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Corbion management presents strategic development update on ‘Advance 2025’

Written by Customer Service on . Posted in Earnings Releases And Operating Results.

During its Capital Markets Update for analysts and investors in Amsterdam today, Corbion management will present a review of the ‘Advance 2025’ strategy development and introduce updated targets for the 2024-2025 period.

Key highlights

  • Key financial metrics for 2023 in line with guidance1
  • Emulsifier business divested (closing anticipated in Q2)
  • EBITDA growth rate outlook for ‘24/’25 reconfirmed
  • Restructuring program in place to deliver significant Free Cash Flow in ‘24/’25 (> € 125 million cum)
  • Simplified business structure (two Business Units)
  • Algae roadmap: Increased value creation potential at existing production facility (€ 200 million sales by 2028)
  • Committed to PLA journey with focus on a differentiated strategy
  • Biomedical polymers: Goal to double sales (> €100 million) in 5 years with limited investment

Olivier Rigaud, CEO of Corbion, comments:

“I am pleased to report a 2023 full year outcome in line with what we indicated in October of last year. This performance was realized in a challenging geopolitical and macro-economic environment. Although we see a sequential improvement in some of our key markets, we have embarked on a restructuring program, designed to achieve significant free cash flow delivery, and enabling leverage reduction. We have developed a simpler, more efficient and focused organization consisting of two business units and will implement appropriate measures to deliver annualized cost savings of around €55 million. The recent announcement of the disposal of our Emulsifier business not only completes a strategic realignment of our portfolio but also contributes to bolstering the balance sheet.”

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