Slide 1: Q4/FY 2024 Results
Q4/FY 2024 RESULTS OLIVIER RIGAUD (CEO) PETER KAZIUS (CFO) 27/02/2025
Slide 2: Forward-looking statements disclaimer
Q4/FY 2024 RESULTS This presentation contains forward-looking statements with respect to Corbion’s future performance and position. Such statements are based on current expectations, estimates, and projections of Corbion and information currently available to the company. Corbion cautions readers th
Slide 3: Corbion results Q4/FY 2024
Q4/FY 2024 RESULTS Corbion results Q4/FY 2024 Olivier Rigaud Peter Kazius CEO CFO • Business performance • Financial performance • Outlook 3 27/02/2025
Slide 4: Business performance
Q4/FY 2024 RESULTS Business performance Olivier Rigaud CEO 4 27/02/2025
Slide 5: FY 2024 Highlights
Q4/FY 2024 RESULTS FY 2024 Highlights • Upgraded guidance met in key 2024 performance metrics Volume/Mix* • Positive organic sales growth: +2.2% • Volume/Mix +5.2% & Pricing -3.0% +5.2% (FY) • Organic Adjusted EBITDA growth +23.3% +2.9% (Q4) • Free Cash Flow: € 98.3 million* Adj EBITDA margin* • Con
Slide 6: Macro-economic environment
Q4/FY 2024 RESULTS Macro-economic environment Opportunities for differentiation in key markets • Corbion grew sales in bakery and meat by targeting growing market subsegments with differentiated solutions • Strong growth in Health & Nutrition confirms Corbion’s value proposition in attractive market
Slide 7: Financial performance
Q4/FY 2024 RESULTS Financial performance Peter Kazius CFO 7 27/02/2025
Slide 8: Continued operations: Sales and Adjusted EBITDA development
Q4/FY 2024 RESULTS Continued operations: Sales and Adjusted EBITDA development FY Sales 2024 vs 2023 FY Adjusted EBITDA 2024 vs 2023 € million € million 1,500 1,443.8 200 191.8 +1.9% +24.8% 179.7 1,288.1 175.0 1,264.1 20.8 44.8 51.6 150 39.6 140.2 1,000 4.8 100 500 50 0 0 Reported Discontinued Conti
Slide 9: Profit and Loss - Continued Operations
Q4/FY 2024 RESULTS Profit and Loss - Continued Operations € million FY 2024 FY 2023 Q4 2024 Q4 2023 Continued operations Sales 1,288.1 1,264,1 +1.9% 315.2 311.8 +1.1% Adjusted EBITDA 175.0 140.2 +24.8% 39.3 36.8 +6.8% Adjusted EBITDA margin 13.6% 11.1% 12.5% 11.8% Adjusted Depreciation & Amortizatio
Slide 10: Functional Ingredients & Solutions
Q4/FY 2024 RESULTS Functional Ingredients & Solutions Volume/Mix - Functional Ingredient & Solutions FY Organic Sales growth of -1.6% (Q4: -0.7%) FY +3.3% • Volume/mix +3.3% (Q4: +3.4%) Food is driving the growth, mainly in bakery, meat, and dairy markets and growth in the key product/market adjac
Slide 11: Health & Nutrition
Q4/FY 2024 RESULTS Health & Nutrition Volume/Mix - Health & Nutrition FY FY Organic Sales growth of +18.5% (Q4: +8.8%) +13.9% • Volume/Mix +13.9% (Q4: +0.2%): strong growth in Nutrition driven by aquaculture and petfood markets • Continued growth in Pharma driven by higher volumes at lower prices •
Slide 12: TotalEnergies Corbion joint venture
Q4/FY 2024 RESULTS TotalEnergies Corbion joint venture Sales trend** FY +13.2% FY organic sales growth at +13.2% (Q4: +7.1%) • Continuous recovery in volumes • Significantly lower price levels • Robust long term PLA market drivers remain attractive FY EBITDA margin: 8.7% (Q4: 2.1%) Q1-23 Q2-23 Q3-23
Slide 13: Free Cash Flow excl Acquisition & Divestment
Q4/FY 2024 RESULTS Free Cash Flow excl Acquisition & Divestment 80 € million 60 € million 48 40 38 57 66 20 39 22 7 5 98 0 -17 -19 -18 -20 -32 32 19 -40 Q1-24 Q2-24 Q3-24 Q4-24 Operating cash flow Investment cash flow Free cash flow -117 -171 • Seventh consecutive quarter of positive FCF • FY 2024 c
