Earnings release
Page 1
Corbion nv Piet Heinkade 127 Amsterdam, 1019 GM • PO Box 349 1000 AH Amsterdam The Netherlands T +31 (0)20 590 6911 press@corbion.com www.corbion.com DATE 28 October 2026 Corbion Q3 2026 Interim Management Statement Corbion delivers strong volume -led sales growth and significant margin improvement in Q3; full- year guidance maintained Corbion, the Amsterdam-listed sustainable ingredients company that champions preservation through the application of science, today publishes its results for the first nine months and third quarter of 2026. Key highlights first nine months 2026: • Organic sales growth: +3.9% (Q3: +7.6%) o Volume/mix: +5.3% (Q3: +7.9%) o Price: -1.4% (Q3: -0.3%) • Sales: € 971.6 million (Q3: € 340.5 million) • Adjusted EBITDA: € 152.9 million (Q3: € 64.1 million) • Adjusted EBITDA organic growth: +3.5% (Q3: +28.2%) • Operating profit: € 81.4 million • Continued positive volume/mix development in both segments o Very strong Q3 volume/mix development in Health & Nutrition • Free Cash Flow: € 57 million • Corbion discontinues PLA divestment process • FY 2026 guidance maintained € million YTD 2026 YTD 2025 YTD growth YTD Organic growth Q3 2026 Q3 2025 Q3 growth Q3 Organic growth Sales 971.6 957.2 +1.5% +3.9% 340.5 311.6 +9.3% +7.6% Adjusted EBITDA 152.9 156.3 -2.2% +3.5% 64.1 49.7 +29.0% +28.2% Adj. EBITDA margin (%) 15.7% 16.3% -60bps 18.8% 15.9% +290bps Operating profit 81.4 91.4 -10.9% -2.0% 39.3 27.9 +40.9% +39.1% Commenting on today’s results, Olivier Rigaud, CEO, stated: “I am proud to report that our team delivered strong results, reflecting the high demand for our portfolio and disciplined execution across the businesses. Organic sales growth was driven by continued positive volume/mix development in both segments. Sales strength was broad-based but especially pronounced in Health & Nutrition due to the phasing of Nutrition volumes from the first half as anticipated. PRESS RELEASE
Page 2
Page 2 of 8 Registered, Amsterdam no. 33006580 In Functional Ingredients & Solutions, demand for natural preservation solutions in the Food business remained healthy, and Biochemicals continued its strong growth trajectory from H1. In Health & Nutrition, Nutrition delivered strong growth, supported by very strong volume/mix growth. Higher fish oil prices contributed to increased omega-3 DHA prices in the quarter positively impacting the mix component in the strong volume/mix result in the segment. Adjusted EBITDA margins improved strongly in the quarter, supported by ongoing cost-reduction initiatives, operational efficiencies, and higher omega-3 DHA prices. We also delivered strong free cash flow generation, demonstrating the quality of our earnings and the strength of our business model. While the process to sell our interest in the TotalEnergies Corbion joint venture attracted interest from potential buyers, the proposals we received did not adequately reflect the business’s value, strategic position, and long-term potential. We have therefore concluded that continuing to develop the business is the best way to maximize shareholder value. Based on our strong year-to-date performance and visibility into the fourth-quarter orderbook, we maintain our full-year 2026 guidance.” Segment Information Functional Ingredients & Solutions Year-to-date organic sales growth of +3.8% in Functional Ingredients & Solutions was primarily driven by volume/mix growth of +4.1%. Year-to-date pricing in the segment was -0.3%. Q3 sales grew +4.0% and volume/mix grew +3.7% due mainly to strong volume/mix in Biochemicals and Lactic Acid to PLA. Pricing in the quarter was slightly positive (+0.3%) due to pricing initiatives. In the Food business, sales growth was recorded in specialty natural preservation applications, particularly in vinegars. Soft demand in meat was a headwind while sales to bakery, driven by high-protein bread formulations, increased in quarterly and year-to-date terms. Sales growth momentum continued in our strategic initiatives including natural mold inhibitors and enzyme blends, benefitting from market pull for natural preservation. Biochemicals continued to show strong year-on-year sales growth in year-to-date and quarterly terms. Lactic Acid to PLA continued to deliver strong sales growth, driven by higher volumes supplied to the TotalEnergies Corbion joint venture. Growth was volume-led, while pricing for lactic acid declined, reflecting the cost pass-through nature of the business. In the first nine months, Adjusted EBITDA in Functional Ingredients & Solutions reached € 82.6 million (-3.1%). The US dollar weakened relative to the Euro, and at constant currency, year-to-date organic Adjusted EBITDA increased in the segment. Reported year-to-date Adjusted
