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Interim report
Q1 2025
Company Announcement no. 22 – May 8, 2025
Novozymes A/S, Part of Novonesis Group | Krogshoejvej 36, 2880 Bagsvaerd, Denmark | Phone +45 44 46 00 00
CVR number: 10 00 71 27 - LEI: 529900T6WNZXD2R3JW38
Company Announcement no. 22 – May 8, 2025
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Management’s review
Highlights 3
Key figures and financial ratios 4
Group performance 5
Divisional performance 8
Outlook 10
Condensed consolidated
interim financial statements
Consolidated income statement 12
Consolidated statement of comprehensive income 13
Consolidated statement of cash flows 14
Consolidated balance sheet 15
Consolidated statement of equity 16
Notes
1. Basis of reporting 17
2. Segments 17
3. Net sales 18
4. Special items 19
5. Business acquisitions 19
6. Events after the reporting date 19
Statement and information
Statement of the Board of Directors and the Executive
Management 20
Financial definitions and ratios 21
Non-IFRS financial measures 21
Pro forma 23
Contact information 24
Forward-looking statements 24
Contents
Reader’s guide
The Interim report includes information that is presented on a pro forma basis (pro forma figures) and information that is
presented according to IFRS Accounting Standards (‘IFRS’), as adopted by the EU (reported basis). Furthermore, the Interim
report includes other alternative performance measures (APMs). Please refer to ‘Non-IFRS financial measures’.
In the Management’s Review, Novonesis compares selected reported key figures for year-on-year with pro forma figures for
2024 for better comparability, relevance and transparency, following the combination with Chr. Hansen on January 29, 2024.
Please refer to Pro forma section for the definition of pro forma figures.
The review compares and comments on Q1 2025 development relative to pro forma Q1 2024 performance. IFRS comparisons
are included in parentheses after the pro forma figures where relevant. An income statement overview of Q1 2025 compared to
pro forma Q1 2024 is provided in the section ‘Pro forma’ in this document.
Company Announcement no. 22 – May 8, 2025
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Strong start to the year and confirmed full-year outlook
Ester Baiget, President & CEO:
“We delivered strong sales growth and earnings in the first quarter, with all four sales areas showing
double-digit growth. Growth was driven by strong innovation especially in emerging markets, and with a continued broad pull for
our solutions in developed markets. Synergies are materializing as expected and we are confirming the full-year outlook. We continue
to see solid demand across the business, and our regional presence and resilient global setup enable us to respond with agility in
these dynamic times”.
• Strong organic sales growth of 11% including ~1pp from price. All sales areas with double-digit organic sales growth. Emerging
markets organic sales growth at 15% and developed markets at 9%.
• Adjusted EBITDA margin at 38.3%, up by 310bps.
• Adjusted net profit increased by 27%.
• NIBD/EBITDA at 1.1x.
• Announcement on February 11 to acquire dsm-firmenich’s part of the feed enzyme alliance at a EUR 1.5bn cash consideration,
expected to close in the second quarter.
• Andrew Taylor announced on April 22 as new EVP Food & Beverages, joining the company no later than September 1, 2025.
• 2025 outlook maintained: 5-8% organic sales growth (6-9% excluding the exit from certain countries) and an adjusted EBITDA
margin between 37-38% despite current currency headwinds.
Selected key figures and ratios
Divisional organic sales growth
Pro forma
EUR million
Q1 2025 Q1 2024 Q1 2024
Net sales 1,077.6 853.5 965.5
Organic sales growth % 11 4 4
Adjusted gross margin % 58.9 55.8 55.6
Adjusted EBITDA 412.8 303.3 339.7
Adjusted EBITDA margin % 38.3 35.5 35.2
Free cash flow before acquisitions 68.1 125.8 132.4
NIBD/EBITDA x 1.1 2.7 1.8
Pro forma
Q1 2025 Q1 2024 Q1 2024
Food & Beverages % 11 3 6
Human Health % 13 2 (5)
Food & Health Biosolutions % 12 3 3
Household Care % 12 15 15
Agriculture, Energy & Tech % 10 0 0
Planetary Health Biosolutions % 11 5 5
Highlights
Conference call
May 8, 2025, 9.00 CEST
Please pre-register
for the call here
Webcast
Company Announcement no. 22 – May 8, 2025
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For the definition of financial key figures and ratios, please refer to ‘Financial definitions and ratios’ and ‘Non-IFRS financial measures’.
In accordance with the acquisition method under IFRS 3, Chr. Hansen is included in the consolidated financial statements as of the
merger date January 29, 2024. This significantly impacts the comparability of the reported financial information.
The table includes comparison of selected reported key figures for year-on-year with pro forma figures for 2024 for better
comparability, relevance and transparency, following the combination with Chr. Hansen on January 29, 2024. For the definition of pro
forma figures, please refer to ‘Pro forma’.
Pro forma
EUR million
Q1 2025 Q1 2024 Q1 2024
Income statement
Net sales 1,077.6 853.5 965.5
Gross profit 594.3 365.7 426.7
Operating profit (EBIT) before special items 275.7 114.3 140.7
Special items (10.2) (47.6) (88.6)
Operating profit (EBIT) 265.5 66.7 52.1
Financial items, net (19.3) (18.9) (22.7)
Net profit 186.0 33.3 4.1
Adjusted gross profit 634.2 476.3 537.3
Adjusted EBITDA 412.8 303.3 339.7
Adjusted EBIT 275.7 196.9 223.3
Adjusted Net profit 196.0 142.7 154.5
Adjusted Net profit excluding PPA 245.9 171.9 183.7
Balance sheet
Total assets 15,057.4 15,478.8
Equity 11,230.7 11,078.6
Invested capital 12,654.2 12,972.7
Net interest-bearing debt 1,441.9 1,844.0
Cash flows and investments
Cash flow from operating activities 106.4 176.5 189.1
Cash flow from net investments excl. acquisitions (38.3) (50.7) (56.8)
Free cash flow before acquisitions 68.1 125.8 132.4
Key ratios
Organic sales growth % 11 4 4
Gross margin % 55.2 42.8 44.2
R&D costs (% of sales) % 10.0 10.7 10.5
EBIT margin before special items % 25.6 13.4 14.6
EBIT margin % 24.6 7.8 5.4
Effective tax rate % 24.0 29.1 84.2
Equity ratio % 74.6 71.6
NIBD/EBITDA x 1.1 2.7 1.8
Earnings per share (EPS), diluted EUR 0.40 0.08 0.01
Capex ratio (% of sales) % 5.1 5.9 5.9
Adjusted gross margin % 58.9 55.8 55.6
Adjusted EBITDA margin % 38.3 35.5 35.2
Adjusted EBIT margin % 25.6 23.1 23.1
Adjusted earnings per share (EPS), diluted EUR 0.42 0.33 0.33
Adjusted earnings per share (EPS) excluding PPA, diluted EUR 0.53 0.39 0.39
Key figures and financial ratios
Company Announcement no. 22 – May 8, 2025
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Income statement
Net sales
Novonesis reported 11% organic sales growth in Q1 2025.
