US Market News
1週前
IFF Enters Into Agreement to Sell Its Food Ingredients Business to CVCMay 29, 2026 6:50 AM
Business Wire Transaction advances portfolio transformation, sharpens focus on higher-growth, higher-margin businesses, strengthens balance sheet, and enhances value creation for shareholders IFF (NYSE: IFF), a global leader in flavors, fragrances, food ingredients, and health and biosciences, today announced that it has entered into an agreement to sell its Food Ingredients business to funds advised by CVC Capital Partners, a leading global private markets manager, in a transaction that values the business at approximately $4.3 billion, representing an enterprise value-to-EBITDA multiple of approximately 10x. As part of the transaction, IFF has chosen to retain an approximately 10% minority equity interest in the business, or approximately $200 million, permitting continued collaboration and cooperation between IFF and Food Ingredients and allowing IFF and its shareholders to participate in future value creation under its new ownership. The transaction marks a significant step in IFF’s portfolio transformation and is expected to strengthen the company’s focus on its innovation-driven businesses: Taste, Scent, and Health & Biosciences. Following the transaction, IFF will be a more focused company with improved cash flow characteristics, greater financial flexibility, and a stronger position to achieve its growth and profitability objectives. “This transaction represents an important strategic milestone in our ongoing portfolio optimization initiative, allowing us to further concentrate resources on our higher-growth, higher-margin segments,” said Erik Fyrwald, CEO of IFF. “By simplifying our portfolio to where we can create the greatest value, IFF will accelerate innovation, drive investment in R&D, and further integrate our biotechnology and naturals capabilities more effectively across our global platform. Importantly, by retaining a minority stake in Food Ingredients, we will continue to participate in the future upside of a strong business under dedicated ownership. This transaction creates substantial value for shareholders while positioning IFF to drive sustained, profitable long-term growth.” IFF’s Food Ingredients business is a globally recognized leader in texturants, emulsifiers, plant-based solutions, and other specialty ingredients serving multinational food and beverage customers. In 2025, the Food Ingredients business that will be divested generated nearly $3.1 billion in annual sales and approximately $430 million of EBITDA. “We are proud of the strong market positions, customer relationships, and talented team that have made Food Ingredients a strong business,” Fyrwald added. “We are confident CVC is the right owner for its next chapter and that this transaction creates significant value for IFF shareholders while giving Food Ingredients an excellent platform for future success.” “We are delighted to welcome IFF’s Food Ingredients business to CVC’s U.S. portfolio,” said Lorne Somerville, managing partner and co-head of North American private equity at CVC. “The business has built a strong position in an attractive, resilient sector supported by long-term growth trends, including increasing global food consumption and demand for clean-label products. Its global reach and proprietary technical capabilities provide a clear competitive advantage, and we see significant opportunity for continued growth.” James Christopoulos, partner at CVC, added: “The Food Ingredients management team has done an exceptional job building a business with meaningful scale and technical depth. We look forward to partnering with the team and with IFF as co-shareholders to accelerate the next phase of growth through scale and commercial expansion.” Transaction Benefits and Portfolio Positioning Over the last several years, IFF has taken decisive action to simplify its portfolio, sharpen strategic focus, and strengthen its financial foundation. Including this transaction, IFF has divested 13 non-core businesses, generating nearly $10 billion in gross proceeds, which have supported balance sheet improvement and reinvestment in the company’s highest-return businesses. Upon completion of the Food Ingredients transaction, IFF will be centered on three market-leading businesses serving attractive end markets supported by long-term megatrends in health, well-being, food, and sustainability. Each business is well positioned for strong revenue and EBITDA growth opportunities and powered by shared naturals and biosciences capabilities: Taste: Unique, technology-enabled flavor solutions for global food and beverage customers Scent: Leading positions in fine fragrance, consumer fragrance across personal and home care categories, and fragrance ingredients Health & Biosciences: Innovation-led solutions spanning probiotics, enzymes, cultures, and bioactive health ingredients With a more streamlined portfolio, IFF expects to be better positioned to accelerate innovation, improve execution, enhance free cash flow conversion, and deliver a stronger long-term financial profile. Over time, in a normalized environment, IFF expects to achieve mid-single-digit revenue growth and high-single-digit adjusted EBITDA growth, underpinned by the differentiated and innovation-led nature of its remaining business. Use of Proceeds and Financial Impact IFF expects to receive net cash proceeds of approximately $3.8 billion at closing, reflecting the rolled-over equity, customary purchase price adjustments, costs incurred to stand up and carve out the business and taxes. The company intends to prioritize use of proceeds toward: Debt reduction to accelerate deleveraging and reinforce balance sheet strength Targeted share repurchases, as authorized by the Board of Directors Reinvestment in high-return growth and high-return opportunities across the core portfolio The transaction is expected to be dilutive to adjusted EPS in the first 12 months following closing, prior to the benefits from capital deployment and any actions to address stranded overhead costs. IFF believes the strategic and financial benefits of a more focused portfolio, stronger balance sheet and improved cash generation profile outweigh the near-term earnings impact. Furthermore, the company has implemented a plan to address all of the stranded overhead costs that are a consequence of the transaction. IFF is also reiterating its previously communicated full-year 2026 guidance ranges. The company expects full year 2026 sales to be in the range of $10.5 billion to $10.8 billion and full year 2026 adjusted operating EBITDA to be in the range of $2.05 billion to $2.15 billion. IFF continues to expect comparable currency neutral sales growth to be between 1% to 4%, and comparable currency neutral adjusted operating EBITDA growth to be 3% to 8%. Transaction Details The transaction is expected to close by the end of the second quarter of 2027, subject to applicable information and/or consultation requirements and customary closing conditions, including regulatory approvals, where required. As part of the retained 10% equity interest, IFF will also hold a board seat in the new company. J.P. Morgan Securities LLC (lead) and BofA Securities are serving as IFF’s financial advisors, and Skadden, Arps, Slate, Meagher & Flom LLP & Affiliates is serving as legal advisor. Cautionary Statement Under The Private Securities Litigation Reform Act of 1995 This press release includes statements that are “forward-looking statements” within the meaning of The Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on management’s current assumptions, estimates and expectations, including with respect to our financial and operational outlook (sales, adjusted operating EBITDA and cash flow), portfolio optimization initiatives (including the anticipated closing date of the sale of our Food Ingredients division), pricing, productivity and cost-discipline actions, capital allocation, future operations, growth potential, strategic investments and the expected effects of foreign exchange. These statements reflect management’s present views, are based on a series of expectations, assumptions, estimates and projections about the company, are subject to change, and involve uncertainties that could cause actual results to differ materially. Certain of such forward-looking information may be identified by such terms as “expect”, “anticipate”, “believe”, “intend”, “outlook”, “may”, “will”, “would”, “estimate”, “should”, “predict”, “plan”, “project”, “could”, “potential”, “seek”, “target”, “continue”, “future”, and similar terms or variations thereof. These statements are not guarantees of future performance and are subject to risks and uncertainties that could lead to materially different outcomes. Such risks, uncertainties and other factors include, among others, the following: (1) demand trends, competitive dynamics and customer concentration in our end markets; (2) execution of our strategic transformation and other strategic transactions, divestitures, acquisitions, collaborations and joint ventures; (3) working capital and inventory management; (4) outcomes of legal claims, disputes, regulatory investigations and litigation; (5) tariffs and trade actions, supply chain disruptions and macro events, including geopolitical developments, climate events, natural disasters, public health crises; (6) 4 volatility in input costs (such as raw materials, transportation and energy); (7) attraction, retention and turnover of key employees and executives; (8) product innovation, time-to-market, product safety and quality; (9) cybersecurity incidents, artificial intelligence related risks, data privacy and compliance with data protection laws; (10) exposure to emerging markets, foreign currency fluctuations and international regulatory and political risks; (11) capital allocation, dividend policy and potential impairments of tangible or intangible assets; (12) our indebtedness, credit rating, liquidity, and access to capital; (13) pension and postretirement obligations; (14) compliance with federal, state, local and international rules and regulations, and regulatory, environmental, anti-corruption and sanctions laws and related ethical business practices; (15) protection and enforcement of intellectual property; (16) changes in tax laws and policies, tax audits and outcomes, including potential tax liabilities related to prior transactions; and (17) changes in federal, state, local and international rules and regulations. The foregoing list of important factors does not include all such factors, nor necessarily present them in order of importance. Important factors are described under “Risk Factors” in our most recent Annual Report on Form 10-K and in our subsequent filings with the SEC, and those disclosures are incorporated herein by reference. We intend our forward-looking statements to speak only as of the time of such statements and do not undertake or plan to update or revise them as more information becomes available or to reflect changes in expectations, assumptions or results, whether as a result of new information, future events or otherwise. We can give no assurance that such expectations or forward-looking statements will prove to be correct. An occurrence of, or any material adverse change in, one or more of the risk factors or risks and uncertainties referred to in this press release or included in our other periodic reports filed with the SEC could materially and adversely impact our operations and our future financial results. Any public statements or disclosures made by us following this press release that modify or impact any of the forward-looking statements contained in or accompanying this press release will be deemed to modify or supersede such outlook or other forward-looking statements in or accompanying this press release. Use of Non-GAAP Financial Measures We provide in this press release non-GAAP financial measures, including: (i) comparable currency neutral sales; and (ii) adjusted operating EBITDA and comparable currency neutral adjusted operating EBITDA. Our non-GAAP financial measures are defined below. Currency Neutral metrics eliminate the effects that result from translating non-U.S. currencies to U.S. dollars. We calculate currency neutral numbers by translating current year invoiced sale amounts at the exchange rates used for the corresponding prior year period. We use currency neutral results in our analysis of segment performance. We also use currency neutral numbers when analyzing our performance against that of our competitors. Comparable results exclude the impact of divestitures. Adjusted operating EBITDA and adjusted operating EBITDA margin exclude depreciation and amortization, interest expense, other expense, net, and certain non-recurring or unusual items that are not part of recurring operations such as impairment of goodwill, restructuring and other charges, divestiture costs, strategic initiatives costs, regulatory costs and other items. These non-GAAP measures are intended to provide additional information regarding our underlying operating results and comparable year-over-year performance. Such information is supplemental to information presented in accordance with GAAP and is not intended to represent a presentation in accordance with GAAP. In discussing our historical and expected future results and financial condition, we believe it is meaningful for investors to be made aware of and to be assisted in a better understanding of, on a period-to-period comparable basis, financial amounts both including and excluding these identified items, as well as the impact of exchange rate fluctuations. These non-GAAP measures should not be considered in isolation or as substitutes for analysis of the Company’s results under GAAP and may not be comparable to other companies’ calculation of such metrics. The Company cannot reconcile its expected adjusted operating EBITDA under “Use of Proceeds and Financial Impact” without unreasonable effort because certain items that impact net income and other reconciling metrics are out of the Company's control and/or cannot be reasonably predicted at this time. These items include but are not limited to divestiture costs, gains (losses) on business disposals, and regulatory costs. Welcome to IFF At IFF (NYSE: IFF), we make joy through science, creativity and heart. As the global leader in flavors, fragrances, food ingredients, health and biosciences, we deliver groundbreaking, sustainable innovations that elevate everyday products—advancing wellness, delighting the senses and enhancing the human experience. Learn more at iff.com, LinkedIn, Instagram and Facebook. About CVC CVC is a leading global private markets manager with a network of 29 office locations throughout EMEA, the Americas, and Asia, with approximately €209 billion of assets under management. CVC has seven complementary strategies across private equity, secondaries, credit and infrastructure, for which CVC funds have secured commitments of over €257 billion from some of the world's leading pension funds and other institutional investors. Funds managed or advised by CVC’s private equity strategy are invested in approximately 150+ companies worldwide, which have combined annual sales of over €240 billion and employ over 660,000 people. For further information about CVC please visit: https://www.cvc.com/. Follow us on LinkedIn. © 2026 by International Flavors & Fragrances Inc. IFF is a Registered Trademark. All Rights Reserved. View source version on businesswire.com: https://www.businesswire.com/news/home/20260529975821/en/ Media Relations:
