Corbion Q3 2022 Interim Management Statement
Corbion reported net sales of € 1,080.4 million in the first nine months of 2022, driven by net sales growth of 35.5%. Adjusted EBITDA in the first nine months of 2022 increased by 25.8% to € 142.8 million.
Olivier Rigaud, CEO, commented: “We have delivered another quarter of strong sales growth in all our business units. During a period of unprecedented cost inflation and supply chain disruptions, we have been able to adapt to our changing customer needs and continue to provide high service levels. The disciplined execution of price increases as well as mix improvements have resulted in another strong quarterly EBITDA. For our core business, the product mix improvements more than offset the lower volumes, confirming the resilience of our differentiated portfolio. Most business segments continue to perform well, except for the current weakness in PLA. We remain confident in the longer-term prospects of the PLA market. AlgaPrime DHA continued its strong growth dynamics, increasing its positive EBITDA contribution. Looking forward, we are on track to substantially improve our absolute Adjusted EBITDA for the company compared to last year as we continue to adapt to the inflationary environment with price adjustments and the realization of operational efficiencies. We are leaving our full-year guidance for 2022 unchanged.”
Key financial highlights first nine months of 2022
- Net sales growth YTD was 35.5%; organic growth was 23.8% (23.3% for core activities)
- Adjusted EBITDA YTD was € 142.8 million, an organic increase of 7.1%
- Adjusted EBITDA margin YTD was 13.2% (12.7% for core activities)
- Operating result YTD was € 91.7 million, an organic decrease of -22.1%, mostly due to one-off proceeds from asset sales (Frozen Dough activities and land sale) in 2021.
| € million | YTD 2022 | YTD 2021 | Total growth | Organic growth |
| Net sales | 1,080.4 | 797.6 | 35.5% | 23.8% |
| Adjusted EBITDA | 142.8 | 113.5 | 25.8% | 7.1% |
| Adjusted EBITDA margin | 13.2% | 14.2% | ||
| Operating result | 91.7 | 95.5 | -4.0% | -22.1% |
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