Sales amounted to EUR 1,077.6 million, equivalent to an
increase of 12% in EUR (IFRS: 26%). Sales synergies contributed
close to 1pp of the group organic sales growth. Emerging
markets grew by 15% organically across all sales areas, and
developed markets increased by 9%, driven by Food & Health
Biosolutions.
Geographical distribution of net sales
Gross margin
The gross margin was 55.2% in Q1 2025, and the adjusted gross
margin (adjusted for PPA depreciation and amortization) was
58.9%, an increase of 330bps (IFRS: 310bps) compared to the
Q1 2024 adjusted gross margin. The stronger gross margin was
driven by lower cost of both raw materials and energy. Pricing
and productivity improvements also had a positive impact.
Operating costs
Operating costs totalled EUR 319.6 million in Q1, compared to
EUR 293.7 million (IFRS: EUR 259.1 million) in Q1 last year,
equivalent to a 9% (IFRS: 23%) increase. Operating costs
equalled 29.7% of sales, 70bps lower compared to Q1 2024,
which was at 30.4% (IFRS: 30.4%). Adjusting for PPA
depreciation and amortization, the operating cost to sales ratio
was 27.3%, compared to 29.4% (IFRS: 29.2%) in Q1 2024.
Sales and distribution costs increased by 12% (IFRS: 26%),
equal to 14.3% of sales, on par with Q1 last year (also on IFRS
basis).
Research and development costs increased by 6% (IFRS: 17%),
equal to 10.0% of sales, compared to 10.5% (IFRS: 10.7%) in Q1
last year.
Administrative costs increased by 7%, equal to 5.4% of sales,
compared to 5.6% (IFRS: 5.3%) in Q1 last year.
Other net operating income amounted to EUR 1.0 million in Q1
2025, compared to EUR 7.7 million (IFRS: EUR 7.7 million) in Q1
2024. The decrease was mainly related to timing, as well as the
absence of some one-off payments that occurred in Q1 2024.
Adjusted EBITDA
Adjusted EBITDA was EUR 412.8 million in Q1 2025,
representing an adjusted EBITDA margin of 38.3%. This
compares to EUR 339.7 million (IFRS: EUR 303.3 million) at a
margin of 35.2% (IFRS: 35.5%) for Q1 2024, representing an
increase of EUR 73.1 million (IFRS: EUR 109.5 million) or 22%
(IFRS: 36%). The adjusted EBITDA margin benefited from the
64%
Developed markets Emerging Markets
37%
32%
19%
12%
Europe, the Middle
East & Africa
North America
Asia Pacific
Latin America
18% / 10%
9% / 10%
14% / 14%
7% / 11%
Group performance
Organic performance / Performance in EUR
15% / 13%
9% / 11%
Organic performance / Performance in EUR
Sales growth
Food & Health
Biosolutions
Planetary
Health
Biosolutions
Group
Food & Health
Biosolutions
Planetary
Health
Biosolutions
Group
Organic sales growth % 12 11 11 12 11 11
Currency % 4 0 2 0 0 1
M&A % 32 2 13 0 0 0
Sales growth, EUR % 48 13 26 12 11 12
Q1 2025
Pro forma Q1 2025
Company Announcement no. 22 – May 8, 2025
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strong sales performance and related economies of scale.
Release of deferred revenue related to Advanced Protein
Solutions (APS) impacted sales and earnings by a low-single-
digit million EUR amount in Q1 2025.
Adjusted EBIT
Adjusted EBIT was EUR 275.7 million for Q1 2025, representing
an adjusted EBIT margin of 25.6%, compared to EUR 223.3
million (IFRS: EUR 196.6 million) and an adjusted EBIT margin
of 23.1% (IFRS: 23.1%) in Q1 2024. The year-on-year increase is
mainly due to the increase in sales and the resulting economies
of scale as well as synergies.
Net profit
Special items amounted to EUR 10.2 million for Q1 2025. This
included integration costs related to the combination with Chr.
Hansen, costs related to the implementation of a new global
ERP system, and transaction costs related to the acquisition of
dsm-firmenich’s share of the feed enzyme alliance.
Depreciation and amortization amounted to EUR 137.1 million
for Q1 2025, compared to EUR 116.4 million (IFRS: EUR 106.4
million) in Q1 2024. The increase was mainly driven by
additional depreciation and amortization from the PPA, which
was only partially included in Q1 2024 following the merger
with Chr. Hansen on January 29, 2024.
Net financials totalled EUR 19.3 million, representing a
decrease of EUR 3.4 million (IFRS: increase of EUR 0.4 million)
compared to Q1 last year and is mainly explained by increased
currency hedging losses, offset by lower interest costs.
Profit before tax amounted to EUR 244.7 million for Q1 2025,
compared to EUR 25.9 million (IFRS: EUR 47.0 million) in Q1
2024. The increase was related to the impact from the
combination, with higher amortization and special items
impacting Q1 2024 as a result of the combination.
The effective tax rate (ETR) was at 24% in Q1 2025, compared
to 84% (IFRS: 29%) in Q1 2024, which was impacted by non-
deductible merger-related costs.
Net profit totalled EUR 186.0 million for the quarter. The
adjusted net profit (adjusting for special items, the PPA-related
inventory step-up following the combination, and the
associated tax impact) was EUR 196.0 million, compared to EUR
154.5 million (IFRS: EUR 142.7 million) in Q1 2024, an increase
of 27% (IFRS: 37%).
Adjusted net profit excl. PPA (PPA-related amortization and
depreciation and associated tax impact) increased by 34% to
EUR 245.9 million, compared to EUR 183.7 million (IFRS: EUR
171.9 million) in Q1 2024.
Adjusted earnings per share (EPS) was EUR 0.42 in Q1 2025.
