2026 CAGNY Conference Presentation

Michael DeVeau Executive Vice President Chief Financial Officer

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) 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 acquisition, divesture and integration related costs, strategic initiati ve costs, regulatory costs and other costs. Adjusted gross profit excludes acquisition, divesture and integration 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.

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 acquisition, divestiture and integration costs, gains (losses) on business disposals, and regulatory costs.

IFF

--

Taste

--

Health & Biosciences

--

Scent

--

Q&A

Attractive industry with high barriers to entry, steady growth & strong margin

SALES & EBITDA

CUSTOMERS

SITES

EMPLOYEES

$10.9B

Sales

19.2%

EBITDA Margin

~20,000

Customers

170

R&D, Creation & Application and Manufacturing

~21,500

Employees

22%

SALES SPLI T

BY BUSINESS BY MARKET BY CUSTOMER

Health & Bioscience

24%

Scent

31%

Food Ingredients

24%

Taste

47%

Emerging Markets

54%

Developed Markets

35%

Small

30%

Large

35%

Mid-Sized

* All data based on FY 2025

Established new BU led

operating model

-

Implemented reinvestment program via R&D, commercial & capex

-

Enhanced leadership

via internal promotions & external hires

-

Employee engagement improved significantly

-

Continued evolution of the Board of Directors

Optimized portfolio via

non-core divestitures

-

Strengthened balance sheet & improved leverage

-

Drove productivity through operating model & process transformation

-

Refocused organization on driving ROIC & cash

6

Investing to drive long-term sustainable growth

$100M

$20M

$30M

Million

5.5%

4%

~6%

Key Takeaways

Meaningful reinvestment focused on highest return opportunities to strengthen IFF

-

Driving productivity efforts to fund investments in R&D, innovation and commercial capabilities

-

Capex investments supporting capacity expansion, network

2024 2025 2026E

3-Year Total

2024 2025 2026E

optimization & digital transformation

Delivering strong top and bottom-line growth

Key Takeaways

~4%

Comparable Currency Neutral Sales Growth

~10%

Comparable Currency Neutral Adjusted Operating EBITDA Growth

Comparable currency neutral sales growth driven by Taste, Scent and Health & Biosciences

-

Food Ingredients delivering ~500 bps

of EBITDA margin expansion in 3 years

-

Comparable currency neutral adjusted EBITDA primarily driven by volume & productivity savings

* Assumes mid-point of 2026 financial guidance ranges

Upgrading mix, unlocking value

Key Takeaways

~29%

Average Gross Profit Margin of

Divested Businesses*

~36%

Average Gross Profit Margin of IFF today**

Shifted portfolio toward higher-value, higher-growth & higher-margin business

-

Divested 11 non-core assets to sharpen

strategic focus & simplify portfolio

-

Generated >$6B in gross proceeds

* Gross profit margin based on trailing 12-month of businesses at time of close; Divestitures include René Laurent, Nitrocellulose, Pharma Solutions, US Tobacco, Flavors & Essences, Lucas Meyer Cosmetics, Flavor Specialty Ingredients, Savory Solutions, Microbial Control, Fruit Preparation and Soy crush, Soy Concentrates & Lecithin (expected close April 1, 2026)

** IFF margin is based on FY 2025 financial results

Stronger, more flexible balance sheet

Key Takeaways

4.5x

3.8x

2.6x

Significantly improved balance sheet via cash proceeds of divestitures

-

Net Debt to Credit-Adjusted EBITDA

improved ~190 bps since 2023 to 2.6x

-

Authorized $500M share repurchase "Dilution Plus" program to at minimum offset annual share dilution

2023 2024 2025

Driving value creation through disciplined execution

W I N M O R E

S H A R E

I N N O VAT I O N

T H AT W I N S

F O C U S T H E

P O R T F O L I O

Yuvraj Arora

President, Taste

& Chief Commercial Officer

DIVISION

Broad-based exposure in growing end-markets

DAIRY

Yogurt, Dairy Drinks, Creamers, Ice Cream & Frozen Desserts,

Plant-based

B E V E R A G E S

Alcoholic, Carbonated, Functional (Energy, Hydration), RTD* Coffee & Tea, Nutritional, Still, Dry, Fermented

CULINARY

Processed Meat, Sauces & Condiments, Bouillons, Noodles, Soups, Ready Meals, Plant-based protein

S N A C K S

Internal and external application, extruded snacks, plant-based

B A K E R Y

Sweet and Savory Biscuits, Cakes, Pastries, and Frozen Bakery, Breads

BARS & CONFECTIONERY

Bars, Cereals, Jams, Jellies, Sweet Spreads Candies, Chewing Gum, Fruit Snacks, Chocolate

* Note: Ready to Drink

Market size ~$16 to ~17B, growing ~3 to ~4% per year**

SALES & EBITDA

CUSTOMERS

SITES

EMPLOYEES

$2.5B

Sales

19%

EBITDA Margin

2,800+

Customers1

67

R&D, Creation & Application and Manufacturing

~6,000

Employees

SA L E S SP L I T

BY BUSINESS BY GEOGRAPHY BY CUSTOMER

7% Bakery

8% Bars & Confectionary

13%

Dairy

19%

Snacks

* All data based on FY 2025

35%

Beverage

19%

Culinary

13%

Latin America

27%

North America

29%

Greater Asia

31%

Europe, Middle East & Africa (EMEA)

27%

Small

29%

Mid-Sized

44%

Large

** Based on internal company estimates in areas where the Company competes

#1 or #2 in key geographies (e.g., India, Indonesia, US)

-

Leadership in Modulation and Delivery Systems

-

AI-driven flavor customization

-

Applications expertise for diverse product specifications

-

Best-in-class tonalities for consumer preference

-

World-class commercial talent to meet customer needs

-

Tastepoint® by IFF: distinct go-to-market approach for

mid-tier customers

15

Health, Wellness & Mood

Weight Management

Premiumization

(Energy, Convenience)

Prioritizing Experience & Joy

Considered Consumption

Regulation / Clean Label

High-value innovation and technology-enabled TASTE DESIGN®

RE-IMAGINE

WELLNESS

RE-MASTER

MEAT

RE-IMAGINE

DELIVERY ®

RE-MASTER

CITRUS

Innovating via key technologies,

particularly modulation

Providing cleaner, more intelligent, and more

enjoyable solutions - all while preserving delight.

RE-MASTER

VANILLA

Addressing formulation, labeling, and sensory

issues with efficiency, innovation, and assurance.

RE-IMAGINE

ORIGINS

Deliver market-leading growth via choices, execution & talent

GEOGRAPH I C EX PAN SI ON

PREFERRED CATEGORY PARTN ER

I N N OVATE TO W I N

D I V ERSI FY CU STOM ER

BASE

Targeting mid-single digit sales & high single-digit EBITDA growth CAGRs*

* Over time in a normalized environment

Leticia Gonçalves

President, Health & Biosciences

HEALTH

& BIOSCIENCES

DI VI SI O N

Harnessing science to shape life & well-being through bio-innovations across the value chain

FOOD

BIOSCIENCES

HEALTH

SCIENCES

ANIMAL HEALTH & NUTRITION

HOME &

PERSONAL CARE

GRAIN

PROCESSING

1 out of 3

yogurts globally are made with IFF cultures

1 out of 3

probiotic supplements contain IFF Probiotics

~25%

of chickens are fed IFF enzymes

~50%

of cold laundry wash products contain IFF enzymes

~80%

of fructose production made with IFF enzymes