In preparing the Consolidated Financial Statements as of and for the three and nine months ended September 30, 2025, Management identified certain income tax-related adjustments that primarily relate to the understatement of income tax expense due to errors in the accounting for transfer pricing, the correction of deferred tax liabilities on goodwill recorded in purchase accounting, and other income tax entries that impacted prior interim and annual financial statements. Management also identified certain other errors that were concluded to be immaterial, individually and in the aggregate, to the Company’s consolidated financial statements as of and for the relevant periods. These include an adjustment to the Pharma Solutions disposal group loss on business disposal which should have been recognized upon the initial classification of the disposal group as held for sale, tax adjustments identified in prior periods primarily related to deferred taxes, balance sheet misclassifications to correct the netting of value added tax receivables and payables and uncertain tax provisions and benefits, an error in the classification of uncertain tax provisions recognized as deferred tax liabilities, an adjustment to record the right of use asset and lease liability related to a lease upon lease commencement that was incorrectly omitted, and a cash flow adjustment to correct the classification of cash paid/received on foreign currency forward contracts from operating activities to investing activities.

Management assessed the materiality of the errors on prior period interim and annual consolidated financial statements in accordance with the Securities and Exchange Commission (“SEC”) Staff Accounting Bulletin No. 99, “Materiality,” codified in ASC 250, Accounting Changes and Error Corrections (“ASC 250”). Based on this assessment, in consideration of both quantitative and qualitative factors, management determined that the related impacts of the errors were not material to any previously issued interim or annual financial statements. However, if the corrections were recorded in the three months ended September 30, 2025, they would be material to that period. As such, management revised the prior period amounts presented in these financial statements to correct the errors.

In preparing the Consolidated Financial Statements for the year ended December 31, 2025, management identified an additional error related to tax expense on business disposals that affects the interim consolidated financial statements for the three months and six months ended June 30, 2025 and nine months ended September 30, 2025 reported within our Quarterly Reports on Form 10-Q for the fiscal periods ended June 30, 2025 and September 30, 2025. Management revised the prior interim periods to correct this error, as noted in our 2025 Form 10-K. The error had no impact on our Consolidated Financial Statements as of and for the year ended December 31, 2025.

The following tables include the revisions to previously filed Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) and Consolidated Statements of Cash Flows for the periods ended June 30, 2025. The applicable notes to the accompanying financial statements have also been corrected to reflect the impact of the revisions of the previously filed consolidated interim financial statements. The following tables further present a reconciliation to the revised and recast interim consolidated financial statements reflecting discontinued operations.


	Six Months Ended June 30, 2025
(DOLLARS IN MILLIONS EXCEPT PER SHARE AMOUNTS)	As Previously Reported		Adjustments		As Revised		Discontinued Operations Reclassification Impacts		As Revised and Recast
Net sales	$	5,607	$	—	$	5,607	$	(1,638)	$	3,969
Cost of sales	3,542		—		3,542		(1,249)		2,293
Gross profit	2,065		—		2,065		(389)		1,676
Research and development expenses	346		—		346		(21)		325
Selling and administrative expenses	944		—		944		(145)		799
Amortization of acquisition-related intangibles	288		—		288		(126)		162
Impairment of goodwill	1,153		—		1,153		(1,119)		34
Restructuring and other charges	38		—		38		(3)		35
Losses on sale of assets	1		—		1		—		1
Operating profit (loss)	(705)		—		(705)		1,025		320
Interest expense	132		—		132		—		132
Gain on extinguishment of debt	(488)		—		(488)		—		(488)
Losses on business disposals	81		30		111		—		111

Other expense, net	30		—		30		9		39
Income (loss) from continuing operations before taxes	(460)		(30)		(490)		1,016		526
(Benefit) Provision for income taxes	(55)		(17)		(72)		(20)		(92)
Net income (loss) from continuing operations	(405)		(13)		(418)		1,036		618
Income (loss) from discontinued operations before tax	—		—		—		(1,016)		(1,016)
Provision (Benefit) for income taxes from discontinued operations	—		—		—		20		20
Net income (loss) from discontinued operations	—		—		—		(1,036)		(1,036)
Net loss	(405)		(13)		(418)		—		(418)
Net income attributable to non-controlling interests from continuing operations	1		—		1		—		1

Net loss attributable to IFF shareholders	$	(406)	$	(13)	$	(419)	$	—	$	(419)





Income (loss) per share - basic
Continuing operations	$	(1.59)	$	(0.05)	$	(1.64)	$	4.05	$	2.41
Discontinued operations	—		—		—		(4.05)		(4.05)
Net income (loss) per share – basic	$	(1.59)	$	(0.05)	$	(1.64)	$	—	$	(1.64)
Income (loss) per share - diluted
Continuing operations	$	(1.59)	$	(0.05)	$	(1.64)	$	4.04	$	2.40
Discontinued operations	—		—		—		(4.03)		(4.03)
Net income (loss) per share – diluted	$	(1.59)	$	(0.05)	$	(1.64)	$	0.01	$	(1.63)

Comprehensive income (loss)	$	707	$	(13)	$	694	$	—	$	694
Comprehensive income attributable to non-controlling interests	1		—		1		—		1
Comprehensive income (loss) attributable to IFF shareholders	$	706	$	(13)	$	693	$	—	$	693


	Three Months Ended June 30, 2025
(DOLLARS IN MILLIONS EXCEPT PER SHARE AMOUNTS)	As Previously Reported		Adjustments		As Revised		Discontinued Operations Reclassification Impacts		As Revised and Recast
Net sales	$	2,764	$	—	$	2,764	$	(845)	$	1,919
Cost of sales	1,734		—		1,734		(639)		1,095
Gross profit	1,030		—		1,030		(206)		824
Research and development expenses	182		—		182		(12)		170
Selling and administrative expenses	483		—		483		(74)		409
Amortization of acquisition-related intangibles	145		—		145		(63)		82

Restructuring and other charges	21		—		21		(1)		20
Losses on sale of assets	1		—		1		—		1
Operating profit (loss)	198		—		198		(56)		142
Interest expense	61		—		61		—		61
Gain on extinguishment of debt	(488)		—		(488)		—		(488)
Losses on business disposals	81		30		111		—		111

Other expense, net	10		—		10		10		20
Income (loss) before income taxes	534		(30)		504		(66)		438
(Benefit) for income taxes	(78)		(17)		(95)		(17)		(112)
Net income (loss) from continuing operations	612		(13)		599		(49)		550
Income (loss) from discontinued operations before tax	—		—		—		66		66
Provision (Benefit) for income taxes from discontinued operations	—		—		—		17		17
Net income (loss) from discontinued operations	—		—		—		49		49
Net income (loss)	612		(13)		599		—		599


Net income (loss) attributable to IFF shareholders	$	612	$	(13)	$	599	$	—	$	599




Income (loss) per share - basic
Continuing operations	$	2.39	$	(0.05)	$	2.34	$	(0.19)	$	2.15
Discontinued operations	—		—		—		0.19		0.19
Net income (loss) per share – basic	$	2.39	$	(0.05)	$	2.34	$	—	$	2.34
Income (loss) per share - diluted
Continuing operations	$	2.38	$	(0.05)	$	2.33	$	(0.19)	$	2.14
Discontinued operations	—		—		—		0.19		0.19
Net income (loss) per share – diluted	$	2.38	$	(0.05)	$	2.33	$	—	$	2.33

Comprehensive income (loss)	$	1,320	$	(13)	$	1,307	$	—	$	1,307

Comprehensive income (loss) attributable to IFF shareholders	$	1,320	$	(13)	$	1,307	$	—	$	1,307