IFF Lifts 2026 Sales and EBITDA Guidance Floors

The Tip Desk · November 3, 2026 · 3 min read

Third-quarter sales were $1.94 billion, up 4%, as the flavors and fragrances company completed a $500 million share repurchase.

International Flavors & Fragrances (IFF) raised the low end of its full-year 2026 sales and adjusted operating EBITDA ranges after a third quarter in which reported net sales on a continuing-operations basis were $1.94 billion, up 4% from a year earlier.

The company now expects full-year 2026 sales of $7.5 billion to $7.6 billion, versus $7.4 billion to $7.6 billion previously, and adjusted operating EBITDA of $1.55 billion to $1.60 billion, versus $1.53 billion to $1.60 billion. Comparable currency-neutral sales growth is now expected at 3% to 4%, from 2% to 4%, and comparable currency-neutral adjusted operating EBITDA growth at 5% to 8%, from 4% to 8%.

On a comparable currency-neutral basis, third-quarter sales increased 5%, led by mid-single-digit growth in Scent and Taste and low-single-digit growth in Health & Biosciences. Adjusted operating EBITDA was $403 million, with a 20.8% margin; comparable currency-neutral adjusted operating EBITDA improved 6%, which the company attributed to volume growth.

Reported results from continuing operations were a loss before taxes of $134 million and a loss of $0.50 a share, versus income before taxes of $130 million and earnings of $0.39 a share a year earlier. Adjusted EPS excluding amortization was $0.83 a share. The GAAP loss included a $236 million loss on assets classified as held for sale, related to the Botanicals & Food Enhancements disposal group and the CitraSource business, plus $23 million of goodwill impairment.

Taste sales were $687 million, up 4% reported and 6% comparable currency-neutral, with a double-digit increase in Greater Asia. Taste adjusted operating EBITDA was $128 million and margin 18.6%; comparable currency-neutral EBITDA rose 7% on volume growth.

Scent sales were $689 million, up 6% on both a reported and comparable currency-neutral basis, led by high-single-digit growth in Consumer Fragrances against a strong double-digit year-ago comparable in Fine Fragrance, with Fragrance Ingredients growing mid-single digits. Scent adjusted operating EBITDA was $139 million and margin 20.2%; comparable currency-neutral EBITDA rose 10% on volume growth.

Health & Biosciences sales were $566 million, up 1% on both bases. Mid-single-digit growth in Food Biosciences and Grain Processing more than offset a decline in Health. Adjusted operating EBITDA was $136 million and margin 24.0%; comparable currency-neutral EBITDA rose 2%, with the company saying the contribution split evenly between volume growth and favorable net price to input costs.

Cash flows from operations for the first nine months of 2026, on a combined continuing and discontinued basis, were $820 million, up $288 million year-over-year. Free cash flow was $371 million, up $245 million. Net debt to credit adjusted EBITDA at quarter-end was 2.75x.

Chief executive Erik Fyrwald said the company recently completed a $500 million accelerated share repurchase and that the Food Ingredients separation is on track to close by the end of the second quarter of 2027.

IFF said it expects fourth-quarter profitability to be softer, particularly in Health & Biosciences, reflecting higher costs as well as reinvestments to strengthen the business.