Announcement • Feb 27
Corbion N.V., Annual General Meeting, May 13, 2026 Corbion N.V., Annual General Meeting, May 13, 2026. Announcement • Apr 03
Corbion N.V. announces Annual dividend, payable on May 27, 2025 Corbion N.V. announced Annual dividend of EUR 0.6400 per share payable on May 27, 2025, ex-date on May 16, 2025 and record date on May 19, 2025. Announcement • Feb 28
Corbion N.V., Annual General Meeting, May 14, 2025 Corbion N.V., Annual General Meeting, May 14, 2025. Announcement • Feb 27
Corbion N.V. Proposes Regular Cash Dividend Corbion N.V. proposed a regular cash dividend increase of +5% to €0.64 per ordinary share to be submitted for approval to the annual General Meeting of Shareholders. Announcement • Apr 12
Corbion Appoints Masha Vis-Mertens as Chief Human Resources Officer and Member of the Executive Committee as of 1 May 2024 Corbion announced appointment of Masha Vis-Mertens as Chief Human Resources Officer and member of the Executive Committee as of 1 May 2024. Masha Vis-Mertens, a Dutch national, joins Corbion from Switzerland where she was most recently Chief Human Resources Officer of Barry Callebaut, a global Cocoa and Chocolate Manufacturer. Over her career, she has lived in various regions and countries and has been a successful leader in HR, Commercial and Supply Chain roles. In her previous positions she gained a wealth of experience in talent development, diversity and inclusion, culture, and organizational transformation that she will be bringing to Corbion. Masha brings a diverse and multi-cultural background and a fresh perspective. She worked internationally throughout her career and is fluent in Dutch, German, French and English. Declared Dividend • Apr 03
Dividend of €0.61 announced Shareholders will receive a dividend of €0.61. Ex-date: 17th May 2024 Payment date: 28th May 2024 Dividend yield will be 3.1%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by earnings (49% earnings payout ratio) but not covered by cash flows (224% cash payout ratio). The dividend has increased by an average of 15% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 37% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Apr 03
Kingswood Capital Management, L.P. completed the acquisition of Emulsifiers business from Corbion N.V. Kingswood Capital Management, L.P. singed a binding agreement to acquire Emulsifiers business from Corbion N.V for $362 million on January 26, 2024. The purchase price paid for the business is $362 million with expected net cash proceeds of approximately $275 million, post tax and transaction costs. The sale, which is contingent upon the satisfaction of certain conditions, including regulatory approvals and transaction is expected to close in the second quarter of this year. Kirkland & Ellis LLP acted as legal advisor and Configure Partners, LLC acted as debt advisor to Kingswood Capital Management, L.P. Lazard B.V. acted as financial advisor and Stinson LLP acted as legal advisor to Corbion N.V.
Kingswood Capital Management, L.P. completed the acquisition of Emulsifiers business from Corbion N.V on April 2, 2024. The emulsifiers business, moving forward, will operate under the name PATCO Products, LLC and Vice President of Emulsifiers at Corbion, John Miller, will continue to lead the Company as its Chief Executive Officer. Announcement • Mar 05
Corbion Announces Preliminary Results of New Study from Millennial Salmon Project Corbion announced preliminary results of a new study from the Millennial Salmon Project, a strategic partnership among organizations along the value chain of salmon production. Conducted by Nofima and recently published in Aquaculture, the study confirms that AlgaPrime™ DHA can be added at varying levels without negatively impacting feed quality, and actually promoting a more stable process and pellet quality. Primarily funded by the Research Council of Norway and made up of leading organizations Nofima, InnovaFeed, Corbion,Cargill, MOWI, Labeyrie Fine Foods, SINTEF Ocean and Auchan, the Millennial Salmon Project aims to create the world’s most sustainable farmed salmon using novel ingredients with a low carbon footprint and a focus on the circular economy. The first round of research sought to determine optimal inclusion levels of AlgaPrime™ DHA LS — Corbion’s algae-based omega-3 DHA-rich ingredient in liquid suspension — in feed for Atlantic salmon, evaluating the ingredient’s effect on the feed production process. Variables examined included: physical pellet quality, expansion parameters and microstructure and later its digestibility. AlgaPrime™ DHA can be incorporated at two different moments in the feed production process: into the mix prior to extrusion and during pellet coating. Therefore, the maximum levels of AlgaPrime™ DHA inclusion in both moments was studied. An array of diets was produced and tested, from a control feed using fish meal and soy protein concentrate to feeds with the high inclusion levels of AlgaPrime™ DHA LS. Applying a method that enables