Corbion Nv · EURONEXT:CRBN
Corbion Nv — Q3 2022 Earnings Presentation
13 slides from Corbion Nv's earnings presentation, Oct 27, 2022
Slide 1: Q3 2022 Results
Q3 2022 RESULTS OLIVIER RIGAUD (CEO) 27/10/2022 EDDY VAN RHEDE VAN DER KLOOT (CFO)
Slide 2: Key Points
Q3 2022 RESULTS Key Points • Organic sales growth core activities first nine months: 23.3% • Organic growth SFS (20.9%) and LA&S (21.2%) mostly driven by price/mix • Growth in Incubator mostly driven by strong volume growth in algae-based omega-3 (87.4%) • Adjusted EBITDA: € 142.8M (13.2% margin), o
Slide 3: Net sales and Adjusted EBITDA: Q3 2022
Q3 2022 RESULTS Net sales and Adjusted EBITDA: Q3 2022 € million YTD 2022 YTD 2021 Q3 2022 Q3 2021 Growth YTD Net sales Core 927.9 690.6 336.2 243.7 34.4% - Sustainable Food Solutions 579.1 435.6 213.3 151.5 32.9% - Lactic Acid & Specialties 300.6 232.1 98.8 81.1 29.5% - Incubator 48.2 22.9 24.1 11.
Slide 4: Sales growth per segment in Q3 2022
Q3 2022 RESULTS Sales growth per segment in Q3 2022 Acquisitions/ Net sales Volume Price/Mix Organic Currency Total growth (Divestments) YTD 2022 vs YTD 2021 Core -1.5% 24.8% 23.3% 11.0% 0.1% 34.4% - Sustainable Food Solutions -1.4% 22.3% 20.9% 11.8% 0.2% 32.9% - Lactic Acid & Specialties -6.9% 28.1
Slide 5: Core Adjusted EBITDA bridge YTD 2022
Q3 2022 RESULTS Core Adjusted EBITDA bridge YTD 2022 150 22.8 18.4 0.6 100 15.7 € mln 4.8 FTE increase costs, 117.4 8.5M 50 97.3 Other, 7.2M 0 Adj. EBITDA Volumes Pricing and Fixed costs Currency Acquisitions Adj. EBITDA Core YTD mix impact Core YTD 2021 2022 5 27/10/2022
Slide 6: Core Adjusted EBITDA bridge Q3 2022
Q3 2022 RESULTS Core Adjusted EBITDA bridge Q3 2022 45 6.4 0.0 16.9 4.2 30 € mln 8.9 41.6 15 31.3 FTE Other, increase 1.4M costs, 2.8M 0 Adj. EBITDA Volumes Pricing and Fixed costs Currency Acquisitions Adj. EBITDA Q3 2021 Core mix impact Q3 2022 Core 6 27/10/2022
Slide 7: Sustainable Food Solutions
Q3 2022 RESULTS Sustainable Food Solutions € million YTD 2022 YTD 2021 Q3 2022 Q3 2021 • Net sales organic growth of 20.9% in first nine months Net sales 579.1 435.6 213.3 151.5 • Preservation Organic growth 20.9% 13.5% 25.7% 9.4% • Growth driven by price and mix. Volumes stable. Adjusted EBITDA 71.
Slide 8: Lactic Acid & Specialties
Q3 2022 RESULTS Lactic Acid & Specialties € million YTD 2022 YTD 2021 Q3 2022 Q3 2021 • Net sales organic growth of 21.2% in first nine months Net sales 300.6 232.1 98.8 81.1 • Growth driven by price and mix effects Organic growth 21.2% 14.6% 11.4% 18.6% • Volumes down due to declining deliveries to
Slide 9: Incubator
Q3 2022 RESULTS Incubator € million YTD 2022 YTD 2021 Q3 2022 Q3 2021 • Net sales organic growth of 87.4% in first nine months Net sales 48.2 22.9 24.1 11.1 • Sales growth driven by AlgaPrime DHA (omega-3) Organic growth 87.4% 187.6% 87.4% 228.5% • Algae-based omega-3 increasingly seen as key ingred
Slide 10: TotalEnergies Corbion joint venture
Q3 2022 RESULTS TotalEnergies Corbion joint venture • Net sales growth of 15.6% in first nine months, mostly driven by € million * YTD 2022 YTD 2021 Q3 2022 Q3 2021 positive currency effects Net sales 130.5 112.9 38.2 37.9 • Recent weakness in PLA market mostly due to Chinese lockdown EBITDA 40.3 39
Slide 11: Non-core activities
Q3 2022 RESULTS Non-core activities € million YTD 2022 YTD 2021 Q3 2022 Q3 2021 • Net sales organic growth of 26.8% in Emulsifiers in first nine Net sales 152.5 107.0 56.8 38.3 months Organic growth 26.8% 12.8% 27.7% 17.6% • Fully driven by price/mix improvements Adjusted EBITDA 25.4 16.2 11.3 5.1 •
Slide 12: Outlook 2022 unchanged
Q3 2022 RESULTS Outlook 2022 unchanged • Net Sales Organic growth core activities 20-25% • Adjusted EBITDA margin core activities: towards lower end of 12-15% range • Capex: € 200 – 230 million • Covenant net debt/covenant EBITDA ratio: expected to improve by the end of the year compared to the mid-
Slide 13: Investor relations
Investor relations Jeroen.van.Harten@corbion.com www.corbion.com +31 20 590 6293