Tate & Lyle (TATE) H1 2027 (Q&A) earnings summary

Executive summary

• H1 revenue grew 1% in constant currency, with volume/mix up 3%; adjusted EBITDA fell 8% to £197m, in line with expectations.

• New business wins from solutions reached 58% by value, up 15 percentage points; like-for-like New Products revenue rose 4%.

• FY27 guidance was maintained: modest revenue growth and broadly flat EBITDA before the c.US$20m bio-gums rescheduling impact.

Financial highlights

• Revenue was £1,039m, up 1%; volume/mix grew 3%, partly offset by a 2% price decline.

• Adjusted EBITDA was £197m, down 8%, and adjusted EBITDA margin fell 190bps to 19.0%.

• Adjusted profit before tax fell 18% to £102m; adjusted EPS was 17.5p, down 17%.

• Free cash flow was £100m versus £98m in H1 FY26; cash conversion was 75% versus 71%.

• Productivity savings were US$27m in H1.

Outlook and guidance

• FY27 constant-currency outlook remains modest revenue growth, with volume growth weighted to H2, and broadly flat EBITDA before the c.US$20m bio-gums rescheduling impact.

• Cost inflation is expected to be passed through as 2027 customer framework agreements renew; procurement and operational discipline are planned offsets.

• FY27 capital expenditure is expected to be £110m–£130m; adjusted effective tax rate guidance is 23%–25%.