Corbion Q1 2020 Interim Management Statement

Corbion reported sales of € 256.3 million in the first quarter of 2020, an increase of 12.0% due to organic sales growth of 9.6% and positive currency effects. Adjusted EBITDA increased organically by 24.1% to € 44.4 million due to improvements in all business segments.

“Our purpose ‘preserving food, food production, health and the planet’ has never been more meaningful and relevant than during the current pandemic crisis. I could not be prouder of our teams across the globe, producing record volumes under very challenging circumstances, always ensuring health and safety of our colleagues as our first priorities. All business segments improved significantly over last year, both in sales and profits. The COVID-19 crisis pushed up sales even further in March, building on a strong start of the year. Consumer buying patterns shifted from out-of-home channels to food retail. Additionally, our customers were securing supplies to ensure production continuity. As we are implementing our new strategic plan Advance 2025, I am confident in Corbion’s fundamentals and business model resilience to continue to create value in a sustainable way”, commented Olivier Rigaud, CEO.

Key financial highlights first quarter of 2020

• Net sales growth was 12.0%; organic growth was 9.6% (11.1% for core activities)
• Adjusted EBITDA was € 44.4 million, an organic increase of 24.1%
• Adjusted EBITDA margin was 17.3% (17.7% for core activities)
• Operating result was € 27.4 million, an organic increase of 34.6%

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