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Corbion (CRBN) investor relations material
Corbion H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Organic sales grew 2.9% to €645.6M in H1 2025, with volume/mix up 3.3% and price down 0.4%; Q2 sales phasing lower due to timing effects.
Adjusted EBITDA rose 23.8% to €106.6M, margin up 300 bps to 16.5%, reflecting operational efficiencies and higher-margin product growth.
Operating profit increased 89% year-over-year to €63.5M.
Free cash flow was €12.1M in H1, positive for the eighth consecutive quarter; full-year target above €85M reaffirmed.
Full-year 2025 outlook maintained, targeting organic volume/mix growth of 2–6% and adjusted EBITDA growth above 25%.
Financial highlights
H1 2025 sales: €645.6M (+1.3% vs H1 2024); Q2 sales: €315.9M (-6.2% vs Q2 2024); currency headwinds reduced sales by 1.2%.
Adjusted EBITDA margin improved to 16.5% from 13.5% year-over-year; organic adjusted EBITDA growth was 29.3%.
Net profit from continuing operations: €42.4M (H1 2025), up 86.8% year-over-year; effective tax rate at 18%, expected 23–25% for full year.
EBIT nearly doubled to €63.5M in H1 2025.
Gross margin improved to 27.1% in H1 2025 from 24.0% in H1 2024.
Outlook and guidance
Full-year 2025 targets reaffirmed: organic volume/mix growth of 2–6%, adjusted EBITDA growth above 25%, and free cash flow above €85M.
Net debt to EBITDA ratio expected at 1.6x by year-end, maintaining a strong balance sheet.
Q3 expected to be lower year-over-year due to high comparables, but strong Q4 anticipated, especially in animal nutrition.
Sales growth to be driven by Food and Health & Nutrition segments; pricing expected slightly negative.
Adjusted EBITDA margins expected to increase versus FY 2024.
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