Corbion Nv · EURONEXT:CRBN
Corbion Nv — Investor Day (November 2025)
62 slides from Corbion Nv's investor day presentation, Nov 20, 2025
Slide 1: Strategy BRIGHT 2030 Capital Markets Day 2025
STRATEGY BRIGHT 2030 Capital Markets Day 2025 20 November
Slide 2: Our growth journey
CAPITAL MARKETS DAY 2025 Our growth journey From foundation to acceleration Advance 2025: Majority of goals achieved BRIGHT 2030: Sharper focus, stronger growth Executed major transformation Become a high-growth specialty food-ingredients • Streamlined operations company focusing on natural preserva
Slide 3: Shaping the future of sustainable food
CAPITAL MARKETS DAY 2025 BRIGHT 2030 Shaping the future of sustainable food A sustainable specialty food-ingredients company, focused on natural preservation and nutrition Leveraging its backbone fermentation technology and food solutions expertise Offering differentiated natural and clean-label ing
Slide 4: Consumer needs and market shifts are redefining the food industry
CAPITAL MARKETS DAY 2025 – CONSUMER NEEDS AND MARKET TRENDS Consumer needs and market shifts are redefining the food industry Turning megatrends into growth opportunities Clean label Affordable food Gut health, fiber GLP-1: Pharma- & natural choices & fermentation nutrition preservation convergence
Slide 5: From colors to preservatives: the shift to natural is accelerating
CAPITAL MARKETS DAY 2025 – CONSUMER NEEDS AND MARKET TRENDS From colors to preservatives: the shift to natural is accelerating Use of natural colors in new food Globally, food products with products containing a colorant natural preservation outpacing total food launches 68% Use of natural preservat
Slide 6: Natural preservation and nutrition markets where the growth is happening
CAPITAL MARKETS DAY 2025 – CONSUMER NEEDS AND MARKET TRENDS Natural preservation and nutrition markets where the growth is happening Product portfolio well-positioned in attractive growth markets Sustainable lipids Antioxidants Addressable market Addressable market € 0.9bn Market growth +3-5%* € 2.0
Slide 7: Using fermentation magic to produce differentiated food ingredients
CAPITAL MARKETS DAY 2025 – WHAT DIFFERENTIATES US Using fermentation magic to produce differentiated food ingredients for preservation and nutrition Other sustainable Natural Lactic acid Omega-3 Omega-9 Vinegar lipids ferments Ω3 Ω9 Fermentation magic! Lactic bacteria Algae Yeast Food cultures Sugar
Slide 8: The 'hard part' is our key strength
CAPITAL MARKETS DAY 2025 – WHAT DIFFERENTIATES US The ‘hard part’ is our key strength From large strain library to unique fermentation scale-up capabilities Lactic bacteria Microalgae Bench scale Pilot scale Production scale 5 liters 1000 liters > 250 m3 Yeast 8 20-Nov-25
Slide 9: Circular lactic acid plant Thailand
CAPITAL MARKETS DAY 2025 – WHAT DIFFERENTIATES US Circular lactic acid plant Thailand Process innovation for impact: Boosting efficiency, cutting CO2 9 20-Nov-25
Slide 10: Corbion ecosystem built around fermentation and formulation know-how
CAPITAL MARKETS DAY 2025 – WHAT DIFFERENTIATES US Corbion ecosystem built around fermentation and formulation know-how Food Integrated Fermentation Enzyme formulation preservation Predictive sustainability expertise capabilities expertise modeling approach + Industrial Applied Microbiology Functiona
Slide 11: Innovation is enabling growth
CAPITAL MARKETS DAY 2025 – WHAT DIFFERENTIATES US Innovation is enabling growth € 90m 28 Investment in Core technologies innovation and technology* 8 2400+ Innovation centers Patents & patent applications 700+ 250+ YTD customer Specialists, projects scientists and PhDs 11 20-Nov-25 * Since CMD Janua
