Company Announcement no. 38 – August 21, 2025
Page 1/29
Interim
report
H1
2025
Company Announcement no. 38 – August 21, 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: 529900T6WNZXD2R3JW381
Company Announcement no. 38 – August 21, 2025
Page 2/29
Management’s review
Highlights 3
Key figures and financial ratios 4
Group performance 5
Divisional performance 8
Outlook 12
Condensed consolidated
interim financial statements
Consolidated income statement 14
Consolidated statement of comprehensive income 15
Consolidated statement of cash flows 16
Consolidated balance sheet 17
Consolidated statement of equity 18
Notes
1. Basis of reporting 19
2. Segments 19
3. Net sales 21
4. Special items 21
5. Business acquisitions 22
6. Events after the reporting date 23
Statement and information
Statement of the Board of Directors and the Executive
Management 24
Financial definitions and ratios 25
Non-IFRS financial measures 25
Pro forma 27
Contact information 28
Forward-looking statements 28
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 the Pro forma section for the definition of pro forma figures.
The review compares and comments on H1 2025 development relative to pro forma H1 2024 performance. IFRS comparisons
are included in parentheses after the pro forma figures where relevant. An income statement overview of H1 2025 compared to
pro forma H1 2024 is provided in the section ‘Pro forma’ in this document.
Company Announcement no. 38 – August 21, 2025
Page 3/29
9% organic sales growth in H1 and FY outlook range narrowed to 6-8%
Ester Baiget, President & CEO:
“I’m very pleased with 9% organic sales growth in the first half of the year. Demand for our biosolutions
is strong, and consequently, we are lifting the lower end of our full-year guidance to 6-8% organic sales growth. Our profitability also
remains solid, despite strong headwinds from currencies. With a robust foundation in place, we are well positioned to accelerate into
our next strategy period until 2030, where we will continue to significantly invest in what makes Novonesis unique, further
strengthening our position while expanding the biosolutions market.”
• Strong organic sales growth of 9% (Q2: 8%), including ~1pp from price (Q2: ~1pp). Food & Health at 10% organic sales
growth (Q2: 9%); Planetary Health at 9% organic sales growth (Q2: 7%).
• Emerging markets organic sales growth at 12% (Q2: 10%) and developed markets at 8% (Q2: 6%).
• Cost synergies now at 100% run rate compared to 80% previously.
• Adjusted EBITDA margin at 37.4% (Q2: 36.4%), up by 210 bps (Q2: up by 100 bps).
• Adjusted net profit increased by 23% (Q2: 19%).
• NIBD/EBITDA at 2.1x, including the closed acquisition of dsm-firmenich’s part of the Feed Enzyme Alliance on June 2, 2025.
• Completion of the EUR 100 million share buyback program on June 27.
• 2025 outlook: Organic sales growth range narrowed to 6-8% (previously 5-8%), and 7-9% excluding the exit from certain
countries (previously 6-9%). Adjusted EBITDA margin is maintained at 37-38%, despite strong currency headwinds.
• Interim dividend of 2.25 DKK (EUR 0.30) approved for the first half of 2025.
• Long-term financial targets for 2030 announced. Please refer to the Company Announcement from August 20, 2025.
Selected key figures and ratios
Divisional organic sales growth
Pro forma
EUR million
H1 2025 H1 2024 H1 2024 Q2 2025 Q2 2024
Net sales 2,096.1 1,831.7 1,943.7 1,018.5 978.2
Organic sales growth % 9 8 7 8 10
Adjusted gross margin % 58.7 55.8 55.7 58.6 55.7
Adjusted EBITDA 783.4 649.4 685.8 370.6 346.1
Adjusted EBITDA margin % 37.4 35.5 35.3 36.4 35.4
Free cash flow before acquisitions 307.1 380.4 387.0 239.0 254.6
NIBD/EBITDA x 2.1 2.2 1.8
Pro forma
H1 2025 H1 2024 H1 2024 Q2 2025 Q2 2024
Food & Beverages % 10 8 8 8 11
Human Health % 12 4 0 11 5
Food & Health Biosolutions % 10 7 6 9 9
Household Care % 8 15 15 4 16
Agriculture, Energy & Tech % 9 5 4 8 9
Planetary Health Biosolutions % 9 8 8 7 11
Highlights
Conference call
August 21, 2025, 9.00 CEST
Please pre-register
for the call here
Webcast
Company Announcement no. 38 – August 21, 2025
Page 4/29
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 the section ‘Pro forma’.
Pro forma
EUR million
H1 2025 H1 2024 H1 2024 Q2 2025 Q2 2024
Income statement
Net sales 2,096.1 1,831.7 1,943.7 1,018.5 978.2
Gross profit 1,138.8 767.0 828.0 544.5 401.3
Operating profit (EBIT) before special items 495.5 223.5 249.9 219.8 109.2
Special items (37.5) (88.5) (129.5) (27.3) (40.9)
Operating profit (EBIT) 458.0 135.0 120.4 192.5 68.3
Financial items, net (35.0) (43.4) (47.2) (15.7) (24.5)
Net profit 322.8 63.9 34.7 136.8 30.6
Adjusted gross profit 1,230.8 1,021.4 1,082.4 596.6 545.1
Adjusted EBITDA 783.4 649.4 685.8 370.6 346.1
Adjusted EBIT 509.7 407.4 433.8 234.0 210.5
Adjusted net profit 365.9 285.3 297.1 169.9 142.6
Adjusted net profit excluding PPA 468.0 368.5 380.3 222.1 196.6
Balance sheet
Total assets 16,401.1 15,252.2
Equity 10,742.9 11,005.0
Invested capital 13,714.8 12,695.3
Net interest-bearing debt 2,987.8 1,719.0
Cash flows and investments
Cash flow from operating activities 426.5 528.1 540.7 320.1 351.6
Cash flow from net investments excl. acquisitions (119.4) (147.7) (153.8) (81.1) (97.0)
Free cash flow before acquisitions 307.1 380.4 387.0 239.0 254.6
Key ratios
Organic sales growth % 9 8 7 8 10
Gross margin % 54.3 41.9 42.6 53.5 41.0
R&D costs (% of sales) % 10.3 10.6 10.5 10.8 10.5
EBIT margin before special items % 23.6 12.2 12.9 21.6 11.2
EBIT margin % 21.9 7.4 6.2 18.9 7.0
Effective tax rate % 23.0 29.0 49.6 21.6 28.8
Equity ratio % 65.5 72.2
NIBD/EBITDA x 2.1 2.2 1.8
Earnings per share (EPS), diluted EUR 0.69 0.14 0.07 0.29 0.06
Capex ratio (% of sales) % 6.6 8.1 7.9 8.1 9.9
Adjusted gross margin % 58.7 55.8 55.7 58.6 55.7
Adjusted EBITDA margin % 37.4 35.5 35.3 36.4 35.4
Adjusted EBIT margin % 24.3 22.2 22.3 23.0 21.5
Adjusted earnings per share (EPS), diluted EUR 0.78 0.63 0.64 0.36 0.30
Adjusted earnings per share (EPS) excluding PPA, diluted EUR 1.00 0.82 0.82 0.47 0.43
Key figures and financial ratios
Company Announcement no. 38 – August 21, 2025
Page 5/29
Income statement
Net sales
Novonesis reported 9% organic sales growth in H1 2025. Sales
amounted to EUR 2,096.1 million, equivalent to an increase of
8% in pro forma EUR (IFRS: 14%). Sales synergies contributed
close to 1pp to the group organic sales growth. Emerging
markets grew organically by 12% and developed markets
increased by 8%.
For the second quarter, organic sales growth was 8%, and sales
amounted to EUR 1,018.5 million, equivalent to an increase of
4%. Emerging markets grew 10% organically, and developed
markets increased by 6%.
