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    Si Ku

    Vice President and Equity Research Analyst at JPMorgan Chase & Co.

    Si Ku is a Vice President and Equity Research Analyst at JPMorgan Chase & Co., specializing in coverage of companies in the metals and mining sector, including Southern Copper Corporation. She has published detailed research reports influencing market sentiment and has been an integral part of the firm's sector analysis team since joining JPMorgan in the early 2020s. Prior to her current role, her background includes quantitative research and analytical positions at other major financial institutions. Si Ku is registered with FINRA and holds Series 7 and Series 63 securities licenses, reflecting her strong professional credentials and regulatory compliance in the industry.

    Si Ku's questions to INTERNATIONAL FLAVORS & FRAGRANCES (IFF) leadership

    Si Ku's questions to INTERNATIONAL FLAVORS & FRAGRANCES (IFF) leadership • Q4 2024

    Question

    Si Ku asked for a detailed breakdown of the implied growth rates within the Nourish and Health & Biosciences segments, questioning the necessary growth in Taste to offset slower growth in Functional Ingredients, and the dynamic between enzymes and probiotics.

    Answer

    CFO Michael DeVeau confirmed the relative sizes of Taste ($2.5B) and Food Ingredients ($3.5B). He noted that while Taste's strong double-digit growth will normalize in 2025, it will still need to grow disproportionately faster than the more muted Food Ingredients business. For Health & Biosciences, he stated that all sub-businesses are targeting modest growth, but highlighted that the Health business (probiotics), which has been a 'pain point,' is expected to recover in 2025, providing a boost to both top-line growth and margins.

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