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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.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.
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