Corbion (CRBN) Q1 2025 TU earnings summary

Executive summary

• Q1 2025 sales reached €329.7 million, with organic sales growth of 7.9% year-over-year, driven by strong volume/mix gains and efficiency improvements.

• Adjusted EBITDA rose to €54.4 million, up 53.9% year-over-year, with a margin of 16.5%, reflecting significant operational leverage and cost savings.

• Free cash flow for the quarter was €8.6 million, supporting the affirmation of the FY 2025 outlook.

• Operating profit increased 186% organically to €34.0 million, reflecting efficiency and cost management.

• Maintains full-year guidance for organic adjusted EBITDA growth of over 25%.

Financial highlights

• Sales increased 9.8% year-over-year to €329.7 million, with volume/mix up 8.4% and pricing down 0.5%.

• Adjusted EBITDA grew 57.7% to €54.4 million, with the margin improving from 11.5% to 16.5%.

• Free cash flow positive at €8.6 million for the quarter.

• Operating profit margin exceeded 10%, with significant year-over-year growth.

• Organic sales growth of 7.9% year-over-year.

Outlook and guidance

• Full-year 2025 guidance reaffirmed: organic adjusted EBITDA growth of over 25%.

• Anticipates organic volume mix growth of 2%-6% for the year.

• Capital expenditure expected between €80–90 million for 2025.

• Targeting positive free cash flow in excess of €85 million for the year.

• Year-end covenant net debt/EBITDA targeted at approximately 1.6x.