Jennifer McGowan
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Investor.Relations@iff.com Original: IFF Enters Into Agreement to Sell Its Food Ingredients Business to CVC
US Market News
1月前
IFF Reports First Quarter 2026 ResultsMay 5, 2026 4:15 PM
Business Wire Delivered solid top and bottom line Q1 results Progressing disciplined sale process for Food Ingredients business Reaffirms Full Year 2026 Financial Guidance IFF (NYSE: IFF) reported financial results for the first quarter ended March 31, 2026. First Quarter 2026 Consolidated Summary: Reported (GAAP) Adjusted (Non-GAAP)1 Sales Income Before Taxes EPS Operating EBITDA Operating EBITDA Margin EPS ex Amortization $2.7 B $209 M $0.66 $568 M 20.7% $1.25 Management Commentary “IFF is off to a solid start in 2026, with first quarter results that reflect the customer focus and operational execution we’ve been building across the company,” said Erik Fyrwald, CEO of IFF. “We delivered volume growth in all four segments, improved profitability, and generated strong cash flow in the first quarter. As we look ahead, we are maintaining a disciplined approach to how we are planning the balance of the year as the current operating environment remains unsettled. We remained focused on advancing our commercial and innovation pipelines, driving productivity, and working with customers to offset inflation. This – when combined with our solid start to the year – derisks the balance of the year and gives us the confidence to reaffirm our full-year 2026 financial guidance ranges in an uncertain environment. At the same time, we are running a disciplined sale process for Food Ingredients to ensure we maximize value for shareholders.” First Quarter 2026 Consolidated Financial Results Reported net sales for the first quarter were $2.74 billion, a decrease of 4% versus the prior-year period. On a comparable basis2, currency neutral sales1 increased 3% versus the prior-year period with broad based growth across all businesses. Income before taxes on a reported basis for the first quarter was $209 million. Adjusted operating EBITDA1 for the first quarter was $568 million. On a comparable basis2, currency neutral adjusted operating EBITDA1 improved 8% versus the prior-year period, driven by volume growth and productivity gains. Reported earnings per share (EPS) for the first quarter was $0.66. Adjusted EPS excluding amortization1 was $1.25 per diluted share. Cash flows from operations for the first quarter were $257 million, increasing $130 million year-over-year, and free cash flow1 defined as cash flows from operations less capital expenditures totaled $92 million, increasing $144 million year-over-year. Total debt to trailing twelve months net income at the end of the first quarter was 7.2x. Net debt to credit adjusted EBITDA1 at the end of the first quarter was 2.5x. First Quarter 2026 Segment Summary: Growth vs. Prior Year Reported (GAAP) Comparable Currency Neutral (Non-GAAP)1 2 Adjusted (Non-GAAP)1 Comparable Currency Neutral Adjusted (Non-GAAP)1 2 Sales Sales Operating
EBITDA Operating
EBITDA Taste 5% 2% 17% 18% Health & Biosciences 10% 5% 11% 7% Scent 6% 1% 3% (2)% Food Ingredients 5% 3% 3% 12% Consolidated (4)% 3% (2)% 8% Taste Segment On a reported basis, first quarter sales were $656 million. On a comparable basis2, currency neutral sales1 increased 2% with broad-based growth in all regions. Taste adjusted operating EBITDA1 was $153 million and adjusted operating EBITDA margin1 was 23.3% in the first quarter. On a comparable basis2, currency neutral adjusted operating EBITDA1 increased 18% led by volume growth, favorable net pricing and productivity gains. Health & Biosciences Segment On a reported basis, first quarter sales were $595 million. On a comparable basis2, currency neutral sales1 increased 5% with growth in nearly all businesses, led by Animal Nutrition and Food Biosciences. Health & Biosciences adjusted operating EBITDA1 was $153 million and adjusted operating EBITDA margin1 was 25.7% in the first quarter. On a comparable basis2, currency neutral adjusted operating EBITDA1 increased 7% primarily driven by volume growth. Scent Segment On a reported basis, first quarter sales were $651 million. On a comparable basis2, currency neutral sales1 increased 1% as growth in Consumer Fragrances and Fine Fragrances was partially offset by a decline in Fragrance Ingredients. Scent adjusted operating EBITDA1 was $148 million and adjusted operating EBITDA margin1 was 22.7% in the first quarter. On a comparable basis2, currency neutral adjusted operating EBITDA1 decreased (2)% as volume growth and productivity gains were more than offset by unfavorable price to input cost. Food Ingredients Segment On a reported basis, first quarter sales were $839 million. On a comparable basis2, currency neutral sales1 increased 3% led by volume growth in nearly all businesses. Food Ingredients adjusted operating EBITDA1 was $114 million and adjusted operating EBITDA margin1 was 13.6% in the first quarter. On a comparable basis2, currency neutral adjusted operating EBITDA1 increased 12% driven by volume growth and productivity gains. Financial Guidance The Company continues to expect full year 2026 sales to be in the range of $10.5 billion to $10.8 billion and full year 2026 adjusted operating EBITDA to be in the range of $2.05 billion to $2.15 billion. Full year guidance now includes two months (previously three months) of Soy Crush, Concentrates, and Lecithin business results with the divestiture closing on March 2, 2026 (previously expected to close on April 1, 2026). The Company continues to expect comparable currency neutral sales growth to be between 1% to 4%, and comparable currency neutral adjusted operating EBITDA growth to be 3% to 8%. Based on recent market foreign exchange rates, the Company continues to expect that foreign exchange will have an approximately 1% positive impact on sales growth and have no impact on adjusted operating EBITDA growth in 2026. The Company also continues to expect that divestitures will have an approximately 5% adverse impact on both sales and adjusted operating EBITDA growth in 2026. Audio Webcast A live webcast to discuss the Company’s first quarter 2026 financial results will be held on May 6, 2026, at 9:00 a.m. ET. The webcast and accompanying slide presentation may be accessed on the Company’s IR website at ir.iff.com. For those unable to listen to the live webcast, a recorded version will be made available on the Company’s website approximately one hour after the event and will remain available on IFF’s website for one year. Cautionary Statement Under The Private Securities Litigation Reform Act of 1995 This press release includes statements that are not historical facts and are “forward-looking statements” within the meaning of The Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on management’s current assumptions, estimates and expectations, including with respect to our financial and operational outlook (sales, adjusted operating EBITDA and cash flow), portfolio optimization initiatives (including the ongoing sale process for our Food Ingredients division), pricing, productivity and cost-discipline actions, capital allocation, future operations, growth potential, strategic investments and the expected effects of foreign exchange. These statements reflect management’s present views, are based on a series of expectations, assumptions, estimates and projections about the Company, are subject to change, and involve uncertainties that could cause actual results to differ materially. Certain of such forward-looking information may be identified by such terms as “expect”, “anticipate”, “believe”, “intend”, “outlook”, “may”, “will”, “would”, “estimate”, “should”, “predict”, “plan”, “project”, “could”, “potential”, “seek”, “target”, “continue”, “future”, and similar terms or variations thereof. These statements are not guarantees of future performance and are subject to risks and uncertainties that could lead to materially different outcomes. Such risks, uncertainties and other factors include, among others, the following: (1) demand trends, competitive dynamics and customer concentration in our end markets; (2) execution of our strategic transformation and other strategic transactions, divestitures, acquisitions, collaborations and joint ventures; (3) working capital and inventory management; (4) outcomes of legal claims, disputes, regulatory investigations and litigation; (5) tariffs and trade actions, supply chain disruptions and macro events, including geopolitical developments, climate events, natural disasters, public health crises; (6) volatility in input costs (such as raw materials, transportation and energy); (7) attraction, retention and turnover of key employees and executives; (8) product innovation, time-to-market, product safety and quality; (9) cybersecurity incidents, artificial intelligence related risks, data privacy and compliance with data protection laws; (10) exposure to emerging markets, foreign currency fluctuations and international regulatory and political risks; (11) capital allocation, dividend policy and potential impairments of tangible or intangible assets; (12) our indebtedness, credit rating, liquidity, and access to capital; (13) pension and postretirement obligations; (14) compliance with federal, state, local and international rules and regulations, and regulatory, environmental, anti-corruption and sanctions laws and related ethical business practices; (15) protection and enforcement of intellectual property; (16) changes in tax laws and policies, tax audits and outcomes, including potential tax liabilities related to prior transactions; and (17) changes in federal, state, local and international rules and regulations. The foregoing list of important factors does not include all such factors, nor necessarily present them in order of importance. Important factors are described under “Risk Factors” in our most recent Annual Report on Form 10-K and in our subsequent filings with the SEC, and those disclosures are incorporated herein by reference. We intend our forward-looking statements to speak only as of the time of such statements and do not undertake or plan to update or revise them as more information becomes available or to reflect changes in expectations, assumptions or results, whether as a result of new information, future events or otherwise. We can give no assurance that such expectations or forward-looking statements will prove to be correct. An occurrence of, or any material adverse change in, one or more of the risk factors or risks and uncertainties referred to in this press release or included in our other periodic reports filed with the SEC could materially and adversely impact our operations and our future financial results. Any public statements or disclosures made by us following this press release that modify or impact any of the forward-looking statements contained in or accompanying this press release will be deemed to modify or supersede such outlook or other forward-looking statements in or accompanying this press release. Use of Non-GAAP Financial Measures We provide in this press release non-GAAP financial measures, including: (i) comparable currency neutral sales; (ii) adjusted operating EBITDA and comparable currency neutral adjusted operating EBITDA; (iii) adjusted operating EBITDA margin; (iv) adjusted EPS ex amortization; (v) free cash flow; and (vi) net debt to credit adjusted EBITDA. Our non-GAAP financial measures are defined below. Currency Neutral metrics eliminate the effects that result from translating non-U.S. currencies to U.S. dollars. We calculate currency neutral numbers by translating current year invoiced sale amounts at the exchange rates used for the corresponding prior year period. We use currency neutral results in our analysis of segment performance. We also use currency neutral numbers when analyzing our performance against that of our competitors. Comparable results for the first quarter exclude the impact of divestitures. Adjusted operating EBITDA and adjusted operating EBITDA margin exclude depreciation and amortization, interest expense, other expense, net, and certain non-recurring or unusual items that are not part of recurring operations such as impairment of goodwill, restructuring and other charges, divestiture costs, strategic initiatives costs, regulatory costs and other items. Adjusted EPS ex Amortization excludes the impact of non-operational items including restructuring and other charges, divestiture costs, losses (gains) on business disposals, strategic initiatives costs, regulatory costs and other items that are not a part of recurring operations. Free Cash Flow is operating cash flow (i.e., cash flow from operations) less capital expenditures. Net debt to credit adjusted EBITDA is the leverage ratio used in our credit agreements and defined as net debt (which is debt for borrowed money less cash and cash equivalents) divided by the trailing 12-month credit adjusted EBITDA. Credit adjusted EBITDA is defined as income (loss) before interest expense, income taxes, depreciation and amortization, specified items and non-cash items. These non-GAAP measures are intended to provide additional information regarding our underlying operating results and comparable year-over-year performance. Such information is supplemental to information presented in accordance with GAAP and is not intended to represent a presentation in accordance with GAAP. In discussing our historical and expected future results and financial condition, we believe it is meaningful for investors to be made aware of and to be assisted in a better understanding of, on a period-to-period comparable basis, financial amounts both including and excluding these identified items, as well as the impact of exchange rate fluctuations. These non-GAAP measures should not be considered in isolation or as substitutes for analysis of the Company’s results under GAAP and may not be comparable to other companies’ calculation of such metrics. The Company cannot reconcile its expected adjusted operating EBITDA under "Financial Guidance" without unreasonable effort because certain items that impact net income and other reconciling metrics are out of the Company's control and/or cannot be reasonably predicted at this time. These items include but are not limited to divestiture costs, gains (losses) on business disposals, and regulatory costs. Welcome to IFF At IFF (NYSE: IFF), we make joy through science, creativity and heart. As the global leader in flavors, fragrances, food ingredients, health and biosciences, we deliver groundbreaking, sustainable innovations that elevate everyday products—advancing wellness, delighting the senses and enhancing the human experience. Learn more at iff.com, LinkedIn, Instagram and Facebook. __________________ 1 Schedules at the end of this release contain reconciliations of reported GAAP to Non-GAAP metrics. See Use of Non-GAAP Financial Measures for explanations of our Non-GAAP metrics. 