Adjusted EPS (excl. PPA) was 0.53 per share, an increase of 36%
(IFRS: 36%) compared to 0.39 per share in Q1 last year.
Cash flows and investments
Cash flow from operating activities amounted to EUR 106.4
million in Q1 2025. This was a decrease of EUR 82.7 million
(IFRS: EUR 70.1 million) compared to Q1 2024, which benefitted
from the one-off payment from the anchor customer in
Advanced Protein Solutions. The higher net profit was offset by
an increase in net working capital, mainly driven by lower trade
payables in combination with higher trade receivables resulting
from the strong sales performance.
Cash flow from net investments excluding acquisitions in Q1
2025 totalled EUR 38.3 million, which includes the sale of the
former headquarters in Bagsvaerd. CAPEX totalled EUR 55.2
million, equalling 5.1% of sales for the quarter, compared to
EUR 56.7 million (IFRS: EUR 50.7 million) equal to 5.9% (IFRS:
5.9%) of sales in Q1 2024.
Free cash flow before acquisitions was EUR 68.1 million,
corresponding to a decrease of EUR 64.3 million (IFRS: EUR 57.7
million) compared to first quarter of last year.
Balance sheet and equity
Total assets were EUR 15,057.4 million on March 31, 2025, a
decrease of EUR 138.2 million compared to December 31, 2024.
The development was mainly driven by a decrease in intangible
assets, partly offset by increased trade receivables.
Net interest-bearing debt was EUR 1,441.9 million on March
31, 2025, compared to EUR 1,490.0 million at year end 2024.
The NIBD/EBITDA ratio was 1.1x on March 31, 2025, compared
to 1.4x at year end 2024.
Total equity was EUR 11,230.7 million on March 31, 2025,
compared to EUR 11,176.0 million on December 31, 2024,
resulting in an equity ratio of 74.6%.
Share buybacks in the first quarter of 2025 equalled 565.000
shares at a value of EUR 30.9 million as part of the up to EUR
100 million buyback program for 2025.
Novonesis held 2,105,531 treasury shares, or 0.5% of the total
outstanding share capital, as of March 31, 2025.
On February 11, 2025, it was announced that Novonesis had
reached an agreement with dsm-firmenich to dissolve the Feed
Company Announcement no. 22 – May 8, 2025
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Enzyme Alliance and take over its sales and distribution
activities, in exchange for a total cash consideration of EUR 1.5
billion. The acquisition is aligned with Novonesis’ growth
strategy and expands its presence across the animal
biosolutions value chain. Subject to regulatory approvals, the
transaction is expected to close in the second quarter.
Company Announcement no. 22 – May 8, 2025
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Food & Health Biosolutions
Net sales
Food & Health Biosolutions organic sales growth was 12% in
the first quarter of 2025, driven by 13% growth in Human
Health and 11% growth in Food & Beverages. Prices
contributed by around 1 percentage point.
Distribution of sales by sales area
Food & Beverages
Food & Beverages organic sales growth was 11% in the first
quarter of 2025, and sales in EUR increased by 11% (IFRS: 44%).
The organic performance was broadly anchored with double-
digit growth across most categories, including a continued
strong momentum in Dairy. Growth in Dairy was supported by
both Cheese and Fresh Dairy, driven by upselling and strong
customer adoption of innovation, as well as conversion in
Cheese. Baking delivered double-digit growth, driven by
innovation. The remaining industries were led by strong
growth in Meat and Plant-based solutions.
Human Health
Human Health organic sales growth was 13% in the first
quarter of 2025, and sales in EUR were up 15% (IFRS: 61%).
Release of deferred revenue benefited organic sales growth by
around 1%.
Growth was driven by a strong development in Dietary
Supplements, led by a solid performance in North America and
Europe. Advanced Health & Nutrition was driven by Advanced
Proteins Solutions, while Early Life Nutrition was softer
following a strong last quarter of 2024.
Adjusted EBITDA margin
Adjusted EBITDA margin for Food & Health in Q1 2025 was
37.0%, an increase of 380 bps (IFRS: 690 bps) compared to Q1
2024, mainly driven by stronger sales and resulting economies
of scale.
74%
26%
Food & Beverages Human Health
Divisional performance
Pro forma
EUR million
Q1 2025 Q1 2024 Q1 2024
Food & Beverages 352.7 245.4 317.4
Human Health 123.7 76.6 107.4
Net sales 476.4 322.0 424.8
Adjusted EBITDA 176.0 97.0 141.0
Adjusted EBITDA margin % 37.0 30.1 33.2
Sales growth
Food &
Beverages
Human Health
Food & Health
Biosolutions
Food &
Beverages
Human Health
Food & Health
Biosolutions
Organic sales growth % 11 13 12 11 13 12
Currency % 4 8 4 0 2 0
M&A % 29 40 32 0 0 0
Sales growth, EUR % 44 61 48 11 15 12
Q1 2025
Pro forma Q1 2025
Company Announcement no. 22 – May 8, 2025
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Planetary Health Biosolutions
Net sales
Planetary Health Biosolutions organic sales growth was 11% in
the first quarter of 2025, driven by strong growth in Household
Care of 12%, and 10% in Agriculture, Energy & Tech. Prices
contributed by around 1 percentage point.
Distribution of sales by sales area
Household Care
Household Care organic sales growth was 12% in the first
quarter of 2025, and sales in EUR increased by 12% (IFRS: 12%).
The strong performance was driven by increased penetration
and innovation with an especially strong contribution from
emerging markets in both Laundry and Dish. Growth was
supported by timing.
Agriculture, Energy & Tech
Agriculture, Energy & Tech organic sales growth was 10% in
the first quarter of 2025, and sales in EUR were up by 11% (IFRS:
14%). This was driven by double-digit growth in Energy and
Tech and supported by growth in Agriculture. Performance in
Energy was led by strong growth in Latin America and India,
driven by capacity expansion of ethanol production, including
the ramp-up of second-generation ethanol production.
Growth in North America was driven by increased penetration
of innovation and supported by good ethanol production
volume growth. Additionally, a strong development in
solutions for Biodiesel contributed positively to the
performance. Tech was driven by bioprocessing, including
solutions for biopharma production. The growth in Agriculture
was driven by plant, while the performance in Animal was
negatively impacted by some timing.
Adjusted EBITDA margin
Adjusted EBITDA margin for Planetary Health in Q1 2025 was
39.4%, an increase of 270 bps (IFRS: 60 bps) compared to Q1
2024, mainly driven by stronger sales and resulting economies
of scale.
