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Research Alert: Iff Q1 2026: Volume Growth Supports Quarterly Eps, Sales Beat

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CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:

IFF delivered solid Q1 2026 results with net sales declining 4% Y/Y to $2.74B (above $2.64B consensus) primarily from completed divestitures, though comparable currency-neutral sales grew 3% with broad-based volume expansion. Adjusted EPS improved to $1.25 from $1.20, beating $1.07 consensus on operational efficiencies. We view the continued portfolio transformation as positive, with Taste delivering strong 18% comparable EBITDA growth and Health & Biosciences achieving 5% growth, though Scent faced margin pressure. Management maintained 2026 guidance of $10.5B-$10.8B sales and $2.05B-$2.15B adjusted operating EBITDA despite divestiture headwinds. We believe the $144M Y/Y free cash flow improvement to $92M and disciplined 2.5x net debt leverage demonstrate strong execution. The Food Ingredients divestiture progress, with Soy Crush business closing March 2, supports the strategic focus on higher-margin specialty solutions.

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