Business performance

Functional Ingredients & Solutions

The Functional Ingredients & Solutions business segment at Corbion specializes in nature-based ingredient technologies for the global food and biochemical markets. With a foundation in advanced fermentation, downstream processing, and blending capabilities, we deliver value-adding functionalities to exceed customer expectations for quality and safety.

Food

In 2025, we continued to see consumer expectations evolve against a backdrop of economic uncertainty, heightened scrutiny of food processing, and a strong desire for transparency from the trusted brands. While price sensitivity persisted, consumers became more intentional allocating spending, choosing value options for everyday staples while investing in products perceived to support long-term wellness or quality. Public dialogue surrounding ultra-processed foods influenced formulation and marketing priorities, with many consumers seeking shorter ingredient lists, fewer additives, and clearer explanations of how foods are made. At the same time, the adoption of GLP-1 therapies contributed to interest in foods that deliver nutritional density and satiety, often in smaller portion sizes.

Our customers adapted to significant market shifts while managing cost structures that remained above pre-pandemic baselines and responding to changes in tariff environments across key raw materials. To maintain competitiveness, many focused on diversifying ingredient inputs, improving operational efficiency, and building more resilient supply networks. Demand continued to rise for ingredient systems that deliver dependable performance while supporting simpler and more transparent labeling. Throughout the year, we partnered closely with customers on formulation design and process evaluation, translating consumer expectations into products that can be produced consistently and efficiently at scale.

Within this environment, fermentation-based preservation and freshness systems remained central to our work. These solutions helped customers reduce reliance on conventional preservatives while maintaining texture, flavor, and shelf life across bakery, meat and poultry, seafood, prepared meals, sauces, dressings, and other culinary applications. Through technical collaboration, we supported customers in adapting formulations to their specific manufacturing conditions, minimizing production variability and achieving consistent quality and shelf life at scale.

Protein fortification also emerged as a shared priority across multiple food categories. Consumers sought to increase protein content not only in traditional meat and poultry products but also in breads, buns, dairy items, snack foods, and plant-based beverages. We supported these efforts by balancing increased protein levels with the functional and sensory attributes required for an enjoyable eating experience, enabling customers to meet consumer interest in nutrient density without compromising softness, flavor, or texture.

Functional systems that support softness, volume, and moisture retention continued to play an important role in bakery and carbohydrate-based foods. These solutions helped customers simplify ingredient lists, manage variability in raw material markets, and maintain consistent product quality at scale. Our application support teams provided hands-on guidance throughout pilot testing and scale-up to help reduce development risk and streamline commercialization timelines.

In dairy and dairy-alternative categories, we helped customers achieve the creamy, consistent textures consumers associate with high-quality products while meeting preferences for familiar ingredient statements. In confectionery, our ingredient systems maintained flavor clarity and stability throughout processing and shelf life to support consistency. In pet nutrition, where consumer expectations increasingly mirror human food standards, our natural freshness and flavor systems supported transparency, palatability, and shelf-life stability. Across both traditional and emerging protein formats, we collaborated with manufacturers to maintain product quality and support microbial control in alignment with evolving nutritional and regulatory considerations.

To ensure reliable supply and responsive service, we continued to optimize our global manufacturing network. Our facility in Querétaro, Mexico is now fully operational, strengthening service levels across Latin America and improving responsiveness to customer needs. Vinegar production capacity in North America provided stability for natural preservation systems and reduced exposure to external raw material volatility. In Asia Pacific, we expanded application development and technical service resources, enabling faster implementation and more regionally tailored formulation support.

We also advanced our predictive modeling capabilities for food safety and shelf-life design. Enhancements to our natural mold inhibition modeling platform incorporated additional microbial datasets and broader environmental variables, improving accuracy across real-world distribution and storage conditions. We continued working alongside customers to align shelf-life strategies with evolving regulatory expectations in Europe related to Listeria monocytogenes.

Through these efforts, we helped customers bring products to market that reflect transparency, quality, and trust, while supporting them in managing operational complexity and responding confidently to a dynamic global marketplace.

