Corbion (CRBN) H1 2025 earnings summary

Executive summary

• Organic sales grew 2.9% to €645.6 million in H1 2025, with volume/mix up 3.3% and price down 0.4%; strong demand in key markets and positive segment performance.

• Adjusted EBITDA rose 23.8% to €106.6 million, with margin up 300 bps to 16.5% due to operational efficiencies and higher-margin products.

• Free cash flow was €12.1 million, positive for the eighth consecutive quarter.

• Operating profit increased 89% year-over-year to €63.5 million.

• FY 2025 outlook maintained, with focus on cost discipline, operational excellence, and strong segment growth.

Financial highlights

• H1 2025 sales: €645.6 million (+1.3% vs H1 2024); Q2 sales: €315.9 million (-6.2% vs Q2 2024).

• Adjusted EBITDA: €106.6 million (+23.8% year-over-year); margin improved to 16.5% from 13.5% YoY.

• Net profit from continuing operations: €42.4 million (H1 2025), up 86.8% from H1 2024.

• Gross margin improved to 27.1% in H1 2025 from 24.0% in H1 2024.

• Currency depreciation, especially USD, negatively impacted sales, EBITDA, and financial charges.

Outlook and guidance

• Reaffirmed FY 2025 targets: organic volume/mix growth of 2–6%, adjusted EBITDA growth above 25%, and free cash flow over €85 million.

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

• Effective tax rate expected at 23–25% for FY 2025.

• Sales growth to be driven by Food and Health & Nutrition segments; pricing expected slightly negative.

• Adjusted EBITDA margins expected to increase versus FY 2024.