International Flavors & Fragrances Inc. - Unit (1Prpd Stk Pur contrct

Solid Q1 2026 performance (good start; upside driver = volume + productivity) - Revenue >$2.7B; +3% sales growth on a currency-neutral/comparable basis. - Segment momentum: Health & Biosciences +5% (volume-driven), Taste +2%, Food Ingredients +3%, Scent +1%. - Profitability: Adj. operating EBITDA $568M (+8% YoY); EBITDA margin +110 bps to 20.7% (highest since Q2 2022), helped by productivity and favorable pricing/net input costs. - Cash flow beat: CFO $257M (+$130M YoY); Free cash flow $92M (+$144M YoY); driven by working-capital discipline.

Strong cash return + balance sheet improvement (good for investors) - Dividends $102M + $35M via dilution plus share repurchase program in Q1. - Cash $562M at quarter end. - Gross debt $5.85B, down >$3B YoY; net debt/credit-adjusted EBITDA ~2.5x (slightly below last quarter). - Capital allocation remains disciplined; buyback program is being used to offset dilution (effective since Sep/Oct 2025).

Guidance reaffirmed for full-year 2026 (mixed path; Q2 expected to be weaker) - Sales outlook reaffirmed: $10.5B–$10.8B (+1% to +4% growth). - Profit outlook reaffirmed: Adj. operating EBITDA $2.05B–$2.15B (+3% to +8% growth) with margin expansion. - FX expected: ~+1 ppt positive impact on sales, minimal impact on EBITDA. - Key forecast change/shape: guidance reflects only ~2 months of divested soy-crush business (divestiture closed March 2, ~1 month ahead of original April 1 embedded assumption).