Corbion: Algae tailwinds building

Research evidence excerpt

Corbion: Algae tailwinds building

Equity Research

European Chemicals & Ingredients

22 June 2026

Corbion

Algae tailwinds building

First LookCorbion's updated LCA strengthens the case for algae-based

omega-3 at a time of tightening fish oil supply, rising prices

and increasing El Niño-related risks, potentially supporting CORB.AS/CRBN NA EQUAL WEIGHT European Chemicals &

Ingredientsdemand and pricing for its omega-3 portfolio. NEGATIVE

Price Target EUR 19.50

Price (19-Jun-26) EUR 20.30

Corbion has published an updated life-cycle assessment (LCA) for its algae-derived omega-3 Potential Upside/Downside -3.9%

DHA portfolio, showing a meaningful improvement in environmental performance versus its Source: Bloomberg, Barclays Research

2021 baseline. While the announcement has no immediate earnings implications, we see the

timing as notable given rising fish oil prices and growing concerns around a potential El Niño European Chemicals & Ingredients

event, which historically has disrupted anchovy catches in Peru (see Super El Niño: The Climate Setu Sharda

Risk Trade) and driven significant volatility in fish oil markets supporting demand for algae oil + 91 (0)22 6175 1934

alternatives. Against this backdrop, Corbion's algae-based platform offers customers both setu.sharda@barclays.com

sustainability benefits and an alternative source of omega-3 supply. Barclays, UK

Alex SloaneWe estimate fish oil contributes c€165m of sales (13% of group sales) and c€40m of EBITDA (19%

+44 (0)20 3555 0645

of group EBITDA) for Corbion in FY26. While declining fish oil prices have been a headwind to alexander.sloane@barclays.com

pricing and earnings over the past 12 months, the backdrop now appears set to improve as Barclays, UK

supply risks build and market balances tighten.