revenue growth
3–6 pct
FY 2026
official guidance
CORBION N.V.
Last · Amsterdam€21.80+0.32 (+1.49%)stale · yahoo · 138h ago
Market cap€1.3B57.7M sh
P/E · TTM20.6fwd 14.2 · eps 1.06
Beta0.94vs S&P 500
Div yield2.98%annual · TTM
52w range
€16.16€21.96
Volume29.3Ksession
| Revenue | €1.3B |
|---|---|
| Operating income | €77.3M |
| Net income | €192.2M |
| Operating margin | 6.0% |
| Net margin | 14.9% |
| Return on equity | 24.9% |
| Period | 2024 |
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OpenFilings analyst
Our analyst
Agentic read of the latest earnings call — recommendation updates when we process a new transcript. Research synthesis, not investment advice.
BuyHoldSell
Improving operations are offset by lower guidance and substantial H2 execution risk.
Hold: Q2 showed real momentum, with organic sales growth accelerating to 8.5%, organic adjusted EBITDA growth of 4.2%, and margin expanding 220 bps sequentially to 15.1%.
However, Corbion cut its FY2026 adjusted EBITDA margin outlook to above 16% from around 17%, while the key omega-3 contract reset remains unresolved and €85–90 million of free cash flow depends on a demanding H2 receivables recovery.
Themes
- Q2 Momentum
- Omega 3 Pricing
- Fish Oil Supply
- Margin Guidance Cut
- Free Cash Flow
- Pla Jv Divestment
Near term
Q3 omega-3 pricing should improve, but roughly two-thirds of the business is locked into contracts through December 2026, limiting FY2026 upside.
Q3 margin recovery is the key near-term test: management expects a significant step-up, but did not quantify the quarter and analysts challenged the implied pace.
Free cash flow was negative €4.0 million in H1 and must recover sharply through EBITDA growth and accounts-receivable normalization to meet €85–90 million guidance.
The PLA joint venture’s strong volume momentum and any second-half price increase could support FI&S volumes, but pricing remains low and the divestment process has no disclosed timing.
Longer term
Omega-3 supply constraints and fish-oil prices up roughly 60% year on year could improve Corbion’s negotiating position when long-term aquaculture contracts renew for 2027.
Algae capacity is covered through late 2028 or early 2029; a new fermenter adds capacity in 2027, while future growth may require brownfield investment and additional refining capability.
Expansion into pet and human nutrition, astaxanthin, and higher-grade products could improve mix and margins beyond the current aquaculture-heavy business.
Natural preservation, clean-label reformulation, and North American high-protein product wins provide credible structural growth drivers in Food.
Sulfuric acid costs are expected to remain elevated through 2027, creating a persistent margin headwind for lactic acid despite Thailand’s technology advantage.
Red flags
Management quantified the Middle East-related gross cost impact at €15–20 million but did not provide a detailed bridge showing how much pricing and productivity will offset it.
The bullish omega-3 thesis depends heavily on 2027 negotiations that are only beginning; management would not provide expected renewal prices beyond the existing €4,000–5,000 long-term contract range.
Analysts highlighted that the implied H2 and Q3 margin recovery is unusually steep, and management avoided giving a precise Q3 margin.
The €85–90 million full-year free cash flow target relies on a large H2 working-capital release after H1 operating working capital increased €36.9 million.
PLA volume growth is broad-based, but management acknowledged first-half pricing remained low and gave no update on buyer interest or timing for the JV divestment.
Forward outlook
ebitda
—
FY 2026
official guidance
ebitda
30 pct
FY 2026
management framework
ebitda
11.1 pct
FY 2026
management framework
Recommendation history
OpenFilings analyst view from primary-source filings and earnings calls — not investment advice.
From latest ANNUAL · 2024-03-18
- Current Ratio Low
Red flags
- Current Ratio Low — Current ratio 0.99
Earnings transcripts
Press & signals
- GlobeNewswire
Corbion announces organic sales growth of +8.5% to €337.4m and Adjusted EBITDA of €51.0m in Q2; refines full-year margin outlook to >16%
Documents
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