Corbion: Look for Q2 adj EBITDA of €50.8m

Research evidence excerpt

Corbion: Look for Q2 adj EBITDA of €50.8m

the more favourable pricing backdrop in Nutrition, we raise

our FY26 OSG forecast to 4.8% from 4.2%, placing us in the middle of management's 3-6%

guidance range, partially offset by a more muted volume outlook in FI&S. That said, our broader Price Performance Exchange-AEX

view remains unchanged. We downgraded Corbion to Equal Weight in March (Inflation 52 Week range EUR 21.96-15.85

Incoming: Energy Shock Reopens the Pricing Cycle, 27 March 2026), as we believed the

company's volume-led growth ambitions appeared increasingly challenging to achieve.

Expect Q2 adjusted EBITDA of €50.8m: We forecast a sequential improvement in profitability,

with EBITDA margin recovering to 15.7% from 12.9% in Q1, although remaining 80bps below the

prior year given a tougher cost backdrop. Within FI&S, we expect margins to contract YoY as

higher sulfuric acid, energy and freight costs more than offset operating improvements. Sulfuric Source: IDC

acid represents c3% of the COGS basket and a €10m headwind for the year. In Health & Link to Barclays Live for interactive charting

Nutrition, we also forecast lower YoY margins, reflecting pricing pressure on spot contracts

before the recent sharp increase in fish oil prices, although this headwind should ease through European Chemicals & Ingredients

H2 as contract renewals begin to capture the improved market environment. We have raised our Setu Sharda

FY26 H&N margin assumptions to reflect a more favourable pricing outlook in omega-3, driven + 91 (0)22 6175 1934

by substantially higher fish oil prices and improving contract economics. Even so, we forecast an setu.sharda@barclays.com

FY26 adjusted EBITDA margin of 15.8%, slightly lower YoY and below the company's 17% target. Barclays, UK