2 Comparable results for the first quarter exclude the impact of divestitures. International Flavors & Fragrances Inc. Consolidated Statements of Income (Loss) (Amounts in millions except per share data) (Unaudited) Three Months Ended March 31, 2026 2025 % Change Net sales $ 2,741 $ 2,843 (4 )% Cost of sales 1,723 1,808 (5 )% Gross profit 1,018 1,035 (2 )% Research and development expenses 166 164 1 % Selling and administrative expenses 427 461 (7 )% Amortization of acquisition-related intangibles 146 143 2 % Impairment of goodwill — 1,153 NMF Restructuring and other charges 6 17 (65 )% Operating profit (loss) 273 (903 ) (130 )% Interest expense 44 71 (38 )% Losses on business disposals 7 — NMF Other expense, net 13 20 (35 )% Income (loss) before taxes 209 (994 ) (121 )% Provision for income taxes 39 23 70 % Net income (loss) 170 (1,017 ) (117 )% Net income attributable to non-controlling interests 1 1 — % Net income (loss) attributable to IFF shareholders $ 169 $ (1,018 ) (117 )% Net income (loss) per share - basic and diluted $ 0.66 $ (3.98 ) Average number of shares outstanding - basic 256 256 Average number of shares outstanding - diluted 257 256 NMF Not meaningful International Flavors & Fragrances Inc. Condensed Consolidated Balance Sheets (Amounts in millions) (Unaudited) March 31,
2026 December 31,
2025 Cash and cash equivalents $ 562 $ 590 Receivables, net 1,830 1,731 Inventories 2,250 2,245 Assets held for sale — 151 Prepaid expenses and other current assets 795 877 Total current assets 5,437 5,594 Property, plant and equipment, net 3,997 4,029 Goodwill and other intangibles, net 14,087 14,312 Other assets 1,623 1,604 Total assets $ 25,144 $ 25,539 Short-term borrowings $ 1,078 $ 1,254 Other current liabilities 2,567 2,679 Total current liabilities 3,645 3,933 Long-term debt 4,739 4,740 Non-current liabilities 2,607 2,680 Total Shareholders' equity including Non-controlling interests 14,153 14,186 Total liabilities and shareholders' equity $ 25,144 $ 25,539 International Flavors & Fragrances Inc. Consolidated Statements of Cash Flows (Amounts in millions) (Unaudited) Three Months Ended March 31, 2026 2025 Cash flows from operating activities: Net income (loss) $ 170 $ (1,017 ) Adjustments to reconcile to net cash provided by operating activities Depreciation and amortization 246 236 Deferred income taxes (15 ) (61 ) Losses on business disposals 7 — Stock-based compensation 16 19 Pension contributions (5 ) (5 ) Impairment of goodwill — 1,153 Changes in assets and liabilities, net of acquisitions: Trade receivables (107 ) (116 ) Inventories (33 ) (92 ) Accounts payable 176 154 Accruals for incentive compensation (140 ) (246 ) Other assets/liabilities, net (58 ) 102 Net cash provided by operating activities 257 127 Cash flows from investing activities: Additions to property, plant and equipment (165 ) (179 ) Net proceeds received from business disposals 198 — Cash (paid) received on foreign currency forward contracts (10 ) 22 Net cash provided by (used in) investing activities 23 (157 ) Cash flows from financing activities: Cash dividends paid to shareholders (102 ) (102 ) Net (repayments) borrowings of commercial paper (maturities less than three months) (160 ) 292 Principal payments of debt — (16 ) Purchases of treasury stock (35 ) — Other, net (4 ) (5 ) Net cash (used in) provided by financing activities (301 ) 169 Effect of exchange rate changes on cash and cash equivalents (7 ) 40 Net change in cash and cash equivalents (28 ) 179 Cash and cash equivalents at beginning of year 590 471 Cash and cash equivalents at end of period $ 562 $ 650 The following table reconciles cash and cash equivalents between the Company's statement of cash flows for the periods ended March 31, 2026 and March 31, 2025 to the amounts reported on the Company's balance sheet: AMOUNTS IN MILLIONS March 31, 2026 December 31, 2025 March 31, 2025 December 31, 2024 Current assets Cash and cash equivalents $ 562 $ 590 $ 613 $ 469 Cash and cash equivalents included in Assets held for sale — — 37 2 Cash and cash equivalents $ 562 $ 590 $ 650 $ 471 The Company had no restricted cash as of March 31, 2026 and December 31, 2025. International Flavors & Fragrances Inc. Reportable Segment Performance (Amounts in millions) (Unaudited) Three Months Ended March 31, 2026 Taste Food Ingredients Health & Biosciences Scent Total Net Sales $ 656 $ 839 $ 595 $ 651 $ 2,741 Cost of Sales (375 ) (646 ) (327 ) (375 ) Research & development expenses (43 ) (14 ) (55 ) (54 ) Selling & administrative expenses (101 ) (99 ) (92 ) (92 ) Depreciation expense add-back (a) 16 34 32 18 Adjusted Operating EBITDA $ 153 $ 114 $ 153 $ 148 $ 568 Reconciliation of Adjusted Operating EBITDA: Total Adjusted Operating EBITDA $ 568 Depreciation & Amortization (246 ) Interest Expense (44 ) Other Expense, net (13 ) Restructuring and Other Charges (b) (6 ) Losses on Business Disposals (d) (7 ) Divestiture Costs (e) (24 ) Strategic Initiative Costs (f) (9 ) Regulatory Costs (g) (10 ) Income Before Taxes $ 209 Segment Adjusted Operating EBITDA Margin Taste 23.3 % Food Ingredients 13.6 % Health & Biosciences 25.7 % Scent 22.7 % Consolidated 20.7 % International Flavors & Fragrances Inc. Reportable Segment Performance (Amounts in millions) (Unaudited) Three Months Ended March 31, 2025 Taste Food Ingredients Health & Biosciences Scent Pharma Solutions Total Net Sales $ 627 $ 796 $ 540 $ 614 $ 266 $ 2,843 Cost of Sales (377 ) (609 ) (298 ) (344 ) (180 ) Research & development expenses (40 ) (12 ) (52 ) (55 ) (5 ) Selling & administrative expenses (94 ) (92 ) (81 ) (86 ) (32 ) Depreciation expense add-back (a) 15 28 29 15 5 Adjusted Operating EBITDA $ 131 $ 111 $ 138 $ 144 $ 54 $ 578 Reconciliation of Adjusted Operating EBITDA: Total Adjusted Operating EBITDA $ 578 Depreciation & Amortization (236 ) Interest Expense (71 ) Other Expense, net (20 ) Restructuring and Other Charges (b) (17 ) Impairment of Goodwill (c) (1,153 ) Divestiture Costs (e) (51 ) Strategic Initiatives Costs (f) (8 ) Regulatory Costs (g) (11 ) Other (h) (5 ) Loss Before Taxes $ (994 ) Segment Adjusted Operating EBITDA Margin Taste 20.9 % Food Ingredients 13.9 % Health & Biosciences 25.6 % Scent 23.5 % Pharma Solutions 20.3 % Consolidated 20.3 % (a) There is depreciation recorded within cost of sales, research & development expenses, and selling & administrative expenses, which is then added back to calculate segment Adjusted Operating EBITDA. This reflects how the CODM reviews Segment results. (b) Represents costs related to severance as part of the IFF Productivity Program. (c) For 2025, represents the impairment of goodwill related to the Food Ingredients reporting unit. (d) For 2026, primarily represents losses recognized as part of the divestiture of the Soy, Concentrates and Lecithin disposal group. (e) For 2026 and 2025, primarily represents costs related to the Company’s completed and anticipated divestitures. These costs primarily consisted of external consulting fees, professional and legal fees and salaries of individuals who are fully dedicated to such efforts. (f) Represents costs related to the Company’s strategic assessment and business portfolio optimization efforts and reorganizing the Global Business Services (GBS) Centers. In 2026, the GBS reorganization has been expanded to include additional functions such as customer service, supply chain and logistics in addition to human resources, accounting and finance, as well as additional efforts to automate processes and expand the use of artificial intelligence (AI) for these functions. These costs primarily consisted of external consulting fees and salaries of individuals who are fully dedicated to such efforts. Costs to develop software and AI are only included to the extent that they do not qualify for capitalization. (g) Represents costs primarily related to legal fees incurred and provisions recognized for the ongoing investigations of the fragrance businesses. (h) For 2025, represents the net impact of costs related to severance, including accelerated stock compensation expense, for certain executives who have separated from the Company, in addition to consulting costs related to the Company’s implementation of a phased restructuring initiative aimed at optimizing its legal entity framework. International Flavors & Fragrances Inc.
GAAP to Non-GAAP Reconciliation
(Unaudited) The following information and schedules provide reconciliation information between reported GAAP amounts and non-GAAP certain adjusted amounts. This information and schedules are not intended as, and should not be viewed as, a substitute for reported GAAP amounts or financial statements of the Company prepared and presented in accordance with GAAP. For the three months ended March 31, 2026 and 2025, there was no difference between Reported (GAAP) and Adjusted (Non-GAAP) gross profit. Reconciliation of Selling and Administrative Expenses First Quarter (DOLLARS IN MILLIONS) 2026 2025 Reported (GAAP) $ 427 $ 461 Divestiture Costs (c) (24 ) (51 ) Strategic Initiative Costs (e) (9 ) (8 ) Regulatory Costs (f) (10 ) (11 ) Other (g) — (6 ) Adjusted (Non-GAAP) $ 384 $ 385 International Flavors & Fragrances Inc.
GAAP to Non-GAAP Reconciliation
(Unaudited) The following information and schedules provide reconciliation information between reported GAAP amounts and non-GAAP certain adjusted amounts. This information and schedules are not intended as, and should not be viewed as, a substitute for reported GAAP amounts or financial statements of the Company prepared and presented in accordance with GAAP. Reconciliation of Net Income (Loss) and EPS First Quarter 2026 2025 (DOLLARS IN MILLIONS EXCEPT PER SHARE AMOUNTS) Income (Loss) before taxes Provision for income taxes (h) Net income (loss) attributable to IFF (i) Diluted EPS (Loss) Income before taxes Provision for income taxes (h) Net (loss) income attributable to IFF (i) Diluted EPS Reported (GAAP) $ 209 $ 39 $ 169 $ 0.66 $ (994 ) $ 23 $ (1,018 ) $ (3.98 ) Restructuring and Other Charges (a) 6 2 4 0.02 17 4 13 0.05 Impairment of Goodwill (b) — — — — 1,153 7 1,146 4.48 Divestiture Costs (c) 24 5 19 0.07 51 12 39 0.15 Losses on Business Disposals (d) 7 1 6 0.02 — — — — Strategic Initiative Costs (e) 9 3 6 0.03 8 2 6 0.02 Regulatory Costs (f) 10 3 7 0.03 11 3 8 0.03 Other (g) — — — — 5 1 4 0.02 Adjusted (Non-GAAP) $ 265 $ 53 $ 211 $ 0.83 $ 251 $ 52 $ 198 $ 0.77 Reconciliation of Adjusted (Non-GAAP) EPS ex. Amortization First Quarter (DOLLARS AND SHARE AMOUNTS IN MILLIONS) 2026 2025 Numerator Adjusted (Non-GAAP) Net Income $ 211 $ 198 Amortization of Acquisition related Intangible Assets 146 143 Tax impact on Amortization of Acquisition related Intangible Assets (h) 36 35 Amortization of Acquisition related Intangible Assets, net of tax (j) 110 108 Adjusted (Non-GAAP) Net Income ex. Amortization $ 321 $ 306 Denominator Weighted average shares assuming dilution (diluted) 257 256 Adjusted (Non-GAAP) EPS ex. Amortization $ 1.25 $ 1.20 (a) Represents costs related to severance as part of the IFF Productivity Program. (b) For 2025, represents the impairment of goodwill related to the Food Ingredients reporting unit. (c) For 2026 and 2025, primarily represents costs related to the Company’s completed and anticipated divestitures. These costs primarily consisted of external consulting fees, professional and legal fees and salaries of individuals who are fully dedicated to such efforts. (d) For 2026, primarily represents losses recognized as part of the divestiture of the Soy, Concentrates and Lecithin disposal group. (e) Represents costs related to the Company’s strategic assessment and business portfolio optimization efforts and reorganizing the Global Business Services (GBS) Centers. In 2026, the GBS reorganization has been expanded to include additional functions such as customer service, supply chain and logistics in addition to human resources, accounting and finance, as well as additional efforts to automate processes and expand the use of artificial intelligence (AI) for these functions. These costs primarily consisted of external consulting fees and salaries of individuals who are fully dedicated to such efforts. Costs to develop software and AI are only included to the extent that they do not qualify for capitalization. (f) For 2026 and 2025, represents costs primarily related to legal fees incurred and provisions recognized for the ongoing investigations of the fragrance business. (g) For 2025, represents the net impact of costs related to severance, including accelerated stock compensation expense, for certain executives who have separated from the Company, in addition to consulting costs related to the Company’s implementation of a phased restructuring initiative aimed at optimizing its legal entity framework. (h) The income tax effects of non-GAAP adjustments are calculated based on the applicable statutory tax rate for the relevant jurisdiction, except for those items which are non-taxable or subject to valuation allowances for which the tax expense (benefit) was calculated at 0%. The tax benefit for amortization is calculated in a similar manner as the tax effects of the non-GAAP adjustments. (i) For 2026 and 2025, reported and adjusted net income (loss) are each decreased by income attributable to non-controlling interest of $1 million. (j) Represents all amortization of intangible assets acquired in connection with acquisitions, net of tax. International Flavors & Fragrances Inc.
