Corbion Q3 2021 Interim Management Statement

Corbion reported net sales of € 797.6 million in the first nine months of 2021, driven by organic net sales growth of 15.7%. Adjusted EBITDA in the first nine months of 2021 decreased organically by 2.4% to € 113.5 million.

“The third quarter showed a continuation of the strong sales growth in the previous quarters. Sustainable Food Solutions is showing organic growth due to our higher win-rates in Functional Systems, while in Preservation, our natural solutions continue to win share in the overall preservation market. The very positive development in the PLA JV has been a key driver in Lactic Acid & Specialties growth. In Incubator we see positive momentum as growth in Q3 continued at a brisk pace as algae-based omega-3 is seeing increased market receptiveness in the aquaculture market.

As we indicated at the first half results, one of the key priorities is to restore our core margin. Input cost inflation is impacting our profitability, as there is a time lag of our sales pricing catching up with the higher input prices. Sales price increases have already been achieved for a number of contracts. In addition to these price increases, we will be benefit from higher volumes, and we will continue to drive operational efficiencies.

We are encouraged by the continued strong sales pipeline and sales growth momentum. The Advance 2025 strategy, intended to boost growth, is clearly materializing”, commented Olivier Rigaud, CEO.

Key financial highlights first nine months of 2021

Net sales growth YTD was 7.6%; organic growth was 15.7% (16.3% for core activities)
Adjusted EBITDA YTD was € 113.5 million, an organic decrease of 2.4%
Adjusted EBITDA margin YTD was 14.2% (14.1% for core activities)
Operating result YTD was € 95.5 million, an organic increase of 16.8%

€ million	YTD 2021	YTD 2020	Total growth	Organic growth
Net sales	797.6	741.2	7.6%	15.7%
Adjusted EBITDA	113.5	128.4	-11.6%	-2.4%
Adjusted EBITDA margin	14.2%	17.3%
Operating result	95.5	89.4	6.8%	16.8%