Geographical distribution of net sales
Gross margin
The gross margin was 54.3% in H1 2025, and the adjusted gross
margin was 58.7%, an increase of 300 bps (IFRS: 290 bps)
compared to the H1 2024 adjusted gross margin. The stronger
gross margin was driven by the lower cost of raw materials and
energy, and both pricing and productivity improvements had a
positive impact. This was partly offset by a negative impact
from currencies.
Gross margin was 53.5% in Q2 2025, and the adjusted gross
margin was 58.6%. This was an increase of 290 bps compared
to Q2 2024 adjusted gross margin.
Operating costs
Operating costs totaled EUR 649.4 million in H1, compared to
EUR 588.6 million (IFRS: EUR 554.0 million) in H1 last year,
equivalent to a 10% increase (IFRS: 17%). Operating costs
equaled 31.0% of sales, 70 bps higher compared to H1 2024,
which was at 30.3% (IFRS: 30.2%). Adjusting for PPA related
depreciation and amortization, the operating costs to sales
ratio was 28.4%, compared to 28.3% (IFRS: 28.2%) in H1 2024.
In the second quarter, operating costs totaled EUR 329.8
million, compared to EUR 294.9 million in Q2 2024, equivalent
to a 12% increase. This equals 32.4% of sales, an increase of
230 bps compared to Q2 2024. Adjusting for PPA related
depreciation and amortization, the operating costs to sales
ratio was 29.5%, compared to 27.3% in Q2 2024.
Sales and distribution costs increased by 15% in H1 2025 (IFRS:
22%), equal to 15.2% of sales, compared to 14.2% (IFRS 14.2%)
in H1 last year. For Q2, sales & distribution costs were 16.2% of
sales, compared to 14.1% in Q2 2024.
Research and development costs increased by 6% in H1 2025
(IFRS: 12%), equal to 10.3% of sales, compared to 10.5% (IFRS:
10.6%) in H1 last year. For Q2, this was 10.8% of sales,
compared to 10.5% in Q2 2024.
Administrative costs increased by 5% in H1 2025, equal to 5.4%
of sales, compared to 5.6% (IFRS: 5.4%) in H1 last year. For Q2,
this was 5.5% of sales, on par with Q2 2024.
Other net operating income amounted to EUR 6.1 million in H1
2025, compared to EUR 10.5 million (IFRS: EUR 10.5 million) in
H1 2024.
64%
Developed markets Emerging Markets
37%
32%
19%
12%
Europe, the Middle
East & Africa
North America
Asia Pacific
Latin America
15% / 11%
8% / 7%
10% / 6%
8% / 9%
Group performance
Organic sales growth: H1 / Q2
12% / 10%
8% / 6%
Organic sales growth: H1 / Q2
Company Announcement no. 38 – August 21, 2025
Page 6/29
Adjusted EBITDA
Adjusted EBITDA was EUR 783.4 million in H1 2025,
representing an adjusted EBITDA margin of 37.4%. This
compares to EUR 685.8 million (IFRS: EUR 649.4 million) at a
margin of 35.3% (IFRS: 35.5%) for H1 2024, representing an
increase of EUR 97.6 million (IFRS: EUR 134.0 million) or 14%
(IFRS: 21%). The adjusted EBITDA margin benefited from the
strong sales performance and related economies of scale, while
currency impacted negatively. Recognition of deferred revenue
related to Advanced Protein Solutions impacted sales and
earnings by a low-single-digit million EUR amount in H1 2025.
For the quarter, adjusted EBITDA was EUR 370.6 million,
representing an adjusted EBITDA margin of 36.4%. This
compares to EUR 346.1 million at a margin of 35.4% in Q2 2024,
representing an increase of EUR 24.5 million or 7%. The margin
development was impacted by significant currency headwinds.
Adjusted EBIT
Adjusted EBIT was EUR 509.7 million for H1 2025, representing
an adjusted EBIT margin of 24.3%, compared to EUR 433.8
million (IFRS: EUR 407.4 million) and an adjusted EBIT margin
of 22.3% (IFRS: 22.2%) in H1 2024. This represents an increase
of EUR 75.9 million (IFRS: 102.3 million) or 17% (IFRS: 25%). The
year-on-year increase is mainly due to the increase in sales and
the resulting economies of scale, as well as synergies.
For the quarter, adjusted EBIT was EUR 234.0 million,
representing an adjusted EBIT margin of 23.0%. This compares
to EUR 210.5 million and a margin of 21.5% in Q2 2024,
representing an increase of EUR 23.5 million or 11%.
Net profit
Depreciation and amortization amounted to EUR 273.7 million
for H1 2025, compared to EUR 252.0 million (IFRS: EUR 242.0
million) in H1 2024. The increase was mainly driven by
additional depreciation and amortization from the PPA, which
was only partially included in H1 2024 following the merger
with Chr. Hansen on January 29, 2024. In the second quarter,
depreciation and amortization amounted to EUR 136.6 million,
compared to EUR 135.6 million in Q2 2024.
Special items amounted to EUR 37.5 million for H1 2025. This
was mainly driven by transaction costs related to the
acquisition of dsm-firmenich’s share of the Feed Enzyme
Alliance, integration costs related to the combination with Chr.
Hansen, and costs related to the implementation of a new
global ERP system. In the second quarter, special items were
EUR 27.3 million.
Net financials totaled EUR 35.0 million, representing a decrease
of EUR 12.2 million (IFRS: EUR 8.4 million) compared to H1 last
year and is mainly explained by lower interest costs, partly
offset by currency losses.
Profit before tax amounted to EUR 419.2 million for H1 2025,
compared to EUR 68.9 million (IFRS: EUR 90.0 million) in H1
2024, mainly explained by the impact of the combination in
2024.
The effective tax rate (ETR) was at 23.0% in H1 2025, compared
to 49.6% (IFRS: 29.0%) in H1 2024, which was impacted by non-
deductible merger-related costs.
Net profit totaled EUR 322.8 million for the first half of 2025.
The adjusted net profit was EUR 365.9 million, compared to
Sales growth
Food & Health
Biosolutions
Planetary
Health
Biosolutions
Group
Food & Health
Biosolutions
Planetary
Health
Biosolutions
Group
Organic sales growth % 10 9 9 10 9 9
Currency % 0 (2) (1) (1) (2) (1)
M&A % 13 1 6 0 0 0
Sales growth, EUR % 23 8 14 9 7 8
H1 2025
Pro forma H1 2025
Sales growth
Food & Health
Biosolutions
Planetary
Health
Biosolutions
Group
Organic sales growth % 9 7 8
Currency % (4) (5) (5)
M&A % 0 1 1
Sales growth, EUR % 5 3 4
Q2 2025
Company Announcement no. 38 – August 21, 2025
Page 7/29
EUR 297.1 million (IFRS: EUR 285.3 million) in H1 2024, an
increase of 23% (IFRS: 28%). In Q2 net profit was EUR 136.8
million, while adjusted net profit was EUR 169.9 million,
compared to EUR 142.6 million in Q2 2024, equivalent to an
increase of 19%.
Adjusted net profit excl. PPA increased by 23% to EUR 468.0
million, compared to EUR 380.3 million (IFRS: EUR 368.5
million) in H1 2024. In the second quarter, this was EUR 222.1
million, compared to EUR 196.6 million in Q2 2024.
Adjusted earnings per share (EPS) was EUR 0.78 in H1 2025, an
increase of 22% (IFRS: 24%) compared to EUR 0.64 per share in
H1 2024. Adjusted EPS excl. PPA was EUR 1.00 per share, an
increase of 22% (IFRS: 22%) compared to EUR 0.82 per share in
H1 2024.