Debt Covenants
(Amounts in millions)
(Unaudited) The following information and schedules provide reconciliation information between reported GAAP amounts and non-GAAP certain adjusted amounts. This information and schedules are not intended as, and should not be viewed as, a substitute for reported GAAP amounts or financial statements of the Company prepared and presented in accordance with GAAP. Reconciliation of Credit Adjusted EBITDA to Net Loss (DOLLARS IN MILLIONS) Twelve Months Ended March 31, 2026 Net income $ 815 Interest expense 202 Income taxes (24 ) Depreciation and amortization 972 Specified items(1) (178 ) Non-cash items(2) 307 Credit Adjusted EBITDA $ 2,094 ____________________ (1) Specified items consisted of restructuring and other charges, divestiture costs, strategic initiatives costs, regulatory costs, gain on debt extinguishment, and other costs that are not related to recurring operations. (2) Non-cash items consisted of losses on business disposals, loss on assets classified as held for sale, and stock based compensation. Net Debt to Total Debt (DOLLARS IN MILLIONS) March 31, 2026 Total debt(1) $ 5,850 Adjustments: Cash and cash equivalents 562 Net debt $ 5,288 ____________________ (1) Total debt used for the calculation of net debt consisted of short-term debt, long-term debt, short-term finance lease obligations and long-term finance lease obligations. International Flavors & Fragrances Inc.
Comparable Reportable Segment Performance
(Amounts in millions)
(Unaudited) The following information and schedule provides reconciliation information between reported GAAP amounts and non-GAAP certain adjusted amounts. This information and schedule is not intended as, and should not be viewed as, a substitute for reported GAAP amounts or financial statements of the Company prepared and presented in accordance with GAAP. Three Months Ended March 31, 2026 2025 Net Sales Taste(1) $ 656 $ 621 Food Ingredients(2) 839 779 Health & Biosciences 595 540 Scent 651 614 Pharma Solutions(3) — — Consolidated $ 2,741 $ 2,554 Segment Adjusted Operating EBITDA(5) Taste(1) $ 153 $ 125 Food Ingredients(2) 114 108 Health & Biosciences 153 135 Scent 148 141 Pharma Solutions(3) — — Total 568 509 Depreciation & Amortization (246 ) (236 ) Interest Expense (44 ) (71 ) Other Expense, Net (13 ) (20 ) Restructuring and Other Charges (6 ) (17 ) Impairment of Goodwill — (1,153 ) Losses on Business Disposals (7 ) — Divestiture Costs (24 ) (51 ) Strategic Initiative Costs (9 ) (8 ) Regulatory Costs (10 ) (11 ) Other — (5 ) Impact of Business Divestitures(4) — 69 Income (Loss) Before Taxes $ 209 $ (994 ) Segment Adjusted Operating EBITDA Margin Taste 23.3 % 20.1 % Food Ingredients 13.6 % 13.9 % Health & Biosciences 25.7 % 25.0 % Scent 22.7 % 23.0 % Consolidated 20.7 % 19.9 % ____________________ (1) Taste sales and segment adjusted operating EBITDA information exclude the results of the Rene Laurent business that was divested on December 1, 2025, to present fully comparable scenarios. (2) Food Ingredients sales and segment adjusted operating EBITDA information exclude the results of the Soy Crush, Concentrates, and Lecithin business (the “SCL disposal group”) that was divested on March 2, 2026, to present fully comparable scenarios. (3) Pharma Solutions sales and segment adjusted operating EBITDA information exclude the results of the Pharma Solutions disposal group and Nitrocellulose business that were divested on May 1, 2025 and May 9, 2025, respectively, to present fully comparable scenarios. (4) Amounts exclude the results of the Rene Laurent business that was divested on December 1, 2025, the SCL disposal group that was divested on March 2, 2026, and the Pharma Solutions disposal group and Nitrocellulose business that were divested on May 1, 2025 and May 9, 2025, respectively, to present fully comparable scenarios. (5) Following the completed divestitures of the Pharma Solutions disposal group on May 1, 2025 and the Nitrocellulose business on May 9, 2025, the Company reallocated certain corporate costs previously attributed to the Pharma Solutions segment. These costs have been redistributed across the Taste, Food Ingredients, Health & Biosciences, and Scent segments. For the Three Months Ended March 31, 2025 Selling & Administrative Expenses Total EBITDA Impact Taste $ 3 $ (3 ) Food Ingredients 4 (4 ) Health & Biosciences 3 (3 ) Scent 3 (3 ) Total $ 13 $ (13 ) International Flavors & Fragrances Inc. GAAP to Non-GAAP Reconciliation Comparable Foreign Exchange Impact (Unaudited) Q1 2026 Taste Sales Segment Adjusted Operating EBITDA Segment Adjusted Operating EBITDA Margin % Change - Reported 5% 17% 2.4% Portfolio Impact 1% 6% 0.8% % Change - Comparable 6% 22% 3.2% Currency Impact (4)% (4)% (0.1)% % Change - Currency Neutral 2% 18% 3.1% Q1 2026 Food Ingredients Sales Segment Adjusted Operating EBITDA Segment Adjusted Operating EBITDA Margin % Change - Reported 5% 3% (0.3)% Portfolio Impact 2% 3% 0.0% % Change - Comparable 8% 6% (0.3)% Currency Impact (5)% 6% 1.5% % Change - Currency Neutral 3% 12% 1.2% Q1 2026 Health & Biosciences Sales Segment Adjusted Operating EBITDA Segment Adjusted Operating EBITDA Margin % Change - Reported 10% 11% 0.1% Portfolio Impact 0% 2% 0.6% % Change - Comparable 10% 13% 0.7% Currency Impact (5)% (6)% (0.1)% % Change - Currency Neutral 5% 7% 0.6% Q1 2026 Scent Sales Segment Adjusted Operating EBITDA Segment Adjusted Operating EBITDA Margin % Change - Reported 6% 3% (0.8)% Portfolio Impact 0% 2% 0.5% % Change - Comparable 6% 5% (0.3)% Currency Impact (5)% (7)% (0.5)% % Change - Currency Neutral 1% (2)% (0.8)% Q1 2026 Consolidated Sales Adjusted Operating EBITDA Adjusted Operating EBITDA Margin % Change - Reported (4)% (2)% 0.4% Portfolio Impact 11% 13% 0.4% % Change - Comparable 7% 12% 0.8% Currency Impact (4)% (4)% 0.3% % Change - Currency Neutral 3% 8% 1.1% ____________________ Note: The sum of these items may not foot due to rounding. View source version on businesswire.com: https://www.businesswire.com/news/home/20260505710460/en/ Media Relations:
Paulina Heinkel
332.877.5339
Media.request@iff.com Investor Relations:
Michael Bender
212.708.7263
Investor.Relations@iff.com Original: IFF Reports First Quarter 2026 Results
US Market News
4月前
IFF Reports Fourth Quarter and Full Year 2025 ResultsFebruary 11, 2026 4:15 PM
Business Wire
Delivered solid top and bottom-line performance & advanced strategic priorities in 2025
Launched sale process for the Food Ingredients segment
Continuing to drive financial performance in 2026
International Flavors & Fragrances Inc. (NYSE: IFF) reported financial results for the fourth quarter and full year ended December 31, 2025.
Full year 2025 Consolidated Summary:
Reported
Adjusted
(GAAP)
(Non-GAAP)1
Sales
Loss Before Taxes
EPS
Operating EBITDA
Operating EBITDA Margin
EPS ex Amortization
$10.9 B
$(412) M
$(1.46)
$2.1 B
19.2%
$4.20
Management Commentary
“IFF delivered a solid 2025 performance, meeting the full-year financial commitments we set at the start of the year, despite a challenging operating environment,” said Erik Fyrwald, CEO of IFF. “It was also a year of continued strategic progress. We invested in R&D, commercial capabilities, and capacity expansion to better serve customers, advance our innovation pipeline, and support future profitable growth.”
“We also took steps to optimize our portfolio. Through several divestitures and the recent launch of a sale process for our Food Ingredients segment, we sharpened our strategic focus and improved our financial flexibility, allowing us to direct resources to our highest-value businesses.”
“Looking ahead to 2026, we are continuing to serve our customers with leading innovation to grow profitably with them and deliver financial performance across the company. While macroeconomic uncertainty persists, we are encouraged by the strength of our pipeline and the benefits of our reinvestment actions. We enter the year confident in our ability to deliver on our priorities and create long-term value for our shareholders.”
Full year 2025 Consolidated Financial Results
Reported net sales for the full year were $10.89 billion, a decrease of (5)% compared to the prior year. On a comparable basis2, currency neutral sales1 increased 2%, against a strong 6% year ago comparable, with mid-single digit growth in Taste and low-single digit performances in Health & Biosciences and Scent.
Loss before taxes on a reported basis for the full year was $412 million. Adjusted operating EBITDA1 for the full year was $2.086 billion. On a comparable basis2, currency neutral adjusted operating EBITDA1 increased 7%, led by volume growth, productivity gains and favorable net pricing.
Reported earnings (loss) per share (EPS) for the full year was $(1.46). Adjusted EPS excluding amortization1 was $4.20 per diluted share.
Cash flow from operations for the full year was $850 million, and free cash flow1 defined as cash flow from operations less capital expenditures totaled $256 million. Total debt to trailing twelve months net income at the end of the fourth quarter was (16.2)x. Net debt to credit-adjusted EBITDA1 at the end of the full year was 2.6x.
Full year 2025 Segment Summary: Growth vs. Prior Year
Reported
(GAAP)
Comparable
Currency
Neutral
(Non-GAAP)1 2
Adjusted
(Non-GAAP)1
Comparable
Currency
Neutral
Adjusted
(Non-GAAP)1 2
Sales
Sales
Operating EBITDA
Operating EBITDA
Taste
2%
4%
4%
10%
Health & Biosciences
4%
3%
3%
7%
Scent
2%
3%
(6)%
2%
Food Ingredients
(3)%
(3)%
4%
10%
Pharma Solutions
(65)%
12%
(65)%
16%
Consolidated
(5)%
2%
(5)%
7%
Taste Segment
On a reported basis, sales were $2.48 billion. On a comparable basis2, currency neutral sales1 increased 4% with broad-based growth in all regions.
Taste adjusted operating EBITDA1 was $478 million and adjusted operating EBITDA margin1 was 19.3% for the full year. On a comparable basis2, currency neutral adjusted operating EBITDA1 grew 10% led by favorable net pricing, volume growth and productivity gains.
Health & Biosciences Segment
On a reported basis, sales were $2.28 billion. On a comparable basis2, currency neutral sales1 increased 3% driven by growth in nearly all businesses led by a high-single digit increase in Food Biosciences and mid-single digit growth in Home & Personal Care and Animal Nutrition.
Health & Biosciences adjusted operating EBITDA1 was $594 million and adjusted operating EBITDA margin1 was 26.0% for the full year. On a comparable basis2, currency neutral adjusted operating EBITDA1 grew 7% led primarily by volume growth and productivity gains.
Scent Segment
On a reported basis, sales were $2.48 billion. On a comparable basis2, currency neutral sales1 improved 3% led by double-digit growth in Fine Fragrance and a low-single digit performance in Consumer Fragrance.
Scent adjusted operating EBITDA1 was $515 million and adjusted operating EBITDA margin1 was 20.8% for the full year. On a comparable basis2, currency neutral adjusted operating EBITDA1 grew 2% led primarily by volume growth and productivity gains offset partially by reinvestment and unfavorable net pricing.
Food Ingredients Segment
On a reported basis, sales were $3.28 billion. On a comparable basis2, currency neutral sales1 decreased (3)% as double-digit growth in Inclusions was offset primarily by softness in Protein Solutions as well as the proactive exit of low margin business over the course of 2025.
Food Ingredients adjusted operating EBITDA1 was $423 million and adjusted operating EBITDA margin1 was 12.9% for the full year. On a comparable basis2, currency neutral adjusted operating EBITDA1 grew 10% driven primarily by productivity gains and margin improvement initiatives.
Fourth Quarter 2025 Consolidated Summary:
Reported
(GAAP)
Adjusted
(Non-GAAP)1
Sales
Income Before Taxes
EPS
Operating EBITDA
Operating EBITDA Margin
EPS ex Amortization
$2.6 B
$22 M
$0.07
$437 M
16.9%
$0.80
Fourth Quarter 2025 Consolidated Financial Results
Reported net sales for the fourth quarter were $2.59 billion, a decrease of (7)% compared to the prior year period. On a comparable basis2, currency neutral sales1 increased 1% versus the prior year period, against a strong 6% year ago comparable, led by mid-single digit growth in Health & Biosciences and Scent and a low-single digit performance in Taste.