36%
64%
Household Care Agriculture, Energy & Tech
Sales growth
Household
Care
Agriculture,
Energy & Tech
Planetary
Health
Biosolutions
Household
Care
Agriculture,
Energy & Tech
Planetary
Health
Biosolutions
Organic sales growth % 12 10 11 12 10 11
Currency % 0 1 0 0 1 0
M&A % 0 3 2 0 0 0
Sales growth, EUR % 12 14 13 12 11 11
Q1 2025
Pro forma Q1 2025
Pro forma
EUR million
Q1 2025 Q1 2024 Q1 2024
Household Care 215.5 191.9 191.9
Agriculture, Energy & Tech 385.7 339.6 348.8
Net sales 601.2 531.5 540.7
Adjusted EBITDA 236.8 206.3 198.7
Adjusted EBITDA margin % 39.4 38.8 36.7
Company Announcement no. 22 – May 8, 2025
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Outlook
The organic sales growth outlook for 2025 is based on 12
months’ 2024 pro forma numbers for the consolidated
business.
The 2025 outlook is based on current levels of global trade
tariffs. Our strong global setup, including flexible regional
production capabilities, creates a diversified and resilient
business. Additionally, we have confidence in passing on
incremental cost driven by tariffs. As a result, we expect no or
only marginal net impact from tariffs.
All outlook and modelling assumptions exclude the impact
from acquiring dsm-firmenich’s part of the Feed Enzyme
Alliance, which is expected to close in the second quarter.
Organic sales growth
The organic sales growth for the full year is maintained in the
range of 5-8% (6-9% excluding the impact from the decision to
exit certain countries for legacy Chr. Hansen sales). The first half
of 2025 is expected to grow faster than the second half.
In the current more volatile macroeconomic environment,
demand for our biosolutions continues to be solid, leading to
comfort in regard to the full-year outlook.
Growth is expected across all sales areas and is expected to be
predominantly volume-driven, supported by positive pricing
across both divisions at a total group contribution of around 1
percentage point. Revenue synergies are expected to
contribute around 1 percentage point to the organic sales
growth, mainly impacting Food & Beverages, Human Health,
and Agriculture, Energy & Tech.
The announced exit of the Food & Health business in certain
countries during the second quarter is included in the outlook
and is expected to have a negative impact on full-year organic
revenue growth for the Group of around 1 percentage point,
mainly impacting the second half.
Food & Health Biosolutions is indicated to deliver organic
sales growth within the same range as for the Group, with
relatively stronger growth in Human Health. Growth in Food &
Beverages is expected to be driven by broad performance
across industries, supported by a positive impact from revenue
synergies. The exit of the business in certain countries during
the second quarter is expected to have a negative impact on
full-year organic growth in Food & Beverages of around 3
percentage points and is included in the growth indication for
the sales area. Growth in Human Health is expected to be
driven by both Dietary Supplements and Advanced Health &
Nutrition, including ongoing ramp-up of sales to the anchor
customer. Growth will further be supported by a positive
impact from revenue synergies, whereas the exit from certain
countries during the second quarter will have around 1
percentage point negative impact for the sales area.
Additionally, the benefit from deferred revenue on organic
sales growth is expected to be around 1 percentage point in
Human Health.
Planetary Health Biosolutions is indicated to deliver organic
sales growth within the same range as for the Group, with
relatively stronger growth in Agriculture, Energy & Tech.
Household Care growth is expected to normalize following an
exceptionally strong 2024 and will be driven by increased
penetration of solutions in both developed and emerging
markets. Agriculture, Energy & Tech growth is expected to be
broad-based, led by Energy.
Adjusted EBITDA margin
Adjusted EBITDA continues to benefit from a strong underlying
gross margin development and includes the so far achieved
cost synergies, as well as a minor contribution from sales
synergies. The adjusted EBITDA margin, including expected
headwinds from currencies, is expected to continue to be in the
range of 37-38%.
In 2025 we plan for continued reinvestments to support
growth, predominantly with a commercial focus in markets and
geographies where increased presence and impact hold more
short- and long-term growth potential.
The following is provided for modelling purposes for 2025:
• Sales in reported EUR is expected to be a good 2
percentage points lower than the organic sales growth
outlook when applying the most recent currency spot rates
for key currencies.
• Special items are expected to be around EUR 30 million,
relating to the combination and initial expenses for the
implementation of a new ERP system. This excludes
additional transaction costs from the acquisition of dsm-
firmenich’s share of the Feed Enzyme Alliance.
• The NIBD/EBITDA ratio is expected to be around 1.0x at
the end of the year. The announced acquisition of dsm-
firmenich’s share of the Feed Enzyme Alliance will add
roughly 1x to the NIBD/EBITDA ratio once it has been
closed, which is expected in the second quarter.
Company Announcement no. 22 – May 8, 2025
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Currency exposure
Revenue split by currency, Q1 2025
Currency sensitivity and hedging of net currencies
All things being equal, a 5% move in USD to the EUR impacts
adjusted EBITDA between EUR 45 and 50 million on a full-year
basis. The currency exposure for 2025 is 77% hedged at an
average EUR/USD rate of 1.10. When applying the most recent
currency spot rates for key currencies, they have a negative
impact on the adjusted EBITDA margin outlook.
Currency exchange rates
The previous 2025 outlook was based on exchange rates as of
February 21, 2025. In net terms, currencies have developed
unfavourably since, as shown in the table below. The USD has
weakened by approximately 4% against the EUR for estimated
2025 vs. average 2024, compared to previously being ~4%
positive. The BRL has weakened by ~10% against the EUR,
while the EUR has weakened by ~5% against the CNY.
36%
36%
6%
6%
16%
EUR USD CNY BRL Other
EUR/USD EUR/BRL EUR/CNY
Average exchange rate 2024 1.08 5.8 7.8
Estimated exchange rate for 2025 (as at February 21, 2025) 1.04 6.0 7.6
Estimated exchange rate for 2025 (as at February 21, 2025) compared to 2024
% 4 (3) 2
Average Q1 exchange rate 1.05 6.2 7.7
Spot rate as at May 5, 2025 1.14 6.5 8.3
Estimated exchange rate for 2025* 1.12 6.4 8.2
Estimated exchange rate for 2025* compared to 2024 % (4) (10) (5)
*Estimated 2025 exchange rate is a weighted average, applying 25% weight to the average exchange rate for Q1 2025 and 75% weight to the spot
rate as at May 5, 2025.
