Company registration number 07315745 (England and Wales)
INGREDION UK LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
INGREDION UK LIMITED
COMPANY INFORMATION
Directors
L Arnold
M Levy
Secretary
Abogado Nominees Limited
Company number
07315745
Registered office
Ingredion House
Manchester Green
339 Styal Road
Manchester
M22 5LW
Auditor
Azets Audit Services
Ship Canal House
98 King Street
Manchester
M2 4WU
INGREDION UK LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 24
INGREDION UK LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

The directors present the strategic report for the year ended 31 December 2025.

Principal activities

The principal activities of the company, during the period, are the manufacture and marketing of chemically and thermally modified starches used predominantly in the food industry.

Business review

The results of the company are set out on page 8 of the financial statements. The business continued to focus on delivering high quality and innovative products to its customers and markets whilst developing strategies to maximise opportunities within emerging markets.

Ingredion continue to have a third-party loan, which was taken out in 2016 to pay back an Intercompany loan facility. The third-party loan makes available an uncommitted credit facility of £72.3m, repayable on demand with not less than five days notice. At the date of this report the amount utilised was £nil. The long-term strategy is to maintain the nil balance, by continuing to generate positive cash flow from operations. A dividend of £11.5 million was paid during the year (2024: 14 million).

In 2024, the company announced in the overall context of an optimization of the global supply chain structure, its intention to close the Goole manufacturing facility, with operations ceasing on 31 March 2025. The company will continue to import finished products for the sale of chemically and thermally modified starches, primarily within the UK.

As a result of the closure, an exceptional cost of £1.4 million (2024: £9.3m) has been recognised in the year, comprising redundancy costs, dismantling and decommissioning expenses, and the write-down of fixed assets and assets under construction. A provision has been recognised in accordance with FRS 102 Section 21 to reflect the company’s constructive obligation arising from the closure decision.

Statement of compliance

The company provides below a review of the development and performance of the business during the period including key financial performance indicators and a description of the principal risks and uncertainties facing the company.

Section 172 (I) Statement

The Directors have had regard to the matters set out in section 172(1) of the Companies Act 2006 when fulfilling their duties and promoting the long-term success of the Company for the benefit of its shareholder. In doing so, the Directors consider the interests of key stakeholders, including employees, customers, suppliers and the wider community, alongside the impact of decisions on the Company's reputation, business conduct and long-term sustainability.

During the year, the Directors continued to focus on maintaining strong relationships with customers and suppliers, ensuring continuity of supply and service following the closure of the Goole manufacturing facility. The Directors also considered the interests and wellbeing of employees throughout the closure process, supporting affected individuals and promoting an inclusive working environment where employees are treated fairly and with respect.

The Directors recognise the importance of maintaining high standards of business conduct and acting responsibly in all business relationships. Decisions are taken with regard to the long-term consequences for the Company, its stakeholders and the communities in which it operates, while remaining aligned with the Group's core values of Care First, Be Preferred, Everyone Belongs, Innovate Boldly and Owner's Mindset.

INGREDION UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -
Key Performance Indicators

Key performance indicators are selected based on those which the directors consider to be most appropriate for measuring the performance of business.

The company achieved a gross profit percentage of 37.28% (2024: 33.31%) which was driven by lower costs in the year due to the closure of the Goole manufacturing facility in March 2025. This is offset by lower sales in 2025.

Sales decreased to £87.2m (2024: £92.65m) driven by a decrease in fewer intercompany sales following the closure of the Goole site.

Return on capital employed (calculated as EBIT divided by Capital Employed) was 29.07% (2024: 8.31%). Capital Employed is defined as total assets less current liabilities. The increase was driven by the significant exceptional costs related to the Goole Facility closure costs in 2024 in comparison to the significantly decreased exceptional costs in 2025.

45% of employees have over 5 years of service (27% of employees have over 10 years of service) with Ingredion UK Limited, employee turnover for 2025 was 47% (mainly reductions in line with the closure of the Goole manufacturing site) and in the same period, 6 people were permanently hired after trial period or probation.