Income before taxes on a reported basis for the fourth quarter was $22 million. Adjusted operating EBITDA1 for the fourth quarter was $437 million. On a comparable basis2, currency neutral adjusted operating EBITDA1 increased 7% led primarily by productivity gains.
Reported earnings per share (EPS) for the fourth quarter was $0.07. Adjusted EPS excluding amortization1 was $0.80 per diluted share.
Fourth Quarter 2025 Segment Summary: Growth vs. Prior Year
Reported
(GAAP)
Comparable
Currency Neutral
Adjusted
(Non-GAAP)1 2
Adjusted
(Non-GAAP)1
Comparable
Currency Neutral
Adjusted
(Non-GAAP)1 2
Sales
Sales
Operating EBITDA
Operating EBITDA
Taste
2%
2%
8%
17%
Health & Biosciences
7%
5%
14%
20%
Scent
6%
4%
0%
1%
Food Ingredients
(2)%
(4)%
(18)%
(11)%
Consolidated
(7)%
1%
(7)%
7%
Taste Segment
On a reported basis, sales were $588 million. On a comparable basis2, currency neutral sales1 increased 2%, with broad based growth in all regions led by a strong performance in North America.
Taste adjusted operating EBITDA1 was $94 million and adjusted operating EBITDA margin1 was 16% in the fourth quarter. On a comparable basis2, currency neutral adjusted operating EBITDA1 grew 17% led primarily by favorable net pricing and cost discipline.
Health & Biosciences Segment
On a reported basis, sales were $589 million. On a comparable basis2, currency neutral sales1 increased 5% as double-digit performances in Food Biosciences and Animal Nutrition and high-single digit growth in Home & Personal Care was partially offset by softness in Health, specifically in North America.
Health & Biosciences adjusted operating EBITDA1 was $155 million and adjusted operating EBITDA margin1 was 26.3% in the fourth quarter. On a comparable basis2, currency neutral adjusted operating EBITDA1 grew 20% led by volume growth and productivity gains.
Scent Segment
On a reported basis, sales were $610 million. On a comparable basis2, currency neutral sales1 improved 4% driven by double digit growth in Fine Fragrance and a mid-single digit performance in Consumer Fragrance.
Scent adjusted operating EBITDA1 was $106 million and adjusted operating EBITDA margin1 was 17.4% in the fourth quarter. On a comparable basis2, currency neutral adjusted operating EBITDA1 grew 1% as volume growth and productivity gains were partially offset by unfavorable net pricing.
Food Ingredients Segment
On a reported basis, sales were $802 million. On a comparable basis2, currency neutral sales1 decreased (4)% as growth in Systems and Inclusions was offset primarily by softness in Protein Solutions and Emulsifiers & Sweeteners.
Food Ingredients adjusted operating EBITDA1 was $82 million and adjusted operating EBITDA margin1 was 10.2% in the fourth quarter. On a comparable basis2, currency neutral adjusted operating EBITDA1 declined (11)% as productivity gains were more than offset by lower volumes and unfavorable net price.
2026 Financial Guidance
Full year 2026 sales are expected to be in the range of $10.5 billion to $10.8 billion and full year 2026 adjusted operating EBITDA to be in the range of $2.05 billion to $2.15 billion. Full year guidance includes three months of our Soy Crush, Concentrates, and Lecithin business results with the divestiture assumed to close on March 31, 2026.
The Company expects comparable currency neutral sales growth to be between 1% to 4%. Comparable currency neutral adjusted operating EBITDA is expected to grow at a faster rate than sales, growing 3% to 8% year-over-year.
Based on recent market foreign exchange rates, the Company expects that foreign exchange will have an approximately 1% positive impact to sales growth and have no impact on adjusted operating EBITDA growth in 2026. The Company also expects that divestitures will have an approximately 5% adverse impact to both sales and adjusted operating EBITDA growth in 2026.
A copy of the Company’s Annual Report on Form 10-K will be available on its website at www.iff.com or at www.sec.gov by March 2, 2026.
Audio Webcast
A live webcast to discuss the Company’s fourth quarter and full year 2025 financial results and outlook for 2026 will be held on February 12, 2026, at 9:00 a.m. ET. The webcast and accompanying slide presentation may be accessed on the Company’s IR website at ir.iff.com. For those unable to listen to the live webcast, a recorded version will be made available on the Company’s website approximately one hour after the event and will remain available on IFF’s website for one year.
Cautionary Statement Under The Private Securities Litigation Reform Act of 1995
This press release includes statements that are not historical facts and are “forward-looking statements” within the meaning of The Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on management’s current assumptions, estimates and expectations, including with respect to our financial and operational outlook (sales, adjusted operating EBITDA and cash flow), portfolio optimization initiatives (including the ongoing sale process for our Food Ingredients division), pricing, productivity and cost-discipline actions, capital allocation, future operations, growth potential, strategic investments and the expected effects of foreign exchange. These statements reflect management’s present views, are based on a series of expectations, assumptions, estimates and projections about the Company, are subject to change, and involve uncertainties that could cause actual results to differ materially.
Certain of such forward-looking information may be identified by such terms as “expect”, “anticipate”, “believe”, “intend”, “outlook”, “may”, “estimate”, “should”, “predict”, “plan”, “project”, “could”, and similar terms or variations thereof. These statements are not guarantees of future performance and are subject to risks and uncertainties that could lead to materially different outcomes.
Such risks, uncertainties and other factors include, among others, the following: (1) demand trends, competitive dynamics and customer concentration in our end markets; (2) execution of our strategic transformation and other strategic transactions, divestitures, acquisitions, collaborations and joint ventures; (3) working capital and inventory management; (4) outcomes of legal claims, disputes, regulatory investigations and litigation; (5) tariffs and trade actions, supply chain disruptions and macro events, including geopolitical developments, climate events, natural disasters, public health crises; (6) volatility in input costs (such as raw materials, transportation and energy); (7) attraction, retention and turnover of key employees and executives; (8) product innovation, time-to-market, product safety and quality; (9) cybersecurity incidents, artificial intelligence related risks, data privacy and compliance with data protection laws; (10) exposure to emerging markets, foreign currency fluctuations and international regulatory and political risks; (11) capital allocation, dividend policy and potential impairments of tangible or intangible assets; (12); our indebtedness, credit rating liquidity, and access to capital; (13) pension and postretirement obligations; (14) compliance with federal, state, local and international rules and regulations, and regulatory, environmental, anti-corruption and sanctions laws and related ethical business practices; (15) protection and enforcement of intellectual property; (16) changes in tax laws and policies, tax audits and outcomes, including potential tax liabilities related to prior transactions; and (17) changes in federal, state, local and international rules and regulations.
The foregoing list of important factors does not include all such factors, nor necessarily present them in order of importance. Important factors are described under “Risk Factors” in our most recent Annual Report on Form 10-K and in our subsequent filings with the SEC, and those disclosures are incorporated herein by reference.
We intend our forward-looking statements to speak only as of the time of such statements and do not undertake or plan to update or revise them as more information becomes available or to reflect changes in expectations, assumptions or results, whether as a result of new information, future events or otherwise. We can give no assurance that such expectations or forward-looking statements will prove to be correct. An occurrence of, or any material adverse change in, one or more of the risk factors or risks and uncertainties referred to in this press release or included in our other periodic reports filed with the SEC could materially and adversely impact our operations and our future financial results.
Any public statements or disclosures made by us following this press release that modify or impact any of the forward-looking statements contained in or accompanying this press release will be deemed to modify or supersede such outlook or other forward-looking statements in or accompanying this press release.
Use of Non-GAAP Financial Measures
We provide in this press release non-GAAP financial measures, including: (i) comparable, currency neutral sales; (ii) adjusted operating EBITDA and comparable, currency neutral adjusted operating EBITDA; (iii) adjusted operating EBITDA margin; (iv) adjusted EPS ex amortization; (v) free cash flow; (vi) net debt to credit adjusted EBITDA; [and] (vii) adjusted selling and administrative expenses; and adjusted gross profit.
Our non-GAAP financial measures are defined below.
Comparable results for the fourth quarter and full year exclude the impact of divestitures.
Currency Neutral metrics eliminate the effects that result from translating non-U.S. currencies to U.S. dollars. We calculate currency neutral numbers by translating current year invoiced sale amounts at the exchange rates used for the corresponding prior year period. We use currency neutral results in our analysis of subsidiary or segment performance. We also use currency neutral numbers when analyzing our performance against our competitors.
Adjusted operating EBITDA and adjusted operating EBITDA margin exclude depreciation and amortization expense, interest expense, other expense, net, and certain non-recurring or unusual items that are not part of recurring operations such as, restructuring and other charges, impairment of goodwill, gains (losses) on business disposals, loss on assets classified as held for sale, divestiture and integration related costs, strategic initiative costs, regulatory costs and other items.
Adjusted EPS ex Amortization excludes the impact of non-operational items including, restructuring and other charges, impairment of goodwill, divestitures and integration related costs, losses (gains) on business disposals, loss on assets classified as held for sale, pension settlement losses (gains), strategic initiative costs, regulatory costs, redemption value adjustment to EPS and other items that are not a part of recurring operations.
Free Cash Flow is operating cash flow (i.e. cash flow from operations) less capital expenditures.
Net debt to credit adjusted EBITDA is the leverage ratio used in our credit agreements and defined as net debt (which is debt for borrowed money less cash and cash equivalents) divided by the trailing 12-month credit adjusted EBITDA. Credit adjusted EBITDA is defined as income (loss) before interest expense, income taxes, depreciation and amortization, specified items and non-cash items.
Adjusted selling and administrative expenses exclude divestiture and integration related costs, strategic initiative costs, regulatory costs, entity realignment costs and other costs.
Adjusted gross profit excludes divestiture and integration related costs.
These non-GAAP measures are intended to provide additional information regarding our underlying operating results and comparable year-over-year performance. Such information is supplemental to information presented in accordance with GAAP and is not intended to represent a presentation in accordance with GAAP. In discussing our historical and expected future results and financial condition, we believe it is meaningful for investors to be made aware of and to be assisted in a better understanding of, on a period-to-period comparable basis, financial amounts both including and excluding these identified items, as well as the impact of exchange rate fluctuations. These non-GAAP measures should not be considered in isolation or as substitutes for analysis of the Company’s results under GAAP and may not be comparable to other companies’ calculation of such metrics.
We have also presented a non-GAAP measure, adjusted operating EBITDA, in the Financial Guidance provided above. Adjusted operating EBITDA is defined in the previous section of this release and we believe this measure is useful in understanding the Financial Guidance for the same reasons mentioned in that section. The comparable GAAP metric would be Net income (loss), which we do not provide guidance on. Reconciliations from such estimated GAAP metric to the presented non-GAAP metric would also require unreasonable effort because such reconciliations would depend upon events which are uncertain in timing or amounts, and activities which are not completely controlled by us. This includes, by way of illustration, possible transactions and related costs and amounts, known and unknown matters involving regulatory and other bodies and future events involving third parties.
Welcome to IFF
At IFF (NYSE: IFF), we make joy through science, creativity and heart. As the global leader in flavors, fragrances, food ingredients, health and biosciences, we deliver groundbreaking, sustainable innovations that elevate everyday products—advancing wellness, delighting the senses and enhancing the human experience. Learn more at iff.com, LinkedIn, Instagram and Facebook.
_______________________
1 Schedules at the end of this release contain reconciliations of reported GAAP to Non-GAAP metrics. See Use of Non-GAAP Financial Measures for explanations of our Non-GAAP metrics.
2 Comparable results for the fourth quarter and full year 2025 exclude the impact of divestitures.
International Flavors & Fragrances Inc.
