Financial performance

Key figures

Results

Financial guidance Advance 2025

Corbion successfully achieved its targets for organic volume/mix growth, organic Adjusted EBITDA growth, and exceeded its Free Cash Flow target following the guidance shared at the start of 2025.

The target for organic volume/mix growth was met in 2025 with both segments (Functional Ingredients & Solutions and Health & Nutrition) contributing positively. The volume/mix growth within Functional Ingredients & Solutions has been driven by Lactic Acid to the TotalEnergies Corbion PLA joint venture and in the Food business. The strong organic volume/mix growth in Health & Nutrition has been driven by all three businesses within the segment—Nutrition, Biomaterials, and Pharma.

Our volume/mix performance, our focus on operational efficiencies, the benefits of the previous year’s restructuring program, and our CapEx discipline resulted in Corbion exceeding the Free Cash Flow target of >€ 125 million for the two years cumulatively.

Adjusted EBITDA margins in the Functional Ingredients & Solutions increased in 2025 from the previous year by +230 bps. Mid-teen margin levels for the segment remain the underlying ambition, as part of our new BRIGHT 2030 Strategy. Margins in the Health & Nutrition segment were well above target levels on significant sales growth in the all three businesses.

The reduction in CapEx over 2025 was a product of CapEx discipline while still supporting strategic expansion projects. Corbion invested in key growth areas in 2025, and was able to spend less than the planned-for € 80-90 million range while still supporting growth. Lastly, Corbion was able to bring the covenant net debt to covenant EBITDA ratio down to 1.5x, below the target level of 1.6x, strengthening the balance sheet and enabling the company to support earnings growth to the benefit of our stakeholders.

Net sales 2025

Sales in 2025 were € 1,267.4 million (Fully year 2024: € 1,288.1 million) driven by volume/mix growth of +3.4% and a pricing impact of -1.2%. The currency impact on sales was negative at -3.5%, impacted mainly by depreciation in the US dollar, and to a lesser extent by the Japanese yen, and Brazilian real.  

Full year 2025 compared to full year 2024

Net sales 2025

By business unit in %

By region in %

Functional Ingredients & Solutions

Health & Nutrition

Source: Company data

Raw materials

Of the total raw material spend, sugar accounts for 28%, energy for 7%, and dextrose (corn) for 6%. The combined spend of these three raw materials highlights the significant role they play in the overall cost structure and procurement strategy.

Raw materials break-down

As % of total raw materials spend

Source: Company data

EBITDA

Full-year Adjusted EBITDA on an organic basis increased +26.7% to € 204.3 million driven by strong performance in the Nutrition business and the significant Adjusted EBITDA margin step-up in Functional Ingredients & Solutions of +230 bps, as well as growth in Food and Lactic Acid sales to PLA. The currency effect, largely driven by depreciation of the US dollar to the euro in the course of 2025, impacted EBITDA by € -13.0 million (mainly in the second half of the year). A non-recurring transitionary service agreement benefit realized last year from the divested Emulsifiers business affected year-on-year growth of EBITDA as well by € -4.5 million, mainly in the second and third quarters of 2025.

Sales and Adjusted EBITDA

Segment information

In 2025, the Functional Ingredients & Solutions and Health & Nutrition business units collectively achieved a +2.2% organic increase in sales. This growth was partially offset by adverse currency effects amounting to -3.5%, and a positive effect from temporary service agreements in the previous-year resulting in -0.3%.

Group-level Adjusted EBITDA increased to € 204.3 million, resulting in an organic increase of +26.7%.

Functional Ingredients & Solutions

In 2025, Functional Ingredients & Solutions delivered a positive volume/mix impact of +1.9% offset by a pricing impact of -0.8% resulting in a +1.1% organic sales increase. The sales growth in the segment was driven by volume/mix growth in Food, supported by momentum in the market-adjacencies such as dairy stabilizers and natural mold inhibition, as well as increased Lactic Acid sales to PLA. The pricing impact was mainly the result of the pass-through pricing mechanism in place for Lactic Acid to PLA.

