Spice Week Highlights

1. Huilong Co., Ltd. stated on the interactive 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. is set to list on the ChiNext market, accelerating a new chapter of development. Its IPO will primarily fund the "6,500 t/a flavor & fragrance and food additive project, plus by-products of 15 tons of cinnamon essential 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 new share subscription, with an issue price of RMB 35.98 per share and a total issuance of 20.2 million shares. This means that, as a global leader in mid-to-high-end flavors and fragrances, Yaxiang Flavor & Fragrance will soon officially list on the ChiNext market. In this IPO, Yaxiang plans to publicly issue up to 20.2 million new shares on the ChiNext, aiming to raise RMB 520 million, primarily for the "6,500 t/a flavor & fragrance and food additive project, plus by-products of 15 tons of cinnamon essential oil, 1 ton of clove light oil, and 20 tons of limonene." Upon completion, this project will effectively alleviate the company’s production capacity constraints, further strengthen Yaxiang’s competitive position within the industry, and support long-term, rapid, and sustainable corporate growth. 3. Jefferies downgraded International Flavors & Fragrances (IFF) from "Buy" to "Hold," lowering its target price from USD 170 to USD 101. On June 16, Jefferies downgraded IFF from "Buy" to "Hold" and reduced its target price from USD 170 to USD 101. IFF released its Q1 2022 financial report on May 9, reporting revenue of USD 3.226 billion (up 30.87% year-on-year) and net income of USD 246 million (basic EPS: USD 0.96) for the period ended March 31, 2022. II. Policy Updates 1. Public consultation launched on the 2022 National Food Safety Standard Project Initiation Plan

With H1 revenue reaching RMB 40 billion, flavor & fragrance giant IFF has 'stabilized'

Recently, International Flavors & Fragrances Inc. (IFF) announced 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 Consolidated revenue for the first six months of FY2025 totaled 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 Consolidated net loss for the first six months of FY2025 amounted to USD 405 million, compared to consolidated 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%. This loss may stem from expenses related to business divestitures, rising operating costs, 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 quickly became one of Europe’s most important flavor producers at the time. Early in World War II, it merged with U.S.-based Van Ameringen-Haebler, Inc., a firm specializing in perfumery. In 1958, the global businesses were fully consolidated under the new name 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 totaled USD 125 million; the second-quarter adjusted operating EBITDA margin stood at 19.8%. On a comparable basis, operating EBITDA—adjusted for currency neutrality—grew by 3%.

UBS keeps Hold rating for International Flavors & Fragrances stock

Oct 6, 2026

UBS maintained its Hold rating and $91 price target for International Flavors & Fragrances despite weaker-than-expected Q2 2026 earnings. The company also authorized a $2.5 billion share repurchase program ahead of the next earnings date on November 9, 2026.

AD HOC NEWS

2026-04-07

BNP Paribas Exane Lowers Price Target for International Flavors & Fragrances (NYSE:IFF)

2026-04-07

International Flavors & Fragrances Inc. Stock Underperforms on Tuesday

2026-04-08

International Flavors & Fragrances Inc. Given Consensus Recommendation of "Moderate Buy" by Analysts

2026-04-09

OFI Invest Asset Management Reduces Stake in International Flavors & Fragrances

2026-04-10

Douglas Lane & Associates LLC Sells 39,607 Shares of International Flavors & Fragrances Inc.