Novonesis A/S (Novozymes A/S)

Latest Results (18.07.2026):

Novonesis A/S (Novozymes A/S) — Interim report 9M 2025 (covering Q3 2025): For the first nine months of 2025 Novonesis reported pro forma net sales of EUR 3,161.0m, 8% organic sales growth (Q3: 6%), and strong profitability with adjusted EBITDA of EUR 1,178.7m (37.3% margin). Adjusted net profit was EUR 558.0m (up ~22%), reported net profit EUR 460.8m, free cash flow before acquisitions EUR 668.4m and NIBD/EBITDA 2.0x. Management raised the full-year organic sales outlook to 7–8% and kept adjusted EBITDA margin guidance at the lower end of 37–38%, citing currency headwinds and the Feed Enzyme Alliance acquisition effects.

Sales and growth

9M 2025 pro forma net sales €3,161.0m; organic sales +8% (Q3 +6%). Emerging Markets +12% (Q3 +10%); Developed Markets +6% (Q3 +4%). The reported growth included ~1pp drag from the exit of certain countries (larger in Q3) and ~1pp from pricing.

Profitability

Adjusted EBITDA €1,178.7m (37.3% margin) and adjusted EBIT margin 24.0%. Adjusted gross margin improved to 58.9%. Reported EBIT after special items was €644.1m; reported net profit €460.8m. Special items in 9M were €50.6m (transaction, integration and ERP implementation costs).

Cash flow & balance sheet

Cash flow from operations €893.3m; free cash flow before acquisitions €668.4m. CAPEX €244.1m (7.7% of sales). Net interest‑bearing debt €2,822.1m at 30 Sep 2025 with NIBD/EBITDA ~2.0x. Equity €10,744.1m and equity ratio 65.9%.

Divisions

Food & Health Biosolutions: organic +9% (9M) led by Human Health and Dairy; Q3 Food & Beverages +5% (impacted by country exits). Planetary Health Biosolutions: organic +8% (9M) with Agriculture, Energy & Tech and Household Care contributing; adjusted EBITDA margin for Planetary Health ~38.7% (9M).

M&A and one-offs

Feed Enzyme Alliance acquisition (closed 2 June 2025) contributed to EUR growth and added PPA-related effects (PPA inventory step‑up and related temporary margin drag). PPA inventory adjustments (non‑cash) were material and excluded from adjusted margins.

Outlook (updated)

Full‑year 2025 organic sales growth raised to 7–8% (exiting certain countries: 8–9%). Q4 indicated mid‑single‑digit growth. Adjusted EBITDA margin expected at the lower end of 37–38%, including significant currency headwinds. Net financial costs ~€70m and special items ~€60m signalled for 2025; year‑end NIBD/EBITDA ~2x.

Currency and risks

Management highlights significant currency headwinds (notably USD weakness versus earlier guidance) that reduce adjusted EBITDA outlook; ~77% of 2025 USD exposure hedged at average EUR/USD ~1.10. Tariff exposure seen as limited given regional production footprint.