or implement new ones. We have been subjected in the past, and may be subjected in the future, to incidents including phishing, e-mails purporting to come from vendors making payment requests, malware, and communications from look-alike corporate domains, as well as security-related risks resulting from our use of third-party software and services. The use of generative artificial intelligence is increasing the sophistication and effectiveness of these types of social engineering attacks. Future data security incidents could compromise or lead to the loss of material confidential, proprietary or otherwise protected information, seize, destroy or corrupt data, or otherwise disrupt our operations or affect our customers or other stakeholders.

Insider or employee cyber and security threats are also a significant concern for all companies, including ours. Despite our substantial investment in physical and technological security measures, employee training and contractual precautions, our information technology networks and infrastructure (or those of our third-party vendors and other service providers) are potentially vulnerable to unauthorized access to data, loss of access to systems or breaches of confidential information due to criminal conduct, attacks by hackers, employee or insider malfeasance or human error.

Although we have put in place security measures to protect ourselves against cyber-based attacks and disaster recovery plans for our critical systems that are designed to protect our data and customer data and to prevent data loss and other security incidents, these security measures cannot provide absolute security. In some cases, it is difficult to anticipate, detect or identify indicators of such incidents and assess the damage caused by the incidents. In addition, a failure to promptly disclose such material incidents as required by law may result in additional financial or regulatory consequences.

If our information technology systems are breached, damaged, or cease to function properly due to any number of causes, such as catastrophic events, power outages, security incidents, or cyber-based attacks, and if our cybersecurity response plans and disaster recovery and our cyber incident response plans do not effectively mitigate the risks on a timely basis, we may encounter significant disruptions that could interrupt our ability to manage our operations, cause loss of valuable data, and damage our reputation. Any such incidents also could subject us to government investigations or private litigation.

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These factors may adversely impact our operating results, financial condition, cash flows and prospects. We could also experience delays in reporting our financial results.

The third-party data management providers and other vendors that we rely upon may have or develop security problems or security vulnerabilities which may also affect our systems or data. A data security or privacy breach of their systems or other form of cyber-based attack may occur in the future. In addition, we use external vendors to perform security assessments on a periodic basis to review and assess our information security. We utilize this information to audit ourselves, monitor the security of our technology infrastructure, and assess whether and how to prioritize the allocation of scarce resources to protect data and systems. These security assessments and audits, however, may not identify or appropriately categorize relevant risks or protect our computer networks against security intrusions. Although we require our third-party vendors contractually to maintain a level of security that is acceptable to us and work closely with key vendors to address potential and actual security concerns and attacks, not all confidential, proprietary, or personal information may be protected on their systems.

Regardless of whether incidents result from an attack on us directly or on third-party vendors upon which we rely, the costs to address the foregoing security problems and security vulnerabilities before or after a cybersecurity incident could be significant. Remediation efforts may not be successful or timely and could result in interruptions, delays or cessation of service and loss of existing or potential customers that may impede our sales, manufacturing or other critical functions. Breaches of our security measures and the unapproved dissemination of proprietary information or sensitive or confidential data about us, our employees, our customers or other third parties could expose us, our employees, our customers or other affected third parties to a risk of loss or misuse of this information.

**<u>Risks Related to Investment in Our Common Stock</u>**

***We may not continue to pay dividends, repurchase shares of our common stock, or to pay dividends or repurchase shares of our common stock at the same rate as paid in our most recent fiscal quarters.***

Our payment of dividends or repurchases of shares of our common stock, as well as the amount of any dividends or repurchases of shares of our common stock, are solely at the discretion of our Board of Directors. Future dividend payments and repurchases of our common stock, if any, also will be subject to our financial results, the availability of statutory surplus funds to pay dividends or repurchase shares of our common stock, and our assessment of liquidity for strategic investments, ongoing business operations or capital structure changes. These factors could result in a change to our current policy of paying dividends and repurchasing shares of our common stock.

***Any failure by us to maintain effective control over financial reporting could result in loss of investor confidence and adversely impact our stock price.***

If we experience material weaknesses in our internal control over financial reporting and are unable to remediate such material weaknesses, or are otherwise unable to maintain effective internal control over financial reporting or our disclosure controls and procedures, our ability to record, process and report financial information accurately and to prepare financial statements within required time periods could be adversely affected, which could subject us to litigation or investigations requiring management resources and payment of legal and other expenses, negatively affect investor confidence in our financial statements, and adversely impact our stock price. For example, we previously reported a material weakness in our internal control over financial reporting, which we fully remediated in fiscal 2021, related to ineffective information technology controls related to user access over certain information technology systems.

**ITEM 1B. UNRESOLVED STAFF COMMENTS**

None.

**ITEM 1C. CYBERSECURITY**

We face numerous cybersecurity risks that include cyber-based attacks and other security threats to our systems. We also could be adversely affected by cybersecurity incidents affecting our suppliers and other third-party service providers. To meet these threats, we expend substantial resources on cybersecurity risk management, strategy and governance.

The Board of Directors, directly and through its Audit Committee, oversees our cybersecurity risk management by reviewing material cybersecurity trends, potential risks and strategic priorities, and by monitoring progress towards those

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priorities. The Audit Committee is responsible under its charter for reviewing with our management the processes management has implemented to monitor and mitigate cybersecurity risk exposures. On a regular basis, the Audit Committee considers management's reports on significant changes to our cybersecurity strategy, as well as risk mitigation and remediation efforts being undertaken with respect to cybersecurity incidents and under the program generally. The Audit Committee regularly reports to the Board of Directors on its activities with respect to cybersecurity matters.

In general, our incident and crisis management plans are aligned with the National Institute of Standards and Technology ("NIST") framework for cybersecurity. These plans are intended to provide a framework and processes that allow us to take a consistent approach to cybersecurity before, during and after a cybersecurity incident. Our plans are reviewed and updated periodically. In addition, we conduct cybersecurity tabletop exercises to simulate an actual incident and increase our team's awareness and preparedness. Based upon these activities, we maintain a risk register to track identified vulnerabilities and associated mitigation plans. We also regularly conduct security awareness training and phishing exercises for our employees around the world to help them identify and report suspicious activity.

We have implemented a number of cybersecurity risk management processes to assess, identify and manage material risks from cybersecurity threats. We conduct real-time monitoring of our environment for suspicious cyber activity using a variety of security tools and centralized logging systems. In addition, we leverage threat intelligence monitoring to stay updated on emerging cyber threats and vulnerabilities and, utilizing this information, conduct regular vulnerability assessments. Furthermore, we conduct regular penetration tests to simulate real-world attacks and identify weaknesses.

To supplement our internal resources, we engage external consultants to conduct independent assessments, perform penetration testing, and provide other cybersecurity-related services as needed. We also utilize external consultants and legal counsel to facilitate cybersecurity tabletop simulations. In addition, we engage external vendors to review and test key controls within our cybersecurity program.

We regularly assess cybersecurity risks associated with our use of suppliers and other third-party service providers. In this process, we classify by level of risk our principal suppliers and other key service providers and evaluate their data security controls and changes in potential cybersecurity risk levels. In addition, our contracts with these service providers require them to promptly report security incidents to us and to provide us with access to relevant information and resources to allow us to conduct related investigations.

Our cybersecurity risk management processes are integrated as part of our overall enterprise risk management processes. Our Audit Committee conducts its oversight of our cybersecurity risk management as part of its oversight of our enterprise risk management policies and procedures. In addition, we conduct an annual survey of over 500 Ingredion business leaders across multiple functions and geographic locations that asks them to evaluate the potential severity and likelihood of cybersecurity matters, among other enterprise and information technology risks. We solicit their views on information and data security protection against cyber and internal threats, reliability of systems including disaster recovery related to malware or other cyber threats, and system implementation failures, and evaluate the responses to modify our risk mitigation strategies accordingly.

Subject to oversight by our Board of Directors and Audit Committee, as described above, our Chief Digital and Information Officer is responsible for developing and guiding our global information technology and digital strategy, which includes overseeing cybersecurity risk management. The Chief Digital and Information Officer provides guidance on cybersecurity strategy initiatives and risk mitigation activities to the Senior Director, Global Information Security and the associated function. Our Chief Digital and Information Officer and our Senior Director, Global Information Security provide regular reports on security incident activity, including containment and remediation measures as relevant, and other cybersecurity risk management matters to the Board of Directors and the Audit Committee.

Our Chief Digital and Information Officer, who holds a bachelor's degree in computer science, has over 30 years of experience at multinational companies, including seven years of service at Ingredion in his current position as a digital leader and executive, which includes experience managing and responding to cybersecurity risks. Our Senior Director, Global Information Security, who has over two decades of service at multinational companies and a federal government agency, including over three years of service at Ingredion in his current position dedicated to information technology and cybersecurity, possesses significant experience in protecting critical data and building cybersecurity-resilient organizations. He holds a bachelor's degree in telecommunications management and a master's degree in cybersecurity, as well as a current Certified Information Systems Security Professional ("CISSP") certification.

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While we regularly face attempted cyber intrusions, no cybersecurity intrusions have materially affected our operations to date. Notwithstanding our investment in cybersecurity, however, we may not be successful in preventing or mitigating a cybersecurity incident that could have a material adverse effect on our business, results of operations, or financial condition. For a discussion of cybersecurity risks affecting our business, see Item 1A., *Risk Factors—Risks Related to Our Information Technology Systems, Processes and Sites*.

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**ITEM 2. PROPERTIES**

We own or lease, directly and through our consolidated subsidiaries, 41 active manufacturing facilities. In addition, we lease our corporate headquarters in Westchester, Illinois; our Idea Labs® headquarters in Bridgewater, New Jersey and White Marsh, Maryland; and shared service centers in Tulsa, Oklahoma; Guadalajara, Mexico; and Kuala Lumpur, Malaysia.

As of February 17, 2026, our three reportable business segments and All Other include the following 41 active manufacturing facilities:

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| | |
|:---|:---|
| **Texture & Healthful Solutions** | |
| Shandong Province, China | Owned |
| Shanghai, China | Owned |
| Hamburg, Germany | Owned |
| Wesenberg, Germany | Owned |
| Ahmedabad, Gujarat, India | Owned |
| Malegaon, Nashik, Maharashtra, India | Owned |
| Ban Kao Dien, Thailand | Owned |
| Kalasin, Thailand | Owned |
| Sikhiu, Thailand | Owned |
| Banglen, Thailand | Leased |
| Idaho Falls, Idaho, U.S. | Owned |
| Indianapolis, Indiana, U.S. | Owned |
| Fort Fairfield, Maine, U.S. | Owned |
| Belcamp, Maryland, U.S. | Owned |
| North Kansas City, Missouri, U.S. | Owned |
| Salem, Oregon, U.S. | Owned |
| Charleston, South Carolina, U.S. | Owned |
| Richland, Washington, U.S. | Owned |
| Moses Lake, Washington, U.S. | Owned |
| Plover, Wisconsin, U.S. | Owned |

---

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| | |
|:---|:---|
| **Food & Industrial Ingredients–LATAM** | |
| Balsa Nova, Brazil | Owned |
| Cabo, Brazil | Owned |
| Mogi-Guacu, Brazil | Owned |
| Barranquilla, Colombia | Owned |
| Cali, Colombia | Owned |
| San Juan del Rio, Queretaro, Mexico | Owned |
| Guadalajara, Jalisco, Mexico | Owned |
| Mexico City, CDMX, Mexico | Owned |
| Lima, Peru | Owned |
| **Food & Industrial Ingredients–U.S./Canada** | **Food & Industrial Ingredients–U.S./Canada** |
| Cardinal, Ontario, Canada | Owned |
| London, Ontario, Canada | Owned |
| Bedford Park (Chicago), Illinois, U.S. | Owned |
| Mapleton, Illinois, U.S. | Owned |
| Cedar Rapids, Iowa, U.S. | Owned |
| Winston-Salem, North Carolina, U.S. | Owned |
| **All Other** | |
| Ganzhou, China | Owned |
| Enstek, Malaysia | Owned |
| Cornwala, Jaranwala, Pakistan | Owned |
| Mehran, Jamshoro, Pakistan | Owned |
| Rakh Canal, Faisalabad, Pakistan | Owned |
| South Sioux City, Nebraska, U.S. | Owned |

---

As of December 31, 2025, we owned our Alcantara facility, which we closed in 2026 and expect to sell in 2027. Additionally, in September 2025, we entered into a definitive agreement to sell a minimum of our 51 percent ownership interest in the Pakistan business, which is subject to certain conditions and approvals. We believe our manufacturing facilities are sufficient to meet our current production commitments, and we conduct preventive maintenance and de-bottlenecking programs designed to improve grind capacity and facility reliability. Furthermore, we intend to continue capital investments to support updates, modifications, improvements and efficient operations of our facilities for the foreseeable future.

**ITEM 3. LEGAL PROCEEDINGS**

In September 2022, following certain air emissions testing Ingredion performed at our Bedford Park, Illinois manufacturing facility, we reported to the Illinois Environmental Protection Agency (the "Illinois EPA") that certain emissions had exceeded applicable limits under an air emissions permit. On February 8, 2023, the Illinois EPA issued us a Notice of Violation with respect to the matter addressed in our report. Violations of the Illinois environmental statute could result in

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the imposition of civil or criminal monetary penalties. We are engaged in discussions with the Illinois EPA regarding this matter.

In addition to the foregoing matter, we are currently subject to claims and suits arising in the ordinary course of business, including those relating to workplace and labor matters, asbestos-related claims, 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 4. MINE SAFETY DISCLOSURES**

Not applicable.

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**PART II**

**ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES**

*Market Information:* Our common stock is listed and traded on the New York Stock Exchange under the symbol "INGR."

*Holders:* On February 12, 2026, there were 2,623 holders of record of our common stock.

*Dividends:* We have a history of paying quarterly cash dividends. The amount and timing of the dividend payment, if any, is based on a number of factors, including our future estimated earnings, financial position and cash flows. The payment of a dividend, as well as the amount of any dividend, is solely at the discretion of our Board of Directors. Future dividend payments will be subject to our financial results and the availability of funds and statutory surplus to pay dividends.

*Issuer Purchases of Equity Securities:* The following provides information about our stock repurchases during the fourth quarter of 2025:

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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** |
| October 1 – October 31, 2025 | 226 | $120.54 | 226 | 2085 |
| November 1 – November 30, 2025 | 240 | 107.70 | 240 | 7760 |
| December 1 – December 31, 2025 | 330 | 109.99 | 330 | 7430 |
| Total | 796 | 110.82 | 796 |  |

---

All repurchases during the fourth quarter of 2025 were made in open market transactions.

On November 3, 2025, the Board of Directors approved termination of our existing stock repurchase program and approved a new stock repurchase program authorizing us to purchase up to 8.0 million shares of our outstanding common stock during the period from November 4, 2025 through December 31, 2028. Repurchases under the program may be made by us from time to time in the open market, in privately negotiated transactions or otherwise, at prices we deem appropriate.

**ITEM 6. [RESERVED]**

Not applicable.

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**ITEM 7. 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. "Management's Discussion and Analysis of Financial Condition and Results of Operations" should be read in conjunction with the Consolidated Financial Statements and related notes included elsewhere in this report. This discussion contains forward-looking statements that are subject to numerous risks and uncertainties. Actual results may differ materially from those expressed or implied in any forward-looking statements. See "Forward-Looking Statements" above.*

**Overview**

We are a leading global ingredient 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.

While we identify the impacts on our results of divestitures, acquisitions and investments, including investments in joint ventures that we account for as equity method investments, our discussion below also addresses results of operations excluding those impacts, where appropriate, to provide a more comparable and meaningful analysis.

**Results of Operations**

We have three reportable business segments: Texture & Healthful Solutions ("T&HS"), Food & Industrial Ingredients–LATAM ("F&II–LATAM") and Food & Industrial Ingredients–U.S./Canada ("F&II–U.S./Canada"). In addition, operating segments that are not individually or collectively a reportable segment are grouped and classified as "All Other."

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.

In 2025, Ingredion continued to optimize its global operations and lower corn costs to deliver healthy solutions to our customers. As a result, Net income attributable to Ingredion for 2025 was $729 million, which represented an increase of 13 percent from $647 million, a year which included a $90 million gain on the February 2024 sale of our South Korea operations. Diluted earnings per share were $11.18 for 2025, compared to $9.71 for 2024. Our operating income of $1,016 million for 2025 increased by 15 percent from operating income of $883 million for 2024. The results from 2024 included impairment charges for the cessation of operations at our manufacturing facilities in Vanscoy, Canada; Goole, United Kingdom; and Alcantara, Brazil. For 2025, net sales decreased 3 percent to $7.2 billion from 2024, which was primarily due to unfavorable price mix, including the pass through of lower corn costs, and lower volumes.

**For the Year Ended December 31, 2025**

**With Comparatives for the Year Ended December 31, 2024**

**Net sales**. Net sales decreased 3 percent to $7.2 billion for 2025 compared to $7.4 billion for 2024. The decrease in net sales was driven by lower volume from each of the F&II segments and price mix, primarily from lower raw material costs, partially offset by T&HS favorable volumes.

**Cost of sales**. Cost of sales decreased 4 percent to $5.4 billion for 2025 compared to $5.6 billion for 2024. The decrease in cost of sales was primarily due to lower raw material and input costs. As a result, our gross profit margin increased to 25 percent in 2025 compared to 24 percent in 2024.

**Operating expenses**. Operating expenses increased 4 percent to $815 million for 2025 compared to $782 million for 2024. The increase in operating expenses was primarily attributable to increased employee costs. Operating expenses as a percentage of net sales was 11 percent in 2025 and 2024.

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**Other operating (income), net**. Other operating (income), net was $24 million for 2025 compared to $1 million for 2024. The increase was primarily attributable to reduced fees from the sale of our receivables, indirect tax benefits recognized in Brazil, and higher income from our equity method investments.

**Restructuring/impairment charges.** Restructuring and impairment charges decreased to $21 million for 2025 compared to $127 million for 2024. The 2024 charges were primarily related to impairments due to the cessation of operations at our manufacturing facilities in Vanscoy, Canada; Goole, United Kingdom; and Alcantara, Brazil, in addition to restructuring costs from our January 1, 2024 resegmentation. In 2025, we recorded impairment charges for equity investments and decommissioning costs for previously announced plant closures and restructuring activities that occurred during the year.

**Financing costs**. Financing costs decreased 5 percent to $37 million for 2025 compared to $39 million for 2024. The decrease was primarily due to lower interest expense on lower average outstanding debt balances during 2025 in comparison to 2024, partially offset by foreign exchange losses in 2025 compared to foreign exchange gains in 2024.

**Net (gain) on sale of business.** Net (gain) on sale of business was $90 million for 2024 to reflect the sale of our South Korea business. There was no such gain recorded in 2025.

**Other non-operating expense.** Other non-operating expense increased to $5 million for 2025 compared to $3 million for 2024.

**Provision for income taxes**. Our effective income tax rates were 24.4 percent for 2025 and 29.8 percent for 2024. The decrease in the effective tax rate was primarily driven by the change in value of the Mexican peso against the U.S. dollar in 2025, an unfavorable ruling by tax authorities that generated a multi-year tax contingency in 2024, and the impairment of an equity method investment during 2024. These impacts were partially offset by the change in our permanent reinvestment status of a certain foreign affiliate in 2025 and the favorable tax treatment in 2024 on the sale of our South Korea business.

**Net income attributable to non-controlling interests**. Net income attributable to non-controlling interests was flat at $7 million for both 2025 and 2024.

**Net income attributable to Ingredion.** Net income attributable to Ingredion for 2025 increased to $729 million compared to $647 million for 2024. The increase in net income was primarily due to higher operating income, lower financing costs and lower taxes in 2025.

*Texture & Healthful Solutions*

**Net sales**. T&HS net sales increased 1 percent to $2,397 million for 2025 compared to $2,366 million for 2024. The increase was primarily driven by increased volumes for starches and clean label solutions, partially offset by lower price mix.

**Operating income**. T&HS operating income increased 16 percent to $405 million for 2025 compared to $350 million for 2024. The increase was driven by lower raw material and input costs, as well as improved volumes, partially offset by an unfavorable price mix and higher operating expenses.

*Food & Industrial Ingredients–LATAM*

**Net sales**. F&II–LATAM net sales decreased 4 percent to $2,341 million for 2025 compared to $2,450 million for 2024. The decrease was primarily driven by lower volume demand.

**Operating income**. F&II–LATAM operating income increased 2 percent to $493 million for 2025 compared to $483 million for 2024. The increase was driven by lower raw material costs and Mexico currency hedges, partially offset by lower volume demand.

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

**Net sales**. F&II–U.S./Canada net sales decreased 7 percent to $2,013 million for 2025 compared to $2,155 million for 2024. The decrease was primarily driven by lower volumes from the beverage and food industries and lower price mix from pass through of lower corn costs.

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**Operating income**. F&II–U.S./Canada operating income decreased 16 percent to $315 million for 2025 compared to $373 million for 2024. The decrease was primarily driven by lower volumes and production challenges at one of our large manufacturing facilities.

*All Other*

**Net sales**. All Other net sales increased 2 percent to $468 million for 2025 compared to $459 million for 2024. The increase was primarily due to an increase in volumes in our Sugar Reduction businesses and an increase in price mix in our Pakistan business, partially offset by lost volumes from the sale of our South Korea business on February 1, 2024.

**Operating loss**. All Other operating loss improved to a loss of $2 million for 2025 compared to a loss of $22 million for 2024. The improvement was primarily due to improvements in our Protein Fortification business partly offset by lower operating profits in our Pakistan business.

**For the Year Ended December 31, 2024**

**With Comparatives for the Year Ended December 31, 2023**

A discussion of the year-over-year comparison of results for 2024 and 2023 is not included in this report and can be found in Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations in Ingredion's annual report on Form 10-K for the fiscal year ended December 31, 2024.

**Liquidity and Capital Resources**

As of December 31, 2025, we had total available liquidity of $3.9 billion. Domestic liquidity of $1.6 billion consisted of $641 million in cash and cash equivalents and $1.0 billion available through our commercial paper program that had no outstanding borrowings. The commercial paper program is backed by $1.0 billion of borrowing availability under a revolving credit facility that we obtained on August 27, 2025, as described below.

As of December 31, 2025, we had international liquidity of $2.3 billion, consisting of $389 million of cash and cash equivalents and $3 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. As of December 31, 2025, our guarantees aggregated $39 million. We believe that those consolidated subsidiaries will be able to meet their financial obligations as they become due.

On August 27, 2025, we entered into a new revolving credit agreement for an unsecured revolving credit facility in an aggregate principal amount of $1.0 billion outstanding at any time, which will mature on August 27, 2030. Loans under the facility accrue interest at a per annum rate equal, at our option, to either a specified Secured Overnight Financing Rate ("SOFR") plus an applicable margin, or a base rate (generally determined according to the highest of the prime rate, the federal funds rate or the specified SOFR plus 1.00 percent) plus an applicable margin. We are subject to compliance, as of the end of each quarter, with a maximum leverage ratio of 3.5 to 1.0 and a minimum ratio of consolidated EBITDA (as defined for purposes of the revolving credit agreement) to consolidated net interest expense of 3.5 to 1.0, with each financial covenant calculated for the most recently completed four-quarter period. As of December 31, 2025, we were in compliance with these financial covenants.

Our commercial paper program allows us to issue senior unsecured notes of short 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. We intend to use note proceeds for general corporate purposes. During 2025, there was no activity related to this program. The amount of commercial paper outstanding under this program in 2026 is expected to fluctuate.

As of December 31, 2025, 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 4.0 percent for both 2025 and 2024.

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

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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.

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 to raise funds in the capital markets. We currently expect that our available cash balances, future cash flow from operations, proceeds from divestitures, 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 or agreed acquisitions of or investments in 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 decreased to $944 million in 2025 from $1,436 million in 2024. The decrease was primarily due to a reduction of $490 million in cash from working capital. We used $73 million of cash in 2025 for working capital, compared to cash provided by working capital of $417 million in 2024, primarily for increases in customer receivables and inventory.

Our cash used for investing activities increased to $444 million in 2025 from $47 million in 2024, which reflected proceeds from the sale of our South Korea business of $255 million in February 2024. In 2025, we used $433 million for capital expenditures and mechanical stores purchases to update, expand and improve our facilities, compared to $295 million in capital expenditures in 2024 for the same purposes. Capital investment commitments for 2026 are anticipated to be approximately $400 million to $440 million.

We used $491 million for financing activities in 2025 compared to cash used for financing activities of $765 million in 2024, primarily because we did not borrow under our commercial paper program in 2025, while we repaid $327 million of commercial paper borrowings during 2024. Cash used for financing activities also includes cash dividends that we pay to our common stockholders of record on a quarterly basis, including those to non-controlling interests, which were $211 million during 2025 and $210 million during 2024. During 2025, we also repurchased 1.8 million outstanding shares of our common stock in open market transactions at a net cost of $224 million.

**Key Financial Performance Metrics**

We use certain key financial performance metrics to monitor our progress towards achieving our long-term strategic business objectives. These metrics relate to our ability to drive profitability, create value for stockholders and monitor our financial leverage. We assess whether we are achieving our profitability and value creation objectives by measuring our Adjusted Return on Invested Capital ("Adjusted ROIC"). We monitor our financial leverage by regularly reviewing our ratio of net debt to adjusted earnings before interest, taxes, depreciation, amortization and other items ("Net Debt to Adjusted EBITDA"). We believe these metrics provide valuable information to help us run our business and are useful to investors.

The metrics Adjusted ROIC and Net Debt to Adjusted EBITDA include certain financial measures (Adjusted operating income, net of tax, and Adjusted EBITDA) that are not calculated in accordance with U.S. generally accepted accounting principles ("GAAP"). We also have presented below the most comparable financial measures calculated using components determined in accordance with GAAP. Management uses these non-GAAP financial measures internally for strategic decision-making, forecasting future results and evaluating current performance. Management believes that the non-GAAP financial measures provide a more consistent comparison of our operating results and trends for the periods presented. These non-GAAP financial measures are used in addition to and in conjunction with results presented in accordance with GAAP and reflect an additional way of viewing aspects of our operations that, when viewed with our GAAP results, provides a more complete understanding of factors and trends affecting our business. The non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP.

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In accordance with our long-term strategy, we set certain objectives relating to these key financial performance metrics that we strive to meet. We cannot provide assurance, however, that we will continue to meet our financial performance metric targets. See *Item 1A. Risk Factors* and *Item 7A. Quantitative and Qualitative Disclosures About Market Risk* for a discussion of factors that could affect our ability to meet those targets. The objectives reflect our current aspirations in light of our present plans and existing circumstances. We may change these objectives from time to time to address new opportunities or changing circumstances as appropriate to meet our long-term needs and those of our stockholders.

A reconciliation of non-GAAP historical financial measures to the most comparable GAAP measure is presented below.

*Adjusted ROIC*

Adjusted ROIC is a financial performance ratio not defined under GAAP, and it should be considered in addition to, and not as a substitute for, GAAP financial measures. We define Adjusted ROIC as Adjusted operating income, net of tax, divided by average end-of-year balances for current year and prior year Total net debt and equity. Similarly named measures may not be defined and calculated by other companies in the same manner. We believe Adjusted ROIC is meaningful to investors as it focuses on profitability and value-creating potential, taking into account the amount of capital invested. The most comparable measure calculated using components determined in accordance with GAAP is ROIC, which we define as Net income, divided by average end-of-year balances for current year and prior year Total net debt and equity, as shown in the following table.

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| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Return on Invested Capital (dollars in millions)** | **2025** | **2024** |
| Net income (a) | $736 | $654 |
| Adjusted for: |  |  |
| &nbsp;&nbsp;&nbsp;Provision for income taxes | 238 | 277 |
| &nbsp;&nbsp;&nbsp;Other non-operating expense | 5 | 3 |
| &nbsp;&nbsp;&nbsp;Financing costs | 37 | 39 |
| &nbsp;&nbsp;&nbsp;Restructuring and resegmentation costs *(i)* | 13 | 18 |
| &nbsp;&nbsp;&nbsp;Net (gain) on sale of business *(ii)* |  | (90) |
| &nbsp;&nbsp;Impairment charges *(iii)* | 8 | 109 |
| &nbsp;&nbsp;Other matters *(iv)* | (9) | 6 |
| &nbsp;&nbsp;Income taxes (at adjusted effective rates of 25.8% and 26.4%, respectively) *(v)* | (265) | (268) |
| Adjusted operating income, net of tax (b) | 763 | 748 |
| Short-term debt | 48 | 44 |
| Long-term debt | 1742 | 1787 |
| Less: Cash and cash equivalents | (1030) | (997) |
| &nbsp;&nbsp;Short-term investments | (3) | (11) |
| Total net debt | 757 | 823 |
| Share-based payments subject to redemption | 64 | 60 |
| Total redeemable non-controlling interests | 7 | 7 |
| Total equity | 4295 | 3823 |
| &nbsp;&nbsp;Total net debt and equity | $5123 | $4713 |
| Average current and prior year Total net debt and equity (c) | $4918 | $5071 |
| Return on Invested Capital (a ÷ c) | 15.0% | 12.9% |
| Adjusted Return on Invested Capital (b ÷ c) | 15.5% | 14.8% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(i)In 2025, we recorded $13 million of pre-tax restructuring charges primarily related to accelerated depreciation and decommissioning costs for previously announced plant closures and restructuring activities that occurred during the year. In 2024, we recorded $18 million of pre-tax restructuring and resegmentation charges primarily related to restructuring activities that occurred during the year and the resegmentation of the business that was effective January 1, 2024.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(ii)In 2024, we recorded a pre-tax gain of $90 million on the sale of our South Korea business. There was no such gain in 2025.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(iii)In 2025, we recorded $10 million of pre-tax impairment charges that primarily related impairment charges on our equity investments and equipment impairments due to restructuring activities. This was reduced by $2 million as it was included in Other non-operating expense. In 2024, we recorded $109 million of pre-tax impairment charges that primarily related to our plans to cease operations at our manufacturing facilities in Vanscoy, Canada; Alcantara, Brazil; and Goole, United Kingdom, and impairment charges on our equity method investments.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(iv)In 2025, we recorded $9 million of pre-tax benefits related to insurance recoveries and a favorable judgment related to certain indirect taxes. In 2024, this primarily related to tornado damage incurred at a U.S. warehouse.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(v)Adjusted effective tax rates were calculated as follows:*

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|:---|:---|:---|:---|:---|:---|:---|
| | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|<br>**(dollars in millions)** | **Income before Income Taxes (a)** | **Provision for Income Taxes (b)** | **Effective Income <br>Tax Rate (b/a)** | **Income before Income Taxes (a)** | **Provision for Income Taxes (b)** | **Effective Income <br>Tax Rate (b/a)** |
| *As Reported* | $974 | $238 | 24.4% | $931 | $277 | 29.8% |
| *Adjustments:* |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;*Restructuring and resegmentation costs* | 13 | 2 |  | 18 | 5 |  |
| &nbsp;&nbsp;&nbsp;*Net (gain) on sale of business* |  |  |  | (90) | (4) |  |
| &nbsp;&nbsp;&nbsp;*Impairment charges* | 10 | 3 |  | 109 |  |  |
| &nbsp;&nbsp;&nbsp;*Other matters* | (9) | (2) |  | 6 | 1 |  |
| &nbsp;&nbsp;&nbsp;*Tax item–Mexico* |  | 14 |  |  | (18) |  |
| &nbsp;&nbsp;&nbsp;*Other tax matters* |  |  |  |  | (4) |  |
| *Adjusted Non-GAAP* | $988 | $255 | 25.8% | $974 | $257 | 26.4% |

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Our long-term objective is to maintain an Adjusted ROIC in excess of 10.0 percent. For 2025, we achieved an Adjusted ROIC of 15.5 percent as compared to 14.8 percent for 2024.

*Net Debt to Adjusted EBITDA*

Net Debt to Adjusted EBITDA is a financial performance ratio that is not defined under GAAP, and should be considered in addition to, and not as a substitute for, GAAP financial measures. We define this measure as Short-term and Long-term debt less Cash and cash equivalents and Short-term investments, divided by Adjusted EBITDA. Similarly named measures may not be defined and calculated by other companies in the same manner. We believe Total net debt to Adjusted EBITDA is meaningful to investors as it focuses on our leverage on a comparable Adjusted EBITDA basis and helps investors better understand the time required to pay back our outstanding debt. The most comparable ratio calculated using components determined in accordance with GAAP is Total net debt to Income before income taxes, calculated as Short-term and Long-term debt less Cash and cash equivalents and Short-term investments, divided by Income before income taxes, as shown in the following table.

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| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Net Debt to Adjusted EBITDA ratio** | **2025** | **2024** |
| Short-term debt | $48 | $44 |
| Long-term debt | 1742 | 1787 |
| Less: Cash and cash equivalents | (1030) | (997) |
| &nbsp;&nbsp;&nbsp;Short-term investments | (3) | (11) |
| Total net debt (a) | 757 | 823 |
| Income before income taxes (b) | 974 | 931 |
| Adjusted for: |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 222 | 214 |
| &nbsp;&nbsp;&nbsp;Financing costs | 37 | 39 |
| &nbsp;&nbsp;&nbsp;Other non-operating expense | 5 | 3 |
| &nbsp;&nbsp;&nbsp;Restructuring and resegmentation costs *(i)* | 7 | 18 |
| &nbsp;&nbsp;&nbsp;Net (gain) on sale of business *(ii)* |  | (90) |
| &nbsp;&nbsp;&nbsp;Impairment charges *(iii)* | 8 | 109 |
| &nbsp;&nbsp;&nbsp;Other matters *(iv)* | (9) | 6 |
| Adjusted EBITDA (c) | $1244 | $1230 |
| Net Debt to Income before income tax ratio (a ÷ b) | 0.8 | 0.9 |
| Net Debt to Adjusted EBITDA ratio (a ÷ c) | 0.6 | 0.7 |

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_____________________

*(i)In 2025, we recorded $13 million of pre-tax restructuring charges primarily related to accelerated depreciation and decommissioning costs for previously announced plant closures and restructuring activities that occurred during the year. This was reduced by $6 million as it included depreciation expense that was already included in the depreciation and amortization line. In 2024, we recorded $18 million of pre-tax restructuring and resegmentation charges primarily related to restructuring activities that occurred during the year and the resegmentation of the business that was effective January 1, 2024.*

*(ii)In 2024, we recorded a pre-tax gain of $90 million on the sale of our South Korea business. There was no such gain in 2025.*

*(iii)In 2025, we recorded $10 million of pre-tax impairment charges that primarily related to impairment charges on our equity investments and equipment impairments due to restructuring activities. This was reduced by $2 million as it was included in Other non-operating expense. In 2024, we recorded $109 million of pre-tax impairment charges that primarily related to our plans to cease operations at our manufacturing facilities in Vanscoy, Canada, Alcantara, Brazil, and Goole, United Kingdom, and impairment charges on our equity method investments.*

*(iv)In 2025, we recorded $9 million of pre-tax benefits related to insurance recoveries and a favorable judgment related to certain indirect taxes. In 2024, this primarily related to tornado damage incurred at a U.S. warehouse.*

Our long-term objective is to target a ratio of Net Debt to Adjusted EBITDA of 2.5 or less. As of December 31, 2025 and 2024, the ratio was 0.6 and 0.7.

**Critical Accounting Policies and Estimates**

Our Consolidated Financial Statements have been prepared in accordance with GAAP. The preparation of these financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Actual results may differ from these estimates under different assumptions and conditions.

We have identified below the most critical accounting policies upon which the financial statements are based and that involve our most complex and subjective decisions and assessments. Our senior management has discussed the development, selection and disclosure of these policies with members of the Audit Committee of our Board of Directors. These accounting policies are described in the Notes to the Consolidated Financial Statements. The discussion that follows

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should be read in conjunction with the Consolidated Financial Statements and related notes included elsewhere in this annual report on Form 10-K.

*Property, Plant and Equipment and Definite-Lived Intangible Assets*

We have substantial investments in property, plant and equipment ("PP&E") and definite-lived intangible assets. For PP&E, we recognize the cost of depreciable assets in operations over the estimated useful life of the assets and evaluate the recoverability of these assets whenever events or changes in circumstances indicate that the carrying value of the assets may not be recoverable. For definite-lived intangible assets, we recognize the cost of these amortizable assets in operations over their estimated useful life and evaluate the recoverability of the assets whenever events or changes in circumstances indicate that the carrying value of the assets may not be recoverable. The carrying values of PP&E and definite-lived intangible assets at December 31, 2025 were $2.5 billion and $204 million, respectively.

