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
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