Page 3
Page 3 of 8 Registered, Amsterdam no. 33006580 EBITDA margin was down -50 bps to 11.0%. The business mix weighed on margin development, as strong growth in Biochemicals and Lactic Acid to PLA increased the contribution from relatively lower-margin activities. In Q3, the margin increased by +170 bps versus Q3 2025 to 12.5%, driven by sugar cost reduction, cost reduction initiatives, and operational efficiencies. Adjustments to EBITDA in Q3 were -€ 3.7 million (thereof -€ 2.0 million due to an inventory write-off at the Totowa, New Jersey, USA, facility, -€ 0.9 million in severance fees, and - € 0.8 million in miscellaneous other). Health & Nutrition Year-to-date sales in the Health & Nutrition segment increased +4.1% on an organic basis, with volume/mix at +9.0% and price contributing -4.9%. In Q3, Health & Nutrition sales increased organically by +20.0%. This strong quarterly growth was driven by the anticipated phasing of volumes from the first half of 2026. Higher fish oil prices contributed to increased omega-3 DHA prices in the quarter, with the impact of sales to new customers primarily reflected in the mix component in volume/mix. In Biomaterials, year-to-date sales increased due to higher volume/mix and pricing. On 09 October, Corbion’s collaboration partner Medincell, together with its licensee Teva Pharmaceuticals, announced that the US Food and Drug Administration had approved WELTRUZA™1 (olanzapine) for extended-release injectable suspension, the first and only once- monthly subcutaneous injectable olanzapine for adults with schizophrenia. The approval supports Corbion’s BRIGHT 2030 ambition to grow sales in the Biomaterials business. In the Pharma business, year-to-date and Q3 sales growth were negative, due to lower volume/mix and destocking in 2026 at key customers in North and Latin America. Year-to-date 2026 Adjusted EBITDA in Health & Nutrition decreased by -1.1% to € 70.3 million and increased at constant currency. Quarterly adjusted EBITDA increased by +36.4% in Q3 versus Q3 2025. The strong quarterly growth was driven by favorable mix effects and a strong volume recovery following the phasing of Nutrition volumes. The Adjusted EBITDA margin increased sequentially by +1,060 bps to 38.1% versus H1 2026 levels (H1: 27.5%) due to increased fish oil prices impacting omega-3 DHA prices and favorable product mix in Nutrition. 1 WELTRUZA is a registered trademark of Teva Pharmaceuticals
Page 4
Page 4 of 8 Registered, Amsterdam no. 33006580 TotalEnergies Corbion Joint Venture € million* YTD 2026 YTD 2025 Q3 2026 Q3 2025 Net Sales 120.7 100.9 41.6 31.6 Organic growth +24.2% +4.3% +29.5% +1.6% EBITDA 9.3 9.1 3.4 2.5 EBITDA % 7.7% 9.0% 8.2% 7.9% *Results on 100% basis. Corbion owns 50% of the TotalEnergies Corbion joint venture Sales in the TotalEnergies Corbion joint venture increased organically by 24.2% year to date in 2026 and by +29.5% in Q3 compared with the corresponding periods in 2025. EBITDA increased to €9.3 million year-to-date in 2026 from €9.1 million in the prior-year period, while the EBITDA margin declined by -130 bps to 7.7%. In Q3, EBITDA increased to €3.4 million from €2.5 million in Q3 2025, with the margin improving by +30 bps to 8.2%. While the process to sell Corbion’s interest in the TotalEnergies Corbion joint venture attracted interest from potential buyers, the proposals received did not adequately reflect the value, strategic position, and long-term potential of the business. As a result, Corbion has concluded that developing the business is the best way to maximize shareholder value. The joint venture will continue to improve the operational and financial performance of the PLA business as momentum in PLA market dynamics improves.
