Corbion (CRBN) H1 2026 earnings summary

Executive summary

• Organic sales grew 2.1% to €631.1M in H1 2026, with Q2 accelerating to 8.5% organic growth and €337.4M in sales, driven by strong volume/mix in both core segments despite pricing pressure.

• Adjusted EBITDA was €88.8M in H1 (down 16.7% YoY, 8% organically), with Q2 at €51M and sequential margin improvement to 15.1%.

• Free cash flow was negative €4M in H1, but turned positive in Q2 at €11.7M; guidance for the year is maintained.

• Operating profit was €42.1M in H1, down from €63.5M last year, mainly due to lower pricing and mix effects; net profit was €29.8M.

• FY 2026 outlook: organic sales growth 3–6%, adjusted EBITDA margin above 16% (was ~17%), free cash flow €85–90M.

Financial highlights

• H1 2026 sales were €631.1M (down 2.2% reported, up 2.1% organic); Q2 sales were €337.4M (up 6.8% reported, 8.5% organic).

• Adjusted EBITDA margin was 14.1% in H1 (down 240bps YoY), 15.1% in Q2 (up 220bps sequentially).

• Net debt at €481.6M, net debt/EBITDA 2.6x; covenant net debt/EBITDA 2.0x.

• CapEx in H1 was €27M, split between maintenance and expansion; major projects in Nutrition.

• Free cash flow negative in H1 due to accounts receivable phasing; strong improvement expected in H2.

Outlook and guidance

• Organic sales growth outlook for FY 2026 maintained at 3%-6%.

• Adjusted EBITDA margin guidance refined to above 16% (from ~17%) due to higher raw material costs, especially sulfuric acid.

• Free cash flow guidance for FY 2026 maintained at €85M-€90M, with stronger H2 cash generation expected.

• CapEx spend for 2026–2028 expected at ~6% of sales.

• H2 margins expected to improve, supported by cost savings, price increases, and favorable fish-oil pricing.