Contact

If you have any questions or concerns regarding this report, we kindly invite you to contact us.

Corbion nv

P.O. Box 349
1000 AH Amsterdam
The Netherlands

Telephone: +31 20 590 69 11
Email: communications@corbion.com
Website: www.corbion.com

Registered office: Amsterdam
Registered Amsterdam No. 33006580

This document is the PDF/printed version of the 2024 Annual Report of Corbion nv in the European single electronic reporting format (ESEF) and has been prepared for ease of use. The ESEF reporting package is available on the Corbion website. In any case of discrepancies between this PDF version and the ESEF reporting package, the latter prevails.

At a glance

For over 100 years, we have been uncompromising in our commitment to safety, quality, innovation, and performance. Drawing on our deep application and product knowledge, we work side by side with customers to make our cutting-edge solutions work for them. Leveraging our advanced capabilities in fermentation and preservation technology, we help customers differentiate their products in diverse markets ranging from food and animal nutrition to home and personal care, pharmaceuticals, electronics, medical devices, and bioplastics.

Corbion's strategy and every aspect of our operations are built around advancing sustainability and applying high ethical standards, whether this relates to the management of our global supply chain, responsible procurement of our raw materials, or the safety and wellbeing of our people.

In 2024, Corbion generated annual sales of € 1,288.1 million and had a workforce of 2,399 FTE. Corbion is listed on Euronext Amsterdam.

Corbion’s structure includes two business units: Functional Ingredients and Solutions, focused on driving growth, operational efficiency, and product mix/portfolio improvement and Health and Nutrition, which targets high-growth, high-margin opportunities.

Functional Ingredients & Solutions

Functional Ingredients & Solutions consists of three businesses: Food, Biochemicals, and Lactic Acid to our PLA joint venture.

As a leading global supplier of advanced ingredient solutions, we help manufacturers around the world preserve what matters to their businesses and their customers. Together, we partner to ensure our solutions deliver safety and freshness, improve nutritional profiles, delight the senses, and provide key functionalities that unlock product quality and efficacy. By leveraging the ingenuity of natural technologies, we address manufacturers’ challenges with a broad and diverse ingredient portfolio.

As a fermentation and blending powerhouse, we excel in adaptive, tailored blending capabilities and providing effective and authentic nature-based alternatives to synthetic ingredients. With a reputation for deep application expertise backed by state-of-the-art application labs and dedicated technical support teams, we cater to the needs of a broad customer base across food and biochemical markets.

Health & Nutrition

Health & Nutrition consists of three businesses: Nutrition (including omega-3), Pharma, and Biomedical Polymers. As a global supplier firmly committed to improving health and nutrition for both humans and animals, we leverage our capabilities to meet diverse market needs and maintain a global footprint.

Our Nutrition business manufactures algae-based, fermentation-powered omega sources that deliver high levels of essential nutrients in animal and human diets, such as long-chain omega-3 fatty acids. Initially focused on omega-3 for aquaculture, we are now expanding into other high-growth markets to bridge the demand-supply gap for essential fatty acids. We leverage our backward integrated position at industry leading scale to supply sustainable and reliable nutrition. 

Our Pharma and Biomedical Polymer businesses provide high-quality (active) pharmaceutical ingredients and polymers derived from lactic acid. These key components are essential in medicine and medical devices that improve health and resilience. We harness nature’s brilliance and combine it with the power of human innovation and versatility of lactic acid and its derivatives. We reliably supply quality ingredients and polymers to our customers that apply them in specific medicine for renal care, medical devices, wound closure, and controlled drug delivery formulations.

Our global presence

We market our products through a worldwide network of sales offices and distributors and have a global supply chain with manufacturing facilities in the US, Thailand, Brazil, Mexico, the Netherlands, and Spain. Our innovation centers are located across the globe, and our headquarters is based in the Netherlands.

Message from the CEO

In 2024, we made tough decisions, implemented a major restructuring plan, and began a transformational journey with the goal of creating a stronger, more agile, and integrated team that is better prepared than ever to pursue its purpose of preserving what matters. At the same time, we delivered great customer service, strengthened customer intimacy, and leveraged our innovation capabilities to help customers prevail in hard times. Together, the combination of our simplified organizational structure, renewed strategic focus, financial discipline, and rigorous execution, all made the difference. By the time we reported our third-quarter results, we were able to upgrade our full-year 2024 guidance. By year-end, we successfully met our upgraded targets for revenues, Adjusted EBITDA, and net debt, while significantly surpassing our free cash flow target.

We followed through on the strategic divestment of our non-core Emulsifiers business. We brought a new vinegar production site online in Montgomery, Alabama, a new blending facility in Querétaro, Mexico, and expanded our algae production in Brazil. We felt pride in commissioning the world's first circular lactic acid plant in Thailand, which was successfully qualified at our customers. We completed the final stage of our four-year global SAP implementation, which is bringing important efficiency gains. 

A key reason for our ability to navigate these challenges was our commitment to our customers. We worked together, solved problems, and found ways to fulfill our promises and provide business continuity whilst maintaining service levels and fostering innovation. Our application and technical service teams helped customers by reformulating products and redesigning processes to counter inflationary pressures and raw material shortages. Coming through with creativity, expertise, and outstanding service at a critical time was a powerful demonstration of Corbion's value as a partner.

Over the last years, we completed a major investment program across our lactic acid plant network and are now well invested for the years to come, strengthening our global leadership and cost position with manufacturing sites on four continents and the ability to execute regionally through our local application labs, regional offices, and close-to-market-talent.

Looking ahead, we will focus our investments in key growth areas such as algae ingredients, particularly omega-3 oils, medical biopolymers, and natural food preservatives.

It is well known that Corbion was serious about sustainability long before ESG programs became fashionable. The progress we made in 2024 toward achieving our targets for efficient energy management and other key sustainability metrics, as well as our 2024 EcoVadis gold medal rating, made it clear that we are as committed as ever to helping to realize a more sustainable future. Our new circular lactic acid plant in Thailand is a prime example of our progress. It produces lactic acid with the lowest associated carbon footprint compared to any existing manufacturing technologies. By leveraging this innovative circular production technology, we are significantly helping our customers to reduce their scope 3 emissions, which are among the most challenging to address in the value chain. And, while we fell short of our own ambitions in terms of safety performance, we successfully reduced recordable injuries by 15 percent from the prior year. In this aspect of our business, no result greater than zero will ever be good enough. This is where "preserving what matters" starts.

Our aim has also been to preserve and create even greater shareholder value. We recognized the need to improve our cash flow and degree of debt leverage. We took action, divesting our non-core Emulsifiers business, constructing a restructuring plan, rethinking processes, and implementing a more disciplined financial strategy. The results we achieved clearly validate those actions: Corbion's CapEx discipline significantly improved free cash flow, EBITDA growth is in line with our previous guidance, and we enter 2025 as a more agile, more efficient organization with our focus set on preserving the things that matter most to our customers, our shareholders, our employees, and the planet.

On behalf of the Executive Committee,
Olivier Rigaud

The world around us

At Corbion, we actively take into account the interests of a broad group of stakeholders, including employees, customers, workers in the supply chain, regulatory bodies, local communities, shareholders and the financial community, consumers, and society at large. Listening to these groups is crucial for creating a responsible, sustainable, and resilient business model. The outcomes of these interactions inform our strategic decisions, operational plans and policies, and inspire our innovation efforts, providing context and direction for everything we do.

Our customers' needs and market demands change rapidly, influenced by media narratives, geopolitical events, economic realities, and environmental challenges. By understanding shifting consumer attitudes, we help manufacturers respond effectively to trends while contributing to a more sustainable future.

In 2024, global consumers were increasingly focused on market stability and navigating economic pressures, looking for brands they can trust, enhancing their health and well-being, and protecting the planet. At Corbion, we play a small but meaningful role in addressing these key concerns by providing innovative solutions that align with market trends and customer needs. These topics, while interconnected, can be clearly categorized into the following areas.

Market stability

Despite continuing challenges, the global economy showed resiliency, growing at around 3% in 2024. Although inflation rates began to ease in 2024, slower inflation did little to lower consumer prices from the higher levels they had reached in recent years. Many consumers, especially those on limited or fixed incomes, continued to face high living costs. By late 2024, retail food prices were nearly 25% higher than they were just prior to the global pandemic, as shown by Consumer Price Index data. Rising prices for everyday essentials like food, housing, and energy were experienced by many as a financial strain, particularly in certain regions and demographics.

While post-COVID supply chain disruption largely resolved, geopolitical risks – such as conflicts between Russia and Ukraine, between Israel and Hamas, and attacks on commercial vessels on the Red Sea – highlighted the inherent fragility of global supply chains and consumers' vulnerability to pricing fluctuations.

Corbion plays an important role in helping manufacturers cope with inflation and achieve greater efficiency by reformulating products to make them more affordable for our customers. We also enable them to extend the shelf life of their products with more natural, consumer-friendly preservation solutions, thereby contributing to price inflation mitigation and consumer acceptance in the food space. Our global footprint in manufacturing, R&D, and applications development also helps to ensure security of supply for our customers and, in turn, their customers.

Trust and transparency

Consumer distrust has grown deeper and more multifaceted, according to the EIT Food Consumer Observatory, which reported in 2024 a steady increase in the percentage of European consumers who distrust food manufacturers specifically since 2021. This growing distrust reflects broader societal trends, shaped by a lack of confidence in government, frustrations in an increasingly divisive, partisan political landscape, and the spread of fake news and misinformation. Frequent data privacy breaches, misleading marketing tactics, food safety concerns, a lack of transparency from companies, unethical business practices, and a general perception that brands prioritize profit over customer needs contributed to a growing skepticism among consumers towards global brands, large corporate entities, and the claims they make.

The rise of Artificial Intelligence has introduced significant technological transformation and sparked enthusiasm about the potential long-term benefits for business and various aspects of life. However, that excitement was accompanied by worries about the inevitable downsides and challenges of the technology, many of which are still unknown.

In addition to providing nature-based alternatives to conventional, fossil-based solutions, Corbion addresses consumer distrust through a comprehensive approach that prioritizes transparency in product information and sustainability reporting, covering everything from responsible sourcing, to best manufacturing practices, and responsible disposal. We also consider the safety, well-being, and human rights of people in our supply chain. Our sustainable solutions support the United Nations Sustainable Development Goals and promote human and planetary health, enhancing food and biomedical safety. We engage with stakeholders across the value chain and showcase thought leadership. We play an active role and influence in the regulatory landscape through advocacy.

A healthier lifestyle

Pressures on healthcare systems increased as obesity and mental health challenges kept rising among an aging, growing population. The destigmatization of mental health, which experienced an uptick with the onset of the global pandemic in 2020, progressed further as people learned more about caring for their mental and emotional wellbeing. This led many in search of products and solutions that fit their personal condition or objective.

Much attention focused on foods characterized as 'highly processed,' and despite the absence of any clear definition of the term, advocacy groups pressed for less processed foods. While there is no shortage of opinions on this topic, the takeaway for Corbion is that foods – highly processed or not – require effective natural preservation solutions to remain safe and fresh throughout today's complex value chains. Minimally processed foods often present steeper challenges in natural preservation. This means opportunity for Corbion, as do increasing government regulations limiting sodium content and banning synthetic preservatives, for instance. All of these dynamics heighten the importance of state-of-the-art natural preservation technology.

GLP-1 medications continued to disrupt the food space, as millions embraced their use for weight loss instead of diabetes management. The disruption trend significantly impacted consumer purchase decisions and consumption patterns, as seen in the growing popularity of smaller portion sizes, higher protein and fiber content, and meal replacement solutions. For Corbion, these trends align with our capabilities, presenting opportunities to help manufacturers create more nutrient-dense offerings.

Many consumers focused on reducing/avoiding what they may consume too much of – for instance, sugar, sodium or fat – and we saw a strong movement toward adding more 'positive' elements to their diets through products making functional claims, offering greater nutrient density, or ingredients perceived as health-promoting. Allergies and intolerance to specific foods drove the development of new 'free from' products, such as dairy-free, gluten-free, and nut-free items. Corbion's formulation expertise can play a critical role in creating product alternatives that meet the specific nutritional profiles consumers want.

Expertise in food science and nature-inspired alternatives to fossil-based ingredients gives food manufacturers the flexibility they need to deliver product formulations that respond to consumer health goals without compromising product quality.

In healthcare, manufacturers and developers sought solutions that could bring relief to overburdened healthcare systems by enabling the delivery of high-quality, effective treatments that are less reliant on patient compliance and reduce the number of invasive procedures required for healing.

In addition, our bioresorbable polymers support life-changing medical and pharmaceutical products that meet the growing need for patient-friendly, economically sustainable solutions across both industries.

Protecting our planet

In 2024, global awareness of the impact of climate change increased significantly, as more people reported personally experiencing extreme weather events. With climate change concerns on the rise, a growing number of people incorporated climate change considerations into major life decisions, based on increasingly visible effects, such as record-breaking heatwaves, severe storms, and rising sea levels. Results of the Peoples' Climate Vote 2024 – the world's largest standalone public opinion survey on climate change – reflected a high level of public concern about climate change and its immediate impacts on daily life.

Similarly, biodiversity and the health of the planet came into sharper focus for both consumers and manufacturers, who are more clearly seeing the connection between their choices and the impacts of climate change on health, food security, and the environment. At the Convention on Biological Diversity (COP16) in 2024, a new framework was adopted for mapping and updating biologically significant marine areas. By sustainably producing algae-based omega-3s, Corbion contributes to preserving marine biodiversity by reducing the aquaculture industry's dependence on fish oil while helping to feed a growing population. Our expertise in nature-based food preservation solutions helps manufacturers preserve more than eight million tons of food globally, thereby reducing food waste and the emissions associated with it.

Pressures on manufacturers to act ethically and transparently grew further, illuminating the strategic importance of committing to, and following through on, an ambitious sustainability agenda. In 2024, Corbion updated its CO₂ reduction targets and committed to achieving net zero emissions by 2050.

