International Flavors & Fragrances (IFF): what its 10-K says it depends on

Customers

25 largest customers (multinational consumer products companies)

concentrated in · approximately 32% of our salesnamed as a risk

In 2025, our 25 largest customers, a majority of which were multinational consumer products companies, collectively accounted for approximately 32% of our sales.Risk factors (Item 1A)

Partners and platforms

Accounts receivable factoring programs

depends onnamed as a risk

Should we choose not to participate, or if these programs were no longer available, it could reduce our cash flows from operations in the period in which the arrangement ends.Risk factors (Item 1A)

Also named by BSX

Other companies

Euro

exposed to its price · approximately $211 millionnamed as a risk

Based on a hypothetical decrease or increase of 10% in the value of the U.S. dollar against the Euro, the estimated fair value of our cross currency swaps would change by approximately $211 million.Market risk (Item 7A)

Also named by ABBV, ABNB, ABT, ADBE, ADI, AME, AMG, AMGN and 186 more

Food Ingredients segment goodwill

$1.153 billionnamed as a risk

We recorded an impairment charge of $1.153 billion within the Food Ingredients operating segment as a result of the change in the Company’s segments, which is reflected in the Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) during the year ended December 31, 2025.Risk factors (Item 1A)

Frutarom and N&B acquisitions (goodwill and intangibles)

$14.3 billion of intangible assets and goodwillnamed as a risk

As of December 31, 2025, we had $14.3 billion of intangible assets and goodwill, primarily arising from the acquisitions of Frutarom and N&B.Risk factors (Item 1A)

Antitrust investigations and class action lawsuits (U.S. and Canada)

subject tonamed as a risk

As further described in our consolidated financial statements, we are currently subject to antitrust investigations in a number of countries and class action lawsuits in the U.S. and Canada alleging antitrust violations by us and certain of our competitors.Risk factors (Item 1A)

DuPont

named as a risk

If we were required to indemnify DuPont under the TMA, this indemnification obligation may be substantial and could have a material adverse effect on us, including with respect to our financial condition and results of operations.Risk factors (Item 1A)

Competitors

Givaudan

competes with

Our main competitors consist of (1) other large global companies, such as Givaudan, Novonesis, DSM-Firmenich, Symrise, Kerry, and ADM, (2) mid-sized companies, (3) numerous regional and local manufacturers and (4) consumer product companies who may develop their own competing products.Business (Item 1)

DSM-Firmenich

competes with

Our main competitors consist of (1) other large global companies, such as Givaudan, Novonesis, DSM-Firmenich, Symrise, Kerry, and ADM, (2) mid-sized companies, (3) numerous regional and local manufacturers and (4) consumer product companies who may develop their own competing products.Business (Item 1)

Symrise

competes with

Our main competitors consist of (1) other large global companies, such as Givaudan, Novonesis, DSM-Firmenich, Symrise, Kerry, and ADM, (2) mid-sized companies, (3) numerous regional and local manufacturers and (4) consumer product companies who may develop their own competing products.Business (Item 1)

Novonesis

competes with

Our main competitors consist of (1) other large global companies, such as Givaudan, Novonesis, DSM-Firmenich, Symrise, Kerry, and ADM, (2) mid-sized companies, (3) numerous regional and local manufacturers and (4) consumer product companies who may develop their own competing products.Business (Item 1)

Kerry

competes with

Our main competitors consist of (1) other large global companies, such as Givaudan, Novonesis, DSM-Firmenich, Symrise, Kerry, and ADM, (2) mid-sized companies, (3) numerous regional and local manufacturers and (4) consumer product companies who may develop their own competing products.Business (Item 1)

ADM

competes with

Our main competitors consist of (1) other large global companies, such as Givaudan, Novonesis, DSM-Firmenich, Symrise, Kerry, and ADM, (2) mid-sized companies, (3) numerous regional and local manufacturers and (4) consumer product companies who may develop their own competing products.Business (Item 1)

Places

United States

earns from · approximately 28% of sales in 2025

Our business is geographically diverse, with sales in the U.S. representing approximately 28% of sales in 2025.Business (Item 1)

Also named by ABBV, ADP, AJG, AMGN, APA, AXGN, AXP, BALL and 139 more

Russia

subject tonamed as a risk

As a result, we have restricted exports to these regions to permitted products that meet essential needs.Risk factors (Item 1A)

Also named by ALSN, ATR, AVY, AXP, BKR, BSX, C, CDNA and 50 more

U.S.-China relations

named as a risk

Tariffs and trade restrictions, sanctions, and geopolitical tensions (e.g., U.S.-China relations, Russia-Ukraine war, Middle East conflicts), as well as supply chain disruptions, along with energy price fluctuations, may further strain operations and margins.Risk factors (Item 1A)

Hazards

Severe weather and droughts

named as a risk

Environmental and climate-related events, including severe weather, droughts, floods, and water scarcity, can also impact crop yields, transportation, and energy costs, increasing sourcing challenges or prices of input costs.Risk factors (Item 1A)

Commodities and inputs

Natural gas

exposed to its pricenamed as a risk

We purchase certain commodities, such as natural gas, electricity, petroleum-based products and certain crop related items.Market risk (Item 7A)

