International Flavors & Fragrances, Inc. · NYSE:IFF
International Flavors & Fragrances — Q3 2025 Earnings Presentation
26 slides from International Flavors & Fragrances's earnings presentation, Nov 5, 2025
Slide 1: Third Quarter 2025 Earnings Conference Call
Third Quarter 2025 Earnings Conference Call November 5, 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 adjusted operating EBITDA; (iii) adjusted operating EBITDA margin; (iv) adjusted EPS ex amortization; (v) free cash flow; a
Slide 4: Today's Speakers
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 ____ Q3 2025 Review ____ FY 2025 Outlook ____ Q&A 5
Slide 6: Executive Summary
Q3 2025 EXECUTIVE SUMMARY Topline results reflects continue execution in a challenging environment Solid momentum in Scent and Taste helped offset decline in Food Ingredients & short-term pressures in H&B – which we are addressing by strengthening innovation & commercial capabilities Strong Q3 compa
Slide 7: Strategic Progress
9M YTD 2025 STRATEGIC PROGRESS Opened Scent creative center in Dubai and Citrus Innovation center in Florida; Expanded LMR Naturals site in Grasse – all to strengthen our innovation and commercial capabilities Announced strategic collaboration with BASF to create next-gen enzymes & announced JV with
Slide 8: Consolidated Results
Q3 2025 CONSOLIDATED RESULTS Comparable Reported Currency Comparable currency neutral sales1 2 were flat In millions / % of sales 2024 2025 % Δ Neutral against a strong 9% year ago comparable Ad j u s t e d % Δ ¹ ² ____ Performance led by mid-single digit growth Revenue $2,925 $2,694 (8)% 0% in Scen
Slide 9: Segment Performance
Q3 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. 3Q 24) ¹ ² 3Q 24)¹ ² $635 million $128 million • Growth in LATAM & EAME was partially offset by softness in NOAM Taste +2% +2% • Profi
Slide 10: Cash Flow & Leverage
9M YTD 2025 CASH FLOW & LEVERAGE Cash Flow Leverage Cash flow from operations totaled $532 million Cash and cash equivalents finished at $621 million ____ ____ Gross debt totaled $6,081 million Capex was $406 million or ~5% of sales ____ ____ Trailing 12-month credit adjusted EBITDA2 Free cash flow1
Slide 11: Consolidated Outlook
FY 2025 CONSOLIDATED OUTLOOK FY 2025¹ In millions or as % of sales OUTLOOK Revenue $10.6B to $10.9B Committed to delivering our 2025 financial guidance given in Comparable currency neutral 1 Δ 1% to 4% February, even as the operating environment is more challenging ____ FX impact ~(1)% Expecting to
Slide 12: Summary
SUMMARY In line with guidance, delivered solid 9M YTD financial results, with revenue & profitability growing year-over-year Reinvesting to drive strategy to strengthen IFF and accelerate growth, expand margin, and enhance returns Evaluating strategic alternatives for Food Ingredients business to st
Slide 13: IFF: Where science & creativity meet
iF f Where science & creativity meet
Slide 14: 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 15: GAAP to Non-GAAP Reconciliation
International Flavors & Fragrances Inc. GAAP to Non-GAAP Reconciliation (Unaudited) The following information and schedules provide reconciliation information between GAAP and non-GAAP amounts. This information and schedules are not intended as, and should not be viewed as, a substitute for reported
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 GAAP and non-GAAP amounts. This information and schedules are not intended as, and should not be viewed as, a substitute for reported
Slide 17: Notes to GAAP to Non-GAAP Reconciliation
(a) For 2025, represents costs related to severance as part of the IFF Productivity Program. For 2024, represents costs related to lease impairment and severance as part of the Company’s restructuring efforts. (b) For 2024, primarily represents losses recognized as part of the sale of the Flavors &
Slide 18: GAAP to Non-GAAP Reconciliation
International Flavors & Fragrances Inc. GAAP to Non-GAAP Reconciliation (Unaudited) The following information and schedules provide reconciliation information between GAAP and non-GAAP amounts. This information and schedules are not intended as, and should not be viewed as, a substitute for reported
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 GAAP and non-GAAP amounts. This information and schedules are not intended as, and should not be viewed as, a substitute for reported
Slide 20: Notes to GAAP to Non-GAAP Reconciliation
(a) For 2025, represents costs related to severance as part of the IFF Productivity Program. For 2024, represents costs related to lease impairment and severance as part of the Company’s restructuring efforts. (b) For 2025, represents the impairment of goodwill related to the Food Ingredients report
Slide 21: Debt Covenants
International Flavors & Fragrances Inc. Debt Covenants (Amounts in millions) (Unaudited) The following information and schedules provide reconciliation information between GAAP and non-GAAP amounts. This information and schedules are not intended as, and should not be viewed as, a substitute for rep
Slide 22: 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 GAAP and non-GAAP amounts. This information and schedule is not intended as, and should not be viewed
Slide 23: Segment Exclusions for Comparable Results
(2) Scent sales and segment adjusted operating EBITDA information exclude the results of the Cosmetic Ingredients business that was divested on April 2, 2024, to present fully comparable scenarios. (3) Pharma sales and segment adjusted operating EBITDA information exclude the results of the Pharma S
Slide 24: Comparable Foreign Exchange Impact (Q3)
International Flavors & Fragrances Inc. GAAP to Non-GAAP Reconciliation Comparable Foreign Exchange Impact (Unaudited) Segment Adjusted Segment Adjusted Q3 Taste Sales Operating EBITDA Operating EBITDA Margin % Change - Reported 2% (1)% (0.5)% Portfolio Impact 1% 4% 0.7% % Change - Comparable 3% 3%
Slide 25: 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 2% 3% 0.2% Portfolio Impact 1% 3% 0.3% % Change - Comparable 3% 5% 0.5
Slide 26: Revision update to EPS ex Amort
Revision update to EPS ex Amort QTD Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 EPS ex amort (as reported) 1.13 1.16 1.04 0.97 1.20 1.15 EPS ex amort (as adjusted after revisions) 1.09 1.16 1.04 0.93 1.20 1.14 YTD Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 EPS ex amort (as reported)
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