Corbion (CRBN) H2 2024 earnings summary

Executive summary

• Achieved upgraded 2024 targets with 2.2% organic sales growth and organic Adjusted EBITDA growth of 23.3–24.8%, supported by operational efficiencies, restructuring, and strong Health & Nutrition performance.

• Free cash flow reached EUR 98.3 million, marking the seventh consecutive quarter of positive FCF.

• Net debt reduced to EUR 459.9 million, with covenant net debt/EBITDA at 2.1x, down from 3.1x in 2023.

• Proposed dividend increase of 5% to EUR 0.64 per share, reflecting strong financial health.

• Completed divestment of the Emulsifiers business and started up a new lactic acid plant in Thailand.

Financial highlights

• Total net sales for FY 2024 were EUR 1,288.1 million, up 1.9% year-over-year; Adjusted EBITDA was EUR 175.0 million, up 24.8%.

• Adjusted EBITDA margin improved to 13.6% for FY 2024 (from 11.1% in 2023).

• Free cash flow for FY 2024 was EUR 98.3 million (EUR 350.1 million including divestment proceeds); CapEx at EUR 80–84.2 million.

• Result after tax from continued operations was EUR 45.9 million (+6.5% year-over-year); basic EPS: EUR 3.29.

• Net debt/EBITDA improved to 2.1x at year-end 2024.

Outlook and guidance

• 2025 guidance: organic volume/mix growth of 2–6%, organic Adjusted EBITDA growth over 25%, CapEx EUR 80–90 million, free cash flow over EUR 85 million, and net debt/EBITDA ratio of ~1.6x.

• Confident in continued strong performance and strategic direction.