Slide 12: We champion preservation in all its forms
CAPITAL MARKETS DAY 2025 – SUSTAINABILITY We champion preservation in all its forms Sustainability embedded in our portfolio AlgaPrime and AlgaPrime DHA We help preserve AlgaVia DHA as helps maintain >13 million tons of alternative to fish Our solutions support nutrition levels of food globally, oil
Slide 13: BRIGHT 2030 Sustainability strategy
CAPITAL MARKETS DAY 2025 – SUSTAINABILITY BRIGHT 2030 Sustainability strategy Focus area Our ambition Status (2024) Target (2030) • 99% Renewable electricity • 100% Renewable electricity Achieve net zero emissions Net zero across value chain by 2050 • 25% Scope 1 & 2 reduction • 42% Scope 1 & 2 redu
Slide 14: Our global footprint at a glance
CAPITAL MARKETS DAY 2025 – CORBION TODAY Our global footprint at a glance Our business 13 manufacturing facilities, EMEA 8 innovation centers, and sales offices across the world 27% 35% Largest producer of lactic acid with global footprint and North America of sales of employees market share ~50% 38
Slide 15: Aligned portfolio focused on natural food preservation and nutrition
CAPITAL MARKETS DAY 2025 – CORBION TODAY Aligned portfolio focused on natural food preservation and nutrition Food and Renewable raw Nutrition materials 98% 72% Natural of total volume Fermentation- of sales preservation based 48% 82% of sales of sales 15 20-Nov-25
Slide 16: Invest and prioritize where it matters most
CAPITAL MARKETS DAY 2025 – CORBION GOING FORWARD Invest and prioritize where it matters most Defocus our non-food lactic acid + Strategic opportunities Pipeline Further grow portfolio Growth potential Biomedical Nutrition portfolio Omega-3 polymers Strategic ownership review of the DHA Preservation
Slide 17: Shaping the future of sustainable food
CAPITAL MARKETS DAY 2025 – CORBION GOING FORWARD BRIGHT 2030 Shaping the future of sustainable food A sustainable specialty food-ingredients company, focused on natural preservation and nutrition Leveraging its backbone in fermentation technology and food solutions expertise Offering differentiated
Slide 18: Natural preservation
Natural preservation BRIGHT 2030 Capital Markets Day 2025
Slide 19: Advance 2025: Driving growth and market leadership
CAPITAL MARKETS DAY 2025 – NATURAL PRESERVATION Advance 2025: Driving growth and market leadership Average volume/mix 2020-2025 2024 Food sales* € 769 million ~4% Sales - Food € million Clean label offering expanding into meat +223 snacks, culinary and bakery 800 769 Expansion into LATAM and APAC 60
Slide 20: Unlock opportunities in natural food preservation
CAPITAL MARKETS DAY 2025 – NATURAL PRESERVATION Natural food preservation Unlock opportunities in natural food preservation market share: 25% Market drivers Total addressable market Corbion offering Better nutrition / health Enabling shift from synthetic to natural € 3.5bn Minimally processed vs UPF
Slide 21: Leveraging breadth of portfolio and strong market positions
CAPITAL MARKETS DAY 2025 – NATURAL PRESERVATION Leveraging breadth of portfolio and strong market positions to capture growth in key food categories Natural antimicrobials Meat and meat snacks Global leader in lactic acid to meat Clean-label fermentation solutions such as lactic acid, vinegar, cultu
Slide 22: Formulation capabilities powering preservation and nutrition solutions
CAPITAL MARKETS DAY 2025 – NATURAL PRESERVATION Formulation capabilities powering our preservation and nutrition solutions + Natural mold inhibition (NMI) Clean-label, effective food preservation Protein fortification High protein e.g., keto bread Carbohydrate Micro- source organisms Example: replac
Slide 23: What's next and why is it exciting?
