Revenue of 40 billion RMB in six months: IFF, the global flavor & fragrance giant, 'holds steady'

Recently, International Flavors & Fragrances Inc. (IFF) released its financial results for the second quarter of fiscal year 2025 and key consolidated financial data for the first half of the year. From a financial performance perspective: 1. Revenue Total revenue for the first six months of FY2025 amounted to USD 5.607 billion (approximately RMB 40.008 billion), down 3.13% year-on-year from USD 5.788 billion in the same period last year. Second-quarter sales reached USD 2.764 billion (approximately RMB 19.722 billion), a 4% decline year-on-year; however, sales growth excluding foreign exchange impacts was 3%. 2. Profitability Net loss for the first six months of FY2025 totaled USD 405 million, compared to net income of USD 233 million in the same period last year. Pre-tax profit for the second quarter stood at USD 534 million, while adjusted EBITDA was USD 552 million (approximately RMB 3.939 billion); adjusted EBITDA excluding foreign exchange impacts grew by 6%. The losses may stem from costs associated with business divestitures, rising operational expenses, or underperformance in certain business segments. International Flavors & Fragrances Inc. (IFF) is a global leader in flavors, fragrances, and functional ingredients, delivering sensory experiences and nutritional health solutions to industries including food & beverage, personal care, home care, and pharmaceuticals. In 1889, Josef Polak and Leopold Schwarz co-founded Pollak & Schwarz in the Netherlands—a company producing fruit flavors and essential oils—which soon became Europe’s leading flavor producer at the time. In the early years of World War II, it merged with U.S.-based Van Ameringen-Haebler, Inc., a firm primarily focused on perfumery. In 1958, the two entities completed a global merger, forming International Flavors & Fragrances (IFF). By business segment: ① Taste Segment Second-quarter revenue reached USD 631 million, with broad-based growth across all regions. Adjusted EBITDA stood at USD 125 million; the second-quarter adjusted operating EBITDA margin was 19.8%. On a comparable basis, operating EBITDA—adjusted for currency neutrality—grew by 3%.

Flavor & Fragrance Weekly Updates

1. Huilong Co., Ltd. stated on the investor interaction platform on June 21 that Haihua Technology has conducted preliminary discussions and product certifications with several flavor & fragrance, daily chemical, and pharmaceutical enterprises; menthol products are expected to enjoy broad market potential. 2. Yaxiang Flavor & Fragrance Co., Ltd. to List on ChiNext, Accelerating a New Chapter of Development Mainly targeting the project “6,500 t/a Flavors & Fragrances and Food Additives, plus by-products: 15 tons of cinnamon oil, 1 ton of clove light oil, and 20 tons of limonene” On June 13, Kunshan Yaxiang Flavor & Fragrance Co., Ltd. (hereinafter referred to as “Yaxiang Flavor & Fragrance”) commenced its initial public offering (IPO) subscription. The issue price is RMB 35.98 per share, with a total issuance of 20.2 million shares. This means that, as a global leader in mid-to-high-end fragrance ingredients, Yaxiang Flavor & Fragrance will soon officially list on ChiNext. In this IPO, Yaxiang plans to publicly issue up to 20.2 million new shares on ChiNext, aiming to raise RMB 520 million. Proceeds will primarily fund the “6,500 t/a Flavors & Fragrances and Food Additives, plus by-products: 15 tons of cinnamon oil, 1 ton of clove light oil, and 20 tons of limonene” project. Upon completion, this project will effectively alleviate the company’s production capacity constraints and further strengthen Yaxiang’s competitive position within the industry, supporting long-term, rapid, and sustainable corporate growth. 3. Jefferies Downgrades IFF to “Hold”; New Target Price Set at USD 101 On June 16, Jefferies downgraded IFF’s rating from “Buy” to “Hold,” lowering its target price from USD 170 to USD 101. IFF released its Q1 FY2022 earnings report on May 9, reporting revenue of USD 3.226 billion (up 30.87% year-on-year) and net income of USD 246 million, with basic earnings per share of USD 0.96. II. Policy Updates 1. Public consultation launched on the 2022 National Food Safety Standard Development Plan

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