Corbion (CRBN) Q1 2026 earnings summary

Executive summary

• Q1 2026 sales reached €293.7 million, down 10.9% year-over-year, with adjusted EBITDA of €37.8 million, a 30.5% decrease, and margin at 12.9%, reflecting phasing effects and a strong prior-year comparison.

• Organic sales growth declined by 4.1%, with volume/mix down 2.6% and pricing down 1.5%.

• Free cash flow was negative at -€15.7 million for the quarter, in line with seasonal patterns.

• Fundamentals remain strong across core businesses, with robust demand in natural preservation and Health & Nutrition.

• April trading indicates building momentum, with expectations for acceleration in volume and earnings through the year.

Financial highlights

• Functional Ingredients & Solutions sales fell 8.2% year-over-year to €236.0 million; Health & Nutrition sales dropped 20.6% to €57.7 million.

• Adjusted EBITDA margin declined to 12.9% from 16.5% in Q1 2025, mainly due to mix effects and low operational leverage.

• Functional Ingredients & Solutions EBITDA margin was 9.0% (down 310 bps); Health & Nutrition margin was 28.6% (down 360 bps).

• Depreciation and amortization in Q1 was just above €22 million, with some adjusted items related to PLA divestment and a positive tax outcome.

• Cost reduction program initiated to support margin guidance, with savings expected from Q2.

Outlook and guidance

• Full-year 2026 guidance reaffirmed: 3%-6% organic sales growth, adjusted EBITDA margin around 17%, free cash flow of €85–90 million, and double-digit EPS growth, with performance weighted to H2.

• Expectation of clear improvement in margins and earnings from Q2 onwards, driven by cost reductions and volume ramp-up.

• Capex for 2026–2028 projected at approximately 6% of sales.

• Robust mechanisms in place to manage volatility in energy and input costs through pricing, hedging, and sourcing.