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International Flavors Fragrances

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Analysis

IFF 10-K Analysis: The $26 Billion Acquisition Unwind Hidden in Plain Sight

International Flavors & Fragrances reported an operating loss of $382 million in FY 2025 — yet management called it 'solid performance.' The disconnect: 72% of IFF's $2.1 billion Credit Adjusted EBITDA comes from add-backs. At GAAP EBITDA of $580 million, leverage isn't 2.6x — it's 9.3x. With $3.84 billion in cumulative goodwill impairments across three reporting units, six divestitures in 18 months, and a dividend payout ratio of 161% at the already-cut level, IFF's 10-K documents a $26 billion acquisition being systematically dismantled to save the company it was supposed to transform.

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14 min

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