AMSTERDAM — Significant strides in advancing the company’s restructuring program contributed to improved margins and strong earnings and sales results at Corbion NV in the first nine months of fiscal 2024.

Adjusted EBITDA of €135.7 million ($147.37 million) was up 31% from €103.4 million. Operating profit increased 42% to €62.1 million from €43.9 million. Sales of €972.9 million were up 2.2% from €952.3 million. Volume/mix contributed 6.1 percentage points to organic sales growth, while price had a negative impact of 3.5 percentage points.

In Corbion’s Functional Ingredients & Solutions business, adjusted EBITDA of €71.1 million was up from €69.5 million in the previous year’s nine months. Sales decreased to €751.3 million from €769.8 million. Volume/mix contributed 3.1 percentage points to organic sales growth in the nine months, while price had a negative impact of 5.1 percentage points.

“In Functional Ingredients & Solutions, we continue to perform with positive volume mix growth, particularly driven by a strong demand in our specialty food ingredients, both in natural preservation and in our functional systems while the softness in some biochemical markets persists,” said Olivier Rigaud, chief executive officer of Corbion, during an Oct. 29 conference call with analysts. “We are pleased to see continued growth in our product market adjacencies like dairy stabilizers, natural antioxidants, and natural mold inhibitors.”

In the Health & Nutrition business, adjusted EBITDA increased to €64.6 million from €33.9 million. Sales rose to €221.6 million from €182.5 million. In nutrition, omega-3 fatty acid ingredients had a strong performance within aquaculture and pet nutrition, according to Corbion.

“We achieved strong double-digit growth in both sales and adjusted EBITDA primarily driven by the nutrition segment containing our algae fermentation products, omega-3 DHA,” Rigaud said.

In TotalEnergies, a Corbion joint venture, EBITDA was €10.9 million in the first nine months of fiscal 2024, down from €12.5 million in the same period a year ago. Sales, meanwhile, increased to €99.5 million from €86.5 million.

Noting that the company’s restructuring plan is “right on track” and will “continue to drive efficiency and profitability in the quarters ahead,” Rigaud said Corbion has upgraded its outlook for the full 2024 fiscal year. He said the company now expects volume growth of more than 5%, up from an earlier forecast of 2% to 6%. The company also has revised its free cash flow to more than €60 million, up from about €50 million.