numerous comparisons, researchers determined that inclusion of 100 g/kg AlgaPrime™ DHA LS in the mixture was commercially interesting, considering the levels of lipids mostly used in the feed mix. Based on the industry standard practices, researchers tested AlgaPrime™ DHA LS in the pellet coating process and were able to add up to 14% inclusion in a final feed with 36% lipids, which is far above the relevant industrial application levels of omega-3. In a uncommon study design that combines the technical application and nutrition science and after the feed production trials, the research group then looked at four diets containing AlgaPrime™ DHA in the mix, the coating, and a combination of the two, using AlgaPrime™ DHA LS at 10% and 20% inclusions. All four diets showed high nutrient digestibility in Atlantic salmon. For reference, with the inclusion of 8% of AlgaPrime™ DHA LS is possible to replace a 10% inclusion of fish oil in diets with the same omega-3 levels. These findings represent an important step for fish nutrition, illustrating the viability of sustainability gains by increasing the use of ingredients with high concentrations of omega-3, something a reliance on fish oil alone could not accomplish. At the same time, it is great news to the aquaculture industry, enabling the strategic management of omega-3 levels in feed to facilitate the production growth, a much-needed tool in view of increasing pressure on oceans and the supply gap of traditional marine resources. AlgaPrime™ DHA LS is made from a single-cell algae strain grown at scale using industrial fermentation to produce DHA while ensuring feasibility for feed manufacturers and salmon producers. With a higher DHA concentration compared to fish oil and other alternatives, inclusion of AlgaPrime™ DHA LS in feed can maintain or raise omega-3 levels in healthy diets, reducing the dependency for fish oil, thereby helping to preserve the environment. Declared Dividend • Mar 04
Dividend of €0.61 announced Shareholders will receive a dividend of €0.61. Ex-date: 19th May 2024 Payment date: 30th May 2024 Dividend yield will be 3.4%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is covered by earnings (50% earnings payout ratio) but not covered by cash flows (206% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 37% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 02
Full year 2023 earnings released: EPS: €1.23 (vs €1.53 in FY 2022) Full year 2023 results: EPS: €1.23 (down from €1.53 in FY 2022). Revenue: €1.44b (down 1.0% from FY 2022). Net income: €72.9m (down 19% from FY 2022). Profit margin: 5.0% (down from 6.2% in FY 2022). Revenue is forecast to grow 1.3% p.a. on average during the next 3 years, compared to a 3.2% decline forecast for the Chemicals industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has fallen by 29% per year, which means it is performing significantly worse than earnings. Announcement • Jan 26
Kingswood Capital Management, L.P. singed a binding agreement to acquire Emulsifiers business from Corbion N.V for $362 million. An unknown buyer agreed to acquire Emulsifiers business from Corbion N.V. (ENXTAM:CRBN) on December 1, 2022. As of August 10, 2023, the sale by Corbion of its Emulsifiers business is continuing to progress and expected to be completed by end of the year 2023. As of January 26, 2024, Kingswood Capital Management, L.P. singed a binding agreement to acquire Emulsifiers business from Corbion N.V for $362 million with expected net cash proceeds of approximately $275M, post tax and transaction costs. The sale, which is contingent upon the satisfaction of certain conditions, including regulatory approvals and transaction is expected to close in the second quarter of this year. Kirkland & Ellis LLP acted as legal advisor and Configure Partners, LLC acted as financial advisor to Kingswood Capital Management, L.P. Lazard B.V. acted as financial advisor and Stinson LLP acted as legal advisor to Corbion N.V. Valuation Update With 7 Day Price Move • Nov 02
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to €16.22, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 17x in the Chemicals industry in the United Kingdom. Total loss to shareholders of 61% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €15.36 per share. Announcement • May 18
Corbion N.V. Approves Dividend for the Year 2022, Payable on 30 May 2023 Corbion N.V. announced that General Shareholders Meeting held on 17 May 2023 approved dividend of €0.56 per ordinary share for the financial year 2022 was also approved. Dividends will be all-cash and will in principle be subject to Dutch dividend withholding tax of 15%. The ex-dividend date is 19 May 2023, the record date is 22 May 2023, and the payment day is 30 May 2023. Recent Insider Transactions • May 08
Insider recently bought €142k worth of stock On the 3rd of May, O.Y.A.R Rigaud bought around 5k shares on-market at roughly €28.37 per share. This transaction amounted to 5.9% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought €259k more in shares than they have sold in the last 12 months. Reported Earnings • Mar 04
