International Flavors & Fragrances

Q2 FY2026 EarningsQ2 FY26 results presented a complex picture due to the shift of Food Ingredients to discontinued operations. Reported continuing revenue of $1.95B missed the total group consensus of $2.69B, although comparable currency-neutral sales grew 6% YoY. Adjusted EPS ex-amortization of $0.82 was significantly below the $1.12 consensus, impacted by perimeter changes and higher regulatory costs ($71M). Management introduced FY26 guidance for continuing operations with revenue of $7.4B-$7.6B and Adjusted EBITDA of $1.53B-$1.60B, supported by an enhanced $2.5B share repurchase program.