Cash flows and investments
Cash flow from operating activities amounted to EUR 426.5
million in H1 2025. This was a decrease of EUR 114.2 million
(IFRS: EUR 101.6 million) compared to the same period last
year, which benefited from the one-off payment from the
anchor customer in Advanced Protein Solutions, which
occurred in H1 2024. For the second quarter of 2025, cash flow
from operating activities totaled EUR 320.1 million, compared
to EUR 351.6 million in Q2 2024.
Cash flow from net investments excluding acquisitions in H1
2025 totaled EUR 119.4 million. CAPEX totaled EUR 137.4
million, equal to 6.6% of sales for the first half of the year,
compared to EUR 153.7 million (IFRS: EUR 147.7 million), equal
to 7.9% (IFRS: 8.1%) of sales in H1 2024. For the second quarter
of 2025, CAPEX totaled EUR 82.2 million, equivalent to 8.1% of
sales, compared to EUR 97.0 million in Q2 2024, at 9.9% of
sales.
Free cash flow before acquisitions was EUR 307.1 million,
corresponding to a decrease of EUR 79.9 million (IFRS: EUR 73.3
million) compared to the first half of 2024. For the second
quarter of 2025, free cash flow before acquisitions totaled EUR
239.0 million, compared to EUR 254.6 million in Q2 2024.
Balance sheet and equity
Total assets were EUR 16,401.1 million on June 30, 2025, an
increase of EUR 1,205.5 million compared to December 31,
2024. The development was mainly driven by an increase in
goodwill and other intangible assets stemming from the
closing of the acquisition of dsm-firmenich’s share of the Feed
Enzyme Alliance, on June 2, 2025.
Net interest-bearing debt was EUR 2,987.8 million on June 30,
2025, compared to EUR 1,490.0 million on December 31, 2024.
The NIBD/EBITDA ratio was 2.1x on June 30, 2025, compared
to 1.4x at the end of 2024, and 1.1x at the end of the previous
quarter. This 1x increase is directly attributable to the debt
financing of the closed acquisition of the Feed Enzyme Alliance.
Total equity was EUR 10,742.9 million on June 30, 2025,
compared to EUR 11,176.0 million on December 31, 2024,
resulting in an equity ratio of 65.5%.
The share buyback program was completed in the first half of
2025, under which a total of 1,729,099 shares were
accumulated at a transaction value of EUR 100 million.
Novonesis held 2,703,494 treasury shares, or 0.6% of the total
outstanding share capital, as of June 30, 2025.
Interim dividend
The Board of Directors of Novonesis has approved an interim
dividend of 2.25 DKK (EUR 0.30) for the first half of 2025. The
dividend will be disbursed on August 27, 2025, with August 22,
2025, as the last trading day with dividend.
Company Announcement no. 38 – August 21, 2025
Page 8/29
Food & Health Biosolutions
Net sales
Food & Health Biosolutions organic sales growth was 10% in
the first half of 2025, driven by 12% growth in Human Health
and 10% growth in Food & Beverages. Pricing contributed
around 1 percentage point.
In the second quarter, Food & Health Biosolutions organic
sales growth was 9%, driven by strong growth of 11% in Human
Health, while Food & Beverages grew 8%. Pricing contributed
around 1 percentage point.
Adjusted EBITDA margin
Adjusted EBITDA margin for Food & Health in H1 2025 was
36.1%, an increase of 210 bps (IFRS: 230 bps) compared to H1
2024, mainly driven by stronger sales and resulting economies
of scale.
In the second quarter, adjusted EBITDA margin was 35.2%, an
increase of 50 bps compared to Q2 2024.
Distribution of sales by sales area (H1)
Food & Beverages
Food & Beverages organic sales growth was 10% in the first
half of 2025, and pro forma sales in EUR increased by 8% (IFRS:
21%). Growth was anchored across most categories, with
continued strong momentum in Dairy. Both Fresh Dairy and
Cheese contributed to growth in Dairy, mainly driven by
upselling and strong customer adoption of innovation, as well
as customer conversion in Cheese. Baking and Meat also saw
strong growth, mainly driven by innovation. The remaining
industries were led by strong growth in Plant-based solutions,
while Beverages had softer growth, impacted by lower end
market volumes.
In the second quarter, Food & Beverages grew 8% organically,
and sales in EUR were up 5%. The organic performance in the
quarter was largely driven by the same factors as for the first
half of 2025, with Beverages seeing slightly softer growth in Q2
versus first half of the year, partly driven by lower end market
volumes.
Human Health
Human Health organic sales growth was 12% in the first half of
2025, and pro forma sales in EUR were up 11% (IFRS: 28%).
Recognition of deferred revenue benefited organic sales
growth by around 1 percentage point. Growth was driven by a
strong development across regions in Dietary Supplements,
led by solid performance in North America. Solutions for
gastrointestinal health showed strongest growth. Growth in
Advanced Health & Nutrition was driven by Advanced Protein
Solutions (APS), supported by solid performance in Early Life
Nutrition ().
In the second quarter, Human Health organic sales increased
11%, and sales in EUR were up 7%. The organic performance in
the quarter was largely driven by the same factors as for the
first half of 2025, with Advanced Health and Nutrition seeing
stronger growth in the second quarter versus the first quarter
of the year, driven by growth in Early Life Nutrition.
74%
26%
Food & Beverages Human Health
Divisional performance
Company Announcement no. 38 – August 21, 2025
Page 9/29
Sales growth
Food &
Beverages
Human Health
Food & Health
Biosolutions
Food &
Beverages
Human Health
Food & Health
Biosolutions
Organic sales growth % 10 12 10 10 12 10
Currency % (1) 0 0 (2) (1) (1)
M&A % 12 16 13 0 0 0
Sales growth, EUR % 21 28 23 8 11 9
Pro forma H1 2025
H1 2025
Sales growth
Food &
Beverages
Human Health
Food & Health
Biosolutions
Organic sales growth % 8 11 9
Currency % (3) (4) (4)
M&A % 0 0 0
Sales growth, EUR % 5 7 5
Q2 2025
Pro forma
EUR million
H1 2025 H1 2024 H1 2024 Q2 2025 Q2 2024
Food & Beverages 701.4 578.9 650.9 348.7 333.5
Human Health 248.7 193.8 224.6 125.0 117.2
Net sales 950.1 772.7 875.5 473.7 450.7
Adjusted EBITDA 342.9 261.4 297.6 166.9 156.6
Adjusted EBITDA margin % 36.1 33.8 34.0 35.2 34.7
Company Announcement no. 38 – August 21, 2025
Page 10/29
Planetary Health Biosolutions
Net sales
Planetary Health Biosolutions organic sales growth was 9% in
the first half of 2025, driven by strong growth in Agriculture,
Energy & Tech of 9%, and with 8% in Household Care. Pricing
contributed around 1 percentage point.
In the second quarter, Planetary Health Biosolutions increased
organic sales by 7%, driven by strong growth of 8% in
Agriculture, Energy & Tech, while Household Care grew 4%.
Pricing contributed around 1 percentage point.
Adjusted EBITDA margin
Adjusted EBITDA margin for Planetary Health in H1 2025 was
38.4%, an increase of 210 bps (IFRS: 180 bps) compared to H1
2024, mainly driven by stronger sales and resulting economies
of scale.
In the second quarter, adjusted EBITDA margin was 37.4%, an
increase of 150 bps compared to Q2 2024.
Distribution of sales by sales area (H1)
Household Care
Household Care organic sales growth was 8% in the first half
of 2025, and pro forma sales in EUR increased by 7% (IFRS: 7%).
Increased market penetration and innovation were key drivers
of the strong performance, with a particularly significant
contribution from Emerging Markets in both Laundry and Dish.