Company Announcement no. 22 – May 8, 2025
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Consolidated income statement
EUR million Note
Q1 2025 Q1 2024
Net sales 2, 3 1,077.6 853.5
Cost of goods sold (483.3) (487.8)
Gross profit 2 594.3 365.7
Sales and distribution costs (154.0) (122.1)
Research and development costs (107.3) (91.6)
Administrative costs (58.3) (45.4)
Other operating income 1.0 7.7
Operating profit (EBIT) before special items 275.7 114.3
Special items 4 (10.2) (47.6)
Operating profit (EBIT) 265.5 66.7
Share of result in associates (1.5) (0.8)
Financial items, net (19.3) (18.9)
Profit before tax 244.7 47.0
Tax (58.7) (13.7)
Net profit 186.0 33.3
Attributable to
Shareholders in Novozymes A/S 186.0 33.3
Non-controlling interests - -
186.0 33.3
Earnings per share, EUR 0.40 0.08
Earnings per share, diluted, EUR 0.40 0.08
Condensed consolidated
interim financial statements
Company Announcement no. 22 – May 8, 2025
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Consolidated statement of comprehensive income
EUR million
Q1 2025 Q1 2024
Net profit 186.0 33.3
Items that may subsequently be reclassified to the income statement:
Currency translation adjustments (137.5) 23.5
Tax on currency translation adjustments - -
Cash flow hedges:
Fair value adjustments 18.0 (7.6)
Tax on fair value adjustments (3.9) 1.6
Cash flow hedges reclassified to costs of goods sold - 0.8
Cash flow hedges reclassified to financial costs 5.5 (0.7)
Tax on reclassified cash flow hedges (1.2) -
Other comprehensive income (119.1) 17.6
Comprehensive income 66.9 50.9
Attributable to
Shareholders in Novozymes A/S 66.9 50.9
Non-controlling interests - -
66.9 50.9
Company Announcement no. 22 – May 8, 2025
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Consolidated statement of cash flows
Undrawn committed credit facilities at March 31, 2025, were EUR 2,341.9 million (December 31, 2024: EUR 795.0 million), all of which
expire in 2025-2029.
1
In Q1 2024, change in net working capital was positively impacted by reduction of the PPA inventory step-up of EUR 82.6 million.
2
In Q1 2024, cash flow from business acquisitions was positively impacted by EUR 38.1 million from cash obtained from the merger
with Chr. Hansen. Reference is made to note 3.4 in the Annual report 2024.
EUR million Note
Q1 2025 Q1 2024
Net profit
186.0 33.3
Reversal of non-cash items
221.6 264.2
Income tax paid
(30.2) (58.3)
Interest paid, net
(10.2) (2.8)
Change in working capital
1
(260.8) (59.9)
Cash flow from operating activities
106.4 176.5
Investments
Purchase of intangible assets
(9.8) (5.2)
Purchase of property, plant and equipment
(45.4) (45.5)
Sale of property, plant and equipment
16.9
-
Business acquisitions, etc.
2
5 -
20.2
Cash flow from investing activities
(38.3) (30.5)
Free cash flow
68.1 146.0
Financing
Borrowings
26.6 50.3
Repayment of borrowings
(113.1) (156.6)
Shareholders:
Purchase of treasury stock
(30.8)
-
Sale of treasury shares
15.2 16.4
Cash flow from financing activities
(102.1) (89.9)
Net cash flow
(34.0) 56.1
Cash and cash equivalents - beginning of period
280.0 149.7
Unrealized gain/(loss) on currencies included in
cash and cash equivalents
3.5 7.0
Cash and cash equivalents at March 31
249.5 212.8
Company Announcement no. 22 – May 8, 2025
Page 15/25
Consolidated balance sheet
Assets
Liabilities and equity
EUR million
Mar. 31,
2025
Mar. 31,
2024
Dec. 31,
2024
Goodwill 5,534.3 5,562.9 5,605.0
Other intangible assets 4,342.9 4,788.8 4,419.2
Property, plant and equipment 2,915.1 2,825.4 2,968.3
Deferred tax assets 272.3 221.6 275.0
Other financial assets 18.4 27.9 18.7
Investments in associates 22.7 26.5 24.0
Other receivables 5.8 5.5 6.0
Non-current assets 13,111.5 13,458.6 13,316.2
Inventories 730.3 790.8 720.6
Trade receivables 741.6 708.6 665.6
Contract assets 10.3 14.4 23.6
Tax receivables 81.4 74.9 58.6
Other receivables 125.8 94.1 115.4
Other financial assets 7.0 3.8 4.0
Cash and cash equivalents 249.5 212.8 280.0
Assets held for sale - 120.8 11.6
Current assets 1,945.9 2,020.2 1,879.4
Assets 15,057.4 15,478.8 15,195.6
EUR million
Mar. 31,
2025
Mar. 31,
2024
Dec. 31,
2024
Common shares 125.6 125.7 125.6
Reserves and retained earnings 11,105.1 10,902.9 11,050.4
Equity attributable to shareholders in Novozymes A/S 11,230.7 11,028.6 11,176.0
Non-controlling interests - 50.0 -
Total equity 11,230.7 11,078.6 11,176.0
Deferred tax liabilities 1,247.0 1,391.4 1,255.9
Provisions 42.4 20.2 39.7
Contract liabilities 98.0 111.7 105.3
Borrowings 1,269.1 1,490.1 1,530.4
Non-current liabilities 2,656.5 3,013.4 2,931.3
Share purchase liability - 78.0 -
Borrowings 429.9 576.9 266.4
Trade payables 317.6 325.4 423.1
Contract liabilities 26.4 18.1 22.8
Tax payables 127.8 134.6 60.9
Other liabilities 268.5 253.8 315.1
Current liabilities 1,170.2 1,386.8 1,088.3
Liabilities 3,826.7 4,400.2 4,019.6
Liabilities and equity 15,057.4 15,478.8 15,195.6
Company Announcement no. 22 – May 8, 2025
Page 16/25
Consolidated statement of equity
Capital increase
There was no capital increase in Q1 2025.
In Q1 2024, the capital increase of EUR 9,076.8 million (nominal
amount EUR 50.3 million) was completed and registered on
January 29, 2024, through the statutory merger with
Chr. Hansen Holding A/S, in which all assets and liabilities of
Chr. Hansen Holding A/S were transferred to Novozymes A/S,
after which Chr. Hansen Holding A/S was dissolved.