CAPITAL MARKETS DAY 2025 – NATURAL PRESERVATION What’s next and why is it exciting? Contracting round progressing well Short term Accelerate penetration in natural mold inhibitors Leverage new EU listeria legislation in food Pricing strategy Favorable sugar input cost/procurement savings Restore mar
Slide 24: Growing the Food business to € 1 billion by 2030
CAPITAL MARKETS DAY 2025 – NATURAL PRESERVATION Growing the Food business to € 1 billion by 2030 Sales - Food € million 1.000 CAGR 973 +4% ~€ 1bn 900 800 769 0 2024 2030 24 20-Nov-25
Slide 25: Nutrition
Nutrition BRIGHT 2030 Capital Markets Day 2025
Slide 26: Advance 2025: Built a leading market position in algae-derived omega-3 oils
CAPITAL MARKETS DAY 2025 – NUTRITION Advance 2025: Built a leading market position in algae-derived omega-3 oils Continued growth in aquaculture 2024 Sales € 157 million • Grew to > 60 customers • Serving > 25 countries Large multi-year contracts in aquaculture signed to secure Sales - Nutrition bas
Slide 27: Our successful omega-3 scale up model
CAPITAL MARKETS DAY 2025 – NUTRITION Our successful omega-3 scale up model Omega-3 DHA 5 liters 1000 liters Large scale plant San Francisco, CA, USA Belmont, CA, USA Orindiúva, BR Innovation Center Pilot plant Production scale plant Continuous yield improvement: DHA 1.0 DHA 2.0 DHA 3.0 and bey
Slide 28: World's largest omega-3 plant
CAPITAL MARKETS DAY 2025 – NUTRITION World’s largest omega-3 plant A sustainable, low-cost, backward integrated model Access to abundant and Cane world’s lowest-cost sugar sugar fields Cane sugar fields Leveraging sugar Bagasse Biomass Sugar mill mill for low-cost boiler utilities Circular plant usi
Slide 29: Corbion is the world market leader in production of omega-3 oils
CAPITAL MARKETS DAY 2025 – NUTRITION Corbion is the world market leader in production of omega-3 oils Producing at scale in a cost-efficient, reliable way World leaders Corbion Pure omega-3 basis for Peer A Peer B 1 plant in comparison (size of circle 7 plants in 10 plants in represents volume Brazi
Slide 30: Continued market growth in omega-3, demand outpacing supply
CAPITAL MARKETS DAY 2025 – NUTRITION Continued market growth in omega-3, demand outpacing supply 1,200 World omega-3 market: ~1 million mt 1,150 1% 2% 7% 1,100 CAGR 1.5-2.5% 1,050 CAGR 3-6% 1,000 kmt 20% 950 CAGR 2-3% 900 CAGR 3-4% 50 70% CAGR 2-3% 0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Slide 31: Demand for fish oil expected to grow significantly
CAPITAL MARKETS DAY 2025 – NUTRITION Demand for fish oil expected to grow significantly Structural shifts reshaping the aquaculture market Aquaculture will need Fish oil demand grows Rising unpredictability Intensive farming Climate variability is 14–15 million more metric 2–4% annually, requiring w
Slide 32: Leveraging our technology platform to meet evolving market needs
CAPITAL MARKETS DAY 2025 – NUTRITION Leveraging our technology platform and capabilities to meet evolving market needs Sustainable active nutrition Food Industry focus Human nutrition Pet nutrition (Pet food & Livestock) Animal nutrition (Aquaculture) Omega-3 Sustainable Antioxidants lipids & protei
Slide 33: What's next and why is it exciting?
CAPITAL MARKETS DAY 2025 – NUTRITION What’s next and why is it exciting? Continue long-term aquaculture contracts Short term Favorable sugar input cost /procurement savings Further expand our customer base Grow beyond salmon into other species Develop in different life stage (hatchery/early life) Di
Slide 34: Over € 100 million additional Nutrition sales in coming 5 years
CAPITAL MARKETS DAY 2025 – NUTRITION Over € 100 million additional Nutrition sales in coming 5 years ~10% Human nutrition Sales - Nutrition (by 2030) € million CAGR 300 275 +10% 250 118 200 157 150 100 50 0 2024 2030 34 20-Nov-25
Slide 35: Biomedical Polymers
Biomedical Polymers BRIGHT 2030 35 20-Nov-25 Capital Markets Day 2025
Slide 36: Double-digit growth in our Biomedical Polymers business
CAPITAL MARKETS DAY 2025 – BIOMEDICAL POLYMERS Double-digit growth in our Biomedical Polymers business Leveraging our fermentation technology to unlock value in key growth segments Sales €m 60 +14% 55 40 32 CAGR Sales 2024 Drug delivery Orthopedic € 55m 20 0 2020 2024 Sales €m 150 125 +15% 100 CAGR
Slide 37: Our unique Biomedical Polymers business, improving lives
