International Flavors & Fragrances
Sector unknown·IFF · USA (SEC 10-K)·Fiscal year to 31/12/2025
We are a leading creator and manufacturer of products for application in food, beverage, health & biosciences, and scent, as well as complementary adjacent products, including natural health ingredients, all of which are used in a wide variety of consumer and end-use products.
Exposure profile
Derived from what the company itself writes. Empty directions mean the report doesn't mention themes of that type.
In their own words
Grouped by theme, from the management review in the annual report. A · The company itself is a verbatim quote, B · From the report is without a verified quote.
Agriculture and food production
End markets
Market
“Taste Our Taste segment consists of the development and production of a range of flavor compounds and natural taste solutions that are ultimately used by our customers in a diverse variety of products, including savory products (soups, sauces, meat, fish, poultry, snacks, etc.), beverages (juice drinks, carbonated or flavored beverages, spirits, etc.), sweets (bakery products, candy, cereal, chewing gum, etc.), and dairy products (yogurt, ice cream, cheese, etc.).”
Annual report 2025A · The company itself
Market
“Food Ingredients Our Food Ingredients segment consists of a diversified portfolio across natural, artificial and plant-based specialty food ingredients that provide functional properties solutions for food and beverage products, as well as specialty soy and pea protein with value-added formulations, emulsifiers and sweeteners.”
Annual report 2025A · The company itself
Market
“Natural food protection ingredients consist of natural antioxidants and anti-microbials used for natural food preservation and shelf-life extension for beverages, cosmetic and healthcare products, pet food and feed additives.”
Annual report 2025A · The company itself
Market
“Health & Biosciences Our Health & Biosciences segment consists of the development and production of an advanced biotechnology-derived portfolio of enzymes, food cultures, probiotics and specialty ingredients for food and non-food applications. Among many other applications, our portfolio includes cultures for use in fermented foods such as yogurt, cheese and fermented beverages, probiotic strains, household detergents, animal feed, ethanol production and brewing.”
Annual report 2025A · The company itself
Market
“Food Biosciences provides products that aim to serve the global demand for healthy, natural, clean label and fermented food for fresh dairy, cheese, bakery and brewing products.”
Annual report 2025A · The company itself
Market
“Our products are sold principally to manufacturers of dairy, meat, beverages, snacks, savory, sweet, baked goods, grain processors and other foods, personal care products, soaps and detergents, cleaning products, perfumes, dietary supplements, food protection, infant, elderly and animal nutrition, functional food, bio-fuel, and oral care products.”
Annual report 2025A · The company itself
Market
“Animal Nutrition produces feed enzymes and animal health solutions that help to improve nutrition, welfare, performance and sustainability of livestock animal farming.”
Annual report 2025A · The company itself
Market
“Table of Contents Grain Processing produces yeasts and enzymes for biofuel production and carbohydrate processing.”
Annual report 2025A · The company itself
Chains in: Grain and agricultural commodities mixed effect, Climate change and extreme weather weakens, Grocery retail and private label weakens
Beer and beverages
End markets
Market
“Scent Our Scent segment creates fragrance compounds and fragrance ingredients that are integral elements in the world’s finest perfumes and best-known household and personal care products.”
Annual report 2025A · The company itself
Market
“Our fine fragrances focus on perfumes and colognes, creating global and local namesake brands, from high luxury to mass market, from market leading to ultra-niche products.”
Annual report 2025A · The company itself
Market
“Our products are sold principally to manufacturers of dairy, meat, beverages, snacks, savory, sweet, baked goods, grain processors and other foods, personal care products, soaps and detergents, cleaning products, perfumes, dietary supplements, food protection, infant, elderly and animal nutrition, functional food, bio-fuel, and oral care products.”
Annual report 2025A · The company itself
Market
“For instance, product liability claims may arise from supplying ingredients to food, beverage, and personal care industries, while the operation of our facilities may expose us to environmental and personal injury claims, regulatory actions, and fines.”
