Corbion: Q1-2023 Interim Management Statement

Amsterdam / NL. (cb) Dutch Corbion NV , the Amsterdam-listed sustainable ingredients company that champions preservation through the application of science, publishes its results for the quarter ending 31 March 2023.

Key highlights first quarter of 2023

  • Net sales EUR 359.6 million; an increase of 12.3 percent, of which organic 8.9 percent
  • Adjusted Ebitda EUR 48.4 million; an increase of 21.0 percent, of which organic 18.5 percent
  • Operating profit EUR 26.9 million; a decline of 10.9 percent due to last year’s book profit of EUR 9.0 million related to the sale of a US warehouse. Organic growth of 16.5 percent.
  • Core Net sales: organic growth 9.9 percent, higher prices more than offset a decline in volume/mix
  • Core Adjusted Ebitda: organic growth 18.5 percent
  • FY23 outlook improved: core Adjusted Ebitda organic growth at high end of range 15-20 percent
  • ‘Advance 2025’ strategy implementation on-track
(EUR in million) Q1 2023 Q1 2022 Total growth Organic growth
Net sales 359.6 320.1 12.3% 8.9%
Adjusted Ebitda 48.4 40.0 21.0% 18.5%
Operating profit 26.9 30.2 -10.9% 16.5%
Core activities
Net sales 312.5 276.2 13.1% 9.9%
Adjusted Ebitda 41.6 34.7 19.9% 18.5%

Commenting on the results, Olivier Rigaud, CEO, said: «In a high inflationary environment, we delivered strong growth in Q1 in both Net sales and Adjusted Ebitda. We successfully secured price increases in the course of 2022 as compensation for higher input costs. We are now starting to see some relaxation in input prices.

«In Sustainable Food Solutions, we have experienced destocking in the value chain, as well as some indications of softening of consumer demand in line with macro conditions. As previously indicated, we expect our expansion plans in product/market adjacencies to contribute to sales growth in the second half of 2023. In Lactic Acid + Specialties, we have seen a continuation of lower levels of sales to the TotalEnergies Corbion joint venture, whilst our Pharma and Biomedical businesses continue to perform well. The Algae Ingredients business has maintained strong and profitable growth, and we have initiated activities to generate additional growth beyond aquaculture.

«Building on Corbion’s first-quarter performance and despite some challenging circumstances, we are on-track to improve our absolute adjusted Ebitda for the full year, and have accordingly raised our expected growth to the upper end of our 15-20 percent guidance range. Furthermore, the divestment process of our US emulsifiers business is progressing well, and we anticipate to conclude a transaction before the end of 2023.»

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