Corbion
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Corbion (CRBN) investor relations material

Corbion H2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H2 2025 earnings summary26 Feb, 2026

Executive summary

  • Achieved strong full-year 2025 results with organic Adjusted EBITDA growth of 26.7% and EPS up 63.3% year-over-year.

  • Free cash flow reached €90.8 million, supporting a proposed €1.00 per share dividend (including a €0.36 special dividend).

  • Strategic focus sharpened post-emulsifiers divestment and under BRIGHT 2030, prioritizing natural preservation, nutrition, and biomedical polymers.

  • Announced plan to divest interest in the TotalEnergies Corbion joint venture and continued investment in core food-ingredients business.

  • Volume mix growth was 3.4% for the year, accelerating to 8.8% in Q4, with Health & Nutrition and natural preservation solutions leading demand.

Financial highlights

  • Group sales for 2025 were €1,267.4 million; organic sales growth was 2.2%, but total sales declined 1.6% due to negative currency effects.

  • Adjusted EBITDA reached €204.3 million, up 26.7% organically and 16.7% including currency impact; margin improved to 16.1%.

  • Free cash flow was €90.8 million, supported by higher earnings, disciplined CapEx, and tight working capital management.

  • Earnings per share rose to €1.29, up over 60% year-on-year.

  • Net debt reduced to €401.9 million; covenant net debt/EBITDA improved to 1.5x.

Outlook and guidance

  • 2026 guidance: organic sales growth of 3–6%, adjusted EBITDA margin around 17%, free cash flow €85–90 million, CapEx ~€80 million, and double-digit EPS growth.

  • Adjusted EBITDA growth expected to be second-half weighted due to phasing effects.

  • Q1 2026 sales and EBITDA anticipated to be lower than Q1 2025's record high, partly due to USD depreciation.

  • H&N EBITDA margin expected to remain around 30% in 2026, with mild pricing decline offset by lower sugar input costs.

  • PLA joint venture margin anticipated to return to double digits, driven by cost reductions and lower input costs.

PLA divestment impact on BRIGHT 2030 targets?
Sustain H&N's strong volume growth drivers?
Capital allocation priorities beyond 2026 FCF?
H&N: Strategy for short-term contracts?
Q1 2026 sales decline: FY impact?
FI&S Q4 margin dip: Underlying cause?
PLA divestment proceeds allocation strategy
Omega-3 structural shortage impact on pricing?
FIS North America: Cyclical vs. structural demand?
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Frequently asked questions

Corbion N.V., originally established as Centrale Suiker Maatschappij (CSM) N.V. in 1919, is a Dutch company specializing in the production of food ingredients and biochemicals. Corbion has evolved from its initial focus on sugar production to become a leader in bioingredient-based foods, chemicals derived from organic acids, and lactic acid-based solutions catering to the food, chemical, and pharmaceutical industries. The company's product portfolio includes lactic acid and its derivatives, emulsifiers, functional enzyme blends, minerals, vitamins, and algae ingredients. The company is headquartered in Amsterdam, Netherlands, and its shares are listed on Euronext Amsterdam.

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