In assessing the recoverability of the carrying value of PP&E and definite-lived intangible assets, we may have to make projections regarding future cash flows. In developing these projections, we make a variety of important assumptions and estimates that have a significant impact on our assessments of whether the carrying values of PP&E and definite-lived intangible assets should be adjusted to reflect impairment. Among these are assumptions and estimates about the future growth and profitability of the related asset group, anticipated future economic, regulatory and political conditions in the asset group's market, and estimates of terminal or disposal values.

To optimize our operations, we continually review whether to further consolidate our manufacturing facilities or redeploy assets for other uses when we believe we can achieve a higher return on our investment. This review may result in the closure or sale of certain manufacturing facilities, which could have a significant negative impact on our results of operations, financial position and cash flows in the period in which we decide to close or sell the facility.

The future occurrence of a potential indicator of impairment, such as a significant adverse change in the business climate that would require a change in our assumptions or strategic decisions made in response to economic or competitive conditions, could require us to perform tests of recoverability in the future.

*Indefinite-Lived Intangible Assets and Goodwill*

We have certain indefinite-lived intangible assets in the form of trade names and trademarks. Our methodology for allocating the purchase price of acquisitions is based on established valuation techniques that reflect the consideration of a number of factors, including valuations performed by third-party appraisers when appropriate. Goodwill is measured as the excess of the cost of an acquired business over the fair value assigned to identifiable assets acquired and liabilities assumed. The carrying value of indefinite-lived intangible assets and goodwill at December 31, 2025 was $143 million and $922 million, respectively, compared to $143 million and $906 million, respectively, at December 31, 2024.

We assess indefinite-lived intangible assets and goodwill for impairment as of July 1 each year (or more frequently if impairment indicators arise such as the resegmentation that occurred on January 1, 2024). We first assess qualitative factors to determine whether it is more-likely-than-not that the fair value of an indefinite-lived intangible asset is impaired, which include net sales derived from these intangibles and certain market and industry conditions. After assessing the qualitative factors, if we determine that it is more-likely-than-not that the fair value of an indefinite-lived intangible asset is greater than its carrying amount, then we are not required to compute the fair value of the indefinite-lived intangible asset. If the qualitative assessment leads us to conclude otherwise, then we are required to determine the fair value of the indefinite-lived intangible assets and perform a quantitative impairment test in accordance with ASC subtopic 350-30, *Intangibles – Goodwill and Other*. Based on our assessment's results, we concluded that as of July 1, 2025 there were no impairments in our indefinite-lived intangible assets.

In testing goodwill for impairment, we first assess qualitative factors in determining whether it is more-likely-than-not that the fair value of a reporting unit is less than its carrying amount. After assessing the qualitative factors, if we determine that it is more-likely-than-not that the fair value of a reporting unit is greater than its carrying amount, then we do not perform an impairment test. If we conclude otherwise, then we perform the impairment test. Under this impairment test, the fair value of the reporting unit is compared to its carrying value. If the fair value of the reporting unit exceeds the carrying value of its net assets, goodwill is not considered impaired, and no further testing is required. If the carrying value of the net assets exceeds the fair value of the reporting unit, then an impairment exists for the difference between the fair value and carrying value of the reporting unit. This difference may not exceed the goodwill recorded at the reporting unit.

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When we test goodwill for impairment, we make certain estimates and judgments, which include identifying reporting units and determining the reporting units' fair values based on both discounted cash flow analyses and an analysis of market multiples. To determine the fair value of reporting units, we use significant assumptions and estimates for discount and long-term net sales growth rates, in addition to operating and capital expenditure requirements. We consider changes in discount rates for the reporting units based on current market interest rates and specific risk factors within each geographic region. We also evaluate qualitative factors, such as legal, regulatory or competitive forces, in estimating the impact to the fair value of the reporting units, noting no significant changes that would result in any reporting unit failing the impairment test. Changes in assumptions concerning projected results or other underlying assumptions could have a significant impact on the fair value of the reporting units in the future. Based on the results of the annual assessment, we concluded that as of July 1, 2025 there were no impairments in our reporting units.

**New Accounting Standards**

For information related to our new accounting standards, see Note 1 of the Notes to the Consolidated Financial Statements.

**ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK**

*Hedging:* We are exposed to market risk stemming from changes in commodity prices (primarily corn and natural gas), foreign currency exchange rates and interest rates. In the normal course of business, we actively manage our exposure to these market risks by entering various hedging transactions authorized under established policies that place controls on these activities. These transactions utilize exchange-traded derivatives or over-the-counter derivatives with investment grade counterparties. Our hedging transactions may include, but are not limited to, a variety of derivative financial instruments such as forward, futures, options, and swap contracts and agreements. We plan to continue to use derivative instruments to hedge this price risk and, accordingly, we will be required to make cash deposits to or be entitled to receive cash from our margin accounts depending on the movement in the market price of the underlying commodities. See Note 5 of the Notes to the Consolidated Financial Statements for additional information.

*Raw Material, Energy and Other Commodity Risks*

We sell a significant portion of finished products, made primarily from corn, at firm prices established in customer contracts that typically last up to one year. In order to minimize the volatility in the cost of anticipated purchases of underlying commodity inputs related to these firm-priced customer contracts, such as corn and natural gas used in our manufacturing process, we enter into hedging contracts or take other hedging positions that also typically mature within one year. Most of our derivative hedging contracts are for the purchase of corn, primarily for our Food and Industrial Ingredient segments. Our pricing is determined through reference to the Chicago Board of Trade, a U.S. futures exchange, for corn we purchase from suppliers in the U.S., and through reference to B3 S.A., a Brazilian stock exchange and over-the-counter market, for corn we purchase from suppliers in Brazil. At expiration of the derivative hedging contract, we settle the derivative contracts at a net amount equal to the difference between the then-current price of corn and the futures contract price. Although these hedging instruments are subject to fluctuations in value, changes in the value of the underlying exposures we are hedging generally offset such fluctuations. While the futures contracts or other hedging positions are intended to minimize the volatility of input costs on operating profits, occasionally the hedging contracts can incur losses, some of which may be material.

Energy costs represent approximately 9 percent of our cost of sales. The primary use of energy is to create steam in the production process and to dry product. We consume natural gas, electricity, coal, fuel oil, wood and other biomass sources to generate energy. The market prices for these commodities vary depending on supply and demand, global economic conditions and other factors. We purchase these commodities based on our anticipated usage and the future outlook for these costs. We cannot assure that we will be able to purchase these commodities at prices that we can adequately pass through to customers to sustain or increase profitability. We use derivative financial instruments, such as over-the-counter natural gas swaps, to hedge portions of our natural gas costs generally over the following twelve to twenty-four months, primarily in our F&II and T&HS segments.

At December 31, 2025, we had outstanding futures and option contracts that hedged the forecasted purchase of approximately 84 million bushels of corn, as well as outstanding swap contracts that hedged the forecasted purchase of approximately 26 million mmbtus of natural gas. Based on our overall commodity hedge position at December 31, 2025, a hypothetical 10 percent decline in market prices applied to the fair value of the instruments would result in a charge to other comprehensive loss ("OCL") of approximately $35 million, net of income tax effect of $13 million. Any change in

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the fair value of the contracts, real or hypothetical, would be substantially offset by an inverse change in the value of the underlying hedged item.

Unrealized gains and losses associated with marking our commodities-based cash flow hedge derivative instruments to market are recorded as a component of OCL. As of December 31, 2025, our Accumulated other comprehensive loss ("AOCL") balance included $7 million of net losses (net of $3 million income tax effect) related to these derivative instruments which will be reclassified into earnings over the next twelve months. We expect the net losses to be offset by changes in the underlying commodities costs.

*Interest Rate Risk on Debt* 

We are exposed to interest rate risk on our variable rate debt and price risk on our fixed rate debt. As of December 31, 2025, approximately 97 percent, or $1.7 billion principal amount, of our total debt is fixed rate debt and 3 percent, or approximately $49 million principal amount, of our total debt is variable rate debt subject to changes in short-term rates, which could affect our interest costs. We assess market risk based on changes in interest rates utilizing a sensitivity analysis that measures the potential change in earnings, fair values and cash flows based on a hypothetical 1 percentage point change in interest rates at December 31, 2025. A hypothetical increase of 1 percentage point in the weighted average floating interest rate would increase our annual interest expense by an insignificant amount and would change the fair value of our fixed rate debt at December 31, 2025 by approximately $87 million.

Since we have no current plans to repurchase our outstanding fixed rate instruments before their maturities, the impact of market interest rate fluctuations on our long-term debt is not expected to have a material effect on our Consolidated Financial Statements.

*Interest Rate Risk on Pension and Other Postretirement Benefits* 

Financial measurement of our defined benefit pension and other postretirement benefit ("OPEB") obligations are sensitive to changes in discount rates, which are based on prevailing market interest rates. A decrease in discount rates generally increases the present value of plan obligations and related expense, while an increase in discount rates has the opposite effect.

The weighted average discount rate used to determine our obligations under U.S. pension plans as of December 31, 2025 and 2024 was 5.41 percent and 5.64 percent. The weighted average discount rate used to determine our obligations under non-U.S. pension plans as of December 31, 2025 and 2024 was 5.52 percent and 5.42 percent. The weighted average discount rate used to determine our obligations under our postretirement plans as of December 31, 2025 and 2024 was 8.16 percent and 7.75 percent.

A one percentage point decrease in the discount rates at December 31, 2025, would have increased the accumulated benefit obligation and projected benefit obligation by the following amounts (in millions):

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| | |
|:---|:---|
| U.S. Pension Plans |  |
| Accumulated benefit obligation | $28 |
| Projected benefit obligation | 28 |
| Non-U.S. Pension Plans |  |
| Accumulated benefit obligation | $18 |
| Projected benefit obligation | 20 |
| Postretirement Plans |  |
| Accumulated benefit obligation | $7 |

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*Foreign Currency Risk* 

Due to our global operations, we are exposed to fluctuations in foreign currency exchange rates. As a result, we have exposure to translational foreign exchange risk when our foreign operation results are translated to U.S. dollars and to

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transactional foreign exchange risk when transactions not denominated in the functional currency of the operating unit are revalued.

We selectively use derivative instruments such as forward contracts, currency swaps and options to manage transactional foreign exchange risk. Based on our overall foreign currency transactional exposure at December 31, 2025, we estimate that a hypothetical 10 percent decline in the value of the U.S. dollar would have resulted in a transactional foreign exchange gain of approximately $27 million. At December 31, 2025, our AOCL account included in the equity section of our Consolidated Balance Sheets includes a cumulative translation loss of $899 million. The aggregate net assets of our foreign subsidiaries where the local currency is the functional currency approximated $2.2 billion at December 31, 2025. A hypothetical 10 percent decline in the value of the U.S. dollar relative to foreign currencies would have resulted in a reduction to our cumulative translation loss and a credit to OCL of approximately $250 million.

We enter foreign-currency derivative instruments that are designated as both cash flow hedging instruments and instruments not designated as hedging instruments for accounting purposes. As of December 31, 2025, we had foreign currency forward sales contracts with an aggregate notional value of $395 million and foreign currency forward purchase contracts with an aggregate notional value of $192 million not designated as hedging instruments for accounting purposes. As of December 31, 2025, we also had foreign currency forward sales contracts with an aggregate notional value of $425 million and foreign currency forward purchase contracts with an aggregate notional value of $358 million that are classified as cash flow hedges. The amount included in AOCL relating to these hedges at December 31, 2025 was $3 million of net gains (net of $3 million income tax effect). We expect $3 million of net gains (net of $2 million income tax effect) will be reclassified into earnings over the next twelve months.

Some of the countries in which we operate may experience high inflation. We elect hyperinflation accounting for our affiliate in Argentina, which has high cumulative inflation, determined its functional currency to be the U.S. dollar, and measure its income statement and balance sheet in U.S. dollars using both current and historical exchange rates. The effect of changes in exchange rates on its local currency denominated monetary assets and liabilities is reflected in earnings in financing costs in the Consolidated Statements of Income.

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**ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA**

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| | |
|:---|:---|
| **Index to Consolidated Financial Statements and Supplementary Data** | **Page No.** |
| <u>[Report of Independent Registered Public Accounting Firm](#id6bd44f4a75f417691bd0d01e5d3defc_103)</u> (KPMG LLP, Chicago, IL, Auditor Firm ID: 185) | <u>[39](#id6bd44f4a75f417691bd0d01e5d3defc_103)</u> |
| <u>[Consolidated Statements of Income](#id6bd44f4a75f417691bd0d01e5d3defc_106)</u> | <u>[41](#id6bd44f4a75f417691bd0d01e5d3defc_106)</u> |
| <u>[Consolidated Statements of Comprehensive Income](#id6bd44f4a75f417691bd0d01e5d3defc_109)</u> | <u>[42](#id6bd44f4a75f417691bd0d01e5d3defc_109)</u> |
| <u>[Consolidated Balance Sheets](#id6bd44f4a75f417691bd0d01e5d3defc_112)</u> | <u>[43](#id6bd44f4a75f417691bd0d01e5d3defc_112)</u> |
| <u>[Consolidated Statements of Equity and Redeemable Equity](#id6bd44f4a75f417691bd0d01e5d3defc_115)</u> | <u>[44](#id6bd44f4a75f417691bd0d01e5d3defc_115)</u> |
| <u>[Consolidated Statements of Cash Flows](#id6bd44f4a75f417691bd0d01e5d3defc_118)</u> | <u>[45](#id6bd44f4a75f417691bd0d01e5d3defc_118)</u> |
| <u>[Notes to the Consolidated Financial Statements](#id6bd44f4a75f417691bd0d01e5d3defc_121)</u> | <u>[46](#id6bd44f4a75f417691bd0d01e5d3defc_124)</u> |

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**Report of Independent Registered Public Accounting Firm**

To the Stockholders and Board of Directors

Ingredion Incorporated:

*Opinion on the Consolidated Financial Statements*

We have audited the accompanying consolidated balance sheets of Ingredion Incorporated and subsidiaries (the Company) as of December 31, 2025 and 2024, the related consolidated statements of income, comprehensive income, equity and redeemable equity, and cash flows for each of the years in the three-year period ended December 31, 2025, and the related notes (collectively, the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, 2025, in conformity with U.S. generally accepted accounting principles.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated February 17, 2026 expressed an unqualified opinion on the effectiveness of the Company's internal control over financial reporting.

*Basis for Opinion*

These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

*Critical Audit Matter*

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of a critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

*Sufficiency of audit evidence over inventory*

As discussed in Notes 1 and 14 to the consolidated financial statements, the Company held $1,227 million of inventory as of December 31, 2025. Inventories are comprised of raw materials, finished and in process, and manufacturing supplies that are physically located at certain of the Company's locations.

We identified the evaluation of the sufficiency of audit evidence over raw materials and finished goods inventory as a critical audit matter. Finished goods inventory is included within the finished and in process inventory. Evaluating the sufficiency of audit evidence obtained required subjective auditor judgment because of the geographical dispersion of the Company's raw materials and finished goods inventory and the need to determine the nature and extent of procedures to be performed.

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The following are the primary procedures we performed to address this critical audit matter. We applied auditor judgment to determine the nature and extent of procedures to be performed over raw materials and finished goods inventory, including determining the Company locations for which those procedures were performed. For locations where procedures were performed, we evaluated the design and tested the operating effectiveness of certain internal controls over the inventory process. We also involved IT professionals with specialized skills and knowledge, who assisted in testing certain general IT and application controls related to the Company's process of recording raw materials and finished goods inventory. We selected a sample of raw materials and finished goods inventory and counted inventory quantities through location visits during the year. For a selection of raw materials and finished goods inventory held at certain third-party warehouse locations, we confirmed the quantity held with third-party vendors. We also selected a sample of transactions used in the calculation of raw materials and finished goods inventory and compared inventory prices to underlying documentation, including third-party invoices. In addition, we evaluated the overall sufficiency of audit evidence obtained over raw materials and finished goods inventory by assessing the results of procedures performed, including the appropriateness of the nature and extent of audit effort.

/s/ KPMG LLP

We have served as the Company's auditor since 1997.

Chicago, Illinois

February 17, 2026

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**Ingredion Incorporated**

**Consolidated Statements of Income**

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

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| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** | **2023** |
| Net sales | $7219 | $7430 | $8160 |
| Cost of sales | 5391 | 5639 | 6411 |
| &nbsp;&nbsp;Gross profit | 1828 | 1791 | 1749 |
| Operating expenses | 815 | 782 | 789 |
| Other operating (income), net | (24) | (1) | (8) |
| Restructuring/impairment charges | 21 | 127 | 11 |
| &nbsp;&nbsp;Operating income | 1016 | 883 | 957 |
| Financing costs | 37 | 39 | 114 |
| Net (gain) on sale of business |  | (90) |  |
| Other non-operating expense | 5 | 3 | 4 |
| &nbsp;&nbsp;Income before income taxes | 974 | 931 | 839 |
| Provision for income taxes | 238 | 277 | 188 |
| &nbsp;&nbsp;Net income | 736 | 654 | 651 |
| Less: Net income attributable to non-controlling interests | 7 | 7 | 8 |
| &nbsp;&nbsp;Net income attributable to Ingredion | $729 | $647 | $643 |
| Earnings per common share attributable to Ingredion common shareholders: |  |  |  |
| Weighted average common shares outstanding: |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | 64.2 | 65.5 | 66.0 |
| &nbsp;&nbsp;&nbsp;Diluted | 65.2 | 66.6 | 67.0 |
| Earnings per common share of Ingredion: |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | $11.36 | $9.88 | $9.74 |
| &nbsp;&nbsp;&nbsp;Diluted | $11.18 | $9.71 | $9.60 |

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See the Notes to the Consolidated Financial Statements.

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**Ingredion Incorporated**

**Consolidated Statements of Comprehensive Income**

(dollars in millions)

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| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** | **2023** |
| Net income | $736 | $654 | $651 |
| Other comprehensive income: |  |  |  |
| (Losses) on cash flow hedges, net of income tax effect of $3, $12 and $40 | (6) | (36) | (111) |
| (Gains) losses on cash flow hedges reclassified to earnings, net of income tax effect of $1, $32 and $21 | (3) | 88 | 57 |
| &nbsp;&nbsp;Actuarial (losses) gains on pension and other postretirement obligations, settlements and plan amendments, net of income tax effect of $2, $6 and $— | (4) | 17 | (2) |
| &nbsp;&nbsp;Losses on pension and other postretirement obligations reclassified to earnings, net of income tax effect of $— |  | 1 | 1 |
| &nbsp;&nbsp;Currency translation adjustment | 162 | (100) | 47 |
| Comprehensive income | 885 | 624 | 643 |
| &nbsp;&nbsp;Less: Comprehensive income attributable to non-controlling interests | 7 | 8 | 2 |
| Comprehensive income attributable to Ingredion | $878 | $616 | $641 |

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See the Notes to the Consolidated Financial Statements.

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**Ingredion Incorporated**

**Consolidated Balance Sheets**

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

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| | | |
|:---|:---|:---|
| | **As of December 31,** | **As of December 31,** |
| | **2025** | **2024** |
| **Assets** |  |  |
| &nbsp;&nbsp;Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $1030 | $997 |
| &nbsp;&nbsp;&nbsp;Short-term investments | 3 | 11 |
| &nbsp;&nbsp;&nbsp;Accounts receivable, net | 1185 | 1093 |
| &nbsp;&nbsp;&nbsp;Inventories | 1227 | 1187 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and assets held for sale | 60 | 67 |
| &nbsp;&nbsp;Total current assets | 3505 | 3355 |
| &nbsp;&nbsp;Property, plant and equipment, net | 2526 | 2264 |
| &nbsp;&nbsp;Intangible assets, net | 1269 | 1264 |
| &nbsp;&nbsp;Other non-current assets | 597 | 561 |
| **Total assets** | $7897 | $7444 |
| **Liabilities and stockholders' equity** |  |  |
| &nbsp;&nbsp;Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Short-term borrowings | $48 | $44 |
| &nbsp;&nbsp;&nbsp;Accounts payable | 693 | 604 |
| &nbsp;&nbsp;&nbsp;Accrued liabilities and liabilities held for sale | 575 | 633 |
| &nbsp;&nbsp;Total current liabilities | 1316 | 1281 |
| &nbsp;&nbsp;Long-term debt | 1742 | 1787 |
| &nbsp;&nbsp;Other non-current liabilities | 473 | 486 |
| &nbsp;&nbsp;Total liabilities | 3531 | 3554 |
| &nbsp;&nbsp;Share-based payments subject to redemption | 64 | 60 |
| &nbsp;&nbsp;Redeemable non-controlling interests | 7 | 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 issued at December 31, 2025 and 2024 | 1 | 1 |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 1155 | 1152 |
| &nbsp;&nbsp;&nbsp;Less: Treasury stock (common stock: 14.8 and 13.3 shares at December 31, 2025 and 2024) at cost | (1555) | (1355) |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (937) | (1086) |
| &nbsp;&nbsp;&nbsp;Retained earnings | 5610 | 5092 |
| &nbsp;&nbsp;Total Ingredion stockholders' equity | 4274 | 3804 |
| &nbsp;&nbsp;Non-redeemable non-controlling interests | 21 | 19 |
| &nbsp;&nbsp;Total stockholders' equity | 4295 | 3823 |
| **Total liabilities and stockholders' equity** | $7897 | $7444 |

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See the Notes to the Consolidated Financial Statements.

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**Ingredion Incorporated**

**Consolidated Statements of Equity and Redeemable Equity**

(dollars in millions)

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **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, 2022** | $— | $1 | $1132 | $(1148) | $(1048) | $4210 | $16 | $48 | $51 |
| &nbsp;&nbsp;&nbsp;Net income attributable to Ingredion |  |  |  |  |  | 643 |  |  |  |
| &nbsp;&nbsp;&nbsp;Net income attributable to non-controlling interests |  |  |  |  |  |  | 7 |  | 1 |
| &nbsp;&nbsp;&nbsp;Dividends declared |  |  |  |  |  | (199) | (3) |  |  |
| &nbsp;&nbsp;&nbsp;Repurchases of common stock, net |  |  |  | (101) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Share-based compensation, net of issuance |  |  | 7 | 42 |  |  |  | 7 |  |
| &nbsp;&nbsp;&nbsp;Fair market value adjustment to non-controlling interests |  |  | 7 |  |  |  |  |  | (7) |
| &nbsp;&nbsp;&nbsp;Purchases of non-controlling interests |  |  |  |  |  |  |  |  | (2) |
| &nbsp;&nbsp;&nbsp;Other comprehensive (loss) |  |  |  |  | (8) |  | (6) |  |  |
| **Balance as of December 31, 2023** |  | 1 | 1146 | (1207) | (1056) | 4654 | 14 | 55 | 43 |
| &nbsp;&nbsp;&nbsp;Net income attributable to Ingredion |  |  |  |  |  | 647 |  |  |  |
| &nbsp;&nbsp;&nbsp;Net income (loss) attributable to non-controlling interests |  |  |  |  |  |  | 9 |  | (2) |
| &nbsp;&nbsp;&nbsp;Dividends declared |  |  |  |  |  | (209) | (5) |  |  |
| &nbsp;&nbsp;&nbsp;Repurchases of common stock, net |  |  |  | (216) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Share-based compensation, net of issuance |  |  | 12 | 68 |  |  |  | 5 |  |
| &nbsp;&nbsp;&nbsp;Fair market value adjustment to non-controlling interests |  |  | (6) |  |  |  |  |  | 6 |
| &nbsp;&nbsp;&nbsp;Purchases of non-controlling interests |  |  |  |  |  |  |  |  | (40) |
| &nbsp;&nbsp;&nbsp;Other comprehensive (loss) income |  |  |  |  | (30) |  | 1 |  |  |
| **Balance as of December 31, 2024** |  | 1 | 1152 | (1355) | (1086) | 5092 | 19 | 60 | 7 |
| &nbsp;&nbsp;&nbsp;Net income attributable to Ingredion |  |  |  |  |  | 729 |  |  |  |
| &nbsp;&nbsp;&nbsp;Net income attributable to non-controlling interests |  |  |  |  |  |  | 7 |  |  |
| &nbsp;&nbsp;&nbsp;Dividends declared |  |  |  |  |  | (211) | (5) |  |  |
| &nbsp;&nbsp;&nbsp;Repurchases of common stock, net |  |  |  | (224) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Share-based compensation, net of issuance |  |  | 3 | 24 |  |  |  | 4 |  |
| &nbsp;&nbsp;&nbsp;Other comprehensive income |  |  |  |  | 149 |  |  |  |  |
| **Balance as of December 31, 2025** | $— | $1 | $1155 | $(1555) | $(937) | $5610 | $21 | $64 | $7 |

---

See the Notes to the Consolidated Financial Statements.

------

**Ingredion Incorporated**

**Consolidated Statements of Cash Flows**

(dollars in millions)

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** | **2023** |
| **Cash from operating activities** |  |  |  |
| &nbsp;&nbsp;Net income | $736 | $654 | $651 |
| &nbsp;&nbsp;Non-cash charges to net income: |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 222 | 214 | 219 |
| &nbsp;&nbsp;&nbsp;Mechanical stores expense | 67 | 62 | 62 |
| &nbsp;&nbsp;&nbsp;Net (gain) on sale of business |  | (90) |  |
| &nbsp;&nbsp;&nbsp;Deferred income taxes | 6 | (15) | (6) |
| &nbsp;&nbsp;&nbsp;Impairment charges | 10 | 109 | 10 |
| &nbsp;&nbsp;&nbsp;Other non-cash charges | 43 | 32 | 59 |
| &nbsp;&nbsp;Changes in working capital: |  |  |  |
| &nbsp;&nbsp;&nbsp;Accounts receivable and prepaid expenses | (51) | 148 | 77 |
| &nbsp;&nbsp;&nbsp;Inventories | 3 | 228 | 69 |
| &nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | (27) | 20 | (79) |
| &nbsp;&nbsp;&nbsp;Margin accounts | 2 | 21 | 10 |
| &nbsp;&nbsp;Other | (67) | 53 | (15) |
| &nbsp;&nbsp;Cash provided by operating activities | 944 | 1436 | 1057 |
| **Cash from investing activities** |  |  |  |
| &nbsp;&nbsp;Capital expenditures and mechanical stores purchases, net | (433) | (295) | (314) |
| &nbsp;&nbsp;Proceeds from sale of business | 12 | 255 |  |
| &nbsp;&nbsp;Purchases of equity securities, net | (20) | (4) | (9) |
| &nbsp;&nbsp;Other | (3) | (3) | (6) |
| &nbsp;&nbsp;Cash used for investing activities | (444) | (47) | (329) |
| **Cash from financing activities** |  |  |  |
| &nbsp;&nbsp;Proceeds from borrowings | 405 | 773 | 720 |
| &nbsp;&nbsp;Payments on debt | (449) | (791) | (949) |
| &nbsp;&nbsp;Commercial paper repayments, net |  | (327) | (63) |
| &nbsp;&nbsp;Repurchases of common stock, net | (224) | (216) | (101) |
| &nbsp;&nbsp;Common stock activity for share-based compensation, net | (12) | 46 | 20 |
| &nbsp;&nbsp;Purchases of non-controlling interests |  | (40) | (2) |
| &nbsp;&nbsp;Dividends paid, including to non-controlling interests | (211) | (210) | (194) |
| &nbsp;&nbsp;Cash used for financing activities | (491) | (765) | (569) |
| &nbsp;&nbsp;Effects of foreign exchange rate changes on cash and cash equivalents | 24 | (28) | 6 |
| &nbsp;&nbsp;Increase in cash and cash equivalents | 33 | 596 | 165 |
| &nbsp;&nbsp;Cash and cash equivalents, beginning of period | 997 | 401 | 236 |
| &nbsp;&nbsp;Cash and cash equivalents, end of period | $1030 | $997 | $401 |

---

See the Notes to the Consolidated Financial Statements.

------

<u>[**Table of Contents**](#id6bd44f4a75f417691bd0d01e5d3defc_7)</u>

**Ingredion Incorporated**

**Notes to Consolidated Financial Statements**

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

**1. Description of the Business and Summary of Significant Accounting Policies**

Unless the context otherwise requires, all references herein to the "Company," "Ingredion," "we," "us," and "our" mean Ingredion Incorporated and its consolidated subsidiaries.

*Description of the business*: We primarily manufacture and sell sweeteners, starches, nutrition ingredients and biomaterial solutions derived from wet milling and processing corn and other starch-based materials to a wide range of industries, both domestically and internationally.

*Basis of presentation*: The Consolidated Financial Statements consist of the accounts of Ingredion, including all subsidiaries. Intercompany accounts and transactions are eliminated in consolidation.

*Use of estimates*: The preparation of the accompanying Consolidated Financial Statements in conformity with U.S. Generally Accepted Accounting Principles ("GAAP") requires management to make estimates and assumptions about future events. These estimates and the underlying assumptions affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities, and reported amounts of revenues and expenses. Such estimates and assumptions impact the value of purchase consideration, accounts receivable, inventories, certain investments, goodwill, intangible assets and other long-lived assets, legal contingencies, income taxes, and pension and other postretirement benefits, among others. These estimates and assumptions are based on our best estimates and judgment. We evaluate our estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, which we believe to be reasonable under the circumstances. We will adjust such estimates and assumptions when facts and circumstances dictate. Corn price volatility, adverse changes in the global economic environment, foreign currency depreciation versus the U.S. dollar, and access to credit markets increase the uncertainty inherent in such estimates and assumptions. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Changes in these estimates will be reflected in the financial statements in future periods.

*Foreign currency translation:* Assets and liabilities of foreign subsidiaries, other than those whose functional currency is the U.S. dollar, are translated at current exchange rates with the related translation adjustments reported in equity as a component of Accumulated other comprehensive loss ("AOCL"), and income statement accounts are translated at the average exchange rate during the period. The U.S. dollar is the functional currency for our subsidiaries in Mexico and Argentina, and we translate their monetary assets and liabilities at current exchange rates with the related adjustment included in financing costs in our Consolidated Statements of Income. Non-monetary assets and liabilities are translated at historical exchange rates with the related translation adjustments included in AOCL in our Consolidated Balance Sheets.

*Revenue recognition:* Ingredion recognizes revenue under the core principle to depict our transfer of products and solutions to customers in amounts that reflect the consideration we expect to receive. To achieve that core principle, we apply the following five-step approach: (1) identify the contract with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when a performance obligation is satisfied.

We identify customer purchase orders, which in some cases are governed by a master sales agreement, as the contracts with our customers. For each contract, we consider the transfer of products, each of which is distinct, to be the identified performance obligation. The pricing model can be fixed or variable within the contract. The variable pricing model is based on historical commodity pricing and is determinable before we complete the performance obligation. To determine the transaction price for the contract performance obligations, we also evaluate whether the price could be adjusted, and we may reduce the transaction price for certain sales adjustments such as volume incentive discounts and other discount arrangements. We estimate transaction price adjustments using the expected value method based on our analysis of historical volume incentives or discounts over a period considered adequate to account for current pricing and business trends. Historically, actual volume incentives and discounts relative to those estimated and included when determining the transaction price have not materially differed. We accrue volume incentives and discounts in Accrued liabilities and liabilities held for sale in the Consolidated Balance Sheets when we satisfy the performance obligation. We consider the product price as specified in the contract, net of any discounts, as the standalone selling price as it is an observable input that represents the price if we sold the product to a similar customer in similar circumstances. We do not recognize any significant financing components since payment is due shortly after we satisfy our performance obligation.

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<u>[**Table of Contents**](#id6bd44f4a75f417691bd0d01e5d3defc_7)</u>

**Ingredion Incorporated**

**Notes to Consolidated Financial Statements**

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

We recognize revenue when we satisfy our performance obligation and control is transferred to the customer, which occurs at a point in time, either upon delivery to an agreed upon location or to the customer. Further, in determining whether control has transferred, we consider if there is a present right to payment and legal title, along with risks and rewards of ownership having transferred to the customer.

Shipping and handling activities related to contracts with customers represent fulfillment costs and are recorded in Cost of sales in the Consolidated Statements of Income. Taxes assessed by governmental authorities and collected from customers are accounted for on a net basis and excluded from net sales. We expense costs to obtain a contract when we incur the costs since most contracts are one year or less. These costs primarily include our internal sales force compensation. Under the terms of these programs, the compensation is generally earned, and the costs are recognized when we recognize the revenue.

From time to time, we may enter into long-term contracts with our customers. Historically, such contracts do not result in significant contract assets or liabilities. Any such arrangements are accounted for in Accounts receivable, net or Accrued liabilities and liabilities held for sale in the Consolidated Balance Sheets.

*Cash and cash equivalents:* Cash equivalents consist of all instruments purchased with an original maturity of three months or less and that have virtually no risk of loss in value.

*Accounts receivable*: Accounts receivable consists of trade and other receivables carried at approximate fair value, net of an allowance for credit losses. The allowance for credit losses is determined using our best estimate of expected credit losses based on historical loss experience and current forecasts of future economic conditions, and we adjust this estimate over the life of the receivable as needed.

*Inventories:* Inventories are stated at the lower of cost or net realizable value. Costs are predominantly determined using the weighted average method.

*Long-term investments:* We hold marketable securities and equity investments, which we include in Other non-current assets in the Consolidated Balance Sheets. Marketable securities are carried at fair value and we record changes in fair value to Other operating income, net in the Consolidated Statements of Income if we maintain the securities for processing transactions that directly support operating activities; otherwise, we record changes in fair value to Other non-operating expense in the Consolidated Statements of Income.

Equity investments in companies for which we do not have the ability to exercise significant influence are accounted for at fair value, with changes in fair value recorded in Other non-operating expense in the Consolidated Statements of Income. Equity securities without readily determinable fair values are carried at cost, less impairments, if any, and adjusted for observable price changes for the identical or a similar investment of the same issuer. We perform a qualitative impairment assessment to determine if such investments are impaired, which considers all available information, including declines in the financial performance of the issuing entity, the issuing entity's operating environment and general market conditions. Impairments of equity securities without readily determinable fair value are recorded in Other non-operating expense in the Consolidated Statements of Income.

Equity investments in companies for which we have the ability to exercise significant influence, but not control, are accounted for using the equity method of accounting. Upon formation, each equity investee must apply a new basis of accounting by initially measuring its assets and liabilities at fair value (with exceptions to fair value measurement that are consistent with the business combinations guidance). Our share of the earnings or losses reported by equity method investees is recognized in Other operating income, net in the Consolidated Statements of Income, and we generally recognize our share of income or expense one month in arrears due to the timing of when results are available. Each reporting period, we evaluate declines in the fair value of equity method investments below carrying value to determine if any are other-than-temporary and if so, we write down the investment to its estimated fair value. Impairments are recognized in Restructuring/impairment charges in the Consolidated Statements of Income.

*Leases:* We determine if an arrangement contains a lease, as well as its classification as an operating lease or finance lease, at the inception of the agreement. Lease assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Lease assets and liabilities are recognized at the lease commencement date based on the present value of future lease payments over the lease term. As

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<u>[**Table of Contents**](#id6bd44f4a75f417691bd0d01e5d3defc_7)</u>

**Ingredion Incorporated**

**Notes to Consolidated Financial Statements**

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

most of our leases do not provide an implicit rate, we use an incremental borrowing rate based on the information available at the commencement date to determine the present value of lease payments. The lease asset value includes in our calculation any prepaid lease payments made and any lease incentives received from the arrangement as a reduction of the asset. Certain leases have options to terminate or extend the life of the lease, which we include in the lease asset and lease liability calculation when we have sole discretion to exercise the option, and it is reasonably certain we will. We do not separate lease and non-lease components for our leases when it is impracticable to separate them, such as leases with variable payment arrangements. We have certain leases that have variable payments based solely on output or usage of the leased asset, which we do not record in our Consolidated Balance Sheets, but expense as incurred. Lease expense is recognized on a straight-line basis over the lease term. Leases with an initial term of twelve months or less are not recorded on the Consolidated Balance Sheets.

