Novonesis A/S

Company Announcement no. 46 – November 6, 2025

Page 1/29

Company Announcement no. 46 – November 6, 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

Interim

report

9M

2025

 
Company Announcement no. 46 – November 6, 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 Management’s review compares and comments on 9M 2025 development relative to pro forma 9M 2024 performance. IFRS 
comparisons are included in parentheses after the pro forma figures where relevant. An income statement overview of 9M 2025 
compared to pro forma 9M 2024 is provided in the section ‘Pro forma’ in this document. Rounding discrepancies may occur 
because totals have been rounded off and the underlying decimals are not presented. 
 

Company Announcement no. 46 – November 6, 2025

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8% organic sales growth after first nine months. Full-year organic sales growth

narrowed upwards.

Ester Baiget, President & CEO:

”I am pleased with our performance in the first nine months, where we delivered 8% organic sales

growth with solid profitability and cash flow. Our performance was strong across all sales areas and in Emerging and Developed

Markets. We delivered 37.3% adjusted EBITDA margin, despite significant currency headwinds, demonstrating the strength and

resilience of our business model. Following a robust nine-months performance including favorable timing in the third quarter, we

indicate mid-single-digit organic sales growth for the fourth quarter and lift the bottom end of the range now expecting 7-8% for the

full year. We continue to successfully execute on our strategic priorities, positioning us firmly to deliver on our 2030 targets.”

• Strong broad-based organic sales growth of 8% (Q3: 6%), including the negative impact of exiting certain countries of ~1

percentage point (Q3: ~2 percentage points). Price contributed by ~1 percentage point (Q3: ~1 percentage point).

• Food & Health at 9% organic sales growth (Q3: 6%) including the negative impact of exiting certain countries of ~2

percentage points (Q3: ~5 percentage points). Planetary Health at 8% organic sales growth (Q3: 6%).

• Emerging Markets at 12% organic sales growth (Q3: 10%); Developed Markets at 6% organic sales growth (Q3: 4%).

• Adjusted EBITDA margin at 37.3% (Q3: 37.1%), up by 130 bps (Q3: down by 30 bps). including significant currency headwinds.

Adjusted net profit increased by 22% (Q3: 19%).

• NIBD/EBITDA at 2.0x, and free cash flow before acquisitions at EUR 668.4 million (Q3: EUR 361.3 million).

• 2025 outlook: Organic sales growth is now expected between 7-8% (previously 6-8%) including an indication of mid-

single-digit growth in Q4 following favorable timing in Q3. Excluding the exit from certain countries, organic sales growth

for the year is expected at 8-9% (previously 7-9%). The adjusted EBITDA margin is expected at the lower end of the 37-38%

range, including significant currency headwinds.

Selected key figures and ratios

Divisional organic sales growth

Pro forma

EUR million

9M 2025 9M 2024 9M 2024 Q3 2025 Q3 2024

Net sales 3,161.0 2,852.1 2,964.1 1,064.9 1,020.4

Organic sales growth % 8 9 9 6 11

Adjusted gross margin % 58.9 56.5 56.4 59.3 57.9

Adjusted EBITDA 1,178.7 1,031.5 1,067.9 395.3 382.1

Adjusted EBITDA margin % 37.3 36.2 36.0 37.1 37.4

Free cash flow before acquisitions 668.4 569.7 576.4 361.3 189.3

NIBD/EBITDA x 2.0 1.7 1.7

Pro forma

9M 2025 9M 2024 9M 2024 Q3 2025 Q3 2024

Food & Beverages % 8 9 9 5 11

Human Health % 10 6 3 8 11

Food & Health Biosolutions % 9 8 8 6 11

Household Care % 7 15 15 6 13

Agriculture, Energy & Tech % 8 7 7 7 12

Planetary Health Biosolutions % 8 10 9 6 12

Highlights

Conference call: Webcast

November 6, 2025, 9.00 CET

Please pre-register for the call here

Company Announcement no. 46 – November 6, 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 the section ‘Pro forma’.

Pro forma

EUR million

9M 2025 9M 2024 9M 2024 Q3 2025 Q3 2024

Income statement

Net sales 3,161.0 2,852.1 2,964.1 1,064.9 1,020.4

Gross profit 1,682.7 1,314.6 1,375.6 543.9 547.6

Operating profit (EBIT) before special items 694.7 469.9 496.3 199.2 246.4

Special items (50.6) (95.1) (136.1) (13.1) (6.6)

Operating profit (EBIT) 644.1 374.8 360.2 186.1 239.8

Financial items, net (50.0) (62.3) (66.1) (15.0) (18.9)

Net profit 460.8 219.6 190.4 138.0 155.7

Adjusted gross profit 1,862.1 1,612.2 1,673.2 631.3 590.8

Adjusted EBITDA 1,178.7 1,031.5 1,067.9 395.3 382.1

Adjusted EBIT 758.5 653.8 680.2 248.8 246.4

Adjusted net profit 558.0 446.6 458.5 192.1 161.3

Adjusted net profit excluding PPA 720.7 583.8 595.7 252.7 215.3

Balance sheet

Total assets 16,302.6 15,159.8

Equity 10,744.1 10,997.1

Invested capital 13,553.7 12,585.6

Net interest-bearing debt 2,822.1 1,608.0

Cash flows and investments

Cash flow from operating activities 893.3 790.7 803.4 466.8 262.6

Cash flow from net investments excl. acquisitions (224.9) (221.0) (227.0) (105.5) (73.3)

Free cash flow before acquisitions 668.4 569.7 576.4 361.3 189.3

Key ratios

Organic sales growth % 8 9 9 6 11

Gross margin % 53.2 46.1 46.4 51.1 53.7

R&D costs (% of sales) % 10.6 10.6 10.5 11.1 10.6

EBIT margin before special items % 22.0 16.5 16.7 18.7 24.1

EBIT margin % 20.4 13.1 12.2 17.5 23.5

Effective tax rate % 22.0 29.0 33.9 19.5 29.0

Equity ratio % 65.9 72.5

NIBD/EBITDA x 2.0 1.7 1.7

Earnings per share (EPS), diluted EUR 0.99 0.48 0.41 0.30 0.34

Capex ratio (% of sales) % 7.7 7.9 7.8 10.0 7.7

Adjusted gross margin % 58.9 56.5 56.4 59.3 57.9

Adjusted EBITDA margin % 37.3 36.2 36.0 37.1 37.4

Adjusted EBIT margin % 24.0 22.9 22.9 23.4 24.1

Adjusted earnings per share (EPS), diluted EUR 1.19 0.98 0.99 0.41 0.34

Adjusted earnings per share (EPS) excluding PPA, diluted EUR 1.54 1.28 1.28 0.54 0.46

Key figures and financial ratios

Company Announcement no. 46 – November 6, 2025

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Income statement

Net sales

Novonesis realized 8% organic sales growth in the first nine

months of 2025. Sales amounted to EUR 3,161.0 million,

equivalent to an increase of 7% in pro forma EUR (IFRS: 11%)

including negative currency impact of 3% and positive M&A

impact of 1% relating to the Feed Enzyme Alliance acquisition.

