AMSTERDAM — Corbion, a sustainable ingredient solutions company, released its financial results for the first nine months of 2024. A strong Q3 drove sales growth, profit improvement and a positive cash flow, leading the company to upgrade its full-year guidance.
“Our restructuring program has advanced well, contributing to improved margins,” said Olivier Rigaud, Corbion’s CEO. “With this strong performance, highlighted by significant adjusted EBITDA growth, we, today, upgrade our full-year 2024 guidance.”
Rigaud noted continued positive momentum in its Functional Ingredients & Solutions business unit, with 7.1% volume/mix growth in Q3. In the Food segment, year-to-date sales growth in the key markets of bakery, dairy and meat remained strong, driven by strategic initiatives focused on dough conditioners, natural mold inhibitors, dairy stabilizers and natural antioxidants.
Overall year-to-date sales in Corbion’s Health & Nutrition business unit increased 21.8%, driven by volume/mix and price, contributing 18.6% and 3.2%, respectively. All three segments in the business unit — nutrition, pharma and biomedical polymers — demonstrated double-digit percent sales growth vs. Q3 2023, primarily due to volume/mix. Year-to-date 2024 adjusted EBITDA grew 90.6% over 2023, to $69.9 million (€64.6 million), driven by operational leverage, favorable product mix and higher yields in the nutrition segment.
Sales in the TotalEnergies Corbion joint venture increased organically by 15.5%, driven by higher volumes. The joint venture has experienced pricing pressure in the more commoditized markets, leading to a reduction of EBITDA margin in Q3, which is expected to continue in the coming quarters.
Earlier this year, Corbion divested its emulsifier business for $362 million and acquired Novotech Food Ingredients’ bread improver business.
