Slide 1: H1/Q2 2025 Results
H1/Q2 2025 RESULTS OLIVIER RIGAUD (CEO) PETER KAZIUS (CFO) 31-Jul-2025
Slide 2: Forward-looking statements
H1/Q2 2025 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 H1/Q2 2025
H1/Q2 2025 RESULTS Corbion results H1/Q2 2025 Olivier Rigaud Peter Kazius CEO CFO • Business performance • Financial performance • Outlook 3 31/07/2025
Slide 4: Business performance
H1/Q2 2025 RESULTS Business performance Olivier Rigaud CEO 4 31/07/2025
Slide 5: H1 2025 Highlights
H1/Q2 2025 RESULTS H1 2025 Highlights Volume/Mix • Organic sales growth of +2.9% to € 645.6 million (Q2: € 315.9 million) • Volume/Mix +3.3% +3.3% (H1) • Pricing -0.4% -1.3% (Q2) • Adjusted EBITDA € 106.6 million (Q2: € 52.2 million) Adj EBITDA margin • Health & Nutrition: Solid organic Sales growth
Slide 6: Functional Ingredients & Solutions
H1/Q2 2025 RESULTS Functional Ingredients & Solutions Business environment • Volume growth in key food markets meat, dairy, culinary, as well as confectionery • Customer collaboration/innovation in our food ingredients business remains strong • Softness in some non-food markets, such as semiconducto
Slide 7: Health & Nutrition
H1/Q2 2025 RESULTS Health & Nutrition Business environment • Continued strong demand of omega-3 DHA in aquaculture, pet nutrition, and now in human nutrition • Continued positive momentum in Biomedical Polymers in two key markets-- drug delivery and orthopedics • Pharma business showed strong double
Slide 8: Financial performance
H1/Q2 2025 RESULTS Financial performance Peter Kazius CFO 8 31/07/2025
Slide 9: H1 Sales and Adjusted EBITDA development
H1/Q2 2025 RESULTS H1 Sales and Adjusted EBITDA development Sales H1 Adjusted EBITDA H1 € million € million 660 +1.3% 120 +23.8% 655 2 110 3 107 650 9 2 8 646 100 25 645 9 90 86 640 637 Q1: +€ 10 million Q2: -€ 1 million 80 635 70 Q1: +€ 18 million Q2: +€ 7 million 630 Q1: +€ 14 million Q2: -€ 5 mil
Slide 10: Profit and Loss
H1/Q2 2025 RESULTS Profit and Loss € million H1 2025 H1 2024 % Q2 2025 Q2 2024 % Sales 645.6 637.1 1.3% 315.9 336.7 -6.2% Adjusted EBITDA 106.6 86.1 23.8% 52.2 51.6 1.2% Adjus ted EBITDA % 16.5% 13.5% 16.5% 15.3% Adjus ted Depreci a ti on & Amorti za ti on -42.5 -43.8 -3.0% -22.1 -22.7 -2.6% Adjus t
Slide 11: Functional Ingredients & Solutions
H1/Q2 2025 RESULTS Functional Ingredients & Solutions Volume/Mix - Functional Ingredient & Solutions Q2 -1.2% H1 Organic Sales growth of +1.9% (Q2: -1.8%) • Volume/mix +2.9% (Q2: -1.2%) Growth in Food mainly in meat, culinary, and dairy markets and in key product/market adjacencies offset by some
Slide 12: Health & Nutrition
H1/Q2 2025 RESULTS Health & Nutrition Volume/Mix - Health & Nutrition Q2 -1.1% H1 Organic Sales growth of +6.8% (Q2: -0.6%) • Volume/mix +5.0% (Q2: -1.1%) Positive volume/mix development in Nutrition in H1, while negative volume/mix in Q2 driven by customer phasing Pharma delivered strong volume
Slide 13: TotalEnergies Corbion joint venture
H1/Q2 2025 RESULTS TotalEnergies Corbion joint venture Sales - TotalEnergies Corbion Q2 -9.3% H1 Organic Sales growth of +5.6% (Q2: -9.3%) • Volume growth to food service applications in China • PLA prices remain at low levels H1 Adjusted EBITDA margin 9.7%, -480 bps (Q2: 11.7%, -150 bps) Q1'24 Q2'2
Slide 14: Outlook
H1/Q2 2025 RESULTS Outlook Olivier Rigaud CEO 14 31/07/2025
Slide 15: FY 2025 outlook affirmed
H1/Q2 2025 RESULTS FY 2025 outlook affirmed Organic sales growth: • Volume/mix growth: 2-6% Adjusted EBITDA organic growth continued operations >25% Free Cash Flow: > €85 million • Covenant Net Debt/EBITDA: ~1.6x (year end) 15 31/07/2025
Slide 16: Annex
H1/Q2 2025 RESULTS Annex 16 31/07/2025
Slide 17: Sales and Adjusted EBITDA: H1/Q2 2025
H1/Q2 2025 RESULTS Sales and Adjusted EBITDA: H1/Q2 2025 H1 H1 H1 Q2 Q2 Q2 € million 2025 2024 Growth 2025 2024 Growth Sales - Functional Ingredients & 497.5 497.2 +0.1% 240.5 257.9 -6.7% Solutions - Health & Nutrition 148.1 139.9 +5.9% 75.4 78.8 -4.3% Total Net Sales 645.6 637.1 +1.3% 315.9 336.7 -
Slide 18: Sales growth per segment in H1/Q2 2025
H1/Q2 2025 RESULTS Sales growth per segment in H1/Q2 2025 Volume/ Acquisitions/ Total € million Price Organic Currency Mix Divestments Growth H1 2025 vs H1 2024 Total +3.3% -0.4% +2.9% -1.2% -0.4% +1.3% - Functional Ingredients +2.9% -1.0% +1.9% -1.3% -0.5% +0.1% & Solutions - Health & Nutrition +5.
Slide 19: Covenant net debt bridge H1 2025
H1/Q2 2025 RESULTS Covenant net debt bridge H1 2025 € million • Net debt position H1 2025: € 354.5 million (excl. subordinated loans). • Covenant net debt/covenant EBITDA reduced to 1.8x 50 355 360 (June 2025): 107 13 • Positive Free Cash Flow 32 2 37 34 Cov. Net Adj EBITDA Provisions Interest Capex
Slide 20: Investments
H1/Q2 2025 RESULTS Investments 231 € million 104 165 • Total Capex investments H1 2025 €26 million 65 128 • Maintenance €17 million 91 49 • Expansion €9 million including insourcing and 10 77 79 Nutrition projects 76 60 60 60 56 38 33 39 46 48 27 24 33 22 26 43 50 46 9 33 36 40 40 23 24 28 17 2015 2
Slide 21: Free Cash Flow excl. Acquisition & Divestment
H1/Q2 2025 RESULTS Free Cash Flow excl. Acquisition & Divestment € million 200 Rolling 12 months 150 • Improving Free Cash Flow 100 171 184 • Increasing EBITDA 165 99 168 55 98 69 50 107 109 97 77 • Reduced capex levels 32 39 19 0 12 22 25 • H1 2025 working capital impacted by phasing -52 -71 effect
Slide 22: Working capital
H1/Q2 2025 RESULTS Working capital • Inventory days (DIO): temporarily higher: 124 121 127 133 days 113 123 121 • Increased inventories in anticipation of increased sales in H2 and longer shipping lead times 50 49 50 53 52 54 51 • Trade receivables (DSO) stable at ~50 days: • Stable payment terms wi
Slide 23: Investor relations
Investor relations alex.sokolowski@corbion.com www.corbion.com +31 20 590 6341