Sales synergies contributed close to 1pp to the group organic

sales growth across both divisions. Emerging Markets grew

organically by 12%, and Developed Markets grew 6%. Organic

growth for the first nine months was negatively impacted by a

rounded 1 percentage point from exiting certain countries,

with the impact starting in the third quarter.

For the third quarter, organic sales growth was 6%, and sales

amounted to EUR 1,064.9 million, equivalent to an increase of

4% including negative currency impact of 5% and positive

M&A impact of 3% relating to the Feed Enzyme Alliance

acquisition. Sales synergies contributed close to 1pp to the

group organic sales growth across both divisions. Emerging

markets grew 10% organically, and Developed markets grew

4%. In the third quarter, growth was negatively impacted by

around 2 percentage points from exiting certain countries.

Geographical distribution of net sales

Gross margin

The gross margin was 53.2% in the first nine months of 2025,

and the adjusted gross margin was 58.9%, an increase of 250

bps (IFRS: 240 bps) compared to the 9M 2024 adjusted gross

margin. The stronger adjusted gross margin was driven by sales

leverage, lower cost of raw materials and energy as well as

pricing and productivity improvements. These positive factors

were partly offset by currency headwinds.

Gross margin was 51.1% in Q3 2025, and the adjusted gross

margin was 59.3%. This was an increase of 140 bps compared

to the adjusted gross margin in Q3 2024 and driven by the

same factors as those for the first nine months.

The reported gross margin was impacted by PPA inventory

step-up as well as the one-off temporary drag on gross margin

from inventory buyback related to the Feed Enzyme Alliance

acquisition. Non-cash PPA inventory adjustments of EUR 63.8

million are excluded from the adjusted gross margin for the

first nine months of 2025, and EUR 49.6 million in Q3 2025.

Operating costs

Operating costs totaled EUR 997.6 million in the first nine

months, compared to EUR 892.5 million (IFRS: EUR 857.9

million) in the first nine months last year, equal to a 12%

increase (IFRS: 16%), mainly related to the planned ramp-up of

commercial resources since the end of 2024, both from organic

expansion and the Feed Enzyme Alliance acquisition. Operating

costs equaled 31.6% of sales, 150 bps higher compared to last

year, which were at 30.1% (IFRS: 30.1%). Adjusting for PPA

related depreciation and amortization, the operating costs to

sales ratio was 28.6%, compared to 27.9% (IFRS: 27.8%) in the

first nine months of 2024.

In Q3 2025, operating costs were EUR 348.2 million, compared

to EUR 303.9 million in Q3 2024, equivalent to a 15% increase.

This increase was driven by the ramp-up of commercial

resources, both organic and inorganic. Also, re-investments in

research and development increased. This equals 32.7% of

sales, compared to 29.8% in Q3 2024. Adjusting for PPA related

depreciation and amortization, the operating costs to sales

ratio was 29.0%, compared to 27.1% in Q3 2024.

Sales and distribution costs (adjusted for PPA related

depreciation and amortization) increased by 16% in the first

nine months of 2025 (IFRS: 21%), driven by the ramp-up of

commercial resources since end of 2024, both organic and

inorganic, as well as increased customer-facing initiatives and

increased Emerging Market presence. Sales and distribution

costs equals 13.6% of sales, compared to 12.6% (IFRS 12.5%) in

63%

37%

Developed markets Emerging Markets

36%

32%

19%

13%

Europe, the Middle

East & Africa

North America

Asia Pacific

Latin America

7% / 3%

19% / 25%

7% / 4%

7% / 3%

Organic sales growth: 9M / Q3

Group performance

12% / 10%

6% / 4%

Organic sales growth: 9M / Q3

Company Announcement no. 46 – November 6, 2025

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the first nine months last year. For Q3, sales & distribution costs

were 13.8% of sales, compared to 11.8% in Q3 2024.

Research and development costs (adjusted for PPA related

depreciation and amortization) increased by 6% in the first nine

months of 2025 (IFRS: 9%), equal to 9.6% of sales, compared to

9.7% (IFRS: 9.8%) in the first nine months of 2024. For Q3, this

was 10.1% of sales, compared to 9.6% in Q3 2024. Novonesis

continued to re-invest significantly in research and

development in both the nine-month period as well as for the

third quarter to cater for future growth opportunities.

Administrative costs (adjusted for PPA related depreciation and

amortization) increased by 1% in the first nine months of 2025

(IFRS: 6%), equal to 5.3% of sales, compared to 5.6% (IFRS:

5.5%) in the first nine months last year. For Q3, this was 5.1%

of sales, compared to 5.7% in Q3 2024. The improved ratio for

both the nine-month and third quarter periods is the result of

economies of scale.

Other net operating income amounted to EUR 9.6 million in the

first nine months of 2025, compared to EUR 13.2 million (IFRS:

EUR 13.2 million) in the first nine months of 2024.

Adjusted EBITDA

Adjusted EBITDA was EUR 1,178.7 million in the first nine

months of 2025, with an adjusted EBITDA margin of 37.3%. This

compares to EUR 1,067.9 million (IFRS: EUR 1,031.5 million) at

a margin of 36.0% (IFRS: 36.2%) for the first nine months of

2024, an increase of EUR 110.8 million (IFRS: EUR 147.2 million)

or 10% (IFRS: 14%). The adjusted EBITDA margin benefited

from strong sales performance, related economies of scale, and

improved gross margin, while currency had a negative impact.

Recognition of deferred revenue related to Advanced Protein

Solutions impacted sales and earnings by a high-single-digit

million EUR amount in the first nine months of 2025.