In the Food business, volume/mix was positive for the full year, offset by a decrease in pricing. Sales growth momentum continued in strategic initiatives including natural mold inhibitors and dairy stabilizers benefitting from market pull for natural preservation, although demand in the two main markets (bakery and meat) remained soft.

Sales in the Biochemicals business slightly decreased in full-year 2025 due mainly to soft-demand  in key end-markets leading to reduced sales, particularly to the home and personal care and semiconductor markets.

Lactic Acid sales to PLA grew strongly in 2025 as volume/mix growth of mid-teen-percent was offset by lower prices due to lower input costs and the pass-through pricing mechanism in the business.

Full-year Adjusted EBITDA margin for the Functional Ingredients & Solutions segment was 11.1%, increasing +230 bps (2024: 8.8%), with the key improvement drivers being input cost relaxation and cost saving initiatives.

Health & Nutrition

Sales in Health & Nutrition increased organically +6.0% to € 297.0 million, driven by strong volume/mix growth of +8.9% driven by double-digit-percent growth in Biomaterials, and high-single-digit-percent growth in Nutrition and Pharma.

The Nutrition business continued the strong growth momentum as a sustainable alternative to fish oil in the aquaculture industry, as well as growing into petfood and human nutrition applications. In the Nutrition business, the price effect for the full year was mid-single-digit-percent negative resulting in a pricing decline for the segment of -2.9% due to falling fish-oil prices versus 2024 impacting the short-term contracted part of the business.

Volume/mix in Biomaterials grew by mid-teen percent in 2025 versus the previous year. This strong growth was due to increased traction in drug delivery, orthopedics, and aesthetics end-markets. Pricing in the business was also slightly positive.

The Pharma business delivered high-single-digit-percent volume/mix development in the full year with prices slightly up as well.

The Health & Nutrition segment again grew Adjusted EBITDA versus the previous year. Adjusted EBITDA in Health & Nutrition was € 96.6 million, an EBITDA improvement of € 9.9 million versus last year, resulting in an Adjusted EBITDA margin level of 32.5%; an increase of +260 bps vs last year. This increased profitability was mainly the result of growth in higher margin businesses in the segment.

TotalEnergies Corbion joint venture

Full-year 2025 sales in the TotalEnergies Corbion joint venture increased +4.8% organically due to increased volumes on strong demand for PLA. The Adjusted EBITDA margin for the full year of 7.5% is lower than the previous year, attributable mainly to negative sales-price dynamics; the effect was only partially offset by lower input costs.

Depreciation, amortization, and impairment

Depreciation, amortization, and impairment of fixed assets before Adjustments amounted to € 85.8 million compared to € 84.3 million in 2024.

Operating profit

Adjusted operating profit increased by € 27.8 million to € 118.5 million in 2025 (2024: € 90.7 million). Operating profit increased by € 39.2 million to € 116.5 (2024: € 77.3 million).

Adjustments

In 2025, total adjustments of € 1.6 million were recorded, consisting of the following components: 

• Gain of € 3.8 million related to litigation settlements

• Loss of € 3.6 million related to the severance payments.

• Loss of € 2.2 million related to an impairment of assets no longer in use.

• Tax effects on the above of € -0.4 million.

Financial income and charges

Net financial charges increased by € 6.3 million to € 17.5 million (2024: € 11.2 million), mainly as a result of exchange-rate effects,-- namely currency translation effects of intercompany positions deviating from the reporting currencies of the different entities-- partly compensated by lower interest charges.

Taxes

The tax charge in 2025 amounted to € 20.1 million compared to a charge of € 16.6 million in 2024, resulting in an effective tax rate of 21.2% (2024: 26.6%). The 2025 effective tax rate was relatively low due to tax effects in the profit and loss account related to currency results. For 2026, Corbion anticipates an effective tax rate (excluding tax-exempt joint venture results) of approximately 27%, in line with the tax rates in its main operational areas.

Statement of financial position

Capital employed decreased, compared to year-end 2024, by € 90.4 million to € 1,145.9 million.

The movements in 2025 were as follows:

Major capital expenditure projects are related to the Nutrition business and insourcing projects in the Food business.

