Corbion announces strong full-year results with sales growth, +25% Adjusted EBITDA improvement, and strong FCF; proposes +5% dividend increase

Corbion, the Amsterdam-listed sustainable ingredients company that champions preservation through application of science, today publishes its results for the year ending 31 December 2024.

Key highlights annual results 2024:

Organic sales growth: +2.2% (Q4: +1.3%)
- Volume/mix: +5.2% (Q4: +2.9%)
- Price: -3.0% (Q4: -1.6%)
Continued Operations:
- Sales: € 1,288.1 million (Q4: € 315.2 million)
- Adjusted EBITDA: € 175.0 million (Q4: € 39.3 million)
- Operating profit: € 77.3 million (Q4: € 15.2 million)
Free Cash Flow: € 350.1 million, € 98.3 million when excluding divestment proceeds
Cash flow from operating activities increased € 18.7 million to € 184.1 million
Adjusted EBITDA organic growth of +23.3%
Covenant net debt/covenant EBITDA improved to 2.1x at year-end (year-end 2023: 3.1x)
World-leading lactic acid plant in Thailand started up
Divestment of Emulsifiers business completed
Proposal to increase dividend by 5% to € 0.64 per share

Outlook FY 2025:

Volume/mix growth: 2-6%
Adjusted EBITDA organic growth: >25%
Free Cash Flow: >€ 85 million

€ million*	FY 2024	FY 2023	FY growth	FY Organic growth	Q4 2024	Q4 2023	Q4 growth	Q4 Organic growth
Sales	1,288.1	1,264.1	+1.9%	+2.2%	315.2	311.8	+1.1%	+1.3%
Adjusted EBITDA	175.0	140.2	+24.8%	+23.3%	39.3	36.8	+6.8%	+8.2%
Adjusted EBITDA margin (%)	13.6%	11.1%			12.5%	11.8%
Operating profit	77.3	77.3	0.0%	-4.4%	15.2	33.4	-54.5 %	-55.0%

*Continued operations

Commenting on today’s results, Olivier Rigaud, CEO, stated: “I am pleased to share that in 2024, Corbion successfully met its upgraded targets for sales and Adjusted EBITDA, while significantly surpassing our free cash flow target. We achieved organic sales growth and double-digit increases in both Adjusted EBITDA and Adjusted Operating Profit. Our strong volume/mix performance, our focus on operational efficiencies, the successful implementation of our restructuring program, and our capex discipline resulted in the significant increase in free cash flow. Following our strong performance improvement, and our confidence in the future, we are proposing a regular cash dividend increase of +5% to € 0.64 per ordinary share to be submitted for approval to the annual General Meeting of Shareholders.

In Functional Ingredients & Solutions, sales declined slightly as growth in volume/mix was offset by a decline in pricing. We achieved volume/mix growth in our Food business, including in our product/market adjacencies-- namely dairy stabilizers, natural antioxidants, natural mold inhibitors, and dough conditioners.

In Health & Nutrition, we continued to see strong double-digit growth in both volume/mix and price, particularly in the Nutrition business serving aquaculture and pet-food end markets. Our focus on high-margin products and expanding our product portfolio contributed significantly to this growth. Adjusted EBITDA grew by +84.1% for the full year, driven by the Nutrition business. In the fourth quarter, and as anticipated, we saw positive volume/mix growth, albeit at a lower level than the previous quarter on a strong phasing effect in Q3.”

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