Consolidated Statements of Income (Loss)
(Amounts in millions except per share data)
(Unaudited)
Three Months Ended December 31,
Year Ended December 31,
2025
2024
% Change
2025
2024
% Change
Net sales
$
2,589
$
2,771
(7
)%
$
10,890
$
11,484
(5
)%
Cost of sales
1,699
1,791
(5
)%
6,952
7,360
(6
)%
Gross profit
890
980
(9
)%
3,938
4,124
(5
)%
Research and development expenses
174
170
2
%
694
671
3
%
Selling and administrative expenses
469
517
(9
)%
1,834
1,995
(8
)%
Restructuring and other charges
16
23
(30
)%
70
29
141
%
Amortization of acquisition-related intangibles
134
143
(6
)%
568
610
(7
)%
Impairment of goodwill
—
—
NMF
1,153
64
NMF
Losses (Gains) on sale of assets
—
—
NMF
1
(11
)
(109
)%
Operating profit (loss)
97
127
(24
)%
(382
)
766
(150
)%
Interest expense
49
69
(29
)%
229
305
(25
)%
Gain on extinguishment of debt
—
—
NMF
(488
)
—
NMF
(Gains) losses on business disposals
(2
)
2
(200
)%
109
(346
)
(132
)%
Loss on assets classified as held for sale
7
33
NMF
115
317
NMF
Other expense, net
21
138
(85
)%
65
182
(64
)%
Income (loss) before income taxes
22
(115
)
(119
)%
(412
)
308
(234
)%
Provision for (benefit from) income taxes
4
(55
)
(107
)%
(40
)
41
(198
)%
Net income (loss)
18
(60
)
(130
)%
(372
)
267
(239
)%
Net income attributable to non-controlling interest
—
—
NMF
2
4
(50
)%
Net income (loss) attributable to IFF shareholders
$
18
$
(60
)
(130
)%
$
(374
)
$
263
(242
)%
Net income (loss) per share - basic
$
0.07
$
(0.23
)
$
(1.46
)
$
1.04
Net income (loss) per share - diluted
$
0.07
$
(0.23
)
$
(1.46
)
$
1.04
Average number of shares outstanding - basic
256
256
256
256
Average number of shares outstanding - diluted
257
256
256
256
NMF Not meaningful
International Flavors & Fragrances Inc.
Condensed Consolidated Balance Sheets
(Amounts in millions)
(Unaudited)
December 31,
2025
2024
Cash, cash equivalents and restricted cash
$
590
$
469
Receivables, net
1,731
1,624
Inventories
2,245
2,133
Assets held for sale
151
3,056
Prepaid expenses and other current assets
877
686
Total current assets
5,594
7,968
Property, plant and equipment, net
4,029
3,739
Goodwill and other intangibles, net
14,312
15,520
Other assets
1,602
1,496
Total assets
$
25,537
$
28,723
Short-term borrowings
$
1,254
$
1,413
Other current liabilities
2,679
2,939
Total current liabilities
3,933
4,352
Long-term debt
4,740
7,564
Non-current liabilities
2,684
2,938
Shareholders' equity
14,180
13,869
Total liabilities and shareholders' equity
$
25,537
$
28,723
International Flavors & Fragrances Inc.
Consolidated Statements of Cash Flows
(Amounts in millions)
(Unaudited)
Year Ended December 31,
2025
2024
Cash flows from operating activities:
Net (loss) income
$
(372
)
$
267
Adjustments to reconcile to net cash provided by operations:
Depreciation and amortization
962
1,015
Deferred income taxes
(251
)
(323
)
Loss on assets classified as held for sale
115
317
Gains on sale of assets
1
(11
)
Losses (Gains) on business disposals
109
(346
)
Stock-based compensation
88
77
Gain on extinguishment of debt
(488
)
—
Pension contributions
(29
)
(29
)
Pension-related (benefit) expense
(11
)
125
Impairment of goodwill
1,153
64
Changes in assets and liabilities, net of acquisitions:
Trade receivables
(68
)
(217
)
Inventories
(41
)
(34
)
Accounts payable
(57
)
40
Accruals for incentive compensation
(106
)
190
Other assets/liabilities, net
(155
)
(65
)
Net cash provided by operating activities
850
1,070
Cash flows from investing activities:
Additions to property, plant and equipment
(594
)
(463
)
Additions to intangible assets
(2
)
(5
)
Proceeds from disposal of assets
21
21
Net proceeds received from business disposals
2,743
875
Cash received (paid) on foreign currency forward contracts
105
(102
)
Joint venture capital contributions
(4
)
—
Net cash provided by investing activities
2,269
326
Cash flows from financing activities:
Cash dividends paid to shareholders
(409
)
(514
)
Net borrowings (repayments) of commercial paper (maturities less than three months)
314
—
Principal payments of debt
(2,913
)
(1,030
)
Deferred and contingent consideration paid
—
(36
)
Withholding tax paid on stock-based compensation
(24
)
(16
)
Purchase of treasury stock
(38
)
—
Other, net
(21
)
(10
)
Net cash used in financing activities
(3,091
)
(1,606
)
Effect of exchange rate changes on cash, cash equivalents and restricted cash
91
(54
)
Net change in cash, cash equivalents and restricted cash
119
(264
)
Cash, cash equivalents and restricted cash at beginning of year
471
735
Cash, cash equivalents and restricted cash at end of year
$
590
$
471
The following table reconciles cash, cash equivalents and restricted cash between the Company's balance sheets as of December 31, 2025 and 2024 to the amounts reported on the Company's statement of cash flows for the periods ended December 31, 2025 and 2024.
AMOUNTS IN MILLIONS
December 31, 2025
December 31, 2024
December 31, 2023
Current assets
Cash and cash equivalents
$
590
$
469
$
703
Cash and cash equivalents included in Assets held for sale
—
2
26
Restricted cash
—
—
6
Cash, cash equivalents and restricted cash
$
590
$
471
$
735
International Flavors & Fragrances Inc.
Reportable Segment Performance
(Amounts in millions)
(Unaudited)
Three Months Ended December 31, 2025
Taste
Food Ingredients
H&B
Scent
Total
Net sales
$
588
$
802
$
589
$
610
$
2,589
Cost of sales
(367
)
(638
)
(322
)
(370
)
Research & development expenses
(44
)
(15
)
(55
)
(61
)
Selling & administrative expenses
(101
)
(100
)
(89
)
(91
)
Depreciation expense add-back (a)
18
33
32
18
Adjusted Operating EBITDA
$
94
$
82
$
155
$
106
$
437
Reconciliation of Adjusted Operating EBITDA:
Total Adjusted Operating EBITDA
$
437
Depreciation & Amortization
(237
)
Interest Expense
(49
)
Other Expense, Net
(21
)
Restructuring and Other Charges (b)
(16
)
Gains (Losses) on Business Disposals (c)
2
Loss on Assets Classified as Held for Sale (d)
(7
)
Divestiture and Integration Related Costs (e)
(35
)
Strategic Initiatives Costs (f)
(11
)
Regulatory Costs (g)
(35
)
Entity Realignment Costs (h)
(3
)
Other (k)
(3
)
Income (Loss) Before Taxes
$
22
Segment Adjusted Operating EBITDA Margin
Taste
16.0
%
Food Ingredients
10.2
%
Health & Biosciences
26.3
%
Scent
17.4
%
Consolidated
16.9
%
Three Months Ended December 31, 2024
Taste
Food Ingredients
H&B
Scent
Pharma
Total
Net sales
$
576
$
819
$
550
$
578
$
248
$
2,771
Cost of sales
(360
)
(630
)
(298
)
(330
)
(173
)
Research & development expenses
(43
)
(13
)
(50
)
(58
)
(6
)
Selling & administrative expenses
(104
)
(108
)
(95
)
(101
)
(31
)
Depreciation expense add-back (a)
18
32
29
17
4
Adjusted Operating EBITDA
$
87
$
100
$
136
$
106
$
42
$
471
Reconciliation of Adjusted Operating EBITDA:
Total Adjusted Operating EBITDA
$
471
Depreciation & Amortization
(243
)
Interest Expense
(69
)
Other Expense, Net
(138
)
Restructuring and Other Charges (b)
(23
)
Gains (Losses) on Business Disposals (c)
(2
)
Loss on Assets Classified as Held for Sale (d)
(33
)
Divestiture and Integration Related Costs (e)
(56
)
Strategic Initiatives Costs (f)
(11
)
Regulatory Costs (g)
(9
)
Other (k)
(2
)
Income (Loss) Before Taxes
$
(115
)
Segment Adjusted Operating EBITDA Margin
Taste
15.1
%
Food Ingredients
12.2
%
Health & Biosciences
24.7
%
Scent
18.3
%
Pharma Solutions
16.9
%
Consolidated
17.0
%
Twelve Months Ended December 31, 2025
Taste
Food Ingredients
H&B
Scent
Pharma
Total
Net sales
$
2,481
$
3,278
$
2,283
$
2,479
$
369
$
10,890
Cost of sales
(1,500
)
(2,531
)
(1,246
)
(1,424
)
(248
)
Research & development expenses
(172
)
(54
)
(219
)
(241
)
(8
)
Selling & administrative expenses
(396
)
(400
)
(348
)
(366
)
(42
)
Depreciation expense add-back (a)
65
130
124
67
5
Adjusted Operating EBITDA
$
478
$
423
$
594
$
515
$
76
$
2,086
Reconciliation of Adjusted Operating EBITDA:
Total Adjusted Operating EBITDA
$
2,086
Depreciation & Amortization
(962
)
Interest Expense
(229
)
Other Expense, Net
(65
)
Restructuring and Other Charges (b)
(70
)
Impairment of Goodwill (i)
(1,153
)
Gains (Losses) on Business Disposals (c)
(109
)
Loss on Assets Classified as Held for Sale (d)
(115
)
Gain on Extinguishment of Debt (j)
488
Divestiture and Integration Related Costs (e)
(125
)
Strategic Initiatives Costs (f)
(35
)
Regulatory Costs (g)
(106
)
Entity Realignment Costs (h)
(8
)
Other (k)
(9
)
Income (Loss) Before Taxes
$
(412
)
Segment Adjusted Operating EBITDA Margin
Taste
19.3
%
Food Ingredients
12.9
%
Health & Biosciences
26.0
%
Scent
20.8
%
Pharma Solutions
20.6
%
Consolidated
19.2
%
Twelve Months Ended December 31, 2024
Taste
Food Ingredients
H&B
Scent
Pharma
Total
Net sales
$
2,428
$
3,365
$
2,203
$
2,439
$
1,049
$
11,484
Cost of sales
(1,470
)
(2,626
)
(1,183
)
(1,361
)
(719
)
Research & development expenses
(160
)
(71
)
(190
)
(225
)
(25
)
Selling & administrative expenses
(403
)
(391
)
(368
)
(376
)
(115
)
Depreciation expense add-back (a)
65
131
115
68
25
Adjusted Operating EBITDA
$
460
$
408
$
577
$
545
$
215
$
2,205
Reconciliation of Adjusted Operating EBITDA:
Total Adjusted Operating EBITDA
$
2,205
Depreciation & Amortization
(1,015
)
Interest Expense
(305
)
Other Expense, Net
(182
)
Restructuring and Other Charges (b)
(29
)
Impairment of Goodwill (i)
(64
)
Gains (Losses) on Business Disposals (c)
346
Loss on Assets Classified as Held for Sale (d)
(317
)
Divestiture and Integration Related Costs (e)
(228
)
Strategic Initiatives Costs (f)
(33
)
Regulatory Costs (g)
(73
)
Entity Realignment Costs (h)
(6
)
Other (k)
9
Income (Loss) Before Taxes
$
308
Segment Adjusted Operating EBITDA Margin
Taste
18.9
%
Food Ingredients
12.1
%
Health & Biosciences
26.2
%
Scent
22.3
%
Pharma Solutions
20.5
%
Consolidated
19.2
%
(a)
There is depreciation recorded within cost of sales, research & development expenses, and selling & administrative expenses, which is then added back to calculate segment Adjusted Operating EBITDA. This reflects how the CODM reviews Segment results.
(b)
For 2025, represents costs related to the IFF Productivity Program including severance, fixed asset write-downs and site closure expenses, net of the gain on sale of fixed assets previously written down. For 2024, represents initial costs in connection with the IFF Productivity Program, primarily related to fixed asset write-downs.
(c)
For 2025, primarily represents losses recognized as part of the sale of the Pharma Solutions disposal group, offset in part by gains recognized as part of the sale of the Nitrocellulose business and Rene Laurent business in France. For 2024, primarily represents gains recognized as part of the sale of the Cosmetic Ingredients business and losses recognized as part of the sale of the Flavors & Essences UK business.
(d)
For 2025, represents the losses recognized on assets classified as held for sale of the Soy, Concentrates and Lecithin disposal group. For 2024, represents the losses recognized on assets classified as held for sale of the Pharma Solutions disposal group and portion of the Savory Solutions business in Turkey.
(e)
For 2025 and 2024, primarily represents costs related to the Company's completed and anticipated divestitures. These costs primarily consisted of external consulting fees, professional and legal fees and salaries of individuals who are fully dedicated to such efforts.
(f)
Represents costs related to the Company's strategic assessment and business portfolio optimization efforts and reorganizing the Global Business Services Centers, primarily consulting fees. For 2024, also includes strategic initiatives related to the Company's business unit re-organization efforts.