Slide 14: Dividend proposal
Q4/FY 2024 RESULTS Dividend proposal Progressive regular dividend policy • Ambition to annually pay out a stable to gradually increasing absolute dividend amount per share Proposed regular dividend • € 0.64 per ordinary share (+5% increase vs 2023) Proposed Timing • Dividend to be approved by AGM: 1
Slide 15: Good progress on Sustainability in 2024
Q4/FY 2024 RESULTS Good progress on Sustainability in 2024 % of net revenue sales Absolute CO2 Products Absolute CO2 Verified Total Products contributing reduction Renewable covered by reduction responsibly Recordable covered by to to SDG SDG 2, 2. 3, 3 scope scope 1&2 I&II electricity Life Cycle sc
Slide 16: Outlook
Q4/FY 2024 RESULTS Outlook Olivier Rigaud CEO 16 27/02/2025
Slide 17: Outlook 2025
Q4/FY 2024 RESULTS Outlook 2025 Organic sales growth: • Volume/mix growth: +2 - 6% Organic Adjusted EBITDA growth: • Organically > 25% Free Cash Flow*: > € 85 million • Capex € 80 – 90 million • Covenant Net Debt/covenant EBITDA: ~1.6x (year-end) 17 27/02/2025 * excl. divestment/acquisitions
Slide 18: Annex
Q4/FY 2024 RESULTS Annex 18 27/02/2025
Slide 19: Sales and Adjusted EBITDA: FY/Q4 2024
Q4/FY 2024 RESULTS Sales and Adjusted EBITDA: FY/Q4 2024 € million FY 2024 FY 2023 Q4 2024 Q4 2023 FY Growth Sales - Functional Ingredients 997.9 1,018.7 246.6 248.9 -2.0% & Solutions - Health & Nutrition 290.2 245.4 68.6 62.9 +18.3% Total Net Sales 1.288.1 1,264.1 315.2 311.8 +1.9% Adjusted EBITDA
Slide 20: Sales growth per segment: FY/Q4 2024
Q4/FY 2024 RESULTS Sales growth per segment: FY/Q4 2024 Sales growth Volume/ Acquisition/ Total Price Organic Currency (Continued operations) Mix Divestment growth FY 2024 vs FY 2023 Total +5.2% -3.0% +2.2% -0.7% +0.4% +1.9% - Functional Ingredients +3.3% -4.9% -1.6% -0.8% +0.4% -2.0% & Solutions -
Slide 21: Outlook 2025
Q4/FY 2024 RESULTS Outlook 2025 € million >25% 175.0 -4.5 Fixed costs, cost savings, investments, Proc. savings, insourcing, Thai LA Adjusted TSA Organic Costs Adjusted Forex Adjusted EBITDA 2024 Growth EBITDA 2025 EBITDA 2025 21 27/02/2025
Slide 22: Covenant net debt bridge FY 2024
Q4/FY 2024 RESULTS Covenant net debt bridge FY 2024 € million • Net debt position year-end 2024: € 459.9 million vs € 715.3 million at year-end 2023 • Covenant net debt/covenant EBITDA reduced to 2.1x (2023: 3.1x): 61.9 8.6 19.5 • Positive Free Cash Flow of € 98.3 million 12.6 251.8 -360.2 • Divestm
Slide 23: Investments
Q4/FY 2024 RESULTS Investments 231 € million 104 165 • Total Capex investments FY 2024 € 78.5 million • Maintenance ~€ 40 million 65 128 • Expansion capex: ~€ 39 million (including algae fermentation, vinegar, and Thai LA plant) 49 91 10 77 79 76 60 60 60 56 38 33 39 46 48 27 24 33 22 43 50 46 33 36
Slide 24: Working capital (days)
Q4/FY 2024 RESULTS Working capital (days) Continued operations • Increased Inventory days versus Q4 2023: 200 111 113 123 124 121 127 • Increased inventories on route (Red Sea) 121 54 50 52 54 49 • Inventory build in anticipation of potential US 150 53 51 port strike 100 129 120 132 125 124 132 115
Slide 25: Restatements - Continued Operations
Q4/FY 2024 RESULTS Restatements - Continued Operations 188 192 13 EBITDA € million 52 48 48 49 47 52 50 46 175 Discontinued 12 39 140 13 15 12 13 Continued 35 34 34 37 35 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 2024 2023 Continued Operations Q1 2023 Q2 2023 Q3 2023 Q4 2023 FY 2023 Q1 2024 Q2
Slide 26: Investor relations
Investor relations alex.sokolowski@corbion.com www.corbion.com +31 20 590 6341