Novonesis A/S (Novozymes A/S)

Latest Results (27.04.2026):

Novonesis A/S (Novozymes A/S) — Q3 2025 / 9M 2025 results: Novonesis reported pro forma net sales of EUR 3,161.0m for the first nine months of 2025, delivering 8% organic sales growth (Q3 organic +6%) with broad-based strength across Food & Health and Planetary Health. Profitability remained strong with an adjusted EBITDA of EUR 1,178.7m (37.3% margin) and adjusted net profit of EUR 558.0m. Free cash flow before acquisitions was EUR 668.4m and net interest-bearing debt rose to EUR 2,822.1m (NIBD/EBITDA 2.0x), largely reflecting the Feed Enzyme Alliance acquisition. Management raised the full-year organic sales outlook to 7–8% (8–9% excluding exited countries) and indicated mid-single-digit Q4 organic growth.

Sales & growth (9M 2025)

Net sales: EUR 3,161.0m pro forma. Organic sales growth: 8% for 9M 2025 (Q3: 6%). Currency headwinds reduced reported growth; M&A (Feed Enzyme Alliance) added ~1pp, and exits of certain countries reduced organic growth by ~1pp for the year (~2pp in Q3).

Profitability — adjusted results

Adjusted EBITDA: EUR 1,178.7m (37.3% margin) for 9M 2025 (Q3 adjusted EBITDA EUR 395.3m, 37.1% margin). Adjusted EBIT: EUR 758.5m (24.0% margin). Management cites sales leverage, lower raw-material/energy costs and synergies as drivers, partly offset by currency headwinds.

Net profit & EPS

Reported net profit (9M): EUR 460.8m. Adjusted net profit (9M): EUR 558.0m, up 22% year-on-year. Adjusted diluted EPS: EUR 1.19 (9M); adjusted EPS excluding PPA: EUR 1.54 (9M).

Cash flow, capex & balance sheet

Free cash flow before acquisitions: EUR 668.4m (9M). Cash flow from operations: EUR 893.3m. CAPEX (9M): EUR 244.1m (7.7% of sales); Q3 CAPEX EUR 106.7m (10.0% of sales). Total assets EUR 16,302.6m and equity EUR 10,744.1m at 30 Sep 2025.

Debt & acquisitions

Net interest-bearing debt: EUR 2,822.1m at 30 Sep 2025 (up from year‑end 2024), NIBD/EBITDA 2.0x. Increase driven mainly by the Feed Enzyme Alliance acquisition (financing included a EUR 1,470m draw).

Divisional & regional performance

Food & Health Biosolutions organic growth: 9% (9M), with Food & Beverages +8% and Human Health +10%. Planetary Health Biosolutions organic growth: 8% (9M), with Agriculture, Energy & Tech +8% and Household Care +7%. Emerging Markets organic +12%; Developed Markets +6%.

Special items, PPA and one-offs

Special items (9M): EUR 50.6m (transaction/integration costs, ERP implementation). PPA inventory adjustments (Feed Enzyme Alliance) reduced reported gross margin; EUR 63.8m of PPA inventory step-up was excluded from adjusted gross profit for 9M 2025.

Outlook (revised)

Full-year 2025 organic sales growth raised to 7–8% (previous 6–8%); excluding exited countries the range is 8–9%. Q4 indicated at mid-single-digit organic growth. Adjusted EBITDA margin expected at the lower end of 37–38%, including significant currency headwinds. NIBD/EBITDA expected ~2x at year end.

Currency exposure & hedging

Significant currency headwinds (notably USD weakness). A 5% move in USD/EUR would affect adjusted EBITDA by ~EUR 45–50m on a full‑year basis. 2025 USD exposure ~77% hedged at an average EUR/USD of 1.10 (company uses current spot/9M average to model impacts).