Annual report 2025A · The company itself
Chains in: Grain and agricultural commodities strengthens, Consumer preference shifts mixed effect, Packaging weakens
Healthcare and hospitals
End markets
Market
“Our products are sold principally to manufacturers of dairy, meat, beverages, snacks, savory, sweet, baked goods, grain processors and other foods, personal care products, soaps and detergents, cleaning products, perfumes, dietary supplements, food protection, infant, elderly and animal nutrition, functional food, bio-fuel, and oral care products.”
Annual report 2025A · The company itself
Market
“Health provides ingredients for dietary supplements, functional food and beverage, specialized nutrition and pharma.”
Annual report 2025A · The company itself
Chains in: Ageing population strengthens, GLP-1 and obesity treatment mixed effect
Retail
End markets
Market
“Home & Personal Care produces enzymes for laundry and dishwashing detergents, cleaning and textiles to help enhance the product and process performance of products in the fabric and home care, textiles and industrials and personal care markets.”
Annual report 2025A · The company itself
Market
“Our consumer fragrances include three end-use categories of products: •Fabric Care, including laundry detergents, fabric softeners and specialty laundry products; •Home Care, including household cleaners, dishwashing detergents and air fresheners; and •Body Care, including personal wash, hair care and toiletries products.”
Annual report 2025A · The company itself
Chains in: Consumer spending strengthens
Artificial intelligence
Technology
StrategyPositive impact: strengthens
“At the same time, AI is already changing the way we and our competitors do business by, among other things, accelerating research and development, creating efficiencies, improving supply chain, productivity and other processes, customer experience, talent management and decision-making. Any failure to capitalize on the AI benefits to the same degree or with the same speed as our competitors may put us in a disadvantageous position.”
Annual report 2025A · The company itself
Chains out: this strengthens Data centres, strengthens Semiconductors and electronic components, strengthens Semiconductor industry
Enzymes and biosolutions
Technology
Market
“Health & Biosciences Our Health & Biosciences segment consists of the development and production of an advanced biotechnology-derived portfolio of enzymes, food cultures, probiotics and specialty ingredients for food and non-food applications. Among many other applications, our portfolio includes cultures for use in fermented foods such as yogurt, cheese and fermented beverages, probiotic strains, household detergents, animal feed, ethanol production and brewing.”
Annual report 2025A · The company itself
Media and entertainment
End markets
Market
“For instance, product liability claims may arise from supplying ingredients to food, beverage, and personal care industries, while the operation of our facilities may expose us to environmental and personal injury claims, regulatory actions, and fines.”
Annual report 2025A · The company itself
Premium consumers
End markets
Market
“For instance, product liability claims may arise from supplying ingredients to food, beverage, and personal care industries, while the operation of our facilities may expose us to environmental and personal injury claims, regulatory actions, and fines.”
Annual report 2025A · The company itself
Chains in: Consumer spending strengthens
Inflation
Macro
DriverNegative impact: weakens
“To ensure a reliable supply of raw materials, achieve favorable pricing and provide timely pricing information to our customers, we continue to focus on: •negotiating contracts with fixed or formula-based pricing for defined periods •hedging raw materials that can be linked to liquid commodity assets •building strategic supplier relationships to access critical materials •implementing indexed pricing models 5 Table of Contents •reducing formulation complexity •evaluating make-versus-buy decisions for ingredients •sourcing locally through in-country procurement professionals •periodically assessing our supply base to drive cost efficiency and improvement Manufacturing and Distribution As of December 31, 2025, we had approximately 170 manufacturing facilities, creative centers and application laboratories located in approximately 30 different countries.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Over the last decade, with the strengthening of supermarket chains, online platforms and growing consumer price consciousness, consumption of private label products has grown at a faster rate than the brand food industry rate.”
Annual report 2025A · The company itself
DriverMixed impact: mixed
“Demand for such consumer products depends on consumer preferences that are driven by a variety of factors, such as the increasing use of weight management pharmaceutical products, increasing health and wellness awareness, greater transparency in product labeling, and changes in global, regional or local economic conditions (such as inflation, unemployment, salaries and wage rates stagnation, low growth rates, and impacts of supply disruptions, climate events, or geopolitical developments).”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Increases in input costs, including raw materials, transportation, and energy, have been exacerbated by recent inflationary and tariff pressures. If we are unable to increase the prices of our products to our customers to offset increased input cost trends, or if we are unable to achieve cost savings to offset such cost increases, our profits and operating results could be adversely affected.”