*Property, plant and equipment, net and definite-lived intangible assets:* Property, plant and equipment ("PP&E") is stated at cost less accumulated depreciation and definite-lived intangible assets are stated at cost less accumulated amortization. For PP&E, depreciation is generally computed on the straight-line basis over the estimated useful lives of depreciable assets, which range from 25 to 50 years for buildings and from two to 25 years for machinery and equipment. Costs for mechanical stores represent costs for spare parts used in the production process that are capitalized in PP&E as part of machinery and equipment until they are utilized in the manufacturing process and expensed as a period cost. Where permitted by law, accelerated depreciation methods are used for tax purposes. For definite-lived intangible assets, we recognize the cost of these amortizable assets in operations over their estimated useful life, which range from two to 30 years. We review the recoverability of the net book value of PP&E and definite-lived intangible assets for impairment whenever events or changes in circumstances indicate that the carrying value of an asset group may not be recoverable. If this review indicates that the carrying values of the asset group will not be recovered, we reduce the carrying values to fair value and recognize an impairment charge. The impairment analysis for long-lived assets occurs before the goodwill impairment assessment described below.

*Assets and liabilities held for sale:* We classify long-lived assets or disposal groups as held for sale in the period when all of the following conditions have been met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we have approved and committed to a plan to sell the assets or disposal group,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the asset or disposal group is available for immediate sale in its present condition,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an active program to locate a buyer and other actions required to complete the sale have been initiated,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the sale of the asset or disposal group is probable and expected to be completed within one year,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the asset or disposal group is being actively marketed for sale at a price that is reasonable in relation to its current fair value, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn.

When all the held for sale criteria are met, we initially measure a long-lived asset or disposal group that is classified as held for sale at the lower of its carrying value or the fair value less any costs to sell, recognize any resulting losses, and cease depreciation and amortization of the long-lived asset or assets within a disposal group. Until the date of sale or until the asset or disposal group are no longer classified as held for sale, we assess fair value less any costs to sell and recognize any resulting losses at each reporting period. Gains are not recognized until the date of the sale.

*Indefinite-lived intangible assets and goodwill*: We have certain indefinite-lived intangible assets in the form of trade names, trademarks, and goodwill. Our methodology for allocating the purchase price of acquisitions to trade names and trademarks is based on established valuation techniques that reflect the consideration of a number of factors, including valuations performed by third-party appraisers when appropriate. Goodwill represents the excess of the cost of an acquired entity over the fair value assigned to identifiable assets acquired and liabilities assumed. We assess indefinite-lived intangible assets and goodwill for impairment annually (or other circumstances requiring assessment), which we perform as of July 1 of each year.

In testing indefinite-lived intangible assets for impairment, we first assess qualitative factors to determine whether it is more-likely-than-not that the fair value of an indefinite-lived intangible asset is greater than its carrying amount. If not, then we determine the fair value of the indefinite-lived intangible assets by performing a quantitative impairment analysis that considers various factors, including net sales derived from these intangibles and certain market and industry conditions.

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<u>[**Table of Contents**](#id6bd44f4a75f417691bd0d01e5d3defc_7)</u>

**Ingredion Incorporated**

**Notes to Consolidated Financial Statements**

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

In testing goodwill for impairment, we first assess qualitative factors to determine whether it is more-likely-than-not that the fair value of a reporting unit is greater than its carrying amount. If not, then an impairment exists for the difference between the fair value and carrying value of the reporting unit. This difference is not to exceed the goodwill recorded at the reporting unit.

*Hedging instruments:* We use derivative financial instruments consisting primarily of commodity futures, swaps and option contracts, forward currency contracts and options, interest rate swaps, and Treasury lock agreements ("T-Locks").

When we enter a derivative contract, we designate the derivative as a hedge of variable cash flows to be paid related to certain forecasted transactions ("a cash flow hedge"), as a hedge of the fair value of certain fixed ("firm") commitments ("a fair value hedge"), or as a non-designated hedging instrument. This process includes linking all derivatives that are designated as cash flow or fair value hedges to specific assets and liabilities on the Consolidated Balance Sheets, or to specific firm commitments or forecasted transactions. For all hedging relationships, we document the hedging relationships and our risk-management objective and strategy for undertaking the hedge transactions, the hedging instrument, the hedged item, the nature of the risk being hedged, how we will assess the hedging instrument's effectiveness in offsetting the hedged risk, and a description of the method to measure ineffectiveness. We also formally assess, both at the hedge's inception and on an ongoing basis, whether the derivative that is used in a hedging transaction is highly effective in offsetting changes in cash flows or fair values of hedged items.

For hedging instruments designated as cash flow hedges, unrealized gains and losses associated with marking cash flow hedging contracts to market (fair value) are recorded as a component of other comprehensive loss ("OCL") and included in the equity section of the Consolidated Balance Sheets as part of AOCL. These amounts, as well as their related tax effects, are subsequently reclassified into earnings in the same line item affected by the hedged transaction and in the same period or periods during which the hedged transaction affects earnings, or in the period a hedge is determined to be ineffective. Gains and losses from cash flow hedging instruments reclassified from AOCL to earnings are reported as Cash provided by operating activities on the Consolidated Statements of Cash Flows.

For hedging instruments designated as fair value hedges, unrealized gains and losses associated with marking fair value hedging contracts to market (fair value) are recorded in earnings each period. Unrealized gains and losses on hedged items in designated and highly effective fair value hedges are also recorded in earnings each period.

For hedging instruments not designated as hedging instruments for accounting purposes, all realized and unrealized gains and losses from these instruments are recognized in earnings during each accounting period.

We assess the effectiveness of hedging contracts based on changes in the contract's fair value. The changes in the market value of our hedging contracts have historically been, and are expected to be, highly effective at offsetting changes in the price of hedged items. We discontinue hedge accounting prospectively when it is unlikely or not probable that a forecasted transaction will occur or when we determine that the designation of the derivative as a hedging instrument is no longer appropriate, since the derivative is no longer effective in offsetting changes in the cash flows or fair value of the originally intended hedged transaction. When we discontinue hedge accounting, we continue to carry the derivative on the Consolidated Balance Sheets at its fair value and freeze the deferred gains or losses into AOCL. Changes in the fair value of the derivative are recognized in earnings in the same line item as the original hedged transaction instead of AOCL. Any accumulated gains and losses that were included in AOCL in the period we determined the hedge to be ineffective are also released to earnings.

*Pension and other postretirement benefits*: All U.S. pension and postretirement benefit plans and most non-U.S. pension and postretirement benefit plans value the vested benefit obligation based on the actuarial present value of the vested benefits to which employees are currently entitled based on their expected date of separation or retirement. We determine our assumption for the discount rate used to measure year-end pension and postretirement obligations based on high-quality fixed-income investments that match the duration of the expected benefit payments, which has been benchmarked using a long-term, high-quality AA corporate bond index. We use a full yield curve approach in the estimation of the service and interest cost components of benefit cost by applying the specific spot rates along the yield curve used in the determination of the benefit obligation to the relevant projected cash flows.

For defined benefit plans, the service cost component of net periodic benefit cost is presented within either Cost of sales or Operating expenses on the Consolidated Statements of Income. The interest cost, expected return on plan assets,

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<u>[**Table of Contents**](#id6bd44f4a75f417691bd0d01e5d3defc_7)</u>

**Ingredion Incorporated**

**Notes to Consolidated Financial Statements**

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

amortization of actuarial loss, amortization of prior service credit and settlement loss components of net periodic benefit cost are presented as Other non-operating expense on the Consolidated Statements of Income.

Actuarial gains and losses in excess of 10 percent of the greater of the projected benefit obligation or the market-related value of plan assets are classified in AOCL, along with the related tax impact, and recognized as a component of net periodic benefit cost over the average remaining service period of a plan's active employees for active defined benefit pension plans and over the average remaining life of a plan's active employees for frozen defined benefit pension plans.

*Share-based compensation:* We have a stock incentive plan that provides for share-based employee compensation, including the granting of stock options, shares of restricted stock, restricted stock units and performance shares to certain key employees. Compensation expense is generally recognized in the Consolidated Statements of Income on a straight-line basis for all awards over the requisite service period. We estimate a forfeiture rate at the time of certain grants, and we update the estimate throughout the vesting of certain awards within the amount of compensation costs recognized in each period.

*Earnings per common share:* Basic earnings per common share ("EPS") is computed by dividing Net income attributable to Ingredion by the weighted average number of shares outstanding. Diluted EPS is calculated using the treasury stock method, computed by dividing Net income attributable to Ingredion by the weighted average number of shares outstanding, including the dilutive effect of outstanding stock options and other instruments associated with long-term incentive compensation plans.

*Risks and uncertainties:* We operate domestically and internationally, and our business and assets in each country are subject to varying degrees of risk and uncertainty. We insure our business and assets in each country against insurable risks in a manner that we deem appropriate. Because of our geographic dispersion, we believe that a loss from a non-insured event in any one country is not likely to have a material adverse effect on our operations as a whole. Additionally, we believe there is no significant concentration of risk with any single customer or supplier whose failure or non-performance would materially affect our results. We do not consider the potential for insurance recoveries if we record accruals for estimated probable costs from events or circumstances that may be insured.

*Adoption of New Accounting Standards*

On January 1, 2025, we adopted Accounting Standard Update ("ASU") No. 2023-05, *Business Combinations—Joint Venture Formations (Subtopic 805-60)*, on a prospective basis. Under this standard, a joint venture must apply a new basis of accounting upon formation by initially measuring its assets and liabilities at fair value (with exceptions to fair value measurement that are consistent with the business combinations guidance). We applied the new standard to the Agrana joint venture, described in Note 3. The effect of adoption of the new standard was not material to our Consolidated Financial Statements.

On January 1, 2025, we adopted ASU No. 2023-09, *Income Taxes (Topic 740)*: *Improvements to Income Tax Disclosures*, on a prospective basis. Under this standard, specific categories in the rate reconciliation are disclosed and additional information for reconciling items that meet a quantitative threshold are provided. Additionally, information pertaining to taxes paid (net of refunds received) is disaggregated by federal, state, and foreign taxes with further disaggregation for specific jurisdictions to the extent the related amounts exceed a quantitative threshold. We disclosed required disaggregated amounts and provided the required information, as reflected in Note 9.

We early adopted ASU No. 2025-06, *Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40)*, on a prospective basis after the ASU was issued in September 2025. Under this standard, we capitalize costs for internal-use software based on criteria for projects that focuses on the probability of completion, based on management funding approval, and intended use. The effect of adoption of the new standard was not material to our Consolidated Financial Statements.

*Recent Accounting Pronouncements Not Yet Adopted*

In November 2024, the Financial Accounting Standards Board ("FASB") issued 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

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<u>[**Table of Contents**](#id6bd44f4a75f417691bd0d01e5d3defc_7)</u>

**Ingredion Incorporated**

**Notes to Consolidated Financial Statements**

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

types of expenses included in certain notes in the 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 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. Instead, 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. We are currently assessing the impact of this ASU on our Consolidated Financial Statements.

**2. Divestitures and Acquisitions**

*Pakistan Divestiture*

On September 25, 2025, we entered into a definitive agreement to sell a 51 percent ownership interest in Rafhan Maize Products Co. Ltd. (the "Pakistan business") to Nishat Group, a diversified group of companies headquartered in Lahore, Pakistan. On December 29, 2025, we amended the agreement to grant Nishat Group an option to purchase additional shares for commensurate consideration per share. We currently own 71 percent of the Pakistan business, whose financial results are consolidated and reported as part of All Other. On January 21, 2026, the World Bank's International Finance Corporation approved financing to the Nishat Group for the proposed transaction, which 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 Bank of Pakistan allowing us to receive our share of the sale 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 December 31, 2025.

*South Korea Divestiture*

On November 10, 2023, we entered into a definitive agreement for the sale of our South Korea business to an affiliate of the Sajo Group, a leading food company headquartered in Seoul, South Korea, for 384 billion South Korean won, or approximately $294 million. Upon completion of the sale on February 1, 2024, we received 330 billion South Korean won, or $247 million, net of certain transaction costs, and an incremental $8 million working capital true-up in the third quarter of 2024. As a result, we recognized net pre-tax gains of $90 million in Net (gain) on sale of business in the Consolidated Statements of Income in 2024. The South Korea business generated operating income of $2 million in 2024 and $30 million in 2023.

As additional consideration for the sale, we received 18 billion South Korean won, or $12 million, in February 2025, and 18 billion South Korean won, or approximately $12 million, in February 2026. We expect to receive the final consideration payment of 18 billion South Korean won, or approximately $12 million, in February 2027. As of December 31, 2025, these were recorded in Accounts receivable, net and Other non-current assets on our Consolidated Balance Sheets .

*PureCircle Acquisition*

We purchased from minority shareholders in PureCircle Limited ("PureCircle") an insignificant number of shares in 2025 and $40 million in 2024, which increased our ownership percentage to 98 percent as of December 31, 2025 and December 31, 2024, from 88 percent as of December 31, 2023. In December 2025, we issued notice to the remaining minority shareholders of our intent to exercise our option to buy the remaining shares for approximately $7 million, which we recorded as Redeemable non-controlling interests in our Consolidated Balance Sheets as of December 31, 2025. We expect to complete these purchases in the first quarter of 2026.

------

<u>[**Table of Contents**](#id6bd44f4a75f417691bd0d01e5d3defc_7)</u>

**Ingredion Incorporated**

**Notes to Consolidated Financial Statements**

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

**3. Investments**

Investments as of December 31, 2025 and 2024 were as follows:

---

| | | |
|:---|:---|:---|
| | **As of December 31,** | **As of December 31,** |
| | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp;Equity method investments | $117 | $95 |
| &nbsp;&nbsp;&nbsp;Equity investments | 27 | 31 |
| &nbsp;&nbsp;&nbsp;Marketable securities | 6 | 5 |
| Total investments | $150 | $131 |

---

In June 2025, we entered into a joint venture agreement with Agrana Sträke GmbH ("Agrana joint venture"), which provided us with a 49 percent equity interest in the joint venture for the development of starch production in Romania. In exchange for our stake in the Agrana joint venture, we paid $18 million of cash, net of post-closing adjustments. Our investment in the Agrana joint venture is classified as an equity method investment, and we recognize our share of net income one month in arrears in the Texture & Healthful Solutions segment.

Our equity method investments also include our 49 percent joint venture equity ownership in Ingrear Holding S.A. ("Argentina joint venture"), and we recognize our share of net income in the Argentina joint venture one month in arrears in the F&II–LATAM segment. In 2024, we received antitrust clearance to finalize the Argentina joint venture investment, subject to fulfillment of certain conditions to promote arms-length competition in the Argentina corn wet milling market, which must be completed through September 2029.

During 2024 and 2023, we recorded an other-than temporary impairment charge of $18 million and $10 million on our equity method investment with Amyris Inc. (the "Amyris joint venture"), which was recorded in the Restructuring/impairment charges on our Consolidated Statements of Income.

During 2025, we entered into new equity investments for $8 million of cash consideration. We also sold an equity investment at cost for $6 million and recorded $7 million of impairment charges on our equity investments.

**4. Intangible Assets**

*Goodwill*

The carrying value of goodwill by reportable segment and All Other as of December 31, 2025 is presented below. There were no accumulated impairment charges by reportable segment and All Other.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **T&HS** | **F&II–LATAM** | **F&II–U.S./Canada** | **All Other** | **Total** |
| Balance as of December 31, 2024 | $382 | $142 | $295 | $87 | $906 |
| &nbsp;&nbsp;Currency translation adjustment | 12 | 2 | 1 | 1 | 16 |
| Balance as of December 31, 2025 | $394 | $144 | $296 | $88 | $922 |

---

We concluded that as of our July 1, 2025 impairment assessment, there were no impairments to goodwill.

------

<u>[**Table of Contents**](#id6bd44f4a75f417691bd0d01e5d3defc_7)</u>

**Ingredion Incorporated**

**Notes to Consolidated Financial Statements**

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

*Other Intangible Assets*

A summary of other intangible assets was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **December 31, 2025** | **Gross** | **Accumulated Amortization** | **Net** |
| Trademarks/trade names (indefinite-lived) | $143 | $— | $143 |
| Patents | 34 | (16) | 18 |
| Customer relationships | 366 | (212) | 154 |
| Technology | 118 | (105) | 13 |
| Other | 40 | (21) | 19 |
| Total other intangible assets | $701 | $(354) | $347 |

---

---

| | | | |
|:---|:---|:---|:---|
| **December 31, 2024** | **Gross** | **Accumulated Amortization** | **Net** |
| Trademarks/trade names (indefinite-lived) | $143 | $— | $143 |
| Patents | 31 | (12) | 19 |
| Customer relationships | 356 | (188) | 168 |
| Technology | 111 | (104) | 7 |
| Other | 41 | (20) | 21 |
| Total other intangible assets | $682 | $(324) | $358 |

---

Amortization expense related to our other intangible assets was $27 million in 2025, and $26 million in both 2024 and 2023. We concluded that as of our July 1, 2025 impairment assessment, there were no impairments to our indefinite-lived other intangible assets.

Estimated future amortization expense related to intangible assets is as follows:

---

| | |
|:---|:---|
| 2026 | $27 |
| 2027 | 27 |
| 2028 | 27 |
| 2029 | 27 |
| 2030 | 26 |

---

**5. Derivative Instruments and Hedging Activities**

We are exposed to market risk stemming from changes in commodity prices (primarily corn and natural gas), foreign currency exchange rates and interest rates. In the normal course of business, we actively manage our exposure to these market risks by entering various hedging transactions authorized under established policies that place controls on these activities. These transactions utilize exchange-traded derivatives or over-the-counter derivatives with investment grade counterparties. We use derivative financial instruments that consist of commodity-related futures, options and swap contracts, foreign currency-related forward contracts, interest rate swaps and treasury locks ("T-Locks").

*Commodity price hedging*: Our principal use of derivative financial instruments is to manage commodity price risk relating to anticipated purchases of corn and natural gas that we intend to use in the manufacturing process, generally over the next twelve to twenty-four months. We maintain a commodity-price risk management strategy that uses derivative instruments to minimize significant, unanticipated earnings fluctuations caused by commodity-price volatility. To manage price risk related to corn purchases primarily in North American countries in each of our F&II and T&HS segments, we use corn futures and option contracts that trade on regulated commodity exchanges to lock in corn costs associated with fixed-priced customer sales contracts. We use soybean oil and soybean meal futures contracts in North American countries in each of our F&II and T&HS segments that trade on regulated commodity exchanges to hedge sales of our co-

------

<u>[**Table of Contents**](#id6bd44f4a75f417691bd0d01e5d3defc_7)</u>

**Ingredion Incorporated**

**Notes to Consolidated Financial Statements**

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

products. We also use over-the-counter natural gas swaps, primarily in North American countries in each of our F&II and T&HS segments, to hedge a portion of our natural gas usage. These derivative financial instruments limit the impact that volatility resulting from fluctuations in market prices will have on corn and natural gas purchases, as well as co-product sales. Our natural gas, soybean meal and the majority of our corn and soybean oil derivatives have been designated as cash flow hedging instruments. A portion of our corn and soybean oil derivatives are not designated as hedging instruments for accounting purposes.

We had outstanding futures and option contracts that hedged the forecasted purchase of approximately 84 million and 105 million bushels of corn as of December 31, 2025 and 2024. We also had outstanding swap contracts that hedged the forecasted purchase of approximately 26 million and 24 million mmbtus of natural gas as of December 31, 2025 and 2024.

*Foreign currency hedging*: Due to our global operations, including operations in many emerging markets, we are exposed to fluctuations in foreign currency exchange rates. As a result, we have exposure to translational foreign-exchange risk when the results of our foreign net assets and operations are translated to U.S. dollars and to transactional foreign-exchange risk when transactions not denominated in the functional currency are revalued. Our foreign-exchange risk management strategy uses derivative financial instruments such as foreign currency forward contracts, swaps and options to manage our transactional foreign-exchange risk. We enter into foreign currency derivative instruments that are designated as cash flow hedging instruments as well as instruments not designated as hedging instruments for accounting purposes in order to mitigate transactional foreign-exchange risk.

We hedge certain assets using foreign currency derivatives not designated as hedging instruments, which had a notional value of $395 million and $408 million as of December 31, 2025 and 2024. We also hedge certain liabilities using foreign currency derivatives not designated as hedging instruments, which had a notional value of $192 million and $113 million as of December 31, 2025 and 2024.

We hedge certain assets using foreign currency cash flow hedging instruments, which had a notional value of $425 million and $447 million as of December 31, 2025 and 2024. We also hedge certain liabilities using foreign currency cash flow hedging instruments, which had a notional value of $358 million and $448 million as of December 31, 2025 and 2024.

*Interest rate hedging*: We assess our exposure to variability in interest rates by identifying and monitoring changes in interest rates that may adversely impact future cash flows and the fair value of existing debt instruments and by evaluating hedging opportunities. Our risk management strategy is to monitor interest rate risk attributable to our outstanding and forecasted debt obligations as well as our offsetting hedge positions. Derivative financial instruments that we have used to manage our interest rate risk consist of interest rate swaps and T-Locks.

We periodically enter into T-Locks to hedge our exposure to interest rate changes. We have settled T-Locks associated with the issuance of our senior notes due in 2030 and 2050. The realized loss upon settlement of these T-Locks was recorded in AOCL and is amortized into earnings over the term of the senior notes. We did not have open T-Locks as of December 31, 2025 and 2024.

The derivative instruments designated as cash flow hedges included in AOCL as of December 31, 2025 and 2024 were as follows:

---

| | | |
|:---|:---|:---|
| | **(Losses) Gains included in AOCL as of December 31,** | **(Losses) Gains included in AOCL as of December 31,** |
| | **2025** | **2024** |
| Commodity contracts, net of income tax effect of $3 and $— | $(7) | $(1) |
| Foreign currency contracts, net of income tax effect of $3 and $4 | 3 | 7 |
| Interest rate contracts, net of income tax effect of $1 | (1) | (2) |
| Total | $(5) | $4 |

---

As of December 31, 2025, AOCL included $4 million of net losses (net of income taxes of $1 million) on commodities-related derivative instruments, T-Locks and foreign currency hedges designated as cash flow hedges that are expected to be reclassified into earnings during the next twelve months.

------

<u>[**Table of Contents**](#id6bd44f4a75f417691bd0d01e5d3defc_7)</u>

**Ingredion Incorporated**

**Notes to Consolidated Financial Statements**

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **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 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Fair Value of Hedging Instruments as of December 31, 2024** | **Fair Value of Hedging Instruments as of December 31, 2024** | **Fair Value of Hedging Instruments as of December 31, 2024** | **Fair Value of Hedging Instruments as of December 31, 2024** | **Fair Value of Hedging Instruments as of December 31, 2024** | **Fair Value of Hedging Instruments as of December 31, 2024** |
| | **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 | $18 | $15 | $33 | $1 | $11 | $12 |
| Other non-current assets | 1 | 4 | 5 |  | 2 | 2 |
| Assets | 19 | 19 | 38 | 1 | 13 | 14 |
| Accounts payable | 8 | 8 | 16 | 1 | 2 | 3 |
| Other non-current liabilities |  | 2 | 2 |  |  |  |
| Liabilities | 8 | 10 | 18 | 1 | 2 | 3 |
| Net Assets/(Liabilities) | $11 | $9 | $20 | $— | $11 | $11 |

---

Additional information relating to our derivative instruments were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Derivatives in Cash Flow Hedging Relationships** | **(Losses) Gains<br>Recognized in OCL on Derivatives** | **(Losses) Gains<br>Recognized in OCL on Derivatives** | **(Losses) Gains<br>Recognized in OCL on Derivatives** | **Income Statement<br>Location** | **(Losses) Gains<br>Reclassified from AOCL into Income** | **(Losses) Gains<br>Reclassified from AOCL into Income** | **(Losses) Gains<br>Reclassified from AOCL into Income** |
| **Derivatives in Cash Flow Hedging Relationships** | **2025** | **2024** | **2023** | **Income Statement<br>Location** | **2025** | **2024** | **2023** |
| Commodity contracts | $(26) | $(62) | $(161) | *Cost of sales* | $(17) | $(124) | $(87) |
| Foreign currency contracts | 17 | 14 | 10 | *Net sales/Cost of sales* | 22 | 4 | 10 |
| Interest rate contracts |  |  |  | *Financing costs* | (1) |  | (1) |
| Total | $(9) | $(48) | $(151) |  | $4 | $(120) | $(78) |

---

**6. 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.

------

<u>[**Table of Contents**](#id6bd44f4a75f417691bd0d01e5d3defc_7)</u>

**Ingredion Incorporated**

**Notes to Consolidated Financial Statements**

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

&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 are presented below:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
| | **Level 1** | **Level 2** | **Level 3** | **Total** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Marketable securities | $6 | $— | $— | $6 | $5 | $— | $— | $5 |
| Derivative assets | 22 | 2 |  | 24 | 48 | 4 |  | 52 |
| Derivative liabilities | 18 | 10 |  | 28 | 17 | 4 |  | 21 |
| Long-term debt |  | 1649 |  | 1649 |  | 1633 |  | 1633 |

---

The carrying values of cash equivalents, short-term investments, accounts receivable, accounts payable and short-term borrowings approximate fair values. Commodity futures, options and swap contracts are recognized at fair value. Foreign currency forward contracts, swaps and options 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. See Note 10 for information on the fair value of pension plan assets.

------

<u>[**Table of Contents**](#id6bd44f4a75f417691bd0d01e5d3defc_7)</u>

**Ingredion Incorporated**

**Notes to Consolidated Financial Statements**

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

**7. Financing Arrangements**

We had total debt outstanding of $1.8 billion at both December 31, 2025 and 2024. As of December 31, 2025 and 2024, our other short-term and other long-term borrowings consisted primarily of amounts outstanding under various term loans or unsecured local country operating lines of credit.

On August 27, 2025, we entered into a new revolving credit agreement to replace the previous revolving credit agreement, which was terminated as of the same date. The new revolving credit facility agreement provides for a five-year unsecured revolving credit facility in an aggregate principal amount of $1.0 billion outstanding at any time. The facility will mature on August 27, 2030. Loans under the revolving credit facility accrue interest at a per annum rate equal, at our option, to either a term rate based upon the secured overnight financing rate ("SOFR") plus an applicable margin, or a base rate (generally determined according to the highest of the prime rate, the federal funds rate plus 0.50%, or the one-month term SOFR rate plus 1.00%) plus an applicable margin. No borrowings were outstanding under the facility as of December 31, 2025.

We maintain a commercial paper program under which we may issue senior unsecured notes of short 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. We use the note proceeds for general corporate purposes. During 2025, there was no commercial paper activity and no outstanding balance. During 2024, the average amount of commercial paper outstanding was $31 million with an average interest rate of 5.51 percent and a weighted average maturity of 8 days. As of December 31, 2024, we had no commercial paper outstanding. The amount of commercial paper outstanding under this program in 2026 is expected to fluctuate. The commercial paper program is backed by up to $1.0 billion of borrowing availability under the revolving credit facility.

Presented below are our debt carrying amounts, net of related discounts, premiums and debt issuance costs and fair values as of December 31, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **2025** | **2025** | **2024** | **2024** |
| | **Carrying<br>Value** | **Fair<br>Value** | **Carrying<br>Value** | **Fair<br>Value** |
| 2.900% senior notes due June 1, 2030 | $597 | $567 | $597 | $540 |
| 3.200% senior notes due October 1, 2026 *(i)* | 499 | 497 | 499 | 486 |
| 3.900% senior notes due June 1, 2050 | 392 | 304 | 391 | 292 |
| 6.625% senior notes due April 15, 2037 | 253 | 280 | 253 | 268 |
| Revolving credit agreement |  |  |  |  |
| Other long-term borrowings | 1 | 1 | 47 | 47 |
| Total long-term debt | 1742 | 1649 | 1787 | 1633 |
| Commercial paper |  |  |  |  |
| Other short-term borrowings | 48 | 48 | 44 | 44 |
| Total short-term borrowings | 48 | 48 | 44 | 44 |
| Total debt | $1790 | $1697 | $1831 | $1677 |

---

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

We guarantee certain obligations of our consolidated subsidiaries, which aggregated to $39 million and $35 million at December 31, 2025 and 2024.

------

<u>[**Table of Contents**](#id6bd44f4a75f417691bd0d01e5d3defc_7)</u>

**Ingredion Incorporated**

**Notes to Consolidated Financial Statements**

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

**8. Leases**

The components of lease expense for 2025, 2024 and 2023 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **2025** | **2024** | **2023** |
| Operating lease expense | $71 | $67 | $63 |
| Variable operating lease expense | 19 | 17 | 26 |
| Short term lease expense | 4 | 4 | 3 |
| Total lease expense | $94 | $88 | $92 |

---

We have operating leases for certain rail cars, office spaces, warehouses and machinery and equipment. We currently have no finance leases. The following is a reconciliation of future undiscounted cash flows to the operating lease liabilities and the related operating lease assets as presented within Other non-current liabilities and Other non-current assets, on our Consolidated Balance Sheets as of December 31, 2025:

---

| | |
|:---|:---|
| 2026 | $68 |
| 2027 | 50 |
| 2028 | 29 |
| 2029 | 19 |
| 2030 | 8 |
| Thereafter | 20 |
| Total future lease payments | 194 |
| Less: imputed interest | 13 |
| Present value of future lease payments | 181 |
| Less: current lease liabilities | 63 |
| Non-current operating lease liabilities | $118 |
| Operating lease assets | $177 |

---

Supplemental cash flow information arising from lease transactions is as follows:

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** |
| Cash paid for amounts included in the measurement of lease liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Operating cash flows from operating leases | $72 | $68 |
| Right-of-use assets obtained in exchange for lease liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Operating leases | $40 | $55 |

---

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** |
| Lease term and discount rate |  |  |
| Weighted average remaining lease term | 4.4 years | 4.8 years |
| &nbsp;&nbsp;&nbsp;Weighted average discount rate | 4.8% | 4.6% |

---

------

<u>[**Table of Contents**](#id6bd44f4a75f417691bd0d01e5d3defc_7)</u>

**Ingredion Incorporated**

**Notes to Consolidated Financial Statements**

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

**9. Income Taxes**

The components of income before income taxes and the provision for income taxes for 2025, 2024 and 2023 are presented below:

---

| | | | |
|:---|:---|:---|:---|
| | **2025** | **2024** | **2023** |
| Income before income taxes: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. | $338 | $396 | $244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign | 636 | 535 | 595 |
| &nbsp;&nbsp;&nbsp;Total income before income taxes | 974 | 931 | 839 |
| Provision for income taxes: |  |  |  |
| &nbsp;&nbsp;&nbsp;Current tax expense: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. federal | 34 | 31 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State and local | 6 | 6 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign | 192 | 255 | 183 |
| &nbsp;&nbsp;&nbsp;Total current tax expense | 232 | 292 | 194 |
| &nbsp;&nbsp;&nbsp;Deferred tax expense (benefit): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. federal | 7 | 11 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State and local | 3 | 2 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign | (4) | (28) | (7) |
| &nbsp;&nbsp;&nbsp;Total deferred tax expense (benefit) | 6 | (15) | (6) |
| Total provision for income taxes | $238 | $277 | $188 |

---

Cash paid for income taxes, net of refunds, consisted of the following:

---

| | |
|:---|:---|
| | **2025** |
| U.S. federal | $47 |
| State and local | 7 |
| Foreign: |  |
| &nbsp;&nbsp;Mexico | 142 |
| &nbsp;&nbsp;Germany | 58 |
| &nbsp;&nbsp;Canada | 53 |
| &nbsp;&nbsp;Colombia | 25 |
| &nbsp;&nbsp;All other foreign | 57 |
| Total income taxes paid, net of refunds | $389 |

---

------

<u>[**Table of Contents**](#id6bd44f4a75f417691bd0d01e5d3defc_7)</u>

**Ingredion Incorporated**

**Notes to Consolidated Financial Statements**

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

Deferred income taxes are provided for the tax effects of temporary differences between the financial reporting basis and tax basis of assets and liabilities. Significant temporary differences as of December 31, 2025 and 2024 are summarized as follows:

---

| | | |
|:---|:---|:---|
| | **2025** | **2024** |
| Deferred tax assets attributable to: |  |  |
| &nbsp;&nbsp;&nbsp;Employee benefit accruals | $33 | $31 |
| &nbsp;&nbsp;&nbsp;Pensions and postretirement plans | 14 | 9 |
| &nbsp;&nbsp;&nbsp;Lease liabilities | 48 | 51 |
| &nbsp;&nbsp;&nbsp;Allowance for credit losses | 3 | 3 |
| &nbsp;&nbsp;&nbsp;Inventory reserve | 15 | 16 |
| &nbsp;&nbsp;&nbsp;Net operating loss carryforwards | 47 | 51 |
| &nbsp;&nbsp;&nbsp;Tax credit carryforwards | 9 | 7 |
| &nbsp;&nbsp;&nbsp;Derivative contracts | 1 |  |
| &nbsp;&nbsp;&nbsp;Uniform capitalization | 11 | 8 |
| &nbsp;&nbsp;&nbsp;Equity method investments | 2 | 9 |
| &nbsp;&nbsp;&nbsp;Other | 54 | 46 |
| &nbsp;&nbsp;&nbsp;Total deferred tax assets | 237 | 231 |
| &nbsp;&nbsp;&nbsp;Valuation allowances | (52) | (60) |
| &nbsp;&nbsp;&nbsp;Net deferred tax assets | $185 | $171 |
| Deferred tax liabilities attributable to: |  |  |
| &nbsp;&nbsp;&nbsp;Property, plant and equipment | 173 | 161 |
| &nbsp;&nbsp;&nbsp;Identified intangibles | 20 | 25 |
| &nbsp;&nbsp;&nbsp;Right-of-use lease assets | 45 | 48 |
| &nbsp;&nbsp;&nbsp;Foreign withholding and state taxes on unremitted earnings | 10 | 1 |
| &nbsp;&nbsp;&nbsp;Goodwill | 45 | 38 |
| &nbsp;&nbsp;&nbsp;Derivative contracts |  | 3 |
| &nbsp;&nbsp;&nbsp;Total deferred tax liabilities | 293 | 276 |
| Net deferred tax liabilities | $108 | $105 |

---

Of the $47 million of tax-effected net operating loss carryforwards as of December 31, 2025, $31 million are for foreign loss carryforwards, $14 million for state loss carryforwards, and $2 million for U.S. federal loss carryforwards. Of the $31 million of foreign loss carryforwards, $25 million are related to Canada, $3 million to Argentina, and $1 million to the United Kingdom, with carryforward periods of 20 years, 10 years, and indefinite. U.S. federal and state loss carryforwards have various expiration periods beginning in 2026.

A valuation allowance is established when it is more likely than not that all or a portion of a deferred tax asset will not be realized. Prior to establishing a valuation allowance, we consider historical taxable income, scheduled reversal of deferred tax liabilities, tax planning strategies, tax carryovers and projected future taxable income. As of December 31, 2025, we maintained valuation allowances of $52 million, consisting of $16 million primarily related to foreign loss carryforwards, $12 million for state loss carryforwards, and $2 million for U.S. federal loss carryforwards. Additionally, we have $7 million for state credits, $6 million for capital loss carryforwards, $5 million primarily related to equity method investments, and $4 million for certain foreign tax credits and net deferred tax assets, all of which we have determined will more likely than not expire prior to realization.

Net operating loss carryforwards disclosed in the financial statements differ from the as-filed tax returns due to an unrecognized tax benefit. Foreign net operating loss carryforwards and valuation allowances would increase $10 million absent the unrecognized tax benefit.

------

<u>[**Table of Contents**](#id6bd44f4a75f417691bd0d01e5d3defc_7)</u>

**Ingredion Incorporated**

**Notes to Consolidated Financial Statements**

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

The following table reconciles the U.S. federal statutory income tax rate to the Company's effective tax rate for 2025.

