Corbion: Q3 2023 Interim Management Statement

    Corbion: Q3 2023 Interim Management Statement 

Corbion, the Amsterdam-listed sustainable ingredients company that champions preservation through the application of science, today publishes its results for the first nine months of 2023.

Key highlights first nine months 2023:

• Sales € 1,091.0 million; an organic increase of 2.6%
• Adjusted EBITDA € 142.8 million; an organic increase of 7.1%
• Operating profit € 75.9 million; an organic growth of 0.2%
• Organic growth core activities: Sales 4.2% & Adjusted EBITDA 12.3%
• Q3 2023:
  • Sales € 353.0 million and Adjusted EBITDA € 46.0 million
  • Organic growth core activities: Sales -2.2% & Adjusted EBITDA 6.1%     
• Positive Free Cash Flow for the 2nd consecutive quarter as anticipated

Strategic Developments:

• Restructuring program underway to accelerate significant positive free cash flow delivery, including a full review to drive material improvements in operating expenses, capital program and working capital
• Broader auction process underway to divest the non-core emulsifier business in order to maximize value
• Strategic review of Corbion’s position in PLA
• Algae Ingredients roadmap 2025-2030 following strong growth prospect underway
• Continued focus on high growth, high value biomedical business

€ million	YTD 2023	YTD 2022	Total growth		Organic growth
Sales	1,091.0	1,080.4	1.0%			2.6%
Adjusted EBITDA	142.8	142.8	0.0%			7.1%
Adjusted EBITDA margin	13.1%	13.2%
Operating profit	75.9	91.7	-17.2%			0.2%
Core activities
Sales	952.3	927.9	2.6%			4.2%
Adjusted EBITDA	121.5	116.6	4.2%			12.3%
Adjusted EBITDA margin	12.8%	12.6%

Attachment

• 20231026 Corbion 3Q23 press release