Slide 1: HY/Q2 2024 Results
HY/Q2 2024 RESULTS OLIVIER RIGAUD (CEO) PETER KAZIUS (CFO) 08/08/2024
Slide 2: Corbion results H1 2024
H1 2024 RESULTS Corbion results H1 2024 Olivier Rigaud Peter Kazius CEO CFO • Business performance • Financial performance • Outlook 2 10/08/2023
Slide 3: Business performance
H1 2024 RESULTS Business performance Olivier Rigaud CEO 3 10/08/2023
Slide 4: H1 2024 Highlights
H1 2024 RESULTS H1 2024 Highlights • Accelerated organic sales growth Volume/Mix • Volume/Mix +3.6% & Pricing -4.3% +3.6% (H1) • Continued operations (IFRS 5): Adjusted EBITDA € 86.1 million (Q2: € 51.6 million) +5.5% (Q2) • Health & Nutrition: Double digit growth in Sales and Adjusted EBITDA Adj EB
Slide 5: Functional Ingredients & Solutions
H1 2024 RESULTS Functional Ingredients & Solutions Business environment • Volume growth in our key food markets, like bakery, meat and dairy across the regions • Customer innovation in our food ingredients business remains strong • Continuation of softness in some non-food markets, such as semicondu
Slide 6: Health & Nutrition
H1 2024 RESULTS Health & Nutrition Business environment • Continued strong demand of Omega-3 DHA in aquaculture and pet nutrition • Continued positive momentum in drug delivery and orthopedics Growth initiatives • Secured longer term contracts with key customers in aquaculture • Human nutrition: cus
Slide 7: PLA
H1 RESULTS PLA Business environment • Improved growth momentum • China piloting new PLA initiatives Growth initiatives • Building a differentiated portfolio through application development and strategic partnerships • Customer development pipeline improved
Slide 8: Financial performance
H1 2024 RESULTS Financial performance Peter Kazius CFO 8 10/08/2023
Slide 9: Continued operations: Sales and Adjusted EBITDA development
H1 2024 RESULTS Continued operations: Sales and Adjusted EBITDA development H1 Sales 2024 vs 2023 H1 Adjusted EBITDA 2024 vs 2023 800 100 97 738 +24.8% -0.7% 90 86 700 96 642 637 28 22 18 80 600 69 20 70 3 500 60 400 50 300 40 30 200 20 100 10 0 0 Reported Discontinued Continued Functional Health &
Slide 10: Profit and Loss - Continued Operations
H1 2024 RESULTS Profit and Loss - Continued Operations H1 H1 Q2 Q2 € million 2024 2023 % 2024 2023 % Continued operation Sales 637.1 641.7 -0.7% 336.7 329.2 2.3% Adjusted EBITDA 86.1 69.0 24.8% 51.6 33.6 53.6% Adjusted EBITDA % 13.5% 10.8% 15.3% 10.2% Adjusted Depreciation & Amortization (43.8) (36.
Slide 11: Functional Ingredients & Solutions
H1 2024 RESULTS Functional Ingredients & Solutions Organic Sales growth of -4.3% Q2 3.2% • Pricing –5.4% following input cost relaxation • Continuation of positive volume momentum in our Food segment • Temporarily softness in some markets, like semiconductors • Volume/mix 1.1% (Q2: 3.2%) Adjusted EB
Slide 12: Health & Nutrition
H1 2024 RESULTS Health & Nutrition Organic Sales growth of 14.5% • Nutrition: continued strong sales growth by capitalizing on the overall Q2 14.1% industry growth, increased penetration of major aquafeed producers, and favorable pricing dynamics • Biomedical polymers: on track to deliver double dig
Slide 13: TotalEnergies Corbion joint venture
H1 2024 RESULTS TotalEnergies Corbion joint venture Q2 6.2% Organic Sales growth of 14.1% • Continuous recovery of volume • Stable market share • Robust long term PLA drivers remain Adjusted EBITDA margin 14.3% (-310bps vs LY) • Adjusted EBITDA margin in line with 2024 estimate Last 3 quarters showi
Slide 14: Outlook
H1 2024 RESULTS Outlook Olivier Rigaud CEO 14 10/08/2023
Slide 15: Confirmation of FY 2024 outlook
H1 2024 RESULTS Confirmation of FY 2024 outlook Organic sales growth: • Volume/mix growth: 2~6% • Pricing: Low single digit negative pricing following input cost relaxation Adjusted EBITDA organic growth continued operations >18% (in line with >15% on core activities) Free Cash Flow (excluding acqui
Slide 16: Annex
H1 2024 RESULTS Annex 16 10/08/2023
Slide 17: Sales and Adjusted EBITDA: H1/Q2 2024
H1 2024 RESULTS Sales and Adjusted EBITDA: H1/Q2 2024 17 10/08/2022
Slide 18: Sales growth per segment in H1/Q2 2024
H1 2024 RESULTS Sales growth per segment in H1/Q2 2024 18 10/08/2022
Slide 19: Covenant net debt bridge H1 2024
H1 2024 RESULTS Covenant net debt bridge H1 2024 • Net debt position H1 2024: € 353.1 million (excl. subordinated loans). • Covenant net debt/covenant EBITDA reduced to 2.2x (June 2024): • Positive Free Cash Flow 57.5 17.2 • Divestment proceeds of Emulsifier business -353.1 • Dividend & Share Buy ba
Slide 20: Investments
H1 2024 RESULTS Investments • Total Capex investments H1 2024 € 37M • Maintenance € 14M • Expansion € 10M including vinegar capability and algae fermentation. • New lactic acid plant (Thailand) € 13M 20 10/08/2022 * Excluding capitalized interest and acquisitions
Slide 21: Free Cash Flow excl Acquisition & Divestment
H1 2024 RESULTS Free Cash Flow excl Acquisition & Divestment 200 Rolling 12 months • Improving Free Cash Flow 150 • Increasing EBITDA 100 • Reduced capex levels 165 171 69 50 107 55 109 97 • H1’24 working capital impacted by increased 32 77 12 22 25 39 19 inventory on route (Red Sea) as well as 0 in
Slide 22: Working capital (days)
H1 2024 RESULTS Working capital (days) • Increased Inventory days versus Q4 2023: • Increased inventories on route (Red Sea) • Trade receivables days stable • Impacted by customer mix, no increased payment terms or significant overdues • Trade payables increasing versus Q4 2023: • Reversal to more “
Slide 23: Sales & Adjusted EBITDA (Continued & Discontinued operations)
H1 2024 RESULTS Sales & Adjusted EBITDA (Continued & Discontinued operations) € million H1 2024 H1 2023 Continued Discontinued Total Continued Discontinued Total Sales 637.1 43.9 681.0 641.7 96.3 738.0 Adjusted EBITDA 86.1 12.7 98.8 69.0 27.8 96.8 23
Slide 24: Investor relations
Investor relations Peter.Kazius@corbion.com www.corbion.com +31 20 590 6242