Our Advance 2025 strategy

This will be achieved by increased investments in key growth areas such as natural food preservation, algae-based ingredients, lactic acid derivatives, and natural polymers. These investments allow Corbion to take advantage of opportunities related to climate change, biodiversity, circularity, and consumer health. We have aligned our Advance 2025 strategy with the United Nations Sustainable Development Goals, specifically SDG 2 (Zero hunger), SDG 3 (Good health and well-being), and SDG 12 (Responsible consumption and production). These are the goals where we believe we can create the most significant impact, given our global footprint, the nature of our business, and the environment in which we operate.

Strategic development update on Advance 2025

In January 2024, Corbion had a Capital Markets Update where, among other announcements, it introduced a simplified organizational structure, consolidating its three business units into two: Functional Ingredients & Solutions and Health & Nutrition. The business units are supported by an integrated supply chain and a centralized R&D structure. Corbion also announced the restructuring involved the divestiture of the non-core Emulsifiers business. This move was part of a broader restructuring program aimed at increasing free cash flow and margins. As a result of this divestment, Corbion's Emulsifiers business will be classified as a discontinued operation in its 2024 Financial statements, and the financial results of the Emulsifiers business will be presented separately from Corbion's continuing operations, providing clearer insight into the company's ongoing performance. These strategic developments aim to enhance Corbion's agility, responsiveness, and success in meeting market demands and driving innovation as a more efficient and focused organization.

Functional Ingredients & Solutions

Our Functional Ingredients & Solutions business unit consists of three businesses: Food, Biochemicals, and Lactic Acid to our PLA joint venture.

Food

Our strategy in the Food business focuses on expanding into high-potential ingredient categories, enhancing operational efficiencies, and optimizing our product mix to drive sustainable growth and profitability. Key opportunities lie in adjacent markets and product categories such as dairy stabilizers, natural antioxidants, natural mold inhibitors, and dough conditioners; solutions that address the increasing demand for clean-label, sustainable ingredients.

The divestment of our Emulsifiers business aligns with our Advance 2025 strategy, enabling us to concentrate on our core competencies in fermentation and functional ingredients. Strategic investments in fermentation capacity and advanced blending capabilities are driving scalable growth globally, further solidifying our position as a leader in natural, functional ingredients and solutions.

Our fully operational vinegar fermentation plant and world-class lactic acid and functional ingredient facilities provide the scale needed to enhance production efficiency and drive margin improvements. Additionally, our global asset footprint, has also been optimized with the addition of a new lactic acid plant in Thailand, the transition of select fermentation production from Peoria (US) to Spain, the establishment of functional ingredient facilities in India, alongside expanded capacities in Mexico. These strategic advancements create a flexible and resilient supply chain enabling us to adapt efficiently to demand fluctuations and cost pressures.

With expertise in natural alternatives, advanced blending capabilities, and tailored application support, we are uniquely positioned to lead in the functional ingredients space. Our targeted, innovative approach allows us to meet the evolving needs of our markets, deliver sustainable value, and strengthen our position as an industry leader.

Biochemicals

In the Biochemical business, we focus on harnessing our fermentation expertise and optimized global infrastructure to fuel scalable growth and profitability. The launch of our new lactic acid plant in Thailand strengthens our supply chain, offering greater flexibility and resilience to adapt to shifting demand and cost pressures. These strategic initiatives enhance our ability to serve rapidly growing markets while delivering innovative solutions. With an expanded fermentation network, we are well-positioned to meet rising demand for lactic acid and its derivatives, catering to a diverse customer base across various biochemical applications.

Lactic Acid to our PLA joint venture

Lactic acid production for the PLA market is a key component of our Functional Ingredients & Solutions strategy. Through our TotalEnergies Corbion 50/50 joint venture, we produce and market Luminy® PLA, unlocking additional value from Corbion's lactic acid platform. This partnership positions us within the PLA value chain, driving the development of innovative, safe, and sustainable polymers for the materials industry. The demand for biobased, biodegradable polymers continues to grow as they offer a lower carbon footprint compared to traditional plastics, aligning with global sustainability goals.

Health & Nutrition

Our Health & Nutrition business unit consists of three businesses: Nutrition (including omega-3), Pharma, and Biomedical Polymers.

Nutrition

Our Nutrition business produces algae-based and fermentation-powered omega sources that deliver high levels of essential nutrients in animal and human diets, such as long-chain omega-3 fatty acids. We aim to help our customers and stakeholders develop sustainable omega-based feed and food solutions by addressing supply challenges, as ocean resources alone cannot meet the growing demand for omega-3 without adverse impacts.

While our focus was primarily centered around omega-3 in aquaculture, our current innovation agenda aims to expand into other higher growth/margin markets such human nutrition, expansion into adjacent territories in pet food, and diversification through the development of new nutrients derived from algae. Meanwhile, we will continue to leverage our backward integrated position at industry-leading scale to reliably supply quality nutrition in a sustainable way.

Our AlgaPrime™ DHA portfolio promotes sustainability and health for companion animals while creating opportunities to add value for the industry. We collaborate with partners to use our AlgaVia™ algae oils to enhance human nutrition and improve diets.

Pharma

Our Pharma business provides quality (active) pharmaceutical ingredients derived from lactic acid. We leverage our backward integrated position and long track-record in quality and reliable supplies to serve global and regional partners in the pharmaceutical industry. Our partners use our ingredients for formulations and medicines targeting renal care, among other applications.

As the number of patients with kidney and other chronic diseases continues to increase globally, and global pharmaceutical supply chains face pressure, customers depend more on our PURASAL® pharma product lines. These products are manufactured in accordance with the strictest current Good Manufacturing Practice guidelines and meet the highest quality standards.

Biomedical Polymers

Our Biomedical Polymers business contributes to a more sustainable and accessible healthcare system. Biomedical Polymers offers quality monomers and polymers. Our backward integrated position and innovation platform allows us to reliably supply safe, sustainable, and biodegradable quality polymers that are applied in an increasing range of medical devices such as orthopedics, wound closure, and controlled drug delivery.

We work with leading medical and (bio)pharmaceutical partners on further advancements in cardiovascular devices, implants, tissue regeneration scaffolds, wound management, and novel drug delivery systems. Our strategy leveraging safe and resorbable polymers aligns well with current trends and opportunities in the healthcare sector while benefitting patients, our partners, and the planet.

Research and development initiatives

The new Innovation Center at Corbion brings together all R&D teams from the business units and Global R&D, Sustainability, IP, and Regulatory Affairs into one cohesive unit. This consolidation aims to facilitate collaboration, leverage synergies, and create clarity on priorities, ultimately increasing effectiveness, knowledge sharing, and output. While application teams remain within the business units due to their strong link with the commercial organization, the Innovation Center is structured around strategic platforms for solution and process innovation.

As a first priority of 2024, Corbion developed and launched a clear Innovation Strategy, which supports the execution of our Advance 2025 strategy and beyond. The Innovation Center is designed with an efficient structure that emphasizes personal and team development, an effective governance model, and a safe and engaging work environment.

Investments over strategic period

Having established a leading global position in lactic acid and lactic acid derivatives, maintaining our differentiated position is a strategic imperative. The demand for lactic acid has led to investments in the expansion of several of our existing lactic acid facilities and the startup of a first-of-its-kind lactic acid plant in Thailand, leveraging our innovative circular production technology. These investments also support the realization of our Climate Mitigation and Transition Plan. Upon completion of this investment phase into lactic acid and derivatives production assets, we are well-invested in lactic acid and focus on new key expansion projects going forward.

Corbion is currently focusing its investments on several key areas to drive future growth and innovation. One major area of investment is in algae ingredients, particularly omega-3 oils. This investment aims to enhance our capabilities in producing sustainable and high-quality omega-3 products for use in aquaculture, pet food, and human nutrition.

Additionally, Corbion is investing in biomedical polymers. This investment supports the development of advanced materials for medical applications, reinforcing our commitment to innovation in the biomedical field.

Another focus area is the development of powder and liquid derivatives for our Functional Ingredients & Solutions business unit. This initiative is designed to expand our product portfolio and meet the growing demand for versatile and functional ingredients in antioxidants, dairy stabilizers, natural mold inhibitors, and dough conditioners—to name a few.

Lastly, Corbion is focused on production insourcing. This investment aims to optimize our production processes and increase efficiency, ensuring we can meet market demands more effectively.

These strategic investments reflect Corbion's commitment to advancing our capabilities and maintaining a competitive edge in the industries we serve.

Our value creation model

Business performance

Functional Ingredients & Solutions

The Functional Ingredients & Solutions business unit at Corbion specializes in nature-based ingredient technologies for the global food and biochemical markets. With a foundation in advanced fermentation and blending capabilities, we deliver value-adding functionalities to exceed customer expectations for quality, safety, and environmental sustainability. Doing so in 2024 meant navigating a uniquely complex combination of economic pressures, market dynamics, geopolitical tensions, climate change, and shifting consumer behaviors.

Food

Economic challenges prompted consumers to reevaluate their priorities, placing a greater emphasis on holistic health—mental, physical, and emotional—as well as the health of the planet. Budget-conscious consumers sought ways to stretch their spending, often opting for discounts or value brands for everyday purchases. However, when it came to the products they truly valued, consumers demonstrated a willingness to splurge, reflecting a nuanced approach to spending.

This year also highlighted the growing tension between at-home and out-of-home dining, with many consumers striving to strike a balance. Trust in the food industry as a whole faced increasing scrutiny, amplifying the demand for transparency. Meanwhile, manufacturers grappled with elevated costs compared to the pre-pandemic period, focused on formulation alternatives and operational efficiencies to offset financial pressures. Supply chain disruptions began to ease, but costs remained elevated, affecting both operations and sales. These trends underscored the continued complexity and resilience required to adapt in an evolving landscape.

Against this backdrop, Corbion partnered with customers to deliver solutions that addressed these needs while supporting their long-term success in a competitive marketplace. Corbion’s Functional Ingredients & Solutions team achieved significant milestones throughout the year, strengthening our position as a leader in sustainable, innovative solutions.

Our expanded Pristine® dough improvers portfolio strengthened the bakery market by providing the functionality needed for healthier, nutritionally enhanced products like gluten-free and keto breads, enabling brands to excel in a label-conscious market. Similarly, our Ultra Fresh® portfolio advanced sugar reduction solutions for baked goods helped manufacturers lower input costs while preserving the high-quality textures, flavors, and consistency that keep consumers loyal to their brands.

We made strategic investments to expand our presence in high-growth regions. The acquisition of Novotech’s bread improver business positioned Corbion to capture opportunities in the rapidly expanding Indian bakery market, where urbanization and demand for convenience foods are driving significant growth. To support broader growth across the Asia Pacific region, we strengthened our partnership with IMCD to include Thailand, enhancing access to localized solutions in one of the world’s most dynamic food markets.

In Latin America, we completed a successful transition to our new facility in Querétaro, Mexico, boosting production capacity to keep pace with growing customer demand. This state-of-the-art plant enhances our capabilities, enabling greater operational efficiency and faster response times throughout the region.

In the tortilla market, we addressed a critical nutritional gap by collaborating with manufacturers to fortify corn tortillas with folic acid, aligning with public health goals and enabling customers to offer enhanced nutritional value in their products.

Our preservation expertise continued to evolve, furthering the introduction of natural antioxidants blends and ferments, through our Origin® and Verdad® portfolios. These clean-label solutions supported microbial stability and extended freshness and shelf life across diverse applications, including savory sauces, prepared foods, and applications in bakery, meat, and poultry, helping customers meet growing consumer expectations for safe, sustainable, and transparent ingredients. In 2024, our new Montgomery (US) vinegar plant began running at scale, bringing full insourcing benefits to our operations and ensuring a consistent supply of high-quality raw materials. Additionally, we developed dynamic temperature modeling to our AI-powered Listeria control model, providing customers with a cutting-edge tool to optimize food safety and shelf life under real-world conditions.

In the dairy market, we leveraged our stabilization expertise to expand into new applications, including creamers, sour cream, ice cream, and dairy alternative drinks, addressing trends toward premiumization and plant-based options. Backed by exceptional service, our Corbion Smart® solutions delivered superior functionality, ensuring the texture, consistency, and performance demanded by the dairy market.

In confectionery, we secured a patent for co-crystals, a proprietary innovation that enhances product stability and flavor delivery in hard and soft candies. Additionally, we expanded our offerings of blended acid solutions, helping customers achieve optimal product quality and performance in this growing category.

By responding to market challenges and leveraging opportunities for innovation and regional growth, Corbion demonstrated its ability to adapt and thrive in a dynamic global environment. Our achievements in 2024 reflect our commitment to empowering customers with the tools and solutions they need to succeed, while driving long-term value creation for our stakeholders.

Biochemicals

In 2024, the home and personal care sector faced growing pressure to adopt safer and more sustainable alternatives to traditional antimicrobials, driven by heightened safety concerns and evolving consumer expectations. As a result, brand owners increasingly prioritized solutions like PURAC® Sanilac, a biobased, sustainable ingredient ideal for cleaning formulations. This shift was further reinforced by private label brands, which launched new products incorporating Sanilac to meet rising demand for health-conscious and environmentally friendly options. These developments highlighted a significant market trend toward safer, more sustainable cleaning solutions, positioning Sanilac as a preferred choice for forward-thinking manufacturers.

The biochemicals market in the electronics sector stabilized in 2024 after reaching its lowest point during the summer. Improving demand for advanced electronic components, driven by technological innovation and consumer adoption, contributed to the sector's partial recovery. However, destocking efforts remained a priority as companies worked to align inventory levels with recovering market conditions. This recovery phase reflects a cautious yet optimistic outlook for the electronics sector as market conditions stabilize and demand for biobased solutions continues to grow.

Lactic Acid to our PLA joint venture

In 2024, the PLA market saw growth, particularly in Asia. The TotalEnergies Corbion joint venture remained focused on driving growth in established and emerging markets, leveraging technological advancements to meet increasing global demand for eco-friendly materials.