For the third quarter, adjusted EBITDA was EUR 395.3 million,

representing an adjusted EBITDA margin of 37.1%. This

compares to EUR 382.1 million at a margin of 37.4% in Q3 2024,

representing an increase of EUR 13.2 million or 3%. While the

underlying performance was strong, margin development was

negatively impacted by currency headwinds. Recognition of

deferred revenue related to Advanced Protein Solutions

impacted sales and earnings by a low-single-digit million EUR

amount in Q3 2025.

Also, the Feed Enzyme Alliance acquisition had a positive

impact on adjusted EBITDA margin of close to 20 bps in line

with expectations for the first nine months of 2025. For the

third quarter this impact was around half a percentage point.

Adjusted EBIT

Adjusted EBIT was EUR 758.5 million for the first nine months

of 2025, representing an adjusted EBIT margin of 24.0%,

compared to EUR 680.2 million (IFRS: EUR 653.8 million) and a

margin of 22.9% (IFRS: 22.9%) in the first nine months of 2024.

This marks an increase of EUR 78.3 million (IFRS: 104.7 million)

or 12% (IFRS: 16%). The year-on-year rise is mainly due to

increased sales and resulting economies of scale, as well as

synergies, whereas currencies impacted negatively.

For Q3, adjusted EBIT was EUR 248.8 million, representing an

adjusted EBIT margin of 23.4%. This compares to EUR 246.4

million and a margin of 24.1% in Q3 2024, an increase of EUR

2.4 million or 1%, impacted by currency headwinds.

Sales growth

Food & Health

Biosolutions

Planetary

Health

Biosolutions

Group

Food & Health

Biosolutions

Planetary

Health

Biosolutions

Group

Organic sales growth % 9 8 8 9 8 8

Currency % (2) (2) (2) (3) (3) (3)

M&A % 8 2 5 0 2 1

Sales growth, EUR % 15 8 11 6 7 7

9M 2025

Pro forma 9M 2025

Sales growth

Food & Health

Biosolutions

Planetary

Health

Biosolutions

Group

Organic sales growth % 6 6 6

Currency % (4) (5) (5)

M&A % 0 5 3

Sales growth, EUR % 2 6 4

Q3 2025

Company Announcement no. 46 – November 6, 2025

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Net profit

Depreciation and amortization amounted to EUR 420.2 million

for the first nine months of 2025, compared to EUR 387.7

million (IFRS: EUR 377.7 million) in the first nine months of

2024. The increase was mainly due to additional depreciation

and amortization from the PPA of the Feed Enzyme Alliance

acquisition and the merger with Chr. Hansen, which was only

partially included in the first nine months of 2024 since the

merger occurred on January 29, 2024. In the third quarter,

depreciation and amortization amounted to EUR 146.5 million,

compared to EUR 135.7 million in Q3 2024. The increase was

driven by the inclusion of the Feed Enzyme Alliance acquisition.

Special items totaled EUR 50.6 million for the first nine months

of 2025, mainly due to transaction costs from the Feed Enzyme

Alliance acquisition, integration costs from the Chr. Hansen

combination, and expenses for implementing a new global ERP

system for the combined business. In Q3, special items were

EUR 13.1 million.

Net financial costs totaled EUR 50.0 million, representing a

decrease of EUR 16.1 million (IFRS: EUR 12.3 million) compared

to the first nine months last year. The decrease is mainly

explained by lower interest costs.

Profit before tax reached EUR 590.7 million in the first nine

months of 2025, up from EUR 288.2 million (IFRS: EUR 309.3

million) in the same period last year, reflecting improved

performance and the impact of the combination in 2024.

The effective tax rate (ETR) was 22.0% for the first nine months

of 2025, positively impacted by prior-year one-off adjustments,

compared to 33.9% (IFRS: 29.0%) in the same period of 2024,

which was affected by non-deductible merger-related costs.

Net profit totaled EUR 460.8 million for the nine months of

2025. The adjusted net profit was EUR 558.0 million, compared

to EUR 458.5 million (IFRS: EUR 446.6 million) in the first nine

months of 2024, an increase of 22% (IFRS: 25%). In Q3 net profit

was EUR 138.0 million, while adjusted net profit was EUR 192.1

million, compared to EUR 161.3 million in Q3 2024, equivalent

to an increase of 19%.

Adjusted net profit excluding PPA increased 21% to EUR 720.7

million in the first nine months of 2025, up from EUR 595.7

million (IFRS: EUR 583.8 million) in 2024. In Q3, it was EUR 252.7

million, compared to EUR 215.3 million in Q3 2024.

Adjusted earnings per share (EPS), diluted was EUR 1.19 in the

first nine months of 2025, an increase of 20% (IFRS: 21%)

compared to EUR 0.99 per share in the first nine months of

2024 (IFRS: EUR 0.98 per share). Adjusted EPS excl. PPA, diluted

was EUR 1.54 per share, an increase of 20% (IFRS: 20%)

compared to EUR 1.28 per share in the first nine months of

2024 (IFRS: 1.28).

Cash flows and investments

Cash flow from operating activities was EUR 893.3 million in the

first nine months of 2025. This was an increase of EUR 89.9

million (IFRS: EUR 102.6 million) compared to the same period

last year, mainly driven by the improvement in net profit and

lower paid taxes. The higher net profit was partly offset by an

increase in net working capital, mainly driven by higher

receivables resulting from the strong sales performance. For

the third quarter of 2025, cash flow from operating activities

totaled EUR 466.8 million, compared to EUR 262.6 million in Q3

2024. This improvement was mainly driven by lower net

working capital and lower paid taxes.

Cash flow from net investments excluding acquisitions in the

first nine months of 2025 totaled EUR 224.9 million. CAPEX

totaled EUR 244.1 million, equal to 7.7% of sales for the first

nine months of the year, compared to EUR 232.6 million (IFRS:

EUR 226.6 million), equal to 7.8% (IFRS: 7.9%) of sales in the

first nine months of 2024. For the third quarter of 2025, CAPEX

totaled EUR 106.7 million, equivalent to 10.0% of sales,

compared to EUR 78.9 million in Q3 2024, at 7.7% of sales.

Free cash flow before acquisitions was EUR 668.4 million,

corresponding to an increase of EUR 92 million (IFRS: EUR 98.7

million) compared to the first nine months of 2024. For Q3

2025, free cash flow before acquisitions totaled EUR 361.3

million, compared to EUR 189.3 million in Q3 2024.

Balance sheet and equity

Total assets were EUR 16,302.6 million on September 30, 2025,

an increase of EUR 1,107.0 million compared to December 31,

2024. The development was mainly driven by an increase in

goodwill and other intangible assets from the closing of the

Feed Enzyme Alliance acquisition, on June 2, 2025.

