Tate & Lyle (TATE) H1 2027 earnings summary

Executive summary

• H1 revenue was £1,039m, up 1%; underlying revenue grew 2%, led by volume/mix, while adjusted EBITDA fell 8% to £197m.

• Strategic customer and innovation initiatives supported new-business wins and pipeline growth; FY27 outlook was maintained.

• Ingredion’s recommended cash acquisition remained on track for completion in H2 2027, subject to approvals and customary conditions.

Financial highlights

• Revenue was £1,039m, up 1%; underlying growth was 2%, excluding European bulk sweeteners and co-products and US tariff reimbursements.

• Adjusted EBITDA fell 8% to £197m; adjusted profit before tax fell 18% to £102m.

• Adjusted free cash flow was £100m, up £2m year on year; adjusted EBITDA was £18m lower, partly offset by a £15m improvement in net working capital.

• Reported volume/mix growth of 3% or £32m more than offset £25m of strategic pricing actions.

Outlook and guidance

• FY27 outlook maintained: modest revenue growth and broadly flat EBITDA before the ~$20m impact from rescheduling bio-gums capacity consolidation; volume growth expected to be weighted to H2.

• Inflation pressures have intensified; customer framework renewals for calendar 2027 are expected to include pass-throughs, alongside procurement and operational discipline to offset costs.

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