To meet the evolving needs of these and other markets, we launched our state-of-the-art circular lactic acid plant in Thailand in 2024. This facility reinforces Corbion’s commitment to sustainability by leveraging circular production methods that minimize waste and maximize resource efficiency.

Health & Nutrition

Nutrition

We are proud to report significant and profitable growth in the algae-based and fermentation-powered omega business. Our expansion within the aquaculture sector, particularly among major aquafeed producers, has allowed us to capitalize on industry growth. Additionally, we benefited from favorable pricing dynamics aligned with market-specific seasonal trends. Our strategic initiatives to expand into adjacent territories, such as pet food, have also contributed to our growth. These efforts will support sustainable future business success.

Aquaculture continues to play a prominent role in addressing food security, ocean protection, and economic prosperity. This is one of the reasons why Corbion partners with Nofima, a leading food research institute in Norway. In collaboration with Nofima and other forward-thinking leaders in the value chain, we continue to develop the Millennial Salmon project started in 2021. The goal of this project is to create the most sustainably farmed salmon by using novel ingredients with low carbon footprints while addressing the initiative’s millennial principles of life that are centered around health, purpose, trust, and societal and environmental impact.  We pursue similar initiatives for other markets because we believe in leveraging ecosystems to preserve what matters.

We remain committed to showcasing the power of algae fermentation on an industry-leading scale, providing reliable, high-quality nutrition to our customers who produce sustainable omega-based feed and food solutions to meet the growing demand for omega without adverse impacts to our oceans. Furthermore, we believe that all value chain partners benefit from our algae-based omega through reduced price volatility and seasonal dependencies.

Pharma

In 2024, the Pharma business continued to report modest volume/mix growth, driven mainly by increasing demand in targeted regions. Despite ongoing health reforms and other factors affecting global pharmaceutical supply chains, the supply chains of our markets are stabilized. Going forward, we expect this market to show continued growth in target regions where the number of patients with kidney and other chronic diseases grows, while access, availability, and affordability of medicine is improving.

We utilize our backward integrated position to ensure a consistent supply of high-quality ingredients to our customers, who use these sustainable ingredients in specialized medications for renal care and other treatments. Our PURASAL® pharma products are produced according to the strictest current Good Manufacturing Practice guidelines and comply with the highest quality standards.

Biomedical Polymers

2024 sales and margins in the Biomedical Polymers business show consistent healthy underlying base-levels, and we continue to see positive momentum within the medical device-related market, including orthopedics. This market maintained its performance thanks to healthy project developments supported by strong partnerships and regional growth. In addition to the healthy performance of ongoing business operations, developments in the field of controlled drug delivery softened due to formulation developments, regulatory registrations, and commercialization processes requiring more time than initially expected. Meanwhile, we see opportunities to enhance quality in this area and are committed to maintaining top standards. We aim to implement solutions for more reliable outcomes in the future.

We are leveraging our backward integrated position and are proud that our PURASORB® polymers are used by an increasing number of leading partners for a wide range of medical devices and controlled drug delivery formulations (e.g., long-acting injectables) that create new sustainable possibilities with better outcomes in terms of patients health and sustainability. Various applications are in different stages of clinical testing, including existing controlled-release technologies like long-acting injectables and new forms for different clinical indications and new delivery methods.

We will continue working with our (bio)pharmaceutical partners to leverage safe, quality resorbable polymers, aligning with healthcare trends and benefitting patients, partners, and the planet.

Sustainability performance

Sustainable solutions

Our Advance 2025 strategy builds on Corbion’s fundamental strengths by further focusing our business portfolio in alignment with global market trends including opportunities related to sustainability. The majority of our solutions make a positive contribution to the United Nations Sustainable Development Goals (SDGs), and by focusing on the added value of sustainability, Corbion can tap into new markets, attract more customers, and ultimately drive further business growth. Our product portfolio includes the following sustainable solutions:

• Corbion’s biomedical, nutrition, pharma, and food safety solutions positively impact human health (SDG 3).

• Corbion’s biochemicals enable customers to become more circular by switching to biobased alternatives, which helps to reduce the consumption of fossil resources (SDG 12).

• Corbion's food ingredients solutions extend the shelf life of food products, which can reduce food waste at customers' operations or further downstream (SDG 12).

• Corbion's low-carbon solutions, especially our biobased portfolio, support the transition to a low-carbon economy, contributing to the mitigation of climate change (SDG 13).

• Corbion offers omega-3 derived from algae fermentation as an alternative to traditional fish oil, reducing negative impacts on marine biodiversity (SDG 14).

To monitor our impact, we track the overall contribution to the SDGs as a percentage of Corbion’s total revenues. In 2024, 74% of our revenues contributed to the SDGs. We aim to increase this percentage by increasing investments in key growth areas such as natural food preservation, algae-based ingredients, lactic acid derivatives, and natural polymers. This includes investments in innovation, where all innovation projects are expected to contribute to the SDGs. These investments allow Corbion to take advantage of opportunities related to climate change, biodiversity, circularity, and consumer health.

Corbion uses Life Cycle Assessments (LCA) to understand the environmental impacts of our products. An LCA can be used as a scientific basis to identify improvement opportunities, compare different products, and support decision making in new product and process development. We provide this information to customers, to help them understand our products' carbon footprint and substantiate their sustainability claims. All Corbion LCAs are peer reviewed according to ISO 14040/44 and ISO 14067 standards.

Responsible manufacturing

Environment, health, and safety

Corbion is committed to creating a safe and healthy workspace with zero incidents. We firmly believe no job is so important that it cannot be done safely and with minimal environmental impact. We approach our operations with meticulous care, prioritizing the safety, health, and well-being of our employees, contractors, and the communities we engage with.

Our activities are supported by a management system that includes policies, procedures, training, and feedback mechanisms, ensuring adherence to applicable laws and regulations as well as alignment with our company standards and codes. Corbion is committed to complying with the ISO 45001 standard and is working toward certifying all its production locations.

In 2024, we recorded 23 injuries (employees and contractors combined) across all regions, compared to 27 in 2023. Consistent with previous years, there were no fatalities in 2024. While we had fewer total recordable injuries, the Total Recordable Injury Rate (TRIR, for employees and contractors combined), increased to 3.58 (per million hours worked), versus 2.55 per million hours worked in 2023. We had significantly less contractor exposure hours in 2024 compared to 2023. On the positive side, when looking at only our ‘own workforce,’ the TRIR improved, decreasing from 4.20 to 3.58 injuries per million hours.

During 2024, Corbion continued on our Safety Excellence journey, overseen by the ExCo EHS Committee and steered by the Safety Excellence Committee.

• Visible felt leadership: The Executive Committee prioritizes safety-focused site visits at Corbion locations. They believe in the importance of direct safety dialogues with employees and contractors, and track safety observations and follow-up actions in the global management system.

• Process safety capability and systems: Implementing a robust Process Safety Management (PSM) system is crucial for reducing the risk of major safety and environmental incidents at our production facilities, such as fires, explosions, chemical releases, or spills. Our long-term goal is to foster a ‘zero-leak’ culture, ensuring that all products stay contained within the pipelines. In 2024, we strengthened our process safety capabilities and procedures further by conducting PSM training, Hazard and Operability (HAZOP) training, and providing site-specific support across various global locations. Additionally, we actively monitor sites' multi-year process hazard analysis planning and progress.

• Behavior-Based Safety (BBS): Launched in 2022, this program aims to enhance site safety leadership and reduce risks through employee engagement at all production and R&D locations. Five out of 12 locations have completed the project phase and are now advancing their safety initiatives with guidance from their safety steering committees. Six additional locations continued or began the BBS journey in 2024. Leaders are also learning about visible felt leadership, fostering open and positive safety discussions with employees and contractors.

• Global EHS Audit Program: In 2024, we continued evaluating our production and R&D sites for compliance with Corbion’s EHS standards. This audit covers all manufacturing locations and supplements ISO audits.

Everyone at Corbion’s manufacturing sites, including employees, temporary workers, and contractors, participate in an occupational health and safety system. Most sites are ISO 45001 certified, covering the majority of production volume. Non-certified sites ensure compliance by following Corbion’s global EHS standards and Safety Rules. Six sites hold ISO 14001 certification, representing a significant portion of production.

Overall, our employee absentee rate was 3.5% compared to 2.5% in 2023.

Climate action

At Corbion we are committed to play our part in combatting the climate crisis by offering low-carbon solutions to our customers and by reducing our own GHG emissions and achieving net zero emissions by 2050. We have set emission reduction targets grounded in climate science through the Science Based Targets initiative (SBTi). Following the divestment of our Emulsifiers business, we have updated our emissions reduction targets, in line with the latest SBTi requirements.

We are committed to reducing our absolute scope 1 and 2 emissions by 42% and our absolute scope 3 emissions by 25% by 2030, compared to 2021. We are also committed to reach net-zero GHG emissions across the value chain by 2050. Our new targets have been submitted for validation to the Science Based Targets initiative in 2024.

To achieve our SBTi commitment, we focus on the following initiatives in our own operations:

• Reduction of our energy consumption through energy efficiency measures.

• Electrification of fossil-fuel driven systems.

• Introducing renewable heat solutions to support our transition from fossil fuels to renewable alternatives such as biogas and hydrogen.

• Process innovation to decarbonize the lactic acid production process.

• Implementation of renewable electricity at all manufacturing sites.

In 2024, we completed the following actions to reduce our GHG emissions:

Energy efficiency

• We initiated an energy scan at our site in Blair (US), where we have already identified opportunities for heat integration for which implementation will start in 2025.

• In Gorinchem (the Netherlands) the energy scan is being updated. First improvement projects resulting from this scan will be implemented in 2025.

• We implemented real-time monitoring of our steam consumption in Gorinchem, which is expected to bring benefits in 2025. The implementation of real-time electricity monitoring is ongoing.

• We set site-specific energy efficiency targets for the six manufacturing sites with the highest energy consumption. All sites have met their site-specific target. Next to energy savings, these targets also increased awareness, ownership, and commitment among colleagues.

Electrification

• We prepared for the installation of a new electrically-driven evaporator in Gorinchem by the first quarter of 2025.

• We evaluated the feasibility of heat pumps for different parts of our processes. The resulting projects have been included in our 2030 roadmap.

Renewable heat

• We continued the evaluation of feasible alternative fuels for heat production at our sites in Gorinchem (the Netherlands), Montmeló (Spain), Blair (US), and Rayong (Thailand).

Process innovation

• We continued our long-term innovation program and initiated several new projects.

• At the end of 2024, we launched the start-up of our new circular lactic acid plant in Thailand. Lactic acid produced by this first-of-its-kind facility will have the lowest associated carbon footprint compared to any manufacturing technologies currently used. The recycling of processing chemicals eliminates the use of lime, which is a significant contributor to our scope 3 GHG emissions.

Compared to 2023, our scope 1 and 2 emissions increased, due to business growth and due to the start-up of the new circular lactic acid plant in Thailand. Our new circular lactic acid technology enables the recycling of processing chemicals, reducing scope 3 emissions, which consumes additional energy compared to the conventional lactic acid process, leading to an increase of our scope 1 emissions. Overall, the cradle-to-gate GHG emissions of the new technology are >30% reduced compared to the conventional lactic acid production in Thailand.

Our scope 1 and 2 emissions are expected to further increase in the coming years due to business growth and further ramping up of our circular lactic acid plant. The resulting increase of our emissions is higher than the impact of the emission reductions measures that we have implemented. From 2027/2028 onwards, we expect our scope 1 and 2 emissions to decrease due to the implementation of renewable heat.

Responsible sourcing

A significant part of our value chain’s environmental and social impact is upstream of our operations. To safeguard our sustainable solutions’ overall positive environmental and social impact, we need to ensure our raw materials are sourced responsibly. Our Supplier Code defines Corbion’s expectations for all suppliers and their contractors. In 2024, we updated the code in accordance with the OECD Guidelines for Multinational Enterprises, UN Guiding Principles for Business and Human Rights, the Ethical Trading Initiative Base Code, Accountability Framework Initiative, and the fundamental conventions defined by the International Labour Organization. All our raw material suppliers must sign this code to confirm their adherence or demonstrate commitment through their own company policies that embrace the code’s standards.

We assess all our raw material suppliers for potential risks related to human rights and environmental impacts. This sustainability risk assessment is conducted using RepRisk, a tool that systematically identifies material ESG risks by analyzing information from public sources and stakeholders. It also considers specific risk elements, such as the use of SIN-listed raw materials and potential conflict minerals. The risk assessment is updated annually and conducted for any new raw material or supplier. Alongside these assessments, Corbion uses the Supplier Ethical Data Exchange (SEDEX) platform and the SEDEX Members Ethical Trade Audit (SMETA) to monitor the social performance and compliance of our high-risk suppliers.

Sustainable agriculture

A sustainable agricultural supply chain is of material importance to our business, as we rely on agriculture for our biobased raw materials. It is also vital to the communities in which we operate and to our planet’s resources. We recognize that intensive agriculture can have an adverse impact on people and the environment. The agricultural sector is the second-largest source of greenhouse gas (GHG) emissions globally, contributes to deforestation and biodiversity loss and farming of sugarcane, palm oil, and soybean oil has been linked to poor working conditions and forced and child labor issues. Sustainable agriculture, however, has the potential to protect the planet, enhance the economic viability of the agricultural sector, and support the livelihoods and well-being of farmers and communities.

Corbion is not directly involved with the growing, harvesting, or processing of the crops used to make our raw materials. We partner with our direct suppliers and conservation solution providers, and engage with other stakeholders involved in our agricultural supply chains to promote our vision for sustainable agriculture. We also implement relevant certification schemes, including Bonsucro, RSPO, and ProTerra. Our Sustainable Agriculture Policy describes our vision and fundamental principles, including respecting human rights; protecting biodiversity; eliminating deforestation; advocating stewardship of the air, soil, and water; and mitigating climate change.

