Altijd Indewar schreef op 29 september 2025 14:40:
Antwoord van Corbion (voor pdf, zie bijlage,
schuingedrukt was highlighted door Corbion). De bestaande info is gerecycled, maar er is niets nieuws gedeeld.
Thanks for your comment and interest. No different/new information is being shared with anyone. In a discussion with analysts, I reiterated what was said at Q2/H1 Reporting on Q3 expectation. The full transcript is available on our website here: 2025-08-09_transcript_q2h1-2025.pdf
Here is an excerpt:
Olivier Rigaud, Chief Executive Officer: We reiterate our target of 2% to 6%, so we feel confident there. Now, as we explained, we already discussed about the phasing in Q1. Q2 is different from one business to another. If I start first with Functional Ingredients & Solutions, if I look at the current momentum starting Q3, Food ingredients continues, with a nice momentum and we do not expect that really to change in the rest of the year. We have also some visibilities on the lactic acid intake to the PLA JV, and we also we confirm, the growth ambition of the joint venture for the full year. I think the nutrition question, your second question around the fish oil price dynamic and outlook on H2 is I think worth really diving into. We explained that indeed we had a very strong Q1 and with some phasing into Q2. When we look forward, basically on volume outlook,
we do not expect, an outstanding Q3 just because we have a very high comparable if you compare to Q3 2024, if you remember we grew this business with ~30% in Q3 last year. Q3 2025 will be good, but obviously, we face a very strong comparable. At the same time, we have a very good visibility on our Q4, and we expect a very strong Q4 in animal nutrition. I think it's also worth explaining a bit the dynamic in that business because when you speak about omega-3's, obviously in the three segments being aquaculture, pet food and human nutrition. We see a very different dynamic in aquaculture. Basically, you serve some major global accounts with contracted volumes with good visibility from one quarter to another. We supply product at ‘spot pricing” and supply the on the other side the contracted volume and for that we have very good visibility.
And we said last time we have basically 30% of our business that is not contracted where we have lower visibility and that is more exposed to spot price dynamics. So, when we look again at H2 for, our nutrition omega 3 business. We anticipate a low Q3 based on very high comparable last year and we expect a very strong Q4 and we maintain, our double digit growth rate, for the full year, and we also maintain a very strong EBITDA margin, for that division. Further sustained by a good performance in the biomedical polymer and pharma business on top of the of the omega-3 DHA products in Nutrition. Earnings call transcript 04 August 2025 Corbion H1/Q2 2025 Investor Relations 8 of 14 So, Peter, maybe you take out the cost savings now. Yeah. Peter Kazius, Chief Financial Officer: So, thanks for the question. Overall, on cost savings in our program, we are online and therefore in line and therefore also happy to see the margin delivery mainly in our FI&S business unit which increased 290 basis points for this last year. And if you translate the 290 basis points, then that's roughly €50 million. And therefore, we are also confident, and we are iterating our outlook in terms of EBITDA delivery for the Food business.
As we don’t have Q3 results yet, I genuinely have no new information to share about the quarter. If an analyst has doubts about our Q4 after a chat with me, that’s his prerogative I suppose. We always strive to hit our guidance all the same (well, at least until we know we cannot).