IFF expects mid-single digit adjusted operating EBITDA growth in FY23

IFF announced a new phase of its strategic transformation. Highlights include: a new strategic framework, positioning the Company to Do What Matters Most, driving sustained profitable growth, deepening its commitment to customers, and embedding Environmental, Social and Governance priorities across the entire enterprise; an additional $100M in run-rate savings to support reinvestment and grow earnings; expects to realize net annualized savings of approximately $350M-$400M during the 2023-2025 period; outlined plans to create a simplified operating structure more closely aligned to end markets and customer demand; introduced its preliminary financial outlook for 2023, where it expects to achieve mid-single digit adjusted operating EBITDA growth on a currency-neutral basis and outlined its long-term financial objectives. The Company expects to grow sales by 4%-6% and adjusted operating EBITDA by 8% to 10%, on a comparable currency neutral basis over the 2024, 2025 and 2026 period. In addition, the Company expects to reach less than3x Net Debt / Credit Adjusted EBITDA in 2024 through operational improvements and non-core divestitures, at which time the Company intends to reactivate its share repurchase program.