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FOR IMMEDIATE RELEASE Contact : Michael DeVeau Chief Investor Relations & Communications Officer 212.708.7164 Michael.DeVeau@iff.com iff PRESS RELEASE IFF Reports First Quarter 2021 Results Provides stronger full year 2021 sales outlook Enters into an agreement to divest fruit preparation business NEW YORK , N.Y. , ( May 10 , 2021 ) - International Flavors & Fragrances Inc. ( NYSE : IFF ) reported financial results for the first quarter ended March 31 , 2021 . First Quarter 2021 Consolidated Summary : Reported ( GAAP ) Adjusted ( Non - GAAP ) 1 Sales ( Loss ) Income EPS Before Taxes Operating EBITDA Operating EBITDA Margin $ 2.5 B $ ( 54 ) M $ ( 0.21 ) $ 569 M 23.1 % EPS ex Amortization $ 1.60 Management Commentary " We delivered solid first quarter financials , achieving top and bottom - line growth , against a strong year - ago comparison in our first quarter as a combined company , " said IFF Chairman and CEO Andreas Fibig . “ Our results are indicative of strong execution by our global team and our best - in- class portfolio of industry - leading solutions . We are also encouraged by the progress we've made towards our integration efforts as we are on track to deliver our previously communicated objectives . " IFF Executive Vice President and CFO , Rustom Jilla commented , " We are pleased with how we've started the year with the first quarter's sales , operating expenses , profitability and debt leverage all ending better than we had expected . At the core of our performance was strong cost discipline and a focus on cash generation , which enabled us to make faster progress towards lowering our debt leverage ratio . " Andreas Fibig concluded , “ Today , I'm pleased to also announce that we have entered into an agreement to divest our fruit preparation business . This marks the first step of our portfolio optimization strategy , where we are enhancing shareholder value through divestitures of non - core businesses . " First Quarter 2021 Consolidated Financial Results • Reported net sales for the first quarter were $ 2.47 billion , an increase of 83 % compared to the prior year period , driven primarily by the incremental sales related to the merger with Nutrition & Biosciences ( " N & B " ) . On a combined basis² , sales increased 3 % or 1 % on a currency neutral basis , driven by strong performances in Scent & Pharma Solutions . Combined currency neutral sales growth would have been approximately 3 % if not for the change to calendar reporting , as there were 2 additional sales days in IFF's prior comparative quarter . 1 Schedules at the end of this release contain reconciliations of reported GAAP to non - GAAP metrics . 2 Combined historical results for the first quarter is defined as 3 months ( January , February and March ) of legacy IFF results , and 2 months ( February and March ) of N & B results , in both the 2020 and 2021 periods , to allow comparability in light of the merger completion on February 1 , 2021 .