Corbion: Q3 2023 Interim Management Statement
Corbion, the Amsterdam-listed sustainable ingredients company that champions preservation through the application of science, today publishes its results for the first nine months of 2023.
Key highlights first nine months 2023:
- Sales € 1,091.0 million; an organic increase of 2.6%
- Adjusted EBITDA € 142.8 million; an organic increase of 7.1%
- Operating profit € 75.9 million; an organic growth of 0.2%
- Organic growth core activities: Sales 4.2% & Adjusted EBITDA 12.3%
- Q3 2023:
- Sales € 353.0 million and Adjusted EBITDA € 46.0 million
- Organic growth core activities: Sales -2.2% & Adjusted EBITDA 6.1%
- Positive Free Cash Flow for the 2nd consecutive quarter as anticipated
Strategic Developments:
- Restructuring program underway to accelerate significant positive free cash flow delivery, including a full review to drive material improvements in operating expenses, capital program and working capital
- Broader auction process underway to divest the non-core emulsifier business in order to maximize value
- Strategic review of Corbion’s position in PLA
- Algae Ingredients roadmap 2025-2030 following strong growth prospect underway
- Continued focus on high growth, high value biomedical business
€ million | YTD 2023 | YTD 2022 | Total growth | Organic growth | ||
| Sales | 1,091.0 | 1,080.4 | 1.0% | 2.6% | ||
| Adjusted EBITDA | 142.8 | 142.8 | 0.0% | 7.1% | ||
| Adjusted EBITDA margin | 13.1% | 13.2% | ||||
| Operating profit | 75.9 | 91.7 | -17.2% | 0.2% | ||
| Core activities | ||||||
| Sales | 952.3 | 927.9 | 2.6% | 4.2% | ||
| Adjusted EBITDA | 121.5 | 116.6 | 4.2% | 12.3% | ||
| Adjusted EBITDA margin | 12.8% | 12.6% | ||||
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