In This Article:
Corbion, the Amsterdam-listed sustainable ingredients company that champions preservation through application of science, today publishes its results for the first nine months of 2023.
Key highlights first nine months 2024:
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Organic sales growth: +2.6% (Q3: +9.2%):
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Volume/mix: +6.1% (Q3: +11.1%)
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Price: -3.5% (Q3: -1.9%)
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Continued Operations:
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Sales € 972.9 million (Q3: € 335.8 million)
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Adjusted EBITDA € 135.7 million (Q3: € 49.6 million)
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Operating profit € 62.1 million (Q3: € 28.5 million)
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Free Cash Flow € 302.1 million, € 50.8 million when excluding divestment proceeds
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Continued double digit growth in sales and Adjusted EBITDA in Health & Nutrition
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Continued positive volume/mix development in Functional Ingredients & Solutions
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FY 2024 outlook upgrade:
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Volume/mix growth >5% [previously 2 – 6%]
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Adjusted EBITDA organic growth 22 – 25% [previously >18%]
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Free Cash Flow >€ 60 million [previously >€ 50 million]
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| YTD | YTD 2023 | YTD growth | YTD |
| Q3 2024 | Q3 2023 | Q3 growth | Q3 |
| Sales | 972.9 | 952.3 | +2.2% | +2.6% |
| 335.8 | 310.6 | +8.1% | +9.2% |
| Adjusted EBITDA | 135.7 | 103.4 | +31.2% | +28.7% |
| 49.6 | 34.4 | +44.2% | +42.4% |
| Adjusted EBITDA margin (%) | 13.9% | 10.9% |
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| 14.8% | 11.1% |
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| Operating profit | 62.1 | 43.9 | +41.5% | 34.0% |
| 28.5 | 13.7 | +108.0 % | +101.3% |
*Continued operations
Commenting on today’s results, Olivier Rigaud, CEO, stated: “We achieved solid results in the first nine months of 2024, reflecting the fundamental strength of our business. I am happy to report sustained growth in both volume/mix and Adjusted EBITDA, along with strong, positive free cash flow generation. Our restructuring program has advanced well, contributing to improved margins. With this strong performance, highlighted by significant Adjusted EBITDA growth, we, today, upgrade our full-year 2024 guidance.