The performance was also supported by solid growth in
Developed Markets.
In Q2 2025 Household Care organic sales growth was 4%, and
sales in EUR were up 1%. Performance in the second quarter
was, as expected, impacted by timing that benefited the first
quarter of 2025, as well as an anticipated normalization.
Agriculture, Energy & Tech
Agriculture, Energy & Tech organic sales growth was 9% in the
first half of 2025, and pro forma sales in EUR were up by 8%
(IFRS: 9%). Growth was led by Energy and Tech, supported by
Agriculture. Performance in Energy was led by strong growth
in India and Latin America, driven by increased ethanol
production capacity. Additionally, growth was supported by
strong performance in Europe, including a ramp-up in second
generation ethanol. In North America, performance was driven
by greater adoption of innovation and growing ethanol
production volumes supported by continued expansion of
ethanol exports. Biodiesel solutions also saw positive
development across geographies. Tech was driven by
bioprocessing, including solutions for biopharma production,
and was positively impacted by timing. Growth in Agriculture
was driven by both Animal and Plant.
In Q2 2025, Agriculture, Energy & Tech organic sales increased
8%, and sales in EUR were up 4%. The organic performance in
the quarter was largely driven by the same factors as for the
first half of 2025.
Additionally, EUR sales benefited from the closing of the
acquisition of dsm-firmenich’s share of the Feed Enzyme
Alliance.
35%
65%
Household Care Agriculture, Energy & Tech
Company Announcement no. 38 – August 21, 2025
Page 11/29
Sales growth
Household
Care
Agriculture,
Energy & Tech
Planetary
Health
Biosolutions
Household
Care
Agriculture,
Energy & Tech
Planetary
Health
Biosolutions
Organic sales growth % 8 9 9 8 9 9
Currency % (1) (2) (2) (1) (2) (2)
M&A % 0 2 1 0 1 0
Sales growth, EUR % 7 9 8 7 8 7
Pro forma H1 2025
H1 2025
Sales growth
Household
Care
Agriculture,
Energy & Tech
Planetary
Health
Biosolutions
Organic sales growth % 4 8 7
Currency % (3) (5) (5)
M&A % 0 1 1
Sales growth, EUR % 1 4 3
Q2 2025
Pro forma
EUR million
H1 2025 H1 2024 H1 2024 Q2 2025 Q2 2024
Household Care 403.3 377.7 377.7 187.8 185.8
Agriculture, Energy & Tech 742.7 681.3 690.5 357.0 341.7
Net sales 1,146.0 1,059.0 1,068.2 544.8 527.5
Adjusted EBITDA 440.5 388.0 388.2 203.7 189.5
Adjusted EBITDA margin % 38.4 36.6 36.3 37.4 35.9
Company Announcement no. 38 – August 21, 2025
Page 12/29
Outlook
The organic sales growth outlook for 2025 is based on 12
months’ 2024 pro forma numbers for the consolidated
business. The 2025 outlook includes the margin impact from
the closing of the acquisition of the Feed Enzyme Alliance on
June 2, 2025.
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 costs driven by tariffs. As a result, we still expect
no or only marginal net impact from tariffs.
Organic sales growth
The outlook for organic sales growth is narrowed to 6-8%
(previously 5-8%), and 7-9% excluding the impact from the exit
certain countries (previously 6-9%). Year-on-year growth was
anticipated to be stronger in H1 compared to H2, which
continues to be valid.
In the current, more volatile, macroeconomic environment,
demand for our biosolutions continues to be solid, leading to
comfort on the full-year outlook.
Growth is expected across all sales areas and is expected to be
predominantly volume-driven, supported by 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 organic sales growth,
mainly impacting Food & Beverages, Human Health, and
Agriculture, Energy & Tech.
The outlook includes the planned exit from certain countries in
the Food & Health business, which was announced in 2024 and
completed in the second quarter of 2025. This is expected to
negatively impact the group's full-year organic revenue growth
by about 1 percentage point, with most of the effect impacting
the second half of the year.
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 a negative
impact of around 1 percentage point 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 in the second
half of the year following a stronger first half. Growth 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 cost synergies
achieved now at 100%, as well as a minor contribution from
sales synergies. The adjusted EBITDA margin is maintained at
37-38% despite significant currency headwinds, particularly the
additional weakening of the USD, compared to the previous
outlook.
In 2025 we continue 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 are expected to be around 1
percentage points lower than the organic sales growth
outlook, when applying the most recent currency spot
rates for key currencies and following the closing of the
acquisition of dsm-firmenich’s share of the Feed Enzyme
Alliance on June 2.
• Net financial costs are indicated to be around EUR 70
million.
• Special items are indicated to be around EUR 60 million,
relating to the combination with Chr. Hansen, initial
expenses for the implementation of a new ERP system, as
well as transaction and integration costs related to the
Feed Enzyme Alliance acquisition.
• NIBD/EBITDA is expected at around 2x times for the year,
following increased debt relating to the Feed Enzyme
Alliance acquisition.
Novonesis announced its long-term financial targets towards
2030. Please refer to Company Announcement on the 2030
‘GROW’ strategy from August 20, 2025.
Company Announcement no. 38 – August 21, 2025
Page 13/29
Currency exposure
Revenue split by currency, H1 2025
Currency sensitivity and hedging of net currencies
Assuming constant conditions, 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 hedging gains or losses are recognized in net
financials.
Currency exchange rates
Main currencies have developed unfavorably throughout the
year as shown in the table below. Since the initial outlook for
2025 was provided, the estimated 2025 USD exchange rate has
weakened 9%. The 2025 estimate for the BRL has weakened 7%
since the initial outlook, and the CNY has weakened 8%.
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
Average Q2 2024 exchange rate 1.08 5.6 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 Q2 2025 exchange rate 1.13 6.4 8.3
Average H1 2025 exchange rate 1.09 6.3 8.0
Spot rate as at August 20, 2025 1.17 6.4 8.4
Estimated exchange rate for 2025* 1.13 6.4 8.2
Estimated exchange rate for 2025* compared to 2024 % (5) (10) (5)
Estimated exchange rate for 2025* compared to estimate for initial 2025 outlook % (9) (7) (8)
*Estimated 2025 exchange rate is a weighted average, applying 50% weight to the average exchange rate for H1 2025 and 50% weight to the
spot rate as at August 20, 2025.