Deforestation-free agricultural supply chains

The production of agricultural raw materials can involve the conversion of natural land into agricultural land. We are committed to doing as much as possible to avoid this, and we track the percentage of key agricultural raw materials (sugar, palm, soy, wheat, corn) purchased that is verified deforestation-free. Our target is to achieve >99% deforestation-free key agricultural raw materials by 2030.

About 26% of our key agricultural raw materials are sourced in North America, where deforestation is not an issue. According to the Agri-footprint database, which is based on statistics from the Food and Agriculture Organization of the United Nations, no land transformation from forest has occurred in the sourcing areas of Corbion’s dextrose, soybean oil, or wheat suppliers in the US. For sugar, palm oil, and soybean oil sourced outside of North America, the absence of deforestation is verified through audits, satellite studies, and Bonsucro, RSPO, or ProTerra certification. Combined, we verified that at least 99% of our key raw materials are deforestation-free globally, similar to last year, meeting our 2025 and 2030 target. We have not identified incidents requiring remedial actions.

Cane sugar

Corbion’s Cane Sugar Code defines specific requirements for producing sustainable cane sugar, based on Bonsucro’s definitions for sustainable sugarcane and derived products. Globally, some 8% of the sugarcane growing areas are Bonsucro certified, and for our main sourcing area, Thailand, this is less than 4%. As a result, we cannot source 100% Bonsucro-certified sugar. If a cane sugar supplier is not yet able to supply Bonsucro-certified sugar, we conduct a thorough auditing process. In 2024, we verified that 99% of our total cane sugar consumption met the requirements of our code, compared to 98% in 2023, thereby achieving our 2025 and 2030 targets. This includes around 36% Bonsucro-certified sugar. See our Cane Sugar Policy for more details on our audit program.

Palm and soybean oil

Corbion’s Palm Oil Policy reflects our commitment to implement RSPO certification across every product in our portfolio that contains palm oil and/or ingredients derived from palm oil. In addition to executing internal policies, we comply with NDPE principles based on RSPO’s Principles and Criteria for the Production of Sustainable Palm Oil (2018), and we require our suppliers to do the same. Since 2020, 100% of our palm oil and primary oleochemicals have been RSPO certified. In 2024, we continued the implementation of RSPO certification for our secondary oleochemicals.

After the divestment of our Emulsifiers business in 2024, our use of palm oil and soybean oil is no longer material. Despite this change in materiality, we believe that commodities considered high-risk should be sourced ethically, no matter the volume. Therefore, our commitment to sustainable practices remains firm.

Climate action

To achieve our SBTi commitment, we engage with our suppliers to promote climate action in our supply chain. We focus these efforts on high impact raw materials including cane sugar, corn dextrose, and chemicals.

In addition to supplier engagement, another approach is to implement third-party sourcing certifications, such as RSPO certification and Bonsucro, where GHG emissions are reduced by complying with the certifications’ stringent environmental standards.

Specifically in Brazil, cane sugar suppliers also produce biofuels and voluntarily have their production process audited under the RenovaBio program (National Biofuels Policy). This program provides a framework for certifying a mill’s efficiency in reducing GHG emissions, which is of strategic importance to the achievement of national decarbonization targets.

In 2024, we continued engaging and supporting suppliers in the development of their CO₂ reduction plans, focusing on high-impact suppliers. We collected primary data for some 65% of GHG emissions from raw materials included in our target scope as a result of this engagement.

For corn dextrose, we have partnered with our supplier Cargill on several regenerative agriculture programs in the past years. In 2024, we participated in the RegenConnect program, which focuses on soil health and carbon sequestration. Due to the limited contribution of this program to our climate targets, we decided not to continue with this initiative. We are currently investigating alternative programs.

Engagement with our chemical suppliers resulted in the implementation of renewable electricity (ISCC plus certified) for one of our raw materials from 2025 onwards.

Regarding logistics, we increased the use of intermodal freight transport over truck transportation in the EU, resulting in a significant emissions reduction. We also initiated development of a logistics roadmap for the US.

Compared to 2023, our scope 3 emissions increased, which is caused by increased purchases of raw materials, product mix effects and increased emissions for transport of both raw materials and finished goods. We expect our scope 3 emissions to remain stable in the coming years due to the implementation of the new circular lactic acid technology with lower scope 3 emissions, which compensates for the impact of business growth.

External recognition

Sustainability is a source of pride and purpose for everything we do. Our strategy is aimed at creating value for all stakeholders by growing our business in sustainable ingredient solutions. We highly appreciate it when our sustainability efforts are recognized by others.

CDP

CDP runs a global disclosure system that enables companies, cities, states, and regions to measure and manage their environmental impacts, with a focus on climate change, water security, and deforestation. A detailed and independent methodology is used to assess companies, allocating a score from A to F based on the comprehensiveness of disclosure, awareness, and management of environmental risks and demonstration of best practices associated with environmental leadership, such as setting ambitious and meaningful targets. Entities that do not disclose or provide sufficient information are marked with an F. The CDP questionnaire is aligned with the recommendations of the Task Force on Climate-related Financial Disclosures.

Our CDP disclosures on climate change and water are public and can also be downloaded from our website.

EcoVadis

Corbion has received a Gold Sustainability Rating in the 2024 EcoVadis CSR assessment, placing us in the top 5% of all suppliers in our sector worldwide. This prestigious rating reflects our commitment to sustainability across four key areas:

• Environment

• Labor practices

• Fair business practices

• Sustainable procurement

EcoVadis evaluates companies on 21 sustainability criteria, ranging from CO₂ emissions to human rights and business ethics. The framework is aligned with leading standards, including GRI, Global Compact, and ISO 26000.

This recognition underscores Corbion’s commitment to preserving what matters and supports our broader business strategy to create lasting value responsibly. Explore our full EcoVadis profile and current rating on our website.

Our Supervisory Board

Corporate governance

^{ⓘ This chapter includes disclosures related to ESRS 2, GOV1, and GOV2.}

Structure

Our corporate governance structure is designed to best support our business, meet the needs of our stakeholders, and comply with laws and regulations. This section provides an overview of our corporate governance structure and includes information required under the Dutch Corporate Governance Code, as amended and published on 20 December 2022 (the 'Code'), the Decree Additional Requirements for Management Reports, the Decree Article 10 EU Takeover Directive, and the Decree Disclosure Non- Financial Information.

Corbion nv (the 'company' or 'Corbion') is a Dutch public limited company with its registered office in Amsterdam. It acts as the (indirect) holding company for the Dutch and foreign operating companies of the company. The company’s shares are listed on Euronext Amsterdam. Corbion is an international holding company as described in Section 153, Subsection 3 under b, of Book 2 of the Dutch Civil Code. Therefore, the 'large company' regime does not apply to the company.

Corbion’s corporate governance framework is based on the requirements of the Dutch Civil Code, the Code, the company’s Articles of Association, applicable securities laws, and the rules and regulations of Euronext Amsterdam.

The company is organized in a two-tier system, comprising the Board of Management, solely composed of executive directors, and the Supervisory Board, solely composed of non-executive directors. The Supervisory Board supervises the Board of Management and Executive Committee (which includes the Board of Management) and ensures that external experience and knowledge is embedded in the company’s conduct. The two boards are independent of each other and are accountable to the General Meeting of Shareholders of the company (the 'General Meeting of Shareholders').

Board of Management/Executive Committee

General

The Board of Management (composed of the Chief Executive Officer and the Chief Financial Officer) is entrusted with the management of the company. A number of key officers have been appointed to manage the company together with the Board of Management. The members of the Board of Management and these key officers together constitute the Executive Committee. For the purpose of this corporate governance section, where the Executive Committee is mentioned, it also includes the Board of Management unless the context requires otherwise.

The Executive Committee has been operational since 1 January 2015. With the setup of this leadership team, Corbion is well positioned to drive a common agenda across the business, set clear priorities, and enhance the execution of its strategy. Members of the Supervisory Board regularly met with the members of the Executive Committee during 2024. The Supervisory Board and the Board of Management held several meetings in 2024 to review the progress of the strategy. In addition to the members of the Board of Management, other members of the Executive Committee were invited to give presentations on their area of responsibility to the Supervisory Board and its committees.

Under the chair of the CEO, the members of the Executive Committee share responsibility for developing and executing the strategic plan for the company aimed at delivering long-term value creation, aligning and prioritizing (strategic) initiatives, determining the risk profile, and implementing strategic and operational policies. The Board of Management has ultimate responsibility for the company’s management and external reporting and is answerable to shareholders of the company at the annual General Meeting of Shareholders. In performing its duties, the Executive Committee is guided by the interests of the company and its affiliated enterprise, taking into consideration the interests of the company’s stakeholders.

For a more detailed description of the responsibilities of the Board of Management and the Executive Committee, please refer to the Rules of the Board of Management/Executive Committee.

Composition and appointment

The Board of Management consists of two or more members, which number is to be determined by the Supervisory Board. The CEO determines the number of Executive Committee members. The composition of the Executive Committee and brief résumés of its members are available under the sections Governance and risk management/Our Board of Management and Executive Committee in this report.

The members of the Board of Management are appointed by the General Meeting of Shareholders on the basis of nominations by the Supervisory Board. The Corbion Articles of Association state that the General Meeting of Shareholders can overrule any such nomination by an absolute majority of the votes cast, provided said majority represents at least one-third of the issued capital. No second meeting will be convened if there is no quorum, as a second meeting is not required by Dutch law.

The Supervisory Board is authorized at all times to suspend a member of the Board of Management. The General Meeting of Shareholders may decide to suspend or dismiss a member of the Board of Management by an absolute majority of the votes cast, provided said majority represents at least one-third of the issued capital. This quorum requirement does not apply if the proposal for suspension or dismissal is submitted by the Supervisory Board. No second meeting will be convened if there is no quorum, as a second meeting is not required by Dutch law.

Each member of the Board of Management is appointed for a maximum period of four years with the possibility of reappointment for consecutive four-year terms in accordance with the Code. The other members of the Executive Committee are appointed, suspended, and dismissed by the CEO, subject to consultation with the Supervisory Board.

Remuneration

The remuneration for the individual members of the Board of Management is determined by the Supervisory Board on the proposal of the Remuneration Committee of the Supervisory Board and must be consistent with the policy thereon as adopted by the General Meeting of Shareholders. The current Remuneration Policy applicable to the Board of Management was adopted by the annual General Meeting of Shareholders in 2024 and is published on Corbion’s website. A full and detailed description of the composition of the remuneration for the individual members of the Board of Management is included in the Remuneration report. The remuneration for the other individual members of the Executive Committee shall be determined by the CEO, subject to consultation with the Supervisory Board.

Conflict of interest

Members of the Executive Committee must report any (potential) conflict of interest to the Chair of the Supervisory Board. The Supervisory Board shall decide whether a conflict of interest exists. The member of the Executive Committee who has a (potential) conflict of interest shall not participate in discussions and decision-making on a subject or transaction in relation to which the member has a conflict of interest with the company. Decisions to enter into transactions in which members of the Executive Committee have conflicts of interest that are of material significance to the company and/or to the relevant member(s) of the Executive Committee require the approval of the Supervisory Board. In accordance with best-practice provision 2.7.4 of the Code, the company reports that in 2024, there were no transactions involving a conflict of interest with members of the Executive Committee that was of material significance and that required approval of the Supervisory Board.

Supervisory Board

General

The Supervisory Board, acting in the interests of the company and its affiliated enterprise and taking into account the relevant interests of the company’s stakeholders, supervises and advises the Board of Management and Executive Committee in performing their management tasks. From among its members, the Supervisory Board has appointed an Audit Committee, an Appointment and Governance Committee, a Remuneration Committee, a Science and Technology Committee, and a Sustainability and Safety Committee. During 2024, the Supervisory Board appointed a temporary Corporate Development Committee that held monthly meetings with the Board of Management.

Corbion’s Articles of Association require the approval of the Supervisory Board for certain major resolutions proposed to be taken by the Board of Management, including issuance of shares, repurchase of shares, reduction of the issued share capital, amendment of the Articles of Association, and significant changes in the identity or nature of the company or its enterprise.

For a more detailed description of the responsibilities of the Supervisory Board and its committees, please refer to the Rules of the Supervisory Board and the Charters of its committees, which are available on Corbion’s website.

Composition and appointment

The Supervisory Board consists of three or more members to be determined by the Supervisory Board. The composition of the Supervisory Board and brief résumés of its members are available under the section How we safeguard long-term value/Supervisory Board in this report.

The members of the Supervisory Board are appointed by the General Meeting of Shareholders on the basis of nominations by the Supervisory Board (representation of employees and other workers in the Supervisory Board is not applicable). The Corbion Articles of Association state that the General Meeting of Shareholders can overrule any such nomination by an absolute majority of the votes cast, provided the said majority represents at least one-third of the issued capital. No second meeting will be convened if there is no quorum, as a second meeting is not required by law.

The Supervisory Board is authorized at all times to suspend a member of the Supervisory Board. The General Meeting of Shareholders may decide to suspend or dismiss a member of the Supervisory Board by an absolute majority of the votes cast, provided the said majority represents at least one-third of the issued capital. This quorum requirement does not apply if the proposal for suspension or dismissal is submitted by the Supervisory Board. No second meeting will be convened if there is no quorum, as a second meeting is not required by law.

Each member of the Supervisory Board is appointed for a maximum period of four years with the possibility of re-appointment for consecutive terms in accordance with the Code. The members of the Supervisory Board retire periodically in accordance with a schedule of resignation, which is available on Corbion’s website.