CAPITAL MARKETS DAY 2025 – BIOMEDICAL POLYMERS Our unique Biomedical Polymers business, improving lives GMP manufacturing EU & USA Gorinchem Tucker The Netherlands GA, USA Lactide Glycolide Wound Orthopedic Drug delivery Cardiovascular management We adjust • The material strength • The material flex
Slide 38: Biomedical Polymers expanding into new growth areas
CAPITAL MARKETS DAY 2025 – BIOMEDICAL POLYMERS Biomedical Polymers expanding into new growth areas Addressable market over € 1 billion Dual growth approach Leveraging our core capabilities to grow our business in existing markets and expanding into new areas Total addressable market 2030 € 1bn Segme
Slide 39: Strong pipeline in drug delivery
CAPITAL MARKETS DAY 2025 – BIOMEDICAL POLYMERS Strong pipeline in drug delivery MedinCell strategic partnership through our joint venture One product, UZEDY®, in the market One product in clinical phase 3 Launch in H2 2026 Product portfolio and R&D pipeline Formulation Preclinical Clinical phase 3 M
Slide 40: Financial update BRIGHT 2030
Financial update BRIGHT 2030 Capital Markets Day 2025
Slide 41: Key messages: Our value creation story
CAPITAL MARKETS DAY 2025 – FINANCIAL UPDATE Key messages: Our value creation story Our strategy has delivered strong results on both Sales and EBITDA Advance 2025 Capital investments fueling future value creation Medium term financial targets (2026-2028) Driving profitable growth, delivering BRIGHT
Slide 42: Strong track record of Sales and EBITDA growth over the last 5 years
CAPITAL MARKETS DAY 2025 – ADVANCE 2025 Strong track record of Sales and EBITDA growth over the last 5 years Sales development 2020-2025 Adjusted EBITDA development 2020-2025 Core activities Core activities € million € million +9% 1,272 +8% 196 835 135 2020 2021 2022 2023 2024 2025 LTM 2020 2021 202
Slide 43: Sales growth driven by volume/mix and price
CAPITAL MARKETS DAY 2025 – ADVANCE 2025 Sales growth driven by volume/mix and price Sales growth 2020-2025 Volume/mix growth 2020-2025 (CAGR %) Core activities (%) FY2025 guidance 3-5% Ø4 Volume/mix Price Forex +4% +5% 0% 2021 2022 2023 2024 2025 43 20-Nov-25
Slide 44: Adjusted EBITDA margins increased over the last 3 years
CAPITAL MARKETS DAY 2025 – ADVANCE 2025 Adjusted EBITDA margins increased over the last 3 years Adjusted EBITDA margin 2020-2025 Core activities % of sales • Pricing 4.3 16.3% EBITDA • Yield optimization margins • Efficiency measures increasing as 12.0% • Fixed cost reduction of 2023 • Input cost de
Slide 45: Capital investments fueling future value creation
CAPITAL MARKETS DAY 2025 – ADVANCE 2025 Capital investments fueling future value creation Capex development 2020-2025 Capex development 2020-2025 • New circular lactic acid plant € million • Vinegar fermentation capacity % of sales • Omega-3 fermentation capacity • Natural ferments capacity • Lactic
Slide 46: Capital investments delivering sound returns
CAPITAL MARKETS DAY 2025 – ADVANCE 2025 Capital investments delivering sound returns Lactic acid powders Omega-3 Vinegar Project type Expansion Project type Expansion Project type Expansion Investment size € 14m Investment size € 22m Investment size € 24m Operational in 2021 Operational in 2023 Oper
Slide 47: Major milestones being delivered (I)
CAPITAL MARKETS DAY 2025 – ADVANCE 2025 Major milestones being delivered (I) Financial targets 2024-2025 Organic Sales growth Organic Adjusted EBITDA Free Cash Flow > € 125m (volume/mix) 2-6% growth 15-20% (cumulative) Business priorities – Food Omega-3 Biomedical Polymers profitable growth Growth i
Slide 48: Major milestones being delivered (II)
CAPITAL MARKETS DAY 2025 – ADVANCE 2025 Major milestones being delivered (II) Emulsifiers divestment, Fixed cost savings: € 35m Cost reduction from including compensation insourcing production: Restructuring of stranded costs € 10m program delivering Free Cash Flow Geo-political environment, Savings
Slide 49: BRIGHT 2030: Our growth-led, sustainable value creation model
CAPITAL MARKETS DAY 2025 – BRIGHT 2030 BRIGHT 2030: Our growth-led, sustainable value creation model Profitable growth Capital return Sales & EBITDA margin + Free Cash Flow & ROCE & EPS Driving growth, delivering productivity and investing are key to value creation Balanced capital allocation policy
Slide 50: Financial framework
