Half Year 2024 Corbion NV Earnings Call Transcript
Key Points
- Corbion NV (CSNVF) reported strong performance in H1 2024 with a 3.6% volume mix growth and a 5.5% organic growth in Q2.
- The company achieved an adjusted EBITDA of EUR 51.6 million in Q2, marking a significant improvement in EBITDA margin to 15.3%.
- The health and nutrition segment continues to grow at a double-digit rate with a high EBITDA margin, driven by strong demand for omega-3 in aquaculture and pet nutrition.
- Corbion NV (CSNVF) successfully divested its emulsifier business, resulting in a positive free cash flow and a net debt-to-EBITDA ratio of 2.2 times.
- The startup of the new lactic acid plant in Thailand is progressing well, expected to be a major value creation driver for the company in the coming years.
- The biochemicals segment is experiencing market softness, particularly in semiconductors and agrochemicals.
- Despite positive momentum, the company anticipates low single-digit negative pricing impact for the full year.
- The PLA joint venture, while showing sales growth, is still affected by high sugar prices impacting margins.
- The company faces challenges in fully compensating the stranded costs from the emulsifier divestment, with full compensation expected only by 2025.
- Freight rates have been volatile and are creeping up, which could impact margins in the near term.
Good morning, everyone. Welcome to the Corbion H1 2024 results call. Today, the results will be presented by Olivier Rigaud, CEO; as well as myself, Peter Kazius, CFO.
This morning, we published our H1 2024 results. You can find the press release and presentation on our website, if you go to www.corbion.com, Investor Relations, Financial Publications.
As usual, our half-year results call, Olivier and myself will walk you through the presentation, after which we'll move into Q&A.
And with that, I would like to hand over to Olivier.
We delivered a strong performance in the first half of 2024, demonstrating the underlying strength of our business. I'm very happy with the continuation of our positive volume mix growth, adjusted EBITDA as well as free cash flow
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