Net interest-bearing debt was EUR 2,822.1 million on

September 30, 2025, compared to EUR 1,490.0 million on

December 31, 2024. This increase is mainly driven by the Feed

Enzyme Alliance acquisition. The NIBD/EBITDA ratio was 2.0x

on September 30, 2025, compared to 1.4x at the end of 2024,

and 2.1x at the end of the second quarter of 2025.

Total equity was EUR 10,744.1 million on September 30, 2025,

compared to EUR 11,176.0 million on December 31, 2024,

resulting in an equity ratio of 65.9% compared to 73.5% on

December 31, 2024.

Novonesis held 2,613,099 treasury shares, or 0.6% of the total

outstanding share capital, as of September 30, 2025.

Company Announcement no. 46 – November 6, 2025

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Food & Health Biosolutions

Net sales

Food & Health Biosolutions organic sales growth was 9% in the

first nine months of 2025, driven by 10% growth in Human

Health and 8% growth in Food & Beverages. This includes

around 2 percentage points negative impact on organic sales

growth in Food & Health Biosolutions from exiting certain

countries. Pricing contributed around 1 percentage point.

In the third quarter, Food & Health Biosolutions organic sales

growth was 6%, driven by 8% growth in Human Health, and

Food & Beverages grew 5%. This includes around 5 percentage

points negative impact on organic sales growth in Food &

Health Biosolutions from exiting certain countries. Pricing

contributed around 1 percentage point.

Adjusted EBITDA margin

Adjusted EBITDA margin for Food & Health in the first nine

months of 2025 was 35.6%, an increase of 30 bps (IFRS: 30 bps)

compared to the first nine months of 2024, mainly driven by

stronger sales and resulting economies of scale, partly offset

by strong currency headwinds.

In the third quarter, the adjusted EBITDA margin was 34.5%, a

decrease of 320 basis points compared to Q3 2024. This

development was primarily driven by timing of expenses,

increased investments in the commercial area as well as

significant currency headwinds.

Distribution of sales by sales area (9M 2025)

Food & Beverages

Food & Beverages organic sales growth was 8% in the first nine

months of 2025, and pro forma sales in EUR increased by 6%

(IFRS: 14%). Organic sales growth was negatively impacted by

around 2 percentage points from exiting certain countries.

Growth was anchored across most categories, with continued

strong momentum in Dairy. Both Fresh Dairy and Cheese

contributed to growth in Dairy driven by upselling, penetration

as well as strong customer adoption of innovation, including

the continued consumer adoption of high protein dairy

products and conversion in cheese. Baking, Meat and Plant-

based solutions also saw strong growth, mainly driven by

innovation, while Beverages declined, impacted by lower end

market volumes.

In the third quarter, Food & Beverages grew 5% organically,

and sales in EUR were up 1%. Organic sales growth was

negatively impacted by around 6 percentage points from

exiting certain countries. The performance in the quarter was

largely driven by the same factors as for the first nine months

of 2025, including positive impact from timing in Dairy.

Human Health

Human Health organic sales growth was 10% in the first nine

months of 2025, and pro forma sales in EUR were up 8% (IFRS:

19%). Organic growth was negatively impacted by around 1

percentage point from exiting certain countries. Recognition of

deferred revenue benefited organic sales growth by around 1

percentage point. Growth was driven by a strong development

across regions and subcategories in Dietary Supplements, led

by solid performance in North America. Growth in Advanced

Health & Nutrition was driven by Advanced Protein Solutions

(APS), supported by Early Life Nutrition (ELN) led by HMO.

In the third quarter Human Health organic sales increased 8%,

and sales in EUR were up 4%. Organic sales growth was

negatively impacted by around 2 percentage points from the

exit of certain countries. The performance in the quarter was

led by Advanced Health & Nutrition supported by both APS

and ELN led by HMO. Growth in Dietary Supplements was

driven by strong growth in North America across subcategories

with Women’s Health performing very well.

74%

26%

Food & Beverages Human Health

Divisional performance

Company Announcement no. 46 – November 6, 2025

Page 9/29

Sales growth

Food &

Beverages

Human Health

Food & Health

Biosolutions

Food &

Beverages

Human Health

Food & Health

Biosolutions

Organic sales growth % 8 10 9 8 10 9

Currency % (2) (1) (2) (2) (2) (2)

M&A % 8 10 8 0 0 0

Sales growth, EUR % 14 19 15 6 8 6

Pro forma 9M 2025

9M 2025

Sales growth

Food &

Beverages

Human Health

Food & Health

Biosolutions

Organic sales growth % 5 8 6

Currency % (4) (4) (4)

M&A % 0 0 0

Sales growth, EUR % 1 4 2

Q3 2025

Pro forma

EUR million

9M 2025 9M 2024 9M 2024 Q3 2025 Q3 2024

Food & Beverages 1,046.1 919.5 991.5 344.7 340.6

Human Health 374.9 314.8 345.6 126.2 121.0

Net sales 1,421.0 1,234.3 1,337.1 470.9 461.6

Adjusted EBITDA 505.2 435.3 471.5 162.3 173.9

Adjusted EBITDA margin % 35.6 35.3 35.3 34.5 37.7

Company Announcement no. 46 – November 6, 2025

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Planetary Health Biosolutions

Net sales

Planetary Health Biosolutions organic sales growth was 8% in

the first nine months of 2025, driven by strong growth in

Agriculture, Energy & Tech of 8%, and with 7% in Household

Care. Pricing contributed around 1 percentage point. The Feed

Enzyme Alliance acquisition contributed to EUR growth by 2%.

In the third quarter, Planetary Health Biosolutions grew

organically 6%, driven by a strong 7% growth in Agriculture,

Energy & Tech, while Household Care grew 6%. Pricing

contributed around 1 percentage point. The Feed Enzyme

Alliance acquisition contributed to EUR growth by around 5%

in the quarter.

Adjusted EBITDA margin

Adjusted EBITDA margin for Planetary Health in the first nine

months of 2025 was 38.7%, an increase of 200 bps (IFRS: 180

bps) compared to the first nine months of 2024, mainly driven

by stronger sales and resulting economies of scale, partly offset

by strong currency headwinds.

In the third quarter, adjusted EBITDA margin was 39.2%, an

increase of 190 bps compared to Q3 2024, and the positive

development is mainly the result of economies of scale as well

as the inclusion of the acquired Feed Enzyme Alliance,

somewhat offset by significant currency headwinds.