---

| | | |
|:---|:---|:---|
| | **2025** | **2025** |
| | **Amount** | **Percent** |
| Federal statutory tax rate | $204 | 21.0% |
| &nbsp;&nbsp;U.S. tax effects: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;State and local income taxes, net of federal benefit *(i)* | 7 | 0.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of cross-border tax laws: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign-derived intangible income | (17) | (1.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 2 | 0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax credits: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign tax credit | (26) | (2.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | (3) | (0.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Nontaxable or nondeductible items | 6 | 0.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 9 | 0.9 |
| &nbsp;&nbsp;Foreign tax effects: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mexico: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statutory tax rate difference | 25 | 2.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 9 | 0.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency foreign exchange | (14) | (1.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;Germany: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provincial tax | 13 | 1.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | (4) | (0.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;Colombia | 11 | 1.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other foreign jurisdictions | 19 | 2.0 |
| &nbsp;&nbsp;Changes in unrecognized tax benefits | (3) | (0.3) |
| Effective income tax rate | $238 | 24.4% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(i) Illinois and New York make up the majority (greater than 50 percent) of state and local income taxes, net of federal benefit.*

------

<u>[**Table of Contents**](#id6bd44f4a75f417691bd0d01e5d3defc_7)</u>

**Ingredion Incorporated**

**Notes to Consolidated Financial Statements**

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

As previously disclosed for the years ended December 31, 2024 and 2023, prior to our adoption of ASU 2023-09, the effective income tax rate differed from the statutory federal income tax rate as follows:

---

| | | |
|:---|:---|:---|
| | **2024** | **2023** |
| Provision for tax at U.S. statutory rate | 21.0% | 21.0% |
| Tax rate difference on foreign income | 5.4 | 6.1 |
| Foreign currency foreign exchange | 1.9 | (1.8) |
| Inflation adjustments | (0.4) | (0.5) |
| Tax benefit of intercompany financing | (0.3) | (0.4) |
| U.S. international tax implications | 1.4 | 1.0 |
| Favorable judgment on the treatment of credits and interest on indirect taxes |  | (0.2) |
| Sale of our South Korea business | (1.6) |  |
| Unfavorable judgment and related reserve on transfer pricing matters | 1.6 |  |
| Valuation allowance on investments | 1.2 |  |
| Foreign-derived intangible income ("FDII") | (1.6) | (1.5) |
| Brazil exclusion of certain tax incentives | (0.3) | (1.2) |
| Other items, net | 1.5 | (0.1) |
| Provision at effective tax rate | 29.8% | 22.4% |

---

During the year ended December 31, 2025, we announced our intention to divest the Pakistan business as described in Note 2. As a result of this decision, management concluded that we no longer have the intent or ability to indefinitely reinvest the historical earnings of this foreign subsidiary and therefore reversed our indefinite reinvestment assertion related to this entity.

As of December 31, 2025, we recorded a $10 million deferred tax liability resulting primarily from a change in our permanent reinvestment assertion regarding our foreign subsidiary in Pakistan. We continue to assert indefinite reinvestment for the accumulated earnings of our other foreign subsidiaries, for which no material foreign taxes, U.S. federal or state taxes, or foreign currency gains or losses have been provided. It is not practicable to estimate the additional income taxes, including applicable foreign withholding taxes, that would be payable if such earnings were repatriated.

A reconciliation of the beginning and ending amounts of unrecognized tax benefits, excluding interest and penalties, for 2025 and 2024 were as follows:

---

| | | |
|:---|:---|:---|
| | **2025** | **2024** |
| Balance at January 1 | $40 | $31 |
| Additions for tax positions related to prior years | 2 | 7 |
| Reductions for tax positions related to prior years |  | (1) |
| Additions based on tax positions related to the current year | 2 | 3 |
| Settlements with taxing authorities | (3) |  |
| Reductions related to a lapse in the statute of limitations | (2) |  |
| Balance at December 31 | $39 | $40 |

---

Of the $39 million of unrecognized tax benefits as of December 31, 2025, $29 million represents the amount that, if recognized, could affect the effective tax rate in future periods. The remaining $10 million represents net operating loss carryforwards that would have otherwise had a valuation allowance.

We account for interest and penalties related to income tax matters within the provision for income taxes. We have accrued $7 million of interest expense and penalties related to unrecognized tax benefits as of December 31, 2025.

------

<u>[**Table of Contents**](#id6bd44f4a75f417691bd0d01e5d3defc_7)</u>

**Ingredion Incorporated**

**Notes to Consolidated Financial Statements**

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

We are subject to U.S. federal income tax as well as income tax in multiple states and non-U.S. jurisdictions. The U.S. federal tax returns are subject to audit for the years 2022 through 2025. In general, our foreign subsidiaries remain subject to audit for years 2014 and later.

It is reasonably possible that the total amount of unrecognized tax benefits including interest and penalties will increase or decrease within twelve months of December 31, 2025, as a result of the expiration of a statute of limitations period and potential settlement.

**10. Pension and Other Postretirement Benefits** 

We sponsor noncontributory defined benefit pension plans (qualified and non-qualified) covering a portion of our employees in the U.S. and Canada and certain employees in other foreign countries. Plans for most salaried employees provide pay-related benefits based on years of service. Plans for hourly employees generally provide benefits based on flat dollar amounts and years of service. Our general funding policy is to make contributions to the plans that comply with minimum funding requirements and are within the limits of deductibility under current tax regulations. Certain foreign countries allow income tax deductions without regard to contribution levels and our policy in those countries is to make contributions required by the terms of the applicable plan.

Included in our pension obligation are nonqualified supplemental retirement plans for certain key employees. Benefits provided under these plans are unfunded and we make direct payments to plan participants. We also provide healthcare and/or life insurance benefits for retired employees in the U.S., Canada and Brazil. Healthcare benefits for retirees outside the U.S., Canada and Brazil are generally covered through local government plans.

------

<u>[**Table of Contents**](#id6bd44f4a75f417691bd0d01e5d3defc_7)</u>

**Ingredion Incorporated**

**Notes to Consolidated Financial Statements**

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

*Pension Plans*

*Pension Obligation and Funded Status:* The changes in pension benefit obligations and plan assets during 2025 and 2024, as well as the funded status and the amounts recognized in our Consolidated Balance Sheets related to our pension plans at December 31, 2025 and 2024, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **U.S. Plans** | **U.S. Plans** | **Non-U.S. Plans** | **Non-U.S. Plans** |
| | **2025** | **2024** | **2025** | **2024** |
| Benefit obligation |  |  |  |  |
| &nbsp;&nbsp;&nbsp;At January 1 | $288 | $305 | $170 | $200 |
| &nbsp;&nbsp;&nbsp;Divestiture *(i)* |  |  |  | (14) |
| &nbsp;&nbsp;&nbsp;Service cost | 3 | 3 | 3 | 3 |
| &nbsp;&nbsp;&nbsp;Interest cost | 15 | 14 | 9 | 9 |
| &nbsp;&nbsp;&nbsp;Benefits paid | (21) | (20) | (11) | (11) |
| &nbsp;&nbsp;&nbsp;Actuarial loss (gain) | 4 | (14) |  |  |
| &nbsp;&nbsp;&nbsp;Curtailment/settlement/amendments, net |  |  | (3) | (1) |
| &nbsp;&nbsp;&nbsp;Currency translation adjustment |  |  | 11 | (16) |
| Benefit obligation at December 31 | $289 | $288 | $179 | $170 |
| Fair value of plan assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;At January 1 | $315 | $325 | $174 | $200 |
| &nbsp;&nbsp;&nbsp;Divestiture *(i)* |  |  |  | (16) |
| &nbsp;&nbsp;&nbsp;Actual return on plan assets | 23 | 10 | 5 | 14 |
| &nbsp;&nbsp;&nbsp;Employer contributions | 1 |  | 4 | 4 |
| &nbsp;&nbsp;&nbsp;Benefits paid | (21) | (20) | (11) | (11) |
| &nbsp;&nbsp;&nbsp;Plan settlements |  |  | (4) | (2) |
| &nbsp;&nbsp;&nbsp;Currency translation adjustment |  |  | 9 | (15) |
| Fair value of plan assets at December 31 | $318 | $315 | $177 | $174 |
| Funded status | $29 | $27 | $(2) | $4 |

---

______________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(i)We completed the sale of our South Korea business on February 1, 2024.*

As of December 31, 2025, the actuarial loss for the U.S plans was primarily driven by a decrease in the discount rate compared to the prior year. As of December 31, 2024, the actuarial gain for the U.S. plan was primarily driven by an increase in the discount rate compared to the prior year.

Amounts recorded in the Consolidated Balance Sheets as of December 31, 2025 and 2024 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **U.S. Plans** | **U.S. Plans** | **Non-U.S. Plans** | **Non-U.S. Plans** |
| | **2025** | **2024** | **2025** | **2024** |
| Non-current assets | $39 | $35 | $48 | $46 |
| Current liabilities | (1) | (1) | (1) | (1) |
| Non-current liabilities | (9) | (7) | (49) | (41) |
| Net assets (liabilities) recognized | $29 | $27 | $(2) | $4 |

---

------

<u>[**Table of Contents**](#id6bd44f4a75f417691bd0d01e5d3defc_7)</u>

**Ingredion Incorporated**

**Notes to Consolidated Financial Statements**

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

Amounts recorded in AOCL, excluding tax effects that have not yet been recognized as components of net periodic benefit cost at December 31, 2025 and 2024, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **U.S. Plans** | **U.S. Plans** | **Non-U.S. Plans** | **Non-U.S. Plans** |
| | **2025** | **2024** | **2025** | **2024** |
| Net actuarial loss | $22 | $25 | $22 | $16 |
| Prior service (credit) cost | (1) | (2) | 1 | 1 |
| Net amount recognized | $21 | $23 | $23 | $17 |

---

The net amount recognized in AOCL at December 31, 2025 decreased compared to the prior year for the U.S. pension plans mainly due to actual return on plan assets being higher than expected, partially offset by the decrease in discount rates used to measure our obligations under U.S. plans. The net amount recognized in AOCL at December 31, 2025 for the non-U.S. pension plans increased as compared to December 31, 2024 was primarily driven by the actual return on assets being lower than expected as well as by unfavorable foreign currency translation.

The accumulated benefit obligation for all defined benefit pension plans was $449 million and $442 million at December 31, 2025 and 2024. Information for pension plans with a projected benefit obligation in excess of plan assets and an accumulated benefit obligation in excess of plan assets is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **U.S. Plans** | **U.S. Plans** | **Non-U.S. Plans** | **Non-U.S. Plans** |
| | **2025** | **2024** | **2025** | **2024** |
| Projected benefit obligation | $(9) | $(8) | $(54) | $(46) |
| Accumulated benefit obligation | (9) | (8) | (42) | (36) |
| Fair value of plan assets |  |  | 5 | 4 |

---

Components of net periodic benefit cost consist of the following for 2025, 2024 and 2023:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **U.S. Plans** | **U.S. Plans** | **U.S. Plans** | **Non-U.S. Plans** | **Non-U.S. Plans** | **Non-U.S. Plans** |
| | **2025** | **2024** | **2023** | **2025** | **2024** | **2023** |
| Service cost | $3 | $3 | $3 | $3 | $3 | $4 |
| Interest cost | 15 | 14 | 15 | 9 | 9 | 10 |
| Expected return on plan assets | (17) | (17) | (17) | (9) | (9) | (9) |
| Amortization of actuarial loss |  |  | 1 |  | 1 | 1 |
| Amortization of prior service credit | (1) |  | (1) |  |  |  |
| Net periodic benefit cost | $— | $— | $1 | $3 | $4 | $6 |

---

------

<u>[**Table of Contents**](#id6bd44f4a75f417691bd0d01e5d3defc_7)</u>

**Ingredion Incorporated**

**Notes to Consolidated Financial Statements**

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

Total pre-tax amounts recorded in other comprehensive income and net periodic benefit cost for 2025, 2024 and 2023 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **U.S. Plans** | **U.S. Plans** | **U.S. Plans** | **Non-U.S. Plans** | **Non-U.S. Plans** | **Non-U.S. Plans** |
| | **2025** | **2024** | **2023** | **2025** | **2024** | **2023** |
| Net actuarial (gain) loss | $(3) | $(7) | $(3) | $4 | $(5) | $— |
| Prior service cost | 1 |  |  |  | 1 |  |
| Amortization of actuarial loss |  |  | (1) | 1 | (1) | (1) |
| Amortization of prior service credit |  |  | 1 |  |  |  |
| Currency translation adjustment |  |  |  | 1 | (2) | 1 |
| Total recorded in other comprehensive (income) loss | (2) | (7) | (3) | 6 | (7) |  |
| Net periodic benefit cost |  |  | 1 | 3 | 4 | 6 |
| Total recorded in other comprehensive (income) loss and net periodic benefit cost | $(2) | $(7) | $(2) | $9 | $(3) | $6 |

---

The weighted average assumptions used to determine our obligations for the pension plans for 2025 and 2024 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **U.S. Plans** | **U.S. Plans** | **Non-U.S. Plans** | **Non-U.S. Plans** |
| | **2025** | **2024** | **2025** | **2024** |
| Discount rate | 5.41% | 5.64% | 5.52% | 5.42% |
| Rate of compensation increase | 3.70 | 3.75 | 4.24 | 4.16 |
| Cash balance interest credit rate | 4.51 | 4.63 |  |  |

---

The weighted average assumptions used to determine our net periodic benefit cost for the pension plans were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **U.S. Plans** | **U.S. Plans** | **U.S. Plans** | **Non-U.S. Plans** | **Non-U.S. Plans** | **Non-U.S. Plans** |
| | **2025** | **2024** | **2023** | **2025** | **2024** | **2023** |
| Discount rate | 5.64% | 5.00% | 5.19% | 5.42% | 5.32% | 5.67% |
| Expected long-term return on plan assets | 5.50 | 5.50 | 5.50 | 5.05 | 4.97 | 5.05 |
| Rate of compensation increase | 3.75 | 3.83 | 3.92 | 4.16 | 3.73 | 3.83 |
| Cash balance interest crediting rate | 4.63 | 4.53 | 4.21 |  |  |  |

---

For 2025, we assumed an expected long-term rate of return on assets of 5.50 percent for U.S. plans and 4.58 percent for Canadian plans. In developing the expected long-term rate of return assumption on plan assets, which consist mainly of U.S. and Canadian debt and equity securities, we evaluated historical rates of return achieved on plan assets and the asset allocation of the plans, input from our independent actuaries and investment consultants, and historical trends in long-term inflation rates. Projected return estimates are based upon broad equity and bond indices.

The discount rate reflects a rate of return on high-quality fixed-income investments that match the duration of the expected benefit payments. We typically use returns on long-term, high-quality corporate AA bonds as a benchmark in establishing this assumption, and we elect to use a full yield curve approach to estimate these components of benefit cost by applying the specific spot rates along the yield curve used to determine the benefit obligation to the relevant projected cash flows.

*Plan Assets:* Our investment policy for our pension plans is to balance risk and return through diversified portfolios of fixed income securities, equity instruments and short-term investments. Maturities for fixed income securities are managed such that sufficient liquidity exists to meet near-term benefit payment obligations. For U.S. pension plans, the weighted average target range allocation of assets was 7 to 14 percent in equity instruments and 86 to 93 percent in fixed

------

<u>[**Table of Contents**](#id6bd44f4a75f417691bd0d01e5d3defc_7)</u>

**Ingredion Incorporated**

**Notes to Consolidated Financial Statements**

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

income securities, inclusive of other short-term investments. The asset allocation is reviewed regularly, and portfolio investments are rebalanced to the targeted allocation when considered appropriate.

Our weighted average asset allocations as of December 31, 2025 and 2024 for U.S. and non-U.S. pension plan assets were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **U.S. Plans** | **U.S. Plans** | **Non-U.S. Plans** | **Non-U.S. Plans** |
| | **2025** | **2024** | **2025** | **2024** |
| Equity securities | 7% | 7% | 9% | 9% |
| Debt securities | 91 | 91 | 86 | 84 |
| Cash and other | 2 | 2 | 5 | 7 |
| Total | 100% | 100% | 100% | 100% |

---

With the exception of cash, which is considered Level 1 in the fair value hierarchy, all significant pension plan assets are held in collective trusts by our U.S. and non-U.S. plans. The fair values of shares of collective trusts are based upon the net asset value ("NAV") of the fund reported by the fund managers based on quoted market prices of the underlying securities as of the balance sheet date and are considered to be Level 2 fair value measurements. Investments measured at NAV as a practical expedient for fair value are excluded from the fair value hierarchy. This may produce a fair value measurement that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while we believe our valuation methods are appropriate and consistent with those of other market participants, different methods could result in different fair value measurements at the reporting date.

------

<u>[**Table of Contents**](#id6bd44f4a75f417691bd0d01e5d3defc_7)</u>

**Ingredion Incorporated**

**Notes to Consolidated Financial Statements**

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

The fair values of our plan assets by asset category were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Fair Value Measurements as of December 31, 2025** | **Fair Value Measurements as of December 31, 2025** | **Fair Value Measurements as of December 31, 2025** | **Fair Value Measurements as of December 31, 2025** | **Fair Value Measurements as of December 31, 2025** | **Fair Value Measurements as of December 31, 2025** | **Fair Value Measurements as of December 31, 2025** | **Fair Value Measurements as of December 31, 2025** |
| | **NAV** | **NAV** | **Level 1** | **Level 1** | **Level 2** | **Level 2** | **Total** | **Total** |
| | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| U.S. Plans: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Equity index: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. *(i)* | $— | $— | $— | $— | $14 | $14 | $14 | $14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International *(ii)* |  |  |  |  | 7 | 7 | 7 | 7 |
| &nbsp;&nbsp;&nbsp;Fixed income index: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intermediate bond *(iv)* |  |  |  |  | 12 |  | 12 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long bond *(iii)* |  |  |  |  | 121 | 125 | 121 | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government bond *(iv)* |  |  |  |  | 91 | 100 | 91 | 100 |
| &nbsp;&nbsp;&nbsp;Other fixed income *(v)* | 67 | 63 |  |  |  |  | 67 | 63 |
| &nbsp;&nbsp;&nbsp;Cash & Short-term Investments *(vi)* |  |  |  |  | 6 | 6 | 6 | 6 |
| Total U.S. Plans | $67 | $63 | $— | $— | $251 | $252 | $318 | $315 |
| Non-U.S. Plans: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Equity index: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. *(i)* | $— | $— | $— | $— | $10 | $10 | $10 | $10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International *(ii)* |  |  |  |  | 5 | 5 | 5 | 5 |
| &nbsp;&nbsp;&nbsp;Fixed income index: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government bond *(vii)* |  |  |  |  | 77 | 73 | 77 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate bond *(viii)* |  |  |  |  | 76 | 74 | 76 | 74 |
| &nbsp;&nbsp;&nbsp;Other *(ix)* |  |  |  |  | 7 | 10 | 7 | 10 |
| &nbsp;&nbsp;&nbsp;Cash & Short-term Investments *(vi)* |  |  | 2 | 2 |  |  | 2 | 2 |
| Total Non-U.S. Plans | $— | $— | $2 | $2 | $175 | $172 | $177 | $174 |

---

______________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(i)This category consists of both passively and actively managed equity index funds that track the return of large capitalization U.S. equities.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(ii)This category consists of both passively and actively managed equity index funds that track an index of returns on international developed and emerging market equities.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(iii)This category consists of an actively managed fixed income index fund that invests in a diversified portfolio of fixed-income securities with maturities generally exceeding 10 years.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(iv)This category consists of both passively and actively managed fixed income index funds that invest in a diversified portfolio of fixed income government and corporate debt securities with varying maturities.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(v)This category consists of an actively managed common collective fund that invests in government bonds, collateralized mortgage obligations, investment grade private credit and real estate debt. This fund is priced monthly at the aggregated market value of the underlying investments and may be fully redeemed with 95 days notice.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(vi)This category represents cash, cash equivalents or highly liquid short-term investments.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(vii)This category consists of both passively and actively managed fixed income index funds that track the return of government bonds with varying maturities.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(viii)This category consists of actively managed fixed income index funds that track the return of investment grade corporate bonds with varying maturities.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(ix)This category mainly consists of investment products provided by insurance companies that offer returns that are subject to a minimum guarantee and mutual funds.* 

During 2025, we made a cash contribution of $1 million to our U.S. pension plans and $4 million to our non-U.S. pension plans. We anticipate that in 2026 we will make cash contributions of $1 million to our U.S. pension plans and $4 million to our non-U.S. pension plans. Cash contributions in subsequent years will depend on a number of factors, including the performance of plan assets.

------

<u>[**Table of Contents**](#id6bd44f4a75f417691bd0d01e5d3defc_7)</u>

**Ingredion Incorporated**

**Notes to Consolidated Financial Statements**

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

We expect to pay the following benefit payments to beneficiaries, which reflect anticipated future service, as appropriate:

---

| | | |
|:---|:---|:---|
| | **U.S. Plans** | **Non-U.S. Plans** |
| 2026 | $28 | $12 |
| 2027 | 27 | 12 |
| 2028 | 26 | 12 |
| 2029 | 25 | 13 |
| 2030 | 24 | 13 |
| Thereafter | 111 | 75 |

---

We also maintain defined contribution plans. We make matching contributions to these plans that are subject to certain vesting requirements and are based on a percentage of employee contributions. The expense for defined contribution plans was $34 million for 2025, $30 million for 2024, and $28 million for 2023.

*Postretirement Benefit Plans*

Our postretirement benefit plans currently are not funded. The information presented below includes plans in the U.S., Brazil and Canada. The changes in the benefit obligations of the plans during 2025 and 2024, as well as the amounts recognized in our Consolidated Balance Sheets as of December 31, 2025 and 2024, were as follows:

---

| | | |
|:---|:---|:---|
| | **2025** | **2024** |
| Accumulated postretirement benefit obligation |  |  |
| At January 1 | $52 | $64 |
| Interest cost | 4 | 4 |
| Actuarial loss (gain) | 3 | (7) |
| Benefits paid | (3) | (3) |
| Currency translation adjustment | 3 | (6) |
| At December 31 | 59 | 52 |
| Fair value of plan assets |  |  |
| Funded status | $(59) | $(52) |

---

As of December 31, 2025, the increase in the postretirement benefit obligation was mainly driven by actuarial losses and unfavorable foreign currency translation.

Amounts recorded in the Consolidated Balance Sheets as of December 31, 2025 and 2024 were as follows:

---

| | | |
|:---|:---|:---|
| | **2025** | **2024** |
| Current liabilities | $(4) | $(4) |
| Non-current liabilities | (55) | (48) |
| Total liabilities recognized | $(59) | $(52) |

---

Amounts recorded in AOCL, excluding tax effects that have not yet been recognized as components of net periodic benefit cost at December 31, 2025 and 2024 were as follows:

---

| | | |
|:---|:---|:---|
| | **2025** | **2024** |
| Net actuarial (gain) | $(1) | $(5) |
| Prior service cost | 3 | 5 |
| Net amount recognized | $2 | $— |

---

------

<u>[**Table of Contents**](#id6bd44f4a75f417691bd0d01e5d3defc_7)</u>

**Ingredion Incorporated**

**Notes to Consolidated Financial Statements**

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

Components of net periodic benefit cost for 2025, 2024 and 2023 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **2025** | **2024** | **2023** |
| Service cost | $— | $— | $1 |
| Interest cost | 4 | 4 | 4 |
| Amortization of actuarial (gain) loss |  |  | (1) |
| Amortization of prior service cost | 1 | 1 | 1 |
| Net periodic benefit cost | $5 | $5 | $5 |

---

Total pre-tax amounts recorded in other comprehensive income and net periodic benefit cost for 2025, 2024 and 2023 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **2025** | **2024** | **2023** |
| Net actuarial loss (gain) | $3 | $(7) | $1 |
| Prior service cost |  |  | 2 |
| Amortization of prior service (cost) | (1) | (1) | (1) |
| Amortization of actuarial gain |  |  | 1 |
| Currency translation adjustment | 1 | (2) | 1 |
| Total recorded in other comprehensive loss (income) | 3 | (10) | 4 |
| Net periodic benefit cost | 5 | 5 | 5 |
| Total recorded in other comprehensive (income) loss and net periodic benefit cost | $8 | $(5) | $9 |

---

We used the following weighted average assumptions to determine our postretirement benefit obligations for 2025 and 2024:

---

| | | |
|:---|:---|:---|
| | **2025** | **2024** |
| Discount rate | 8.16% | 7.75% |

---

The following weighted average assumptions were used to determine our net postretirement benefit cost:

---

| | | | |
|:---|:---|:---|:---|
| | **2025** | **2024** | **2023** |
| Discount rate | 7.75% | 7.37% | 7.30% |

---

The discount rate reflects a rate of return on high-quality fixed-income investments that match the duration of expected benefit payments. We typically use returns on long-term, high-quality corporate AA bonds as a benchmark in establishing this assumption.

The healthcare cost trend rates used in valuing our postretirement benefit obligations are established based upon actual healthcare trends and consultation with actuaries and benefit providers. We used the following assumptions as of December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| | **U.S.** | **Canada** | **Brazil** |
| 2025 increase in per capita cost | 8.50% | 5.30% | 8.42% |
| Ultimate trend | 4.50% | 4.05% | 8.42% |
| Year ultimate trend reached | 2034 | 2040 | 2025 |

---

------

<u>[**Table of Contents**](#id6bd44f4a75f417691bd0d01e5d3defc_7)</u>

**Ingredion Incorporated**

**Notes to Consolidated Financial Statements**

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

We expect to make the following benefit payments to beneficiaries under our postretirement benefit plans, which reflect anticipated future service, as appropriate:

---

| | |
|:---|:---|
| 2026 | $4 |
| 2027 | 4 |
| 2028 | 4 |
| 2029 | 4 |
| 2030 | 4 |
| Thereafter | 24 |

---

*Multi-employer Plan*

We participate in and contribute to one multi-employer benefit plan under the terms of collective bargaining agreements that cover certain union-represented employees and retirees in the U.S. The plan covers medical and dental benefits for active hourly employees and retirees represented by the United Steelworkers Union for certain U.S. locations. The risks of participating in this multi-employer plan are different from the risks of participating in single-employer plans. This plan receives contributions from two or more unrelated employers pursuant to one or more collective bargaining agreements, and the assets contributed by one employer may be used to fund the benefits of all employees covered within the plan.

We are required to make contributions to this multi-employer plan as determined by the terms and conditions of the collective bargaining agreements and plan terms, but we do not provide more than five percent of the total contributions to the plan. We made regular contributions to the plan of $10 million in 2025, $10 million in 2024, and $11 million in 2023. We cannot currently estimate the amount of multi-employer plan contributions that will be required in 2026 and future years, but these contributions could increase due to healthcare cost trends. The remaining collective bargaining agreements associated with the multi-employer plan expire during 2027 and 2028.

**11. Equity**

*Preferred stock:* We have authorized 25 million shares of $0.01 par value preferred stock, none of which were issued or outstanding at December 31, 2025 and 2024.

*Treasury stock:* On November 3, 2025, the Board of Directors approved a new stock repurchase program authorizing us to purchase up to 8.0 million shares of our outstanding common stock until December 31, 2028. We may repurchase shares from time to time in the open market, in privately negotiated transactions, or otherwise, at prices we deem appropriate. 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 our stock repurchase program are not established solely with reference to the dilutive impact of shares issued under our stock incentive plan. However, we expect that, over time, share repurchases will offset the dilutive impact of shares issued under the stock incentive plan.

During 2025, we repurchased 1.8 million outstanding shares of common stock in open market transactions at a net cost of $224 million. During 2024, we repurchased 1.7 million shares of common stock in open market transactions at a net cost of $216 million. During 2023, we repurchased 1.0 million outstanding shares of common stock in open market transactions at a net costs of $101 million.

------

<u>[**Table of Contents**](#id6bd44f4a75f417691bd0d01e5d3defc_7)</u>

**Ingredion Incorporated**

**Notes to Consolidated Financial Statements**

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

Common stock share activity for 2025, 2024 and 2023 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **(Shares of common stock, in thousands)** | **Issued** | **Held in Treasury** | **Outstanding** |
| Balance as of December 31, 2022 | 77811 | 12117 | 65694 |
| &nbsp;&nbsp;&nbsp;Issuance of restricted stock units as compensation |  | (108) | 108 |
| &nbsp;&nbsp;&nbsp;Performance shares and other share-based awards |  | (51) | 51 |
| &nbsp;&nbsp;&nbsp;Stock options exercised |  | (386) | 386 |
| &nbsp;&nbsp;&nbsp;Purchase/acquisition of treasury stock |  | 1000 | (1000) |
| Balance as of December 31, 2023 | 77811 | 12572 | 65239 |
| &nbsp;&nbsp;&nbsp;Issuance of restricted stock units as compensation |  | (127) | 127 |
| &nbsp;&nbsp;&nbsp;Performance shares and other share-based awards |  | (145) | 145 |
| &nbsp;&nbsp;&nbsp;Stock options exercised |  | (635) | 635 |
| &nbsp;&nbsp;&nbsp;Purchase/acquisition of treasury stock |  | 1652 | (1652) |
| Balance as of December 31, 2024 | 77811 | 13317 | 64494 |
| &nbsp;&nbsp;&nbsp;Issuance of restricted stock units as compensation |  | (120) | 120 |
| &nbsp;&nbsp;&nbsp;Performance shares and other share-based awards |  | (99) | 99 |
| &nbsp;&nbsp;&nbsp;Stock options exercised |  | (92) | 92 |
| &nbsp;&nbsp;&nbsp;Purchase/acquisition of treasury stock |  | 1832 | (1832) |
| Balance as of December 31, 2025 | 77811 | 14838 | 62973 |

---

*Share-based payments*: Share-based compensation expense for 2025, 2024 and 2023 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **2025** | **2024** | **2023** |
| Stock options: |  |  |  |
| &nbsp;&nbsp;&nbsp;Pre-tax compensation expense | $5 | $5 | $4 |
| &nbsp;&nbsp;&nbsp;Income tax benefit |  |  |  |
| Stock option expense, net of income taxes | 5 | 5 | 4 |
| Restricted stock units ("RSUs"): |  |  |  |
| &nbsp;&nbsp;&nbsp;Pre-tax compensation expense | 20 | 18 | 15 |
| &nbsp;&nbsp;&nbsp;Income tax benefit | (3) | (2) | (2) |
| RSUs, net of income taxes | 17 | 16 | 13 |
| Performance shares and other share-based awards: |  |  |  |
| &nbsp;&nbsp;&nbsp;Pre-tax compensation expense | 15 | 14 | 14 |
| &nbsp;&nbsp;&nbsp;Income tax benefit | (1) | (1) | (1) |
| Performance shares and other share-based compensation expense, net of income taxes | 14 | 13 | 13 |
| Total share-based compensation: |  |  |  |
| &nbsp;&nbsp;&nbsp;Pre-tax compensation expense | 40 | 37 | 33 |
| &nbsp;&nbsp;&nbsp;Income tax benefit | (4) | (3) | (3) |
| Total share-based compensation expense, net of income taxes | $36 | $34 | $30 |

---

The People, Culture and Compensation Committee ("Compensation Committee") of our Board of Directors administers a stock incentive plan ("SIP") under which it grants stock options, restricted stock, restricted stock units and other share-based awards to certain key employees. The Committee originally authorized 5.4 million shares for awards when it approved the SIP on May 19, 2023. As of December 31, 2025, 4.6 million shares were available for future grants. Shares covered by awards under the SIP and a prior stock incentive plan that expire, terminate or lapse will again be available for the grant of awards under the SIP.

------

<u>[**Table of Contents**](#id6bd44f4a75f417691bd0d01e5d3defc_7)</u>

**Ingredion Incorporated**

**Notes to Consolidated Financial Statements**

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

*Stock Options:* Under the SIP, 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 granted non-qualified options to purchase 158 thousand, 178 thousand and 197 thousand shares for 2025, 2024 and 2023. The fair value of each option grant was estimated using the Black-Scholes option-pricing model with the following assumptions:

---

| | | | |
|:---|:---|:---|:---|
| | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
| | **2025** | **2024** | **2023** |
| Expected life (in years) | 5.5 | 5.5 | 5.5 |
| Risk-free interest rate | 4.1% | 4.2% | 4.0% |
| Expected volatility | 28.2% | 28.1% | 28.3% |
| Expected dividend yield | 2.5% | 2.9% | 2.9% |

---

The expected life of options represents the weighted average period for which we expect options granted to be outstanding giving consideration to 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 in 2025 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, 2024 | 1453 | $100.04 | 5.6 | $55 |
| &nbsp;&nbsp;Granted | 158 | 130.57 |  |  |
| &nbsp;&nbsp;Exercised | (317) | 91.17 |  |  |
| &nbsp;&nbsp;Cancelled | (25) | 115.24 |  |  |
| Outstanding as of December 31, 2025 | 1269 | $105.75 | 5.3 | $13 |
| Exercisable as of December 31, 2025 | 969 | $102.02 | 4.3 | $13 |

---

For 2025, 2024 and 2023, cash received from the exercise of stock options was $5 million, $58 million and $28 million. As of December 31, 2025, the unrecognized compensation cost related to non-vested stock options totaled $2 million, which is expected to be amortized over the weighted-average period of approximately 1.8 years.

Additional information pertaining to stock option activity was as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** | **2023** |
| Weighted average grant date fair value of stock options granted (per share) | $33.53 | $26.33 | $23.80 |
| Total intrinsic value of stock options exercised | 11 | 24 | 13 |

---

*Restricted Stock Units:* We have granted restricted stock units ("RSUs") to certain key employees. The RSUs are primarily subject to cliff vesting, generally after three years, 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.

------

<u>[**Table of Contents**](#id6bd44f4a75f417691bd0d01e5d3defc_7)</u>

**Ingredion Incorporated**

**Notes to Consolidated Financial Statements**

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

RSU activity in 2025 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, 2024 | 538 | $99.58 |
| &nbsp;&nbsp;Granted | 181 | 130.34 |
| &nbsp;&nbsp;Vested | (171) | 89.74 |
| &nbsp;&nbsp;Cancelled | (38) | 110.82 |
| Non-vested as of December 31, 2025 | 510 | $112.44 |

---

The total fair value of RSUs that vested was $15 million in 2025, $16 million in 2024, and $12 million in 2023.

At December 31, 2025, the total remaining unrecognized compensation cost related to RSUs was $17 million, which will be amortized on a weighted-average basis over approximately 1.7 years. Recognized compensation cost related to unvested RSUs is included in Share-based payments subject to redemption in the Consolidated Balance Sheets and totaled $32 million for December 31, 2025 and 2024.

*Performance Shares:* We have a long-term incentive plan for senior management in the form of performance shares. For the 2025 performance shares, 50 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 50 percent vest based on the calculation of our three-year average Adjusted Return on Invested Capital ("Adjusted ROIC") against an established ROIC target.

For the 2025 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 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 Compensation Committee. Compensation expense is based on the fair value of the performance shares at the grant date, established using a Monte Carlo simulation model. The total compensation expense for these awards is amortized over a three-year graded vesting schedule.

For the 2025 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. Compensation expense is based 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. The total compensation expense for these awards is amortized over a three-year graded vesting schedule.

We awarded 82 thousand, 86 thousand and 93 thousand performance shares in 2025, 2024 and 2023. The weighted average per share fair value of the shares granted in 2025, 2024 and 2023 was $145.73, $127.97 and $114.26.

The 2022 performance share awards that vested in February 2025 achieved a 200 percent payout of the granted performance shares. As of December 31, 2025, the 2023 performance share awards are estimated to pay out at 183 percent. Additionally, there were 17 thousand performance shares cancelled during 2025.

As of December 31, 2025, the unrecognized compensation cost relating to these plans was $9 million, which will be amortized over the remaining requisite service periods of 1.78 years. Recognized compensation cost related to these unvested awards is included in Share-based payments subject to redemption in the Consolidated Balance Sheets and totaled $32 million and $28 million as of December 31, 2025 and 2024.

*Other Share-based Awards Under the SIP:* Under the director compensation plan, $170 thousand of a non-employee director's annual retainer is paid in Ingredion common stock. A director may elect to defer all or a portion of the director's

------

<u>[**Table of Contents**](#id6bd44f4a75f417691bd0d01e5d3defc_7)</u>

**Ingredion Incorporated**

**Notes to Consolidated Financial Statements**

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

common stock or cash compensation in shares of restricted stock units. These restricted units may not be transferred until a date not less than six months and no more than ten years and six months after the director's termination of service from the Board of Directors, at which time the restricted units will be settled by delivering shares of common stock. The compensation expense relating to this plan included in the Consolidated Statements of Income was $2 million in each of 2025, 2024 and 2023. At December 31, 2025, there were approximately 213 thousand restricted stock units outstanding under this plan at a carrying value of approximately $12 million.

