Core Viewpoint - Croda International reported strong 2025 results with increased sales and profits, alongside a three-year financial framework aimed at enhancing margins and cash generation by 2028 [1] Financial Performance - Sales rose 7% in constant currency to £1.7 billion, with patented ingredient sales increasing by 9% and a notable demand for innovation [2] - Adjusted operating profit increased by 8% to £295 million, while adjusted profit before tax also rose by 8% to £276 million, aligning with guidance [2] - Free cash flow reached £162 million, supported by reduced capital spending and lower working capital in the latter half of the year [2] - Net debt at year-end was £524 million, with a leverage ratio of 1.3x EBITDA [2] - The company proposed a final dividend of 63 pence, bringing the total annual dividend to 111 pence, a slight increase from the previous year [2] Segment and Regional Performance - In Q4, sales grew by 5% in constant currency, slightly exceeding expectations, with Consumer Care up 9% driven by Flavors and Fragrances and Beauty Actives [3] - Life Sciences sales increased by 8%, with Pharma achieving its strongest quarter due to higher excipient sales [3] - Crop protection sales rose by 12% in Q4, although growth is expected to slow in 2026 [3] - Industrial Specialties saw a decline of 19% compared to a strong prior-year performance [3] Full Year Segment Performance - For the full year, Consumer Care sales increased by 8%, with Flavors and Fragrances up 15% and Beauty Actives growing by 6% [4] - Life Sciences rose by 8%, with crop protection up 14% as demand rebounded after destocking [4] - Pharma growth was at 4%, which was below expectations due to U.S. policy impacts on vaccine adjuvant sales [4] - Industrial Specialties declined by 2%, with direct sales growth offsetting a decline with Cargill, which now represents 20% of Industrial Specialties sales [4] Regional Performance - Croda reported growth across all regions, led by EMEA with a 9% sales increase [5] - Asia lagged due to U.S. tariffs impacting customer exports in pharma and industrial markets [5] - North America showed improvement in the second half, supported by a recovery in the beauty sector [5]

Fourth Quarter & Full Year 2025 Earnings Conference Call February 12, 2026 CAUTIONARY STATEMENT This presentation includes statements that are not historical facts and are "forward-looking statements" within the meaning of The Private Securities Litigation Reform Act of 1995. Such forward- looking statements are based on management's current assumptions, estimates and expectations, including with respect to our financial and operational outlook (sales, adjusted operating EBITDA and cash flow), portfolio opt ...

Core Insights - International Flavors & Fragrance (IFF) is a global leader in the creation of flavors and fragrances, distinguished by its proactive research approach in product development [1] Company Overview - IFF operates across multiple segments, focusing on long-term and medium-term value creation [1] Investment Focus - The company targets investments in firms with strong fundamentals, indicating a sector-agnostic investment strategy [1]