Operating working capital decreased by € 19.0 million including € 23.8 million related to negative currency effects. In 2025, operating working capital as a percentage of sales was 24.2% improving by -130 bps (2024: 25.3%) driven by inventory reductions.

Shareholders' equity decreased by € 29.9 million to € 742.6 million.

The movements in 2025 were as follows:

At year-end 2025 the ratio between balance sheet total and equity was 1:0.5 (2024 year-end: 1:0.5).

Cash flow/Financing

Cash flow from operating activities decreased by € 23.2 million to € 160.9 million compared to 2024 (€ 184.1 million). This is the balance of the higher operational cash flow before movements in working capital and provisions of € 28.5 million, a negative impact of the movement in working capital and provisions of € 60.5 million, and lower taxes and interest paid of € 8.8 million.

The cash flow required for investment activities (excluding the net proceeds from the Emulsifier business transaction in 2024) decreased by € 15.7 million to € 70.1 million compared to 2024 (€ 85.8 million). Capital expenditure (€ 68.2 million) was the main source of cash outflow.

The net debt position at the end of 2025 was € 401.9 million, a decrease of € 58.0 million compared to year-end 2024 (€ 459.9 million), mainly the result of the positive cash flow from operating activities, partly compensated by increased working capital positions, the dividend payment, the share buy-back and capital expenditures. Operating working capital as a percentage of sales decreased to 24.2% in 2025, down from 25.3% in 2024, and the lowest level since 2021. The covenant net debt (excluding the subordinated loan) was € 302.1 million at the end of 2025 (2024: € 360.2 million). The covenant net debt to covenant EBITDA ratio improved from 2.1x at the end of 2024 to 1.5x at the end of 2025. The interest cover was 19.3x in 2025 (11.3x in 2024). We continue to stay well within the limits of our financing covenants.

Reservation and dividend policy

Corbion’s reservation policy is aimed at creating and retaining sufficient financial capacity and flexibility to realize our strategic objectives while maintaining healthy balance sheet ratios. Corbion intends to add the profit (or charge the loss) to the company reserves after deduction of the proposed dividend on ordinary shares. Events potentially impacting our financing requirements such as acquisitions, divestments, reorganizations, or other strategic considerations can lead to adjustments in the reservation amount and the reservation policy. As regards Corbion’s dividend policy, the amount and structure of dividend on ordinary shares that the company will pay to its shareholders depend on the financial results of the company, the market environment, the outlook, and other relevant factors. The dividend policy has the ambition to annually pay out a stable to gradually increasing absolute cash dividend amount per share (progressive regular dividend policy), subject to an annual review of the outlook of the covenant net debt/covenant EBITDA ratio development. This review will be based on multiple criteria such as major investments, timing of M&A, or divestment initiatives.

Dividend proposal

A proposal to distribute a dividend of € 1.00 per share consisting of a regular dividend of € 0.64 per share and a special dividend of € 0.36 per share, will be submitted for approval to the Annual General Meeting of Shareholders, to be held on 13 May 2026.

Outlook 2026

For the full-year 2026, organic sales growth is anticipated to be in the range of 3–6%, in line with guidance presented at the CMD 2025, with key growth drivers being natural preservation, Nutrition, and Biomaterials. The geopolitical environment remains uncertain for 2026.

For the full-year 2026, group-level Adjusted EBITDA margin is expected to improve by around +100bps to ~17%, largely driven by continued margin expansion in Functional Ingredients & Solutions and sales growth in both segments. The enacted tariffs are expected to have a relatively small, direct net-impact. Corbion will carefully continue to monitor further developments to take mitigating actions.

The full-year Adjusted EBITDA growth will be weighted toward the second-half of the year, underpinned by a strong sales pipeline and progression on customer contracts. The full-year 2026 growth targets are expected to be achieved.

Positive Free Cash Flow delivery of € 85-90 million is expected for full-year 2026, with CapEx investments estimated ~80 million.  For 2026, Corbion expects to deliver double‑digit-percent Adjusted EPS growth.