Corbion reports sales growth, profit improvement, and positive free cash flow driven by strong Q3 and upgrades full year guidance
October 29 2024 - 1:00AM
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:
- Organic sales growth: +2.6%
(Q3: +9.2%):
- Volume/mix: +6.1%
(Q3:
+11.1%)
- Price:
-3.5%
(Q3: -1.9%)
- Continued Operations:
- Sales € 972.9 million
(Q3:
€ 335.8 million)
- Adjusted EBITDA € 135.7 million (Q3:
€ 49.6 million)
- Operating profit € 62.1 million
(Q3: € 28.5 million)
- Free Cash Flow € 302.1 million, € 50.8 million when excluding
divestment proceeds
- Continued double digit growth in sales and Adjusted EBITDA in
Health & Nutrition
- Continued positive volume/mix development in Functional
Ingredients & Solutions
- FY 2024 outlook upgrade:
- Volume/mix growth >5%
[previously 2 – 6%]
- Adjusted EBITDA organic growth 22 – 25%
[previously >18%]
- Free Cash Flow >€ 60 million
[previously >€ 50 million]
|
€ million* |
YTD2024 |
YTD 2023 |
YTD growth |
YTD Organic growth |
|
Q3 2024 |
Q3 2023 |
Q3 growth |
Q3Organic growth |
|
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% |
|
|
|
14.8% |
11.1% |
|
|
|
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.
We saw continuation of the positive momentum in Functional
Ingredients & Solutions with strong volume/mix growth in our
Food segment, whilst the softness of some Biochemicals markets
persists. In line with earlier guidance, pricing has been lower as
a result of price reductions following input cost relaxation. In
Health & Nutrition, we are experiencing robust double-digit
growth in both sales and Adjusted EBITDA, primarily driven by the
Nutrition segment (Omega-3 DHA in aquaculture and pet nutrition).
In Q3, we have seen double-digit growth in all our segments:
Nutrition, Biomedical polymers and Pharma.
The ramp-up phase of our new circular lactic acid plant in
Thailand is underway. Lactic acid from the new Thai facility has
been successfully qualified and supplied to the joint venture for
the production of PLA.”
- 2024-10-26_Corbion_Press-Release_Q3-2024-Results
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