Future plans and prospects

For the year 2026, sales are expected to decrease slightly following the closure of the Goole manufacturing facility. However, margins are anticipated to improve due to a shift in sale price and cost structure. The company will continue to focus on supplying the UK market through imported finished products.

Principal risks and uncertainties

The company operates in a dynamic economic and technological environment that presents risks and uncertainties, many of which are driven by factors that cannot be controlled or predicted. The key risks and uncertainties facing the business are:

- The general European economic environment and prospects for growth.

- The war in Ukraine and the Middle East in regards of sanctions and raw material markets.

- Foreign exchange movements

- The impact of changes in the regulatory environment in the geographies it services inclusive of changes to environmental and sustainability regulations.

- Introduction of new trade tariffs

On behalf of the board

L Arnold
Director
10 July 2026
INGREDION UK LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -

The directors present their annual report and financial statements for the year ended 31 December 2025.

Principal activities

The principal activity of the company continued to be that of the manufacture and marketing of chemically and thermally modified starches used predominantly in the food industry.

Results and dividends

The results for the year are set out on page 8.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

L Arnold
M Levy
Political donations

The company made no political contributions or incurred any political expenditure during the year.

Charitable contributions totalling £20k (2024: £23k) were made during the year.

Research and development

There is no research and development within the UK business.

Auditor

The auditor, Azets Audit Services, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Energy and carbon report
2025
2024
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
3,029,389
10,054,035
2025
2024
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
440.19
1,543.03
- Fuel consumed for owned transport
-
0.29
440.19
1,543.32
Scope 2 - indirect emissions
- Electricity purchased
109.04
323.36
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the
11.34
10.38
Total gross emissions
560.57
1,877.06
Intensity ratio
Kg CO2e per £1 of revenue
0.00643
0.20130
INGREDION UK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 4 -
Quantification and reporting methodology

We have followed the 2019 HM Government Environmental Reporting Guidelines. We have also used the GHG Reporting Protocol – Corporate Standard and have used the 2020 UK Government’s Conversion Factors for Company Reporting. Gas and Electricity invoices have been entered into the system as well as all transport information for business travel in rental cars or employee-owned vehicles where the company is responsible for purchasing the fuel up to 31st December 2025.

Intensity measurement

The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per total Net Sales revenue, the recommended ratio for the sector.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Section 172(1) Statement

Information on how the Directors have had regard to the matters set out in section 172(1) of the Companies Act 2006 in carrying out their duties can be found within the Strategic Report.

On behalf of the board
L Arnold
Director
10 July 2026
INGREDION UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF INGREDION UK LIMITED
- 5 -
Opinion

We have audited the financial statements of Ingredion UK Limited (the 'company') for the year ended 31 December 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its profit for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- the information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

INGREDION UK LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF INGREDION UK LIMITED
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- the financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

INGREDION UK LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF INGREDION UK LIMITED
- 7 -

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

- Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;

- Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

- Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Joseph Hughes (Senior Statutory Auditor)
For and on behalf of Azets Audit Services
13 July 2026
Chartered Accountants
Statutory Auditor
Ship Canal House
98 King Street
Manchester
M2 4WU
INGREDION UK LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
- 8 -
2025
2024
Notes
£'000
£'000
Turnover
3
87,200
92,649
Cost of sales
(54,684)
(61,791)
Gross profit
32,516
30,858
Distribution costs
(5,113)
(4,636)
Administrative expenses
(12,819)
(12,910)
Exceptional item
4
(1,407)
(9,341)
Operating profit
13,177
3,971
Interest receivable and similar income
7
1,004
388
Interest payable and similar expenses
8
-
0
(34)
Profit before taxation
14,181
4,325
Tax on profit
9
(3,388)
(1,640)
Profit for the financial year
10,793
2,685

The profit and loss account has been prepared on the basis that all operations are continuing operations.