*Accumulated Other Comprehensive Loss:* A summary of Accumulated other comprehensive loss ("AOCL") for 2025, 2024 and 2023 is presented below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Cumulative Translation Adjustment** | **Hedging Activities** | **Pension and Postretirement Adjustment** | **AOCL** |
| Balance as of December 31, 2022 | $(1008) | $6 | $(46) | $(1048) |
| &nbsp;&nbsp;Other comprehensive income (loss) before reclassification adjustments | 47 | (151) | (2) | (106) |
| &nbsp;&nbsp;Loss reclassified from AOCL |  | 78 | 1 | 79 |
| &nbsp;&nbsp;Tax effect |  | 19 |  | 19 |
| Net other comprehensive income (loss) | 47 | (54) | (1) | (8) |
| Balance as of December 31, 2023 | (961) | (48) | (47) | (1056) |
| &nbsp;&nbsp;Other comprehensive (loss) income before reclassification adjustments | (100) | (48) | 23 | (125) |
| &nbsp;&nbsp;Loss reclassified from AOCL |  | 120 | 1 | 121 |
| &nbsp;&nbsp;Tax effect |  | (20) | (6) | (26) |
| Net other comprehensive (loss) income | (100) | 52 | 18 | (30) |
| Balance as of December 31, 2024 | (1061) | 4 | (29) | $(1086) |
| &nbsp;&nbsp;Other comprehensive income (loss) before reclassification adjustments | 162 | (9) | (6) | 147 |
| &nbsp;&nbsp;(Income) reclassified from AOCL |  | (4) |  | (4) |
| &nbsp;&nbsp;Tax effect |  | 4 | 2 | 6 |
| Net other comprehensive income (loss) | 162 | (9) | (4) | 149 |
| Balance as of December 31, 2025 | $(899) | $(5) | $(33) | $(937) |

---

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **2023** | **2023** | **2023** |
| | **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** | **Net Income<br>Attributable<br>to Ingredion** | **Weighted<br>Average<br>Shares** | **Per<br>Share<br>Amount** |
| Basic EPS | $729 | 64.2 | $11.36 | $647 | 65.5 | $9.88 | $643 | 66.0 | $9.74 |
| &nbsp;&nbsp;Effect of Dilutive Securities *(i)* |  | 1.0 |  |  | 1.1 |  |  | 1.0 |  |
| Diluted EPS | $729 | 65.2 | $11.18 | $647 | 66.6 | $9.71 | $643 | 67.0 | $9.60 |

---

_____________________

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

------

<u>[**Table of Contents**](#id6bd44f4a75f417691bd0d01e5d3defc_7)</u>

**Ingredion Incorporated**

**Notes to Consolidated Financial Statements**

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

Approximately 0.3 million, 0.2 million and 0.5 million share-based awards of common stock were excluded from the calculation of the weighted average number of shares outstanding for diluted EPS in 2025, 2024 and 2023 because their effects were anti-dilutive.

**12. Segment and Geographical Information**

Effective January 1, 2024, we changed our reportable segments to align them with changes in how our Chief Operating Decision Maker ("CODM"), James P. Zallie, our chairman, president, and chief executive officer, evaluates performance, makes strategic decisions, and allocates resources.

We are principally engaged in the production and sale of starches and sweeteners for a wide range of industries, and our reportable segments are T&HS, F&II–LATAM and F&II–U.S./Canada. Businesses of multiple operating segments that are not individually or collectively classified as reportable segments are included in All Other. The T&HS segment has a global focus and primarily manufactures texturizing food ingredients. The 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. The 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. Revenues from All Other are generated primarily by sweetener and starch sales from our Pakistan business, sales of stevia and other sweeteners from our PureCircle and Sugar Reduction businesses, and pea protein ingredients from our Protein Fortification business. All Other also included the sale of our South Korea business, which we divested on February 1, 2024, as more fully described in Note 2.

Net sales by product are not presented because such presentation is not practicable. No customer or group of related customers accounted for 10 percent or more of our net sales in 2025, 2024 or 2023.

Adjusted operating income presented by segment includes an arms-length profit margin for sales of manufactured products sold to other segments. We exclude certain corporate items, including unallocated costs and certain centralized costs, from our reportable segments and All Other because the CODM evaluates each segment's performance exclusive of these items.

------

<u>[**Table of Contents**](#id6bd44f4a75f417691bd0d01e5d3defc_7)</u>

**Ingredion Incorporated**

**Notes to Consolidated Financial Statements**

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

The following tables present information about our net sales, significant segment costs and adjusted operating income by reportable segment and All Other were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Twelve Months Ended December 31, 2025** | **Twelve Months Ended December 31, 2025** | **Twelve Months Ended December 31, 2025** | **Twelve Months Ended December 31, 2025** | **Twelve Months Ended December 31, 2025** | **Twelve Months Ended December 31, 2025** |
| | **T&HS** | **F&II–LATAM** | **F&II–U.S./Canada** | **All Other** | **Corporate** | **Total** |
| Segment net sales | $2429 | $2392 | $2121 | $483 | $— |  |
| Inter-segment net sales | (32) | (51) | (108) | (15) |  |  |
| Net sales to unaffiliated customers | $2397 | $2341 | $2013 | $468 | $— | $7219 |
| Segment cost of sales | $1666 | $1716 | $1609 | $400 | $— |  |
| Other operating expenses | 326 | 132 | 89 | 70 | 183 |  |
| Adjusted operating income (loss) | $405 | $493 | $315 | $(2) | $(183) | $1028 |
| Unallocated (costs) *(i)* |  |  |  |  |  | (12) |
| Operating income |  |  |  |  |  | $1016 |
|  | **Twelve Months Ended December 31, 2024** | **Twelve Months Ended December 31, 2024** | **Twelve Months Ended December 31, 2024** | **Twelve Months Ended December 31, 2024** | **Twelve Months Ended December 31, 2024** | **Twelve Months Ended December 31, 2024** |
|  | **T&HS** | **F&II–LATAM** | **F&II–U.S./Canada** | **All Other** | **Corporate** | **Total** |
| Segment net sales | $2417 | $2497 | $2244 | $475 | $— |  |
| Inter-segment net sales | (51) | (47) | (89) | (16) |  |  |
| Net sales to unaffiliated customers | $2366 | $2450 | $2155 | $459 | $— | $7430 |
| Segment cost of sales | $1715 | $1820 | $1691 | $407 | $— |  |
| Other operating expenses | 301 | 147 | 91 | 74 | 168 |  |
| Adjusted operating income (loss) | $350 | $483 | $373 | $(22) | $(168) | $1016 |
| Unallocated (costs) *(i)* |  |  |  |  |  | (133) |
| Operating income |  |  |  |  |  | $883 |
|  | **Twelve Months Ended December 31, 2023** | **Twelve Months Ended December 31, 2023** | **Twelve Months Ended December 31, 2023** | **Twelve Months Ended December 31, 2023** | **Twelve Months Ended December 31, 2023** | **Twelve Months Ended December 31, 2023** |
|  | **T&HS** | **F&II–LATAM** | **F&II–U.S./Canada** | **All Other** | **Corporate** | **Total** |
| Segment net sales | $2566 | $2668 | $2429 | $743 | $— |  |
| Inter-segment net sales | (106) | (35) | (94) | (11) |  |  |
| Net sales to unaffiliated customers | $2460 | $2633 | $2335 | $732 | $— | $8160 |
| Segment cost of sales | $1759 | $2054 | $1951 | $647 | $— |  |
| Other operating expenses | 307 | 127 | 86 | 87 | 173 |  |
| Adjusted operating income (loss) | $394 | $452 | $298 | $(2) | $(173) | $969 |
| Unallocated (costs) *(i)* |  |  |  |  |  | (12) |
| Operating income |  |  |  |  |  | $957 |

---

---

| | | | |
|:---|:---|:---|:---|
| *(i)* Unallocated (costs): | **2025** | **2024** | **2023** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restructuring and resegmentation costs | $(13) | $(18) | $(1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment charges | (8) | (109) | (10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other matters | 9 | (6) | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total unallocated (costs) | $(12) | $(133) | $(12) |

---

------

<u>[**Table of Contents**](#id6bd44f4a75f417691bd0d01e5d3defc_7)</u>

**Ingredion Incorporated**

**Notes to Consolidated Financial Statements**

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

Property, plant and equipment, net, by reportable segment and All Other as of December 31, 2025 and 2024 were as follows:

---

| | | |
|:---|:---|:---|
| | **As of December 31,** | **As of December 31,** |
| | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texture & Healthful Solutions | $979 | $884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Food & Industrial Ingredients–LATAM | 592 | 508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Food & Industrial Ingredients–U.S./Canada | 612 | 556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Other *(i)* | 343 | 316 |
| Total property, plant and equipment, net | $2526 | $2264 |

---

_____________________

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

Property, plant and equipment, net by country as of December 31, 2025 and 2024 were as follows:

---

| | | |
|:---|:---|:---|
| | **As of December 31,** | **As of December 31,** |
| | **2025** | **2024** |
| U.S. | $1190 | $1076 |
| Mexico | 258 | 258 |
| Brazil | 229 | 164 |
| Thailand | 166 | 152 |
| China | 156 | 153 |
| Germany | 146 | 121 |
| Canada | 140 | 128 |
| Others | 241 | 212 |
| Total | $2526 | $2264 |

---

------

<u>[**Table of Contents**](#id6bd44f4a75f417691bd0d01e5d3defc_7)</u>

**Ingredion Incorporated**

**Notes to Consolidated Financial Statements**

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

Depreciation and amortization, mechanical stores expense, capital expenditures and mechanical stores purchases by reportable segment and All Other were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **2025** | **2024** | **2023** |
| Depreciation and amortization: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texture & Healthful Solutions | $85 | $82 | $80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Food & Industrial Ingredients–LATAM | 54 | 48 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Food & Industrial Ingredients–U.S./Canada | 44 | 40 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Other *(i)* | 39 | 44 | 51 |
| &nbsp;&nbsp;&nbsp;Total | $222 | $214 | $219 |
| Mechanical stores expense *(ii):*  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texture & Healthful Solutions | $19 | $14 | $16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Food & Industrial Ingredients–LATAM | 10 | 13 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Food & Industrial Ingredients–U.S./Canada | 33 | 31 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Other *(i)* | 5 | 4 | 4 |
| &nbsp;&nbsp;&nbsp;Total | $67 | $62 | $62 |
| Capital expenditures and mechanical stores purchases *(iii)*: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texture & Healthful Solutions | $132 | $101 | $113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Food & Industrial Ingredients–LATAM | 106 | 80 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Food & Industrial Ingredients–U.S./Canada | 107 | 84 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Other *(i)* | 88 | 36 | 58 |
| &nbsp;&nbsp;&nbsp;Total | $433 | $301 | $316 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(i)All Other includes Corporate activities.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(ii)Represents costs for spare parts used in the production process that are recorded in PP&E as part of machinery and equipment until they are utilized in the manufacturing process and expensed as a period cost.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(iii)Capital expenditures and mechanical stores purchases are presented net of cash proceeds from disposals of PP&E on the Statement of Cash Flows. Proceeds from disposals of PP&E were $0 million, $6 million and $2 million in 2025, 2024 and 2023.* 

Net sales to third-party customers by country of origin were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **2025** | **2024** | **2023** |
| U.S. | $2815 | $2870 | $3069 |
| Mexico | 1392 | 1503 | 1571 |
| Brazil | 572 | 584 | 669 |
| Canada | 495 | 527 | 548 |
| Germany | 384 | 385 | 413 |
| Colombia | 324 | 310 | 332 |
| Thailand | 255 | 265 | 259 |
| Others | 982 | 986 | 1299 |
| Total | $7219 | $7430 | $8160 |

---

**13. 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

------

<u>[**Table of Contents**](#id6bd44f4a75f417691bd0d01e5d3defc_7)</u>

**Ingredion Incorporated**

**Notes to Consolidated Financial Statements**

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

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 file to recover previously taxable local government tax incentives in Brazil when we believe that the recovery w be probable. As of December 31, 2025 and 2024, we had $21 million and $39 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 December 31, 2025, $15 million was recorded in Accounts receivable, net and $6 million in Other non-current assets on the 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 governmental 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 inquires 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.

**14. Supplementary Information**

*Accounts Receivable, Net*

Accounts receivable, net as of December 31, 2025 and 2024 were as follows:

---

| | | |
|:---|:---|:---|
| | **As of December 31,** | **As of December 31,** |
| | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp;Accounts receivable *–* trade | $1031 | $939 |
| &nbsp;&nbsp;&nbsp;Accounts receivable *–* other | 164 | 167 |
| &nbsp;&nbsp;&nbsp;Allowance for credit losses | (10) | (13) |
| Total accounts receivable, net | $1185 | $1093 |

---

Write-offs of accounts receivable were insignificant in 2025 and 2024. There were no significant contract assets associated with customers as of December 31, 2025 and 2024.

*Inventories*

Inventories as of December 31, 2025 and 2024 were as follows:

---

| | | |
|:---|:---|:---|
| | **As of December 31,** | **As of December 31,** |
| | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp;Finished and in process | $753 | $762 |
| &nbsp;&nbsp;&nbsp;Raw materials | 389 | 346 |
| &nbsp;&nbsp;&nbsp;Manufacturing supplies | 85 | 79 |
| Total inventories | $1227 | $1187 |

---

------

<u>[**Table of Contents**](#id6bd44f4a75f417691bd0d01e5d3defc_7)</u>

**Ingredion Incorporated**

**Notes to Consolidated Financial Statements**

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

*PP&E, Net*

PP&E, net as of December 31, 2025 and 2024 was as follows:

---

| | | |
|:---|:---|:---|
| | **As of December 31,** | **As of December 31,** |
| | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp;Land | $180 | $173 |
| &nbsp;&nbsp;&nbsp;Buildings | 877 | 824 |
| &nbsp;&nbsp;&nbsp;Machinery and equipment | 5196 | 4743 |
| Property, plant and equipment, at cost | 6253 | 5740 |
| &nbsp;&nbsp;&nbsp;Accumulated depreciation | (3727) | (3476) |
| Total property, plant and equipment, net | $2526 | $2264 |

---

We recorded capitalized interest to PP&E of $6 million in 2025, $4 million in 2024, and $3 million in 2023. We recognized depreciation expense of $195 million in 2025, $188 million in 2024, and $193 million in 2023.

During 2024, we announced our intent to discontinue manufacturing operations at our Goole facility in the United Kingdom, Vanscoy facility in Canada, and Alcantara facility in Brazil. As a result, we recognized impairment charges of $91 million in the Consolidated Statements of Income primarily related to property, plant and equipment. We reclassified the assets and liabilities of the Vanscoy disposal group to held for sale, which are included in Prepaid expenses and assets held for sale and Accrued liabilities and liabilities held for sale, respectively, on the Consolidated Balance Sheets as of December 31, 2025 and 2024.

During 2025, we recorded $3 million of incremental fixed asset impairment charges related to the foregoing closures.

*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 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 December 31, 2025 and 2024, participating financial institutions held $148 million and $135 million of our liabilities recorded in Accounts payable and Accrued liabilities and liabilities held for sale on our Consolidated Balance Sheets. As of December 31, 2025, supply chain finance programs existed for operations in Brazil, certain PureCircle entities, Mexico, Thailand, China, Colombia, and Peru.

The rollforward of our outstanding obligations confirmed as valid under our supply chain finance programs as of December 31, 2025 and 2024 were follows:

---

| | | |
|:---|:---|:---|
| | **2025** | **2024** |
| Outstanding as of January 1 | $135 | $153 |
| &nbsp;&nbsp;Invoices added during the year | 559 | 480 |
| &nbsp;&nbsp;Invoices paid during the year | (561) | (473) |
| &nbsp;&nbsp;Currency translation adjustment | 15 | (25) |
| Outstanding as of December 31 | $148 | $135 |

---

------

<u>[**Table of Contents**](#id6bd44f4a75f417691bd0d01e5d3defc_7)</u>

**Ingredion Incorporated**

**Notes to Consolidated Financial Statements**

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

*Accrued Liabilities and Liabilities Held for Sale*

Accrued liabilities and liabilities held for sale as of December 31, 2025 and 2024 were as follows:

---

| | | |
|:---|:---|:---|
| | **As of December 31,** | **As of December 31,** |
| | **2025** | **2024** |
| &nbsp;&nbsp;Compensation-related costs | $123 | $121 |
| &nbsp;&nbsp;Taxes payable and income taxes payable | 67 | 156 |
| &nbsp;&nbsp;Current lease liabilities | 63 | 59 |
| &nbsp;&nbsp;Dividends payable | 52 | 52 |
| &nbsp;&nbsp;Other | 270 | 245 |
| Total accrued liabilities and liabilities held for sale | $575 | $633 |

---

There were no significant contract liabilities associated with our customers as of December 31, 2025 and 2024. Liabilities for volume discounts and incentives were also not significant as of December 31, 2025 and 2024.

*Other Non-Current Liabilities*

Other non-current liabilities as of December 31, 2025 and 2024 were as follows:

---

| | | |
|:---|:---|:---|
| | **As of December 31,** | **As of December 31,** |
| | **2025** | **2024** |
| &nbsp;&nbsp;Non-current operating lease liabilities | $118 | $145 |
| &nbsp;&nbsp;Deferred tax liabilities | 128 | 136 |
| &nbsp;&nbsp;Pension and postretirement liabilities | 113 | 96 |
| &nbsp;&nbsp;Other | 114 | 109 |
| Total other non-current liabilities | $473 | $486 |

---

*Supplemental Statements of Income Information*

Research and development ("R&D") expense was $71 million in 2025, $67 million in 2024, and $63 million in 2023. Our R&D expense, which we record in Operating expenses in the Consolidated Statements of Income, represents investments in new product development and innovation.

------

<u>[**Table of Contents**](#id6bd44f4a75f417691bd0d01e5d3defc_7)</u>

**Ingredion Incorporated**

**Notes to Consolidated Financial Statements**

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

*Supplemental Cash Flow Information*

Interest paid was $37 million, $48 million and $96 million for 2025, 2024 and 2023. Income taxes paid, prior to the adoption of ASU 2023-09, was $169 million and $157 million in 2024 and 2023.

*Quarterly Financial Data (Unaudited)*

Earnings per share for each quarter and the year are calculated individually and may not sum to the total for the respective year. Summarized quarterly financial data was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **1**<sup>st</sup> **QTR** | **2**<sup>nd</sup> **QTR** | **3**<sup>rd</sup> **QTR** | **4**<sup>th</sup> **QTR** |
| **2025** |  |  |  |  |
| Net sales | $1813 | $1833 | $1816 | $1757 |
| Gross profit | 466 | 477 | 455 | 430 |
| Net income attributable to Ingredion | 197 | 196 | 171 | 165 |
| Basic earnings per common share of Ingredion | 3.05 | 3.04 | 2.66 | 2.59 |
| Diluted earnings per common share of Ingredion | 3.00 | 2.99 | 2.61 | 2.56 |
| Per share dividends declared | 0.80 | 0.80 | 0.82 | 0.82 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **1**<sup>st</sup> **QTR** | **2**<sup>nd</sup> **QTR** | **3**<sup>rd</sup> **QTR** | **4**<sup>th</sup> **QTR** |
| **2024** |  |  |  |  |
| Net sales | $1882 | $1878 | $1870 | $1800 |
| Gross profit | 417 | 446 | 479 | 449 |
| Net income attributable to Ingredion | 216 | 148 | 188 | 95 |
| Basic earnings per common share of Ingredion | 3.29 | 2.25 | 2.88 | 1.46 |
| Diluted earnings per common share of Ingredion | 3.23 | 2.22 | 2.83 | 1.43 |
| Per share dividends declared | 0.78 | 0.78 | 0.80 | 0.80 |

---

------

**ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE**

None.

**ITEM 9A. CONTROLS AND PROCEDURES**

*<u>Evaluation of Disclosure Controls and Procedures</u>*

Our management, including our Chief Executive Officer and our Chief Financial Officer, performed an evaluation of the effectiveness of our disclosure controls and procedures as of December 31, 2025. Based on that evaluation, our Chief Executive Officer and our Chief Financial Officer concluded that, as of December 31, 2025, 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, 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 Securities Exchange Act of 1934, as amended, is accumulated and communicated to our management, including our principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

*<u>Management's Annual Report on Internal Control Over Financial Reporting</u>*

Our management is responsible for establishing and maintaining adequate internal control over financial reporting. This system of internal control is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of our Consolidated Financial Statements for external purposes in accordance with GAAP.

Internal control over financial reporting includes those policies and processes that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of our assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Provide reasonable assurance that transactions are recorded as necessary to permit preparation of the financial statements in accordance with generally accepted accounting principles accepted in the U.S., and that our receipts and expenditures are being made only with proper authorizations of our management and directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Management, under the supervision and with the participation of our Chief Executive Officer and our Chief Financial Officer and the oversight of the Board of Directors, conducted an evaluation of the effectiveness of our internal control over financial reporting as of December 31, 2025 based upon the framework issued by the Committee of Sponsoring Organizations of the Treadway Commission in *Internal Control-Integrated Framework (2013).* The scope of the assessment included all of the subsidiaries of Ingredion. Based on the evaluation, management concluded that our internal control over financial reporting was effective as of December 31, 2025. The effectiveness of our internal control over financial reporting has been audited by KPMG LLP, an independent registered public accounting firm, as stated in their report included in the Consolidated Financial Statements filed with this report.

*Changes in Internal Control Over Financial Reporting*

There were no changes to our internal control over financial reporting that occurred during the quarter ended December 31, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

------

**Report of Independent Registered Public Accounting Firm**

To the Stockholders and Board of Directors

Ingredion Incorporated:

*Opinion on Internal Control Over Financial Reporting*

We have audited Ingredion Incorporated and subsidiaries' (the Company) internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of December 31, 2025 and 2024, the related consolidated statements of income, comprehensive income, equity and redeemable equity, and cash flows for each of the years in the three-year period ended December 31, 2025, and the related notes (collectively, the consolidated financial statements), and our report dated February 17, 2026 expressed an unqualified opinion on those consolidated financial statements.

*Basis for Opinion*

The Company's management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management's Annual Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Company's internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

*Definition and Limitations of Internal Control Over Financial Reporting*

A company's internal control over financial reporting is a process designed 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. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ KPMG LLP

Chicago, Illinois

February 17, 2026

------

**ITEM 9B. OTHER INFORMATION**

*<u>Trading Arrangements</u>*

During the fourth quarter of 2025, none of Ingredion's directors or officers (as defined in Rule 16a-1(f) under the Exchange Act) adopted or terminated any contract, instruction or written plan for the purchase or sale of Ingredion securities intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act, or to be effected under any non-Rule 10b5-1 trading arrangement.

**ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS**

None.

------

**PART III**

**ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE**

Information required by this Item 10 is incorporated herein by reference to Ingredion's definitive proxy statement for its 2026 Annual Meeting of Stockholders (the "Proxy Statement"), including the information in the Proxy Statement appearing under the headings "Proposal 1. Election of Directors," "Ownership of Our Stock—Delinquent Section 16(a) Reports," and "Executive Compensation—Compensation Discussion and Analysis." The information regarding executive officers required by Item 401 of Regulation S-K is included in Part 1 of this report under the heading "Information about our Executive Officers."

Ingredion has adopted a code of ethics that applies to its principal executive officer, principal financial officer and controller. The code of ethics is posted on Ingredion's investor website, which is found at https://ir.ingredionincorporated.com/corporate-governance/highlights. Ingredion intends to disclose on its website, within any period that may be required under SEC rules, any amendments to, or waivers under, a provision of its code of ethics that applies to Ingredion's principal executive officer, principal financial officer or controller that relates to any element of the code of ethics definition enumerated in Item 406(b) of Regulation S-K.

**ITEM 11. EXECUTIVE COMPENSATION**

Information required by this Item 11 is incorporated herein by reference to the Proxy Statement, including the information in the Proxy Statement appearing under the headings "Executive Compensation," "Compensation Committee Report," "Proposal 1. Election of Directors—Compensation of Non-employee Directors" and "Compensation Committee Interlocks and Insider Participation."

**ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS**

Information required by this Item 12 is incorporated herein by reference to the Proxy Statement, including the information in the Proxy Statement appearing under the headings "Equity Compensation Plan Information as of December 31, 2025" and "Ownership of Our Stock—Security Ownership of Certain Beneficial Owners and Management."

**ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE**

Information required by this Item 13 is incorporated herein by reference to the Proxy Statement, including the information in the Proxy Statement appearing under the headings "Review and Approval of Transactions with Related Persons" and "Proposal 1. Election of Directors—The Board and Committees—Independence."

**ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES**

Information required by this Item 14 is incorporated herein by reference to the Proxy Statement, including the fee information in the Proxy Statement appearing in the section "Proposal 3. Ratification of Appointment of KPMG as Our Independent Registered Public Accounting Firm."

------

**PART IV**

**ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES**

Item 15(a)(1) Consolidated Financial Statements

Financial Statements (see the Index to the Consolidated Financial Statements on page <u>[38](#i4c31cfec02cd479b988193cfac968b79_0-0-1-1-272128)</u> of this report).

Item 15(a)(2) Financial Statement Schedules

All financial statement schedules have been omitted because the information either is not required or is otherwise included in the Consolidated Financial Statements and notes thereto.

Item 15(a)(3) Exhibits

The following list of exhibits includes both exhibits submitted with this annual report on Form 10-K as filed with the SEC and those incorporated by reference from other filings.

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 3.1 | <u>[Amended and Restated Certificate of Incorporation of Ingredion Incorporated ("Ingredion"), as amended (incorporated by reference to Exhibit 3.1 to Ingredion's Annual Report on Form 10-K for the year ended December 31, 2019, filed on February 19, 2020) (File No. 1-13397).](https://www.sec.gov/Archives/edgar/data/1046257/000155837020000978/ex-3d1.htm)</u> |
| 3.2 | <u>[Certificate of Amendment to the Amended and Restated Certificate of Incorporation of Ingredion (incorporated by reference to Exhibit 3.1 to Ingredion's Current Report on Form 8-K dated May 15, 2024, filed on May 16, 2024) (File No. 1-13397).](https://www.sec.gov/Archives/edgar/data/1046257/000104625724000023/certificateofamendment.htm)</u> |
| 3.3 | <u>[Amended and Restated By-Laws of Ingredion. (incorporated by reference to Exhibit 3.2 to Ingredion's Annual Report on Form 10-K for the year ended December 31, 2022, filed on February 21, 2023) (File No. 1-13397).](https://www.sec.gov/Archives/edgar/data/1046257/000104625723000006/ingr-20221231xex32.htm)</u> |
| 4.1 | <u>[Description of Ingredion's Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934 (incorporated by reference to Exhibit 4.1 to Ingredion's Annual Report on Form 10-K for the year ended December 31, 2019, filed on February 19, 2020) (File No. 1-13397).](https://www.sec.gov/Archives/edgar/data/1046257/000155837020000978/ex-4d1.htm)</u> |
| 4.2 | <u>[Indenture dated as of August 18, 1999, between Ingredion and The Bank of New York, as Trustee (incorporated by reference to Exhibit 4.1 to Ingredion's Registration Statement on Form S-3, filed on September 19, 2019) (File No. 333-233854).](https://www.sec.gov/Archives/edgar/data/1046257/000119312519249628/d801552dex41.htm)</u> |
| 4.3 | <u>[Fourth Supplemental Indenture dated as of April 10, 2007, between Corn Products International, Inc. and The Bank of New York Trust Company, N.A., as Trustee (incorporated by reference to Exhibit 4.4 to Ingredion's Current Report on Form 8-K dated April 4, 2007, filed on April 10, 2007) (File No. 1-13397).](https://www.sec.gov/Archives/edgar/data/1046257/000095013707005363/c14063exv4w4.htm)</u> |
| 4.4 | <u>[Seventh Supplemental Indenture, dated as of September 17, 2010, between Corn Products International, Inc. and The Bank of New York Mellon Trust Company, N.A. (as successor trustee to The Bank of New York), as Trustee (incorporated by reference to Exhibit 4.3 to Ingredion's Current Report on Form 8-K dated September 14, 2010, filed on September 20, 2010) (File No. 1-13397).](https://www.sec.gov/Archives/edgar/data/1046257/000095012310087454/c60323exv4w3.htm)</u> |
| 4.5 | <u>[Ninth Supplemental Indenture, dated as of September 22, 2016, between Ingredion and The Bank of New York Mellon Trust Company, N.A. (as successor trustee to The Bank of New York), as Trustee (incorporated by reference to Exhibit 4.1 to Ingredion's Current Report on Form 8-K dated September 22, 2016, filed on September 22, 2016) (File No. 1-13397).](https://www.sec.gov/Archives/edgar/data/1046257/000119312516717183/d174334dex41.htm)</u> |

---

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| | |
|:---|:---|
| 4.6 | <u>[Tenth Supplemental Indenture, dated as of May 13, 2020, between Ingredion and The Bank of New York Mellon Trust Company, N.A. (as successor trustee to The Bank of New York), as Trustee (incorporated by reference to Exhibit 4.1 to Ingredion's Current Report on Form 8-K dated May 8, 2020, filed on May 13, 2020) (File No. 1-13397).](https://www.sec.gov/Archives/edgar/data/1046257/000119312520141606/d915220dex41.htm)</u> |
| 4.7 | <u>[Eleventh Supplemental Indenture, dated as of May 13, 2020, between Ingredion and The Bank of New York Mellon Trust Company, N.A. (as successor trustee to The Bank of New York), as Trustee (incorporated by reference to Exhibit 4.2 to Ingredion's Current Report on Form 8-K dated May 8, 2020, filed on May 13, 2020) (File No. 1-13397).](https://www.sec.gov/Archives/edgar/data/1046257/000119312520141606/d915220dex42.htm)</u> |
| 10.1\* | <u>[2023 Stock Incentive Plan, as effective May 19, 2023 (the "2023 Stock Incentive Plan") (incorporated by reference to Exhibit 10.1 to Ingredion's Current Report on Form 8-K dated May 19, 2023, filed on May 23, 2023) (File No. 1-13397).](https://www.sec.gov/Archives/edgar/data/1046257/000119312523151790/d509200dex101.htm)</u> |
| 10.2\* | <u>[Amendment No. 1 to 2023 Stock Incentive Plan, as effective October 15, 2024 (incorporated by reference to Exhibit 10.2 to Ingredion's Annual Report on Form 10-K for the year ended December 31, 2024, filed on February 20, 2025) (File No. 1-13397).](https://www.sec.gov/Archives/edgar/data/1046257/000104625725000018/ingr-20241231xex102.htm)</u> |
| 10.3\* | <u>[Form of Indemnification Agreement entered into by each of the members of Ingredion's Board of Directors and Ingredion's executive officers (incorporated by reference to Exhibit 10.14 to Ingredion's Annual Report on Form 10-K for the year ended December 31, 1997, filed on March 31, 1998) (File No. 1-13397).](https://www.sec.gov/Archives/edgar/data/1046257/0000950137-98-001383.txt)</u> |
| 10.4\* | <u>[Ingredion Incorporated Non-Qualified Deferred Compensation Plan, amended and restated as of January 1, 2026.](ingr-20251231xex104.htm)</u> |
| 10.5\* | <u>[Annual Incentive Plan as effective January 1, 2022 (incorporated by reference to Exhibit 10.4 to Ingredion's Annual Report on Form 10-K for the year ended December 31, 2022, filed on February 21, 2023) (File No. 1-13397).](https://www.sec.gov/Archives/edgar/data/1046257/000104625723000006/ingr-20221231xex104.htm)</u> |
| 10.6\* | <u>[Form of 2026 Performance Share Award Agreement for use in connection with awards under the 2023 Stock Incentive Plan.](ingr-20251231xex106.htm)</u> |
| 10.7\* | <u>[Form of 2025 Performance Share Award Agreement for use in connection with awards under the 2023 Stock Incentive Plan (incorporated by reference to Exhibit 10.8 to Ingredion's Annual Report on Form 10-K for the year ended December 31, 2024, filed on February 20, 2025) (File No. 1-13397).](https://www.sec.gov/Archives/edgar/data/1046257/000104625725000018/ingr-20241231xex108.htm)</u> |
| 10.8\* | <u>[Form of 2024 Performance Share Award Agreement for use in connection with awards under the 2023 Stock Incentive Plan (incorporated by reference to Exhibit 10.26 to Ingredion's Annual Report on Form 10-K for the year ended December 31, 2023, filed on February 21, 2024) (File No. 1-13397).](https://www.sec.gov/Archives/edgar/data/1046257/000104625724000005/ingr-20231231xex1026.htm)</u> |
| 10.9\* | <u>[Form of 2025 Stock Option Award Agreement for use in connection with awards under the 2023 Stock Incentive Plan (incorporated by reference to Exhibit 10.11 to Ingredion's Annual Report on Form 10-K for the year ended December 31, 2024, filed on February 20, 2025) (File No. 1-13397).](https://www.sec.gov/Archives/edgar/data/1046257/000104625725000018/ingr-20241231xex1011.htm)</u> |
| 10.10\* | <u>[Form of 2024 Stock Option Award Agreement for use in connection with awards under the 2023 Stock Incentive Plan. (incorporated by reference to Exhibit 10.9 to Ingredion's Annual Report on Form 10-K for the year ended December 31, 2022, filed on February 21, 2024) (File No. 1-13397).](https://www.sec.gov/Archives/edgar/data/1046257/000104625724000005/ingr-20231231xex109.htm)</u> |
| 10.11\* | <u>[Form of 2023 Stock Option Award Agreement for use in connection with awards under the Stock Incentive Plan (incorporated by reference to Exhibit 10.10 to Ingredion's Annual Report on Form 10-K for the year ended December 31, 2022, filed on February 21, 2023) (File No. 1-13397).](https://www.sec.gov/Archives/edgar/data/1046257/000104625723000006/ingr-20221231xex1010.htm)</u> |

