Corbion (1K) | Buy | In need of a good H2

研报英文原文证据摘录

Corbion (1K) | Buy | In need of a good H2

#EarningsPreview #Negative #TPchange

Release date: 15 June 2026

Company research

ESG profile BuyCorbion

Netherlands | Food Beta Profile: MCap: EUR1.2bn

Target Price: EUR25.00 (28.00) Change in TP: -10.7 % Bloomberg: CRBN NA Reuters: CORB.AS

Current Price: EUR20.16 Change in Sales: -2.9% 26E/-2.9% 27E Free float 100%

Up/downside: 24.0% Change in Adj EBIT: -9.4% 26E/-8.5% 27E Avg. daily volume (EURm) 5.1

YTD abs performance 8.6% Market data: 12 June 2026 Change in Adj. EPS: -10.7% 26E/-9.4% 27E

52-week high/low (EUR) 21.50/16.26

In need of a good H2 Price performance

Why this report?

Ahead of the H1 2026 results update, we cut our FY 2026E EBITDA forecast by

6%. This reflects the weak Q1 results and a slower recovery of profit margins

at FI&S in Q2. Although the implications of a lower sugar and higher omega 3

price are positive for Corbion, we acknowledge that visibility on achieving

the FY2026 ambitions has become less. We cut the TP to EUR25 and keep the

Buy rating based on the undemanding valuation. A positive near-term trigger

for the shares could be the sale of the PLA JV.

Key findings

After the weak Q1 results that were reported in April, we did not adjust our forecasts

for 2026E, partly as we anticipated a strong pick-up in Q2. For the Algae ingredients

business, this is still the case, and the c. 20% increase in the Omega 3 prices YTD makes

the outlook incrementally positive. FY to 31/12 (EUR) 12/26E 12/27E 12/28E

However, for Corbion's largest business, the US food preservatives, the demand Sales 1,245 1,306 1,370

patterns continue to be difficult. In addition, the company lost some business in EBITDA adj. 204 220 243

EBIT adj. 116 128 150

its mix & blending activities.