International Flavors & Fragrances, Inc. · NYSE:IFF
International Flavors & Fragrances — Q1 2025 Earnings Presentation
21 slides from International Flavors & Fragrances's earnings presentation, May 7, 2025
Slide 1: First Quarter 2025 Earnings Conference Call
First Quarter 2025 Earnings Conference Call May 7, 2025
Slide 2: Cautionary Statement
CAUTIONARY STATEMENT Statements in this presentation release, which are not historical facts or information, 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, est
Slide 3: Non-GAAP Financials
NON-GAAP FINANCIALS We provide in this presentation 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
Slide 4: Today's Speakers
TODAY’S SPEAKERS Erik Fyrwald Michael DeVeau Michael Bender Chief Executive Officer EVP, Chief Financial Officer Director, Investor Relations 4
Slide 5: Agenda
AGENDA Executive Summary ____ Q1 2025 Review ____ 2025 Outlook ____ Q&A 5
Slide 6: Executive Summary
Q1 2025 EXECUTIVE SUMMARY Started the year well, with solid results all our businesses Achieved strong growth in Taste, Pharma Solutions, Health & Biosciences and Scent; Food Ingredients declined primarily due to protein solutions Volume growth, favorable net pricing & productivity gains drove high-
Slide 7: Consolidated Results
Q1 2025 CONSOLIDATED RESULTS Comparable Reported Currency In millions / % of sales 2024 2025 Comparable currency neutral sales1 2 increased % Δ Neutral 3% led by growth across nearly all businesses Ad j u s t e d % Δ ¹ ² ____ Performance led by high-single digit growth from Revenue $2,899 $2,843 (2)
Slide 8: Segment Performance
Q1 2025 SEGMENT PERFORMANCE NET ADJUSTED SALES O P E R AT I N G EBITDA¹ SEGMENT (Comparable (Comparable currency HIGHLIGHTS currency neutral neutral adjusted vs. vs. 1Q 24) ¹ ² 1Q 24)¹ ² $627 million $131 million • Strong performance in Flavors, with broad-based growth in all regions Taste +7% +22%
Slide 9: Cash Flow & Leverage
Q1 2025 CASH FLOW & LEVERAGE Cash Flow Leverage Cash and cash equivalents finished at $650 million, Cash flow from operations totaled $127 million which includes $37 million currently in assets held for sale ____ ____ Capex YTD was $179 million or ~6% of sales Gross debt totaled $9,319 million ____
Slide 10: Consolidated Outlook
FY 2025 CONSOLIDATED OUTLOOK FY 2025¹ In millions or as % of sales Increasingly dynamic & complex macroeconomic uncertainty, OUTLOOK particularly related to global trade developments Revenue $10.6B to $10.9B ____ Supply chain costs increasing due to tariff policy changes; Comparable currency neutral
Slide 11: Summary
SUMMARY Delivered solid top and bottom-line results in Q1 2025 Addressed capital structure by achieving targeted net debt ratio with the completion of Pharma Solutions divestiture Continue to reinvest back into the business via R&D, Commercial and Capex to deliver sustainable & profitable long-term
Slide 12: IFF: Where science & creativity meet
iF f Where science & creativity meet
Slide 13: Appendix: Reconciliation of GAAP to Non-GAAP Financial Measures
APPENDIX R E C O N C I L I AT I O N O F G A A P TO NON-GAAP FINANCIAL MEASURES
Slide 14: Reportable Segment Performance Q1 2025
International Flavors & Fragrances Inc. Reportable Segment Performance (Amounts in millions) (Unaudited) Three Months Ended March 31, 2025 Food Health & Pharma Taste Ingredients Biosciences Scent Solutions Total Net Sales $ 627 $ 796 $ 540 $ 614 $ 266 $ 2,843 Cost of Sales (377) (609) (298) (344) (1
Slide 15: Reportable Segment Performance Q1 2024
International Flavors & Fragrances Inc. Reportable Segment Performance (Amounts in millions) (Unaudited) Three Months Ended March 31, 2024 Food Health & Pharma Taste Ingredients Biosciences Scent Solutions Total Net Sales $ 619 $ 856 $ 529 $ 645 $ 250 $ 2,899 Cost of Sales (384) (673) (286) (350) (1
Slide 16: GAAP to Non-GAAP Reconciliation
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 vi
Slide 17: GAAP to Non-GAAP Reconciliation
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 vi
Slide 18: Reconciliation footnotes
(a) There is depreciation recorded within cost of sales, research & development expenses, and selling & administrative expenses, so there is an add-back of depreciation to calculate segment Adjusted Operating EBITDA. This reflects how the Chief Operating Decision Maker, the Chief Executive Officer,
Slide 19: Debt Covenants
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
Slide 20: Comparable Reportable Segment Performance
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 int
Slide 21: GAAP to Non-GAAP Reconciliation: Comparable Foreign Exchange Impact
International Flavors & Fragrances Inc. GAAP to Non-GAAP Reconciliation Comparable Foreign Exchange Impact (Unaudited) Segment Adjusted Segment Adjusted Q1 2025 Taste Sales Operating EBITDA Operating EBITDA Margin % Change - Reported 1% 12% 2.0% Portfolio Impact 1% 2% 0.2% % Change - Comparable 2% 1
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