INGREDION UK LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2025
31 December 2025
- 9 -
2025
2024
Notes
£'000
£'000
£'000
£'000
Fixed assets
Goodwill
11
16,811
20,350
Tangible assets
12
1,140
1,880
Investments
13
5,775
5,775
23,726
28,005
Current assets
Stocks
15
6,433
10,983
Debtors
16
19,043
18,429
Cash at bank and in hand
10,051
6,203
35,527
35,615
Creditors: amounts falling due within one year
17
(13,933)
(15,885)
Net current assets
21,594
19,730
Total assets less current liabilities
45,320
47,735
Creditors: amounts falling due after more than one year
18
(8)
-
0
Provisions for liabilities
Provisions
19
200
1,916
(200)
(1,916)
Net assets
45,112
45,819
Capital and reserves
Called up share capital
22
-
0
-
0
Profit and loss reserves
45,112
45,819
Total equity
45,112
45,819

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 11 July 2026 and are signed on its behalf by:
L Arnold
Director
Company registration number 07315745 (England and Wales)
INGREDION UK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 10 -
Share capital
Profit and loss reserves
Total
Notes
£'000
£'000
£'000
Balance at 1 January 2024
-
0
57,134
57,134
Year ended 31 December 2024:
Profit and total comprehensive income
-
2,685
2,685
Dividends
10
-
(14,000)
(14,000)
Balance at 31 December 2024
-
0
45,819
45,819
Year ended 31 December 2025:
Profit and total comprehensive income
-
10,793
10,793
Dividends
10
-
(11,500)
(11,500)
Balance at 31 December 2025
-
0
45,112
45,112
INGREDION UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 11 -
1
Accounting policies
Company information

Ingredion UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is Ingredion House, Manchester Green, 339 Styal Road, Manchester, M22 5LW.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £'000.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company's ultimate parent undertaking, Ingredion Incorporated, includes the Company in its consolidated financial statements. The consolidated financial statements of Ingredion Incorporated Inc are prepared in accordance with US GAAP Accounting Standards and are available to the public and may be obtained from U.S. Securities and Exchange Commission.

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. Accordingly, these financial statements present information about the company as an individual entity and not about its group.

The company is a wholly owned subsidiary of Ingredion Global Holdings Incorporated, whose ultimate parent undertaking is Ingredion Incorporated Inc. As such, the company has taken advantage of the exemption contained in FRS 102 33.1A Related Party Disclosures and has therefore not disclosed transactions or balances with wholly owned subsidiaries which form part of the group. The consolidated financial statements of Ingredion Incorporated Inc, within which this company is included, can be obtained from U.S. Securities and Exchange Commission.

In these financial statements, the company is considered to be a qualifying entity (for the purposes of this FRS) and has applied the exemptions available under FRS102 in respect of the following disclosures:

- Reconciliation of the number of shares outstanding from the beginning to the end of the period,

- Cash Flow Statement and related notes; and

- Key Management Personnel Compensation

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

The directors have prepared cash flow forecasts in order to assess going concern which indicate that, taking account of reasonably possible downsides, the company will have sufficient funding to continue in operations for at least twelve months from the date of approval of the financial statements. The funding comprise a short-term revolving loan facility of £72.3m, of which £nil was utilised at 31 December 2025 and a $20m cash pool facility provided by the ultimate parent company, Ingredion Incorporated. Consequently, the directors are confident that the company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis.

INGREDION UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 12 -
1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 20 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
Over the period of the lease or 40 years, whichever is less
Plant and equipment
4 to 17 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

INGREDION UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 13 -
1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

INGREDION UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 14 -
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

INGREDION UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 15 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision i s measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.15

Interest receivable and interest payable

Interest payable and expenses and interest receivable and income arise on intercompany balances outstanding with group entities. Interest accrues on balances held within the Group cash pooling treasury account.

INGREDION UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 16 -
2
Judgements and key sources of estimation uncertainty
Critical judgements

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Goodwill impairment

The company holds goodwill with a carrying value of £16.8m at 31 December 2025, arising from historical business combinations. Goodwill is amortised over its estimated useful life of 20 years and is tested for impairment where indicators of impairment are identified.

The assessment of whether goodwill is impaired requires management to exercise judgement in identifying impairment indicators. These include consideration of internal and external factors such as trading performance, changes in market conditions, economic environment, and other business-specific risks.