Conflict of interest

Members of the Supervisory Board must report any (potential) conflict of interest to the Chair of the Supervisory Board (and the Chair to the Vice-Chair). The Supervisory Board shall decide whether a conflict of interest exists. The member of the Supervisory Board who has a (potential) conflict of interest shall not participate in discussions and decision-making on a subject or transaction in relation to which the member has a conflict of interest with the company. Decisions to enter into transactions in which members of the Supervisory Board have conflicts of interest that are of material significance to the company and/or to the relevant member(s) of the Supervisory Board, require the approval of the Supervisory Board. In accordance with best-practice provision 2.7.4 of the Code, the company reports that in 2024 there were no transactions in which there was a conflict of interest with members of the Supervisory Board that was of material significance and that required approval of the Supervisory Board.

In accordance with best-practice provision 2.7.5 of the Code, the company reports that no transactions between the company and legal or natural persons who hold at least 10% of the shares in the company occurred in 2024.

Diversity, values, and Code of Business Conduct

Diversity

In line with Dutch governance requirements, Corbion adopted a Diversity and Inclusion Policy for the Supervisory Board and the Executive Committee in 2017 and updated it in 2023. Given the business environment in which Corbion operates, this policy has longer-term objectives for gender and geographical diversity, the latter reflecting the majority of our business being in the Americas.

Supervisory Board

The gender diversity targets for the Supervisory Board are that at least 30% of the Supervisory Board members are female and at least 30% of the Supervisory Board members are male (in line with the statutory gender targets). Corbion complies with these target as three members of the Supervisory Board are female and three members are male.

The geographical diversity target for the Supervisory Board states that at least one member of the Supervisory Board has relevant Americas experience and/or exposure. Corbion complies with this target as Mathieu Vrijsen and William Lin qualify as such.

Executive Committee

The gender diversity target for the Executive Committee states that at least two members should be female if the committee consists of six or seven members. Corbion’s Executive Committee has three female members, Jacqueline van Lemmen, Jennifer Lindsey, and Masha Vis-Mertens, and so complied with this target in 2024.

The geographical diversity target for the Executive Committee states that at least two members of the Executive Committee have relevant Americas experience and/or exposure. Corbion complies with this target, as Olivier Rigaud and Jennifer Lindsey qualify as such.

In the case of vacant or new positions on the Supervisory Board or the Executive Committee, the Diversity and Inclusion Policy for the Supervisory Board or Executive Committee will be applied when selecting persons for appointment as members of the Supervisory Board or Executive Committee.

Senior management

Our senior management population (the senior management layer below the Executive Committee) consists of 81 employees of which 26% are women (status end of 2024), which is below our objective of 33%. For the total organization the percentage of women is 30%, which is closer to the objective of 33%. To further improve our diversity, we are continuously educating hiring managers on diversity in recruitment and internal promotions and ensuring selection includes a diverse slate of candidates for any given role. We also offer flexibility wherever possible to meet the working pattern needs of employees, among other actions. In addition, we designed a roadmap for the rollout of our Diversity, Equity, and Inclusion strategy in 2024 and beyond.

As the number of senior management positions is limited, a few female hires or leavers within the senior management population have a significant impact on the percentage above.

Values and Code of Business Conduct

The Corbion values of care, courage, collaboration, and commitment were introduced in 2018 and implemented globally in 2019 and 2020, through communication campaigns, Executive Committee-sponsored events, and workshops held across the world. In 2024, we continued to reinforce the importance of our values through various initiatives such as quarterly values showcases, including a quarter dedicated to safety and complimentary access to the mindfulness app Headspace for all our employees. Along with the Corbion behaviors, the values guide and underpin the business strategy of Corbion. They form an integral part of our engagement and performance management programs and our global training and development initiatives.

Information about the effectiveness of, and compliance with the Corbion Code of Business Conduct is available under the section Risk management/Business Conduct Program and Governance in this report.

Shares and shareholder rights

General Meetings of Shareholders

The annual General Meeting of Shareholders will be held within six months of the close of the financial year. Extraordinary General Meetings of Shareholders will be held as often as the Board of Management and Supervisory Board deem necessary. An extraordinary General Meeting of Shareholders will also be held if one or more shareholders who collectively represent at least 10% of the issued capital submit a written request to this effect to the Board of Management or the Supervisory Board enclosing a detailed list of agenda items. If neither the Board of Management nor the Supervisory Board — which have equal powers in this matter — respond in such a way that this extraordinary General Meeting of Shareholders can be convened within six weeks of the request, the applicants are at liberty to convene the meeting themselves and appoint a chair.

Meetings are convened by public notice or via Corbion’s website, and registered shareholders are notified by letter, at least 42 days prior to the (extraordinary) General Meeting of Shareholders. If requests are received from shareholders who individually or collectively represent at least 1% of the issued capital to place items on the General Meeting of Shareholders agenda, these will be honored, provided they are submitted to Corbion at least 45 days prior to the date of the meeting.

Pursuant to Dutch law, the record date for the exercise of voting rights and rights relating to General Meetings of Shareholders is set as the 28th day prior to the day of the meeting. Shareholders registered on such date are entitled to attend the meeting and to exercise the other shareholder rights (in the meeting in question), notwithstanding subsequent sale of their shares thereafter. This date will be published in advance of every General Meeting of Shareholders.

Main powers of the General Meeting of Shareholders

The main powers of the General Meeting of Shareholders relate to:

• The appointment, suspension, and dismissal of members of the Board of Management and Supervisory Board;

• Approval of the Remuneration Policy for the Board of Management;

• Approval of the Remuneration Policy for the Supervisory Board;

• The adoption of the annual Financial statements and approval of dividends;

• Discharge from liability of the members of the Board of Management and Supervisory Board;

• Issuance of shares or rights to shares, restriction or exclusion of pre-emptive rights of shareholders, and repurchase or cancellation of shares;

• The appointment of the external auditor;

• Amendments to the Articles of Association; and

• Approval of decisions of the Board of Management that would entail a significant change in the identity or character of Corbion or its business.

Voting rights

Shareholders have voting rights in proportion to the number of shares held, and there are no restrictions on the voting rights on the company’s shares. Each share is entitled to one vote.

Subject to certain exceptions provided by Dutch law or the Corbion Articles of Association (as outlined below), decisions at the General Meeting of Shareholders will be taken by an absolute majority of the votes cast without a requirement for a quorum.

According to Dutch law and the company’s Articles of Association, the following decisions of the General Meeting of Shareholders require a larger majority or a quorum:

• Unless proposed by all members of the Supervisory Board or Board of Management, any resolution to amend the Articles of Association or to wind up the company shall require a majority of at least three-quarters of the votes cast provided at least two-thirds of the issued capital is represented.

• Any resolution to restrict or exclude the preemptive right in respect of ordinary shares or to designate the Board of Management shall require a majority of at least two-thirds of the votes cast if less than half of the issued capital is represented at the meeting.

• Any resolution to make a binding nomination for the appointment of a member of the Supervisory Board or Board of Management nonbinding shall require an absolute majority of the votes cast, provided that majority represents more than one-third of the issued capital. If a nomination has been made nonbinding, the General Meeting of Shareholders may only appoint a person other than the nominees by a resolution adopted by an absolute majority of the votes cast, provided that majority represents more than one-third of the issued capital.

• Any resolution to suspend or dismiss a member of the Supervisory Board or Board of Management shall require an absolute majority of the votes cast, provided that majority represents more than one-third of the issued capital.

• Any resolution to approve (amendments to) the Remuneration Policy for the Board of Management shall require a majority of at least three-quarters of the votes cast.

• Any resolution to approve (amendments to) the Remuneration Policy for the Supervisory Board shall require a majority of at least three-quarters of the votes cast.

Amendment of the Articles of Association

Decisions to amend the Articles of Association of the company may only be taken at a General Meeting of Shareholders in which at least two-thirds of the issued capital is represented and by a majority of at least three-quarters of the votes cast, unless the proposal has been submitted by all members of the Board of Management in office with the collective approval of all members of the Supervisory Board in office, in which case the decision may be taken by an absolute majority of the votes cast, regardless of the represented capital.

Issuance and repurchase of shares

At the 2024 annual General Meeting of Shareholders, it was resolved to authorize the Board of Management, subject to the approval of the Supervisory Board, to issue shares or grant rights to investors to acquire shares in the company as well as to restrict or exclude the preemptive right accruing to shareholders up to and including 15 November 2025. This authorization is limited to a maximum of 10% of the number of shares issued as at 15 May 2024. Furthermore, an authorization to issue shares or grant rights to investors to acquire shares in the company was granted for another 10% of the number of shares issued as at 15 May 2024 in the event of mergers, acquisitions, and/or strategic alliances.

In addition, at the 2024 annual General Meeting of Shareholders, it was resolved to authorize the Board of Management, subject to the approval of the Supervisory Board, to acquire shares in the company within the limits of the Articles of Association and within a certain price range up to and including 15 November 2025. This authorization is limited to a maximum of 10% of the number of shares issued as at 15 May 2024.

External auditor

An independent audit firm is appointed by the General Meeting of Shareholders. The external auditor is responsible for auditing the Financial statements of Corbion. On 17 May 2023, the General Meeting of Shareholders appointed KPMG Accountants N.V. as external auditor for the company for the financial year 2024.

Capital structure

As at 31 December 2024, 58,250,309 ordinary shares of € 0.25 each had been issued, including 117,217 ordinary shares held by Corbion. The ordinary shares are listed on Euronext Amsterdam. No restrictions apply to the transfer of shares.

Substantial shareholdings

Pursuant to the Dutch Financial Markets Supervision Act ('Wet op het financieel toezicht'), shareholdings of 3% or more in the company must be disclosed to the Dutch Authority for the Financial Markets (AFM).

The AFM register shows the following notifications of substantial holdings and/or voting rights at or above the 3% threshold:

• NN Group N.V.: substantial holding of 15.24% and 15.24% of the voting rights (11 March 2022)

• Inclusive Capital Partners LLC: substantial holding of 10% and 10% of the voting rights (17 March 2023)

• Artemis Investment Management LLP: substantial holding of 5.28% and 5.28% of the voting rights (1 April 2022)

• Impax Asset Management Group Plc: substantial holding of 5.02% and 5.02% of the voting rights (23 August 2023)

• ASR Nederland N.V.: substantial holding of 4.99% and 4.99% of the voting rights (22 March 2019)

Please note that as at 31 December 2024, Corbion had a capital interest of 0.2%.

Compliance with the Code

Corbion is committed to embedding the Code principles within the company, thereby abiding by the core concepts of good business practices, integrity, openness, and transparent and well-supervised management. Important changes in the corporate governance structure are presented to the General Meeting of Shareholders for discussion. With the exception of the deviations outlined in the paragraphs below, Corbion endorses and adheres to the principles and best practices of the Code.

With respect to best-practice provision 3.1.2 vi of the Code, Corbion applies share ownership requirements instead of holding restrictions. The Supervisory Board believes that a mandatory share ownership leads to a more sustainable buildup and alignment of the interests of the members of the Board of Management and the shareholders. As long as a member of the Board of Management does not comply with the share ownership requirements, vested shares received under share plans will be kept in a restricted account and cannot be traded. Corbion departs furthermore with regard to the possible financing of income tax on vested shares under the share plan by allowing selling part of the vested shares in deviation from the share ownership requirements.

With respect to canceling the binding nature of a nomination or dismissal (best-practice provision 4.3.3), Corbion deviates as follows. The members of the Supervisory Board and the Board of Management are appointed by the General Meeting of Shareholders on the basis of nominations by the Supervisory Board. The Corbion Articles of Association state that the General Meeting of Shareholders can overrule any such nomination by an absolute majority of the votes cast, provided said majority represents at least one-third of the issued capital. In contrast with the Code, no second meeting will be convened if there is no quorum, as a second meeting is not required by Dutch law.

The General Meeting of Shareholders may decide to suspend or dismiss a member of the Board of Management or Supervisory Board by an absolute majority of the votes cast, provided said majority represents at least one-third of the issued capital. This quorum requirement does not apply if the proposal for suspension or dismissal is submitted by the Supervisory Board. In contrast with the Code, no second meeting will be convened if there is no quorum, as a second meeting is not required by Dutch law.

The full text of the Code applicable to the company in 2024 can be viewed at: Monitoring Commissie Corporate Governance (mccg.nl).

Decree Additional Requirements for Management Reports/Corporate Governance Statement

Section 2a of the Decree Additional Requirements for Management Reports ('Vaststellingsbesluit nadere voorschriften inhoud bestuursverslag') requires companies to publish a statement on their approach to corporate governance and compliance with the Code. The information required in this corporate governance statement as described in Sections 3, 3a, and 3b of this decree is included in this Corporate governance section.

The information on the company’s risk management and control frameworks relating to the financial reporting process, as required by Section 3a sub a of this decree, can be found in the Risk management section.

Decree Article 10 EU Takeover Directive

The information required by the Decree Article 10 EU Takeover Directive ('Besluit artikel 10 overnamerichtlijn'), to the extent applicable to the company, is included in this corporate governance section, the notes referred to in this section, and the following paragraph.

The contractual conditions of most of the company’s key financing agreements and notes issued (potentially) entitle the banks and noteholders respectively to claim early repayment of the amounts borrowed by the company in the event of a change of control over the company (as defined in the respective agreement). With respect to agreements entered into with members of the Board of Management that provide for payment upon termination of their employment following a public bid, please refer to the description of the Remuneration Policy on Corbion’s website.

Decree Disclosure Non-Financial Information

Section 2 Subsection 1 of the Decree Disclosure Non-Financial Information ('Besluit bekendmaking niet-financiële informatie') requires companies to publish a statement concerning non-financial information. The information required in the management report as described in Section 3 of this decree, which is incorporated and repeated here by reference, can be found in the following sections of the Annual Report:

Risk management

Framework

Our approach to risk management

Given the complexity of worldwide operations in various markets and jurisdictions, Corbion needs to ensure timely identification and effective management of all significant risks inherent to the execution of our strategy to support the realization of our objectives. Corbion has an enterprise-wide risk management (ERM) program in place to preserve our reputation, assets, competitive edge, and profits, including the impacts of climate change and other sustainability impacts. ERM is the process of systematically identifying, analyzing, evaluating, and addressing risks that may impact the achievement of Corbion’s objectives.

