Slide 1: Q1 2023 Results
Q1 2023 RESULTS OLIVIER RIGAUD (CEO) 26/04/2023 EDDY VAN RHEDE VAN DER KLOOT (CFO)
Slide 2: Key Points
Q1 2023 RESULTS Key Points • Net sales of € 359.6 million • Organic Growth Core activities: +9.9% • Growth driven by all three business units • Higher prices more than offset a decline in volume/mix • Adjusted EBITDA of € 48.4 million • Organic Growth Core activities: +18.5% • On track to meet the u
Slide 3: Net sales and Adjusted EBITDA: Q1 2023
Q1 2023 RESULTS Net sales and Adjusted EBITDA: Q1 2023 € million Q1 2023 Q1 2022* Growth Net sales Core 312.5 276.2 13.1% - Sustainable Food Solutions 191.2 170.8 11.9% - Lactic Acid & Specialties 106.0 95.8 10.6% - Algae Ingredients 15.3 9.6 59.4% Non-core 47.1 43.9 7.3% Total Net Sales 359.6 320.1
Slide 4: Sales growth drivers per division in Q1 2023
Q1 2023 RESULTS Sales growth drivers per division in Q1 2023 Acquisitions/ Net sales Volume/Mix Price Organic Currency Total growth (Divestments) Q1 2023 vs Q1 2022 Core -6.1% 16.0% 9.9% 3.2% 0.0% 13.1% - Sustainable Food Solutions -6.3% 14.6% 8.3% 3.6% 0.0% 11.9% - Lactic Acid & Specialties -7.8% 1
Slide 5: Core Adjusted EBITDA bridge Q1 2023
Q1 2023 RESULTS Core Adjusted EBITDA bridge Q1 2023 60 11,3 45 0,5 17,7 0.0 30 € mln 41.6 34.7 15 0 Adj. EBITDA Vol / mix / Fixed costs Currency Acquisitions Adj. EBITDA Q1 2022 Core pricing impact Q1 2023 Core 5 26/04/2023
Slide 6: Sustainable Food Solutions
Q1 2023 RESULTS Sustainable Food Solutions € million Q1 2023 Q1 2022* • Organic Net sales growth of 8.3% Net sales 191.2 170.8 • Higher pricing, partly offset by decline in volume/mix Organic growth 8.3% 15.6% • Pricing impact reflects our initiatives during 2022 to compensate for increased input co
Slide 7: Lactic Acid & Specialties
Q1 2023 RESULTS Lactic Acid & Specialties € million Q1 2023 Q1 2022* • Organic Net sales growth of 8.5% Net sales 106.0 95.8 • Higher pricing, partly offset by decline in volume/mix Organic growth 8.5% 23.5% • Continuation of lower levels of lactic acid supplied to TotalEnergies Corbion joint ventur
Slide 8: Algae Ingredients
Q1 2023 RESULTS Algae Ingredients € million Q1 2023 Q1 2022* • Organic Net sales growth of 52.1% Net sales 15.3 9.6 • Growth due to higher AlgaPrime™ DHA (omega-3) sales Organic growth 52.1% 73.1% within the aquaculture sector driven by: • overall industry growth Adjusted EBITDA 0.2 (2.5) • increase
Slide 9: Incubator
Q1 2023 RESULTS Incubator € million Q1 2023 Q1 2022* • The Adjusted EBITDA of € -2.6 million reflects investments in various programs as outlined at the December 2022 Capital Adjusted EBITDA (2.6) (2.0) Markets Day • Incubator activity includes Algae portfolio expansion, Biopolymers, Natural Preserv
Slide 10: Non-core activities
Q1 2023 RESULTS Non-core activities € million Q1 2023 Q1 2022* • Organic Net sales growth of 2.7% Net sales 47.1 43.9 • Higher prices, offsetting a decline in volume/mix Organic growth 2.7% 24.0% • The price increase was implemented in response to additional input costs incurred in 2022 Adjusted EBI
Slide 11: TotalEnergies Corbion joint venture
Q1 2023 RESULTS TotalEnergies Corbion joint venture € million * Q1 2023 Q1 2022 • Organic Net sales growth of -49% Net sales 25.7 48.0 • Overall decline in PLA market Organic growth -48.8% 20.5% • The decline in sales of PLA has become more significant since mid-2022, largely due to Chinese lockdown
Slide 12: Outlook 2023
Q1 2023 RESULTS Outlook 2023 • Net sales organic growth core activities: anticipated to be in the range of 7-10% for the full year 2023 • Positive pricing • Low single-digit volume/mix growth for the full year • Volume/mix growth anticipated to improve over the coming quarters • Adjusted EBITDA grow
Slide 13: Investor relations
Investor relations Peter.Kazius@corbion.com www.corbion.com +31 20 590 6242