CEO Frank Clyburn Reflects on IFF's 2022 Achievements and Strategic Vision

Summary

• IFF's essential role in daily lives highlighted through innovative solutions.
• Strategic transformation with a refreshed plan and new operating model previewed.
• Commitment to sustainability and diversity recognized with prestigious awards and certifications.
• Strong financial results achieved despite a volatile market environment.

Dear Shareholders, As I reflect on a year that was once again shaped by global uncertainty, I am constantly reminded of the many instances in which IFFers around the world have risen above these challenges to drive positive change, deliver results for our customers and create exceptional experiences for the end-consumer.

IFF continues to play an essential role in the daily lives of so many people around the world. For instance, when a consumer grabs a yogurt from the refrigerator, there’s a one-in-three chance it was made with an IFF probiotic. If someone is doing laundry at home, there’s a 50% likelihood their cold-water laundry detergent was developed with an IFF cleaning enzyme. Each day, I watch our purpose unfold through the solutions, products and experiences we create. In 2022, our 24,000-strong global team continued to push industry boundaries and drive innovative breakthroughs that deepen our customer relationships and Do More Good for our people and planet.

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• IFF 30-Year Financial Data
• The intrinsic value of IFF
• Peter Lynch Chart of IFF

I feel extremely fortunate to be part of such a purpose-driven organization that not only touches, but enriches the lives of consumers across the globe. At the same time, we also evaluated who we are and who we want to become as we continue to deepen our role as an indispensable partner in the consumer value chain. As many of you know, I have spent much of the last year engaging with customers, partners and leaders across our business to better understand what we’re doing well and where we can improve. From these important conversations, I learned that—first and foremost—IFF has an incredible foundation to build on our industry leadership. But, to remain successful and achieve our long-term vision, it’s important that we continuously evaluate both our strengths and weaknesses, while considering opportunities to improve our performance and culture.

As I outlined at our December 2022 Investor Day, we introduced “Do What Matters Most,” our refreshed strategic plan and operating model that will position our company for long-term success. We are doubling down on customer excellence, accelerating productivity initiatives and undertaking a portfolio optimization strategy, while centering our business around the highest-value opportunities. These efforts will ensure IFF’s continued ability to drive sustained, profitable growth, meet and exceed customer demand and continue fulfilling our purpose...

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