International Flavors & Fragrances (IFF) official guidance

Those three businesses should achieve mid to high teens, in terms for cash flow, that definition as a percentage of sales. So that's nice. The Food Ingredients business is a little bit lower than that, so there is a bit of a mix shift. So, as you think about the remaining business, you'll see the improvement in overall cash flow as we get to 2027 and 2028 on a go-forward basis.

From a profitability perspective, we now expect full year 2026 EBITDA to be between $1.53 billion and approximately $1.6 billion, representing growth of 4%-8% versus the 3%-8% originally provided.

The implied is 0-4% for the second half on sales and 4%-8% on EBITDA.

To your point, for the full year 2026, we continue to expect free cash flow to be higher than we reported in 2025.

For the second half of the year, we expect input costs, which I would define as raw material, energy, and logistics, to increase modestly.

We will continue to strengthen our balance sheet by using greater than $1 billion of proceeds to reduce debt, and we expect net debt to EBITDA to finish 2027 between 2.0x and 2.5x.

For full year 2026, our sales are expected to be in the range of $7.4 billion-$7.6 billion, indicating a 2%-4% growth range versus the 1%-4% growth we originally communicated.

Fine Fragrance, I suggest they'll be a little bit softer in Q3, but a stronger Q4. I'm thinking on a second half basis in the mid-single digit range.

We do believe that as we go forward, that will normalize on a go-forward basis. That one will be slightly under pressure in terms of year-over-year performance, just to calibrate.

As we think about the second half growth from a top-line standpoint, we do expect it to moderate from the 6% we reported in Q2. We do believe we can deliver low single-digit growth in the second half of the year.

We expect to execute $500 million of repurchases in the second half of 2026 before the transaction closes and the remaining $2 billion following transaction close with a completion targeted by the end of 2027.

We expect to execute $500 million of repurchases in the second half of 2026 before the transaction closes and the remaining $2 billion following transaction close with a completion targeted by the end of 2027.

For the full year 2026 adjusted operating EBITDA is expected to be in the range of $1.53 billion to $1.60 billion, excluding approximately $520 million related to discontinued operations.

On a continuing operations basis, the Company expects comparable currency neutral sales growth to be between 2% to 4%, and comparable currency neutral adjusted operating EBITDA growth to be 4% to 8%.

On a continuing operations basis, the Company expects comparable currency neutral sales growth to be between 2% to 4%, and comparable currency neutral adjusted operating EBITDA growth to be 4% to 8%.

Cash flow improvement for us is a key priority in 2026. For the year, I continue to expect to see a meaningful improvement really driven by a couple of things: One, improvements in profitability; two, improvement in working capital; three, lower interest expense; and four, a lower incentive compensation payout year-over-year versus prior year.

When combining these impacts, we expect absolute EBITDA dollars in the second quarter to be lower than the $568 million we reported in the first quarter, principally driven by lower volume, unfavorable price to input costs and weaker mix related to Fine Fragrance softness.

As you'll recall, in '23, we had 9% EBITDA margin; '24, they built it to 12% EBITDA margin; '25, 13%; and then this year, I think will exceed 14% EBITDA margin, and that continues to grow and see more opportunity there.

In Fine Fragrance, we expect to see continued solid growth for the full year, although less than the double-digit growth we have been seeing.

As we said earlier, we expect the first half health to be flattish and then return to growth in the second half, with acceleration into '27 as our commercial and innovation pipelines deliver with customers.