For the quarter ending March 31, 2023, Corbion reports net sales of EUR 359.6 million, a 12.3% increase (of which 8.9% organic growth). Corbion’s operating profit in Q1 was EUR 26.9 million – a decline of 10.9% due to last year’s book profit of EUR 9.0 million related to the sale of a US warehouse, the company explains. The company reports its adjusted EBITDA at EUR 48.4 million, an increase of 21.0%, of which organic 18.5%.
Core net sales saw organic growth of 9.9%, with higher prices offsetting a decline in volume/mix.
Corbion’s FY23 outlook is improved: the core Adjusted EBITDA organic growth is estimated at the high end of the 15-20% range.
Olivier Rigaud, CEO, commented on the results: “In a high inflationary environment, we delivered strong growth in Q1 in both Net sales and Adjusted EBITDA. We successfully secured price increases in the course of 2022 as compensation for higher input costs. We are now starting to see some relaxation in input prices.
In Sustainable Food Solutions, we have experienced destocking in the value chain, as well as some indications of softening of consumer demand in line with macro conditions. As previously indicated, we expect our expansion plans in product/market adjacencies to contribute to sales growth in the second half of 2023. In Lactic Acid & Specialties, we have seen a continuation of lower levels of sales to the TotalEnergies Corbion joint venture, whilst our Pharma and Biomedical businesses continue to perform well. The Algae Ingredients business has maintained strong and profitable growth, and we have initiated activities to generate additional growth beyond aquaculture.
Furthermore, the divestment of Corbion’s US emulsifiers business is anticipated to be finalized by the end of 2023.
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