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Corbion: Q3 2023 Interim Management Statement

Written by Customer Service on . Posted in Public Companies.

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 2023YTD 2022Total growth Organic growth
Sales1,091.01,080.41.0% 2.6%
Adjusted EBITDA142.8142.80.0% 7.1%
Adjusted EBITDA margin13.1%13.2%   
Operating profit75.991.7-17.2% 0.2%
      
Core activities     
Sales952.3927.92.6% 4.2%
Adjusted EBITDA121.5116.64.2% 12.3%
Adjusted EBITDA margin12.8%12.6%   

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