Message from the CEO

From a financial perspective in 2025, Corbion grew adjusted EBITDA by another 17% and delivered our second consecutive year of positive Free Cash Flow of more than € 90 million. Strong growth momentum continued in both our business segments: Functional Ingredients & Solutions (FIS) and Health & Nutrition (H&N). We also performed well in terms of positive volume/mix impact because of growing sales of higher-margin products in our Food, Nutrition, and Biomaterials businesses.

In a year of many highlights, several stood out for the impact they had on our 2025 performance, each firmly aligned with Corbion’s strategic path:

• In the FIS Food business, we achieved important breakthroughs in natural mold inhibition for culinary applications in Asia.

• Our H&N unit scored its first commercial successes in algae-derived omega-3s for human nutrition and dietary supplements.

• Through our joint venture with MedinCell, our Biomaterials business made key strides in validating an extended-release injectable suspension of olanzapine for use in the treatment of schizophrenia for Teva Pharmaceuticals.

In more commoditized areas of Corbion’s business, we responded successfully to the challenging effects of tariffs, mitigating their impact and helping to preserve our margins. We accomplished this through disciplined cost control, capitalizing on the relaxation of certain key input costs, and significantly increasing throughput at our Orindiúva (Brazil) algae facility and our Rayong (Thailand) circular lactic acid plant.

We completed major investments that will serve as important drivers of value creation supporting our BRIGHT 2030 strategy:

• Expanding our Orindiúva facility to boost capacity for producing algae-derived omega-3 products

• Bringing our new Montgomery (US) vinegar plant online, reducing our reliance on tollers

• Making significant progress in ramping up our circular lactic acid production in Rayong

• Opening our newly expanded facility in Querétaro (Mexico) further strengthening our presence as a food solutions provider in Latin America

We accelerated innovation by partnering with organizations whose technological strengths complement and enhance our own. Corbion teamed with BRAIN Biotech to speed further development of our preservation capabilities, allowing us to better meet consumer demand for food products with natural ingredients. We joined forces with Kuehnle AgroSystems to develop a natural, high-quality, algae-derived astaxanthin, a strong antioxidant for both nutraceuticals and aquaculture applications. We also announced our affiliation with the Ferment4Health Project, led by Wageningen University, to learn more about the potential for fermentation technologies to deliver greater health benefits.

This year again showed how strongly Corbion’s evolution and growth are connected to the progress we continue to make on our sustainability journey. Once again, we earned the EcoVadis Gold Medal rating for 2025, with the added distinction of Carbon-Management 'Leader' and ranking in the top 2% of all companies in our global manufacturing industry segment. In addition, even as regulatory requirements and consumer expectations become increasingly demanding, we substantially improved on our CDP ratings in both the Climate and Water categories (from A- to A, and from B to A-, respectively). I am very proud of our collective commitment to “walking the talk” in sustainability.

We can never be fully satisfied with our safety performance until we reach zero incidents, but we continued to make solid progress in 2025. Although we ended the year just slightly above our target at 17 recordable incidents, this result showed significant improvement over past years. When I joined Corbion in 2019, there were 42 incidents recorded across the company for the year, but that number has declined each year since then. All of our office locations and five of our production sites were injury-free in 2025, and we will continue growing a safety mindset moving forward.

In general, Corbion’s 2025 performance confirmed that our delivery in 2024 was not a one-off; we showed we deliver on commitments despite geopolitical tensions, economic challenges (e.g., tariffs and inflation), regulatory changes, and shifting consumer behaviors driven by the growing use of GLP-1 medications and other market phenomena. These factors, of course, also impact our customers, and it is our job to help them respond successfully. We make it feasible for them to reduce sugar or emulsifiers by using enzyme technology; we help enrich and fortify their products with omega-3s, proteins, or minerals; and we solve preservation and reformulation challenges that help them stay cost-competitive and improve efficiency.

Over the Advance 2025 strategic period, we transformed our business, sharpened our operations, and delivered strong financial performance. By deleveraging and generating reliable positive free cash flow, we strengthened the foundation of our company. This discipline now enables us to invest wisely and purposefully as new opportunities emerge, fueling the long-term value creation central to BRIGHT 2030.

Change can be hard for our customers, and can even pose threats to their businesses. It is, however, inevitable. For Corbion, I believe change is good. Our expertise in formulation, food science, and in creating solutions based on natural mechanisms, delivers critical value for our customers, enhancing their ability to navigate change successfully. In 2025, I believe we solidly demonstrated that value again, while keeping an eye trained on our BRIGHT path forward.

On behalf of the Executive Committee,
Olivier Rigaud