Distribution of sales by sales area (9M 2025)

Household Care

Household Care organic sales growth was 7% in the first nine

months of 2025, and pro forma sales in EUR increased 5% (IFRS:

5%). Increased market penetration and innovation were key

drivers of the strong performance, with a strong contribution

from Emerging Markets. The performance was also supported

by solid growth in Developed Markets.

In the third quarter of 2025 Household Care organic sales

growth was 6%, and sales in EUR were up 3%. Growth was

supported by the same factors as those contributing to the

nine-month performance, and positive timing mitigated the

effects of normalization in end markets.

Agriculture, Energy & Tech

Agriculture, Energy & Tech organic sales growth was 8% in the

first nine months of 2025, and pro forma sales in EUR were up

by 8% (IFRS: 9%) including the positive impact of 3% from the

Feed Enzyme Alliance acquisition. Growth was led by Energy

and supported by Agriculture and Tech. Performance in Energy

was led by strong growth in India and Latin America, driven by

increased ethanol production capacity as well as by strong

performance in Europe. Solid performance in North America

was driven by greater adoption of innovation and growing

ethanol production volumes supported by continued

expansion of ethanol exports. The performance was also

supported by customers ramping up second generation

ethanol production, as well as increased penetration of

Biosolutions for more efficient Biodiesel production. Growth in

Agriculture was supported by both Animal and Plant, while

Tech was driven by bioprocessing, including solutions for

biopharma production.

In the third quarter of 2025, Agriculture, Energy & Tech organic

sales increased 7%, and sales in EUR were up 8%, positively

impacted by 7% from the Feed Enzyme Alliance acquisition.

The organic sales performance in the quarter was largely driven

by the same factors as for the first nine months of 2025 with

stronger growth in Energy supported by Agriculture, while

Tech had softer performance compared to the nine months

period.

35%

65%

Household Care Agriculture, Energy & Tech

Company Announcement no. 46 – November 6, 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 % 7 8 8 7 8 8

Currency % (2) (3) (2) (2) (3) (3)

M&A % 0 4 2 0 3 2

Sales growth, EUR % 5 9 8 5 8 7

Pro forma 9M 2025

9M 2025

Sales growth

Household

Care

Agriculture,

Energy & Tech

Planetary

Health

Biosolutions

Organic sales growth % 6 7 6

Currency % (3) (6) (5)

M&A % 0 7 5

Sales growth, EUR % 3 8 6

Q3 2025

Pro forma

EUR million

9M 2025 9M 2024 9M 2024 Q3 2025 Q3 2024

Household Care 608.8 577.3 577.3 205.5 199.6

Agriculture, Energy & Tech 1,131.2 1,040.5 1,049.7 388.5 359.2

Net sales 1,740.0 1,617.8 1,627.0 594.0 558.8

Adjusted EBITDA 673.5 596.2 596.4 233.0 208.2

Adjusted EBITDA margin % 38.7 36.9 36.7 39.2 37.3

Company Announcement no. 46 – November 6, 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 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

With a robust nine-months performance, including favorable

timing in the third quarter, we indicate mid-single-digit organic

sales growth for the fourth quarter and lift full year outlook for

organic sales growth to 7-8% (previously 6-8%). Excluding the

impact from exiting certain countries, organic sales growth

would be 8-9% (previously 7-9%) for the year and the

indication for the fourth quarter would be around 2 percentage

points higher when excluding the impact from exiting certain

countries.

In the current 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, impacting the second half of the

year.

Food & Health Biosolutions is indicated to deliver organic

sales growth within the full year range for the Group, with

relatively stronger growth in Human Health. Growth in Food &

Beverages is expected to be driven by broad performance

across most 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 continued progress

with 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 for the year. 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 around the low end of the full year range for the

Group, with relatively stronger growth in Agriculture, Energy &

Tech. Household Care growth is expected to continue to

normalize throughout the second half of the year. 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 at

100% as communicated in relation to the H1 2025 interim

report, as well as a minor contribution from sales synergies. The

outlook for the adjusted EBITDA margin is expected at the

lower end of 37-38%, including significant currency headwinds,

particularly relating to the USD. The expected impact from the

Feed Enzyme Alliance acquisition on the full year adjusted

EBITDA margin is maintained at around 0.25 percentage points.

Maintaining the full-year margin guidance underscores the

strength and resilience of Novonesis underlying operational

performance.

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 ~1.5 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 Feed Enzyme

Alliance acquisition on June 2. The positive sales

contribution to growth from the Feed Enzyme Alliance is

continuously expected at ~1.5 percentage points for the

year.

• Net financial costs are indicated to be ~EUR 70 million.

• Special items are indicated to be ~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 ~2x times at year end.

Company Announcement no. 46 – November 6, 2025

Page 13/29

Currency exposure

Revenue split by currency (9M 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 net

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 5%

since the initial outlook, and the CNY has weakened 7%. At

current estimated full year currency rates, the negative impact

is around 1 percentage point compared to initial guidance for

2025.

35%

36%

6%

7%

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) 3

Average Q3 2025 exchange rate 1.17 6.4 8.4

Average 9M 2025 exchange rate 1.12 6.3 8.1

Spot rate as at November 5, 2025 1.15 6.2 8.2

Estimated exchange rate for 2025* 1.13 6.3 8.1

Estimated exchange rate for 2025* compared to 2024 % (5) (9) (4)

Estimated exchange rate for 2025* compared to estimate for initial 2025 outlook % (9) (5) (7)

*Estimated 2025 exchange rate is a weighted average, applying 75% weight to the average exchange rate for 9M 2025 and 25% weight to the

spot rate as at November 5, 2025.