Where impairment indicators are identified, the determination of any impairment charge would involve estimating the recoverable amount of the relevant cash-generating unit. This would require the use of assumptions, including forecast future cash flows and appropriate discount rates, which are inherently uncertain.

For the year ended 31 December 2025, management has performed impairment indicator assessments and concluded that no indicators of impairment exist. Accordingly, no impairment charge has been recognised in the financial statements.

Notwithstanding this, due to the magnitude of the balance and the judgement involved in assessing impairment indicators, the directors consider goodwill impairment to be a key source of estimation uncertainty.

3
Turnover
2025
2024
£'000
£'000
Turnover analysed by geographical market
United Kingdom
81,115
80,251
Europe
5,991
12,243
Rest of World
94
155
87,200
92,649

Turnover includes group sales of £5,505k (2024: £12,390k).

INGREDION UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 17 -
4
Exceptional item
2025
2024
£'000
£'000
Expenditure
Redundancy costs
43
867
Dismantling and decommissioning costs
604
1,928
Write down of fixed assets
412
4,269
Accelerated depreciation expense
348
-
Write off of assets under construction
-
2,277
1,407
9,341

Exceptional costs relate to the c losure of a business facility and associated expenses.

5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Production
8
28
Marketing, selling and distribution
41
39
Administration
40
38
Total
89
105

Their aggregate remuneration comprised:

2025
2024
£'000
£'000
Wages and salaries
5,436
5,246
Social security costs
813
756
Pension costs
479
631
6,728
6,633
6
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£'000
£'000
For audit services
Audit of the financial statements of the company
53
50
INGREDION UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 18 -
7
Interest receivable and similar income
2025
2024
£'000
£'000
Interest income
Other interest income
304
388
Income from fixed asset investments
Dividends received from group companies
700
-
0
Total income
1,004
388
8
Interest payable and similar expenses
2025
2024
£'000
£'000
Other finance costs:
Other interest
-
0
34
9
Taxation
2025
2024
£'000
£'000
Current tax
UK corporation tax on profits for the current period
3,490
3,369
Adjustments in respect of prior periods
(112)
(115)
Total UK current tax
3,378
3,254
Foreign current tax on profits for the current period
34
31
Total current tax
3,412
3,285
Deferred tax
Origination and reversal of timing differences
(24)
(1,645)
Total tax charge
3,388
1,640
INGREDION UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
9
Taxation
(Continued)
- 19 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£'000
£'000
Profit before taxation
14,181
4,325
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
3,545
1,081
Tax effect of expenses that are not deductible in determining taxable profit
131
549
Tax effect of income not taxable in determining taxable profit
(175)
-
0
Adjustments in respect of prior years
(113)
2
Effect of overseas tax rates
-
0
8
Taxation charge for the year
3,388
1,640
10
Dividends
2025
2024
£'000
£'000
Final paid
11,500
14,000
11
Intangible fixed assets
Goodwill
£'000
Cost
At 1 January 2025 and 31 December 2025
70,782
Amortisation and impairment
At 1 January 2025
50,432
Amortisation charged for the year
3,539
At 31 December 2025
53,971
Carrying amount
At 31 December 2025
16,811
At 31 December 2024
20,350

INGREDION UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 20 -
12
Tangible fixed assets
Freehold land and buildings
Assets under construction
Plant and equipment
Total
£'000
£'000
£'000
£'000
Cost
At 1 January 2025
2,742
2,450
12,386
17,578
Additions
-
0
29
8
37
Disposals
(2,064)
-
0
(10,590)
(12,654)
Transfers
-
0
(160)
160
-
0
At 31 December 2025
678
2,319
1,964
4,961
Depreciation and impairment
At 1 January 2025
2,173
2,277
11,249
15,699
Depreciation charged in the year
136
-
0
414
550
Eliminated in respect of disposals
(2,067)
-
0
(10,361)
(12,428)
At 31 December 2025
242
2,277
1,302
3,821
Carrying amount
At 31 December 2025
436
42
662
1,140
At 31 December 2024
569
173
1,138
1,880

Included within the net book value of land and buildings is £300k (2024: £470k) of freehold land and buildings, and £12k (2024: £35k) of short leasehold land and buildings.