Page 5
Page 5 of 8 Registered, Amsterdam no. 33006580 Outlook 2026 Corbion maintains full-year guidance as follows: - Organic sales growth: +3-6% - Adjusted EBITDA margin: >16% - Free Cash Flow: € 85–90 million Strong Q3 performance and visibility into the fourth-quarter orderbook support Corbion’s confidence in delivering its full-year guidance. Full-year organic sales growth is expected in both segments, supported by continued growth in Functional Ingredients & Solutions and mid-single-digit-percent growth in Health & Nutrition in Q4. The full-year Adjusted EBITDA margin is expected at >16%. In Q4, EBITDA margin in Functional Ingredients & Solutions is expected to be seasonally lower than in Q3 and affected by higher costs associated with the Middle East conflict, while Health & Nutrition margin is expected to remain broadly in line with Q3. Year-to-date Free Cash Flow of € 57 million supports confidence in achieving the full-year target of € 85–90 million, underpinned by improved profitability, disciplined capital expenditure and continued focus on cash conversion.
Page 6
Page 6 of 8 Registered, Amsterdam no. 33006580 Sales growth Sales growth Vol./Mix Price Organic FX Acq./ Div. Total growth YTD 2026 vs YTD 2025 - Functional Ingredients & Solutions +4.1% -0.3% +3.8% -2.6% 0.0% +1.2% - Health & Nutrition +9.0% -4.9% +4.1% -1.6% 0.0% +2.5% Total +5.3% -1.4% +3.9% -2.4% 0.0% +1.5% Q3 2026 vs Q3 2025 - Functional Ingredients & Solutions +3.7% +0.3% +4.0% +1.7% 0.0% +5.7% - Health & Nutrition +22.3% -2.3% +20.0% +1.9% 0.0% +21.9% Total +7.9% -0.3% +7.6% +1.7% 0.0% +9.3%
Page 7
Page 7 of 8 Registered, Amsterdam no. 33006580 Profit & Loss Sales & Adjusted EBITDA € million YTD 2026 YTD 2025 YTD Growth Q3 2026 Q3 2025 Q3 Growth Sales - Functional Ingredients & Solutions 748.7 739.8 +1.2% 256.0 242.3 +5.7% - Health & Nutrition 222.9 217.4 +2.5% 84.5 69.3 +21.9% Total Net Sales 971.6 957.2 +1.5% 340.5 311.6 +9.3% Adjusted EBITDA - Functional Ingredients & Solutions 82.6 85.2 -3.1% 31.9 26.1 +22.2% - Health & Nutrition 70.3 71.1 -1.1% 32.2 23.6 +36.4% Total Adjusted EBITDA 152.9 156.3 -2.2% 64.1 49.7 +29.0% Adjusted EBITDA margin - Functional Ingredients & Solutions 11.0% 11.5% -50 bps 12.5% 10.8% +170 bps - Health & Nutrition 31.5% 32.7% -120 bps 38.1% 34.1% +400 bps Total Adjusted EBITDA margin 15.7% 16.3% -60 bps 18.8% 15.9% +290bps
Page 8
Page 8 of 8 Registered, Amsterdam no. 33006580 This press release may contain information that could be considered inside information pursuant to Article 7 of the EU Market Abuse Regulation (Regulation (EU) No 596/2014). The information contained herein is intended solely for informational purposes. For more information, please contact: Analysts and investors: Alex Sokolowski, Head of Investor Relations +31(0)20 590 6341 Press: Sanne Verhoeven, Head of Corporate Communications +31 (0)6 27 095 585 Background information: Corbion is a global leader in sustainable food-ingredient solutions focused on advancing natural preservation and nutrition with science and innovation. By harnessing its deep expertise in fermentation and application development, Corbion empowers customers to create safe, sustainable, and longer-lasting food products. For more than a century, Corbion has been a scientific innovator and trusted partner to the food industry, combining cutting-edge technologies with a collaborative, customer-centric approach to solve complex formulation challenges. Its portfolio includes lactic acid and derivatives, food preservation solutions, functional ingredient blends, and algae-derived nutritional ingredients. At its core, Corbion’s strength lies in helping food and nutrition brands deliver high-performing, differentiated products that align with consumer expectations and sustainability goals, with select applications in other sectors extending the impact of our technologies. In 2025, Corbion generated annual sales of € 1,267.4 million with a workforce of 2,408 FTEs. Corbion is listed on Euronext Amsterdam. For more information: www.corbion.com