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| | |
|:---|:---|
| 10.12\* | <u>[Form of 2022 Stock Option Award Agreement for use in connection with awards under the Stock Incentive Plan (incorporated by reference to Exhibit 10.7 to Ingredion's Annual Report on Form 10-K for the year ended December 31, 2021, filed on February 22, 2022) (File No. 1-13397).](https://www.sec.gov/Archives/edgar/data/1046257/000155837022001549/ingr-20211231xex10d7.htm)</u> |
| 10.13\* | <u>[Form of 2021 Stock Option Award Agreement for use in connection with awards under the Stock Incentive Plan (incorporated by reference to Exhibit 10.6 to Ingredion's Annual Report on Form 10-K for the year ended December 31, 2020, filed on February 24, 2021) (File No. 1-13397).](https://www.sec.gov/Archives/edgar/data/1046257/000155837021001632/ingr-20201231xex10d6.htm)</u> |
| 10.14\* | <u>[Form of 2020 Stock Option Award Agreement for use in connection with awards under the Stock Incentive Plan (incorporated by reference to Exhibit 10.2 to Ingredion's Quarterly Report on Form 10-Q for the quarter ended March 31, 2020, filed on May 6, 2020) (File No. 1-13397).](https://www.sec.gov/Archives/edgar/data/1046257/000155837020005442/ingr-20200331xex10d2.htm)</u> |
| 10.15\* | <u>[Form of 2019 Stock Option Award Agreement for use in connection with awards under the Stock Incentive Plan (incorporated by reference to Exhibit 10.12 to Ingredion's Quarterly Report on Form 10-Q for the quarter ended March 31, 2019, filed on May 3, 2019) (File No. 1-13397).](https://www.sec.gov/Archives/edgar/data/1046257/000155837019003951/ingr-20190331ex1012dae5d.htm)</u> |
| 10.16\* | <u>[Form of 2018 Stock Option Award Agreement for use in connection with awards under the Stock Incentive Plan (incorporated by reference to Exhibit 10.2 to Ingredion's Current Report on Form 8-K dated February 6, 2018, filed on February 12, 2018) (File No. 1-13397).](https://www.sec.gov/Archives/edgar/data/1046257/000119312518040360/d539806dex102.htm)</u> |
| 10.17\* | <u>[Form of 2017 Stock Option Award Agreement for use in connection with awards under the Stock Incentive Plan (incorporated by reference to Exhibit 10.3 to Ingredion's Current Report on Form 8-K dated February 7, 2017, filed on February 14, 2017) (File No. 1-13397).](https://www.sec.gov/Archives/edgar/data/1046257/000119312517043337/d236084dex103.htm)</u> |
| 10.18\* | <u>[Form of 2026 Restricted Stock Units Award Agreement for use in connection with awards under the 2023 Stock Incentive Plan.](ingr-20251231xex1018.htm)</u> |
| 10.19\* | <u>[Form of 2025 Restricted Stock Units Award Agreement for use in connection with awards under the 2023 Stock Incentive Plan (incorporated by reference to Exhibit 10.21 to Ingredion's Annual Report on Form 10-K for the year ended December 31, 2024, filed on February 20, 2025) (File No. 1-13397).](https://www.sec.gov/Archives/edgar/data/1046257/000104625725000018/ingr-20241231xex1021.htm)</u> |
| 10.20\* | <u>[Form of 2024 Restricted Stock Units Award Agreement for use in connection with awards under the 2023 Stock Incentive Plan (incorporated by reference to Exhibit 10.19 to Ingredion's Annual Report on Form 10-K for the year ended December 31, 2015, filed on February 21, 2024) (File No. 1-13397).](https://www.sec.gov/Archives/edgar/data/1046257/000104625724000005/ingr-20231231xex1019.htm)</u> |
| 10.21\* | <u>[Form of Executive Severance Agreement entered into by certain executive officers of Ingredion (incorporated by reference to Exhibit 10.17 to Ingredion's Quarterly Report on Form 10-Q for the quarter ended June 30, 2018, filed on August 3, 2018) (File No. 1-13397).](https://www.sec.gov/Archives/edgar/data/1046257/000155837018006330/ingr-20180630ex101708ab3.htm)</u> |
| 10.22\* | <u>[Form of Executive Severance Agreement entered into by certain executive officers of Ingredion (incorporated by reference to Exhibit 10.18 to Ingredion's Quarterly Report on Form 10-Q for the quarter ended June 30, 2018, filed on August 3, 2018) (File No. 1-13397).](https://www.sec.gov/Archives/edgar/data/1046257/000155837018006330/ingr-20180630ex1018e2765.htm)</u> |
| 10.23\* | <u>[Amendment to each form of Executive Severance Agreement as filed as Exhibits 10.24 and 10.25 (incorporated by reference to Exhibit 10.26 to Ingredion's Annual Report on Form 10-K for the year ended December 31, 2024, filed on February 20, 2025) (File No. 1-13397).](https://www.sec.gov/Archives/edgar/data/1046257/000104625725000018/ingr-20241231xex1026.htm)</u> |
| 10.24\* | <u>[Ingredion Incorporated Executive Severance Pay Plan (incorporated by reference to Exhibit 10.1 to Ingredion's Current Report on Form 8-K dated July 25, 2024) (File No. 1-13397).](https://www.sec.gov/Archives/edgar/data/1046257/000104625724000038/ingredion-executiveseveran.htm)</u> |

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| | |
|:---|:---|
| 10.25\* | <u>[Ingredion Incorporated Executive Change in Control Severance Pay Plan (incorporated by reference to Exhibit 10.2 to Ingredion's Current Report on Form 8-K dated July 25, 2024) (File No. 1-13397).](https://www.sec.gov/Archives/edgar/data/1046257/000104625724000038/ingredion-executivechangei.htm)</u> |
| 10.26\* | <u>[Summary of Non-Employee Director Compensation.](ingr-20251231xex1026.htm)</u> |
| 10.27\* | <u>[Letter of Agreement, dated as of November 23, 2020, between Ingredion and Eric Seip (incorporated by reference to Exhibit 10.27 to Ingredion's Annual Report on Form 10-K for the year ended December 31, 2022, filed on February 21, 2023) (File No. 1-13397).](https://www.sec.gov/Archives/edgar/data/1046257/000104625723000006/ingr-20221231xex1027.htm)</u> |
| 10.28\* | <u>[Letter of Agreement, dated as of November 12, 2021, between Ingredion and Tanya Jaeger de Foras (incorporated by reference to Exhibit 10.1 to Ingredion's Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, filed on May 9, 2025) (File No. 1-13397).](https://www.sec.gov/Archives/edgar/data/1046257/000104625725000037/exhibit101.htm)</u> |
| 10.29\* | <u>[Letter of Agreement, dated as of November 12, 2021, between Ingredion and Robert Ritchie (incorporated by reference to Exhibit 10.2 to Ingredion's Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, filed on May 9, 2025) (File No. 1-13397).](https://www.sec.gov/Archives/edgar/data/1046257/000104625725000037/exhibit102.htm)</u> |
| 10.30 | <u>[Revolving Credit Agreement, dated as of August 27, 2025, by and among Ingredion Incorporated, as Borrower, the Subsidiary Borrowers from time to time party thereto, the Lenders from time to time party thereto and JPMorgan Chase Bank, N.A. and J.P. Morgan SE, as Administrative Agent (incorporated by reference to Exhibit 10.1 to Ingredion's Current Report on Form 8-K dated August 27, 2025, filed on August 28, 2025).](https://www.sec.gov/Archives/edgar/data/1046257/000104625725000070/exhibit101-ingredionx2025c.htm)</u> |
| 19.1 | <u>[Insider Trading Compliance Policy (incorporated by reference to Exhibit 10.2 to Ingredion's Annual Report on Form 10-K for the year ended December 31, 2024, filed on February 20, 2025) (File No. 1-13397).](https://www.sec.gov/Archives/edgar/data/1046257/000104625725000018/ingr-20241231xex191.htm)</u> |
| 21.1 | <u>[Subsidiaries of the Registrant](ingr-20251231xex211.htm)</u>. |
| 23.1 | <u>[Consent of Independent Registered Public Accounting Firm](ingr-20251231xex231.htm)</u>. |
| 24.1 | <u>[Power of Attorney](ingr-20251231xex241.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-20251231xex311.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-20251231xex312.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-20251231xex321.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-20251231xex322.htm)</u> |
| 97.1\* | <u>[Policy on Recoupment of Incentive Compensation as restated as of October 27, 2023](ingr-20251231xex971.htm)[.](ingr-20251231xex971.htm)[(incorporated by reference to Exhibit 10.2 to Ingredion's Annual Report on Form 10-K for the year ended December 31, 2024, filed on February 20, 2025) (File No. 1-13397).](ingr-20251231xex971.htm)</u> |

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| | |
|:---|:---|
| 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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_____________________

\*Management contract or compensatory plan or arrangement required to be filed as an exhibit to this form pursuant to Item 15(b) of this report.

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**ITEM 16. FORM 10-K SUMMARY**

None.

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SIGNATURES

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: February 17, 2026 | By: | /s/ James P. Zallie |
|  |  | James P. Zallie |
|  |  | Chairman, President and Chief Executive Officer |

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Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant, in the capacities indicated and on the dates indicated.

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| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ James P. Zallie | Chairman, President, Chief Executive Officer and Director<br>(Principal executive officer) | February 17, 2026 |
| James P. Zallie | Chairman, President, Chief Executive Officer and Director<br>(Principal executive officer) |  |
| /s/ James D. Gray | Chief Financial Officer<br>(Principal financial officer) | February 17, 2026 |
| James D. Gray | Chief Financial Officer<br>(Principal financial officer) |  |
| /s/ Davida M. Gable | Controller<br>(Principal accounting officer) | February 17, 2026 |
| Davida M. Gable | Controller<br>(Principal accounting officer) |  |
| \*Victoria J. Reich | Lead Director | February 17, 2026 |
| Victoria J. Reich |  |  |
| \*David B. Fischer | Director | February 17, 2026 |
| David B. Fischer |  |  |
| \*Rhonda L. Jordan | Director | February 17, 2026 |
| Rhonda L. Jordan |  |  |
| \*Gregory B. Kenny | Director | February 17, 2026 |
| Gregory B. Kenny |  |  |
| \*Charles V. Magro | Director | February 17, 2026 |
| Charles V. Magro |  |  |
| \*Catherine A. Suever | Director | February 17, 2026 |
| Catherine A. Suever |  |  |
| \*Stephan B. Tanda | Director | February 17, 2026 |
| Stephan B. Tanda |  |  |
| \*Jorge A. Uribe | Director | February 17, 2026 |
| Jorge A. Uribe |  |  |
| \*Patricia Verduin | Director | February 17, 2026 |
| Patricia Verduin |  |  |
| \*Dwayne A. Wilson | Director | February 17, 2026 |
| Dwayne A. Wilson |  |  |

---

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| | |
|:---|:---|
| \*By: | /s/ Tanya Jaeger de Foras |
|  | Tanya Jaeger de Foras |
|  | Attorney-in-fact |
|  | Date: February 17, 2026 |

---

## Exhibit 10.4

![](ingr-20251231xex104001.jpg)

INGREDION INCORPORATED NON-QUALIFIED DEFERRED COMPENSATION PLAN AMENDED AND RESTATED EFFECTIVE JANUARY 1, 2026

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![](ingr-20251231xex104002.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FOREWORD Effective as of January 1, 1998, Ingredion Incorporated (formerly Corn Products International, Inc.) has adopted the Ingredion Incorporated Supplemental Executive Retirement Plan (the "Plan") for the benefit of certain of its Key Executives. Effective January 1, 2026, the Plan was renamed the Ingredion Incorporated Non-Qualified Deferred Compensation ("NQDC") Plan. The purposes of the Plan are (a) to permit certain Key Executives to defer payment of a portion of current compensation, including short and long term performance bonus payments, until a later year, and (b) to provide Participants and their beneficiaries with the amount of retirement income that is not provided under (i) the Cash Balance Component of the Ingredion Pension Plan, (ii) the Ingredion Incorporated Retirement +Savings Plan and/or (iii) any other plan sponsored by the Corporation or any other "Employer" adopting the Plan in accordance with Section 6.3 of the Plan which is intended to qualify as a tax-qualified profit- sharing plan under section 401(a) of Code by reason of limits on recognized compensation required by Sections 401(a)(17), 402(g) and 415 of the Internal Revenue Code of 1986, as amended, and by reason of elective compensation deferrals under this Plan. It is intended that the Plan be a deferred compensation plan for "a select group of management or highly compensated employees," as that term is used in the Employee Retirement Income Security Act of 1974, as amended.

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![](ingr-20251231xex104003.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION ONE Definitions 1.1 Except to the extent otherwise indicated herein, and except to the extent otherwise inappropriate in the context, the definitions contained in the Cash Balance Plan or Savings Plan are applicable under the Plan. 1.2 "Accounts" means the Cash Balance Plan Make-up Account, the Annual Deferral Account, the Prior Plan Account, the Savings Plan Make-up Account, the Performance Plan Account and the AIP Account. 1.3 "AIP Account" means the bookkeeping Account established under Section 3.5 on behalf of a Participant and includes any deemed investment earnings credited thereon. 1.4 "Annual Deferral Account" means the bookkeeping Account established under Section 3.1 established on behalf of a Participant and includes any deemed investment earnings credited thereon. 1.5 "Annual Deferred Compensation" means the amount of a Key Executive's Compensation that such Key Executive has deferred until a later year pursuant to an election under Section 2.2 of this Plan. 1.6 "Annual Incentive Plan Award" means a cash bonus paid under the Ingredion Incorporated Annual Incentive Plan or the Ingredion Incorporated Short Term Incentive Plan. 1.7 "Base Salary Threshold" means, as of November 15, 1997, $160,000. As of each subsequent November 15, the Base Salary Threshold shall be redetermined as the annual limit (as of such November 15) in effect under Section 401(a)(17) of the Code. 1.8 "Board of Directors" means the Board of Directors of the Corporation. 1.9 "Cash Balance Plan" means the Cash Balance Component of the Ingredion Pension Plan. 1.10 "Cash Balance Plan Make-up Account" means the bookkeeping Account established under Section 3.2 established on behalf of a Participant and includes any deemed investment earnings credited thereon. 1.11 "Code" means the Internal Revenue Code of 1986, as amended. Any reference to any Code Section shall also mean any successor provision thereto. 1.12 "Committee" means the Ingredion Incorporated Benefits Committee established by the People, Culture and Compensation Committee of the Board of Directors of the Corporation. 1.13 "Common Stock" means common stock of Ingredion Incorporated 1.14 "Compensation" means a Participant's base pay plus short-term incentive bonuses as paid, prior to reduction for (a) his or her Annual Deferred Compensation election and Annual Incentive Plan Award deferral election under this Plan, (b) pre-tax contributions under the Savings Plan and (c) any pre-tax contributions to a cafeteria plan under Section 125 of the Code, which is in excess of Limited Compensation. Notwithstanding anything herein to the contrary, a Participant's Compensation for purposes of Section 2.2 shall include only such amounts described in the preceding sentence beginning with the first full payroll period in which all such amounts are in excess of Limited Compensation. 1.15 "Corporation" means Ingredion Incorporated and any successor to such corporation by merger, purchase or otherwise. 1.16 "Employer" means the Corporation and any other corporation adopting the Plan in accordance with Section 6.3 hereof.

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![](ingr-20251231xex104004.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17 "ERISA" means the Employee Retirement Income Security Act of 1974, as amended. Any reference to any ERISA Section shall also mean any successor provision thereto. 1.18 "Fair Market Value" means the closing price of a share of Common Stock on the New York Stock Exchange on the date of the determination thereof, as reported in The Wall Street Journal as New York Stock Exchange Composite Transactions. 1.19 "Key Executive" means an executive who is employed by the Corporation or any other Employer and who is designated by the Vice President of Human Resources of the Corporation. 1.20 "Limited Compensation" is the smaller of the limit on pensionable compensation specified by Section 401(a)(17) of Code (including adjustments for changes in the cost of living as prescribed by the Code), or Compensation earned prior to the time the Participant reaches the limit on elective deferrals to the Savings Plan specified by Section 402(g) of the Code (including adjustments for changes in the cost of living as prescribed by the Code). 1.21 "Participant" means a Participant in the Plan who has satisfied the eligibility requirements of and is participating in the Plan under Section 2.1 of the Plan. 1.22 "Performance Plan Account" means the bookkeeping Account established under Section 3.6 on behalf of a Participant who elected to defer payment of Performance Plan Awards for which the Participant has been eligible under the Ingredion Incorporated Performance Plan or the Ingredion Incorporated Stock Incentive Plan and includes any deemed investment earnings credited thereon. 1.23 "Performance Plan Award" means an award granted under the Ingredion Incorporated Performance Plan or performance shares granted under the Ingredion Incorporated Stock Incentive Plan. 1.24 "Plan" means the Ingredion Incorporated NQDC Plan as from time to time amended. 1.25 "Prime Rate" means the prime rate as published in the Wall Street Journal showing such rate in effect as of the first business day of each calendar quarter. 1.26 "Prior Plan Account" means the bookkeeping Account established under Section 3.4 on behalf of a Participant to reflect the amounts accrued by such Participant under the Prior Savings Plan as of December 31, 1997, and includes any deemed investment earnings credited thereon. "Prior Plan Deferred Account" means the portion of the Prior Plan Account attributable to the Participant's deferrals plus deemed investment earnings thereon; and "Prior Plan Company Account" means the portion of the Prior Plan Account attributable to company credits plus deemed investment earnings thereon. 1.27 "Prior Savings Plan" means the CPC International Inc. Excess Savings Plan. 1.28 "Prior SERP" means the CPC International Inc. Excess Benefit Plan. 1.29 "Savings Plan" means the Ingredion Incorporated Retirement Savings Plan and/or any other plan sponsored by the Corporation or any other Employer which is intended to qualify as a tax-qualified profit-sharing plan under section 401(a) of Code. 1.30 "Savings Plan Make-up Account" means the bookkeeping Account established under Section 3.3 established on behalf of a Participant and includes any deemed investment earnings credited thereon. 1.31 "Stock Unit" means a phantom unit corresponding to one share of Common Stock in which a Participant's Account is deemed invested.

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![](ingr-20251231xex104005.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION TWO Eligibility and Participation 2.1 Eligibility and Participation Participation in the Annual Deferral Account portion of the Plan shall be limited to Key Executives. For purposes of participation as of January 1, 1998, the group of eligible Key Executives is limited to employees of the Corporation whose 1997 base pay plus 1997-paid short term bonuses from CPC International Inc. equaled at least the Base Salary Threshold as of November 15, 1997. If first employed by the Corporation or any other Employer after January 1, 1998, a Key Executive shall be eligible to participate in the Annual Deferral Account portion of the Plan as of the first of the month following one full calendar month of employment if his or her base salary plus short-term bonus for the balance of the first calendar year of employment is expected to equal at least the annual limit (as of such date of employment) under Section 401(a)(17) of the Code, subject to approval of the Vice President of Human Resources of the Corporation. Key Executives who have never participated under the Plan but whose base pay plus short term bonus paid in any calendar year equals at least the Base Salary Threshold for such year shall be eligible to participate in the Annual Deferral Account as of the following January 1. Key Executives who elect to participate in the Annual Deferral Account shall continue to be eligible to make deferral elections in future years, notwithstanding their base salary as of a November 15 falling below the Base Salary Threshold for Key Executives who have never participated in the Plan. Active participation in the Cash Balance Plan Make-up Account for any calendar year shall be limited to Key Executives who make deferral elections for such year, or employees whose benefits under the Cash Balance Plan are reduced by the limits on compensation or benefits imposed by Sections 401(a)(17) or 415 of the Code. Active participation in the Savings Plan Make-up Account for any calendar year shall be limited to Key Executives who make deferral elections for such year and whose benefits under the Savings Plan are reduced by the limits on compensation imposed by Section 401(a)(17) or Section 415 of the Code, or by a deferral election made under Section 2.2 of this Plan. Persons who have amounts transferred from the Prior Savings Plan to this Plan, as provided in Section 3.4, shall be eligible for participation with respect to amounts held in their Prior Plan Accounts hereunder. Active participation in the Performance Plan Account portion of the Plan shall be limited to Key Executives who elect to defer payment of Performance Plan Awards for which they are eligible under the Ingredion Incorporated Performance Plan or the Ingredion Incorporated Stock Incentive Plan. Designation as a Key Executive for purposes of participation in the Performance Plan Account in a given year does not ensure or otherwise entitle a Participant to such a designation in subsequent years. Active participation in the AIP Account portion of the Plan shall be limited to Key Executives who elect to defer payment of Annual Incentive Payments for which they are eligible under the Ingredion Incorporated Annual Incentive Plan or Short-Term Incentive Plan (in each case, the "Annual Incentive Plan"). Designation as a Key Executive for purposes of participation in the AIP Account in a given year does not ensure or otherwise entitle a Participant to such a designation in subsequent years.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 Deferral Election Annual Deferred Compensation elections shall be made only by Key Executives and shall be on forms furnished by the Committee. An Annual Deferred Compensation election shall apply only to Compensation paid in the particular year specified in the election. Key Executives shall specify the whole percentage of such base Compensation to be deferred under the election, which percentage may not exceed 20%. An Annual Deferred Compensation election with respect to Compensation for a particular calendar year (a) must be made before January 1 of such calendar year (or prior to participation in the Plan if the Key Executive becomes eligible to participate during the calendar year), (b) must specify (from the available alternatives, which shall include a lump sum option) the date such Annual Deferred Compensation, plus deemed investment earnings, is to be paid (or commence to be paid) and, the distribution date for a lump sum or first distribution date if the form of distribution selected is installments must be a date which is at least six months following separation from service and if the form of distribution selected is annual installments, the number of annual installments (not to exceed 5 years) in which such Annual Deferred Compensation, plus deemed investment earnings, is to be paid must be designated, and (c) shall be irrevocable as of the latest time at which such selection could be made in compliance with Section 409A of the Code. In the case of a Key Executive who is eligible to participate in this Plan under Section 2.1 as of one month following the date on which his or her employment with the Corporation or any other Employer commences, any Annual Deferred Compensation election must be made within 30 days of employment and will apply to Compensation earned from the date of such election through the end of that calendar year. Elections to defer payment of Performance Plan Awards earned under the Ingredion Incorporated Performance Plan or the Ingredion Incorporated Stock Incentive Plan shall only be made by Key Executives and shall be on forms furnished by the Committee. A Performance Plan Award deferral election shall apply only to the Performance Plan Award Cycle specified in the election. Key Executives shall specify the amount of the Performance Plan Award they elect to defer in 1% increments up to a maximum of 75% (and minimum of 1%). The deferral election must be made no later than six months preceding the end of the applicable performance period. The deferral election must include a selection from the available distribution alternatives of a date and form of distribution of the deferred Performance Plan Award plus deemed investment earnings. One form of distribution shall be a lump sum. The distribution date for a lump sum or first distribution date if the form of distribution selected is installments must be a date which is at least six months following separation from service and if the form of distribution selected is annual installments, the number of annual installments (not to exceed 5 years) must be designated. Once the form of distribution is selected, it shall be irrevocable as of the latest time at which such selection could be made in compliance with Section 409A of the Code. Elections to defer payment of Annual Incentive Plan Awards earned under the Annual Incentive Plan shall only be made by Key Executives and shall be on forms furnished by the Committee. An Annual Incentive Plan Award deferral election shall apply only to the Plan Year specified in the election. Key Executives shall specify the amount of the Annual Incentive Plan Award they elect to defer in 1% increments up to a maximum of 75% (and minimum of 1%). The deferral election must be made no later than 30 days after approval by the Board of Directors of the Annual Incentive Plan for the Plan Year for which the election is being made, provided, however, that the deferral election must in any event be made no later than six months preceding the end of the applicable performance period. The deferral election must include a selection from the available distribution alternatives of a date and form of distribution of the deferred Annual Incentive Plan Award plus deemed investment earnings. One form of distribution shall be a lump sum. The distribution date for a lump sum or first distribution date if the form of distribution selected is installments must be a date which is at least six months following separation from service and if the form of distribution selected is annual installments, the number of annual installments (not to exceed 5 years) must be designated. Once the form of distribution is selected, it shall be irrevocable as of the latest time at which such selection could be made in compliance with Section 409A of the Code.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION THREE Accounts 3.1 Annual Deferral Account The aggregate of the amounts of Annual Deferred Compensation and deemed investment earnings on such amounts shall be paid to the Participant or his or her beneficiary, as applicable, from the general assets of the Corporation in accordance with this Plan and related election forms. Deemed investment earnings with respect to Annual Deferred Compensation shall be credited monthly at the monthly compound equivalent of the Prime Rate or other deemed investment earnings measurements, including, but not limited to, the increase or decrease in the Fair Market Value of Stock Units in a Ingredion Incorporated Phantom Stock Unit investment option administered according to Section 4, as the Committee, in its sole discretion, permits and as is elected by each Participant to be the deemed investment measurement to be used for this bookkeeping Account. Such election of the deemed investment earnings measurement shall be made at times and according to administrative procedures established by the Committee. A bookkeeping Account shall be maintained for each Participant to record the amount of such Annual Deferred Compensation and deemed investment earnings thereon. Participants shall be 100 percent vested in all of their Annual Deferral Accounts. Separate bookkeeping Accounts may be maintained for Annual Deferred Compensation for each Participant for each calendar year, plus deemed investment earnings with respect to such Annual Deferred Compensation, as may be necessary in order to facilitate calculation upon distribution. 3.2 Cash Balance Plan Make-up Account A bookkeeping Account shall be established on behalf of each Participant in the Plan which, at any time, shall yield a benefit equal to the additional benefit as of such date that would have accrued under the Cash Balance Plan had (a) the Participant not elected to defer Compensation under Section 2.2 of this Plan, and (b) limits on benefits or Compensation imposed by Sections 415 or 401(a)(17) of the Code not applied to the Participant under the Cash Balance Plan. In addition, the following employees shall receive an additional annual pay credit as indicated below, applied to their total eligible Compensation as such is defined in the Cash Balance Plan, but without reflecting the limits of Section 401(a)(17) of the Code: Employee Additional Percentage Beebe, C. 1.37% The beginning balance as of January 1, 1998 under this Account, if any, shall be determined in accordance with the Opening Balance under the Cash Balance Plan as if the earned benefit under the Prior SERP as of December 31, 1997 were the "Accrued Benefit as of December 31, 1997 under the Prior Plan" as such is defined in the Cash Balance Plan. A Participant shall be vested in his or her Cash Balance Plan Make-up Account to the extent that such Participant is vested in his or her Cash Balance Plan Account balance. 3.3 Savings Plan Make-up Account A bookkeeping Account shall be established on behalf of each Participant in the Plan, which shall be credited with the excess, if any, of (a) the amount of employer matching and profit sharing contributions which would have been made on behalf of such Participant had the Participant's Deferred Compensation been contributed to the Savings Plan (without regard to any refunds of Participant contributions required under the Code, or the effects of Sections 401(a)(17), 402(g) or 415 of the Code), over (b) actual employer matching and profit sharing contributions to the Savings Plan on behalf of such Participant.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Savings Plan Make-up Account shall be credited monthly with deemed investment earnings at the monthly compound equivalent of the Prime Rate or other deemed investment earnings measurements, including, but not limited to, the increase or decrease in the Fair Market Value of Stock Units in a Ingredion Incorporated Phantom Stock Unit investment option administered according to Section 4, as the Committee, in its sole discretion, permits and as is elected by each Participant to be the deemed investment measurement to be used for this bookkeeping Account. Such election of the deemed investment earnings measurement shall be made at times and according to administrative procedures established by the Committee. A Participant is vested in his or her Savings Plan Make-up Account to the extent that such Participant is vested in his or her Savings Plan matching and profit-sharing contributions. 3.4 Prior Plan Account A Prior Plan Deferred Account shall be established for each Participant in the Prior Savings Plan who becomes a Participant on January 1, 1998, equal in initial value to the amounts held under the Prior Savings Plan as of December 31, 1997, attributable to employee deferrals under the Prior Savings Plan plus deemed investment earnings thereon through December 31, 1997. The Prior Plan Deferred Account shall be credited monthly with deemed investment earnings at the monthly compound equivalent of the Prime Rate or other deemed investment earnings measurements, including, but not limited to, the increase or decrease in the Fair Market Value of Stock Units in a Ingredion Incorporated Phantom Stock Unit investment option administered according to Section 4, as the Committee, in its sole discretion, permits and as is elected by each Participant to be the deemed investment measurement to be used for this bookkeeping Account. Such election of the deemed investment earnings measurement shall be made at times and according to administrative procedures established by the Committee. Participants shall be 100 percent vested in any Prior Plan Deferred Account. A Prior Plan Company Account shall be established for each Participant in the Prior Savings Plan who becomes a Participant on January 1, 1998, equal in initial value to the amounts held under the Prior Savings Plan as of December 31, 1997, attributable to company credits under the Prior Savings Plan plus deemed investment earnings thereon through December 31, 1997. The Prior Plan Company Account shall be credited monthly with deemed investment earnings at the monthly compound equivalent of the Prime Rate or other deemed investment earnings measurements, including, but not limited to, the increase or decrease in the Fair Market Value of Stock Units in a Ingredion Incorporated Phantom Stock Unit investment option administered according to Section 4, as the Committee, in its sole discretion, permits and as is elected by each Participant to be the deemed investment measurement to be used for this bookkeeping Account. Such election of the deemed investment earnings measurement shall be made at times and according to administrative procedures established by the Committee. Participants shall be 100 percent vested in any Prior Plan Company Account. 3.5 AIP Account A bookkeeping Account shall be established on behalf of each Participant who has made an election to defer payment of Annual Incentive Plan Awards in accordance with this Plan and related election forms to record the amount of such deferred Annual Incentive Plan Awards and deemed investment earnings thereon. The aggregate of the amounts of deferred Annual Incentive Plan awards and deemed investment earnings on such amounts shall be paid to the Participant or his or her beneficiary, as applicable, from the general assets of the Corporation in accordance with this Plan and related election forms. The AIP Account shall be credited monthly with deemed investment earnings at the monthly compound equivalent of the palm or other deemed investment earnings measurements, including, but not limited to, the increase or decrease in the Fair Market Value of Stock Units in a Ingredion Incorporated Phantom Stock Unit investment option administered according to Section 4, as the Committee, in its sole discretion, permits and as is elected by each Participant to be the deemed investment measurement to be used for this bookkeeping Account. Such election of the deemed investment earnings measurement shall be made at times and according to administrative procedures established by the Committee. Participants shall be 100 percent vested in their AIP Account. Separate bookkeeping Accounts may be maintained for Annual Incentive Plan Award deferrals for each Participant for each calendar year plus deemed investment earnings with respect to each such deferral, as may be necessary in order to facilitate calculation upon distribution.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 Performance Plan Account A bookkeeping Account shall be established on behalf of each Participant who has made an election to defer payment of Performance Plan Awards in accordance with this Plan and related election forms to record the amount of such deferred Performance Plan Awards and deemed investment earnings thereon. The aggregate of the amounts of deferred Performance Plan Awards and deemed investment earnings on such amounts shall be paid to the Participant or his or her beneficiary, as applicable, from the general assets of the Corporation in accordance with this Plan and related election forms. The Performance Plan Account shall be credited monthly with deemed investment earnings at the monthly compound equivalent of the Prime Rate or other deemed investment earnings measurements, including, but not limited to, the increase or decrease in the Fair Market Value of Stock Units in a Ingredion Incorporated Phantom Stock Unit investment option administered according to Section 4, as the Committee, in its sole discretion, permits and as is elected by each Participant to be the deemed investment measurement to be used for this bookkeeping Account. Such election of the deemed investment earnings measurement shall be made at times and according to administrative procedures established by the Committee. Participants shall be 100 percent vested in their Performance Plan Account. Separate bookkeeping Accounts may be maintained for Performance Plan Award deferrals for each Participant for each Performance Plan Award Cycle plus deemed investment earnings with respect to each such deferral, as may be necessary in order to facilitate calculation upon distribution. SECTION FOUR Deemed Investment Options 4.1 Ingredion Incorporated Phantom Stock Unit Option Participants may elect to participate in the Ingredion Incorporated Phantom Stock Unit Option at any time, using the forms and procedures established by the Committee. Any portion or all of any of the balances of the bookkeeping Accounts maintained on behalf of Participants pursuant to this Plan or any portion or all of any new deferrals may be "invested" in this option. Deemed balances or deferrals "invested" in this option will maintain their separate Account character with respect to distribution selections regarding the timing and form of the distribution. All distributions from this option will be in whole shares of Common Stock as determined by the whole number of Stock Units credited to the Participant at the time of distribution. Fractional Stock Units will be converted to a cash equivalent by multiplying the fractional Stock Units by the Fair Market Value on the particular distribution date and will be distributed as a cash payment. All elections to "invest" existing Account balances or deferrals into this option are irrevocable. Balances may not be transferred out of this option. All amounts transferred into or deferred directly into this option shall be deemed to be invested in Common Stock in the form of Stock Units. The number of Stock Units which shall be credited to a Participant's Account in respect of amounts transferred or deferred shall be equal to the amount transferred or deferred divided by the Fair Market Value of a share of Common Stock on the effective date of the transfer or deferral or, if such is date is not a trading day for the New York Stock Exchange, then on the first trading day after such date of transfer or deferral. As of the date on which dividends are paid on the shares of Common Stock, the Corporation shall credit to each Participant with a balance "invested" in this option additional Stock Units, the number of which shall be determined by multiplying the amount of such dividends per share of Common Stock by the number of Stock Units then credited to the Participant and dividing the product thereof by the Fair Market Value of a share of Common Stock on the applicable dividend payment date.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION FIVE Payment of Benefits 5.1 No In-Service Withdrawals No withdrawals, including loans, may be allowed from the Plan for any reason while the Participant is still employed by the Corporation or any other Employer; however, reemployment of a Participant shall not suspend the payment of any benefits hereunder. 5.2 Payment of Annual Deferral Account Except as provided in Section 5.8 below, payment of benefits from a Participant's Annual Deferral Account shall be made in accordance with the Annual Deferred Compensation deferral elections made at the time the Participant elects to defer Compensation hereunder. Notwithstanding anything herein to the contrary, in the case of a Participant who does not make an election as specified in the immediately preceding sentence, such Participant's Annual Deferral Account shall be distributed in the form of a lump sum on the later of (a) the date on which such Participant attains age 60 and (b) the date on which such Participant terminates employment. A separate Annual Deferred Compensation election shall govern each year's Annual Deferred Compensation deferral and deemed investment earnings on such Annual Deferred Compensation attributable to any year. The terms of these Annual Deferred Compensation elections dealing with the timing and form of payment may be changed prospectively from year to year by the Committee, but a selection made by a Participant as to the timing and form of a distribution from the Annual Deferral Account with respect to a particular year is irrevocable as of the latest time at which such selection could be made in compliance with Section 409A of the Code. Until the distribution of the full value of a Participant's Annual Deferral Account, the undistributed portion of such Account will continue to be credited with deemed investment earnings pursuant to Section 3.1 of the Plan. 5.3 Payment of Cash Balance Plan Make-up Account Effective for distributions commencing prior to January 1, 2008: Except as provided in Section 5.8 below, distributions from the Cash Balance Plan Make-up Account shall be made in the same form and at the same time as benefit payments made under the Cash Balance Plan or in accordance with an election made on a form furnished by the Committee. Until the distribution of the full value of a Participant's Cash Balance Make-up Account, the undistributed portion of such Account will continue to be credited with deemed investment earnings pursuant to Section 3.2 of the Plan. Effective for distributions commencing on or after January 1, 2008: Distributions from a Participant's Cash Balance Plan Make-up Account shall be made in accordance with the irrevocable election made by the Participant in the form and manner prescribed by the Corporation, subject to Section 5.8 and the other limitations set forth below. Such distribution election must be made by the Participant (a) prior to January 1, 2008, in the case of a Participant who has an account balance on such date, and (b) in the case of any other Participant, prior to the calendar year in which such Participant becomes eligible to receive credits to such Participant's Cash Balance Plan Make-up Account. Notwithstanding anything herein to the contrary, in the case of a Participant who does not make an election as specified in the immediately preceding sentence, such Participant's Cash Balance Plan Make-Up Account shall be distributed in the form of a lump sum on the later of (a) the date on which such Participant attains age 60, (b) the date on which such Participant terminates employment and (c) June 30, 2008. 5.4 Payment of Savings Plan Make-up Account Effective for distributions commencing prior to January 1, 2008: Except as provided in Section 5.8 below, distributions from the Savings Plan Make-up Account shall be made in the same form and at the same time