Our approach to risk management aims to achieve a reasonable level of assurance to realize our objectives, in line with the Enterprise Risk Management framework of the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Our approach aims to embed risk awareness and risk management at all levels of Corbion to ensure that decisions are taken with due consideration of the inherent risks in relation to the risk appetite. Risk management is an integral part of running the business and therefore owned by line management (first line). Our risk management approach covers strategic, operations, compliance, and reporting risks, as illustrated below.

The implementation of the main COSO framework elements is explained in the illustration.

Control environment

The control environment is the combination of standards, processes, culture, and structures that provide the basis for carrying out internal control across the organization. The Executive Committee sets the tone at the top as to the importance of internal control including expected standards of conduct. An important principle of the control environment is the commitment of the Executive Committee to integrity and ethical values, which is demonstrated by the programs mentioned below.

Business conduct and compliance

Business Conduct Program and Governance

Corbion’s Business Conduct Program combines the legal requirements of the countries where we operate and international standards, resulting in a framework that regulates how all Corbion employees interact with colleagues, business partners, governments, and communities. We translate these legal requirements and standards into our Code of Business Conduct, internal policies, and procedures to make them accessible to everyone. Often, we go beyond what is required by local legislation to create a single global integrity approach within Corbion.

The three lines model used in Corbion also applies to business conduct:

The Executive Committee has overall responsibility for the Business Conduct Program and oversees its execution. To this end, they drive awareness (tone at the top), establish an effective global business conduct governance framework to ensure compliance with applicable laws, our Code of Business Conduct and underlying policies across the entire company, and ensure allocation of appropriate resources for the upkeep and further development of the Business Conduct Program. The business is in the first line and is responsible for identifying and managing risks within their own areas. This includes implementing internal controls, adhering to policies and procedures, and ensuring compliance with regulatory requirements.

As the second line, Corbion’s Legal and Compliance department sets the strategic directions, develops policies, monitors, and supports the execution of the Business Conduct Program. The Legal and Compliance department works closely with other departments (e.g., Risk Management, Internal Audit, HR, Finance, Customer Service, Procurement, and Communications) and external stakeholders (e.g., law firms, consultants, and compliance software providers) to enable the proper rollout of the Business Conduct Program throughout the organization.

Internal audit (third line) provides independent assurance on specific business conduct aspects.

Each year, Corbion’s Compliance Officer reports to the Audit Committee of the Supervisory Board on the status of the Business Conduct Program. In the event of significant incidents, the Audit Committee is immediately informed by the Executive Committee.

Business Conduct Lifecycle

An effective business conduct program consists of several core elements that operate to prevent, detect, and correct misconduct. The Business Conduct Lifecycle is a process to continuously apply these core elements in order to further improve the Business Conduct Program.

The six-step framework outlined below has the advantage of integrating rules and controls into a larger whole that includes communications, awareness, training, and support.

These critical elements form the backbone of our comprehensive Business Conduct Program:

1. Risk assessment: Collaborating with business owners and Risk Management, we continuously monitor upcoming legislation that may impact our activities (e.g., artificial intelligence regulation, new sanctions as a result of a conflict). Our goal is to identify and address compliance risks most relevant to Corbion’s business.

2. Policies, procedures, and tools: We ensure that appropriate policies, manuals, procedures, templates, and software tools are in place, accessible, and up to date.

3. Business Conduct Network: We establish a network to support ongoing business conduct processes. Our Business Conduct Coordinators play a supporting role in embedding Corbion’s policies within the organization.

4. Communication, information, and awareness: Working closely with management and Communications, we facilitate regular communication regarding Business Conduct initiatives. We keep the Business Conduct and Privacy pages on our company intranet updated with resources which are relevant to employees and other internal stakeholders. Additionally, information relevant to our external stakeholders – such as our external Speak Up platform and privacy policies – is readily accessible on our website.

5. Training and advice: We develop and roll out regular training sessions on business conduct matters to employees. We maintain various channels to ensure our colleagues, business partners and other external stakeholders have easy communication channels with the business conduct function about various business conduct matters. We continuously support our colleagues with ongoing business conduct matters, including advice on contract negotiation, due diligence requirements, and impact assessments.

6. Monitoring/auditing: In collaboration with Internal Audit, we audit specific high-risk processes and take remediation measures if needed.

Code of Business Conduct and underlying policies

At the heart of our Business Conduct Program is the Code of Business Conduct. Our Code states the values and principles that guide our work at Corbion and sets out the expected standard of behavior for everyone working for Corbion. Our Code applies to all activities we perform on behalf of Corbion wherever they take place and to everyone working for our company.

Guided by the principles of the UN Global Compact and the OECD Guidelines for Multinational Enterprises, our Code of Business Conduct articulates the values that steer our actions at Corbion and outlines principles with respect to personal and business conduct, asset protection, employment standards, and our commitment to sustainability.

Our Code is available in the six most used languages within the company. Our Code serves as an umbrella for underlying policies. These policies address critical areas such as competition law, anti-bribery, anti-retaliation, conflicts of interest, privacy, economic sanctions, and insider trading.

To ensure effective implementation, Corbion maintains a network of regional Business Conduct Coordinators who help embed the Code of Business Conduct and the underlying policies into local operations. Additionally, they serve as a local point of contact for management and employees.

Speak Up channels and Anti-Retaliation Policy

^{ⓘ This chapter includes disclosures related to ESRS S1-3.}

Under our Speak Up Policy, which has been revised to comply with the requirements of the EU Whistleblower Directive and its implementing national laws, Corbion employees – whether permanent staff, contingent workers or interns – have multiple channels to report misconduct and (potential) violations of laws, the Code of Business Conduct, and underlying policies. They can reach out to their manager, local HR contact, or the regional Business Conduct Coordinator.

Additionally, the 24/7/365 Corbion Speak Up platform enables direct reporting to the Business Conduct Committee. Anonymity is preserved for those who choose to report without identification. The Business Conduct Committee is composed of the Chief Human Resources Officer, the VP Legal and Compliance, and the Senior Director Internal Audit. Our Speak Up platform includes a toll-free phone number and a global web service, which are operated by an independent service provider to ensure the confidentiality of the report.

In 2019, Corbion introduced the external Speak Up platform, extending the existing reporting platform to our external stakeholders, including customers, suppliers, communities, distributors, and agents. The external Speak Up platform can be used to raise concerns about (suspected) violations of the Corbion Code of Business Conduct, Corbion’s Supplier Code, Corbion’s Cane Sugar Code, or any applicable laws.

In 2023, both the internal and external Speak Up Policies underwent review, and a dedicated Anti-Retaliation Policy was introduced to align with the requirements of the new EU Whistleblower Directive and its national implementing laws in Europe.

Reports from both internal and external Speak Up platforms flow directly to the Business Conduct Committee. This Committee ensures that each report is properly investigated by qualified individuals (internal or external) and that the investigation process and any disciplinary measures are applied in accordance with applicable laws and in a consistent manner across the company.

Breaches of the Code of Business Conduct may result in disciplinary actions, including termination of employment. The outcome of the investigations as well as any disciplinary measures taken are documented and reported bi-annually to the Executive Committee and Audit Committee.

Corbion does not tolerate retaliation against those who report misconduct or support investigations into such behavior.

Code of Business Conduct training

Every year, all Corbion employees – including permanent staff, interns, and contingent workers with a contract of three or more months – are required to participate in a mandatory training on our Code of Business Conduct. Employees receive training in their local language through an e-learning course or by attending a live classroom session. Course materials are updated annually, considering the most relevant risks at the time of the release and the topics that were brought up in Speak Up reports in the previous year. Corbion has a strict policy on attendance to the Code of Business Conduct training.

In addition, selected groups of employees need to follow mandatory e-learning trainings every two years with respect to anti-corruption and competition law.

Compliance statement

Every year, during the annual Code of Business Conduct training, employees confirm their compliance with the Code and underlying policies by signing a compliance statement.

In terms of our onboarding program, our standard employment contracts contain a clause with respect to adherence to the Code of Business Conduct. New hires, including interns and contingency workers, are introduced to our Code as soon as they join Corbion and are required to complete the Code of Business Conduct training in the first six weeks of employment.

Conflict of Interest Policy

The purpose of our Conflict of Interest Policy is to provide guidance in identifying and handling potential, perceived, and actual conflicts of interest within Corbion. Conflicts of interest arise when our personal activities or relationships influence or appear to influence our business decisions on behalf of Corbion. Conflicts of interest endanger the relationship Corbion has with its business partners and other stakeholders; they could harm the credibility of Corbion, and even lead to loss of business and reputation.

In January of every year, the Supervisory Board, Executive Committee, and direct reports of the Executive Committee confirm their compliance with the Conflict of Interest Policy by signing a compliance statement. They also fill out a questionnaire with respect to related-party transactions.

Anti-bribery and anti-corruption

As a listed company operating worldwide, compliance with anti-bribery and anti-corruption laws is vital. Given its importance, compliance with our policy is overseen by the Executive Committee. Our policy with respect to anti-bribery and anti-corruption is laid down in our Gifts, Entertainment, and Third-Party Payments Policy. This policy is available in six languages and covers (i) the prohibition of offering, authorizing, or accepting bribes; (ii) rules on how to deal with giving and receiving gifts and entertainment; and (iii) rules on how to deal with third-party payments (e.g., agents and distributors, facilitation payments, sponsorships, or political contributions).

All Corbion colleagues as well as our agents, distributors, and other representatives are prohibited from offering, authorizing, or accepting bribes of any kind. Any gifts and entertainment must be for legitimate business purposes, of reasonable value, appropriate to the business relationship, and be given or accepted at an appropriate time. If the nominal value of a gift exceeds a certain threshold, prior approval of the employee’s manager is required. Prior management approval is always required for entertainment (with the exception of business meals), travel, and overnight accommodation.

Corbion has an anti-bribery and anti-corruption procedure in place to screen prospective agents and distributors, who are required to complete due-diligence questionnaires to be assessed by the Legal and Compliance department and, in some cases, by an external party. Furthermore, higher-management approval is required prior to engagement. The agent or distributor is required to sign an agency or distribution agreement and accept the Corbion anti-corruption and anti-bribery clauses contained therein.

Economic sanctions

Corbion is committed to complying with economic sanctions, laws, and regulations. According to the Corbion Economic Sanctions Policy, prior to onboarding, each prospective business partner is subject to screening against applicable lists of restricted parties and sanctioned countries to ensure compliance with economic sanctions laws and regulations.

Alongside this prescreening of business partners, Corbion employs appropriate tools to continuously screen all active business partners and to prevent shipment of our products to embargoed countries and regions. The list of embargoed countries and regions is reviewed every year and whenever a significant geopolitical event takes place.

Competition Law Policy

Corbion is committed to complying with competition laws. The Corbion Competition Law Policy provides an overview of the main competition rules and establishes procedures and guidelines that must be followed in dealings where competition laws may apply (e.g., contacts with competitors, either direct or through trade associations, and relationships with suppliers, distributors, and customers). The policy prohibits cartels, abuse of a dominant position, and the exchange of sensitive information with competitors.

Corbion has a procedure in place requiring sales colleagues to obtain prior approval from higher management and the Legal and Compliance department for exclusivity/non-compete agreements with customers and distributors.

Insider Trading Policy

As a listed company, compliance with insider trading laws is vital. Insider trading conflicts with the basic principle that everyone dealing on the stock exchange should simultaneously have access to the same information. The Corbion Insider Trading Policy contains rules to ensure that all Corbion employees as well as members of the Executive Committee and Supervisory Board comply with regulations with respect to insider trading. It prohibits trading, among others, in Corbion shares if one has so-called inside information and it contains an approval process before one can trade in Corbion shares.

Privacy and data protection

In light of the EU’s General Data Protection Regulation (GDPR), Corbion has created a robust privacy program in 2018. Following its initial implementation, Corbion has further developed and localized our privacy program to reflect newly enacted privacy regulations in the countries where we operate, such as the CCPA/CPRA in California, the LGPD in Brazil, the PDPA in Thailand, and the PIPL in China.

AI Governance

In response to the recent technological developments in the field, creating an effective artificial intelligence governance framework is essential to navigate the complex legal and regulatory landscape of artificial intelligence. AI governance refers to the guardrails that ensure AI tools and systems to guide AI systems use, deployment and development.

In 2023, the Corbion Responsible AI Use Policy was approved, and several awareness sessions were held with early adopter teams and senior management. In 2024, Corbion’s AI governance program was discussed with the Executive Committee and the Corbion AI Responsible Deployment Policy has been adopted.

Enforcement actions

Corbion has not been the subject of any investigation into business conduct violations (e.g., competition, privacy, bribery) by competent governmental authorities to date.

Risk appetite

Part of the control environment is defining the risk appetite of the company by the Executive Committee. Our risk appetite is the level of risk we are willing to accept to achieve our strategic goals. This requires adequate understanding and awareness of potential risks and their impact on the company. The level of risk appetite is set by the Executive Committee. Our risk appetite can be summarized as follows.

Our risk appetite

A 1% change in net sales, costs, profit, or currency rates can have the following impact on EBITDA (in millions of euros).

Risk assessment

As an integral part of the strategy review, the Executive Committee annually performs an entity-wide risk assessment to assess the strategic risks, with a mid-year update for significant changes. Furthermore, risk assessment is an integral part of the project stage-gate methodology applied at Corbion for strategic initiatives and related investments.

Based on the strategic risks, the Executive Committee selects a number of key management activities with an increased focus on further strengthening our control framework. This is discussed with the Audit Committee and the Supervisory Board.

Operations, reporting, and compliance risks are considered throughout the organization, with ownership lying with the business (first line). Risk committees have been established to monitor specific risks to stay within Corbion’s risk appetite (Treasury Risk Committee, Commodity Pricing Risk Committee, and Sustainability Reporting Committee).

The financial reporting risks are assessed on a regular basis and the outcome of these assessments forms the input for the Corbion internal control framework for financial reporting, see section Internal control systems. For more information on financial risk management and financial instruments, see Note 26 of the Financial statements.