As a result, the share capital of Novozymes A/S has been
increased by nominally DKK 374,597,292 from DKK 562,000,000
to DKK 936,597,292 through the issuance of a total of
187,298,646 new B-shares in the denomination of DKK 2 per
share. The per share value of the capital increase was based on
the closing share price of Novozymes A/S (DKK 361.40) on
Nasdaq Copenhagen on the date of the final registration of the
merger (January 29, 2024), net of costs related to issuance of
shares.
EUR million
Common
shares
Currency
translation
adjustments
Cash flow
hedges
Retained
earnings
Total
Non-
controlling
interests
Total
Equity at January 1, 2025 125.6 39.0 (21.0) 11,032.4 11,176.0 - 11,176.0
Net profit for the period 186.0 186.0 - 186.0
Other comprehensive income for the period - (135.6) 18.4 (1.9) (119.1) - (119.1)
Total comprehensive income for the period - (135.6) 18.4 184.1 66.9 - 66.9
Purchase of treasury shares (30.8) (30.8) (30.8)
Sale of treasury shares 15.2 15.2 15.2
Share-based payment 5.7 5.7 5.7
Tax related to equity items (2.3) (2.3) (2.3)
Changes in equity - (135.6) 18.4 171.9 54.7 - 54.7
Equity at March 31, 2025 125.6 (96.6) (2.6) 11,204.3 11,230.7 - 11,230.7
Equity at January 1, 2024 75.4 (54.2) 8.8 1,845.6 1,875.6 50.0 1,925.6
Net profit for the period 33.3 33.3 - 33.3
Other comprehensive income for the period - 25.6 (5.9) (2.1) 17.6 - 17.6
Total comprehensive income for the period - 25.6 (5.9) 31.2 50.9 - 50.9
Purchase of treasury shares 16.4 16.4 16.4
Capital increase 50.3 9,026.5 9,076.8 9,076.8
Transaction costs of capital increase (5.0) (5.0) (5.0)
Share-based payment 5.6 5.6 5.6
Non-controlling interests 0.3 0.3 0.3
Tax related to equity items 8.0 8.0 8.0
Changes in equity 50.3 25.6 (5.9) 9,083.0 9,153.0 - 9,153.0
Equity at March 31, 2024 125.7 (28.6) 2.9 10,928.6 11,028.6 50.0 11,078.6
Attributable to shareholders in Novozymes A/S
Company Announcement no. 22 – May 8, 2025
Page 17/25
1. Basis of reporting
The interim report has been prepared in accordance with IAS
34, Interim Financial Reporting, as adopted by the EU, and
additional disclosure requirements in the Danish Financial
Statements Act.
The accounting policies applied in the interim report are
consistent with those applied in the Annual Report 2024, as IAS
21 has not had a significant impact on the consolidated
condensed interim financial statements. Reference is made to
Note 1.2 in the Annual Report 2024 for further details.
Changes in accounting policies
Novonesis has adopted all new or amended standards and
interpretations as adopted by the EU, effective for the
accounting period beginning on January 1, 2025, including the
following:
• IAS 21 - The Effects of Changes in Foreign Exchange Rate:
Lack of Exchangeability (1/1 2025)
The implementation has not had and is not expected to have
significant impact on the consolidated condensed interim
financial statements.
Key accounting estimates and judgements
When preparing the consolidated condensed interim financial
statements, Management is required to make estimates and
judgments that can have a significant effect on the application
of policies and the reported amounts of assets, liabilities,
income, expenses and related disclosures.
Key accounting estimates and judgements are regularly
assessed to adapt to the market conditions and changes in
political and economic factors.
The key accounting estimates and judgments are unchanged
from the Annual Report 2024. For further details, reference is
made to Note 1.2 in the Annual Report 2024 and to specific
notes.
Novonesis is less exposed towards the direct implications from
increased global trade tariffs based on its global setup
including local and regional production. As such, Novonesis
does not expect a significant adverse net impact from higher
trade tariffs. For further details, reference is made to ‘Outlook’.
2. Segments
Operating segments
Novonesis has two operating segments: Food & Health
Biosolutions and Planetary Health Biosolutions.
The activities in the two segments include manufacturing, sales,
distribution, and research and development. There are no
internal sales between the two segments.
Segment costs consist of costs directly attributable to the
individual segments and costs allocated through the use of
allocation keys. Segment profitability is measured on the basis
of Adjusted EBITDA.
Sales areas
Food & Health Biosolutions consists of two sales areas: Food &
Beverages and Human Health. Planetary Health Biosolutions
consists of two sales areas: Household Care and Agriculture,
Energy & Tech.
Notes
Company Announcement no. 22 – May 8, 2025
Page 18/25
2. Segments (continued)
Geographical distribution of net sales
The geographical distribution of net sales is based on
the country in which the goods are delivered.
3. Net sales
EUR million
Food & Health
Biosolutions
Planetary
Health
Biosolutions
Total
Food & Health
Biosolutions
Planetary
Health
Biosolutions
Total
Net sales 476.4 601.2 1,077.6 322.0 531.5 853.5
Gross profit 254.3 340.0 594.3 89.8 275.9 365.7
Gross margin % 53.4 56.5 55.2 27.9 51.9 42.8
Adjusted EBITDA 176.0 236.8 412.8 97.0 206.3 303.3
Adjusted EBITDA margin % 37.0 39.4 38.3 30.1 38.8 35.5
Depreciation, amortization and
impairment losses
(137.1) (106.4)
Special items excluding depreciation,
amortization and impairment losses
(10.2) (47.6)
PPA inventory step-up - (82.6)
Operating profit (EBIT) 265.5 66.7
Share of result in associates (1.5) (0.8)
Financial items, net (19.3) (18.9)
Profit before tax 244.7 47.0
Q1 2025
Q1 2024
EUR million
Q1 2025 Q1 2024
Europe, Middle East & Africa 394.0 303.8
North America 344.0 279.6
Asia Pacific 207.6 164.1
Latin America 132.0 106.0
Net sales 1,077.6 853.5
Developed markets 689.4 549.4
Emerging markets 388.2 304.1
Net sales 1,077.6 853.5
EUR million
Q1 2025 Q1 2024
Food & Health Biosolutions
Food & Beverages 352.7 245.4
Human Health 123.7 76.6
476.4 322.0
Planetary Health Biosolutions
Household Care 215.5 191.9
Agriculture, Energy & Tech 385.7 339.6
601.2 531.5
Net sales 1,077.6 853.5
Company Announcement no. 22 – May 8, 2025
Page 19/25
4. Special items
5. Business acquisitions
Acquisitions in 2025
On February 11, 2025, it was announced that Novonesis had
reached an agreement with dsm-firmenich to dissolve the Feed
Enzyme Alliance and take over its sales and distribution
activities, in exchange for a total cash consideration of EUR 1.5
billion.
