Novonesis A/S (Novozymes A/S)

Latest Results (07.06.2026):

Novonesis A/S (Novozymes A/S) — Interim results for the first nine months of 2025 (9M 2025) with Q3 2025 detail: Group net sales were EUR 3,161.0m, organic sales growth was 8% (Q3: 6%), adjusted EBITDA was EUR 1,178.7m (margin 37.3%), adjusted EBIT was EUR 758.5m (margin 24.0%), and adjusted net profit was EUR 558.0m. Free cash flow before acquisitions was EUR 668.4m, net interest‑bearing debt stood at EUR 2,822.1m (NIBD/EBITDA 2.0x). Management raised its full‑year organic sales guidance to 7–8% (ex‑exit: 8–9%) and expects the adjusted EBITDA margin at the lower end of 37–38% (noting significant currency headwinds).

Sales and growth

9M 2025 organic sales growth was 8% (pro forma), with broad‑based strength across Food & Health (9%) and Planetary Health (8%). Emerging Markets grew 12% and Developed Markets 6%. The group’s reported EUR sales were influenced by currency headwinds (~‑3% impact) and a ~1pp negative impact from exit of certain countries; M&A (Feed Enzyme Alliance) added ~1pp.

Profitability

Adjusted EBITDA reached EUR 1,178.7m (37.3% margin) and adjusted EBIT EUR 758.5m (24.0% margin), both up year‑on‑year. Q3 adjusted EBITDA was EUR 395.3m (37.1% margin). The improved margins were driven by sales leverage, lower raw material/energy costs and synergies, partly offset by currency headwinds and reinvestments in commercial and R&D.

Cash flow and balance sheet

Cash flow from operations was EUR 893.3m in 9M 2025; free cash flow before acquisitions was EUR 668.4m. Net interest‑bearing debt was EUR 2,822.1m at 30 Sept 2025 (vs. EUR 1,490.0m at 31 Dec 2024), reflecting the Feed Enzyme Alliance acquisition; NIBD/EBITDA was 2.0x. Total assets EUR 16,302.6m and equity EUR 10,744.1m.

M&A, special items and PPA effects

The Feed Enzyme Alliance acquisition (closed 2 June 2025) contributed to sales and synergies; acquisition‑related PPA inventory adjustments (9M: EUR 63.8m; Q3: EUR 49.6m) were excluded from adjusted gross margin. Special items totaled EUR 50.6m in 9M (transaction, integration and ERP implementation costs related to the combination and the acquisition).

Divisional highlights

Food & Health Biosolutions: 9M organic +9% (Human Health +10%, Food & Beverages +8%), with strong Dairy, Advanced Protein Solutions and Dietary Supplements. Planetary Health Biosolutions: 9M organic +8% (Agriculture, Energy & Tech +8%, Household Care +7%), led by Energy and Agriculture growth and contribution from the Feed Enzyme Alliance.

Outlook and currency

Management indicates full‑year 2025 organic sales growth of 7–8% (raised from 6–8%) and 8–9% excluding the country exits; adjusted EBITDA margin expected at the lower end of 37–38% including significant currency headwinds. Novonesis notes a ~EUR 45–50m adjusted EBITDA sensitivity to a 5% EUR/USD move and that ~77% of 2025 USD exposure was hedged at an average rate ~1.10; FX developments are a key driver of the margin outlook.