Corbion (CRBN) Q3 2026 TU earnings summary

Executive summary

• YTD net sales were €971.6m, up 1.5% reported and 3.9% organically; Q3 sales were €340.5m, up 9.3% reported and 7.6% organically.

• YTD Adjusted EBITDA was €152.9m, down 2.2% reported but up 3.5% organically; Q3 rose 29.0% to €64.1m, with margin up 290 bps to 18.8%.

• Volume-led growth across both segments and cost actions drove Q3 profitability gains; YTD Free Cash Flow was €57m and FY guidance remained unchanged.

Financial highlights

• YTD volume/mix rose 5.3% and pricing fell 1.4%; Q3 volume/mix rose 7.9% and pricing fell 0.3%.

• YTD Adjusted EBITDA margin was 15.7%, down 60 bps; Q3 margin was 18.8%, up 290 bps YoY.

• Free Cash Flow was €57.0m YTD and €61.0m in Q3.

• YTD operating profit was €81.4m, down 10.9%; Q3 operating profit rose 40.9% to €39.3m.

Outlook and guidance

• FY 2026 guidance maintained: organic sales growth of 3–6%, Adjusted EBITDA margin above 16%, and Free Cash Flow of €85–90m.

• Strong Q3 and Q4 orderbook visibility supports guidance; organic sales growth is expected in both segments.

• Q4 Health & Nutrition organic sales growth is expected in the mid-single digits, moderating from 20.0% in Q3; margin expected broadly in line with Q3.

• Q4 Functional Ingredients & Solutions sales are expected to grow; margin is expected below Q3 due to seasonality and Middle East-related costs, including sulfuric acid.

• H&N is expected to open 2027 more strongly; mid-term margin outlook remains around 30%, with contract renewals and fish oil volatility limiting visibility beyond Q1 2027.