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    Ming Tang • BNP Paribas Exane

    Ming Tang's questions to International Flavors & Fragrances Inc (IFF) leadership

    Ming Tang's questions to International Flavors & Fragrances Inc (IFF) leadership • Q1 2025

    Question

    Ming Tang inquired about the 2025 outlook, asking which parts of IFF's portfolio could be at risk in a potential recession and whether the company is observing any sequential slowdown or caution from its customers.

    Answer

    CEO Erik Fyrwald responded, noting that while the order book remains consistent with guidance, there is macroeconomic uncertainty. He explained that approximately 80% of IFF's portfolio is in resilient essential products, with the remaining 20% in more discretionary areas like fine fragrances and probiotics. Fyrwald confirmed that, so far, order patterns have remained solid despite broader concerns.

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    Ming Tang's questions to Sensient Technologies Corp (SXT) leadership

    Ming Tang's questions to Sensient Technologies Corp (SXT) leadership • Q3 2024

    Question

    Ming Tang of BNP Paribas Exane asked about the key drivers behind the impressive new win rate, which was cited as low to mid-teens as a percentage of revenue. She also questioned the potential risk of a slowdown in the personal care market and sought clarification on long-term revenue and EBITDA targets by division.

    Answer

    Paul Manning, Chairman, President and CEO, attributed the strong new wins to three factors: superior sales execution and customer service, a strong product portfolio led by double-digit growth in natural colors, and a strategic focus on local and regional customers in the Flavors group. Regarding personal care, he acknowledged market shifts but expressed confidence in continued performance due to a diverse customer base, including e-commerce and influencer brands. For long-term targets, Manning confirmed mid-single-digit revenue growth is a good average across all groups and identified the Flavors & Extracts group as having the largest opportunity for margin improvement.

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