(g)
Represents costs primarily related to legal fees incurred and provisions recognized for the ongoing investigations of the fragrance businesses.
(h)
Represents costs related to a phased restructuring initiative aimed at optimizing its legal entity framework.
(i)
For 2025, represents the impairment of goodwill related to the Food Ingredients reporting unit. For 2024, represents the impairment of goodwill related to the Pharma Solutions disposal group.
(j)
For 2025, represents the gain recognized on the extinguishment of debt in connection with the completion of tender offers.
(k)
For 2025, primarily represents the net impact of costs related to severance, including accelerated stock compensation expense, for certain executives who have separated from the Company. For 2025, also includes the impact of legislation changes in India related to the Wage Code. For 2024, primarily represents gains from sale of assets.
International Flavors & Fragrances Inc.
GAAP to Non-GAAP Reconciliation
(Unaudited)
The following information and schedules provide reconciliation information between reported GAAP amounts and non-GAAP certain adjusted amounts. This information and schedules are not intended as, and should not be viewed as, a substitute for reported GAAP amounts or financial statements of the Company prepared and presented in accordance with GAAP.
Reconciliation of Gross Profit
Fourth Quarter
(DOLLARS IN MILLIONS)
2025
2024
Reported (GAAP)
$
890
$
980
Divestiture and Integration Related Costs (b)
1
—
Adjusted (Non-GAAP)
$
891
$
980
Reconciliation of Selling and Administrative Expenses
Fourth Quarter
(DOLLARS IN MILLIONS)
2025
2024
Reported (GAAP)
$
469
$
517
Divestiture and Integration Related Costs (b)
(34
)
(56
)
Strategic Initiatives Costs (f)
(11
)
(11
)
Regulatory Costs (g)
(36
)
(9
)
Entity Realignment Costs (h)
(3
)
(2
)
Other (i)
(2
)
—
Adjusted (Non-GAAP)
$
383
$
439
International Flavors & Fragrances Inc.
GAAP to Non-GAAP Reconciliation
(Unaudited)
The following information and schedules provide reconciliation information between reported GAAP amounts and non-GAAP certain adjusted amounts. This information and schedules are not intended as, and should not be viewed as, a substitute for reported GAAP amounts or financial statements of the Company prepared and presented in accordance with GAAP.
Reconciliation of Net Income (Loss) and EPS
Fourth Quarter
2025
2024
(DOLLARS IN MILLIONS EXCEPT PER SHARE AMOUNTS)
Income (loss) before taxes
Provision from Income taxes (j)
Net income (loss) attributable to IFF
Diluted EPS
(Loss) income before taxes
Benefit from Income taxes (j)
Net (loss) income attributable to IFF
Diluted EPS
Reported (GAAP)
$
22
$
4
$
18
$
0.07
$
(115
)
$
(55
)
$
(60
)
$
(0.23
)
Restructuring and Other Charges (a)
16
4
12
0.05
23
6
17
0.07
Divestiture and Integration Related Costs (b)
35
9
26
0.10
56
12
44
0.16
(Gains) Losses on Business Disposals (c)
(2
)
(4
)
2
—
2
(1
)
3
0.01
Loss on Assets Classified as Held for Sale (d)
7
2
5
0.02
33
8
25
0.10
Pension Settlement (Gains) Losses (e)
(6
)
(1
)
(5
)
(0.02
)
129
45
84
0.33
Strategic Initiatives Costs (f)
11
3
8
0.04
11
3
8
0.03
Regulatory Costs (g)
35
2
33
0.13
9
2
7
0.02
Entity Realignment Costs (h)
3
1
2
0.01
2
1
1
0.03
Other (i)
3
—
3
—
—
—
—
—
Adjusted (Non-GAAP)
$
124
$
20
$
104
$
0.40
$
150
$
21
$
129
$
0.52
Reconciliation of Adjusted (Non-GAAP) EPS ex. Amortization
Fourth Quarter
(DOLLARS AND SHARE AMOUNTS IN MILLIONS)
2025
2024
Numerator
Adjusted (Non-GAAP) Net Income
$
104
$
129
Amortization of Acquisition-related Intangible Assets
134
143
Tax impact on Amortization of Acquisition-related Intangible Assets (j)
32
35
Amortization of Acquisition-related Intangible Assets, net of tax (k)
102
108
Adjusted (Non-GAAP) Net Income ex. Amortization
$
206
$
237
Denominator
Weighted average shares assuming dilution (diluted)
257
256
Adjusted (Non-GAAP) EPS ex. Amortization
$
0.80
$
0.93
(a)
For 2025, represents costs related to the IFF Productivity Program including severance, fixed asset write-downs and site closure expenses, net of the gain on sale of fixed assets previously written down. For 2024, represents initial costs in connection with the IFF Productivity Program, primarily related to fixed asset write-downs.
(b)
For 2025 and 2024, primarily represents costs related to the Company's completed and anticipated divestitures. These costs primarily consisted of external consulting fees, professional and legal fees and salaries of individuals who are fully dedicated to such efforts.
For the three months ended December 31, 2025 and December 31, 2024, business divestiture costs were approximately $35 million and $56 million, respectively.
(c)
For 2025, primarily represents the gain recognized related to the divestiture of the Rene Laurent business in France. For 2024, primarily represents the impact of adjustments to the gain recognized related to the divestiture of the Cosmetic Ingredients business.
(d)
For 2025, represents the losses recognized on assets classified as held for sale of the Soy, Concentrates and Lecithin disposal group. For 2024, represents the losses recognized on assets classified as held for sale of the Pharma Solutions disposal group.
(e)
For 2024, represents a settlement loss that was recognized as a result of the termination of the International Flavors & Fragrances Inc. Pension Plan. During 2025, a reduction of the previous settlement loss was recognized.
(f)
For 2025 and 2024, represents costs related to the Company's strategic assessment and business portfolio optimization efforts and reorganizing the Global Business Service Centers, primarily consulting fees.
(g)
Represents costs primarily related to legal fees incurred and provisions recognized for the ongoing investigations of the fragrance businesses.
(h)
For 2025 and 2024, represents costs related to the Company's entity realignment project to optimize the structure of holding companies, primarily consulting fees.
(i)
For 2025, primarily represents the impact of legislation changes in India related to the Wage Code.
(j)
The income tax effects of non-GAAP adjustments are calculated based on the applicable statutory tax rate for the relevant jurisdiction, except for those items which are non-taxable or subject to valuation allowances for which the tax expense (benefit) was calculated at 0%. The tax benefit for amortization is calculated in a similar manner as the tax effects of the non-GAAP adjustments.
(k)
Represents all amortization of intangible assets acquired in connection with acquisitions, net of tax.
International Flavors & Fragrances Inc.
GAAP to Non-GAAP Reconciliation
(Unaudited)
The following information and schedules provide reconciliation information between reported GAAP amounts and non-GAAP certain adjusted amounts. This information and schedules are not intended as, and should not be viewed as, a substitute for reported GAAP amounts or financial statements of the Company prepared and presented in accordance with GAAP.
Reconciliation of Gross Profit
Year Ended December 31,
(DOLLARS IN MILLIONS)
2025
2024
Reported (GAAP)
$
3,938
$
4,124
Divestiture and Integration Related Costs (b)
1
1
Adjusted (Non-GAAP)
$
3,939
$
4,125
Reconciliation of Selling and Administrative Expenses
Year Ended December 31,
(DOLLARS IN MILLIONS)
2025
2024
Reported (GAAP)
$
1,834
$
1,995
Divestiture and Integration Related Costs (b)
(123
)
(227
)
Strategic Initiatives Costs (g)
(35
)
(33
)
Regulatory Costs (h)
(106
)
(73
)
Entity Realignment Costs (j)
(8
)
(6
)
Other (l)
(8
)
(2
)
Adjusted (Non-GAAP)
$
1,554
$
1,654
International Flavors & Fragrances Inc.
GAAP to Non-GAAP Reconciliation
(Unaudited)
The following information and schedules provide reconciliation information between reported GAAP amounts and non-GAAP certain adjusted amounts. This information and schedules are not intended as, and should not be viewed as, a substitute for reported GAAP amounts or financial statements of the Company prepared and presented in accordance with GAAP.
Reconciliation of Net (Loss) Income and EPS
Year Ended December 31,
2025
2024
(DOLLARS IN MILLIONS EXCEPT PER SHARE AMOUNTS)
(Loss) income before taxes
Benefit for income taxes (m)
Net (loss) income attributable to IFF (n)
Diluted EPS
Income (loss) before taxes
Provision for income taxes (m)
Net income (loss) attributable to IFF (n)
Diluted EPS
Reported (GAAP)
$
(412
)
$
(40
)
$
(374
)
$
(1.46
)
$
308
$
41
$
263
$
1.04
Restructuring and Other Charges (a)
70
16
54
0.21
29
7
22
0.09
Divestiture and Integration Related Costs (b)
125
46
79
0.31
225
50
175
0.68
Impairment of Goodwill (c)
1,153
7
1,146
4.48
64
—
64
0.25
Losses (Gains) on Business Disposals (d)
109
(153
)
262
1.02
(346
)
(24
)
(322
)
(1.26
)
Loss on Assets Classified as Held for Sale (e)
115
27
88
0.34
317
66
251
0.98
Pension Settlement (Gains) Losses (f)
(6
)
(1
)
(5
)
(0.02
)
129
45
84
0.33
Strategic Initiatives Costs (g)
35
8
27
0.11
33
8
25
0.10
Regulatory Costs (h)
106
19
87
0.34
73
13
60
0.23
Gain on Debt Extinguishment (i)
(488
)
(116
)
(372
)
(1.45
)
—
—
—
—
Entity Realignment Costs (j)
8
362
(354
)
(1.38
)
6
2
4
0.02
U.S. Tax Reform (k)
—
1
(1
)
—
—
—
—
—
Other (l)
9
1
8
0.02
(9
)
(4
)
(5
)
(0.02
)
Adjusted (Non-GAAP)
$
824
$
177
$
645
$
2.52
$
829
$
204
$
621
$
2.44
Reconciliation of Adjusted (Non-GAAP) EPS ex. Amortization
Year Ended December 31,
(DOLLARS AND SHARE AMOUNTS IN MILLIONS)
2025
2024
Numerator
Adjusted (Non-GAAP) Net Income
$
645
$
621
Amortization of Acquisition-related Intangible Assets
568
610
Tax impact on Amortization of Acquisition-related Intangible Assets (m)
138
150
Amortization of Acquisition-related Intangible Assets, net of tax (o)
430
460
Adjusted (Non-GAAP) Net Income ex. Amortization
$
1,075
$
1,081
Denominator
Weighted average shares assuming dilution (diluted)
256
256
Adjusted (Non-GAAP) EPS ex. Amortization
$
4.20
$
4.22
(a)
For 2025, represents costs related to the IFF Productivity Program including severance, fixed asset write-downs and site closure expenses, net of the gain on sale of fixed assets previously written down. For 2024, represents initial costs in connection with the IFF Productivity Program, primarily related to fixed asset write-downs.
(b)
For 2025 and 2024, primarily represents costs related to the Company's completed and anticipated divestitures. These costs primarily consisted of external consulting fees, professional and legal fees and salaries of individuals who are fully dedicated to such efforts.
For the year-ended December 31, 2025, business divestiture costs were approximately $125 million. For the year-ended December 31, 2024, business divestiture and integration related costs were approximately $220 million and $5 million, respectively.
(c)
For 2025, represents the impairment of goodwill related to the Food Ingredients reporting unit. For 2024, represents the impairment of goodwill related to the Pharma Solutions disposal group.
(d)
For 2025, primarily represents losses recognized as part of the sale of the Pharma Solutions disposal group, offset in part by gains recognized as part of the sale of the Nitrocellulose business and Rene Laurent business in France. For 2024, primarily represents gains recognized as part of the sale of the Cosmetic Ingredients business and losses recognized as part of the sale of the Flavors & Essences UK business.
(e)
For 2025, represents the losses recognized on assets classified as held for sale of the Soy, Concentrates and Lecithin disposal group. For 2024, represents the losses recognized on assets classified as held for sale of the Pharma Solutions disposal group and portion of the Savory Solutions business in Turkey.
(f)
For 2024, represents a settlement loss that was recognized as a result of the termination of the International Flavors & Fragrances Inc. Pension Plan. During 2025, a reduction of the previous settlement loss was recognized.
(g)
Represents costs related to the Company's strategic assessment and business portfolio optimization efforts and reorganizing the Global Business Services Centers, primarily consulting fees. For 2024, also includes strategic initiatives related to the Company's business unit re-organization efforts.