Included within depreciation charged for the year is £348k (2024: £4,269k) relating to exceptional accelerated depreciation expense as explained in note 4.

13
Fixed asset investments
2025
2024
£'000
£'000
Investments in subsidiary undertakings
5,775
5,775
14
Subsidiaries

Details of the company's subsidiaries at 31 December 2025 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
KaTech Ingredient Solutions Ltd
United Kingdom
Ordinary Shares
100.00
INGREDION UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 21 -
15
Stocks
2025
2024
£'000
£'000
Raw materials and consumables
6,433
254
Work in progress
-
50
Finished goods and goods for resale
-
0
10,679
6,433
10,983
16
Debtors
2025
2024
Amounts falling due within one year:
£'000
£'000
Trade debtors
15,426
14,327
Corporation tax recoverable
496
-
0
Amounts owed by group undertakings
2,481
3,173
Derivative financial instruments
-
0
59
Other debtors
288
412
Prepayments and accrued income
201
280
18,892
18,251
Deferred tax asset (note 20)
151
127
19,043
18,378
2025
2024
Amounts falling due after more than one year:
£'000
£'000
Derivative financial instruments
-
0
51
Total debtors
19,043
18,429
INGREDION UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 22 -
17
Creditors: amounts falling due within one year
2025
2024
£'000
£'000
Trade creditors
1,777
3,319
Amounts owed to group undertakings
8,046
8,817
Corporation tax
-
0
91
Other taxation and social security
-
0
238
Derivative financial instruments
211
-
0
Other creditors
592
485
Accruals and deferred income
3,307
2,935
13,933
15,885

The company has a short-term revolving loan facility of £72.3m of which £nil (2024: £nil) was utilised at the balance sheet date. The facility is repayable on demand with not less than five days' notice and variable interest is payable on any amounts utilised at a rate of LIBOR.

18
Creditors: amounts falling due after more than one year
2025
2024
£'000
£'000
Derivative financial instruments
8
-
0
19
Provisions for liabilities
2025
2024
£'000
£'000
Provisions held in relation to closure of business facility
200
1,916
Movements on provisions:
£'000
Utilisation of provision
(1,716)

At the reporting date, a provision of £200k has been recognised in relation to the closure of the Goole site. This represents management’s best estimate of costs expected to be incurred in the post year end period to fulfil the Company’s remaining obligations. The provision comprises £100k in respect of anticipated land remediation costs required to restore the site and £100k as a contingency for other potential costs associated with the closure. The directors consider this provision to be a reasonable estimate of the costs required to return the site to an appropriate condition, based on the current status of the site and available information. The provision is expected to be utilised within the next financial period, although some uncertainty remains regarding the precise timing and quantum of the final costs.

INGREDION UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 23 -
20
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Assets
Assets
2025
2024
Balances:
£'000
£'000
Fixed asset timing differences
143
109
Other short term timing differences
8
18
151
127
2025
Movements in the year:
£'000
Asset at 1 January 2025
(127)
Credit to profit or loss
(24)
Asset at 31 December 2025
(151)

The deferred tax asset set out above is expected to reverse within 12 months and relates to the utilisation of tax losses against future expected profits of the same period.

21
Retirement benefit schemes
2025
2024
Defined contribution schemes
£'000
£'000
Charge to profit or loss in respect of defined contribution schemes
479
631

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

22
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£'000
£'000
Authorised
2 Ordinary shares at £1 each
2
2
-
-
2
2
-
-

The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the company.

INGREDION UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 24 -
23
Operating lease commitments
As lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2025
2024
£'000
£'000
Within 1 year
183
312
Years 2-5
-
0
183
183
495
24
Ultimate parent company

The company is a wholly owned subsidiary of Ingredion Global Holdings Incorporated, a company registered in Delaware, USA.

The ultimate parent company is Ingredion Incorporated, registered in Delaware, USA.

25
Events after the reporting date

There have been no significant events between the reporting date and the date of approval of the financial statements which require disclosure in these financial statements.

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