Corbion management presents strategic development update on ‘Advance 2025’

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Overig advies 31/01/2024 08:48
During its Capital Markets Update for analysts and investors in Amsterdam today, Corbion management will present a review of the ‘Advance 2025’ strategy development and introduce updated targets for the 2024-2025 period.

Key highlights

Key financial metrics for 2023 in line with guidance1
Emulsifier business divested (closing anticipated in Q2)
EBITDA growth rate outlook for ‘24/’25 reconfirmed
Restructuring program in place to deliver significant Free Cash Flow in ‘24/’25 (> € 125 million cum)
Simplified business structure (two Business Units)
Algae roadmap: Increased value creation potential at existing production facility (€ 200 million sales by 2028)
Committed to PLA journey with focus on a differentiated strategy
Biomedical polymers: Goal to double sales (> €100 million) in 5 years with limited investment

Olivier Rigaud, CEO of Corbion, comments:

“I am pleased to report a 2023 full year outcome in line with what we indicated in October of last year. This performance was realized in a challenging geopolitical and macro-economic environment. Although we see a sequential improvement in some of our key markets, we have embarked on a restructuring program, designed to achieve significant free cash flow delivery, and enabling leverage reduction. We have developed a simpler, more efficient and focused organization consisting of two business units and will implement appropriate measures to deliver annualized cost savings of around €55 million. The recent announcement of the disposal of our Emulsifier business not only completes a strategic realignment of our portfolio but also contributes to bolstering the balance sheet.”

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