Corbion: Management presents development update

Amsterdam / NL. (cb) During its Capital Markets Update for analysts and investors, the management of Dutch Corbion NV presented a review of the «Advance 2025» strategy development and introduced updated targets for the 2024-2025 period. Key highlights:

  • Key financial metrics for 2023 in line with guidance
  • Emulsifier business divested (closing anticipated in Q2)
  • Ebitda growth rate outlook for 2024/2025 reconfirmed
  • Restructuring program in place to deliver significant Free Cash Flow in 2024/2025 (more than EUR 125 million cum)
  • Simplified business structure (two Business Units)
  • Algae roadmap: Increased value creation potential at existing production facility (EUR 200 million sales by 2028)
  • Committed to PLA journey with focus on a differentiated strategy
  • Biomedical polymers: Goal to double sales (more than EUR 100 million) in 5 years with limited investment

Chief Executive’s Commentary

CEO Olivier Rigaud: «I am pleased to report a 2023 full year outcome in line with what we indicated in October of last year. This performance was realized in a challenging geopolitical and macro-economic environment. Although we see a sequential improvement in some of our key markets, we have embarked on a restructuring program, designed to achieve significant free cash flow delivery, and enabling leverage reduction. We have developed a simpler, more efficient and focused organization consisting of two business units and will implement appropriate measures to deliver annualized cost savings of around EUR 55 million. The recent announcement of the disposal of our Emulsifier business not only completes a strategic realignment of our portfolio but also contributes to bolstering the balance sheet.»