Corbion, the Amsterdam-listed sustainable ingredients company that champions
preservation through the application of science, today publishes its results for
the quarter ending 31 March 2024.
Key highlights first quarter of 2024

  * Organic growth core activities:
      * Sales: volume/mix +1.7%, price -4.5%
      * Adjusted EBITDA: +0.7%
      * Adjusted EBITDA margin 13.8% (+ 50bps versus last year)
  * Sales EUR 344.3 million; an organic decrease of -3.4%
  * Adjusted EBITDA EUR 47.2 million; an organic decrease of -1.2%
  * Positive Free Cash Flow EUR 7.5 million
  * Double digit growth in sales and Adjusted EBITDA in Health & Nutrition
  * TotalEnergies Corbion joint venture: sales EUR 31.6 million; an organic growth
    of 24.3%
  * Divestment of non-core US Emulsifier business completed on April 1(st)
  * Share buyback program of EUR 20.0 million and special cash dividend of EUR 0.10
    per share
  * Confirmation of FY24 outlook
  EUR million       | Q1 2024 | Q1 2023 | Total growth | Organic growth

------------------+---------+---------+--------------+----------------
Sales | 344.3 | 359.6 | -4.3% | -3.4%
------------------+---------+---------+--------------+----------------
Adjusted EBITDA | 47.2 | 48.4 | -2.5% | -1.2%
------------------+---------+---------+--------------+----------------
| | | |
------------------+---------+---------+--------------+----------------
Core activities | | | |
------------------+---------+---------+--------------+----------------
Sales | 300.9 | 312.5 | -3.7% | -2.8%
------------------+---------+---------+--------------+----------------
Adjusted EBITDA | 41.4 | 41.6 | -0.5% | 0.7%
------------------+---------+---------+--------------+----------------
Commenting on today's results, Olivier Rigaud, CEO, said:
"I am pleased to see positive volume/mix growth and organic Adjusted EBITDA
growth in our core activities as well as a continuation of our positive free
cash flow delivery. We made good progress in the implementation of our
restructuring program including mothballing our plant in Peoria, US intended to
increase free cash flow and margins going forward. Building on Corbion's first-
quarter performance, we are on-track to deliver in line with our full year
guidance.
In Functional Ingredients & Solutions, we saw continued positive momentum in our
Food segment leading to volume/mix growth in the first quarter in this segment.
As previously indicated, the non-food segment is facing temporarily softness in
some markets, including semiconductors. In line with our earlier guidance,
pricing has been lower as a result of price reductions in some areas following
input cost relaxation. In Health & Nutrition, we continue to see strong double
digit growth in both sales and adjusted EBITDA mainly driven by the Nutrition
segment (Omega-3 DHA within aquaculture and pet nutrition).
Upon the completion of the commissioning phase of our new circular lactic acid
plant in Thailand, we have entered the start-up phase and expect production to
gradually ramp up.
On April 1(st), we completed the divestment of the non-core US Emulsifier
business. As a result, we have decided on a share buyback program of EUR 20
million and a special cash dividend of EUR 0.10 per share in line with our capital
allocation priorities, leaving sufficient bandwidth for investments to support
continued growth".
Â