Corbion (CRBN) investor relations material

Executive summary

• Achieved strong full-year 2025 results with organic Adjusted EBITDA growth of 26.7% and EPS up 63.3% year-over-year.

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

• Strategic focus sharpened post-emulsifiers divestment and under BRIGHT 2030, prioritizing natural preservation, nutrition, and biomedical polymers.

• Announced plan to divest interest in the TotalEnergies Corbion joint venture and continued investment in core food-ingredients business.

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

Financial highlights

• Group sales for 2025 were €1,267.4 million; organic sales growth was 2.2%, but total sales declined 1.6% due to negative currency effects.

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

• 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, up over 60% year-on-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, CapEx ~€80 million, and double-digit EPS growth.

• Adjusted EBITDA growth expected to be second-half weighted due to phasing effects.

• Q1 2026 sales and EBITDA anticipated to be lower than Q1 2025's record high, partly due to USD depreciation.

• H&N EBITDA margin expected to remain around 30% in 2026, with mild pricing decline offset by lower sugar input costs.

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