Corbion Momentum to improve, cash generation underappreciated

Despite the weaker than expected 1Q results, impacted ao by a tough comparable and phasing effects, top and bottom line momentum should build in the coming quarters. Despite the increasing inflationary pressures from ao sulfuric acid (used in lactic acid production) and transportation, Corbion is well hedged on its key raw material, sugar, for the remainder of the year. We remind that Corbion is implementing its BRIGHT 2030 strategy which entails an increasing focus on clean label Food Ingredients, Nutrition and Biomedical Polymers/Pharma. Biochemicals are being de-prioritized and Corbion inte...

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 04/23/2026

Corbion Momentum to improve, cash generation underappreciated

Despite the weaker than expected 1Q results, impacted ao by a tough comparable and phasing effects, top and bottom line momentum should build in the coming quarters. Despite the increasing inflationary pressures from ao sulfuric acid (used in lactic acid production) and transportation, Corbion is well hedged on its key raw material, sugar, for the remainder of the year. We remind that Corbion is implementing its BRIGHT 2030 strategy which entails an increasing focus on clean label Food Ingredients, Nutrition and Biomedical Polymers/Pharma. Biochemicals are being de-prioritized and Corbion inte...

Qrf 1Q26 trading update: no surprises

QRF reports in line with our and market expectations. No major events took place in 1Q26. On an EPRA results basis the results are 100% in line with our expectations. There has been a fair value uplift of approx. 1%, fully driven by NRI growth as the cap rate stayed flat. Something we expect for most REITs at 1Q26 reporting due to the ongoing Iran war. The occupancy is flat at 98,12%. EPS recovery after the CASA bankruptcy is going as expected and will be further supported by the newly signed tenant deals of Action, Wibra and McDonalds in Ghent. On a 1-year forward looking basis QRF trades exp...