AMSTERDAM — Corbion NV’s fiscal year got off to a successful start as adjusted EBITDA, up 21%, and net sales, up 12%, both increased when compared to the previous year’s first quarter.
“In a high inflationary environment, we delivered strong growth in Q1 in both net sales and adjusted EBITDA,” said Olivier Rigaud, chief executive officer, when results were given April 26. “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.”
Adjusted EBITDA of €48.4 million ($53.8 million) in the quarter ended March 31 was up from €40 million. Net sales increased to €359.6 million ($399.6 million) from €320.1 million. Organic sales rose 9%. Executives of Amsterdam-based Corbion expect organic sales in the fiscal year to increase in a range of 7% to 10% due to positive pricing and volume/mix growth in the low single-digit percentages.
Net sales in the company’s Sustainable Food Solutions increased 12% to €191.2 million. Organic sales rose by over 8%, primarily through a positive pricing impact of nearly 15%. Volume/mix declined by over 6%.
“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,” Mr. Rigaud said.
In Lactic Acid & Specialties, net sales rose 11% to €106 million behind an 8.5% increase in organic net sales. Volume/mix decreased nearly 8%, primarily due to lower levels of lactic acid supplied to the TotalEnergies Corbion joint venture and lower demand in the semiconductor business given the current market slowdown.Net sales in Algae Ingredients jumped 59% to €15.3 million. Organic sales grew 52%, primarily driven by higher sales of AlgaPrime DHA (omega-3 fatty acids) within the aquaculture sector.