Full year 2022 earnings released: EPS: €1.53 (vs €1.33 in FY 2021) Full year 2022 results: EPS: €1.53 (up from €1.33 in FY 2021). Revenue: €1.46b (up 36% from FY 2021). Net income: €90.0m (up 15% from FY 2021). Profit margin: 6.2% (down from 7.3% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.7% p.a. on average during the next 3 years, compared to a 1.3% growth forecast for the Chemicals industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 12
First half 2022 earnings released First half 2022 results: Revenue: (down 100% from 1H 2021). Net income: (down €67.5m from profit in 1H 2021). Profit margin: (down from 13% in 1H 2021). The decrease in margin was driven by lower expenses. Over the next year, revenue is forecast to grow 8.1% compared to a 21% decline forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • May 13
Upcoming dividend of €0.56 per share Eligible shareholders must have bought the stock before 20 May 2022. Payment date: 31 May 2022. Payout ratio is a comfortable 42% but the company is not cash flow positive. Trailing yield: 1.7%. Lower than top quartile of British dividend payers (4.8%). Lower than average of industry peers (2.7%). Valuation Update With 7 Day Price Move • May 04
Investor sentiment improved over the past week After last week's 16% share price gain to €33.92, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 20x in the Chemicals industry in the United Kingdom. Total returns to shareholders of 25% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €30.70 per share. Reported Earnings • Feb 26
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: €1.33 (up from €1.24 in FY 2020). Revenue: €1.07b (up 8.5% from FY 2020). Net income: €78.3m (up 7.1% from FY 2020). Profit margin: 7.3% (down from 7.4% in FY 2020). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 11% compared to a 3.5% decline forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 13
First half 2021 earnings released: EPS €1.15 (vs €0.42 in 1H 2020) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: €515.6m (up 4.8% from 1H 2020). Net income: €67.5m (up 173% from 1H 2020). Profit margin: 13% (up from 5.0% in 1H 2020). Over the last 3 years on average, earnings per share has increased by 18% per year whereas the company’s share price has increased by 19% per year. Executive Departure • May 26
Member of the Supervisory Board has left the company On the 19th of May, Jack de Kreij's tenure as Member of the Supervisory Board ended after 10.1 years in the role. We don't have any record of a personal shareholding under Jack's name. A total of 2 executives have left over the last 12 months. Upcoming Dividend • May 14
Upcoming dividend of €0.56 per share Eligible shareholders must have bought the stock before 21 May 2021. Payment date: 01 June 2021. Trailing yield: 1.2%. Lower than top quartile of British dividend payers (4.1%). Lower than average of industry peers (1.6%). Reported Earnings • Mar 09
Full year 2020 earnings released: EPS €1.24 (vs €0.44 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: €986.5m (up 1.0% from FY 2019). Net income: €73.1m (up 183% from FY 2019). Profit margin: 7.4% (up from 2.6% in FY 2019). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has increased by 20% per year, which means it is well ahead of earnings. Analyst Estimate Surprise Post Earnings • Mar 09
Revenue misses expectations Revenue missed analyst estimates by 0.6%. Over the next year, revenue is forecast to grow 1.9% compared to a 9.5% decline forecast for the Chemicals industry in the United Kingdom. Is New 90 Day High Low • Mar 09
New 90-day low: €42.45 The company is down 4.0% from its price of €44.35 on 09 December 2020. The British market is up 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 10.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €24.89 per share. Is New 90 Day High Low • Feb 02
New 90-day high: €48.35 The company is up 13% from its price of €42.70 on 04 November 2020. The British market is up 12% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Chemicals industry, which is up 16% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €116 per share. Is New 90 Day High Low • Jan 05
New 90-day high: €46.85 The company is up 9.0% from its price of €43.05 on 07 October 2020. The British market is up 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 11% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €109 per share. Is New 90 Day High Low • Dec 17
New 90-day high: €45.85 The company is up 23% from its price of €37.20 on 18 September 2020. The British market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 8.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €109 per share. Is New 90 Day High Low • Dec 01
New 90-day high: €44.00 The company is up 13% from its price of €39.00 on 02 September 2020. The British market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €94.45 per share. 
