DAVY VIEW

Advance 2025, Corbion’s refreshed strategy seeks to create a more focused business supported by increased investment to deliver sustainable growth. The business will be anchored by a new ‘core’ – Sustainable Food Solutions and Lactic Acid & Specialties – with an Incubator division housing higher risk activities including AlgaPrime. The refocusing of the business around core activities is welcomed, in particular the elevation of food solutions, which marks a reversal of focus. However, the detail on the building blocks to accelerate top-line momentum fell short of our expectations. Forecast models will have to adjust to a slower runway for margin expansion as reinvestment is prioritised.