The acquisition is aligned with Novonesis’ growth strategy and
expands its presence across the animal biosolutions value
chain. The acquisition will be included within our Planetary
Health Biosolutions segment.
Subject to regulatory approvals, the transaction is expected to
close in the second quarter.
Acquisitions in 2024
On January 29, 2024, the final regulatory approvals were
obtained and the final registration of the statutory merger
between Novozymes A/S (“Novozymes”) and Chr. Hansen
Holding A/S (“Chr. Hansen”) was successfully completed with
the Danish Business Authority.
The statutory merger was effected through an exchange of all
shares of Chr. Hansen (“Chr. Hansen Shares”) with a total of
187,298,646 newly issued shares in Novozymes A/S (the
Merger Consideration Shares). The total consideration for Chr.
Hansen Holding A/S amounts to EUR 9.1 billion, based on a
price per share of EUR 48.5 (DKK 361.4), equal to the closing
share price of Novozymes A/S on Nasdaq Copenhagen on the
date of the registration of the merger.
The merger was accounted for as a business combination using
the acquisition method under IFRS 3, where Novozymes A/S is
identified as the acquirer and Chr. Hansen Holding A/S was
identified as the acquiree. The fair value and purchase price
allocation to identifiable assets and liabilities of Chr. Hansen
were finalized on December 31, 2024.
Reference is made to Note 3.4 in the Annual Report 2024 for
further details.
6. Events after the reporting date
No events have occurred subsequent to March 31, 2025, which
could have a significant impact on the condensed consolidated
interim financial statements.
EUR million Q1 2025 Q1 2024
Transaction costs related to the combination with Chr. Hansen - (35.0)
Integration costs related to the combination with Chr. Hansen (3.5) (12.6)
Transaction costs related to the acquisition of dsm-firmenich’s share of
the Feed Enzyme Alliance
(4.8) -
Implementation of new global ERP system for the combined business (1.9) -
Special items (10.2) (47.6)
Company Announcement no. 22 – May 8, 2025
Page 20/25
Statement of the Board of Directors and the Executive
Management
The Board of Directors and the Executive Management have
today considered and approved the Interim report Q1 2025 of
Novozymes A/S (Novonesis A/S) for the period January 1 to
March 31, 2025.
The condensed consolidated interim financial statements,
which have not been audited or reviewed by the company's
independent auditors, have been prepared in accordance with
IAS 34 ‘Interim Financial Reporting’, as adopted by the EU, and
additional requirements in the Danish Financial Statements Act.
It is our opinion that the condensed consolidated interim
financial statements give a true and fair view of the financial
position of the Group at March, 31 2025 as well as of the results
of the Group’s operations and consolidated cash flows for the
period January, 1 to March, 31 2025.
Further, in our opinion, the Management’s review contains a
fair review of the development in the Group’s operations and
financial matters, the results of operations, consolidated cash
flows and financial position as well as a description of the most
significant risks and elements of uncertainty facing the Group.
Apart from the disclosures provided in this Interim report, no
changes in the Group’s most significant risks and elements of
uncertainty have occurred relative to the disclosures in the
Annual Report 2024.
Statement and information
Bagsvaerd, May 8, 2025
Executive Management
Ester Baiget
President & CEO
Rainer Lehmann
CFO
Board of Directors
Cornelis (Cees) de Jong
Chair
Heine Dalsgaard
Vice Chair
Robert Nøddeskov Jensen
Lise Kaae
Monila Kothari
Kasim Kutay
Lars Bo Køppler
Kevin Lane
Preben Nielsen
Morten Otto Alexander Sommer
Frederikke Rose Spenner
Kim Stratton
Company Announcement no. 22 – May 8, 2025
Page 21/25
Financial definitions and ratios
Financial ratios have been prepared in accordance with the
guidelines from the Danish Society of Financial Analysts, and
supplemented by certain key ratios for Novonesis. Financial
ratios are described below and in the section ‘Non-IFRS
financial measures’.
Please refer to the Annual Report for 2024 for the definitions
of non-IFRS financial measures and key ratios. In addition, the
following financial definitions and ratios are applied in the
interim report:
FINANCIAL DEFINITIONS
Adjusted gross profit
Gross profit adjusted for impacts from the accounting for
acquisitions.
Adjusted operating profit (EBIT)
Operating profit (EBIT) adjusted for special items and impacts
from the accounting for acquisitions.
Adjusted net profit excluding PPA
Net profit for the period (attributable to shareholders of
Novonesis) adjusted for special items and impacts from the
accounting for acquisitions, including PPA depreciation and
amortization, net of tax.
KEY RATIOS
Adjusted gross margin
Adjusted gross profit as a percentage of net sales.
Adjusted EBIT margin
Adjusted EBIT as a percentage of net sales.
Adjusted earnings per share (EPS) excluding PPA, diluted
Adjusted net profit excluding PPA divided by the weighted
average number of shares in circulation.
Capex ratio (% of sales)
Investments in intangible assets and property, plant and
equipment (Capex) as a percentage of net sales.
Non-IFRS financial measures
Novonesis uses certain financial measures that are not defined
in IFRS to describe and explain the Group’s financial
performance, financial position and cash flows. These financial
measures may therefore be defined and calculated differently
from similar measures in other companies, and thus may not
be comparable.
