Corbion Powerhouse in lactic acid with solid start of the year
Corbion realized a strong 1Q25 performance with 54% organic adjusted EBITDA growth and the company reiterated the FY25 organic adjusted EBITDA growth guidance of >25%, stating it only sees a small direct net impact of tariffs on its results. Despite the comforting 1Q result and guidance reiteration, we have lowered our FY25 adj EBITDA forecast by almost 1%, on the back of the weakening USD. We continue to appreciate Corbion for its market leadership in lactic acid, top notch ESG profile and growth opportunities within the existing portfolio (food adjacencies, omega-3, PLA) and reiterate our Accumulate rating with € 26 TP.Corbion is an internationally operating company engaged in the development, production, sale and distribution of bakery supplies and food ingredients. Co. is engaged in the Bakery Supplies and Lactic Acid business. Co.'s operations are divided into two segments: Bakery operations and Lactic acid operations. Co.'s Bakery operations comprise the development, production and sale of bakery ingredients and products. Co.'s Lactic acid operations involve the production of lactic acid and lactic acid derivatives which are used in food, pharmaceutical and technical products. Co. operates mostly in Europe and North America. Co.'s brands are Waldkorn, Kate's cakes, Purac, Carel, MeisterMarken.
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