Slide 1: FY/Q4 2025 Results
FY/Q4 2025 RESULTS OLIVIER RIGAUD (CEO) PETER KAZIUS (CFO) 26-Feb-2026
Slide 2: Forward-looking statements disclaimer
Q4/FY 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 Q4/FY 2025
Q4/FY 2025 RESULTS Corbion results Q4/FY 2025 Olivier Rigaud Peter Kazius CEO CFO • Business performance • Financial performance • Outlook 3 26/02/2026
Slide 4: Business performance
Q4/FY 2025 RESULTS Business performance Olivier Rigaud CEO 4 26/02/2026
Slide 5: Strong Q4 and FY 2025 delivery
Q4/FY 2025 RESULTS Strong Q4 and FY 2025 delivery • Key 2025 performance metrics Volume/mix Organic Adj EBITDA growth Free Cash Flow EPS +3.4% (FY) +26.7% (FY) € 90.8 m (FY) € 1.29 +8.8% (Q4) +39.9% (Q4) € 58.1 m (Q4) +63.3% • Adjusted EBITDA € 204.3 million (Q4: € 48.0 million) • Health & Nutrition
Slide 6: Our BRIGHT 2030 strategy
Q4/FY 2025 RESULTS Our BRIGHT 2030 strategy Organic Sales growth +3-6% Adjusted EBITDA margin improvement ~18% (in 2028) Free Cash Flow € 270m (2026-2028) (cumulative) 6 26/02/2026
Slide 7: Functional Ingredients & Solutions
Q4/FY 2025 RESULTS Functional Ingredients & Solutions Business environment • Strong momentum in Food business, with positive volume/mix driven by growing demand for natural and label-friendly preservation solutions • Biochemicals proved resilient in a challenging environment • Softness in some food
Slide 8: Health & Nutrition
Q4/FY 2025 RESULTS Health & Nutrition Business environment • Nutrition omega-3 DHA delivered strong growth momentum in 2025, expanding further beyond aquaculture into petfood and human nutrition • Fish oil pricing trajectory recovering as of H2 and declining (sugar) input cost tailwind • Biomaterial
Slide 9: Financial performance
Q4/FY 2025 RESULTS Financial performance Peter Kazius CFO 9 26/02/2026
Slide 10: Sales and Adjusted EBITDA development
Q4/FY 2025 RESULTS Sales and Adjusted EBITDA development Sales – FY Adjusted EBITDA – FY € million € million +2.2% -1.6% 240 +26.7% +16.7% 1,320 1,316.3 221.8 4.5 220 1,310 4.5 17.4 13.0 204.3 1,300 200 46.8 1,288.1 10.8 1,290 44.4 180 175.0 1,280 Q4: € 17 m 160 1,270 1,267.4 1,260 Q4: € 0 m 140 Q4:
Slide 11: Profit and loss
Q4/FY 2025 RESULTS Profit and loss * Continued operations 11 26/02/2026
Slide 12: Functional Ingredients & Solutions
Q4/FY 2025 RESULTS Functional Ingredients & Solutions Volume/mix - Functional Ingredient & Solutions FY Organic Sales growth of +1.1% (Q4: 0.0%) FY +1.9% • Volume/mix +1.9% (Q4: +0.2%) Organic growth in Food supported by momentum in natural preservation and shelf live extension Lactic Acid sales
Slide 13: Health & Nutrition
Q4/FY 2025 RESULTS Health & Nutrition FY Volume/mix - Health & Nutrition +8.9% FY Organic Sales growth of +6.0% (Q4: +24.9%) • Volume/Mix +8.9% (Q4: +39.8%): driven by double-digit-percent growth in Biomaterials, and high-single-digit-percent growth in Nutrition and Pharma • Biomaterials sales grew
Slide 14: TotalEnergies Corbion joint venture
Q4/FY 2025 RESULTS TotalEnergies Corbion joint venture Sales+ - TotalEnergies Corbion FY +4.8% FY organic sales growth at +4.8% (Q4: +6.2%) • Long term PLA market drivers remain attractive • Continuous volume growth following PLA market dynamics, with significantly lower pricing • Following the anno
Slide 15: Investments, working capital, and Free Cash Flow
Q4/FY 2025 RESULTS Investments, working capital, and Free Cash Flow CapEx Program Operating Working Capital Free Cash Flow (€ million) (% of sales) (€ million) – excluding divestments Thai LA plant Expansion Maintenance Accounts Payable Inventories Accounts Receivable 127.6 24.9 25.3 24.2 98 48.7 91
Slide 16: Dividend proposal
Q4/FY 2025 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 (maintain vs 2024) Proposed special dividend • Proposal to distribute a di
Slide 17: Outlook
Q4/FY 2025 RESULTS Outlook Olivier Rigaud CEO 17 26/02/2026
Slide 18: FY 2026 Outlook
Q4/FY 2025 RESULTS FY 2026 Outlook Organic sales growth +3-6% Adjusted EBITDA margin ~17% Free Cash Flow ~€ 85-90 million Phasing Q1 2026: Sales and Adjusted EBITDA anticipated to be lower than the record-high comparable of Q1 2025 18 26/02/2026 Free Cash Flow = Cash Flow from operating activities -
Slide 19: Annex
Q4/FY 2025 RESULTS Annex 19 26/02/2026
Slide 20: Sales and Adjusted EBITDA: FY/Q4 2025
Q4/FY 2025 RESULTS Sales and Adjusted EBITDA: FY/Q4 2025 Q4 Q4 € million FY 2025 FY 2024 FY Growth 2025 2024 Sales - Functional Ingredients & Solutions 970.4 997.9 230.6 246.6 -2.8% - Health & Nutrition 297.0 290.2 79.6 68.6 +2.3% Total Net Sales 1,267.4 1,288.1 310.2 315.2 -1.6% Adjusted EBITDA - F
Slide 21: Sales growth per segment: FY/Q4 2025
Q4/FY 2025 RESULTS Sales growth per segment: FY/Q4 2025 Acq./ Total Sales growth Vol./Mix Price Organic Fx Div. growth FY 2025 vs FY 2024 - Functional Ingredients & Solutions +1.9% -0.8% +1.1% -3.4% -0.5% -2.8% - Health & Nutrition +8.9% -2.9% +6.0% -3.7% 0.0% +2.3% Total +3.4% -1.2% +2.2% -3.5% -0.
Slide 22: EBITDA bridge: Outlook 2026
Q4/FY 2025 RESULTS EBITDA bridge: Outlook 2026 € million -3 ~17% EBITDA margin +3-6% sales growth - - inflation 222 204 ++ cost savings - investments + proc. savings + insourcing ++ volume/mix + leverage - price Adjusted Organic growth Margin Organic Fx Adjusted EBITDA 2025 expansion Adjusted EBITDA
Slide 23: Net debt bridge FY 2025
Q4/FY 2025 RESULTS Net debt bridge FY 2025 Covenant net debt to covenant EBITDA ratio reduced further to 1.5x € million Net Debt 2025 vs 2024 -58.0 459.9 • Net debt position year-end 2025: € 401.9 million 401.9 27.7 35.7 vs € 459.9 million at year-end 2024 26.3 204.3 68.2 • Covenant net debt/covenan
Slide 24: Investor relations
Investor relations alex.sokolowski@corbion.com www.corbion.com +31 20 590 6341