Company Announcement no. 38 – August 21, 2025
Page 14/29
Consolidated income statement
EUR million Note
H1 2025 H1 2024 Q2 2025 Q2 2024
Net sales 2, 3 2,096.1 1,831.7 1,018.5 978.2
Cost of goods sold (957.3) (1,064.7) (474.0) (576.9)
Gross profit 2 1,138.8 767.0 544.5 401.3
Sales and distribution costs (318.6) (260.2) (164.6) (138.1)
Research and development costs (216.9) (194.5) (109.6) (102.9)
Administrative costs (113.9) (99.3) (55.6) (53.9)
Other operating income 6.1 10.5 5.1 2.8
Operating profit (EBIT) before special items 495.5 223.5 219.8 109.2
Special items 4 (37.5) (88.5) (27.3) (40.9)
Operating profit (EBIT) 458.0 135.0 192.5 68.3
Share of result in associates (3.8) (1.6) (2.3) (0.8)
Financial items, net (35.0) (43.4) (15.7) (24.5)
Profit before tax 419.2 90.0 174.5 43.0
Tax (96.4) (26.1) (37.7) (12.4)
Net profit 322.8 63.9 136.8 30.6
Attributable to
Shareholders in Novozymes A/S 322.8 63.9 136.8 30.6
Non-controlling interests - - - -
322.8 63.9 136.8 30.6
Earnings per share, EUR 0.69 0.14 0.29 0.06
Earnings per share, diluted, EUR 0.69 0.14 0.29 0.06
Condensed consolidated
interim financial statements
Company Announcement no. 38 – August 21, 2025
Page 15/29
Consolidated statement of comprehensive income
EUR million
H1 2025 H1 2024 Q2 2025 Q2 2024
Net profit 322.8 63.9 136.8 30.6
Items that may subsequently be reclassified to the income statement:
Currency translation adjustments (481.2) 30.1 (343.7) 6.6
Cash flow hedges:
Fair value adjustments 53.9 (17.8) 35.9 (10.2)
Tax on fair value adjustments (11.8) 3.8 (7.9) 2.2
Cash flow hedges reclassified to costs of goods sold - 2.4 - 1.6
Cash flow hedges reclassified to financial costs 0.4 5.4 (5.1) 6.1
Tax on reclassified cash flow hedges (0.1) (1.7) 1.1 (1.7)
Other comprehensive income (438.8) 22.2 (319.7) 4.6
Comprehensive income (116.0) 86.1 (182.9) 35.2
Attributable to
Shareholders in Novozymes A/S (116.0) 86.1 (182.9) 35.2
(116.0) 86.1 (182.9) 35.2
Company Announcement no. 38 – August 21, 2025
Page 16/29
Consolidated statement of cash flows
At June 30, 2025, undrawn committed credit facilities were EUR 611.1 million (December 31, 2024: EUR 795.0 million), all of which
expire in 2026-2029.
1
In H1 2025, change in net working capital was positively impacted by a reduction of the PPA inventory adjustments of EUR 14.2
million related to the acquisition of dsm-firmenich’s share of the Feed Enzyme Alliance (H1 2024: EUR 183.9 million related to the
merger with Chr. Hansen). While PPA inventory adjustments is impacting working capital positively, the impact on net profit is
negative by the same amount, hence without any impact on the cash flow from operating activities.
In addition, H1 2024 was positively impacted by a one-time payment of around EUR 100 million related to the updated agreement
with the anchor customer in Advanced Protein Solutions (APS).
2
In H1 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.
3
In H1 2024, the commercial part of the lactase enzyme business was transferred to Kerry, and a consideration of EUR 77.6 million
(net of cash sold) was received. Reference is made to note 3.5 in the Annual Report 2024.
EUR million Note
H1 2025 H1 2024 Q2 2025 Q2 2024
Net profit 322.8 63.9 136.8 30.6
Reversal of non-cash items 364.9 350.3 143.3 168.7
Income tax paid (8.7) (69.8) 21.5 (11.5)
Interest paid, net (12.0) (10.9) (1.8) (8.1)
Change in working capital
1
(240.5) 194.6 20.3 171.9
Cash flow from operating activities 426.5 528.1 320.1 351.6
Investments
Purchase of intangible assets (19.4) (12.5) (9.6) (7.3)
Purchase of property, plant and equipment (118.0) (135.2) (72.6) (89.7)
Sale of property, plant and equipment 18.0 - 1.1 -
Business acquisitions, etc.
2
5 (1,460.3) 15.2 (1,460.3) (5.0)
Divestments
3
- 77.6 - 77.6
Cash flow from investing activities (1,579.7) (54.9) (1,541.4) (24.4)
Free cash flow (1,153.2) 473.2 (1,221.3) 327.2
Financing
Borrowings 1,696.7 78.4 1,670.1 28.1
Repayment of borrowings (164.8) (265.4) (51.7) (108.8)
Shareholders:
Purchase of treasury shares (99.9) - (69.1) -
Sale of treasury shares 37.7 21.6 22.5 5.2
Dividend paid (262.4) (124.9) (262.4) (124.9)
Purchase of non-controlling interest - (83.1) - (83.1)
Cash flow from financing activities 1,207.3 (373.4) 1,309.4 (283.5)
Net cash flow 54.1 99.8 88.1 43.7
Cash and cash equivalents - beginning of period 280.0 149.7 249.5 212.8
Unrealized gain/(loss) on currencies included in
cash and cash equivalents
(5.9) 11.3 (9.4) 4.3
Cash and cash equivalents at June 30 328.2 260.8 328.2 260.8
Company Announcement no. 38 – August 21, 2025
Page 17/29
Consolidated balance sheet
Assets
Liabilities and equity
EUR million
Jun. 30,
2025
Jun. 30,
2024
Dec. 31,
2024
Goodwill 6,154.4 5,570.9 5,605.0
Other intangible assets 5,052.8 4,692.4 4,419.2
Property, plant and equipment 2,834.1 2,866.3 2,968.3
Deferred tax assets 265.7 254.8 275.0
Other financial assets 15.9 28.7 18.7
Investments in associates 20.2 25.7 24.0
Other receivables 6.1 5.8 6.0
Non-current assets 14,349.2 13,444.6 13,316.2
Inventories 799.6 687.4 720.6
Trade receivables 704.4 681.5 665.6
Contract assets 12.7 19.1 23.6
Tax receivables 27.0 25.7 58.6
Other receivables 142.8 100.2 115.4
Other financial assets 37.2 2.3 4.0
Cash and cash equivalents 328.2 260.8 280.0
Assets held for sale - 30.6 11.6
Current assets 2,051.9 1,807.6 1,879.4
Assets 16,401.1 15,252.2 15,195.6
EUR million
Jun. 30,
2025
Jun. 30,
2024
Dec. 31,
2024
Common shares 125.6 125.7 125.6
Reserves and retained earnings 10,617.3 10,877.8 11,050.4
Equity attributable to shareholders in Novozymes A/S 10,742.9 11,003.5 11,176.0
Non-controlling interests - 1.5 -
Total equity 10,742.9 11,005.0 11,176.0
Deferred tax liabilities 1,367.0 1,410.4 1,255.9
Provisions 29.1 21.8 39.7
Contract liabilities 87.0 111.9 105.3
Borrowings 2,974.7 1,072.5 1,530.4
Other liabilities 29.3 - -
Non-current liabilities 4,487.1 2,616.6 2,931.3
Borrowings 347.0 916.7 266.4
Trade payables 302.1 345.8 423.1
Contract liabilities 27.8 18.7 22.8
Tax payables 126.9 89.5 60.9
Other liabilities 367.3 259.9 315.1
Current liabilities 1,171.1 1,630.6 1,088.3
Liabilities 5,658.2 4,247.2 4,019.6
Liabilities and equity 16,401.1 15,252.2 15,195.6
Company Announcement no. 38 – August 21, 2025
Page 18/29
Consolidated statement of equity
Capital increase
In H1 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 was 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 322.8 322.8 - 322.8
Other comprehensive income for the period - (479.8) 42.4 (1.4) (438.8) - (438.8)
Total comprehensive income for the period - (479.8) 42.4 321.4 (116.0) - (116.0)
Purchase of treasury shares (99.9) (99.9) (99.9)
Sale of treasury shares 37.7 37.7 37.7
Dividends (262.4) (262.4) - (262.4)
Share-based payment 11.7 11.7 11.7
Tax related to equity items (4.2) (4.2) (4.2)
Changes in equity - (479.8) 42.4 4.3 (433.1) - (433.1)
Equity at June 30, 2025 125.6 (440.8) 21.4 11,036.7 10,742.9 - 10,742.9
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 63.9 63.9 - 63.9
Other comprehensive income for the period - 31.4 (7.9) (1.3) 22.2 - 22.2
Total comprehensive income for the period - 31.4 (7.9) 62.6 86.1 - 86.1
Sale of treasury shares 21.6 21.6 21.6
Capital increase 50.3 9,026.5 9,076.8 9,076.8
Transaction costs of capital increase (5.0) (5.0) (5.0)
Dividends (124.8) (124.8) (0.1) (124.9)
Share-based payment 15.4 15.4 15.4
Non-controlling interests 48.4 48.4 (48.4) -
Share purchase liability (4.8) (4.8) (4.8)
Tax related to equity items 14.2 14.2 14.2
Changes in equity 50.3 31.4 (7.9) 9,054.1 9,127.9 (48.5) 9,079.4
Equity at June 30, 2024 125.7 (22.8) 0.9 10,899.7 11,003.5 1.5 11,005.0
Attributable to shareholders in Novozymes A/S
Company Announcement no. 38 – August 21, 2025
Page 19/29
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
new standards have 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.
