Corbion N.V.

In H1 2026, Corbion reported sales of EUR 631.1 million versus EUR 645.6 million in H1 2025, a reported decline of 2.2%. Organic sales increased 2.1%, driven by 4.0% volume/mix, partly offset by 1.9% pricing, while currency reduced sales by 4.3%. Adjusted EBITDA was EUR 88.8 million versus EUR 106.6 million last year, down 16.7% reported and 8% organically. In Q2, sales were EUR 337.4 million versus EUR 315.9 million last year, with 8.5% organic growth driven by 10.7% volume/mix and 2.0% lower pricing; adjusted EBITDA was EUR 51.0 million versus EUR 52.2 million last year, and Q2 organic EBITDA grew 4.2%. Free cash flow was negative EUR 4 million in H1, and operating working capital increased by EUR 37 million. For the full year, management maintained organic sales growth guidance of 3% to 6%, free cash flow guidance of EUR 85 million to EUR 90 million, and refined adjusted EBITDA margin guidance to above 16% from around 17%.

Olivier Rigaud framed the quarter as a meaningful step-up in momentum, saying the company saw a “step change” in Q2 and that multiple H2 levers were already visible in Q3. He emphasized strong demand for cleaner-label preservation, improving margins in FIS, and a more favorable supply backdrop for algae omega-3, arguing that fish oil tightness makes Corbion’s algae platform more strategically valuable. He also said H&N’s second half opportunity is now clearer, with pricing and volume trends expected to improve further.

Peter Kazius highlighted the reported and organic figures, including H1 sales of EUR 631.1 million, H1 adjusted EBITDA of EUR 88.8 million, and Q2 adjusted EBITDA of EUR 51.0 million. He said the H1 EBITDA decline was driven by lower pricing in Health & Nutrition and product mix effects in Functional Ingredients & Solutions, while Q2 margin improved 220 bps sequentially and HN margin is expected to be around 30% for the full year. He also detailed cash and capital allocation: CapEx was about EUR 27 million in H1, operating working capital rose EUR 37 million mainly from receivables phasing, free cash flow was negative EUR 4 million, and full-year FCF guidance remains EUR 85 million to EUR 90 million. The main reason for the EBITDA margin guidance change was higher Middle East-related sulfuric acid costs, now seen at a gross EUR 15 million to EUR 20 million, partly offset by pricing and cost discipline.

Analysts focused on what was driving FIS volume growth, whether PLA demand is sustainable, and how much omega-3 pricing upside is already embedded in the H2 outlook. Management said the PLA volume lift was mainly driven by strong industrial 3D-printing demand in China and is sustainable, though the JV is also pushing through price increases in H2 after depressed first-half pricing. On omega-3, management said H2 pricing should improve materially versus H1, but most of the second-half order book is already fixed; they noted that 2/3 of longer-term aquaculture contracts run through December 2026 and should be renegotiated for 2027 at higher prices. Questions also probed the lower EBITDA margin guidance and cash flow pressure; management said the guidance cut was mainly due to sulfuric acid cost inflation from the Middle East, while free cash flow should improve as EBITDA rises and receivables normalize.