Tate & Lyle (TATE) Q3 2026 TU earnings summary

Executive summary

• Third quarter trading and operating performance were in line with expectations and consistent with the first half, with full-year guidance unchanged.

• Strategic focus remains on returning to top line growth through selective investments, portfolio expansion, and targeted capability and technology investments.

• Integration of CP Kelco is progressing well, supporting cross-selling, revenue, and cost synergies.

• Customer engagement is high, especially in innovation and fiber fortification trends.

• Customer framework agreement renewals for 2026 are well-advanced, with selective investments to drive volume and revenue growth.

Financial highlights / Financial performance and trading update

• On a pro forma, constant currency basis, Q3 revenue was 2% lower year-over-year due to muted market demand; regional performance was broadly stable.

• Reported revenue, including CP Kelco, was 15% higher.

• For the nine months to December 31, 2023 (or 2025): Americas revenue down 2%, EMEA down 5%, Asia Pacific up 1% on a pro forma basis.

• Modestly higher pricing in the Americas was offset by lower volume; EMEA saw lower pricing, while Asia Pacific growth was volume-driven.

Outlook and guidance

• Full-year guidance remains unchanged; no assumed improvement in market outlook for Q4.

• Full-year outlook for 2026 remains unchanged, expecting low single-digit declines in revenue and EBITDA in constant currency versus prior year.

• More detailed guidance for FY27 will be provided with full-year results in May.

• Selective price investments are being made to drive volume and revenue growth, with a slightly higher scale than last year.

• Continued focus on actions to improve top-line performance and leverage portfolio strengths in sweetening, mouthfeel, and fortification.