Company Announcement no. 46 – November 6, 2025

Page 14/29

Consolidated income statement

EUR million Note

9M 2025 9M 2024 Q3 2025 Q3 2024

Net sales 2, 3 3,161.0 2,852.1 1,064.9 1,020.4

Cost of goods sold (1,478.3) (1,537.5) (521.0) (472.8)

Gross profit 2 1,682.7 1,314.6 543.9 547.6

Sales and distribution costs (494.2) (397.7) (175.6) (137.5)

Research and development costs (335.5) (302.4) (118.6) (107.9)

Administrative costs (167.9) (157.8) (54.0) (58.5)

Other operating income 9.6 13.2 3.5 2.7

Operating profit (EBIT) before special items 694.7 469.9 199.2 246.4

Special items 4 (50.6) (95.1) (13.1) (6.6)

Operating profit (EBIT) 644.1 374.8 186.1 239.8

Share of result in associates (3.4) (3.2) 0.4 (1.6)

Financial items, net (50.0) (62.3) (15.0) (18.9)

Profit before tax 590.7 309.3 171.5 219.3

Tax (129.9) (89.7) (33.5) (63.6)

Net profit 460.8 219.6 138.0 155.7

Attributable to

Shareholders in Novozymes A/S 460.8 219.6 138.0 155.7

Non-controlling interests - - - -

460.8 219.6 138.0 155.7

Earnings per share, EUR 0.99 0.48 0.30 0.34

Earnings per share, diluted, EUR 0.99 0.48 0.30 0.34

Condensed consolidated

interim financial statements

Company Announcement no. 46 – November 6, 2025

Page 15/29

Consolidated statement of comprehensive income

EUR million

9M 2025 9M 2024 Q3 2025 Q3 2024

Net profit 460.8 219.6 138.0 155.7

Items that may subsequently be reclassified to the income statement:

Currency translation adjustments (481.8) (39.9) (0.6) (70.0)

Cash flow hedges:

Fair value adjustments 52.1 (6.7) (1.8) 11.1

Tax on fair value adjustments (11.5) 1.4 0.3 (2.4)

Cash flow hedges reclassified to costs of goods sold 0.1 3.6 0.1 1.2

Cash flow hedges reclassified to financial costs (5.6) 4.3 (6.0) (1.1)

Tax on reclassified cash flow hedges 1.2 (1.7) 1.3 -

Other comprehensive income (445.5) (39.0) (6.7) (61.2)

Comprehensive income 15.3 180.6 131.3 94.5

Attributable to

Shareholders in Novozymes A/S 15.3 180.6 131.3 94.5

15.3 180.6 131.3 94.5

Company Announcement no. 46 – November 6, 2025

Page 16/29

Consolidated statement of cash flows

At September 30, 2025, undrawn committed credit facilities were EUR 757.6 million (December 31, 2024: EUR 795.0 million), all of

which expire in 2026-2029.

1

In 9M 2025, change in net working capital was positively impacted by a reduction of the PPA inventory adjustments (PPA inventory

step-up and the temporary drag on the margin from inventory buyback) of EUR 63.8 million related to the acquisition of dsm-

firmenich’s share of the Feed Enzyme Alliance (9M 2024: EUR 183.9 million related to the merger with Chr. Hansen). While PPA

inventory adjustments are 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, 9M 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 9M 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 9M 2024, the commercial part of the lactase enzyme business was transferred to Kerry, and a consideration of EUR 104.7 million

(net of cash sold) was received. Reference is made to note 3.5 in the Annual Report 2024.

4

Of which EUR 1,470 million is obtained to finance the acquisition of dsm-firmenich’s share of the Feed Enzyme Alliance. The loan

expires at the latest in December 2026.

EUR million Note

9M 2025 9M 2024 Q3 2025 Q3 2024

Net profit 460.8 219.6 138.0 155.7

Reversal of non-cash items 579.4 554.0 214.5 203.7

Income tax paid (33.5) (139.1) (24.8) (69.3)

Interest paid, net (30.8) (26.9) (18.8) (16.0)

Change in working capital

1

(82.6) 183.1 157.9 (11.5)

Cash flow from operating activities 893.3 790.7 466.8 262.6

Investments

Purchase of intangible assets (30.8) (15.1) (11.4) (2.6)

Purchase of property, plant and equipment (213.3) (211.5) (95.3) (76.3)

Sale of property, plant and equipment 19.2 5.6 1.2 5.6

Business acquisitions, etc.

2

5 (1,519.8) 14.8 (59.5) (0.4)

Divestments

3

- 104.7 - 27.1

Cash flow from investing activities (1,744.7) (101.5) (165.0) (46.6)

Free cash flow (851.4) 689.2 301.8 216.0

Financing

Borrowings

4

1,696.7 78.4 - -

Repayment of borrowings (379.9) (358.1) (215.1) (92.7)

Shareholders:

Purchase of treasury shares (99.9) - - -

Sale of treasury shares 41.2 30.3 3.5 8.7

Dividend paid (402.7) (249.8) (140.3) (124.9)

Purchase of non-controlling interest - (83.2) - (0.1)

Cash flow from financing activities 855.4 (582.4) (351.9) (209.0)

Net cash flow 4.0 106.8 (50.1) 7.0

Cash and cash equivalents - beginning of the period 280.0 149.7 328.2 260.8

Unrealized gain/(loss) on currencies included in

cash and cash equivalents

(2.7) 16.6 3.2 5.3

Cash and cash equivalents at the end of the period 281.3 273.1 281.3 273.1

Company Announcement no. 46 – November 6, 2025

Page 17/29

Consolidated balance sheet

Assets

Liabilities and equity

EUR million

Sep. 30, 2025 Sep. 30, 2024 Dec. 31, 2024

Goodwill 6,200.9 5,559.7 5,605.0

Other intangible assets 4,971.8 4,613.8 4,419.2

Property, plant and equipment 2,869.0 2,830.7 2,968.3

Deferred tax assets 265.7 260.2 275.0

Other financial assets 12.5 19.5 18.7

Investments in associates 20.6 24.5 24.0

Other receivables 5.9 5.8 6.0

Non-current assets 14,346.4 13,314.2 13,316.2

Inventories 742.0 662.0 720.6

Trade receivables 713.2 697.4 665.6

Contract assets 24.9 24.1 23.6

Tax receivables 30.1 31.6 58.6

Other receivables 136.5 128.2 115.4

Other financial assets 28.2 17.6 4.0

Cash and cash equivalents 281.3 273.1 280.0

Assets held for sale - 11.6 11.6

Current assets 1,956.2 1,845.6 1,879.4

Assets 16,302.6 15,159.8 15,195.6

EUR million

Sep. 30, 2025 Sep. 30, 2024 Dec. 31, 2024

Common shares 125.5 125.7 125.6

Reserves and retained earnings 10,618.6 10,869.9 11,050.4

Equity attributable to shareholders in Novozymes A/S 10,744.1 10,995.6 11,176.0

Non-controlling interests - 1.5 -

Total equity 10,744.1 10,997.1 11,176.0

Deferred tax liabilities 1,396.3 1,367.2 1,255.9

Provisions 33.1 27.4 39.7

Contract liabilities 83.4 101.9 105.3

Borrowings 2,804.6 1,026.6 1,530.4

Other liabilities 29.1 - -

Non-current liabilities 4,346.5 2,523.1 2,931.3

Borrowings 303.0 857.7 266.4

Trade payables 298.2 311.5 423.1

Contract liabilities 28.4 23.6 22.8

Tax payables 156.5 135.0 60.9

Other liabilities 425.9 311.8 315.1

Current liabilities 1,212.0 1,639.6 1,088.3

Liabilities 5,558.5 4,162.7 4,019.6

Liabilities and equity 16,302.6 15,159.8 15,195.6

Company Announcement no. 46 – November 6, 2025

Page 18/29

Consolidated statement of equity

Capital increase

In 9M 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 460.8 460.8 - 460.8

Other comprehensive income for the period (0.1) (474.4) 36.3 (7.3) (445.5) - (445.5)