CAPITAL MARKETS DAY 2025 – BRIGHT 2030 Financial framework Area Target Result Sales growth 3-6% p.a. ROCE (organically) (2028) ~13% Adjusted EBITDA margin ~18% (2028) EPS growth p.a. 2026-2028 Free Cash Flow Double-digit % ~€ 270m (cumulative) 50 20-Nov-25
Slide 51: Organic sales growth: 3-6% per annum to 2028
CAPITAL MARKETS DAY 2025 – BRIGHT 2030 Organic sales growth: 3-6% per annum to 2028 Functional Ingredients & Solutions Health & Nutrition 2-4% 8-10% Food – mid-single-digit growth Nutrition – double-digit growth • Focus on natural preservation and food specialties • Continue growing with omega-3 • G
Slide 52: Adjusted EBITDA margin 2028 at ~18%
CAPITAL MARKETS DAY 2025 – BRIGHT 2030 Adjusted EBITDA margin 2028 at ~18% Clear strategic pillars to drive profitability EBITDA margin outlook 2025-2028 Product mix • Higher growth at higher margin businesses % of sales ~24% 0.5 18.0 1.2 of sales 0.5 Circular lactic • Maximize circular lactic plant
Slide 53: Balanced capital allocation policy driving profitable growth & shareholder returns
CAPITAL MARKETS DAY 2025 – BRIGHT 2030 Balanced capital allocation policy driving profitable growth & shareholder returns 1 2 3 4 Capital Excess Cash Dividend M&A Expenditure Returns Driving organic Stable to Bolt-on Share buy-back sales growth gradually acquisitions with and/or special supported by
Slide 54: Driving organic sales growth supported by disciplined capex program
CAPITAL MARKETS DAY 2025 – BRIGHT 2030 Driving organic sales growth supported by disciplined capex program Expansion investments behind Food, Nutrition & Biomedical Polymers businesses Key expansion capex projects Cumulative capex 2026-2028: € 255m Food € million € 50m Powders Vinegar Other Maintena
Slide 55: Strong Free Cash Flow generation and increasing returns
CAPITAL MARKETS DAY 2025 – BRIGHT 2030 Strong Free Cash Flow generation and increasing returns ~€ 270m* ~13% Free Cash Flow 2020-2025 ROCE 2026-2028 by 2028 € million % 12.9 81 10.7 32 2020 2021 2022 2023 2024 2025 LTM 2020 2021 2022 2023 2024 2025 H1 55 20-Nov-25 * Free Cash Flow = Cash flow from o
Slide 56: Funding ratio actively managed down and balanced debt maturity profile
CAPITAL MARKETS DAY 2025 – BRIGHT 2030 Funding ratio actively managed down and balanced debt maturity profile Net Debt/EBITDA 2020-2025 Debt structure - maturity profile • RCF maximum € 300m 300 • USPP 2025 renewed*** € million • Average interest rate ~3% 2.3 1.8 74 84 74 87 1.7 1.8 16 2020 2021 202
Slide 57: Working capital stable at ~24% of sales
CAPITAL MARKETS DAY 2025 – BRIGHT 2030 Working capital stable at ~24% of sales ~24% Operating Working Capital of sales 2021-2022: Increasing inventory levels 2026-2028 Global supply chain disruptions Input cost inflation % of sales 27 26 Continuous volatile geopolitical environment 25 25 25 Red sea
Slide 58: Earning per share anticipated to grow at double-digit rate
CAPITAL MARKETS DAY 2025 – BRIGHT 2030 Earning per share anticipated to grow at double-digit rate Double Earnings per share digit (Adjusted, €) growth 2026-2028 EPS stable during 2020-2023 +43% 1.21 2023 impacted by Emulsifiers divestment 0.97 0.59 EPS increasing as from 2023 2020* 2021* 2022* 2023*
Slide 59: Key messages: our value creation story
CAPITAL MARKETS DAY 2025 Key messages: our value creation story Medium term financial targets (2026-2028) Organic sales 3-6% p.a. growth Driving profitable growth, delivering BRIGHT 2030 productivity and re-investing is key to Adjusted EBITDA ~18% margin (2028) value creation Our growth led, Free Ca
Slide 60: BRIGHT 2030 key takeaways
CAPITAL MARKETS DAY 2025 BRIGHT 2030 key takeaways Leading the way in sustainable specialty food-ingredients for preservation and nutrition Further acceleration of clean-label preservation and formulation in food Expanding algal fermentation beyond omega-3 oils Foster growth in Biomedical Polymers I
Slide 61: Appendix
CAPITAL MARKETS DAY 2025 BRIGHT 2030 Shaping the future of sustainable food Appendix
Slide 62: 2026-2028 financial framework geared to value creation
CAPITAL MARKETS DAY 2025 – BRIGHT 2030 2026-2028 financial framework geared to value creation Adjusted EBITDA Organic Sales Free Cash Flow € 270m 3 - 6% margin ~18% growth (%) improvement (€ m) (cumulative) Capex Working capital Lease payments (% of sales) ~6% (% of sales) ~24% (€ m) ~€ 15m p.a. Eff