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 amendments to:
• 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,
a 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 on developments on tariffs and
currency in 2025, reference is made to ‘Outlook’.
Key accounting estimates are used in determining the fair value
of the assets related to the acquisition of dsm-firmenich’s share
of the Feed Enzyme Alliance For further details, reference is
made to Note 5 Business acquisitions.
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. 38 – August 21, 2025
Page 20/29
2. Segments (continued)
* An adjustment has been made between the segments with an impact on Gross profit and Adjusted EBITDA of respectively EUR 3.2
million and EUR 7.8 million. The adjustment is related to Q1 and Q2 2024, while the change has no impact on H1 2024.
EUR million
Food & Health
Biosolutions
Planetary
Health
Biosolutions
Total
Food & Health
Biosolutions
Planetary
Health
Biosolutions
Total
Net sales 950.1 1,146.0 2,096.1 772.7 1,059.0 1,831.7
Gross profit 503.9 634.9 1,138.8 229.4 537.6 767.0
Gross margin % 53.0 55.4 54.3 29.7 50.8 41.9
Adjusted EBITDA 342.9 440.5 783.4 261.4 388.0 649.4
Adjusted EBITDA margin % 36.1 38.4 37.4 33.8 36.6 35.5
Depreciation, amortization and
impairment losses
(273.7) (273.0)
Special items excluding
impairment losses
(37.5) (57.5)
PPA inventory adjustments (14.2) (183.9)
Operating profit (EBIT) 458.0 135.0
Share of result in associates (3.8) (1.6)
Financial items, net (35.0) (43.4)
Profit before tax 419.2 90.0
H1 2025
H1 2024
EUR million
Food & Health
Biosolutions
Planetary
Health
Biosolutions
Total
Food & Health
Biosolutions
Planetary
Health
Biosolutions
Total
Net sales 473.7 544.8 1,018.5 450.7 527.5 978.2
Gross profit* 249.6 294.9 544.5 136.4 264.9 401.3
Gross margin % 52.7 54.1 53.5 30.3 50.2 41.0
Adjusted EBITDA* 166.9 203.7 370.6 156.6 189.5 346.1
Adjusted EBITDA margin % 35.2 37.4 36.4 34.7 35.9 35.4
Depreciation, amortization and
impairment losses
(136.6) (166.6)
Special items excluding
impairment losses
(27.3) (9.9)
PPA inventory adjustments (14.2) (101.3)
Operating profit (EBIT) 192.5 68.3
Share of result in associates (2.3) (0.8)
Financial items, net (15.7) (24.5)
Profit before tax 174.5 43.0
Q2 2025
Q2 2024
Company Announcement no. 38 – August 21, 2025
Page 21/29
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
4. Special items
EUR million
H1 2025 H1 2024 Q2 2025 Q2 2024
Europe, Middle East & Africa 767.2 660.7 373.2 356.9
North America 672.4 595.2 328.4 315.6
Asia Pacific 399.4 349.3 191.8 185.2
Latin America 257.1 226.5 125.1 120.5
Net sales 2,096.1 1,831.7 1,018.5 978.2
Developed markets 1,342.4 1,182.3 653.0 632.9
Emerging markets 753.7 649.4 365.5 345.3
Net sales 2,096.1 1,831.7 1,018.5 978.2
EUR million
H1 2025 H1 2024 Q2 2025 Q2 2024
Food & Health Biosolutions
Food & Beverages 701.4 578.9 348.7 333.5
Human Health 248.7 193.8 125.0 117.2
950.1 772.7 473.7 450.7
Planetary Health Biosolutions
Household Care 403.3 377.7 187.8 185.8
Agriculture, Energy & Tech 742.7 681.3 357.0 341.7
1,146.0 1,059.0 544.8 527.5
Net sales 2,096.1 1,831.7 1,018.5 978.2
EUR million H1 2025 H1 2024 Q2 2025 Q2 2024
Transaction costs related to the combination with Chr. Hansen - (35.5) - (0.5)
Integration costs related to the combination with Chr. Hansen (9.8) (39.8) (6.3) (27.2)
Transaction and integration costs related to the acquisition of
dsm-firmenich’s share of the Feed Enzyme Alliance
(24.2) - (19.4) -
Implementation of a new global ERP system for the combined business (3.1) - (1.2)
-
Impairment of intangible assets and other costs due to discontinuation of
the activities in Russia
(0.4) (31.3) (0.4) (31.3)
Gain on divestment of the lactase enzyme business, net - 18.1 - 18.1
Special items (37.5) (88.5) (27.3) (40.9)
Company Announcement no. 38 – August 21, 2025
Page 22/29
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. On June 2, 2025, Novonesis obtained the final
regulatory approvals and successfully completed the
acquisition of dsm-firmenich’s share of the Feed Enzyme
Alliance.
Novonesis and dsm-firmenich have worked together for over
25 years on innovating and distributing enzymes for animals as
partners in the Feed Enzyme Alliance, where Novonesis has
contributed with extensive expertise in high-quality enzyme
development while dsm-firmenich has contributed with a
wide-reaching sales force with access to key industry
customers. A strong relationship, business performance and
high level of trust have made the Feed Enzyme Alliance a sound
business for both parties.
The acquisition was completed through an exchange of all
shares in Feed Enzymes AG. The total consideration for the
shares amounts to EUR 1,586.9 million, of which EUR 1,460.3
million (net of cash) was paid in cash at the acquisition date.
The acquisition will be included within our Planetary Health
Biosolutions segment.
The acquisition is accounted for as a business combination
using the acquisition method under IFRS 3, where Novozymes
A/S is identified as the acquirer and Feed Enzymes AG is
identified as the acquiree. The fair value and purchase price
allocation to identifiable assets and liabilities of the Feed
Enzyme Alliance is provisional due to the recent completion of
the acquisition, pending final valuations and settlement of net
working capital etc.
The purchase price has provisionally been allocated to
identifiable assets and liabilities of the Feed Enzyme Alliance,
primarily patents of EUR 63 million, customer relationships of
EUR 352 million, and other intangible assets of EUR 394 million.
Other intangible assets include product brands and the
reacquired partnership agreement, which is the reacquired
exclusivity right to sell and distribute certain Novonesis’
enzymes through the Feed Enzyme Alliance.
Goodwill is provisionally recognized in the amount of EUR 802
million. The goodwill arising from the acquisition primarily
relates to synergies from complementary product offerings.
The acquisition is aligned with Novonesis’ growth strategy and
expands its presence across the animal biosolutions value
chain. Novonesis is vertically integrating the complete value
chain of the Alliance, adding dsm-firmenich’s sales and
distribution activities to our existing product innovation and
production capabilities. The fully integrated business will be
better equipped to serve existing and new customers with
strong insights into core markets, and product technologies
enhancing R&D and unleashing further innovation.