Total comprehensive income for the period (0.1) (474.4) 36.3 453.5 15.3 - 15.3

Purchase of treasury shares (99.9) (99.9) (99.9)

Sale of treasury shares 41.2 41.2 41.2

Dividends (402.7) (402.7) - (402.7)

Share-based payment 15.9 15.9 15.9

Tax related to equity items (1.7) (1.7) (1.7)

Changes in equity (0.1) (474.4) 36.3 6.3 (431.9) - (431.9)

Shareholders' equity at September 30, 2025 125.5 (435.4) 15.3 11,038.7 10,744.1 - 10,744.1

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 219.6 219.6 - 219.6

Other comprehensive income for the period - (40.8) 0.9 0.9 (39.0) - (39.0)

Total comprehensive income for the period - (40.8) 0.9 220.5 180.6 - 180.6

Sale of treasury stock 30.3 30.3 30.3

Capital increase 50.3 9,026.5 9,076.8 9,076.8

Transaction costs of capital increase (5.0) (5.0) (5.0)

Dividend (249.7) (249.7) (0.1) (249.8)

Stock-based payment 22.3 22.3 22.3

Non-controlling interests 48.4 48.4 (48.4) -

Share purchase liability (4.8) (4.8) (4.8)

Tax related to equity items 21.1 21.1 21.1

Changes in equity 50.3 (40.8) 0.9 9,109.6 9,120.0 (48.5) 9,071.5

Shareholders' equity at September 30, 2024 125.7 (95.0) 9.7 10,955.2 10,995.6 1.5 10,997.1

Attributable to shareholders in Novozymes A/S

Company Announcement no. 46 – November 6, 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

condensed consolidated 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 condensed consolidated 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. Except for the estimates and

judgements commented below, the key accounting estimates

and judgments made by Management were in material the

same as applied for 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

has confidence in passing on incremental costs driven by tariffs

and accordingly 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. 46 – November 6, 2025

Page 20/29

2. Segments (continued)

*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

Food & Health

Biosolutions

Planetary

Health

Biosolutions

Total

Food & Health

Biosolutions

Planetary

Health

Biosolutions

Total

Net sales 1,421.0 1,740.0 3,161.0 1,234.3 1,617.8 2,852.1

Gross profit 748.5 934.2 1,682.7 465.1 849.5 1,314.6

Gross margin % 52.7 53.7 53.2 37.7 52.5 46.1

Adjusted EBITDA 505.2 673.5 1,178.7 435.3 596.2 1,031.5

Adjusted EBITDA margin % 35.6 38.7 37.3 35.3 36.9 36.2

Depreciation, amortization and

impairment losses

(420.2) (408.7)

Special items excluding

impairment losses

(50.6) (64.1)

PPA inventory adjustments* (63.8) (183.9)

Operating profit (EBIT) 644.1 374.8

Share of result in associates (3.4) (3.2)

Financial items, net (50.0) (62.3)

Profit before tax 590.7 309.3

9M 2025

9M 2024

EUR million

Food & Health

Biosolutions

Planetary

Health

Biosolutions

Total

Food & Health

Biosolutions

Planetary

Health

Biosolutions

Total

Net sales 470.9 594.0 1,064.9 461.6 558.8 1,020.4

Gross profit 244.6 299.3 543.9 235.7 311.9 547.6

Gross margin % 51.9 50.4 51.1 51.1 55.8 53.7

Adjusted EBITDA 162.3 233.0 395.3 173.9 208.2 382.1

Adjusted EBITDA margin % 34.5 39.2 37.1 37.7 37.3 37.4

Depreciation, amortization and

impairment losses

(146.5) (135.7)

Special items excluding

impairment losses

(13.1) (6.6)

PPA inventory adjustments* (49.6) -

Operating profit (EBIT) 186.1 239.8

Share of result in associates 0.4 (1.6)

Financial items, net (15.0) (18.9)

Profit before tax 171.5 219.3

Q3 2025

Q3 2024

Company Announcement no. 46 – November 6, 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

9M 2025 9M 2024 Q3 2025 Q3 2024

Europe, Middle East & Africa 1,142.5 1,027.2 375.3 366.5

North America 999.5 930.3 327.1 335.1

Asia Pacific 592.8 538.8 193.4 189.5

Latin America 426.2 355.8 169.1 129.3

Net sales 3,161.0 2,852.1 1,064.9 1,020.4

Developed markets 2,003.1 1,846.9 660.7 664.6

Emerging markets 1,157.9 1,005.2 404.2 355.8

Net sales 3,161.0 2,852.1 1,064.9 1,020.4

EUR million

9M 2025 9M 2024 Q3 2025 Q3 2024

Food & Health Biosolutions

Food & Beverages 1,046.1 919.5 344.7 340.6

Human Health 374.9 314.8 126.2 121.0

1,421.0 1,234.3 470.9 461.6

Planetary Health Biosolutions

Household Care 608.8 577.3 205.5 199.6

Agriculture, Energy & Tech 1,131.2 1,040.5 388.5 359.2

1,740.0 1,617.8 594.0 558.8

Net sales 3,161.0 2,852.1 1,064.9 1,020.4

EUR million 9M 2025 9M 2024 Q3 2025 Q3 2024

Transaction costs related to the combination with Chr. Hansen - (35.7) - (0.2)

Integration costs related to the combination with Chr. Hansen (20.4) (43.1) (10.6) (3.3)

Transaction and integration costs related to the acquisition of

dsm-firmenich’s share of the Feed Enzyme Alliance

(25.0) - (0.8) -

Implementation of a new global ERP system for the combined business (4.7) - (1.6) -

Impairment of intangible assets and other costs due to discontinuation of

the activities in Russia

(0.5) (31.7) (0.1) (0.4)

Gain on divestment of the lactase enzyme business, net - 15.4 - (2.7)

Special items (50.6) (95.1) (13.1) (6.6)

Company Announcement no. 46 – November 6, 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 1,587.0 million, of which EUR 1,519.8

million (net of cash) was paid in cash. 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.