Annual report 2025A · The company itself
Chains out: this weakens Consumer spending, strengthens Interest rates
Geopolitical uncertainty
Macro
DriverNegative impact: weakens
“Tariffs and trade restrictions, sanctions, and geopolitical tensions (e.g., U.S.-China relations, Russia-Ukraine war, Middle East conflicts), as well as supply chain disruptions, along with energy price fluctuations, may further strain operations and margins.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“For example, the U.S., European Union, and other jurisdictions have imposed sanctions and export controls on Russia, Belarus, and occupied regions of Ukraine. As a result, we have restricted exports to these regions to permitted products that meet essential needs.”
Annual report 2025A · The company itself
Chains out: this strengthens Defence budgets, strengthens Energy security, strengthens Tariffs and trade policy, weakens Global trade volumes, strengthens Sea freight and freight rates, weakens Reconstruction of Ukraine
Climate change and extreme weather
Macro
DriverNegative impact: weakens
“Environmental and climate-related events, including severe weather, droughts, floods, and water scarcity, can also impact crop yields, transportation, and energy costs, increasing sourcing challenges or prices of input costs.”
Annual report 2025A · The company itself
Chains out: this weakens Agriculture and food production
Currency exposure
Macro
DriverNegative impact: weakens
“We operate on a global basis and are exposed to currency fluctuation related to the manufacture and sale of our products in currencies other than the U.S. dollar. The major foreign currencies involve the markets in the European Union, Great Britain, Mexico, Brazil, China, India, Indonesia, Australia, Japan and Argentina, although all regions are subject to foreign currency fluctuations versus the U.S. dollar.”
Annual report 2025A · The company itself
ESG and sustainability reporting
Regulation
DriverNegative impact: weakens
“At the same time, we face increasing regulatory reporting requirements related to sustainability topics. The increased focus on sustainability has resulted and may continue to result in new and changing regulations, including the need to comply with different regulatory regimes in different jurisdictions, and customer requirements that could affect us.”
Annual report 2025A · The company itself
Financial regulation
Regulation
DriverNegative impact: weakens
“We are subject to the U.S. Foreign Corrupt Practices Act (“FCPA”) and similar anti-bribery and anti-corruption laws in other jurisdictions, which generally prohibit companies and their intermediaries from making improper payments to foreign officials to obtain or retain business or secure other commercial advantages.”
Annual report 2025A · The company itself
Labour and wages
Raw materials and inputs
DriverPositive impact: strengthens
“As of December 31, 2025, we had approximately 21,500 employees worldwide, of whom approximately 5,500 are employed in the United States.”
Annual report 2025A · The company itself
Tariffs and trade policy
Macro
DriverNegative impact: weakens
“Tariffs and trade restrictions, sanctions, and geopolitical tensions (e.g., U.S.-China relations, Russia-Ukraine war, Middle East conflicts), as well as supply chain disruptions, along with energy price fluctuations, may further strain operations and margins.”
Annual report 2025A · The company itself
Chains in: Geopolitical uncertainty strengthens
Chains out: this weakens Global trade volumes
Consumer spending
Macro
DriverNegative impact: weakens
“Over the last decade, with the strengthening of supermarket chains, online platforms and growing consumer price consciousness, consumption of private label products has grown at a faster rate than the brand food industry rate.”
Annual report 2025A · The company itself
DriverMixed impact: mixed
“Demand for such consumer products depends on consumer preferences that are driven by a variety of factors, such as the increasing use of weight management pharmaceutical products, increasing health and wellness awareness, greater transparency in product labeling, and changes in global, regional or local economic conditions (such as inflation, unemployment, salaries and wage rates stagnation, low growth rates, and impacts of supply disruptions, climate events, or geopolitical developments).”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Our ability to price our products competitively is critical to maintain and grow our sales. However, possible increases in prices of our products to customers or the impact of the broader macroeconomic environment on our customers may continue to lead to declines in demand and sales volumes.”
