International Flavors & Fragrances, Inc. · NYSE:IFF
International Flavors & Fragrances — Q2 2026 Earnings Presentation
26 slides from International Flavors & Fragrances's earnings presentation, Aug 5, 2026
Slide 1: Second Quarter 2026 Earnings Conference Call
Second Quarter 2026 Earnings Conference Call August 5, 2026
Slide 2: Cautionary Statement
CAUTIONARY STATEMENT This presentation 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 expec
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) free cash flow; and (v) net debt t
Slide 4: Today's Speakers
DRAFT 7.21.26 TODAY’S SPEAKERS Erik Fyrwald Michael DeVeau Michael Bender Chief Executive Officer EVP, Chief Financial Officer VP, Investor Relations 4
Slide 5: Agenda
AGENDA Executive Summary ____ Q2 2026 Review ____ 2026 Outlook ____ Q&A 5
Slide 6: Executive Summary
Q2 2026 EXECUTIVE SUMMARY Strong 1H 2026 performance on a continuing operations basis, with +4%1 2 sales growth and +8%1 2 gain in profitability, driven by volume & productivity Free cash flow1 3 in 1H 2026 totaled $378M, increasing $284M year-over- year, with strong net working capital improvement
Slide 7: Winning with Focus
Ac c e l e r a t i n g G r o w t h , E n h a n c i n g M a r g i n & G e n e r a t i n g S t r o n g e r C a s h F l o w WINNING WITH FOCUS IFF Post Food Ingredients I F F Tr a n s f o r m a t i o n • An industry leader & global player in strong FY 2025A Today Continuing Operations consumer centric
Slide 8: Use of Proceeds
Strengthening Capital Structure & Shareholders Returns USE OF PROCEEDS Strengthen Balance Sheet: • Deploy ~$1B+ to debt reduction • Expect net debt to EBITDA to be between 2x to 2.5x by end of 2027 Return Capital to Shareholders: • Authorized $2.5B share repurchase program, inclusive of ~$400M remai
Slide 9: Consolidated Results
Q2 2026 CONSOLIDATED RESULTS Comparable Comparable currency neutral sales1 2 grew Reported Currency In millions / % of sales 2025 2026 6% with growth across all businesses % Δ Neutral ____ Ad j u s t e d % Δ ¹ ² Performance led by high-single digit growth from Scent & mid-single digit increases from
Slide 10: Segment Performance
Q2 2026 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. 2Q 25) ¹ ² 2Q 25)¹ ² $688 million $124 million • Growth achieved in all regions led by double-digit performance in Greater Asia Taste
Slide 11: Cash Flow & Leverage
1H 2026 CASH FLOW & LEVERAGE Cash Flow Leverage Cash flow from operations totaled $679 million Cash and cash equivalents finished at $569 million ____ ____ Capex YTD was $301 million or ~5.5% of sales Gross debt totaled $5,735 million ____ ____ Free cash flow1 of $378 million Trailing 12-month credi
Slide 12: Consolidated Outlook
FY 2026 CONSOLIDATED OUTLOOK Previous Continuing Ops Providing guidance on a continued operations Discontinued In billions or as % of sales FY 2026¹ FY 20261 3 basis given Food Ingredients group divestiture Operations Guidance Guidance ____ Revenue $10.5 to $10.8B ~$3.2B $7.4B to $7.6B Macroeconomic
Slide 13: Summary
SUMMARY 1H 2026 results reflect strong progress on key strategic initiatives and solid top & bottom-line financial performance in an uncertain environment Sharpening our focus on the new IFF with higher-growth, higher-margin businesses, while strengthening the balance sheet, and enhancing value crea
Slide 14: We Make Joy Through Science, Creativity & Heart
WE MAKE JOY THROUGH S C I E N C E , C R E AT I V I T Y & H E A R T
Slide 15: 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 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) For 2026 and 2025, represents costs related to severance as part of the IFF Productivity Program. (b) For 2026 and 2025, primarily represents costs related to the Company’s completed divestitures. These costs primarily consisted of external consulting fees, professional and legal fees and salari
Slide 19: 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 20: 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 21: Reconciliation footnotes
(a) For 2026 and 2025, 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 that is not included in the Food Ingredients or SCL disposal groups. (c) For 2026 and 2025, primari
Slide 22: 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 23: Comparable Currency Neutral Segment Performance
International Flavors & Fragrances Inc. Comparable Currency Neutral 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 n
Slide 24: Segment footnotes and cost reallocation
(4) Amounts exclude the results of the Rene Laurent business that was divested on December 1, 2025 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 d
Slide 25: Comparable Foreign Exchange Impact (Q2)
International Flavors & Fragrances Inc. GAAP to Non-GAAP Reconciliation Comparable Foreign Exchange Impact (Unaudited) Segment Adjusted Segment Adjusted Q2 Taste Sales Operating EBITDA Operating EBITDA Margin % Change - Reported 5% 6% 0.1% Portfolio Impact 1% 2% 0.2% % Change - Comparable 6% 8% 0.3%
Slide 26: Comparable Foreign Exchange Impact (YTD)
International Flavors & Fragrances Inc. GAAP to Non-GAAP Reconciliation Comparable Foreign Exchange Impact (Unaudited) Segment Adjusted Segment Adjusted YTD Taste Sales Operating EBITDA Operating EBITDA Margin % Change - Reported 5% 12% 1.3% Portfolio Impact 1% 5% 0.6% % Change - Comparable 6% 17% 1
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