Corbion (CRBN) H2 2025 earnings summary

Executive summary

• Achieved strong organic growth and significant profitability improvement in 2025, with organic Adjusted EBITDA growth of 26.7% and EPS up 63.3% year-over-year, supported by robust free cash flow generation and delivery on full-year commitments.

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

• Strategic focus sharpened after divesting emulsifiers and under BRIGHT 2030, prioritizing investments in natural preservation, nutrition, and biomedical polymers.

• Initiated strategic review and plan to divest interest in the TotalEnergies Corbion JV, with continued investment in core food-ingredients business.

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

Financial highlights

• Group sales for 2025 were €1,267.4 million, with organic sales growth of 2.2%, but reported sales declined by 1.6% due to negative currency effects.

• Adjusted EBITDA reached €204.3 million, up 26.7% organically and 16.7% including currency effects; margin improved to 16.1% from 13.6%.

• 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, a 63.3% increase year-over-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, and CapEx of €80 million.

• Double-digit adjusted EPS growth targeted, with EBITDA growth weighted to the second half due to phasing.

• Q1 2026 sales and EBITDA anticipated to be lower than Q1 2025's record high due to high prior-year comparables and USD depreciation.

• Health & Nutrition expected to maintain ~30% EBITDA margin despite mild pricing decline, supported by lower sugar input costs.

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