The purchase price has provisionally been allocated to

identifiable assets and liabilities of the Feed Enzyme Alliance,

primarily customer relationships of EUR 352 million, other

intangible assets of EUR 394 million and patents of EUR 63

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

851.2 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 82.1

Cash and cash equivalents 30.2

Assets 921.1

Liabilities

Deferred tax liabilities (179.5)

Tax payables (2.6)

Other liabilities (3.2)

Liabilities (185.3)

Acquired net assets 735.8

Purchase price

Consideration paid 1,550.0

Deferred consideration 37.0

Purchase price 1,587.0

Goodwill 851.2

Company Announcement no. 46 – November 6, 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 contributed EUR 30.6 million to net sales,

approximately EUR 17 million to adjusted EBITDA and

approximately EUR -76 million to net profit during the period

from June 2 to September 30, 2025. If the acquisition had

occurred on January 1, 2025, Novonesis would pro forma have

reported net sales of approximately EUR 3,199 million, adjusted

EBITDA of approximately EUR 1,200 million and net profit of

approximately EUR 459 million. 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 25.0 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, re-acquired 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 September 30, 2025,

which could have a significant impact on the condensed

consolidated interim financial statements.

Company Announcement no. 46 – November 6, 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 9M 2025 of

Novozymes A/S (Novonesis A/S) for the period January 1 to

September 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 September 30, 2025, as well as of the

results of the Group’s operations and consolidated cash flows

for the period January 1 to September 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, November 6, 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. 46 – November 6, 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. 46 – November 6, 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

9M 2025 9M 2024 Q3 2025 Q3 2024

Gross profit 1,682.7 1,314.6 543.9 547.6

PPA depreciation and amortization 115.6 113.7 37.8 43.2

PPA inventory adjustments* 63.8 183.9 49.6 -

Adjusted gross profit 1,862.1 1,612.2 631.3 590.8

Adjusted gross profit margin % 58.9 56.5 59.3 57.9

EUR million

9M 2025 9M 2024 Q3 2025 Q3 2024

Operating profit (EBIT)

644.1 374.8 186.1 239.8

Amortization

233.4 204.3 85.2 75.7

Depreciation

186.8 173.4 61.3 60.0

Impairment losses

- 31.0 - -

Special items excluding impairment losses

50.6 64.1 13.1 6.6

PPA inventory adjustments*

63.8 183.9 49.6 -

Adjusted EBITDA

1,178.7 1,031.5 395.3 382.1

Adjusted EBITDA margin %

37.3 36.2 37.1 37.4

EUR million

9M 2025 9M 2024 Q3 2025 Q3 2024

Operating profit (EBIT) 644.1 374.8 186.1 239.8

Special items 50.6 95.1 13.1 6.6

PPA inventory adjustments* 63.8 183.9 49.6 -

Adjusted EBIT 758.5 653.8 248.8 246.4

Adjusted EBIT margin % 24.0 22.9 23.4 24.1

EUR million

9M 2025 9M 2024 Q3 2025 Q3 2024

Net profit attributable to the shareholders of Novozymes A/S

460.8 219.6 138.0 155.7

Special items

50.6 95.1 13.1 6.6

PPA inventory adjustments*

63.8 183.9 49.6 -

Tax impact

(17.2) (52.0) (8.6) (1.0)

Adjusted net profit

558.0 446.6 192.1 161.3

PPA depreciation and amortization

210.0 179.1 77.2 70.3

Tax impact

(47.3) (41.9) (16.6) (16.3)

Adjusted net profit exluding PPA

720.7 583.8 252.7 215.3

Average number of diluted shares, million

467.7 456.8 467.4 468.0

Adjusted earnings per share, diluted, EUR

1.19 0.98 0.41 0.34

Adjusted earnings per share excluding PPA, diluted, EUR

1.54 1.28 0.54 0.46

EUR million

9M 2025 9M 2024 Q3 2025 Q3 2024

Cash flows from operating activities 893.3 790.7 466.8 262.6

Cash flows from investing activities (1,744.7) (101.5) (165.0) (46.6)

Free cash flow (851.4) 689.2 301.8 216.0

Cash flows from business acquisitions, etc. 1,519.8 (14.8) 59.5 0.4

Cash flows from divestments - (104.7) - (27.1)

Free cash flow before acquisitions and divestments 668.4 569.7 361.3 189.3

Company Announcement no. 46 – November 6, 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 includes income statement for 9M 2025 and pro

forma 9M 2024 for comparability and the bridge between IFRS

and pro forma numbers in 9M 2024:

*9M 2025, includes additional PPA amortization of approximately EUR 19 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

9M 2025 9M 2024 Jan. 1 - Jan. 29 9M 2024

Net sales 3,161.0 2,852.1 112.0 2,964.1

Cost of goods sold (1,478.3) (1,537.5) (51.0) (1,588.5)

Gross profit 1,682.7 1,314.6 61.0 1,375.6

Sales and distribution costs (494.2) (397.7) (16.0) (413.7)

Research and development costs (335.5) (302.4) (9.7) (312.1)

Administrative costs (167.9) (157.8) (8.9) (166.7)

Other operating income 9.6 13.2 - 13.2

Operating profit (EBIT) before special items 694.7 469.9 26.4 496.3

Special items (50.6) (95.1) (41.0) (136.1)

Operating profit (EBIT) 644.1 374.8 (14.6) 360.2

Share of result in associates (3.4) (3.2) (2.7) (5.9)

Financial items, net (50.0) (62.3) (3.8) (66.1)

Profit before tax 590.7 309.3 (21.1) 288.2

Tax (129.9) (89.7) (8.1) (97.8)

Net profit 460.8 219.6 (29.2) 190.4

Adjusted EBITDA 1,178.7 1,031.5 36.4 1,067.9

Allocation of PPA depreciation and amortization

Cost of goods sold (115.6) (113.7) - (113.7)

Sales and distribution costs (63.0) (41.2) - (41.2)

Research and development costs (31.4) (24.2) - (24.2)

PPA depreciation and amortization* (210.0) (179.1) - (179.1)

Company Announcement no. 46 – November 6, 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. 46 – November 6, 2025

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