Also named by AA, ADM, AEE, AEP, AES, AESI, AGX, ALB and 132 more

Essential and vegetable oils, botanical extracts, petroleum-based chemicals

depends onnamed as a risk

For certain materials, we rely on a limited number of suppliers or regions, making us vulnerable to shortages, delays, and price volatility.Risk factors (Item 1A)

Soy

exposed to its pricenamed as a risk

In general, with the exception of soy and natural gas, we do not use commodity financial instruments to hedge commodity prices.Market risk (Item 7A)

Regulators

U.S. Food and Drug Administration (FDA)

subject to

These agencies include (1) the Food and Drug Administration and equivalent international agencies that regulate flavors and other ingredients in consumer products, (2) the Environmental Protection Agency and equivalent international agencies that regulate our manufacturing facilities, as well as fragrance products (including encapsulation systems), (3) the Occupational Safety and Health Administration and equivalent international agencies that regulate the working conditions in our manufacturing, research laboratories and creative centers, (4) local and international agencies that regulate trade and customs, (5) the Drug Enforcement Administration and other local or international agencies that regulate controlled chemicals that we use in our operations, (6) the Chemical Registration/Notification authorities that regulate chemicals that we use in, or transport to, the various countries in which we manufacture and/or market our products, and (7) the U.S. Department of Agriculture and equivalent international authorities with respect to, among other things, labeling of consumer products.Business (Item 1)

Also named by A, ABBV, ABT, AMGN, ARE, ARWR, ATR, AXGN and 112 more

U.S. Environmental Protection Agency (EPA)

subject to

These agencies include (1) the Food and Drug Administration and equivalent international agencies that regulate flavors and other ingredients in consumer products, (2) the Environmental Protection Agency and equivalent international agencies that regulate our manufacturing facilities, as well as fragrance products (including encapsulation systems), (3) the Occupational Safety and Health Administration and equivalent international agencies that regulate the working conditions in our manufacturing, research laboratories and creative centers, (4) local and international agencies that regulate trade and customs, (5) the Drug Enforcement Administration and other local or international agencies that regulate controlled chemicals that we use in our operations, (6) the Chemical Registration/Notification authorities that regulate chemicals that we use in, or transport to, the various countries in which we manufacture and/or market our products, and (7) the U.S. Department of Agriculture and equivalent international authorities with respect to, among other things, labeling of consumer products.Business (Item 1)

Also named by AAON, AAP, ALSN, AMRC, APA, APD, APG, AROC and 78 more

Laws and programs

OECD Pillar Two

subject tonamed as a risk

We continuously evaluate these developments and the potential impact of the Pillar Two framework, subject to legislative adoption by individual countries.Risk factors (Item 1A)

Also named by APO, BAM, BAX, BF/B, CHRW, COHR, CPNG, CRM and 45 more

One Big Beautiful Bill Act (OBBBA)

subject tonamed as a risk

We continue to evaluate the impact of the OBBBA on our future cash taxes and effective tax rate.Risk factors (Item 1A)

Also named by AA, ABR, ADI, ADM, ALB, AMAT, AMGN, AMKR and 121 more

Foreign Corrupt Practices Act (FCPA)

subject tonamed as a risk

We operate and may pursue opportunities in jurisdictions such as China, India, Brazil, Russia, and certain African countries, which present elevated risks of fraud, corruption, and internal control challenges.Risk factors (Item 1A)

Also named by A, ADBE, ADP, AIR, AJG, ALB, AME, AMZN and 112 more

Toxic Substances Control Act (TSCA)

subject tonamed as a risk

In the US, under the Toxic Substances Control Act (“TSCA”) chemicals regulation, companies experience significant challenges to bring new substances to the market, with major delays experienced with US EPA assessments and very restrictive release conditions being established for substances that make it through these reviews.Risk factors (Item 1A)

Also named by A, ALB, CLH, ECL, EMN, ESI, OLN, PRM and 1 more

EU REACH

subject tonamed as a risk

We have seen an increase in registration and reporting requirements concerning the use of certain chemicals in a number of countries, such as Registration, Evaluation, Authorization and Restriction of Chemicals (“REACH”) regulations in the European Union, as well as similar regulations in other countries.Business (Item 1)

Also named by ALB, EMN, ESI, KVUE, SOLS

European Commission microplastics ban

subject tonamed as a risk

For example, the European Commission’s ban on microplastics in personal care products, detergents, and cosmetics requires us to innovate and reformulate affected products.Risk factors (Item 1A)

EU Chemicals Strategy for Sustainability (CLP and Detergent Regulation)

subject tonamed as a risk

These changes may negatively impact certain products we offer, including enzymes and fragrance ingredients.Risk factors (Item 1A)

Technology

Weight management pharmaceutical products (GLP-1)

named as a risk

Demand for such consumer products depends on consumer preferences that are driven by a variety of factors, such as the increasing use of weight management pharmaceutical products, increasing health and wellness awareness, greater transparency in product labeling, and changes in global, regional or local economic conditions (such as inflation, unemployment, salaries and wage rates stagnation, low growth rates, and impacts of supply disruptions, climate events, or geopolitical developments).Risk factors (Item 1A)