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Corbion (CRBN) investor relations material
Corbion CMD 2025 summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.CMD 2025 summary20 Nov, 2025
Strategic achievements and transformation
Achieved Advance 2025 goals, including margin expansion from 13% to 16%, 10 consecutive quarters of positive free cash flow, and 9% top-line CAGR with 8% EBITDA growth over the last cycle.
Transitioned to a high-growth specialty food-ingredients focus, divested low-growth businesses, and invested in a new lactic acid plant in Thailand.
Launched BRIGHT 2030 strategy to lead in sustainable specialty food ingredients, emphasizing natural preservation, nutrition, and clean-label solutions.
Strategic ownership review of the PLA portfolio and defocus on non-food lactic acid applications to prioritize core segments.
Continued investment in innovation, with €90m allocated and over 2,400 patents/applications supporting 700+ customer projects.
Market trends and growth opportunities
Clean label, natural preservation, and regulatory pressure are driving demand for natural ingredients, with addressable markets in food preservation, shelf life extension, omega-3, and sustainable lipids growing at 2-6% CAGR.
Company holds a 25% share in the natural food preservation market and is expanding into new geographies (Asia-Pacific, Latin America) and adjacencies (culinary, seafood, pet food).
Biomedical Polymers and Nutrition (omega-3 oils) are targeted for double-digit growth, leveraging fermentation technology and strategic partnerships.
Sustainability is embedded, with 98-99% renewable/deforestation-free raw materials and net-zero emission targets by 2030-2050.
Selective bolt-on M&A in natural preservation and food solutions to access higher-growth markets.
Financial guidance and capital allocation
Medium-term (2026-2028) targets: 3-6% organic sales growth per year, ~18% adjusted EBITDA margin by 2028, and €270M cumulative free cash flow.
ROCE expected to reach ~13% by 2028, with double-digit annual EPS growth ambition.
CapEx of €255M planned for 2026-2028, normalizing at ~6% of sales, focused on high-return projects in food, nutrition, and biomedical polymers.
Balanced capital allocation: reinvestment in growth, progressive dividends, share buybacks, and leverage ratio target of 1.5-2.5x net debt/EBITDA.
Working capital expected at ~24% of sales, with a stable debt maturity profile.
Rationale for PLA portfolio ownership review
Algal fermentation expansion into new markets
Impact of de-focusing Biochemicals on margins
PLA exit & non-food lactic acid defocus: core business impact
What ensures sustained omega-3 profitability beyond 2028?
Biomedical Polymers: What pipeline visibility supports 15% CAGR?
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H2 202526 Feb, 2026
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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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