The tables below provide reconciliations of the non-IFRS
financial measures to the nearest IFRS measures applied in the
interim report:
EUR million
Q1 2025 Q1 2024
Gross profit 594.3 365.7
PPA depreciation and amortization 39.9 28.0
PPA inventory step-up - 82.6
Adjusted gross profit 634.2 476.3
Adjusted gross profit margin % 58.9 55.8
EUR million
Q1 2025 Q1 2024
Operating profit (EBIT) 265.5 66.7
Amortization 72.8 53.1
Depreciation 64.3 53.3
Special items excluding impairment losses 10.2 47.6
PPA inventory step-up - 82.6
Adjusted EBITDA 412.8 303.3
Adjusted EBITDA margin % 38.3 35.5
Company Announcement no. 22 – May 8, 2025
Page 22/25
Non-IFRS financial measures (continued)
EUR million
Q1 2025 Q1 2024
Operating profit (EBIT) 265.5 66.7
Special items 10.2 47.6
PPA inventory step-up - 82.6
Adjusted EBIT 275.7 196.9
Adjusted EBIT margin % 25.6 23.1
EUR million
Q1 2025 Q1 2024
Net profit attributable to the shareholders of Novozymes A/S 186.0 33.3
Special items 10.2 47.6
PPA Inventory step-up - 82.6
Tax impact (0.2) (20.8)
Adjusted net profit 196.0 142.7
PPA depreciation and amortization 65.1 38.1
Tax impact (15.2) (8.9)
Adjusted net profit exluding PPA 245.9 171.9
Average number of diluted shares, million 468.1 435.2
Adjusted earnings per share, diluted, EUR
0.42 0.33
Adjusted earnings per share excluding PPA, diluted, EUR
0.53 0.39
EUR million
Q1 2025 Q1 2024
Cash flows from operating activities 106.4 176.5
Cash flows from investing activities (38.3) (30.5)
Free cash flow 68.1 146.0
Cash flows from business acquisitions, etc. - (20.2)
Free cash flow before acquisitions and divestments 68.1 125.8
Company Announcement no. 22 – May 8, 2025
Page 23/25
Pro forma
The pro forma figures presented in the interim report for
Novonesis are prepared and presented by management in the
Management Review as if the merger of Novozymes A/S and
Chr. Hansen Holding A/S became effective from January 1,
2024 (instead of January 29, 2024), and with purchase price
allocation adjustments included as of January 29, 2024.
The pro forma figures are not intended to revise past
performance but to provide a comparative basis for the
assessment of the current performance of the combined
businesses. The pro forma figures are illustrative and do not
represent what the actual result of Novonesis would have been
had the merger been effective from January 1, 2024.
The pro forma figures are prepared in accordance with
Novonesis’ accounting policies and financial definitions and
key ratios.
The table include income statement for Q1 2025 and pro forma
Q1 2024 for comparability and the bridge between IFRS and
pro forma numbers in Q1 2024:
Chr. Hansen Pro forma
EUR million
Q1 2025 Q1 2024 Jan. 1 - Jan. 29 Q1 2024
Net sales 1,077.6 853.5 112.0 965.5
Cost of goods sold (483.3) (487.8) (51.0) (538.8)
Gross profit 594.3 365.7 61.0 426.7
Sales and distribution costs (154.0) (122.1) (16.0) (138.1)
Research and development costs (107.3) (91.6) (9.7) (101.3)
Administrative costs (58.3) (45.4) (8.9) (54.3)
Other operating income 1.0 7.7 - 7.7
Operating profit (EBIT) before special items 275.7 114.3 26.4 140.7
Special items (10.2) (47.6) (41.0) (88.6)
Operating profit (EBIT) 265.5 66.7 (14.6) 52.1
Share of result in associates (1.5) (0.8) (2.7) (3.5)
Financial items, net (19.3) (18.9) (3.8) (22.7)
Profit before tax 244.7 47.0 (21.1) 25.9
Tax (58.7) (13.7) (8.1) (21.8)
Net profit 186.0 33.3 (29.2) 4.1
Adjusted EBITDA
412.8 303.3 36.4 339.7
Allocation of PPA depreciation and amortization
Cost of goods sold
(39.9) (28.0) - (28.0)
Sales and distribution costs (15.2) (6.4) - (6.4)
Research and development costs (10.0) (3.7) - (3.7)
PPA depreciation and amortization (65.1) (38.1) - (38.1)
Company Announcement no. 22 – May 8, 2025
Page 24/25
Contact information
Investor Relations
Tobias Bjorklund, +45 3077 8682, tobb@novonesis.com
Anders Enevoldsen, +45 5350 1453, adev@novonesis.com
Katrine Spedtsberg Poulsen, kats@novonesis.com
Media Relations
Jens Gamborg, +45 3077 7182, jgam@novonesis.com
Forward-looking statements
This announcement includes forward-looking statements,
including statements relating to the operating, financial and
sustainability performance and results of the group and/or the
industry in which it operates. Forward-looking statements
include, without limitation, any statement that may predict,
forecast, indicate or imply future results, performance or
achievements, and may contain words such as "aim",
"anticipate", "assess", "assume", "believe", "continue", "could",
"estimate", "expect", "goal", "hope", "intend", "may",
"objective", "plan", "position", "potential", "predict", "project",
"risk", "seek", "should", "target", "will", "would", or any
variations of such words or other words with similar meanings.
Any such statements are subject to risks and uncertainties that
could cause the group's actual results to differ materially from
the results discussed in such forward-looking statements.
Prospective information is based on management’s then
current expectations or forecasts. Such information is subject
to the risk that such expectations or forecasts, or the
assumptions underlying such expectations or forecasts, may
change. Unless as required by applicable laws, the group
assumes no obligation to update any such forward-looking
statements to reflect actual results, changes in assumptions or
changes in other factors affecting such forward-looking
statements.
Factors that could cause the group’s actual results to differ
materially from those expressed in its forward-looking
statements include, but are not limited to: i) unexpected
developments in the ability to develop and market new
products; ii) fluctuations in the demand for the group’s
products, market-driven price decreases, industry
consolidation, and launches of competing products or
disruptive technologies in the group’s core business areas; iii)
changes in the ability to protect and enforce the company’s
intellectual property rights; iv) significant litigation or breaches
of contract; v) the materialization of the company’s growth
platforms; vi) political conditions, such as acceptance of
enzymes produced by genetically modified organisms; vii)
global economic and capital market conditions, including, but
not limited to, currency exchange rates (USD/DKK and
EUR/DKK in particular, but not exclusively), interest rates, and
inflation; viii) significant price decreases for input and other
materials that compete with the group’s solutions; and ix)
changes in laws or interpretations thereof, including those
related to reimbursement, intellectual property protection,
marketing, and taxation (including tariffs and duties). New risk
factors can arise, and it may not be possible for management
to predict all such risk factors, nor to assess the impact of all
such risk factors on the group's business or the extent to which
any individual risk factor, or combination of factors, may cause
results to differ materially from those contained in any forward-
looking statement. Accordingly, forward-looking statements
should not be relied upon as predictions of actual future events
or otherwise.
Company Announcement no. 22 – May 8, 2025
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