Provisional fair value recognized at the acquisition date June 2, 2025:
EUR million
Feed Enzyme
Alliance
Assets
Other intangible assets 808.8
Inventories 81.4
Cash and cash equivalents 30.2
Assets 920.4
Liabilities
Deferred tax liabilities (133.4)
Tax payables (1.8)
Other liabilities (0.3)
Liabilities (135.5)
Acquired net assets 784.9
Purchase price
Consideration paid 1,490.5
Deferred consideration 96.4
Purchase price 1,586.9
Goodwill 802.0
Company Announcement no. 38 – August 21, 2025
Page 23/29
5. Business acquisitions (continued)
In addition, the goodwill relates to the assembled workforce of
the Feed Enzyme Alliance, which cannot be recognized
separately from goodwill. The goodwill is not tax-deductible.
Deferred tax liabilities include the deferred tax related to the
fair value step-ups on measuring the acquired net assets and
liabilities (excluding goodwill) based on the tax rates
applicable.
The acquisition did not have a significant impact on net sales
or adjusted EBITDA during the period from June 2 to June 30,
2025. If the acquisition had occurred on January 1, 2025, the
contribution to net sales would have been approximately EUR
50 million, with approximately EUR 22 million to adjusted
EBITDA and approximately EUR -9 million to net profit. The
negative net profit contribution is derived from PPA inventory
adjustments and the additional depreciation and amortization
related to the fair value step-ups on the identified assets of the
acquiree.
Transaction and integration costs of EUR 24.2 million are
recognized within Special items in the income statement
Key accounting estimates
Key accounting estimates are used in determining the fair value
of assets acquired in business combinations and require
Management judgments of whether intangible assets acquired
in a business combination are separately identifiable. This
involves assessing if the identified patents, customer
relationships, reacquired partnership agreement and brands
meet the separability criterion, which means they can be
separated from the acquiree and sold, transferred, licensed,
rented or exchanged independently.
The application of the acquisition method of accounting
involves the use of significant estimates, because the
identifiable net assets of the acquiree are recognized at their
fair value, for which observable market prices are typically not
available. This is particularly relevant for assets which require
the use of valuation techniques typically based on estimates of
present value of future uncertain cash flows.
The fair value is based on assumptions made by market
participants, which in the business combination is assessed to
be a company with similar needs and capacity to acquire assets
of the same nature and size as those of the acquired business.
The following valuation techniques have been applied in the
fair value assessment of the significant assets acquired:
• Reacquired partnership agreement: the Multi-period Excess
Earnings Method (MEEM)
• Customer relationships: the Allowed Margin Method
• Product patents and brands: the Relief from Royalty (RfR)
method
Inputs used in these valuation methods for assessing net
present value of intangible assets include revenue and cash
flow projections, useful life, discount factor, as well as churn
and royalty rates.
Fair value of inventories is based on the expected selling price,
less costs to complete and a reasonable margin.
Management has engaged external experts to support the
purchase price allocation and fair value assessment.
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 was EUR 9.1 billion.
The merger was accounted for as a business combination using
the acquisition method under IFRS 3, where Novozymes A/S
was 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 June 30, 2025, which
could have a significant impact on the condensed consolidated
interim financial statements.
Company Announcement no. 38 – August 21, 2025
Page 24/29
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 H1 2025 of
Novozymes A/S (Novonesis A/S) for the period January 1 to
June 30, 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 June 30, 2025, as well as of the results
of the Group’s operations and consolidated cash flows for the
period January 1 to June 30, 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, August 21, 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. 38 – August 21, 2025
Page 25/29
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 connection with the 2030 ‘GROW’ Strategy, the definition of
organic sales growth has been slightly refined to better reflect
sales growth from acquisitions. The change has an insignificant
impact on the reported organic sales growth.
Organic sales growth (new definition)
Sales growth from existing business excluding divestments in
constant currencies and for IAS 29 defined hyperinflation
countries with a cap of 26% on inflation-driven sales growth.
For acquisitions, sales for the first 12 months of the ownership
period are excluded in the calculation. However, for major
acquisitions (e.g. the combination with Chr. Hansen in 2024),
pro forma sales for the comparative ownership period are
included in the calculation. Constant currency values are
calculated by translating both the current and the prior period
local currency amounts using the same exchange rates into
EUR.
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.
Adjusted NOPAT
Adjusted NOPAT is operating profit (EBIT) adjusted for special
items, PPA inventory adjustments, exchange gains/losses,
share of profit in associates, net of tax using the effective tax
rate.
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.
Adjusted ROIC (excl. goodwill)
Adjusted ROIC is Adjusted NOPAT for the last 12 months as a
percentage of average invested capital excluding goodwill.
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 following tables provide reconciliations of the non-IFRS
financial measures to the nearest IFRS measures applied in the
interim report:
Company Announcement no. 38 – August 21, 2025
Page 26/29
*Includes PPA inventory step-up and the temporary drag on the margin from inventory buyback related to the acquisition of dsm-
firmenich’s share of the Feed Enzyme Alliance.
EUR million
H1 2025 H1 2024 Q2 2025 Q2 2024
Gross profit 1,138.8 767.0 544.5 401.3
PPA depreciation and amortization 77.8 70.5 37.9 42.5
PPA inventory adjustments* 14.2 183.9 14.2 101.3
Adjusted gross profit 1,230.8 1,021.4 596.6 545.1
Adjusted gross profit margin % 58.7 55.8 58.6 55.7
EUR million
H1 2025 H1 2024 Q2 2025 Q2 2024
Operating profit (EBIT)
458.0 135.0 192.5 68.3
Amortization
148.2 128.6 75.4 75.5
Depreciation
125.5 113.4 61.2 60.1
Impairment losses
- 31.0 - 31.0
Special items excluding impairment losses
37.5 57.5 27.3 9.9
PPA inventory adjustments*
14.2 183.9 14.2 101.3
Adjusted EBITDA
783.4 649.4 370.6 346.1
Adjusted EBITDA margin %
37.4 35.5 36.4 35.4
EUR million
H1 2025 H1 2024 Q2 2025 Q2 2024
Operating profit (EBIT) 458.0 135.0 192.5 68.3
Special items 37.5 88.5 27.3 40.9
PPA inventory adjustments* 14.2 183.9 14.2 101.3
Adjusted EBIT 509.7 407.4 234.0 210.5
Adjusted EBIT margin % 24.3 22.2 23.0 21.5
EUR million
H1 2025 H1 2024 Q2 2025 Q2 2024
Net profit attributable to the shareholders of Novozymes A/S
322.8 63.9 136.8 30.6
Special items
37.5 88.5 27.3 40.9
PPA inventory adjustments*
14.2 183.9 14.2 101.3
Tax impact
(8.6) (51.0) (8.4) (30.2)
Adjusted net profit
365.9 285.3 169.9 142.6
PPA depreciation and amortization
132.8 108.8 67.7 70.7
Tax impact
(30.7) (25.6) (15.5) (16.7)
Adjusted net profit exluding PPA
468.0 368.5 222.1 196.6
Average number of diluted shares, million
467.8 451.1 467.7 467.0
Adjusted earnings per share, diluted, EUR
0.78 0.63 0.36 0.30
Adjusted earnings per share excluding PPA, diluted, EUR
1.00 0.82 0.47 0.43
EUR million
H1 2025 H1 2024 Q2 2025 Q2 2024
Cash flows from operating activities 426.5 528.1 320.1 351.6
Cash flows from investing activities (1,579.7) (54.9) (1,541.4) (24.4)
Free cash flow (1,153.2) 473.2 (1,221.3) 327.2
Cash flows from business acquisitions, etc. 1,460.3 (15.2) 1,460.3 5.0
Cash flows from divestments - (77.6) - (77.6)
Free cash flow before acquisitions and divestments 307.1 380.4 239.0 254.6
Company Announcement no. 38 – August 21, 2025
Page 27/29
Pro forma
The 2024 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 with Chr. Hansen Holding A/S 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 H1 2025 and pro forma
H1 2024 for comparability and the bridge between IFRS and
pro forma numbers in H1 2024:
*H1 2025, includes additional PPA amortization of approximately EUR 5 million, related to the acquisition of dsm-firmenich’s share of
the Feed Enzyme Alliance, mainly recognized within Sales and distribution costs.