(h)
Represents costs primarily related to legal fees incurred and provisions recognized for the ongoing investigations of the fragrance businesses.
(i)
For 2025, represents the gain recognized on the extinguishment of debt in connection with the completion of tender offers.
(j)
For 2025 and 2024, represents costs related to a phased restructuring initiative aimed at optimizing its legal entity framework. In 2025, a one-time tax benefit was achieved as part of this restructuring which is partially offset by the execution costs to implement.
(k)
Tax benefit related to the impacts of the One Big Beautiful Bill Act, effective for 2025.
(l)
For 2025, primarily represents the net impact of costs related to severance, including accelerated stock compensation expense, for certain executives who have separated from the Company. For 2025, also includes the impact of legislation changes in India related to the Wage Code. For 2024, primarily represents gains from sale of assets.
(m)
The income tax effects of non-GAAP adjustments are calculated based on the applicable statutory tax rate for the relevant jurisdiction, except for those items which are non-taxable or subject to valuation allowances for which the tax expense (benefit) was calculated at 0%. The tax benefit for amortization is calculated in a similar manner as the tax effects of the non-GAAP adjustments.
(n)
For 2025, reported net loss is decreased by income attributable to non-controlling interest of $2 million and adjusted net loss is decreased by income attributable to non-controlling interest of $2 million. For 2024, reported net income is decreased by income attributable to non-controlling interest of $4 million and adjusted net income is decreased by income attributable to non-controlling interest of $4 million.
(o)
Represents all amortization of intangible assets acquired in connection with acquisitions, net of tax.
International Flavors & Fragrances Inc.
Debt Covenants
(Amounts in millions)
(Unaudited)
The following information and schedules provide reconciliation information between reported GAAP amounts and non-GAAP certain adjusted amounts. This information and schedules are not intended as, and should not be viewed as, a substitute for reported GAAP amounts or financial statements of the Company prepared and presented in accordance with GAAP.
Reconciliation of Credit Adjusted EBITDA to Net Income
(DOLLARS IN MILLIONS)
Year Ended December 31, 2025
Net income
$
(372
)
Interest expense
229
Income taxes
(40
)
Depreciation and amortization
962
Specified items(1)
1,018
Non-cash items(2)
303
Credit Adjusted EBITDA
$
2,100
_______________________
(1)
Specified items consisted of restructuring and other charges, impairment of goodwill, divestiture and integration related costs, strategic initiatives costs, regulatory costs and other costs that are not related to recurring operations.
(2)
Non-cash items consisted of losses (gains) on sale of assets, losses (gains) on business disposals, losses on assets classified as held for sale, reduction of previous pension settlement losses, and stock-based compensation.
Net Debt to Total Debt
(DOLLARS IN MILLIONS)
December 31, 2025
Total debt(1)
$
6,026
Adjustments:
Cash and cash equivalents
590
Net debt
$
5,436
_______________________
(1)
Total debt used for the calculation of net debt consisted of short-term debt, long-term debt, short-term finance lease obligations and long-term finance lease obligations.
International Flavors & Fragrances Inc.
Comparable Reportable Segment Performance
(Amounts in millions)
(Unaudited)
The following information and schedule provides reconciliation information between reported GAAP amounts and non-GAAP certain adjusted amounts. This information and schedule is not intended as, and should not be viewed as, a substitute for reported GAAP amounts or financial statements of the Company prepared and presented in accordance with GAAP.
Three Months Ended December 31,
Year Ended December 31,
2025
2024
2025
2024
Net Sales
Taste(1)
$
588
$
573
$
2,481
$
2,410
Food Ingredients
802
819
3,278
3,365
Health & Biosciences
589
550
2,283
2,203
Scent(2)
610
578
2,479
2,412
Pharma Solutions(3)
—
—
369
337
Consolidated
$
2,589
$
2,520
$
10,890
$
10,727
Segment Adjusted Operating EBITDA(5)
Taste(1)
$
94
$
82
$
478
$
446
Food Ingredients
82
97
423
399
Health & Biosciences
155
132
594
568
Scent(2)
106
105
515
526
Pharma Solutions(3)
—
—
76
68
Total
437
416
2,086
2,007
Depreciation & Amortization
(237
)
(243
)
(962
)
(1,015
)
Interest Expense
(49
)
(69
)
(229
)
(305
)
Other Expense, Net
(21
)
(138
)
(65
)
(182
)
Restructuring and Other Charges
(16
)
(23
)
(70
)
(29
)
Impairment of Goodwill
—
—
(1,153
)
(64
)
Gains (Losses) on Business Disposals
2
(2
)
(109
)
346
Loss on Assets Classified as Held for Sale
(7
)
(33
)
(115
)
(317
)
Gain on Extinguishment of Debt
—
—
488
—
Divestiture and Integration Related Costs
(35
)
(56
)
(125
)
(228
)
Strategic Initiatives Costs
(11
)
(11
)
(35
)
(33
)
Regulatory Costs
(35
)
(9
)
(106
)
(73
)
Entity Realignment Costs
(3
)
—
(8
)
(6
)
Other
(3
)
(2
)
(9
)
9
Impact of Business Divestitures(4)
—
55
—
198
Income (Loss) Before Taxes
$
22
$
(115
)
$
(412
)
$
308
Segment Adjusted Operating EBITDA Margin
Taste
16.0
%
14.3
%
19.3
%
18.5
%
Food Ingredients
10.2
%
11.8
%
12.9
%
11.9
%
Health & Biosciences
26.3
%
24.0
%
26.0
%
25.8
%
Scent
17.4
%
18.2
%
20.8
%
21.8
%
Pharma Solutions
—
%
—
%
20.6
%
20.2
%
Consolidated
16.9
%
16.5
%
19.2
%
18.7
%
______________________
(1)
Taste sales and segment adjusted operating EBITDA information for the three months and year-ended December 31, 2024 exclude the results of the Flavors & Essences UK business and Rene Laurent business in France that were divested to present fully comparable scenarios. The divestitures were completed on September 1, 2025 and December 1, 2025, respectively.
(2)
Scent sales and segment adjusted operating EBITDA information for the year-ended December 31, 2024 exclude the results of the Cosmetic Ingredients business to present fully comparable scenarios. The divestiture was completed on April 1, 2024.
(3)
Pharma sales and segment adjusted operating EBITDA information for the three months and year-ended December 31, 2024 exclude the results of the Pharma Solutions disposal group and Nitrocellulose business to present fully comparable scenarios. The divestitures were completed on May 1, 2025 and May 9, 2025, respectively.
(4)
Amounts exclude the results of the Cosmetic Ingredients business, the Pharma Solutions disposal group, the Nitrocellulose business, the Flavors & Essences UK business and Rene Laurent France business that were divested in the second quarter of 2024 (April 2, 2024), second quarter of 2025 (May 1, 2025), second quarter of 2025 (May 9, 2025), third quarter of 2025 (September 1, 2025) and fourth quarter of 2025 (December 1, 2025), respectively, to present fully comparable scenarios.
(5)
Following the completed divestitures of the Pharma Solutions disposal group on May 1, 2025 and the Nitrocellulose business on May 9, 2025, the Company reallocated certain corporate costs previously attributed to the Pharma Solutions segment. These costs have been redistributed across the Taste, Food Ingredients, Health & Biosciences, and Scent segments to align with the updated 2025 operating model.
Three Months Ended December 31, 2025
Selling & Administrative Expenses
Research & Development Expenses
Total Adjusted Operating EBITDA Impact
Taste
$
3
$
1
$
(4
)
Food Ingredients
3
—
(3
)
Health & Biosciences
3
—
(3
)
Scent
2
—
(2
)
Total
$
11
$
1
$
(12
)
Year Ended December 31, 2025
Selling & Administrative Expenses
Research & Development Expenses
Total Adjusted Operating EBITDA Impact
Taste
$
7
$
1
$
(8
)
Food Ingredients
9
—
(9
)
Health & Biosciences
7
1
(8
)
Scent
5
1
(6
)
Total
$
28
$
3
$
(31
)
International Flavors & Fragrances Inc.
GAAP to Non-GAAP Reconciliation
Comparable Foreign Exchange Impact
(Unaudited)
Q4 Taste
Sales
Segment Adjusted Operating EBITDA
Segment Adjusted Operating EBITDA Margin
% Change - Reported
2%
8%
1%
Portfolio Impact
1%
7%
1%
% Change - Comparable
3%
15%
2%
Currency Impact
(1)%
2%
0%
% Change - Comparable Currency Neutral
2%
17%
2%
Q4 Food Ingredients
Sales
Segment Adjusted Operating EBITDA
Segment Adjusted Operating EBITDA Margin
% Change - Reported
(2)%
(18)%
(2)%
Portfolio Impact
0%
3%
0%
% Change - Comparable
(2)%
(15)%
(2)%
Currency Impact
(2)%
4%
1%
% Change - Comparable Currency Neutral
(4)%
(11)%
(1)%
Q4 Health & Biosciences
Sales
Segment Adjusted Operating EBITDA
Segment Adjusted Operating EBITDA Margin
% Change - Reported
7%
14%
2%
Portfolio Impact
0%
3%
1%
% Change - Comparable
7%
17%
2%
Currency Impact
(2)%
3%
1%
% Change - Comparable Currency Neutral
5%
20%
3%
Q4 Scent
Sales
Segment Adjusted Operating EBITDA
Segment Adjusted Operating EBITDA Margin
% Change - Reported
6%
0%
(1)%
Portfolio Impact
0%
1%
0%
% Change - Comparable
6%
1%
(1)%
Currency Impact
(2)%
0%
0%
% Change - Comparable Currency Neutral
4%
1%
(1)%
Q4 Consolidated
Sales
Adjusted Operating EBITDA
Adjusted Operating EBITDA Margin
% Change - Reported
(7)%
(7)%
0%
Portfolio Impact
9%
12%
1%
% Change - Comparable
3%
5%
0%
Currency Impact
(2)%
2%
1%
% Change - Comparable Currency Neutral
1%
7%
1%
______________________
Note: The sum of these items may not foot due to rounding.
International Flavors & Fragrances Inc.
GAAP to Non-GAAP Reconciliation
Comparable Foreign Exchange Impact
(Unaudited)
YTD Taste
Sales
Segment Adjusted Operating EBITDA
Segment Adjusted Operating EBITDA Margin
% Change - Reported
2%
4%
0%
Portfolio Impact
1%
3%
0%
% Change - Comparable
3%
7%
1%
Currency Impact
1%
3%
0%
% Change - Comparable Currency Neutral
4%
10%
1%
YTD Food Ingredients
Sales
Segment Adjusted Operating EBITDA
Segment Adjusted Operating EBITDA Margin
% Change - Reported
(3)%
4%
1%
Portfolio Impact
0%
2%
0%
% Change - Comparable
(3)%
6%
1%
Currency Impact
0%
4%
0%
% Change - Comparable Currency Neutral
(3)%
10%
2%
YTD Health & Biosciences
Sales
Segment Adjusted Operating EBITDA
Segment Adjusted Operating EBITDA Margin
% Change - Reported
4%
3%
0%
Portfolio Impact
0%
2%
0%
% Change - Comparable
4%
5%
0%
Currency Impact
(1)%
2%
1%
% Change - Comparable Currency Neutral
3%
7%
1%
YTD Scent
Sales
Segment Adjusted Operating EBITDA
Segment Adjusted Operating EBITDA Margin
% Change - Reported
2%
(6)%
(2)%
Portfolio Impact
1%
3%
1%
% Change - Comparable
3%
(2)%
(1)%
Currency Impact
0%
4%
1%
% Change - Comparable Currency Neutral
3%
2%
0%
YTD Pharma Solutions
Sales
Segment Adjusted Operating EBITDA
Segment Adjusted Operating EBITDA Margin
% Change - Reported
(65)%
(65)%
0%
Portfolio Impact
74%
76%
0%
% Change - Comparable
9%
12%
0%
Currency Impact
3%
4%
0%
% Change - Comparable Currency Neutral
12%
16%
1%
YTD Consolidated
Sales
Adjusted Operating EBITDA
Adjusted Operating EBITDA Margin
% Change - Reported
(5)%
(5)%
0%
Portfolio Impact
7%
9%
1%
% Change - Comparable
2%
4%
1%
Currency Impact
0%
3%
1%
% Change - Comparable Currency Neutral
2%
7%
1%
_______________________
Note: The sum of these items may not foot due to rounding.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260211509419/en/
Media Relations:
Paulina Heinkel
332.877.5339
Media.request@iff.com
Investor Relations:
Michael Bender
212.708.7263
Investor.Relations@iff.com
Original: IFF Reports Fourth Quarter and Full Year 2025 Results