Key risk areas

The table that follows summarizes the top risks that have the focused attention of the Executive Committee to support the realization of the strategic targets. For each risk, the table lists the potential impact as well as a summary of mitigation measures taken to minimize the risk. There may be other risks currently unknown to Corbion, or currently believed not to be material, which could ultimately have a major impact on Corbion’s business, objectives, revenues, income, assets, liquidity, or capital resources.

Corbion top risks

Internal control systems

Corbion applies the three-lines model for the internal control systems. The first line (line management) is responsible for the operational effectiveness of the internal control framework. The second line coordinates, advises, and monitors line management regarding their responsibilities for internal control. The third line is represented by the Internal Audit department, which independently reviews the risk and control framework.

Our internal control framework is not limited to the elements outlined below, as these are a summary of the controls implemented at local and corporate levels. We apply an integrated control approach, in which the effectiveness is self-assessed or monitored by the second and third line.

Business control framework

Business controls cover a broad range of policies, procedures, systems, and other measures. They provide reasonable assurance on the effectiveness and efficiency of our operational processes and ensure the output is as expected to support the realization of the company strategy and objectives. On an entity level, important elements of the framework are the business planning process and management review.

Business planning, budgeting, and management review

Based on Corbion’s strategy and plans, targets are set for the annual budget. After determining these budgets, the targets are rolled out to the responsibility areas (e.g., business units and operations) within Corbion.

Quarterly updated estimates are made based on a forecast until the end of the year. Forecasts are specifically discussed between responsibility area leaders and the Executive Committee during quarterly business review meetings. The Executive Committee monitors business performance on a monthly and quarterly basis using a defined set of key performance indicators and reviews of actual results versus budgets, quarterly estimates, and the previous year.

Local entities are visited frequently. Operational management meets at least once a month to discuss business activities and related risks, the actual performance versus budget, and other significant matters in their respective areas.

Legal and regulatory review

Local management is responsible for compliance with laws and regulations. The Legal and Compliance department is consulted by local management on an ongoing basis. Every six months, local management reports the main open legal issues with a potential gross exposure of each exceeding € 100,000 to Corporate Legal and Corporate Finance.

Regulatory Affairs is monitoring changes in regulations surrounding our products continuously and works with the first line to ensure compliance with the regulations in the markets we serve. Regulatory Affairs is reviewing compliance in several stages of Corbion's stage-gate process for product development.

Tax governance

Within the governance framework, the conduct of the group’s tax affairs and the management of tax risks are delegated to the group’s tax department with support and assistance from the group and local finance departments. Corbion considers paying taxes an important part of our corporate social responsibility. Group’s tax affairs are carried out in line with the Corbion values, the Corbion Code of Business Conduct, and the Corbion Tax Policy. Potential ethical issues related to tax are covered by the Code of Business Conduct and the related annual training programs and can be addressed under the Corbion Speak Up Policy. The Audit Committee supervises the activities of the Board of Management with respect to the tax governance framework.

We have adopted the following tax principles. These principles deal with all different types of taxes that we are obliged to report and pay in the jurisdictions in which we operate, including taxes on profits, value added taxes, wage taxes, duties, and various other taxes.

Tax strategy

Corbion’s tax strategy follows from and is aligned with the Corbion business strategy and objectives and the Corbion values. The tax strategy is an integral part of the Corbion Tax Policy, which is updated annually and reviewed and approved by the Board of Management. Furthermore, implementation and execution of the tax strategy is monitored by the Audit Committee of the Supervisory Board and discussed during regular meetings with the Audit Committee.

Business rationale and arm’s length principle

We aim to pay the appropriate amount of tax depending on where value is created in each of the jurisdictions we operate in, following the normal course of commercial activity and in accordance with domestic and international rules and standards. All our intercompany transfer pricing and policies are based on the “arm’s length principle.” Corbion abstains from setting up structures in countries on the EU list of non-cooperative tax jurisdictions or in countries that have been designated as uncooperative tax havens by the OECD Committee on Fiscal Affairs.

Relationship with tax authorities

We seek to develop mutually respectful relationships with the various national tax authorities based on trust and transparency. To accomplish this, we aim for an open and constructive dialogue with the various tax authorities on the basis of disclosure of all relevant facts and circumstances. Within this context, Corbion may apply for advance tax rulings or advance pricing agreements on the tax treatment of specific transactions in order to obtain advance certainty on the relevant tax consequences. In the Netherlands, we concluded a so-called tax covenant ('horizontal monitoring') with the Dutch tax authorities. Such covenant entails that the tax authorities can rely on Corbion to provide upfront disclosure of all relevant information, while it allows Corbion to get upfront confirmation of applicable tax treatment.

Compliance

We aim to act at all times in accordance with the letter and the spirit of all applicable tax laws, in which we are guided by the relevant local and international standards. Compliance is monitored within a global tax control framework. Corbion complies with its statutory obligations and aims to file all required tax-relevant information with the appropriate tax authorities in a timely, transparent, and complete manner. Tax-related disclosures are made in accordance with the relevant domestic regulations, as well as applicable reporting requirements under IFRS.

Insurance

Insurance is an integral part of our risk management approach, as it is an instrument to manage the financial consequences of risks. The choice to obtain external insurance cover depends on the cost efficiency of the instrument. The coverage of insurances is monitored and benchmarked regularly.

Internal control framework for financial reporting

General

Corbion is committed to maintaining high-quality, reliable financial reporting and a good control environment. All reporting entities assess the operating effectiveness of their financial closing and reporting processes, at mid-year and end-of-year, confirming compliance with the relevant guidelines and IFRS.

During 2024, our main legal entities performed quarterly self-assessments of the design and implementation of their key financial process controls. Special attention was paid to entities that migrated to the new ERP system. For these entities, the control set was redesigned, including a detailed review of proper segregation of duties in the system and a shift from manual controls to automated controls where possible. Self-assessment also includes tax governance and treasury internal controls. Improvement recommendations based on audit and self-assessment findings are followed up by local management, the status of which is monitored regularly by the Executive Committee.

Together with the Letters of Representation, this provides reasonable assurance on the integrity of our financial reporting.

Letters of Representation

Every six months, managing directors and finance directors of each reporting entity or, where applicable, other senior staff, provide a Letter of Representation to the Board of Management. This letter represents compliance with financial reporting and internal controls.

Internal control framework for sustainability reporting

^{ⓘ This chapter includes disclosures related to ESRS 2 and GOV5.}

Corbion is committed to complying with the Corporate Sustainability Reporting Directive (CSRD) framework, ensuring transparency and accountability in reporting.

Corbion reports on key sustainability metrics, including climate change, circular economy, biodiversity, water, human rights in the supply chain, consumer health and product safety, and health and safety. This reporting aligns with corporate sustainability goals and industry benchmarks.

Annual risk assessments evaluating both qualitative and quantitative impacts are conducted, through which we identify various sustainability-related risks which may materially affect reporting. A cross-departmental team evaluates potential sustainability risks, by evaluating the impacts, risks, and opportunities of identified material themes. Stakeholder feedback is also collected through surveys and incorporated into risk management strategies. Risk and controls matrices have been developed for key material sustainability metrics.

Internal controls are maintained over the data collection process by using a centralized data management system, with the data submitted by each department subjected to a multi review process. For each KPI, data reporters and data reviewers are designated at either site or corporate level. The data reporter is responsible for the annual reporting of the data via the central reporting systems and for document retention and record keeping related to this data. The data reviewer (from Finance) is responsible for the validation of the reported data. Site-specific data is consolidated and reviewed at the corporate level by Finance and the Sustainability teams.

The review includes a comparison to data from previous years and a review of changes that could have impacted the results, such as improvement projects. In case of uncertainties, data estimation may be required; this is validated as part of the review process. We strive to continuously improve our data collection process and the reliability of the data. Significant changes that impact comparability, including changes in measurement methods, are explained in footnotes.

Every year, training sessions are held for employees involved in sustainability reporting; these help to enhance their understanding of internal controls and data accuracy. Guidelines and best practices for sustainability reporting are maintained in a shared internal resource hub.

At Corbion, we constantly evaluate our risk management process and make improvements wherever possible. To address identified weaknesses, an action plan is developed based on audit findings and stakeholder feedback, with these findings reported semi-annually to the Sustainability Reporting Committee.

IT general control framework

An information technology general control (ITGC) framework is in place to ensure the proper management of IT governance in general, projects and programs, computer operations, and access management.

From an IT security perspective, the Information Security Board (composed of representatives from the Executive Committee and senior management) sets the IT security roadmap. Risk-reducing initiatives in the past years included, among others, a company-wide security awareness program, phishing tests, multi-factor authentication, penetration tests, yearly disaster recovery plan testing for selected systems, and implementation of a security policy, and a Security Operating Center. In addition, Corbion continued to strengthen its network segmentation, identify and remove vulnerabilities, and minimize external exposure. In case of data security incidents, the Data Breach Security Committee is notified to ensure proper action and communication with authorities.

Audit

Internal Audit

Internal Audit supports Corbion in accomplishing our objectives by providing a systematic, disciplined approach to the evaluation and improvement of the effectiveness of our internal control and governance processes. Internal Audit operates according to the professional standards of the Institute of Internal Auditors. Compliance with the standards is assessed externally every five years. The Internal Audit Charter is approved by the Executive Committee and the Audit Committee. Internal Audit evaluates the implemented risks and control systems. Internal Audit supports continuous improvements by identifying best practices and recommending improvement opportunities to management. The audit plan is prepared, discussed, and agreed with relevant stakeholders including the Executive Committee and the Audit Committee. The audit plan is approved annually by the Board of Management and Supervisory Board. The plan has a rolling character so changes in priorities may be applied. Changes are discussed with the Audit Committee. A summary of all audit reports and the follow-up of open internal audit items are reported to and discussed with the Executive Committee and Audit Committee on a regular basis.

External audit and assurance

Our external financial audit engagement assesses whether our Financial statements give a true and fair view of our financial position as at year-end and of our result and cash flows for the year then ended. In 2024, the external auditor reviewed the Sustainability statements that were prepared in accordance with ESRS. Contrary to the audit of our Financial statements, this sustainability review is only aimed at obtaining a limited level of assurance.

Governance/risk management and responsibility statement

Corbion has defined a governance model that identifies clear reporting and accountability structures in line with the Dutch Corporate Governance Code. The Executive Committee is responsible for:

• Identifying and analyzing the risks associated with Corbion’s strategy and activities;

• Establishing the risk appetite, as well as ensuring that mitigating measures are being put in place;

• The design, implementation, and operation of Corbion’s internal risk management and control systems; and

• Monitoring the operation of the internal risk management and control systems and assessing the design and effectiveness thereof.

The Board of Management discusses the effectiveness of the design and operation of the internal risk management and control systems with the Audit Committee and the Supervisory Board annually.

The Executive Committee carried out an assessment of the design and effectiveness of the internal risk management and control systems, covering strategic, operations, reporting, and compliance risks. Elements that were taken into account included reports from Internal Audit and the external auditor, findings reported under one of our control frameworks, reported safety incidents, matters reported by the Legal and Compliance department, and reports received under our Speak Up Policy.

The outcome of this assessment was that no major failings were observed in the internal risk management and control systems in the year under review, and no significant changes have been made to these systems. The findings of the assessment have been discussed with the Audit Committee and the Supervisory Board. Corbion is continuously strengthening its internal risk management and control systems through various improvement initiatives. For 2024, no major improvements were identified. Concurrently, with the rollout of the new SAP-based ERP system, Corbion assessed the impact of the SAP implementation on Corbion’s control framework and, where possible, implement improvements by optimally using the application controls of SAP.

Risk management statement

Corbion’s risk management and internal control systems are designed to identify in a timely manner the risks inherent to our strategic, operations, compliance, and reporting objectives and to determine appropriate risk responses as described above. Risk management and actions taken in the year under review were reported to and discussed by the Audit Committee and the Supervisory Board. Internal representations received from management, regular management reviews, evaluations of the design and implementation of our risk management and internal control systems, and business and Audit Committee reviews are an integral part of Corbion’s risk management approach.

It should be noted that the above does not imply that these systems and procedures provide absolute certainty as to the realization of strategic, operations, compliance, and reporting objectives, nor that they can prevent all misstatements, inaccuracies, errors, fraud, and non-compliance with laws and regulations.

On the basis thereof, and as explained in the Risk management section in this report, the Board of Management, with reference to best-practice provision 1.4.3 of the Dutch Corporate Governance Code, states that to the best of its knowledge:

• The Annual Report provides sufficient insight into material failings in the effectiveness of the internal risk management and control systems;

• The aforementioned systems provide reasonable assurance that the financial reporting does not contain any material inaccuracies;

• Based on the current state of affairs, it is justified that the financial reporting is prepared on a going concern basis; and

• The Annual Report states those material risks and uncertainties that are relevant to the expectation of the company’s continuity for the period of 12 months after the preparation of the Annual Report.

Responsibility statement

With reference to Section 25c Subsection 2 sub c of Chapter 5 of the Dutch Financial Markets Supervision Act ('Wet op het financieel toezicht'), the Board of Management states that to the best of its knowledge:

• The Financial statements, prepared in accordance with applicable accounting standards, give a true and fair view of the assets, liabilities, financial position, and earnings of Corbion and our group companies included in the Financial statements; and

• The Annual Report gives a true and fair view of the position of Corbion as at the balance sheet date, the developments during the financial year of Corbion and our group companies included in the Financial statements, and a description of principal risks that Corbion faces, and that, where applicable, the sustainability reporting in the management report has been prepared in accordance with the sustainability reporting standards referred to in Article 29b of the Accounting Directive (Directive 2013/34/EU) and with the specifications adopted pursuant to the fourth paragraph of Article 8 of Regulation (EU) No 2020/852 of the European Parliament and of the Council of 18 June 2020 on the establishment of a framework to facilitate sustainable investments and amending Regulation (EU) 2019/2088 (OJ 2020, L 198).