Biochemicals

In 2025, the home and personal care market faced growing pressure to adopt safer and more sustainable alternatives to traditional antimicrobials, driven by heightened safety concerns and evolving consumer expectations. As a result, brand owners increasingly prioritized solutions like PURAC® Sanilac, a biobased, sustainable ingredient ideal for home care formulations. This shift was further reinforced by private label brands, which launched new products containing Sanilac to meet rising demand for health-conscious and environmentally friendly options. These developments highlighted a significant market trend towards safer, more sustainable home care solutions, positioning Sanilac as a preferred choice for forward-thinking manufacturers.

In electronics, improving demand for advanced electronic components, driven by technological innovation and consumer adoption, like in AI market segments, contributed to the markets recovery. This recovery phase reflects a cautious yet optimistic outlook for the electronics market in line with the megatrends.

Lactic Acid to our PLA Joint Venture

In 2025, the PLA market saw volume recovery, particularly in Asia. The TotalEnergies Corbion joint venture remained focused on driving growth in established and emerging markets, leveraging technological advancements to meet increasing global demand for eco-friendly materials.

To meet the evolving needs of these and other markets, such as food and biochemicals, we launched our state-of-the-art circular lactic acid plant in Thailand in 2024. This facility reinforces Corbion’s commitment to sustainability and cost leadership by leveraging circular production methods that minimize waste and maximize resource efficiency.

Health & Nutrition

Nutrition

In 2025, our algae-derived, fermentation-powered omega-3 business delivered significant and profitable growth, supported by expansion within the aquaculture sector and strong partnerships with major aquafeed producers. Despite fluctuating market conditions, we achieved solid results through strong collaboration with key customers. Our strategic initiatives to enter adjacent markets, such as pet food and human nutrition, also contributed to our growth and position us for sustainable success.

Aquaculture remains critical for food security, ocean protection, and economic prosperity. To advance these goals, Corbion partners with Nofima, a leading food research institute in Norway, on the Millennial Salmon project launched in 2021. This initiative aims to create the most sustainably farmed salmon by using novel, low-carbon ingredients while embracing principles centered on health, purpose, trust, and societal impact. We pursue similar collaborations in other markets to preserve what matters.

We remain committed to demonstrating the power of algae fermentation at industry-leading scale, delivering reliable, high-quality nutrition for sustainable feed and food solutions. In addition to meeting the growing demand for omega-3 without adverse impacts to our oceans, our approach enhances value chain stability by reducing price volatility and seasonal fluctuations—benefiting both customers and ecosystems.

Looking ahead, we will build on this strong foundation to accelerate growth across Health & Nutrition. We aim to strengthen long-term aquaculture partnerships, broaden our customer base, and diversify our omega-3 business beyond salmon into additional species and life stages. We will further expand into pet nutrition, accelerate penetration in nutraceuticals, and advance development of omega-3 EPA. Beyond omega-3, we are pursuing new opportunities in food and nutrition, including an omega-9 portfolio, and unlocking high-potential innovations through partnerships—such as astaxanthin with Kuehlne AgroSystems and proteins with Phycom—to deliver sustainable solutions for future growth.

Pharma

In 2025, the Pharma business achieved modest volume/mix growth, driven by rising demand in targeted regions. Despite ongoing health reforms and global supply chain challenges in pharmaceuticals, our markets remained stable. Going forward, we expect continued growth in target regions where the prevalence of kidney and other chronic diseases is increasing and access to affordable medicines is improving.

Our backward-integrated position ensures a consistent supply of high-quality ingredients for specialized medications in renal care and other treatments. Our PURASAL® products are manufactured under the strictest current Good Manufacturing Practice guidelines and meet the highest quality standards, reinforcing our commitment to patient safety and sustainability.

Biomaterials

In 2025, the Biomaterials business delivered strong double-digit sales and margin growth, fully aligned with our strategic ambitions. This performance was fueled by the controlled drug delivery segment, which regained its strong growth trajectory, and by continued contributions from the orthopedic segment, driven by new applications.

We are proud that our PURASORB® polymers are increasingly adopted by leading partners for a broad range of medical devices and controlled drug delivery formulations, including long-acting injectables. These innovations create sustainable possibilities and deliver better outcomes for patient health. Multiple applications are progressing through clinical testing stages, spanning established controlled-release technologies, such as long-acting injectables, and new forms for different clinical indications and novel delivery methods.

Looking ahead, we will continue to collaborate with pharmaceutical partners to advance safe, high-quality resorbable polymers, supporting healthcare trends and delivering benefits for patients, business partners, and the planet.