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;as benefit payments made under the Savings Plan after termination of employment or in accordance with an election made on a form furnished by the Committee. However, if the Participant elects an annuity distribution under the Savings Plan, he or she shall receive his Savings Plan Make-up Account in a single sum, subject to any election made on a form furnished by the Committee. Until the distribution of the full value of a Participant's Savings Plan Make-up Account, the undistributed portion of such Account will continue to be credited with deemed investment earnings pursuant to Section 3.3 of the Plan. Effective for distributions commencing on or after January 1, 2008: Distributions from a Participant's Savings Plan Make-up Account shall be made in accordance with the election made by the Participant, subject to Section 5.8 and the other limitations set forth below. Such distribution election must be made by the Participant in the form and manner prescribed by the Corporation (a) prior to January 1, 2008 in the case of a Participant who has an account balance on such date, and (b) in the case of any other Participant, prior to the calendar year in which such Participant becomes eligible to receive credits to such Participant's Savings Plan Make-up Account. Notwithstanding anything herein to the contrary, in the case of a Participant who does not make an election as specified in the immediately preceding sentence, such Participant's Savings Plan Make-Up Account shall be distributed in the form of a lump sum on the later of (a) the date on which such Participant attains age 60, (b) the date of such Participant's separation from service and (c) June 30, 2008. 5.5 Payment of Prior Plan Account Effective for distributions commencing prior to January 1, 2008: Except as provided in Section 5.8 below, distributions from the Prior Plan Account shall be payable pursuant to the selection made in writing by the Participant no later than the Participant's termination date. Such selection shall be irrevocable as of the latest time at which such selection could be made in compliance with Section 409A of the Code and be made on forms and pursuant to procedures specified by the Committee. The Participant shall have the option to select to receive the value of the Prior Plan Account in one cash lump sum or payable in essentially equal annual installments over a specified number of years; provided, however, (i) that no distribution may commence sooner than the first anniversary of the Participant's termination date; (ii) distribution must commence no later than the fifth anniversary of the Participant's termination date; and (iii) full distribution of the Participant's Prior Plan Account must be completed no later than the tenth anniversary of such termination date. If a Participant dies prior to receiving a complete distribution of the balance of the Prior Plan Account, the undistributed portion of such Account will be paid in one cash lump sum as soon as is practicable to the named beneficiary under the Plan. Until the distribution of the full value of a Participant's Prior Plan Account, the undistributed portion of such Account will continue to be credited with deemed investment earnings pursuant to Section 3.4 of the Plan. Effective for distributions commencing on or after January 1, 2008: Distributions from a Participant's Prior Plan Account shall be made in accordance with the election made by the Participant, subject to Section 5.8 and the other limitations set forth below. Such distribution election must be made by the Participant in the form and manner prescribed by the Corporation prior to January 1, 2008. Notwithstanding anything herein to the contrary, in the case of a Participant who does not make an election as specified in the immediately preceding sentence, such Prior Plan Account shall be distributed in the form of a lump sum on the later of (a) the first anniversary of such Participant's separation from service and (b) June 30, 2008. 5.6 Payment of AIP Account Except as provided in Section 5.8 below, distributions from the AIP Account will be made in accordance with the selections the Participant made at the time the Annual Incentive Plan Award was deferred. Notwithstanding anything herein to the contrary, in the case of a Participant who does not make an election as specified in the immediately preceding sentence, such Participant's AIP Account shall be distributed in the form of a lump sum on the later of (a) the date on which such Participant attains age 60 and (b) the date on which such Participant terminates employment. A separate deferral election form shall govern each Annual Incentive Plan year and deemed investment earnings thereon. The terms of these deferral election agreements dealing with the timing and form of payment may be changed prospectively from year to year by the Committee, but once a selection is made by a Participant as to the timing and form of a distribution from

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the AIP Account with respect to a particular year, such selection is irrevocable as of the latest time at which such selection could be made in compliance with Section 409A of the Code. Until the distribution of the full value of a Participant's AIP Account, the undistributed portion of such Account will continue to be credited with deemed investment earnings pursuant to Section 3.5 of the Plan. 5.7 Payment of Performance Plan Account Except as provided in Section 5.8 below, distributions from the Performance Plan Account will be made in accordance with the selections the Participant made at the time the Performance Plan Award was deferred. Notwithstanding anything herein to the contrary, in the case of a Participant who does not make an election as specified in the immediately preceding sentence, such Participant's Performance Plan Account shall be distributed in the form of a lump sum on the later of (a) the date on which such Participant attains age 60 and (b) the date on which such Participant terminates employment. A separate deferral election form shall govern each Performance Plan Award Cycle and deemed investment earnings thereon. The terms of these deferral election agreements dealing with the timing and form of payment may be changed prospectively from Cycle to Cycle by the Committee, but once a selection is made by a Participant as to the timing and form of a distribution from the Performance Plan Account with respect to a particular Cycle, such selection is irrevocable as of the latest time at which such selection could be made in compliance with Section 409A of the Code. Until the distribution of the full value of a Participant's Performance Plan Account, the undistributed portion of such Account will continue to be credited with deemed investment earnings pursuant to Section 3.6 of the Plan. 5.8 Lump Sum Distributions of Smaller Benefits Notwithstanding anything herein to the contrary: (a) If the aggregate value of a Participant's Cash Balance Plan Make-up Account, Savings Plan Make- up Account, and Prior Plan Account is less than $10,000, the Participant or his or her beneficiary shall receive benefits from such Accounts under this Plan in the form of a single lump sum payment six months after the Participant's termination of employment, without regard to distribution selections made under the Cash Balance Plan or Savings Plan (effective prior to January 1, 2008) and without regard to distribution elections made with respect to such Accounts. (b) If the aggregate value of a Participant's Annual Deferral Account, AIP Account and Performance Plan Account is less than $10,000, the Participant or his or her beneficiary shall receive benefits from such Account under this Plan in the form of a single lump sum payment six months after termination of employment, without regard to distribution selections made under such Accounts. 5.9 Beneficiaries The Participant's beneficiary under this Plan with respect to his or her Accounts shall be the person or persons designated as beneficiary by the Participant by filing with the Committee a written beneficiary designation on a form provided by, and acceptable to, such Committee. In the event the Participant does not make an effective designation of a beneficiary with respect to his or her Accounts (or any one of them), the Participant's beneficiary with respect to his or her Accounts shall be such Participant's beneficiary under the Savings Plan. 5.10 Termination of the Cash Balance Plan or Savings Plan In the event that the Cash Balance Plan is terminated, payments from the Cash Balance Plan Make-up Account shall continue to be paid in accordance with Section 5.3 hereof. In the event that the applicable Savings Plan is terminated, payments from the Savings Plan Make-up Account shall continue to be paid in accordance with Section 5.4 hereof.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.11 Tax Withholding The Corporation shall have the right to require, prior to the issuance or delivery of any shares of Common Stock or the payment of any cash pursuant to a distribution of benefits hereunder, payment by the recipient of such distribution of any Federal, state, local or other taxes which may be required to be withheld or paid in connection with such distribution. With respect to the withholding obligation attributable to a distribution of shares of Common Stock from the Phantom Stock Unit Option, at the election of the recipient (i) the Corporation shall withhold whole shares of Common Stock which would otherwise be delivered to a recipient, having an aggregate Fair Market Value determined as of the date the obligation to withhold or pay taxes arises in connection with such distribution (the ""Tax Date""), in the amount necessary to satisfy such obligation or (ii) the recipient may satisfy such obligation by any of the following means: (A) a cash payment to the Corporation, (B) delivery (either actual delivery or by attestation procedures established by the Corporation) to the Corporation of shares of previously-acquired shares of Common Stock, for which the recipient has good title, free and clear of all liens and encumbrances, having an aggregate Fair Market Value, determined as of the Tax Date, equal to the amount necessary to satisfy such obligation, (C) authorizing the Corporation 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 the recipient, equal to the amount necessary to satisfy any such obligation, or (D) any combination of (A), (B) and (C). Shares of Common Stock to be delivered or withheld may not have an aggregate Fair Market Value in excess of the amount determined by applying the minimum statutory withholding rate. Any fraction of a share of Common Stock which would be required to satisfy such an obligation shall be disregarded and the remaining amount due shall be paid in cash by the recipient. With respect to the withholding obligation attributable to a distribution of cash, the Corporation shall withhold an amount of cash which would otherwise be payable to the recipient in the amount necessary to satisfy such obligation. 5.12 Section 409A Compliance Notwithstanding anything herein to the contrary, all payments made hereunder shall comply with the requirements of Section 409A of the Code and the regulations issued thereunder. Notwithstanding anything herein to the contrary, no payment payable upon a Participant's separation from service shall be made to any Participant who is a "specified employee" as defined in Section 409A(a)(2) and the regulations issued thereunder until at least six months following such Participant's separation from service or, if earlier, to such Participant's estate upon such Participant's death. Although the Plan is intended to comply with Section 409A of the Code, neither the Corporation nor any Employer will be liable for any taxes owed by the Participant with respect to amounts deferred under the Plan, including those arising under Section 409A. 5.13 Changes in Elections Regarding Time and Form of Payment Notwithstanding anything herein to the contrary, Participants shall have the opportunity to elect to change their prior payment elections with respect to their Annual Deferral Accounts, AIP Accounts, Performance Plan Accounts, Cash Balance Make-up Accounts, Savings Plan Make-Up Accounts and/or Prior Plan Accounts, as applicable, provided that such changes are elected in the manner prescribed by the Corporation no later than December 31, 2008. SECTION SIX Administration and General Provisions 6.1 Plan Administrator The Corporation shall be the "administrator" of the Plan within the meaning of the Employee Retirement Income Security Act of 1974, as amended.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 Committee Subject to the provisions of Section 6.1, the Committee shall be vested with the general administration of the Plan. The Committee shall have the exclusive right to interpret the Plan provisions and to exercise discretion where necessary or appropriate in the interpretation and administration of the Plan and to decide any and all matters arising thereunder or in connection with the administration of the Plan. The decisions, actions and records of the Committee shall be conclusive and binding upon the Corporation and all other Employers and all persons having or claiming to have any right or interest in or under the Plan. The Committee may delegate to such officers, employees or departments of the Corporation such authority, duties, and responsibilities of the Committee as it, in its sole discretion, considers necessary or appropriate for the proper and efficient operation of the Plan, including, without limitation, (a) interpretation of the Plan, (b) approval and payment of claims, and (c) establishment of procedures for administration of the Plan. 6.3 Participation by Other Employers (a) Adoption of Plan. With the consent of the Corporation, any corporation may become a participating Employer under the Plan by (i) taking such action as shall be necessary to adopt the Plan, (ii) filing with the Corporation a duly certified copy of the resolution of the board of directors of such corporation adopting the Plan, and (iii) executing and delivering such instruments and taking such other actions as may be necessary or desirable to put the Plan into effect with respect to such corporation. (b) Withdrawal from Participation Any Employer may withdraw from participation in the Plan at any time by filing with the Corporation a duly certified copy of a resolution of its board of directors to that effect and giving notice of its intended withdrawal to the Corporation prior to the effective date of withdrawal. (c) Corporation as Agent for Employers Each corporation which shall become a participating Employer pursuant to Section 6.3(a) by so doing shall be deemed to have appointed the Corporation its agent to exercise on its behalf all of the powers and authorities hereby conferred upon the Corporation by the terms of the Plan, including, but not by way of limitation, the power to amend and terminate the Plan. 6.4 General Provisions (a) The Corporation shall make no provision for the funding of any benefits payable hereunder that (i) would cause the Plan to be a funded plan for purposes of Section 404(a)(5) of the Code, or Title I of the Employee Retirement Income Security Act of 1974, as amended, or (ii) would cause the Plan to be other than an "unfunded and unsecured promise to pay money or other property in the future" under Treasury Regulations section 1.83-3(e); and shall have no obligation to make any arrangement for the accumulation of funds to pay any amounts under this Plan. (b) In the event that the Corporation shall decide to establish an advance accrual reserve on its books against the future expense of the Plan, such reserve shall not under any circumstances be deemed to be an asset of this Plan but, at all times, shall remain a general asset of the Corporation, subject to the claims of the Corporation's creditors. (c) A person entitled to any amount under this Plan shall be a general unsecured creditor of the Corporation with respect to such amount.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 Claims Procedure If any Participant or other person believes he is entitled to benefits in an amount greater than those which he is receiving or has received, he may file a written claim with the Secretary of the Committee. Such claim shall state the nature of the claim, the facts supporting the claim, the amount claimed, and the address of the claimant. The Secretary of the Committee shall review the claim and shall, within 60 days after receipt of the claim, give written notice by registered or certified mail to the claimant of the Committee's decision with respect to the claim. The notice of the Committee's decision with respect to the claim shall be written in a manner designed to be understood by the claimant and, if the claim is wholly or partially denied, set forth the specific reasons for the denial, specific references to the pertinent Plan provisions on which the denial is based, a description of any additional material or information necessary for the claimant to perfect the claim and an explanation of why such material or information is necessary, and an explanation of the claim review procedure under the Plan. The Committee shall also advise the claimant that he or his duly authorized representative may request a review of the denial by the Chairperson of the Committee by filing with the Committee within 65 days after notice of the denial has been received by the claimant, a written request for such review. The claimant shall be informed that he may have reasonable access to pertinent documents and submit comments in writing to the Chairperson within the same 65-day period. If a request is so filed, review of the denial shall be made by the Chairperson within 60 days after receipt of such request, and the claimant shall be given written notice of the Chairperson's final decision. The notice of the Chairperson's final decision shall include specific reasons for the decision and specific references to the pertinent Plan provisions on which the decision is based and shall be written in a manner designed to be understood by the claimant. 6.6 Notices and Other Communications All notices, reports and statements given, made, delivered or transmitted to a Participant or any other person entitled to or claiming benefits under the Plan shall be deemed to have been duly given, made or transmitted when mailed by first class mail with postage prepaid and addressed to the Participant or such other person at the address last appearing on the records of the Corporation. A Participant or other person may record any change of his address from time to time by written notice filed with the Corporation. Written directions, notices and other communications from Participants or any other person entitled to or claiming benefits under the Plan to the Employers or the Corporation shall be deemed to have been duly given, made or transmitted either when delivered to such location as shall be specified upon the forms prescribed by the Corporation for the giving of such directions, notices and other communications or when mailed by first class mail with postage prepaid and addressed as specified upon such forms. 6.7 Records The Committee shall keep a record of all its proceedings and shall keep or cause to be kept all books of account, records and other data as may be necessary or advisable in its judgment for the administration of the Plan. 6.8 Non-assignability It is a condition of the Plan, and all rights of each Participant and any other person entitled to benefits hereunder shall be subject thereto, that no right or interest of any Participant or such other person in the Plan shall be assignable or transferable in whole or in part, either directly or by operation of law or otherwise, including, but not by way of limitation, execution, levy, garnishment, attachment, pledge or bankruptcy, but excluding rights or interests arising by reason of death or mental incompetency, and no right or interest of any Participant or other person in the Plan shall be liable for, or subject to, any obligation or liability of such Participant or other person, including claims for alimony or the support of any spouse or child.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.9 Employment Non-contractual The Plan shall not be interpreted as conferring any right upon any employee to continue in employment. Nothing herein contained shall be deemed to constitute a contract of employment between any Employer and any employee, to give any employee the right to be retained in the employment of any Employer, or to interfere with the rights of an Employer to discharge any employee at any time. 6.10 Employer's Option to Fund Benefits Nothing in this Plan shall be interpreted as requiring any Employer to set aside any of its assets for the purpose of funding its obligation under this Plan. No person entitled to benefits under this Plan shall have any right, title or claim in or to any specific assets of any Employer, but shall have the right only as a general creditor of his Employer to receive benefits from his Employer on the terms and conditions herein provided. Notwithstanding the foregoing, any obligation of an Employer under this Plan to a Participant or another person entitled to payments in respect of the Participant shall be offset by any payments to the Participant or another person from any trust or other funding medium established by the Employers for the purpose of providing benefits of this Plan. 6.11 Governing Law The Plan shall be construed regulated and administered in accordance with the internal laws of the State of Illinois, except to the extent superseded by the Code or ERISA. 6.12 Litigation/Statute of Limitations Except for actions to which the statute of limitations prescribed by Section 413 of ERISA applies, (a) no legal or equitable action under Section 502 of ERISA may be commenced later than one year after the claimant receives a final decision from the Committee in response to the claimant's request for review of the denied claim pursuant to Section 6.5 and (b) no other legal or equitable action involving the Plan may be commenced later than two years from the time the person bringing an action knew, or had reason to know, of the circumstances giving rise to the action. This provision shall not bar the Plan or its fiduciaries from (x) recovering overpayments of benefits or other amounts incorrectly paid to any person under the Plan at any time or (y) bringing any legal or equitable action against any party. Furthermore, no legal or equitable action under Section 502 of ERISA may be commenced prior to exhaustion of the process described in Section 6.5. 6.13 Litigation/Forum Any legal action involving the Plan that is brought by any Participant, beneficiary or other person must be brought in the United States District Court for the Northern District of Illinois and no other federal or state court. 6.14 Correction of Erroneous Payments and Overpayments If payment is made under the Plan to any individual or estate to whom no payment should have been made or the amount paid to an individual or estate exceeds the amount to which such individual or estate is entitled under the Plan, the Corporation shall have an equitable lien on the erroneous payment or the overpayment. The Corporation, acting through its benefits department or successor department, may correct the erroneous payment or the overpayment using any one or a combination of the following methods: (a) the Corporation may offset, set off, or obtain restitution of all or any part of future payments from the Plan to the individual or any individual claiming benefits through such individual until the erroneous payment or the overpayment is entirely recouped by the Corporation; and (b) the Corporation may request the individual (or any individual claiming through such individual) or estate to repay to the Corporation the amount of the erroneous payment or the overpayment and, if repayment is not made voluntarily, take any action deemed by the Corporation to be reasonable and necessary to compel repayment.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.15 Payments Due to Missing Participants If the Corporation is unable to make payment to any person to whom a payment is due under the Plan because it cannot ascertain the identity or whereabouts of such person, and if more than six years after such payment is due, a notice of payment so due is mailed by the Corporation to the last known address of such person as shown on the records of the Corporation and within three months after such mailing such person has not made written claim therefor, the Corporation may direct that such payment and all remaining payments otherwise due to such person be cancelled. Furthermore, no amount shall be cancelled under this Section unless the administrator verifies to the Committee that he has furnished to such Participant, when the Participant first became entitled to receive a distribution from his Account, an individual statement setting forth the nature, amount and form of the nonforfeitable amounts to which the Participant is entitled. Any amount so cancelled shall be restored by the Corporation if and when the same shall be claimed by such person entitled to receive it. 6.16 Headings The headings of the Sections in this Plan are used for reference only and in the case of any conflict the text of the Plan, rather than such headings, shall control. 6.17 Gender and Plurals Masculine pronouns include the feminine as well as the masculine gender, and words used in the singular include the plural, wherever appropriate. SECTION SEVEN Amendment and Termination 7.1 Amendment of the Plan The Plan may be wholly or partially amended or otherwise modified at any time by the Board of Directors or by a committee of the Board of Directors as designated thereby from time to time. 7.2 Termination of the Plan The Plan may be terminated at any time by the Board of Directors. Notwithstanding anything herein to the contrary, payments to Participants upon Plan termination shall be made in accordance with the requirements of Section 409A of the Code and the regulations issued thereunder.

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## Exhibit 10.6

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1 Ingredion Incorporated Stock Incentive Plan Global Performance Share Agreement Pursuant to this Global Performance Share Agreement (this "Award Agreement") and its accompanying Notice of Grant of Performance Shares (the "Grant Notice"), Ingredion Incorporated (the "Company") has granted the Participant an award of Performance Shares (this "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, the Grant Notice or in this Award Agreement, as applicable. If there is any inconsistency between the terms of the Grant Notice, 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 the Grant Notice and 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). The Grant Notice and this Award Agreement (including the Addendum to this Award Agreement) collectively constitute the "Agreement" under the Plan that shall relate to this Award. The Agreement and the Plan together govern the Participant's rights under this Award and the Plan and set forth all of the conditions and limitations affecting such rights. 1. Award Determination. Subject to the provisions of the Agreement and the provisions of the Plan, and as further described in the Grant Notice: (a) The Company hereby grants to the Participant the number of Performance Shares ("PSUs"), set forth in the Grant Notice ("Target Award"), each of which will have a value equivalent to one share of the Company's Common Stock (a "Share"); (b) The number of PSUs the Participant is eligible to earn shall be based on the attainment of the Performance Goals at the end of the Performance Period, as determined and certified in writing by the People, Culture and Compensation Committee ("Committee") of the Board of Directors of the Company ("Board"); and (c) This Award represents the right to receive in the future (i) a number of whole Shares equal to the number of PSUs earned at the end of the Performance Period, or (ii) a cash payment equal to the product of the number of PSUs earned at the end of the Performance Period and the Fair Market Value of one Share on such vesting date or (ii) a combination of the foregoing. 2. Termination Provisions. Except as provided below (including, as applicable, Section 10(a) hereof), the Participant (or their legal representative) shall be eligible for payment with respect to the number of PSUs earned at the end of the Performance Period, as determined pursuant to the Grant Notice, only if the Participant's employment with or service to the Company or any of its Subsidiaries or affiliates (as applicable, the "Company Group") continues through the end of the Performance Period. If the Participant's employment with or service to the Company Group terminates prior to the end of the Performance Period due to the Participant's retirement on or after (i) age sixty-five (65), (ii) age sixty- two (62) with a minimum of five (5) years of continuous employment with or service to the Company Group or (iii) age fifty-five (55) with a minimum of ten (10) years of continuous employment with or service to the Company Group (in the case of each termination described in (i), (ii) or (iii), a "Retirement"), then, subject to the Committee's approval, a pro-rated payment (based on the number of days of the Participant's continued employment during the Performance Period divided by the total days in the Performance Period) will be payable at the end of the Performance Period of such portion of this Award which would have been paid to the Participant (or his or her legal representative) for such Performance Period, based on the attainment of actual performance results. Notwithstanding the foregoing, the Participant will not be deemed to have terminated his or her employment due to Retirement

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2 unless the following process has been followed: (i) for all Participants other than the Company's Chief Human Resources Officer (the "CHRO"), the Participant provides the CHRO (or designee) with at least six (6) months advance notice of the Participant's intent to terminate their employment due to Retirement; or (ii) if the Participant is the CHRO, the Participant provides the Chief Executive Officer (or designee) with at least six (6) months advance notice of the Participant's intent to terminate his or her employment due to Retirement. In the event (i) the Participant's employment with the Company Group is terminated due to death or (ii) the Company Group terminates the Participant's employment as a result of the Participant's disability (meaning permanent and total disability as determined under the procedures established by the Company Group for purposes of its Long Term Disability Plan), in either case, prior to the end of the Performance Period, then a pro-rated payment of the Target Award (based on the number of days of the Participant's continued employment during the Performance Period divided by the total days in the Performance Period) will be payable within sixty (60) days after such termination, without regard to any attainment of actual performance results. If the Participant's employment with or service to the Company Group terminates prior to the end of the Performance Period under any other circumstances, then this Award shall, except as otherwise authorized by the Committee pursuant to the following paragraph, be forfeited to and cancelled by the Company. Notwithstanding the foregoing, the Committee, in its sole discretion and taking into consideration the performance of the Participant and the performance of the Company during the Performance Period, may authorize a payment to the Participant (or his or her legal representative) at the end of the Performance Period in excess of what would otherwise be payable pursuant to the preceding paragraphs, as applicable. 3. Dividend Equivalent Rights. The Participant shall not have the right to vote any of the Shares underlying the PSUs or to receive dividends on them prior to the date such Shares are issued to the Participant pursuant to the terms of the Agreement. During the Performance Period, the Participant (or his or her legal representative) shall be entitled to earn dividend equivalents related to the PSUs equal in amount to the dividends declared, prior to the settlement of the PSUs, on the Shares underlying the PSUs. Dividend equivalent amounts shall be payable with respect to the number of PSUs that are earned pursuant to the terms of the Agreement and shall be paid or distributed in cash at the same time the Shares or Other Share Equivalents (as defined below) underlying vested PSUs are distributed to the Participant in accordance with the Agreement. 4. Form and Timing of Payment of PSUs. (a) Except as provided in Section 2, payment of this Award shall be made to the Participant (or their legal representative) no later than two and one-half (2.5) months after the end of the Performance Period. Payment of this Award shall be made subject to the following: (i) The Participant shall have no rights with respect to any Shares or any dividend equivalent rights that relate to this Award until such Shares or Other Share Equivalents shall be issued or paid, as applicable, if at all, to the Participant. (ii) If the Committee determines, in its sole discretion, that the Participant at any time has willfully engaged in any activity that the Committee, in its sole discretion, determines was or is harmful to the Company, any unpaid portion of this Award will be forfeited by the Participant. (b) Except as otherwise provided in the following sentence, PSUs awarded, if any, will be settled only in Shares. Notwithstanding the foregoing, if the Participant is a resident or employed outside of the United States, the Company may, in its sole discretion, settle this Award in the form of a

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3 cash payment equal in the value of the Shares that would otherwise be payable hereunder ("Other Share Equivalents"), to the extent settlement in Shares: (i) is prohibited under local law; (ii) would require the Participant, the Company and/or its Subsidiaries or affiliates to obtain the approval of any governmental and/or regulatory body in the Participant's country of residence (or country of employment, if different); (iii) would result in adverse tax consequences for the Participant or the Company; or (iv) is administratively burdensome. Alternatively, the Company may, in its sole discretion, settle the PSUs in Shares but require the Participant to sell such Shares immediately or within a specified period following the Participant's termination of employment (in which case, the Agreement shall give the Company the authority to issue sales instructions on the Participant's behalf). (c) Subject to the terms of the Ingredion Incorporated Supplemental Executive Retirement Plan, the Participant may defer receipt of all or any portion of the PSUs awarded hereunder, upon such terms and conditions stated in the deferral election form prescribed by the Company, by filing such written election with the CHRO no later than six (6) months prior to the termination of the Performance Period, provided such election is made in a manner which complies with the requirements of Section 409A of the Internal Revenue Code ("Section 409A of the Code") and/or other applicable laws. Deferrals may only be made into the Ingredion Incorporated phantom unit investment option under the Ingredion Incorporated Supplemental Executive Retirement Plan or a successor to that investment option. 5. Non-transferability. Neither the PSUs nor any rights thereunder (including dividend equivalent rights described in Section 3 above) may be sold, transferred, assigned, pledged, hypothecated or otherwise encumbered or disposed of, except as provided in the Plan or the Agreement. 6. Income Tax and Social Insurance Contribution Withholding. Prior to the issuance or delivery of any Shares, the Company or the Subsidiary or affiliate that employs the Participant (the "Employer") (if applicable) shall have the right to require the Participant 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 PSUs. Such obligation shall be satisfied either: (a) In the case of payment of Other Share Equivalents and dividend equivalents pursuant to this Award, by the Company or Employer withholding an amount of cash which would otherwise be payable to the Participant, in the amount necessary to satisfy any such obligation; (b) In the case of payment of Shares pursuant to this Award, by the Company by withholding whole Shares which would otherwise be delivered to the Participant, having an aggregate Fair Market Value determined as of the date the obligation to withhold or pay taxes arises in connection with the PSUs (the "Tax Date"), or by the Company or Employer withholding an amount of cash which would otherwise be payable to the Participant, in the amount necessary to satisfy any such obligation; or (c) In the case of payment of Shares pursuant to this Award, by the Participant 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 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 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 the Participant, equal to the amount necessary to satisfy any such obligation, or (iv) any combination of (i), (ii) and (iii).

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4 Regardless of any action the Company or the Employer (if applicable) takes with respect to any or all Tax-Related Items, the Participant acknowledges and agrees that the ultimate liability for all Tax-Related Items legally due by the Participant is and remains the Participant's 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 PSUs or the Shares issued as a result of the settlement of the PSUs, and (ii) do not commit to structure the terms of this Award (or any aspect of the PSUs) to reduce or eliminate the Participant's liability for Tax-Related Items. 7. Participant Data Privacy. The Participant hereby explicitly and unambiguously consents to the collection, use, disclosure, processing and transfer, in electronic or other form, of the Participant's 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 the Participant's participation in the Plan. The Participant understands 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, the Participant's 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 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"). The Participant understands that we may share Participant's 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 the Participant's country or elsewhere, and the recipient's country may have different data privacy laws and protections than the Participant's country. The Participant understands that the Participant 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 the Participant's 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 Participant's Personal Data with third parties to help detect and protect against fraud or data security vulnerabilities. And we may transfer Participant's Personal Data to a third party in the event of a sale, merger, reorganization of our entity or other restructuring. The Participant authorizes the recipients of the Participant's 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 the Participant's 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 the Participant may elect to deposit any Shares acquired. The Participant understands that Personal Data will be held as long as is necessary to implement, administer and manage the Participant's participation in the Plan. The Participant understands that the Participant 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.

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5 The Participant understands, however, that refusing or withdrawing the Participant's consent may affect the Participant's ability to participate in the Plan. For more information on the consequences of the Participant's refusal to consent or withdrawal of consent, the Participant understands that the Participant may contact the Global Total Rewards team. Finally, upon request of the Company or the Employer, the Participant agrees 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 the Participant for the purpose of implementing, administering and maintaining the Participant's participation in the Plan in compliance with the data privacy laws in the Participant's country, either now or in the future. The Participant understands and agrees that he or she will be unable to participate in the Plan if the Participant fails to provide any such consent or agreement requested by the Company and/or the Employer. 8. Administration. The Agreement and the rights of the Participant hereunder 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 Committee may adopt for administration of the Plan. 9. Clawback Policy. The Agreement and the PSUs 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. 10. Miscellaneous. (a) Change in Control. Notwithstanding the effect that Section 5.8(a)(1) of the Plan would otherwise have, unless otherwise determined by the Board or as otherwise required under 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): (i) The Performance Period will be deemed to have lapsed, the Performance Goals shall be deemed satisfied at the target level, the PSUs will be considered earned and the Target Award amount will be paid out in accordance with the Plan as a result of such Change in Control upon the earliest to occur of (A) the last day of the Performance Period, subject to the Participant's continued employment or service through such date, (B) the termination of the Participant's 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 the Participant's employment with the Company Group due to the Participant's resignation for Good Reason (as defined below) within the Protection Period. Such deemed earned PSUs shall be paid out as soon as administratively practicable following the last day of the Performance Period or the Participant's termination of employment following such Change in Control (but in no event later than thirty (30) days thereafter); and (ii) There shall be substituted for each Share relating to the PSUs 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, "Cause" shall mean: (i) The Participant's willful engagement in conduct which involves dishonesty or moral turpitude which either (A) results in the Participant's substantial personal enrichment at the expense of the Company Group or (B) is demonstrably and materially injurious to the

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6 financial condition or reputation of the Company Group or (C) is a material violation of the Company's Code of Conduct; (ii) The Participant's willful violation of any provision of Section 11 of this Agreement, as well as the Employee Confidentiality and Intellectual Property Assignment Agreement, and Employee Restrictive Covenant Agreement, entered into between the Company Group and the Participant, all of which remain in full effect and survive to afford the Company Group the greatest protection allowed by law; (iii) The commission by the Participant of a felony; or (iv) The Participant's failure or refusal to perform the duties or responsibilities of their 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, the Participant shall not be deemed to have been terminated for Cause unless and until there shall have been delivered to the Participant a written notice of termination from the Committee after reasonable notice to the Participant and an opportunity for the Participant, together with their counsel, to be heard before the Committee (or designee), finding that, in the good faith opinion of such Committee (or designee), the Participant was guilty of conduct set forth above in clauses (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 the Participant's consent: (i) A material reduction in the Participant's base salary, unless reduction is applied uniformly to all Section 16 Officers; (ii) A change in the geographic location where the Participant must perform services of more than a fifty (50) mile radius from the Participant's designated office location, and that also substantially increases the Participant's commute time to such new geographic location from the Participant's residence, unless location change is applied uniformly to all similarly situated Section 16 Officers; or (iii) A material reduction in the Participant's duties or responsibilities, excluding any change in title, position or reporting relationship. Notwithstanding the foregoing, the Participant will not be deemed to have resigned for Good Reason unless (A) the Participant provides the Committee (or designee) with written notice setting forth in reasonable detail the facts and circumstances claimed by the Participant 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) the Participant terminates his or her employment within thirty (30)-days after the end of such cure period. For the avoidance of doubt, the Participant's termination of employment shall be for Good Reason, if the Participant has satisfied the Good Reason Conditions, notwithstanding that the

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7 Participant may have other reasons for terminating employment, including an offer of employment by another employer that the Participant desires to accept. (b) Continuation of Employment. The Agreement shall not give the Participant any right to continuation of employment by the Company, its affiliates, and/or its Subsidiaries, nor shall the Agreement interfere in any way with the Company Group's right to terminate the Participant's employment at any time, except to the extent expressly provided otherwise in a written agreement between Participant and the Company Group or prohibited by law. The Participant or any person claiming under or through the Participant shall not have any right or interest in the Plan or any Award thereunder, unless and until all terms, conditions and provisions of the Plan that affect the Participant have been complied with as specified herein. (c) Nature of this Award. In accepting this Award, the Participant acknowledges that: (i) 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 Agreement; (ii) the grant of the PSUs is voluntary and occasional and does not create any contractual or other right to receive future grants of PSUs, or benefits in lieu of PSUs, even if PSUs have been granted repeatedly in the past; (iii) all decisions with respect to future grants, if any, will be at the sole discretion of the Company; (iv) the Participant's participation in the Plan is voluntary; (v) the PSUs and any Shares with respect to the PSUs 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; (vi) the grant of PSUs is provided for future services to the Company and its affiliates and is not under any circumstances to be considered compensation for past services; (vii) in the event that the Participant is an employee of an affiliate or Subsidiary of the Company, the grant 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 the Participant's employer; (viii) the future value of the underlying Shares is unknown and cannot be predicted with certainty; (ix) no claim or entitlement to compensation or damages arises from forfeiture or termination of the PSUs or diminution in value of the PSUs or the Shares, and the Participant irrevocably releases the Company, its affiliates and/or its Subsidiaries from any such claim that may arise; (x) in the event of involuntary termination of the Participant's employment, the Participant's right to receive PSUs and/or Shares 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, the Participant's right to earn the PSUs after such termination of employment, if any, will be measured by the date of termination of the Participant's active employment and will not be extended by any notice period mandated under local law; and (xi) if the Participant is a resident or employed outside the United States, neither the Company nor any of its Subsidiaries or affiliates shall be liable for any change in the value of the PSUs, the amount realized upon settlement of the PSUs or the amount realized upon a subsequent sale of any Shares, resulting from any fluctuation of the United States Dollar/local currency exchange rate. (d) Application of the Law. The granting of PSUs under the Plan, and the issuance or delivery of any certificate or certificates for Shares upon the vesting of such PSUs shall be subject to all applicable laws, rules, and regulations, and to such approvals by any governmental agencies or national securities exchanges as may be required. (f) Compliance with Section 409A of the Code. It is intended that the 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 Agreement and the Plan, it is intended that the Agreement and the Plan comply with the provisions of Section 409A of the Code. The Agreement and the Plan shall be administered and interpreted in a manner consistent with this intent. In the event that the Agreement or the Plan does not comply with

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8 Section 409A of the Code (to the extent applicable thereto), the Company shall have the authority to amend the terms of the Agreement or the Plan (which amendment may be retroactive to the extent permitted by Section 409A of the Code and may be made by the Company without the Participant's 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 the Participant with respect to any income recognized by the Participant in connection with the Agreement is guaranteed, and the Participant solely shall be responsible for any taxes, penalties, interest or other losses or expenses incurred by the Participant under Section 409A of the Code in connection with the Agreement. To the extent any amounts under the Agreement are payable by reference to the Participant's "termination of employment," such term shall be deemed to refer to the Participant's "separation from service," within the meaning of Section 409A of the Code. Notwithstanding any other provision in this Plan, if the Participant is a "specified employee," as defined in Section 409A of the Code, as of the date of the Participant's separation from service, then to the extent any amount payable under the Agreement (a) constitutes the payment of nonqualified deferred compensation, within the meaning of Section 409A of the Code, (b) is payable upon the Participant's separation from service, and (c) under the terms of the Agreement would be payable prior to the six (6)-month anniversary of the Participant's separation from service, such payment shall be delayed until the earlier to occur of (i) the six (6)-month anniversary of the Participant's separation from service or (ii) the date of the Participant's death. (g) Right to Amend or Terminate Agreement. With the approval of the Board, the Committee may terminate, amend, or modify the Agreement; provided, however, that no such termination, amendment, or modification of the Agreement may in any way adversely affect the Participant's rights under the Agreement without the Participant's written consent. (h) Governing Law. To the extent not preempted by U.S. federal law, the Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware, without regard to the conflicts of laws provisions thereof. Any disputes regarding the Agreement may be brought in the state or federal courts of the State of Delaware. (i) Severability. The invalidity or unenforceability of any provision of the Plan or the Agreement will not affect the validity or enforceability of any other provision of the Plan or the Agreement, and each provision of the Plan and the Agreement will be severable and enforceable to the extent permitted by law. (j) Waiver. The Participant understands that the waiver by the Company with respect to the Participant's compliance with any provision of the Agreement shall not operate or be construed as a waiver of any other provision of the Agreement, or of any subsequent breach of such party of a provision of the Agreement. (k) Not a Public Offering in Non-U.S. Jurisdictions. If the Participant is a resident or employed outside of the United States, neither the grant of the PSUs under the Plan nor the issuance of the underlying Shares is intended to be a public offering of securities in the Participant's 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 the Participant on whether he or she should accept a grant of PSUs under the Plan or provide the Participant with any legal, tax or financial advice with respect to the grant of PSUs. Before deciding to accept the grant of PSUs, the Participant should carefully consider all risk factors and tax considerations relevant to the acquisition of Shares under the Plan or the disposition of them. Further, the Participant should carefully review all of the materials related to the PSUs and the Plan, and the Participant should consult with his or her personal legal,

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9 tax and financial advisors for professional advice in relation to the Participant's personal circumstances. (l) Insider Trading/Market Abuse Laws. The Participant acknowledges that, depending on the Participant's or his or her broker's country of residence or where the Shares are listed, the Participant may be subject to insider trading restrictions and/or market abuse laws that may affect the Participant's ability to accept, acquire, sell or otherwise dispose of Shares, rights to Shares or rights linked to the value of Shares during such times the Participant is considered to have "inside information" regarding the Company as defined in the laws or regulations in the Participant's country. Local insider trading laws and regulations may prohibit the cancellation or amendment of orders the Participant placed before he or she possessed inside information. Furthermore, the Participant could be prohibited from (i) disclosing the inside information to any third party (other than on a "need to know" basis), and (ii) "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. The Participant acknowledges that it is his or her responsibility to comply with any restrictions and the Participant is advised to speak to his or her personal advisor on this matter. (m) Compliance with Local Law. If the Participant is a resident or employed outside of the United States, as a condition to the grant of this Award, the Participant agrees to repatriate all payments attributable to the Shares and/or cash acquired under the Plan in accordance with local foreign exchange rules and regulations in the Participant's country of residence (and country of employment, if different). In addition, the Participant agrees to take any and all actions, and consents to any and all actions taken by the Company and the Company's Subsidiaries and affiliates, as may be required to allow the Company and the Company's Subsidiaries and affiliates to comply with local laws, rules and regulations in the Participant's country of residence (and country of employment, if different). Finally, the Participant agrees to take any and all actions as may be required to comply with the Participant's personal legal and tax obligations under local laws, rules and regulations in the Participant's country of residence (and country of employment, if different). (n) Electronic Delivery. The Company may, in its sole discretion, decide to deliver any documents related to the PSUs or other awards granted to the Participant under the Plan by electronic means. The Participant hereby consents to receive such documents by electronic delivery and agrees 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. (o) English Language. If the Participant is a resident and/or employed outside of the United States, the Participant acknowledges and agrees that it is the Participant's express intent that the Agreement, the Plan and all other documents, notices and legal proceedings entered into, given or instituted pursuant to the PSUs, be drawn up in English. If the Participant has received the Agreement, the Plan or any other documents related to the PSUs 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. (p) Addendum to Agreement. Notwithstanding any provision of the Agreement to the contrary, the PSUs shall be subject to such special terms and conditions for the Participant's 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"). Further, if the Participant transfers residence and/or employment to another country reflected in the Addendum, the special terms and conditions for such country will apply to the Participant to the extent the Company determines, in its sole discretion, that the application

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10 of such terms and conditions is necessary or advisable to comply with local laws, rules and/or regulations or to facilitate the operation and administration of the PSUs and the Plan (or the Company may establish alternative terms and conditions as may be necessary or advisable to accommodate the Participant's transfer). The Addendum shall constitute part of the Agreement. (q) Additional Requirements. The Company reserves the right to impose other requirements on the PSUs, any Shares acquired pursuant to the PSUs, and the Participant's 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/or regulations, or to facilitate the administration of this Award and the Plan. Such requirements may include (but are not limited to) requiring the Participant to sign any agreements or undertakings that may be necessary to accomplish the foregoing. 11. Non-Competition and Non-Solicitation. In consideration of this Award, Participant agrees and covenants not to: (a) During Participant's employment and for 12 months following Participant's termination of employment for any reason with the Company Group, Participant shall not directly or indirectly, in whole or in part, engage in any Competitive Activities within any geographic area in which Participant provided services for or otherwise impacted the Company Group. "Competitive Activities" includes contributing Participant's 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. i. For purposes of this Section 11(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. ii. Notwithstanding the above definition of Business, following Participant's termination of employment with the Company Group for any reason, the definition of Business shall include those areas of the Business in which Participant, during the 12-month period before Participant's termination of employment with the Company Group, performed services for the Company Group in that area of the Business. (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 Participant's employment and for 12 months following Participant's termination of employment with the Company Group; and (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 Participant's employment with the Company Group and for a period of 12 months following Participant's termination of employment with the Company Group.

