AMSTERDAM — Excluding discontinued operations, sales at Corbion nv in fiscal year 2024 increased 1.9% to €1.29 billion ($1.34 billion) from €1.26 billion, even though sales declined 2% within the company’s Functional Ingredients & Solutions segment.

Adjusted EBITDA rose 25% to €175 million ($182 million) from €140 million. Organic sales increased 2.2% thanks to a positive impact of $5.2% in volume/mix. Price had a negative impact of 3%.

“I am pleased to share that in 2024, Corbion successfully met its upgraded targets for sales and adjusted EBITDA, while significantly surpassing our free cash flow target,” said Olivier Rigaud, chief executive officer, when fiscal-year results were given Feb. 27. “We achieved organic sales growth and double-digit increases in both adjusted EBITDA and adjusted operating profit.

“Our strong volume/mix performance, our focus on operational efficiencies, the successful implementation of our restructuring program, and our capex discipline resulted in the significant increase in free cash flow.”

Amsterdam-based Corbion in 2024 completed the sale of its emulsifier business for a cash price of $362 million to Kingswood Capital Management LP, which changed the name of the business to Patco. Including sales of discontinued operations, Corbion had fiscal-year sales of €1.33 billion, down 8% from €1.44 billion in fiscal 2023, and adjusted EBITDA of €188 million, down 2.1% from €192 million.

Within Functional Ingredients & Solutions, sales dipped to €998 million from €1.02 billion as a decline of 4.9% in pricing caused by input cost relaxation offset growth of 3.3% in volume/mix. Organic sales increased 2.2%.

The decrease in pricing came in the bakery and meat markets. Growth came in dairy stabilizers, natural antioxidants and natural food ferments. Corbion belongs to a joint venture, TotalEnergies. Lactic acid sales to TotalEnergies increased in 2024, driven by volume/mix growth.

Within the Health & Nutrition segment, organic sales increased 19% to €290 million from €245 million, driven by volume/mix growth of 14% and pricing growth of 4.6%. Growth came in the Nutrition business serving aquaculture and pet food end markets.

In the fourth quarter, Corbion, excluding discontinued operations, had sales of €315 million, up 1.1% from €312 million. Adjusted EBITDA rose 7% to €39 million from €37 million.