Chr. Hansen Pro forma
EUR million
H1 2025 H1 2024 Jan. 1 - Jan. 29 H1 2024
Net sales 2,096.1 1,831.7 112.0 1,943.7
Cost of goods sold (957.3) (1,064.7) (51.0) (1,115.7)
Gross profit 1,138.8 767.0 61.0 828.0
Sales and distribution costs (318.6) (260.2) (16.0) (276.2)
Research and development costs (216.9) (194.5) (9.7) (204.2)
Administrative costs (113.9) (99.3) (8.9) (108.2)
Other operating income 6.1 10.5 - 10.5
Operating profit (EBIT) before special items 495.5 223.5 26.4 249.9
Special items (37.5) (88.5) (41.0) (129.5)
Operating profit (EBIT) 458.0 135.0 (14.6) 120.4
Share of result in associates (3.8) (1.6) (2.7) (4.3)
Financial items, net (35.0) (43.4) (3.8) (47.2)
Profit before tax 419.2 90.0 (21.1) 68.9
Tax (96.4) (26.1) (8.1) (34.2)
Net profit 322.8 63.9 (29.2) 34.7
Adjusted EBITDA 783.4 649.4 36.4 685.8
Allocation of PPA depreciation and amortization
Cost of goods sold (77.8) (70.5) - (70.5)
Sales and distribution costs (34.6) (23.6) - (23.6)
Research and development costs (20.4) (14.7) - (14.7)
PPA depreciation and amortization* (132.8) (108.8) - (108.8)
Company Announcement no. 38 – August 21, 2025
Page 28/29
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. 38 – August 21, 2025
Page 29/29
Copyright © 2025 Novonesis Group. All rights reserved.
Interim report (6 months)No audit assistanceParsePort XBRL Converter2025-01-012025-06-302024-01-012024-06-30Reporting class D529900T6WNZXD2R3JW382025-01-012025-06-30cmn:ConsolidatedMember529900T6WNZXD2R3JW382025-01-012025-06-30529900T6WNZXD2R3JW382024-01-012024-06-30529900T6WNZXD2R3JW382025-04-012025-06-30529900T6WNZXD2R3JW382024-04-012024-06-30529900T6WNZXD2R3JW382024-12-31529900T6WNZXD2R3JW382025-06-30529900T6WNZXD2R3JW382023-12-31529900T6WNZXD2R3JW382024-06-30529900T6WNZXD2R3JW382025-03-31529900T6WNZXD2R3JW382024-03-31529900T6WNZXD2R3JW382024-12-31ifrs-full:IssuedCapitalMember529900T6WNZXD2R3JW382025-01-012025-06-30ifrs-full:IssuedCapitalMember529900T6WNZXD2R3JW382025-06-30ifrs-full:IssuedCapitalMember529900T6WNZXD2R3JW382024-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember529900T6WNZXD2R3JW382025-01-012025-06-30ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember529900T6WNZXD2R3JW382025-06-30ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember529900T6WNZXD2R3JW382024-12-31ifrs-full:ReserveOfCashFlowHedgesMember529900T6WNZXD2R3JW382025-01-012025-06-30ifrs-full:ReserveOfCashFlowHedgesMember529900T6WNZXD2R3JW382025-06-30ifrs-full:ReserveOfCashFlowHedgesMember529900T6WNZXD2R3JW382024-12-31ifrs-full:RetainedEarningsMember529900T6WNZXD2R3JW382025-01-012025-06-30ifrs-full:RetainedEarningsMember529900T6WNZXD2R3JW382025-06-30ifrs-full:RetainedEarningsMember529900T6WNZXD2R3JW382024-12-31ifrs-full:EquityAttributableToOwnersOfParentMember529900T6WNZXD2R3JW382025-01-012025-06-30ifrs-full:EquityAttributableToOwnersOfParentMember529900T6WNZXD2R3JW382025-06-30ifrs-full:EquityAttributableToOwnersOfParentMember529900T6WNZXD2R3JW382024-12-31ifrs-full:NoncontrollingInterestsMember529900T6WNZXD2R3JW382025-01-012025-06-30ifrs-full:NoncontrollingInterestsMember529900T6WNZXD2R3JW382025-06-30ifrs-full:NoncontrollingInterestsMember529900T6WNZXD2R3JW382023-12-31ifrs-full:IssuedCapitalMember529900T6WNZXD2R3JW382024-01-012024-06-30ifrs-full:IssuedCapitalMember529900T6WNZXD2R3JW382024-06-30ifrs-full:IssuedCapitalMember529900T6WNZXD2R3JW382023-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember529900T6WNZXD2R3JW382024-01-012024-06-30ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember529900T6WNZXD2R3JW382024-06-30ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember529900T6WNZXD2R3JW382023-12-31ifrs-full:ReserveOfCashFlowHedgesMember529900T6WNZXD2R3JW382024-01-012024-06-30ifrs-full:ReserveOfCashFlowHedgesMember529900T6WNZXD2R3JW382024-06-30ifrs-full:ReserveOfCashFlowHedgesMember529900T6WNZXD2R3JW382023-12-31ifrs-full:RetainedEarningsMember529900T6WNZXD2R3JW382024-01-012024-06-30ifrs-full:RetainedEarningsMember529900T6WNZXD2R3JW382024-06-30ifrs-full:RetainedEarningsMember529900T6WNZXD2R3JW382023-12-31ifrs-full:EquityAttributableToOwnersOfParentMember529900T6WNZXD2R3JW382024-01-012024-06-30ifrs-full:EquityAttributableToOwnersOfParentMember529900T6WNZXD2R3JW382024-06-30ifrs-full:EquityAttributableToOwnersOfParentMember529900T6WNZXD2R3JW382023-12-31ifrs-full:NoncontrollingInterestsMember529900T6WNZXD2R3JW382024-01-012024-06-30ifrs-full:NoncontrollingInterestsMember529900T6WNZXD2R3JW382024-06-30ifrs-full:NoncontrollingInterestsMember529900T6WNZXD2R3JW382025-01-012025-06-30cmn:ConsolidatedMember1529900T6WNZXD2R3JW382025-01-012025-06-30cmn:ConsolidatedMember2529900T6WNZXD2R3JW382025-01-012025-06-30cmn:ConsolidatedMember1529900T6WNZXD2R3JW382025-01-012025-06-30cmn:ConsolidatedMember2529900T6WNZXD2R3JW382025-01-012025-06-30cmn:ConsolidatedMember3529900T6WNZXD2R3JW382025-01-012025-06-30cmn:ConsolidatedMember4529900T6WNZXD2R3JW382025-01-012025-06-30cmn:ConsolidatedMember5529900T6WNZXD2R3JW382025-01-012025-06-30cmn:ConsolidatedMember6529900T6WNZXD2R3JW382025-01-012025-06-30cmn:ConsolidatedMember7529900T6WNZXD2R3JW382025-01-012025-06-30cmn:ConsolidatedMember8529900T6WNZXD2R3JW382025-01-012025-06-30cmn:ConsolidatedMember9529900T6WNZXD2R3JW382025-01-012025-06-30cmn:ConsolidatedMember10529900T6WNZXD2R3JW382025-01-012025-06-30cmn:ConsolidatedMember11529900T6WNZXD2R3JW382025-01-012025-06-30cmn:ConsolidatedMember12iso4217:EURiso4217:EURxbrli:sharesiso4217:DKKxbrli:sharesiso4217:DKKxbrli:shares