Natural Preservation Growth Supports Corbion’s Food Business in Q2

Corbion reported growth in natural preservation applications for bakery and new bakery
customer wins during the second quarter of 2026, as group organic sales increased by 8.5%.

The ingredients supplier generated second-quarter sales of €337.4 million, up 6.8% on a
reported basis from €315.9 million a year earlier. The organic increase reflected volume and
mix growth of 10.7%, partly offset by a 2.2% decline in pricing.

Adjusted EBITDA reached €51 million, compared with €52.2 million in the second quarter of
2025. Although this represented a reported decline of 2.3%, adjusted EBITDA increased by
4.2% organically. The group’s adjusted EBITDA margin fell to 15.1% from 16.5% a year
earlier.

Corbion’s Functional Ingredients & Solutions segment, which includes its Food business,
recorded second-quarter sales of €256.7 million, up from €240.5 million. Organic growth
was 8.4%, while adjusted EBITDA increased to €29.4 million from €28.1 million. The
segment’s adjusted EBITDA margin was 11.5%, compared with 11.7% a year earlier.

Growth across the segment was not attributable solely to bakery. Corbion said it was driven
by higher volumes in lactic acid supplied to its PLA joint venture, Biochemicals, natural
preservation and functional blends.

Within Food specifically, sales increased year on year, supported by volume and mix growth
in natural preservation applications, particularly in bakery, pet food and seafood. The
company also reported bakery customer wins, including protein-enriched formulations,
which helped offset weaker North American conditions in processed meat. Corbion did not
disclose the value of those bakery contracts or quantify bakery’s contribution to Food or
group sales.

For the first half of 2026, Corbion reported sales of €631.1 million, down 2.2% from €645.6
million on a reported basis but up 2.1% organically. Volume and mix rose by 4%, while
pricing declined by 1.9%.

First-half adjusted EBITDA decreased to €88.8 million from €106.6 million. The decline was
16.7% on a reported basis and 8% organically. Operating profit fell to €42.1 million from
€63.5 million, while the adjusted EBITDA margin declined to 14.1% from 16.5%.

Chief executive Olivier Rigaud said: “In the second quarter, we delivered strong organic sales
growth of +8.5% supported by momentum in both Functional Ingredients & Solutions and
Health & Nutrition, partly driven by as-expected phasing.”

Corbion maintained its full-year organic sales growth outlook of 3–6% and free cash flow
guidance of €85–90 million. However, it revised its adjusted EBITDA margin forecast to
above 16%, from approximately 17%.

The company attributed the change to the unforeseen effects of the war in the Middle East
on certain raw material, freight and energy costs. Corbion expects second-half margins to exceed first-half levels, supported by continued growth in Food, selected price increases, cost-saving measures, lower sugar costs and an anticipated recovery in Health & Nutrition margins.