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11 (d) Notwithstanding the foregoing, to the extent Participant is a licensed attorney, nothing in Section 11(a) shall be interpreted to, or is intended to, restrict Participant's ability to practice law or seek Participant's agreement that Participant will take any action that conflicts with any ethical rights or obligations they have, or might have at the time Participant terminates employment with the Company Group, under any applicable rules of professional conduct regarding the restrictions on the right to practice law, including, without limitation, as generally outlined in Rule 5.6 of the ABA Model Rules of Professional Conduct, applicable to Participant as a licensed attorney. Section 11(a) applies to Participant's performance of any business-related activities. (e) Notwithstanding the foregoing, if Participant primarily resides and works in California, the restrictions set forth in Sections 11 and 12 and their subparts shall not apply after Participant 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. (f) Notwithstanding the foregoing, if Participant primarily resides and works in Oklahoma or Minnesota the restrictions set forth in Section 11(a) and its subparts shall not apply after Participant's employment with the Company Group ends. Notwithstanding the forgoing, if Participant primarily resides and works in North Dakota, the restrictions set forth in Section 11(a) and its subparts and Section 11(c) shall not apply after Participant's 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 11 and its subparts seeks to protect is consistent with the definition of Trade Secret under WY Stat § 6-3-501. (g) Participant agrees that the restrictions set forth in Section 11 and its subparts 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. 12. Enforcement of Non-Competition and Non-Solicitation Restrictions. In the event of a breach or threatened breach by Participant of any of the covenants contained in Section 11: a. Any unvested portion of this 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; b. If the Company pursues legal action to secure Participant's compliance with Section 11 this Award Agreement, Participant 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 Participant's 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. c. Participant hereby consents and agrees 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

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12 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 d. The running of the timer periods set forth in Section 11 shall be tolled during the period of any breach by Participant of Section 11 and during the period of any dispute involving the breach, applicability, scope, duration, or other aspect of any of the provisions of Sections 11 and 12, 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 11 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. 13. Acknowledgment and Right to Counsel. Participant acknowledges that prior to executing this Award Agreement, Participant received a copy of this Award Agreement in advance of the date Participant was expected to sign it. Participant read all of the provisions contained herein, including Sections 11 and 12 of this Award Agreement, and all questions Participant had about the Award Agreement were answered to their satisfaction. Participant understands that they have a right to consult with an attorney and acknowledge that they have been advised to consult with an attorney and provided to opportunity to see the advice of an attorney of Participant's choice before signing this Award Agreement. Ingredion Incorporated \* \* \* \* \*

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13 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. Documentation 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. No Public Offer 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. Transferability 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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14 from time to time. Independent Advice Recommended 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. No Additional Entitlements 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. No Effect on Employment-Related Rights 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 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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15 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. No Substantive Employer Involvement 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. Electronic Communications 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 Data Protection 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. Risk Warnings 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. Insider Trading and Market Abuse 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

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16 that the Company Group is not liable for any loss due to such rules or for any breaches of such rules by you. Exchange Control and Resale Obligations 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. Tax and Withholding 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. 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. Mobile Employees If you are a mobile employee, meaning that you are based in different jurisdictions during the course of

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17 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. English Language 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. Governing Law 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. Severability 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. Adequate Information 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; (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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&nbsp;&nbsp;&nbsp;&nbsp;18 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") Securities Laws. 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. Securities Laws. 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, 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.

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&nbsp;&nbsp;&nbsp;&nbsp;19 2. Labor Law. 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. Data Privacy. 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. Shareholder Approval Requirement. 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. Corporations Act. 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. Advice. 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. Information. 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. Share Price. 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. 6. Risk Warning. 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.

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&nbsp;&nbsp;&nbsp;&nbsp;20 7. Data Protection. 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. Tax deferral. 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. Labor Law Acknowledgment. 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. Securities Laws. 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. Risk Warning. 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. CANADA 1. Use of Previously Owned Shares. 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. Settlement in Shares. 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

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&nbsp;&nbsp;&nbsp;&nbsp;21 in cash). 3. Securities Laws. 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. English Language. 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. Cash settlement. 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. Administration. 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 1. Securities Laws. 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. Consent. 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

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&nbsp;&nbsp;&nbsp;&nbsp;22 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 Securities Laws. 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 Securities Laws. 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. Commercial Relationship. 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

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&nbsp;&nbsp;&nbsp;&nbsp;23 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. Extraordinary Item of Compensation. 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. Securities Laws. 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). PERU 1. Labor Law Acknowledgement. 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 Securities Laws. 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 Securities Laws. 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

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&nbsp;&nbsp;&nbsp;&nbsp;24 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. Exchange Control Obligations. 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. Securities Laws and Acceptance of the Award. 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 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

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&nbsp;&nbsp;&nbsp;&nbsp;25 1. Securities Laws. 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. Advice. 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 \* \*

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## Exhibit 10.18

![](ingr-20251231xex1018001.jpg)

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 vest in three (3) installments on the first three (3) anniversaries of the grant date as follows: (one-third (1/3) of the Restricted Stock Units will vest on the first anniversary, one-third (1/3) will vest on the second anniversary, and the final one-third (1/3) will vest on the third anniversary of the grant date) (each such anniversary, a "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). Ingredion, may, in its sole discretion, choose an alternative vesting schedule from that specified herein. Any such alternative vesting schedule will be provided in a separate document entitled Off Cycle Award Statement.

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2 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 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): (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 (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: (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; (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; (iii) The commission by you of a felony; or (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: (i) A material reduction in your base salary, unless reduction is applied uniformly to all Section 16 Officers; (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

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![](ingr-20251231xex1018003.jpg)

3 commute time to such new geographic location from your residence, unless location change is applied uniformly to all similarly situated Section 16 Officers; or (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. In the event your employment with the Company Group terminates due to your retirement on or after (i) age sixty-five (65), (ii) age sixty-two (62) with a minimum of five (5) years of continuous employment with or service to the Company Group or (iii) age fifty-five (55) with a minimum of ten (10) years of continuous employment with or service to the Company Group (in the case of each termination described in (i), (ii) or (iii), (a "Retirement"), the Restricted Stock Units awarded and/or credited under the Award Agreement will continue to vest in accordance with the original vesting schedule set forth in Section 2. Notwithstanding the foregoing, you will not be deemed to have terminated your employment due to Retirement unless the following process has been followed: (i) you provide the Company's Chief Human Resources Officer ("CHRO") (or designee) with at least six (6) months advance notice of your intent to terminate your employment due to Retirement; or (ii) if you are the CHRO, you must provide the Chief Executive Officer (or designee) with at least six (6) months advance notice of your intent to terminate your employment due to Retirement . 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

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4 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: (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 (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,

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5 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 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. 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 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").

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6 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 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

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7 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. 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.

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8 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 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: 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

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9 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. 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. 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. 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 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. 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, 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. 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. 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

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10 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. 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: 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; 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. 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 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. 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

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11 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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12 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. Documentation 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. No Public Offer 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. Transferability 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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13 from time to time. Independent Advice Recommended 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. No Additional Entitlements 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. No Effect on Employment-Related Rights 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 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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14 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. No Substantive Employer Involvement 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. Electronic Communications 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 Data Protection 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. Risk Warnings 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. Insider Trading and Market Abuse 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

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15 that the Company Group is not liable for any loss due to such rules or for any breaches of such rules by you. Exchange Control and Resale Obligations 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. Tax and Withholding 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. 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. Mobile Employees If you are a mobile employee, meaning that you are based in different jurisdictions during the course of

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![](ingr-20251231xex1018016.jpg)

16 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. English Language 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. Governing Law 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. Severability 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. Adequate Information 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; (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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![](ingr-20251231xex1018017.jpg)

17 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") Securities Laws. 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. Securities Laws. 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, 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.

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![](ingr-20251231xex1018018.jpg)

18 2. Labor Law. 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. Data Privacy. 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. Shareholder Approval Requirement. 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. Corporations Act. 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. Advice. 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. Information. 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. Share Price. 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. 6. Risk Warning. 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.

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![](ingr-20251231xex1018019.jpg)

19 7. Data Protection. 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. Tax deferral. 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. Labor Law Acknowledgment. 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. Securities Laws. 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. Risk Warning. 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. CANADA 1. Use of Previously Owned Shares. 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. Settlement in Shares. 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

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![](ingr-20251231xex1018020.jpg)

20 in cash). 3. Securities Laws. 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. English Language. 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. Cash settlement. 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. Administration. 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 1. Securities Laws. 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. Consent. 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

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![](ingr-20251231xex1018021.jpg)

21 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 Securities Laws. 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 Securities Laws. 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. Commercial Relationship. 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

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![](ingr-20251231xex1018022.jpg)

22 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. Extraordinary Item of Compensation. 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. Securities Laws. 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). PERU 1. Labor Law Acknowledgement. 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 Securities Laws. 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 Securities Laws. 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

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![](ingr-20251231xex1018023.jpg)

23 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. Exchange Control Obligations. 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. Securities Laws and Acceptance of the Award. 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 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

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![](ingr-20251231xex1018024.jpg)

24 1. Securities Laws. 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. Advice. 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 \* \*

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## Exhibit 10.26

**Exhibit 10.26**

**Summary of Non-Employee Director Compensation**

The following summary describes the individual components of the non-employee director compensation of Ingredion Incorporated (the "**Company**") in 2026.

Effective January 1, 2026, each non-employee director is entitled to an annual retainer of $275,000, which consists of (i) an annual cash retainer of $105,000, paid in four equal quarterly installments on the last business day of each 2026 calendar quarter, with the exception of the fourth calendar quarter installment, which shall be paid on the date in December 2026 of the People, Culture, and Compensation ("**PCC**") committee meeting and (ii) an annual equity retainer with a targeted value of $170,000 in Company restricted stock units with one-year cliff vesting issued under the Company's 2023 Stock Incentive Plan (the "**2023 SIP**"), which shall be granted on May 20, 2026, the date of the Company's 2026 annual stockholder meeting.

The timing of equity grants will transition in 2026 from a calendar-year basis to a twelve-month basis centered around the Company's annual stockholder meeting. Service during the period from January 1, 2026 to May 19, 2026, will continue to be compensated under the prior compensation plan, so in addition to the $170,000 of targeted equity value above, in 2026 only, each non-employee director will receive (i) an equity retainer of $42,500 in Company common stock under the 2023 SIP on March 31, 2026 to cover the period from January 1, 2026 to March 31, 2026, and (ii) an equity retainer with targeted value of $22,884.62 in Company restricted stock units with one-year cliff vesting issued under the 2023 SIP, which shall be granted on May 20, 2026, the date of the Company's 2026 annual stockholder meeting.

The following additional payments shall also be made. If the Chairman of the Board is an independent director, the Company's Chairman of the Board receives an additional annual retainer of $175,000, which consists of 100% cash and shall be paid in equal quarterly installments on the same dates as the cash retainer installments. If there is a Lead Director instead of an independent Chairman of the Board, the Company's Lead Director receives an additional annual retainer of $40,000, which consists of 100% cash and shall be paid in equal quarterly installments on the same dates as the cash retainer installments.

The chair of the Audit Committee receives an additional annual retainer of $25,000, which consists of 100% cash and shall be paid in equal quarterly installments on the same dates as the cash retainer installments. The chair of the PCC committee receives an additional annual retainer of $20,000, which is consists of 100% cash and shall be paid in equal quarterly installments on the same dates as the cash retainer installments. The chair of the Corporate Governance and Nominating Committee receives an additional annual retainer of $15,000, which consists of 100% cash and shall be paid in equal quarterly installments on the same dates as the cash retainer installments.

Under the Company's Amended and Restated Outside Director Deferred Compensation Plan, an unfunded, nonqualified deferred compensation plan, non-employee directors are entitled to defer all or a portion of their cash, including amounts received in connection with service as Chairman of the Board or a committee chair, into stock equivalent rights issued under the 2023 SIP. With respect to the stock grant issued on March 31, 2026, non-employee directors may defer this grant

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into restricted stock units with immediate vesting. If a deferral is elected by a non-employee director, settlement of the restricted stock units or stock equivalent rights is deferred until at least six months and no more than ten years and six months after the director's termination of service on the Board of Directors, at which time the restricted stock units will be settled in one or more installments by delivery of shares of common stock, and the stock equivalent rights will be settled in shares. In both cases, the equity administrator will process whole and fractional shares.

## Exhibit 21.1

**EXHIBIT 21.1**

**SUBSIDIARIES OF THE REGISTRANT**

The Registrant's subsidiaries as of February 17, 2026, are listed below showing the percentage of voting securities directly or indirectly owned by the Registrant. All other subsidiaries, if considered in the aggregate as a single subsidiary, would not constitute a significant subsidiary.

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| | | |
|:---|:---|:---|
|  | **Percentage of voting<br>securities directly or<br>indirectly owned by<br>the Registrant (1)** | **State or other Jurisdiction of<br>incorporation or<br>organization** |
| Amishi Drugs and Chemicals Pvt. Ltd. | 100% | India |
| Arrendadora Gefemesa, S.A. de C.V. | 100% | Mexico |
| Bedford Construction Company | 100% | New Jersey |
| Cali Investment LLC | 100% | Delaware |
| Colombia Millers Ltd. | 100% | Delaware |
| Corn Products Americas Holdings S.à r.l. | 100% | Luxembourg |
| Corn Products Development, Inc. | 100% | Delaware |
| Corn Products Inc. & Co. KG | 100% | Germany |
| Corn Products Kenya Limited | 100% | Kenya |
| Corn Products Mauritius (Pty) Ltd. | 100% | Mauritius |
| Corn Products Puerto Rico Inc. | 100% | Delaware |
| Corn Products Sales LLC | 100% | Delaware |
| Corn Products Southern Cone S.R.L. | 100% | Argentina |
| Crystal Car Line, Inc. | 100% | Illinois |
| Hispano-American Company, Inc. | 100% | Delaware |
| ICI Mauritius (Holdings) Limited | 100% | Mauritius |
| Ingredion (Thailand) Co., Ltd. | 100% | Thailand |
| Ingredion Aceites y Especialidades, S.A. de C.V. | 100% | Mexico |
| Ingredion ANZ Pty Ltd | 100% | Australia |
| Ingredion APAC EMEA Shared Services Sdn. Bhd. | 100% | Malaysia |
| Ingredion Argentina S.R.L. | 100% | Argentina |
| Ingredion Brasil Ingredientes Industriais Ltda. | 100% | Brazil |
| Ingredion Canada Corporation | 100% | Nova Scotia |
| Ingredion China Limited | 100% | China |
| Ingredion Colombia S.A. | 100% | Colombia |
| Ingredion Ecuador S.A. | 100% | Ecuador |
| Ingredion France S.A.S.U. | 100% | France |
| Ingredion Germany GmbH | 100% | Germany |
| Ingredion Global Business Services, S.A. de C.V. | 100% | Mexico |
| Ingredion Global Holdings, LLC | 100% | Delaware |
| Ingredion Holding LLC | 100% | Delaware |
| Ingredion Holdings (Thailand) Co., Ltd. | 100% | Thailand |
| Ingredion India Private Limited | 100% | India |
| Ingredion Japan K.K. | 100% | Japan |
| Ingredion Korea Holding LLC | 100% | Nevada |
| Ingredion Malaysia Sdn. Bhd. | 100% | Malaysia |
| Ingredion México, S.A. de C.V. | 100% | Mexico |
| Ingredion Netherlands B.V. | 100% | Netherlands |
| Ingredion Peru S.A. | 100% | Peru |

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| | | |
|:---|:---|:---|
| Ingredion Philippines, Inc. | 100% | Philippines |
| Ingredion Shandong Limited | 100% | China |
| Ingredion Singapore Pte. Ltd. | 100% | Singapore |
| Ingredion South Africa (Proprietary) Limited | 100% | South Africa |
| Ingredion Sweetener and Starch (Thailand) Co., Ltd. | 100% | Thailand |
| Ingredion Trading (Shanghai) Limited | 100% | China |
| Ingredion UK Limited | 100% | England and Wales |
| Ingredion Vietnam Company Limited | 100% | Vietnam |
| Inversiones Latinoamericanas S.A. | 100% | Delaware |
| KaTech Ingredient Solutions GmbH | 100% | Germany |
| KaTech Ingredient Solutions Ltd. | 100% | England and Wales |
| Katech Ingredient Solutions Sp.z o.o. | 100% | Poland |
| Laing-National Limited | 100% | England and Wales |
| PT. Ingredion Indonesia | 100% | Indonesia |
| Raymond & White River LLC | 100% | Indiana |
| The Chicago, Peoria and Western Railway Company | 100% | Illinois |
| I-Generation Inc. | 98% | Delaware |
| PCM Pure Circle de Mexico, S.A. de C.V. | 98% | Mexico |
| PureCircle (China) Limited | 98% | Hong Kong |
| PureCircle (Jiangxi) Co. Ltd. | 98% | China |
| PureCircle (S.E.A) Sdn Bhd | 98% | Malaysia |
| PureCircle (Shanghai) Co. Ltd. | 98% | China |
| PureCircle (UK) Limited | 98% | England and Wales |
| PureCircle Africa Limited | 98% | Kenya |
| PureCircle China Agriculture Development Co. Ltd. | 98% | China |
| PureCircle Company LLC | 98% | Delaware |
| PureCircle Company UK Limited | 98% | England and Wales |
| PureCircle do Brasil Comercio, Importacao e Exportacao Ltda. | 98% | Brazil |
| PureCircle Limited | 98% | England and Wales |
| PureCircle Mexico, S.A. de C.V. | 98% | Mexico |
| PureCircle Natural Ingredient India Private Limited | 98% | India |
| PureCircle Sdn. Bhd. | 98% | Malaysia |
| PureCircle South America Sociedad Anonima | 98% | Paraguay |
| PureCircle USA Holdings Inc. | 98% | Delaware |
| PureCircle USA Inc. | 98% | Delaware |
| Rafhan Maize Products Co. Ltd. | 71% | Pakistan |
| Mannitab Pharma Specialities Pvt. Ltd. | 65% | India |

---

___________________________

(1) With respect to certain companies, shares in the names of nominees and qualifying shares in the names of directors are included in the above percentages.

## Exhibit 23.1

**Exhibit 23.1**

**Consent of Independent Registered Public Accounting Firm**

The Board of Directors<br>Ingredion Incorporated:

We consent to the incorporation by reference in the registration statements (Nos. 333-33100, 333-43479, 333-43525, 333-71573, 333-75844, 333-105660, 333-1133746, 333-129498, 333-143516, 333-160612, 333-171310, 333-208668, 333-235579, 333-256553, 333-272206) on Form S-8 and (No. 333-291371) on Form S-3 of our reports dated February 17, 2026, with respect to the consolidated financial statements of Ingredion Incorporated and the effectiveness of internal control over financial reporting.

/s/ KPMG LLP

Chicago, Illinois<br>February 17, 2026

## Exhibit 24.1

**EXHIBIT 24.1**

**INGREDION INCORPORATED**

**POWER OF ATTORNEY**

Form 10-K for the Fiscal Year Ended December 31, 2025

KNOW ALL MEN BY THESE PRESENTS, that I, as a director of Ingredion Incorporated, a Delaware corporation (the "**Company**"), do hereby constitute and appoint Tanya M. Jaeger de Foras as my true and lawful attorney-in-fact and agent, for me and in my name, place and stead, to sign the Annual Report on Form 10-K of the Company for the fiscal year ended December 31, 2025, and any and all amendments thereto, and to file the same and other documents in connection therewith with the Securities and Exchange Commission, granting unto said attorney-in-fact full power and authority to do and perform each and every act and thing requisite and necessary to be done in the premises, as fully to all intents and purposes as I might or could do in person, hereby ratifying and confirming all that said attorney-in-fact may lawfully do or cause to be done by virtue thereof.

IN WITNESS WHEREOF, I have executed this instrument this 10th day of February 2026.

---

| |
|:---|
| /s/ David B. Fischer |
| David B. Fischer |
| /s/ Rhonda L. Jordan |
| Rhonda L. Jordan |
| /s/ Gregory B. Kenny |
| Gregory B. Kenny |
| /s/ Charles V. Magro |
| Charles V. Magro |
| /s/ Victoria J. Reich |
| Victoria J. Reich |
| /s/ Catherine A. Suever |
| Catherine A. Suever |
| /s/ Stephen B. Tanda |
| Stephen B. Tanda |
| /s/ Jorge A. Uribe |
| Jorge A. Uribe |
| /s/ Patricia Verduin |
| Patricia Verduin |
| /s/ Dwayne A. Wilson |
| Dwayne A. Wilson |
| /s/ James P. Zallie |
| James P. Zallie |

---

## 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 annual report on Form 10-K 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: February 17, 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, James D. Gray, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this annual report on Form 10-K 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: February 17, 2026 | /s/ James D. Gray |
| | James D. Gray |
| | Executive Vice President and 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-K for the fiscal year ended December 31, 2025 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 |
| February 17, 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, James D. Gray, the Chief Financial Officer of Ingredion Incorporated, certify that to my knowledge (i) the report on Form 10-K for the fiscal year ended December 31, 2025 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 D. Gray |
| James D. Gray |
| Chief Financial Officer |
| February 17, 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 97.1

![ingredionlogo.jpg](ingredionlogo.jpg)

**Exhibit 97.1**

**INGREDION INCORPORATED**

**POLICY ON RECOUPMENT** 

**OF INCENTIVE COMPENSATION**

**Effective Date: January 1, 2014**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Restatement Effective Date: October 27, 2023**

Subject to the terms of this Policy set forth below, the People, Culture and Compensation Committee (the "Committee") of the Board of Directors of Ingredion Incorporated (the "Company") may or shall, as applicable, require the return, repayment or forfeiture of certain incentive compensation upon a Triggering Event (as defined below). To the extent applicable, this Policy is designed to comply with, and shall be interpreted to be consistent with, Section 10D of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), Rule 10D-1 promulgated under the Exchange Act and Section 303A.14 of the New York Stock Exchange ("Stock Exchange") Listed Company Manual.

This Policy is applicable to awards made or granted only after the Restatement Effective Date.

**I. Triggering Events**

Each of the following constitutes a "Triggering Event":

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.an Accounting Restatement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.in the absence of an Accounting Restatement, the correction or adjustment of prior financial results which formed the basis for calculation of annual or long-term incentive compensation ("Error Correction"); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.engagement by an Executive Officer in Misconduct, without regard to whether that Misconduct resulted in an Accounting Restatement.

**II. Amount of Recoupment**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.<u>Accounting Restatement</u>. Upon an Accounting Restatement, the Company must recover reasonably promptly Erroneously Awarded Compensation received by an Executive Officer during the Recoupment Period. The Company's obligation to recover Erroneously Awarded Compensation is not dependent on whether or when the Company files restated financial statements. Recovery under this Policy with respect to an Accounting Restatement shall not require the finding of any Misconduct by an Executive Officer or such Executive Officer being found responsible for the accounting error leading to an Accounting Restatement. The Company's recovery obligation pursuant to this paragraph shall not apply to the extent that the Committee or, in the absence of the Committee, a majority of the independent directors serving on the Board determines that such recovery would be impracticable and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.the direct expense paid to a third party to assist in enforcing this Policy would exceed the amount to be recovered; provided that, before concluding that it would

------

be impracticable to recover any amount of Erroneously Awarded Compensation based on expense of enforcement, the Company must make a reasonable attempt to recover such Erroneously Awarded Compensation, document such reasonable attempt to recover, and provide that documentation to the Stock Exchange; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.recovery would violate home country law where that law was adopted prior to November 28, 2022; provided that, before concluding that it would be impracticable to recover any amount of Erroneously Awarded Compensation based on violation of home country law, the Company must obtain an opinion of home country counsel, acceptable to the Stock Exchange, that recovery would result in such a violation, and must provide such opinion to the Stock Exchange; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.recovery would likely cause an otherwise tax-qualified retirement plan, under which benefits are broadly available to employees of the Company, to fail to meet the requirements of Section 401(a)(13) or Section 411(a) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.<u>Error Correction.</u> In the event of a significant Error Correction, the Company may recover Excess Incentive Compensation received by a current or former Executive Officer during the three completed fiscal years immediately preceding the year in which the Company has made a significant Error Correction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.<u>Misconduct.</u> In the event of Misconduct that does not result in an Accounting Restatement, the Committee, in its sole discretion, may determine whether and, to what extent, to recover Incentive-Based Compensation received by a current or former Executive Officer during three completed fiscal years immediately preceding (i) the year in which the Executive Officer committed Misconduct, as determined by the Committee or (ii) the year in which the Executive Officer terminated employment, whichever occurs earlier.

**III. Methods of Recovery**

The Committee shall determine, in its sole discretion, the timing and method for promptly recouping amounts subject to recovery under Section II of this Policy, which may include without limitation (a) seeking reimbursement of all or part of any cash or equity-based award, (b) cancelling prior cash or equity-based awards, whether vested or unvested or paid or unpaid, (c) cancelling or offsetting against any planned future cash or equity-based awards, (d) forfeiture of deferred compensation, subject to compliance with Code Section 409A and the regulations promulgated thereunder, (e) recovering any gain realized on the vesting, exercise, settlement, sale, transfer or other disposition of any equity-based awards and (f) any other method authorized by applicable law or contract. Subject to compliance with any applicable law, the Committee may affect recovery under this Policy from any amount otherwise payable to the Executive Officer, including amounts payable to such individual under any otherwise applicable Company plan or program, including base salary, bonuses or commissions and compensation previously deferred by the Executive Officer.

**IV. Application to Accounting Restatements** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.<u>Incentive-Based Compensation Subject to this Policy</u>. With respect to an Accounting Restatement, this Policy applies to Incentive-Based Compensation received by a person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.after beginning service as an Executive Officer;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.who served as an Executive Officer at any time during the performance period for such Incentive-Based Compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.while the Company had a class of securities listed on a national securities exchange or a national securities association; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv.during the three completed fiscal years immediately preceding the Accounting Restatement Date ("Recoupment Period").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.<u>Effect of Transition Period</u>. The Recoupment Period shall include any transition period that results from a change in the Company's fiscal year within or immediately following such three completed fiscal years; provided that, a transition period between the last day of the Company's previous fiscal year end and the first day of its new fiscal year that constitutes a period of nine to twelve months shall be deemed a completed fiscal year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.<u>When Incentive-Based Compensation is Received</u>. For purposes of this Section IV, Incentive-Based Compensation shall be deemed received in the Company's fiscal period during which the Financial Reporting Measure specified in the Incentive-Based Compensation award is attained, even if the payment or grant of such Incentive-Based Compensation occurs after the end of such fiscal period. Incentive-Based Compensation that is subject to both a Financial Reporting Measure vesting condition and a service-based vesting condition shall be considered received when the relevant Financial Reporting Measure is achieved, even if the Incentive-Based Compensation continues to be subject to the service-based vesting condition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.<u>Prohibition on Indemnification</u>. The Company is prohibited from indemnifying any Executive Officer or former Executive Officer against the recoupment of Erroneously Awarded Compensation. Further, the Company is prohibited from paying or reimbursing an Executive Officer for purchasing insurance to cover any such recoupment.

**V. Other Recoupment Rights; Company Claims**

The Board intends that this Policy shall be applied to the fullest extent of the law. Any right of recoupment under this Policy is in addition to, and not in lieu of, any other remedies or rights of recoupment that may be available to the Company under applicable law or pursuant to the terms of any similar policy in any employment agreement, equity award agreement, or similar agreement and any other legal remedies available to the Company. Nothing contained in this Policy, and no recoupment or recovery as contemplated by this Policy, shall limit any claims, damages or other legal remedies the Company or any of its affiliates may have against an Executive Officer arising out of or resulting from any actions or omissions by the Executive Officer.

**VI. Administrative Provisions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.<u>Committee Determinations</u>. The Committee shall make all determinations regarding the application and operation of this Policy in its sole discretion, and all such determinations shall be final and binding for purposes of the application of this Policy. Notwithstanding the foregoing, the Committee may amend or change the terms of this Policy at any time for any reason, including as required to comply with the rules of the SEC and the New York Stock Exchange implementing Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Further, the exercise by the Committee of any rights pursuant to this Policy shall be without prejudice to any other rights that the Company or

------

the Committee may have with respect to any current or former Executive Officer subject to this Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.<u>Disclosure</u>. The Company shall file all disclosures with respect to this Policy in accordance with the requirements of the federal securities laws, including disclosures required by U.S. Securities and Exchange Commission filings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.<u>Committee Indemnification</u>. Any members of the Committee, and any other members of the Board who assist in the administration of this Policy, shall not be personally liable for any action, determination or interpretation made with respect to this Policy and shall be fully indemnified by the Company to the fullest extent under applicable law and Company policy with respect to any such action, determination or interpretation. The foregoing sentence shall not limit any other rights to indemnification of the members of the Board under applicable law or Company policy.

**VII. Definitions**

"*Accounting Restatement*" means an accounting restatement due to the material noncompliance of the Company with any financial reporting requirement under the securities laws, including any required accounting restatement to correct an error in previously issued financial statements that is material to the previously issued financial statements, or that would result in a material misstatement if the error were corrected in the current period or left uncorrected in the current period.

"*Accounting Restatement Date*" means the earlier to occur of: (i) the date on which the Board, a committee of the Board, or the officer or officers of the Company authorized to take such action if Board action is not required, concludes, or reasonably should have concluded, that the Company is required to prepare an Accounting Restatement; and (ii) the date on which a court, regulator, or other legally authorized body directs the Company to prepare an Accounting Restatement.

"*Board*" means the board of directors of the Company.

"*Code*" means the U.S. Internal Revenue Code of 1986, as amended. Any reference to a section of the Code or regulation thereunder includes such section or regulation, any valid regulation or other official guidance promulgated under such section, and any comparable provision of any future legislation or regulation amending, supplementing, or superseding such section or regulation.

"*Erroneously Awarded Compensation*" means, in the event of an Accounting Restatement, the amount of Incentive-Based Compensation previously received by a current or former Executive Officer that exceeds the amount of Incentive-Based Compensation that otherwise would have been received if the Incentive-Based Compensation had been determined based on the restated amounts in such Accounting Restatement, which must be computed without regard to any taxes paid by the relevant Executive Officer; provided that, for Incentive-Based Compensation based on stock price or total stockholder return, where the amount of Erroneously Awarded Compensation is not subject to mathematical recalculation directly from the information in an Accounting Restatement: (i) the amount of Erroneously Awarded Compensation must be based on a reasonable estimate of the effect of the Accounting Restatement on the stock price or total stockholder return upon which the Incentive-Based Compensation was received; and (ii) the

------

Company must maintain documentation of the determination of such reasonable estimate and provide such documentation to the Stock Exchange.

"*Excess Incentive Compensation*" means, in the event of an Error Correction, the amount of Incentive-Based Compensation previously received by a current or former Executive Officer that exceeds the amount of Incentive-Based Compensation that otherwise would have been received if the Incentive-Based Compensation had been based on corrected or adjusted financial results.

"*Executive Officer*" means, with respect to an Accounting Restatement, the president, principal financial officer, principal accounting officer (or if there is no such accounting officer, the controller), any vice-president of the Company in charge of a principal business unit, division, or function (such as sales, administration, or finance), any other officer who performs a policy-making function, or any other person who performs similar policy-making functions for the Company. An executive officer of the Company's parent or subsidiary is deemed an "Executive Officer" if the executive officer performs such policy making functions for the Company. With respect to a Triggering Event other than an Accounting Restatement, "Executive Officer" means those persons designated by resolution of the Board as executive officers as defined in Rule 3b-7 under the Exchange Act.

"*Financial Reporting Measure*" means any measure that is determined and presented in accordance with the accounting principles used in preparing the Company's financial statements, and any measure that is derived wholly or in part from such measure; provided that, a Financial Reporting Measure is not required to be presented within the Company's financial statements or included in a filing with the U.S. Securities and Exchange Commission to qualify as a "Financial Reporting Measure." For purposes of this Policy, "Financial Reporting Measure" includes, but is not limited to, stock price and total stockholder return.

"*Incentive-Based Compensation*" means any compensation that is granted, earned, or vested based wholly or in part upon the attainment of a Financial Reporting Measure.

"*Misconduct*" means fraud, commission of a felony, material violation of any written agreement with or policies of the Company, or any other material breach of fiduciary duty injurious to the Company.

<br>