Annual report 2025A · The company itself
Chains in: Inflation weakens
Chains out: this strengthens Retail, strengthens Hospitality and leisure, strengthens Premium consumers, strengthens Grocery retail and private label
Grain and agricultural commodities
Raw materials and inputs
InputNegative impact: weakens
“Natural ingredients are derived from flowers, fruits and other botanical products, as well as from plant, animal and marine products, and commodity crops like wheat, corn and soy.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“We purchase certain commodities, such as natural gas, electricity, petroleum-based products and certain crop related items. We generally purchase these commodities based upon market prices that are established with the vendor as part of the purchase process.”
Annual report 2025A · The company itself
Chains out: this strengthens Beer and beverages, mixed effect Agriculture and food production
Plastics and polymers
Raw materials and inputs
DriverNegative impact: weakens
“For example, the European Commission’s ban on microplastics in personal care products, detergents, and cosmetics requires us to innovate and reformulate affected products.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“Our products depend on a wide range of raw materials sourced globally, such as essential or vegetable oils, botanical extracts, animal products, organic and petroleum-based chemicals.”
Annual report 2025A · The company itself
Chains in: Oil strengthens
Electricity
Raw materials and inputs
InputNegative impact: weakens
“We purchase certain commodities, such as natural gas, electricity, petroleum-based products and certain crop related items. We generally purchase these commodities based upon market prices that are established with the vendor as part of the purchase process.”
Annual report 2025A · The company itself
Chains in: Data centres strengthens, Electrification strengthens
Chains out: this strengthens Power grid expansion
GLP-1 and obesity treatment
Technology
DriverMixed impact: mixed
“Demand for such consumer products depends on consumer preferences that are driven by a variety of factors, such as the increasing use of weight management pharmaceutical products, increasing health and wellness awareness, greater transparency in product labeling, and changes in global, regional or local economic conditions (such as inflation, unemployment, salaries and wage rates stagnation, low growth rates, and impacts of supply disruptions, climate events, or geopolitical developments).”
Annual report 2025A · The company itself
Chains in: US drug pricing policy weakens
Chains out: this mixed effect Healthcare and hospitals
Natural gas
Raw materials and inputs
InputNegative impact: weakens
“We purchase certain commodities, such as natural gas, electricity, petroleum-based products and certain crop related items. We generally purchase these commodities based upon market prices that are established with the vendor as part of the purchase process.”
Annual report 2025A · The company itself
Oil
Raw materials and inputs
InputNegative impact: weakens
“Our products depend on a wide range of raw materials sourced globally, such as essential or vegetable oils, botanical extracts, animal products, organic and petroleum-based chemicals.”
Annual report 2025A · The company itself
Chains out: this strengthens Plastics and polymers
Sugar, cocoa and coffee
Raw materials and inputs
InputNegative impact: weakens
“These materials contain diverse organic chemicals that are responsible for the fragrance, flavor, antioxidant properties and nutritional value.”
Annual report 2025A · The company itself
United States
Geography
Geography
“Our business is geographically diverse, with sales in the U.S. representing approximately 28% of sales in 2025.”
Annual report 2025A · The company itself
Chains in: USD vs DKK/EUR mixed effect
Competitors mentioned in the report
No named competitors in the report.
Financial figures
| Revenue latest fiscal year | 10.89 bn USD |
| Revenue growth vs. the year before, same method | -5.2 % |
| EBITDA reported by the company | 0.58 bn USD |
| Net debt debt incl. leasing minus cash | 5.67 bn USD |
| Diluted EPS per share | -1.41 USD |
Source: 10-K (SEC) A. See the report
Criteria
| Profit | ✗ |
| Growing | ✗ |
| Healthy balance sheet | ✗ |
Only the criteria that can be computed from financial statements on this page. The remaining criteria (such as price and dividend) need a share price and are in the analysis.
Figures are in the report's currency (USD), not converted to DKK. Quotes are shown as the company's own words in English.