Amsterdam, the Netherlands, 26 February 2025

Board of Management
Olivier Rigaud, Chief Executive Officer
Peter Kazius, Chief Financial Officer

Report of the Supervisory Board 2024

Overview 2024

Corbion announced in March 2024 that Eddy van Rhede van der Kloot would step down as CFO of Corbion after the annual General Meeting of Shareholders on 15 May 2024. Eddy van Rhede van der Kloot has been CFO and member of Corbion’s Board of Management and Executive Committee since 2014. The Supervisory Board would like to express its gratitude to Eddy van Rhede van der Kloot who, over the years, has delivered significant results in raising the performance of Corbion in terms of profitability and growth.

The General Meeting of Shareholders, which was held on 15 May 2024, appointed Peter Kazius as member of the Board of Management (with the title of Chief Financial Officer) for a first term of four years (2024–2028). During the same meeting, Ilona Haaijer and Steen Riisgaard were reappointed as Supervisory Board members for a period of four years (2024-2028) and two years (2024–2026) respectively.

In September 2024, the Supervisory Board announced it nominates Abhijit Bhattacharya and Karen-Marie Katholm for appointment to the Supervisory Board for a term of four years as of the annual General Meeting of Shareholders (AGM) in May 2025. As of October 2024, they act as advisors to the Supervisory Board. Mr. Bhattacharya and Ms. Katholm will be nominated for appointment to the Supervisory Board as Ms. Dessi Temperley and Mr. Mathieu Vrijsen are not available for reappointment after the AGM 2025.

At the Capital Markets Update in January 2024, Corbion management presented a review of the Advance 2025 strategy development and introduced updated targets for the 2024-2025 period. We announced a simplified business structure (two instead of three business units: Health & Nutrition and Functional Ingredients & Solutions) to reduce complexity, enhance focus, and expedite decision-making. We also shared our restructuring program which was implemented and delivered significant free cash flow results and enabled leverage reduction.

In April 2024, the divestment of the non-core Emulsifiers business to Kingswood Capital Management was completed. We want to thank our colleagues who have worked hard to develop our Emulsifiers business for many years, and we wish them great success in the years ahead.

In April 2024, Corbion announced a share buyback program to repurchase its own ordinary shares in the amount of up to € 20 million. The program ended in July 2024. All repurchased shares have been cancelled to reduce Corbion's issued share capital.

From a financial perspective, over 2024 we met or overachieved our outlook targets for volume/mix growth, Adjusted EBITDA organic growth, and free cash flow.

The Supervisory Board would like to thank the Executive Committee and all Corbion employees around the world for their care, commitment, resilience, and hard work in 2024.

Composition of the Supervisory Board

The current members of the Supervisory Board are Mathieu Vrijsen (Chair), Ilona Haaijer (Vice-Chair), Liz Doherty, William Lin, Steen Riisgaard, and Dessi Temperley. Brief résumés of the members of the Supervisory Board are available under the section Governance and risk management/Supervisory Board in this report. The profile and diversity policy of the Supervisory Board are available on Corbion’s website.

Best-practice provision 2.2.2 of the Dutch Corporate Governance Code states that in the event of a reappointment of a Supervisory Board member after an eight-year period, reasons should be given in the Report of the Supervisory Board.

Steen Riisgaard was reappointed as member of the Supervisory Board at the General Meeting of Shareholders on 15 May 2024 for a period of two years, as this is his fourth term. During his first three terms, Steen Riisgaard has made an important contribution to the Supervisory Board's work, amongst others as chair of the Science & Technology Committee, member of the Sustainability and Safety Committee, member of the Appointment and Governance Committee, and member of the Remuneration Committee. Mr. Riisgaard's broad knowledge of the (bio)chemical industry and his extensive experience as President and CEO of a major international company are of great value to Corbion and contribute to a well-balanced composition of Corbion's Supervisory Board.

In the opinion of the Supervisory Board, the independence requirements referred to in best-practice provisions 2.1.7 to 2.1.9 of the Dutch Corporate Governance Code have been fulfilled and hence, all members of the Supervisory Board are independent.

Diversity and competence matrix for the Supervisory Board

Meetings of the Supervisory Board

During the year under review, the Supervisory Board held seven regular meetings. In addition to these, two conference call meetings were held. The Board of Management attended these meetings. The Supervisory Board also met regularly in the absence of the Board of Management to discuss, among others, developments in the financial results and the composition and functioning of the Supervisory Board and Board of Management. Members of the Supervisory Board regularly met with the members of the Executive Committee, business leaders, and members of corporate staff. The external auditor attended the Supervisory Board meeting on 29 February 2024, at which the 2023 Annual Report and Financial statements were recommended for adoption by the annual General Meeting of Shareholders.

During 2024, the Supervisory Board appointed a temporary Corporate Development Committee that held monthly meetings with the Board of Management to discuss the progress of the company on a variety of matters. The members of the Corporate Development Committee were Mathieu Vrijsen (Chair), Ilona Haaijer, and Liz Doherty.

Attendance at the in-person meetings held in 2024 was 97.6%. William Lin was not able to join the meeting in August due to personal circumstances. Attendance at the conference call meetings was 71.4%. William Lin and Liz Doherty could not attend the conference call meeting in January. Steen Riisgaard and William Lin could not attend the conference call meeting in November. They provided their input beforehand to the Chair of the Supervisory Board and were informed afterwards.

Activities of the Supervisory Board

The discussions at the Supervisory Board meetings covered frequently recurring topics, such as safety, reports of its committees, the Advance 2025 strategy, developments in financial results, dividend proposal, financing, business developments, quarterly interim management statements, acquisitions and divestments, key investments, annual budget, internal risk management and control systems, succession planning of the Supervisory Board and Board of Management, remuneration for the members of the Board of Management, corporate governance, investor relations, culture and values, the science- based targets, the Financial statements, and the Annual Report. In addition, the Supervisory Board discussed the divestment of the Emulsifiers business, the Capital Markets Update, the share buy-back program, the preparation for the new strategic period, the new ESG reporting regulations, the proposed amendment of the Articles of Association, and the proposed revised Remuneration Policies for the Board of Management and Supervisory Board.

The Supervisory Board and the Executive Committee held one physical meeting to review the progress of the long-term strategy, Advance 2025, and visited the plant in Rayong (Thailand), where they met with local management and other colleagues.

Evaluation

The Supervisory Board conducted an evaluation of its performance, the performance of its committees, that of its members, and the relationship with the Board of Management and its members. The evaluation was performed by an independent external specialist. It was done by means of an online questionnaire and structured interviews with all the members of the Supervisory Board. A report of the evaluation, including observations and recommendations, was discussed by the Supervisory Board. General observations are in line with previous years, indicating a positive, open, and constructive interaction between the Supervisory Board and the Board of Management. The experience of the Supervisory Board is seen in the high quality of the committees’ performances. The main topics for the 2025 agenda include continued focus on performance of the business and execution of the current strategy, overseeing the preparation of the strategy for the 2026-2030 period, safety, and succession planning for members of the Board of Management and Executive Committee.

The Board of Management also conducted a self-evaluation of its performance and that of its members, which was performed by an independent external specialist. This was done by means of an online questionnaire to the Board of Management members and several members of the Executive Committee, followed by structured interviews with all members of the Board of Management. The survey covered the relationship to and with the Supervisory Board and its members. General observations are that the size, composition of, and the dynamics within the Executive Committee are effective and collaborative and that there is a good interaction with the Supervisory Board. The main topics for the 2025 agenda include continued focus on driving profitability and growth, safety, the preparation of the strategy for the 2026-2030 period, enhancing the understanding of new technologies including their potential impact on the business, and strengthened focus on culture, talent, and succession.

Committees of the Supervisory Board

The Supervisory Board has appointed from among its members an Audit Committee, Remuneration Committee, Appointment and Governance Committee, Science and Technology Committee, and Sustainability and Safety Committee. The committees’ role is to prepare the decision-making of the Supervisory Board. The charters of the committees are available on Corbion’s website.

Audit Committee

The members of the Audit Committee are Liz Doherty (Chair), Dessi Temperley, and William Lin. In 2024, the Audit Committee met five times in the presence of the external auditor, the CFO, the VP Finance Control, the VP Business Control, and the Senior Director Internal Audit. Other heads of departments (e.g., Treasury, Tax, Legal and Compliance, and IT) were invited when the Audit Committee deemed it necessary and appropriate. The Audit Committee also held private individual meetings with the CFO, the Senior Director Internal Audit, and the external auditor, respectively. The attendance rate at the meetings held in 2024 was 100%.

The agenda at the Audit Committee meetings covered, among other subjects, annual and half-year figures, interim management statements, accounting matters, IFRS changes, sustainability reporting, the Financial statements, annual budget, dividend proposal, internal risk management and control systems, tax matters (including tax control framework), financing, treasury and insurance, pensions, IT, cyber security, the ERP migration project, status of legal claims and litigations, status of the Business Conduct Program, notifications received under the whistleblower procedure, internal audit plan, the management letter, reports of the internal and external auditors, and the auditor rotation. Furthermore, several presentations were given by members of the Executive Committee and other representatives of the organization on business developments and key risks for Corbion.

The core task of the Audit Committee is to extensively review the financial reports and budget and evaluate the assessment by the Board of Management of the internal risk management and control systems before consideration by the full Supervisory Board. Both Liz Doherty and Dessi Temperley continued to act as financial experts (as defined in Clause 2.6 of the Charter of the Audit Committee). The effectiveness of the Audit Committee was reviewed as part of the 2024 overall evaluation of the Supervisory Board, confirming that the Audit Committee continues to function in line with the requirements in this respect.

The Audit Committee closely monitors the independence of the external auditor. It evaluates the performance of the external auditor on a yearly basis and, where appropriate, recommends to the Supervisory Board the replacement of the external auditor. Furthermore, the Audit Committee submits a proposal to the Supervisory Board with respect to the fees for all audit services to be performed by the external auditor as requested by the Board of Management.

Appointment and Governance Committee

The members of the Appointment and Governance Committee are Mathieu Vrijsen (Chair), Ilona Haaijer, and Dessi Temperley. The Appointment and Governance Committee met four times in 2024 in the presence of the Chief Human Resources Officer and the Company Secretary. The CEO was invited to join parts of these meetings. The attendance rate at the meetings held in 2024 was 100%.

The Appointment and Governance Committee discussed, among other subjects, the size and composition of the Supervisory Board and the Board of Management, the succession plans for the Supervisory Board (including transition periods) and the members of the Board of Management and Executive Committee, the performance of the Board of Management and its members, talent management, succession planning for senior management, people strategy, culture and values, the profile of the Supervisory Board, and the Diversity and Inclusion Policy for the Supervisory Board and Executive Committee, as well as governance matters.

Remuneration Committee

The members of the Remuneration Committee are Ilona Haaijer (Chair), Mathieu Vrijsen, and Dessi Temperley. The Remuneration Committee met four times in person in 2024. All these meetings were held in the presence of the Chief Human Resources Officer, the Senior Director Global Reward, and the Company Secretary. The CEO was invited to join parts of these meetings. The attendance rate at the meetings held in 2024 was 100%.

Standard items on the agenda of the Remuneration Committee are, among other subjects, the Remuneration report, the remuneration for the members of the Board of Management, the level of achievement of the Short-Term Incentive Plan (STIP) targets for the members of the Board of Management, the target setting for the STIP of the coming year, and similar for the Long-Term Incentive Plan (LTIP) as well as the progress of the running STIP targets and the targets of the running LTIP programs.

As the Remuneration Policies for the Board of Management and Supervisory Board were up for renewal in 2024, the Remuneration Committee started a comprehensive review of the policies in 2023 with the support of an external advisor. The proposed new Remuneration Policies were approved by the annual General Meeting of Shareholders in 2024. The members of the Board of Management gave a view on their own remuneration.

Science and Technology Committee

The members of the Science and Technology Committee are Steen Riisgaard (Chair), Ilona Haaijer, and Mathieu Vrijsen. The Science and Technology Committee met three times in 2024 in the presence of the (ad interim) Chief Technology Officer, and members of the R&D leadership team. The attendance rate at the meetings held in 2024 was 100%.

The agenda at these meetings covered, among other subjects, developments in the Innovation Center, innovation projects focused on Scope 1, 2, and 3 reduction, and the preservation portfolio.

Sustainability and Safety Committee

The members of the Sustainability and Safety Committee are William Lin (Chair), Liz Doherty, and Steen Riisgaard. The Sustainability and Safety Committee met three times in 2024 in the presence of the (ad interim) Chief Science and Sustainability Officer, the Chief Operations Officer, the VP EHS, and the VP Sustainability. Members of the Sustainability, EHS, and Quality teams were invited when the Sustainability and Safety Committee deemed it necessary and appropriate. The attendance rate at the meetings held in 2024 was 100%.

The agenda of these meetings covered, among other subjects, safety (e.g., performance, key initiatives, and process safety), sustainability (e.g., performance, key initiatives, human rights, and materiality/stakeholder assessment), ESG reporting regulations and frameworks, education on sustainability and reporting developments, and sustainability targets for STIP 2025 and LTIP 2025–2027.

Financial statements 2024

The Financial statements prepared by the Board of Management for the financial year 2024 have been audited by KPMG Accountants N.V. The auditor’s findings on the Financial statements have been discussed with the Board of Management, the Audit Committee, and the Supervisory Board. The Supervisory Board has accepted the Financial statements and recommends that they be adopted by the General Meeting of Shareholders. The members of the Supervisory Board have signed the Financial statements pursuant to their statutory obligation under Section 101 Subsection 2 of Book 2 of the Dutch Civil Code.

Amsterdam, the Netherlands, 26 February 2025

Supervisory Board

Mathieu Vrijsen, Chair
Ilona Haaijer, Vice-Chair
Liz Doherty
William Lin
Steen Riisgaard
Dessi Temperley