Corbion Soft 1Q but FY guidance maintained
1Q26 adj EBITDA decreased by 20% organically, impacted by a higher comparable base and phasing (as previously guided for). Despite the softer than expected 1Q, FY26 guidance of a c. 100bps adj EBITDA margin improvement to around 17% is maintained (KBCS 16.8%, CSS 16.7%). The divestment process for the PLA JV stake is still ongoing. We remind that the late 2025 strategy update revealed also that Biochemicals will be de-emphasized, which will put the growth focus on food preservation and formulation, algal oils and Biomedical Polymers/Pharma. We continue to appreciate Corbion for its market leadership in lactic acid and growth opportunities within the existing portfolio, with raw materials inflation expected to be much less of an issue vs many other ingredient players (given the attractive hedges on sugar). We continue to believe valuation is undemanding and we reiterate our BUY 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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