The margin improvement is driven by cost savings, favourable input cost trends, and operational discipline Corbion delivered a robust performance in the first half of 2025, reinforcing its operational resilience…

The margin improvement is driven by cost savings, favourable input cost trends, and operational discipline

Corbion delivered a robust performance in the first half of 2025, reinforcing its operational resilience and strategic positioning across key growth areas, particularly in Health & Nutrition and Functional Ingredients & Solutions. The company reported solid volume growth, a sharp increase in Adjusted EBITDA, and continued positive free cash flow for the eighth consecutive quarter.

Olivier Rigaud, CEO, highlighted the resilience and disciplined execution across business segments, stating, “We have once again demonstrated the resilience of our businesses with a strong performance in the first half of 2025. Our significant progress in our cost-savings program and decline of some key input costs, combined with our focus on operational excellence, has led to increased margins in both segments.”

Financial Highlights – H1 2025

Sales: €645.6 million (+2.9 per cent organic growth)

Adjusted EBITDA: €106.6 million (+29.3 per cent organic growth)

Adjusted EBITDA Margin: 16.5 per cent (+300 bps YoY)

Free Cash Flow: €12.1 million

Volume/Mix Growth: +3.3 per cent

Pricing Impact: -0.4 per cent

Despite a sequential decline in sales in Q2 due to phasing effects, an outcome Corbion had anticipated, strong H1 results reflect a clear upward trajectory in profitability and margin expansion. The margin improvement is driven by cost savings, favourable input cost trends, and operational discipline.

Health & Nutrition: Continued Outperformance

Health & Nutrition led the company’s growth narrative with:

Sales: €148.1 million in H1 2025 (+6.8 per cent organic growth)

Volume/Mix Growth: +5.0 per cent

Adjusted EBITDA: €41.5 million

Margin: 32.0 per cent

Momentum in this segment came from robust contributions across all three sub-businesses:

Pharma: Strong double-digit volume/mix growth, led by demand in kidney dialysis applications in China.

Biomedical Polymers: High single-digit sales growth from orthopaedic, drug delivery, and aesthetics markets.

Nutrition: Although Q2 saw a slight volume/mix decline, the Nutrition unit was bolstered by positive pricing and expanding market access. Notably, Corbion secured key regulatory approvals from China’s GACC, enabling entry into the country’s lucrative human and animal nutrition markets with its algae-derived omega-3 DHA products.

Functional Ingredients & Solutions: Solid Foundation

While overall growth in this segment was more modest, Corbion sees growing momentum in its natural preservation solutions within the Food business. Volume/mix growth here is expected to accelerate in H2 2025.

The segment benefited from lower input costs and progress in Corbion’s cost savings program, which has helped preserve and expand margins even as pricing remained slightly negative.

Outlook 2025: On Track for Full-Year Targets

Corbion reiterated its full-year guidance:

Volume/Mix Growth: 2–6 per cent

Adjusted EBITDA Growth: >25 per cent

Free Cash Flow: >€85 million

Net Debt/EBITDA (Covenant): ~1.6x

While Q3 volumes are expected to be lower due to a strong comparable from Q3 2024 (+28 per cent volume/mix), the company anticipates a recovery in Q4 that will support full-year growth expectations, especially in the Health & Nutrition segment.

Importantly, the impact of enacted tariffs has been effectively mitigated through strategic supply chain management and is not expected to affect Adjusted EBITDA performance for the full year.

Strategic Drivers: Innovation and Diversification

Corbion’s continued investment in high-value solutions such as algae-based omega-3s, human nutrition applications, and biomedical polymers reflects its broader transition toward specialised, high-margin markets. The successful regulatory entry into China marks a key milestone in its global expansion efforts.

In parallel, cost discipline and supply chain agility have enabled Corbion to enhance profitability even in the face of market and macroeconomic headwinds.