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Circuit board failure analysis and troubleshooting guide.
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IFF's latest results show meaningful deleveraging and a return to positive net income; our analysis recalculates leverage, EV/EBITDA and cash-conversion to separate signal from noise.
IFF reported stronger Q2 execution—adjusted EBITDA rose to **$552M** and a **$500M** buyback—while FY2024 shows improved margins but persistent leverage of **$9.15B** net debt.