Novonesis A/S (Novozymes A/S)

Latest Results (15.03.2026):

Novonesis A/S (Novozymes A/S) — Q3 2025 / 9M 2025: The company reported strong results for the first nine months of 2025 and Q3 2025, with pro forma net sales of EUR 3,161.0m (9M) and EUR 1,064.9m (Q3). Organic sales grew 8% in 9M (6% in Q3). Adjusted EBITDA for 9M was EUR 1,178.7m (37.3% margin) and adjusted net profit was EUR 558.0m; free cash flow before acquisitions was EUR 668.4m and NIBD/EBITDA was 2.0x. Management raised full-year organic growth guidance to 7–8% (8–9% excluding country exits) while keeping adjusted EBITDA margin guidance at the lower end of 37–38%, citing significant currency headwinds.

Top-line and growth

9M 2025 net sales (pro forma) EUR 3,161.0m; organic sales +8% year‑over‑year (Q3 +6%). Emerging Markets +12% (9M), Developed Markets +6% (9M). Divisional organic growth: Food & Health Biosolutions +9% and Planetary Health Biosolutions +8% for 9M. M&A (Feed Enzyme Alliance) added ~1pp to group EUR growth; exit of certain countries reduced organic growth by ~1pp for 9M (higher impact in Q3).

Profitability

Adjusted gross margin 58.9% (9M), adjusted EBITDA EUR 1,178.7m (37.3% margin) and adjusted EBIT EUR 758.5m (24.0% margin) for 9M. Q3 adjusted EBITDA EUR 395.3m (37.1% margin). Reported special items were EUR -50.6m in 9M (transaction, integration and ERP-related costs). Adjusted net profit (9M) EUR 558.0m; reported net profit EUR 460.8m.

Cash flow and balance sheet

Cash flow from operations EUR 893.3m (9M); free cash flow before acquisitions EUR 668.4m. CAPEX 9M EUR 244.1m (7.7% of sales). Net interest‑bearing debt EUR 2,822.1m at 30 Sep 2025 (up vs Dec 2024 mainly due to Feed Enzyme Alliance financing); NIBD/EBITDA 2.0x. Equity EUR 10,744.1m and equity ratio 65.9%.

Divisional and category highlights

Food & Health: Food & Beverages +8% (9M) with strong Dairy, Baking and Plant‑based momentum; Human Health +10% (9M) driven by Dietary Supplements, Advanced Protein Solutions and HMO. Planetary Health: Agriculture, Energy & Tech +8% (9M) and Household Care +7% (9M), with Energy and Agriculture notably strong.

M&A, PPA and one‑offs

Feed Enzyme Alliance acquisition closed 2 June 2025 — contributed to EUR growth and ~0.25pp to full‑year adjusted EBITDA so far. PPA inventory step‑up and a temporary inventory buyback drag were recorded; PPA inventory adjustments excluded from adjusted gross margin: EUR 63.8m (9M) and EUR 49.6m (Q3).

Outlook & guidance

Full‑year 2025 organic sales outlook raised to 7–8% (previously 6–8%); excluding the exit from certain countries the range is 8–9%. Q4 indicated mid‑single‑digit organic growth. Adjusted EBITDA margin expected at the lower end of 37–38%, including significant currency headwinds. Net financial costs expected ~EUR 70m; special items ~EUR 60m; year‑end NIBD/EBITDA ~2x.

Currency and hedging

Company cites significant currency headwinds (especially USD). A 5% USD/EUR move would impact adjusted EBITDA by ~EUR 45–50m on a full‑year basis. ~77% of 2025 USD exposure hedged at an average EUR/USD rate of 1.10 (company’s weighted 2025 estimate EUR/USD ~1.13 as of 5 Nov 2025).